# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-25-000312
**Filing Date:** 2025-6
**Character Count:** 2762146
**Document Hash:** 23c2ec18739b78b713ea0cb6165484fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-25-000312.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000898745-25-000312

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 281

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250620

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07572
- **FILM NUMBER:** 251059527

**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

### Core Plus Bond Fund fka Bond & Mortgage Securities Fund (Series ID: S000006952)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018958 | R-3                 | PBMMX           |
| C000018959 | R-5                 | PBMPX           |
| C000018961 | Institutional Class | PMSIX           |
| C000018962 | J Class             | PBMJX           |
| C000018963 | A Class             | PRBDX           |

### Diversified International Fund (Series ID: S000006992)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019054 | R-3                 | PINRX           |
| C000019055 | R-5                 | PINPX           |
| C000019057 | Institutional Class | PIIIX           |
| C000019058 | Class J             | PIIJX           |
| C000019059 | Class A             | PRWLX           |
| C000210673 | Class R-6           | PDIFX           |

### Inflation Protection Fund (Series ID: S000006997)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019081 | R-3                 | PIFPX           |
| C000019082 | R-5                 | PBPPX           |
| C000019085 | Class J             | PIPJX           |
| C000019086 | Institutional Class | PIPIX           |

### Global Emerging Markets Fund (f/k/a International Emerging Markets Fund) (Series ID: S000007013)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019140 | R-3                 | PEAPX           |
| C000019142 | R-5                 | PEPSX           |
| C000019144 | Institutional Class | PIEIX           |
| C000019145 | Class J             | PIEJX           |
| C000019146 | Class A             | PRIAX           |
| C000175481 | R-6                 | PIIMX           |

### LargeCap S&P 500 Index Fund (Series ID: S000007016)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019169 | R-3                 | PLFMX           |
| C000019170 | R-5                 | PLFPX           |
| C000019172 | Institutional Class | PLFIX           |
| C000019173 | Class J             | PSPJX           |
| C000019174 | Class A             | PLSAX           |

### MidCap Fund (f/k/a MidCap Blend Fund) (Series ID: S000007075)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019312 | R-3                 | PMBMX           |
| C000019313 | R-5                 | PMBPX           |
| C000019315 | Institutional Class | PCBIX           |
| C000019316 | Class J             | PMBJX           |
| C000019317 | Class A             | PEMGX           |
| C000038781 | Class C             | PMBCX           |
| C000175482 | R-6                 | PMAQX           |

### LargeCap Growth Fund I (Series ID: S000007077)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019328 | R-3                 | PPUMX           |
| C000019329 | R-5                 | PPUPX           |
| C000019331 | Institutional Class | PLGIX           |
| C000019332 | Class J             | PLGJX           |
| C000019333 | Class A             | PLGAX           |
| C000149257 | R-6                 | PLCGX           |

### MidCap Growth Fund (Series ID: S000007078)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019336 | R-3                 | PFPPX           |
| C000019337 | R-5                 | PHPPX           |
| C000019340 | Institutional Class | PGWIX           |
| C000019341 | Class J             | PMGJX           |

### MidCap S&P 400 Index Fund (Series ID: S000007079)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019343 | Institutional Class | MPSIX           |
| C000019345 | R-3                 | PMFMX           |
| C000019346 | R-5                 | PMFPX           |
| C000019348 | Class J             | PMFJX           |
| C000175483 | R-6                 | PMAPX           |

### Money Market Fund (Series ID: S000007081)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019362 | Class J      | PMJXX           |
| C000019363 | Class A      | PCSXX           |

### International Equity Fund (formerly, International Fund I) (Series ID: S000007083)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019372 | R-3                 | PRPPX           |
| C000019373 | R-5                 | PTPPX           |
| C000019376 | Institutional Class | PINIX           |
| C000175484 | R-6                 | PIIDX           |

### LargeCap Value Fund III (Series ID: S000007122)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019460 | R-3                 | PPSFX           |
| C000019461 | R-5                 | PPSRX           |
| C000019463 | Institutional Class | PLVIX           |
| C000019464 | Class J             | PLVJX           |

### MidCap Growth Fund III (Series ID: S000007125)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019481 | R-3                 | PPQMX           |
| C000019482 | R-5                 | PPQPX           |
| C000019484 | Institutional Class | PPIMX           |
| C000019485 | Class J             | PPQJX           |

### SmallCap Value Fund II (Series ID: S000007169)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019585 | R-3                 | PJARX           |
| C000019586 | R-5                 | PLARX           |
| C000019589 | Institutional Class | PPVIX           |
| C000076717 | Class J             | PSMJX           |
| C000149259 | R-6                 | PSMVX           |

### MidCap Value Fund I (Series ID: S000007173)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019614 | R-3                 | PMPRX           |
| C000019615 | R-5                 | PABVX           |
| C000019618 | Institutional Class | PVMIX           |
| C000076718 | Class J             | PVEJX           |
| C000210674 | A                   | PCMVX           |
| C000210675 | Class R-6           | PCMSX           |

### SmallCap Growth Fund I (Series ID: S000007175)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019627 | R-3                 | PPNMX           |
| C000019628 | R-5                 | PPNPX           |
| C000019630 | Institutional Class | PGRTX           |
| C000019631 | Class J             | PSIJX           |
| C000149260 | R-6                 | PCSMX           |

### SmallCap S&P 600 Index Fund (Series ID: S000007203)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019716 | R-3                 | PSSMX           |
| C000019717 | R-5                 | PSSPX           |
| C000019719 | Institutional Class | PSSIX           |
| C000019720 | Class J             | PSSJX           |
| C000175485 | R-6                 | PSPIX           |

### 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           |

### Real Estate Securities Fund (Series ID: S000007212)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019787 | R-3                 | PRERX           |
| C000019788 | R-5                 | PREPX           |
| C000019790 | Institutional Class | PIREX           |
| C000019791 | Class J             | PREJX           |
| C000019792 | Class A             | PRRAX           |
| C000038802 | Class C             | PRCEX           |
| C000175486 | R-6                 | PFRSX           |

### SmallCap Fund (fka SmallCap Blend Fund) (Series ID: S000007214)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019804 | R-3                 | PSBMX           |
| C000019805 | R-5                 | PSBPX           |
| C000019807 | Institutional Class | PSLIX           |
| C000019808 | Class J             | PSBJX           |
| C000019809 | Class A             | PLLAX           |
| C000175487 | R-6                 | PSMLX           |

### California Municipal Fund (Series ID: S000014232)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000038715 | Class A       | SRCMX           |
| C000038717 | Class C       | SRCCX           |
| C000153061 | Institutional | PCMFX           |

### Strategic Asset Management Conservative Balanced Portfolio (Series ID: S000014233)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038718 | Class A             | SAIPX           |
| C000038720 | Class C             | SCIPX           |
| C000038721 | Institutional Class | PCCIX           |
| C000039337 | R-3                 | PCBPX           |
| C000039340 | R-5                 | PCBFX           |
| C000039341 | Class J             | PCBJX           |

### Strategic Asset Management Conservative Growth Portfolio (Series ID: S000014234)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038722 | Class A             | SAGPX           |
| C000038724 | Class C             | SCGPX           |
| C000038725 | Institutional Class | PCWIX           |
| C000039343 | R-5                 | PCWPX           |
| C000039344 | Class J             | PCGJX           |
| C000039346 | R-3                 | PCGPX           |

### Strategic Asset Management Flexible Income Portfolio (Series ID: S000014235)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038726 | Class A             | SAUPX           |
| C000038728 | Class C             | SCUPX           |
| C000038729 | Institutional Class | PIFIX           |
| C000039349 | R-3                 | PFIPX           |
| C000039352 | R-5                 | PFIFX           |
| C000039353 | Class J             | PFIJX           |

### Strategic Asset Management Strategic Growth Portfolio (Series ID: S000014236)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038730 | Class A             | SACAX           |
| C000038732 | Class C             | SWHCX           |
| C000038733 | Institutional Class | PSWIX           |
| C000039355 | R-3                 | PSGPX           |
| C000039358 | R-5                 | PSGFX           |
| C000039359 | Class J             | PSWJX           |

### Tax-Exempt Bond Fund formerly Tax-Exempt Bond Fund I (Series ID: S000014237)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038734 | Class A             | PTEAX           |
| C000038736 | Class C             | PTBCX           |
| C000158782 | Institutional Class | PITEX           |

### 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           |

### Equity Income Fund formerly Equity Income Fund I (Series ID: S000014240)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038744 | Class A             | PQIAX           |
| C000038746 | Class C             | PEUCX           |
| C000038747 | Institutional Class | PEIIX           |
| C000085765 | R-3                 | PEIOX           |
| C000085767 | R-5                 | PEIQX           |
| C000204702 | Class J             | PEIJX           |

### High Yield Fund (Series ID: S000014241)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038748 | Class A             | CPHYX           |
| C000038750 | Class C             | CCHIX           |
| C000038751 | Institutional Class | PHYTX           |
| C000175488 | R-6                 | PHYFX           |

### Core Fixed Income Fund (f/k/a Income Fund) (Series ID: S000014242)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038752 | Class A             | CMPIX           |
| C000038755 | Institutional Class | PIOIX           |
| C000080382 | Class J             | PIOJX           |
| C000085768 | R-5                 | PIOQX           |
| C000085771 | R-3                 | PIOOX           |
| C000149261 | R-6                 | PICNX           |

### Government & High Quality Bond Fund (f/k/a Mortgage Securities Fund) (Series ID: S000014244)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038760 | Class A             | CMPGX           |
| C000038763 | Institutional Class | PMRIX           |
| C000113842 | R-3                 | PRCMX           |
| C000113844 | R-5                 | PMREX           |
| C000113845 | Class J             | PMRJX           |

### Short-Term Income Fund (Series ID: S000014245)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038764 | Class A             | SRHQX           |
| C000038766 | Class C             | STCCX           |
| C000038767 | Institutional Class | PSHIX           |
| C000090493 | Class J             | PSJIX           |
| C000090496 | R-3                 | PSIOX           |
| C000090498 | R-5                 | PSIQX           |

### Strategic Asset Management Balanced Portfolio (Series ID: S000014246)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038768 | Class A             | SABPX           |
| C000038770 | Class C             | SCBPX           |
| C000038771 | Institutional Class | PSBIX           |
| C000039361 | R-3                 | PBAPX           |
| C000039364 | R-5                 | PSBFX           |
| C000039365 | Class J             | PSAJX           |

### Global Real Estate Securities Fund (Series ID: S000019119)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000052887 | Class A             | POSAX           |
| C000052889 | Institutional Class | POSIX           |
| C000149262 | R-6                 | PGRSX           |
| C000167005 | R-3                 | PGRKX           |
| C000167007 | R-5                 | PGRUX           |

### 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           |

### Overseas Fund (f/k/a International Value Fund I) (Series ID: S000023512)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069149 | Institutional Class | PINZX           |
| C000111521 | R-3 Class           | PINTX           |

### Diversified Income Fund (f/k/a Global Diversified Income Fund) (Series ID: S000024296)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000071805 | Institutional Class | PGDIX           |
| C000071807 | Class A             | PGBAX           |
| C000071808 | Class C             | PGDCX           |
| C000190075 | R-6                 | PGBLX           |

### 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           |

### Finisterre Emerging Markets Total Return Bond Fund (Series ID: S000054330)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000170736 | Institutional Class | PFUMX           |

### 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           |

### Government Money Market Fund (Series ID: S000060089)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000196721 | Institutional | PGVXX           |
| C000239771 | Class R-6     | PGWXX           |

### 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'?

 

 

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> April 30, 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

# SRCMX

# California Municipal Fund
![Image](ic25232752173690844687568.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about California Municipal Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$614,993

* Total Number of Portfolio Holdings213

* Portfolio Turnover Rate (annualized)56.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 102.86% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (2.87)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes inverse floating rate obligations |

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| California | 96.50% |
| Puerto Rico | 4.23% |
| Guam | 1.45% |
| Virgin Islands | 0.68% |
| Other States<sup>Footnote Reference\*</sup> | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (2.87)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes states other than the top twenty and/or Investment Companies |
| Footnote<sup>†</sup> | Includes inverse floating rate obligations |

---

## **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.

# FV826SARA-0

# Class C

# SRCCX

# California Municipal Fund
![Image](i254b54b87d7e3877667bbffd.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about California Municipal Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $83 | 1.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$614,993

* Total Number of Portfolio Holdings213

* Portfolio Turnover Rate (annualized)56.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 102.86% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (2.87)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes inverse floating rate obligations |

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| California | 96.50% |
| Puerto Rico | 4.23% |
| Guam | 1.45% |
| Virgin Islands | 0.68% |
| Other States<sup>Footnote Reference\*</sup> | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (2.87)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes states other than the top twenty and/or Investment Companies |
| Footnote<sup>†</sup> | Includes inverse floating rate obligations |

---

## **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.

# FV826SARC-0

# Institutional

# PCMFX

# California Municipal Fund
![Image](i6d033b4e3c15a8eea34754e2.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about California Municipal Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $30 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$614,993

* Total Number of Portfolio Holdings213

* Portfolio Turnover Rate (annualized)56.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 102.86% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (2.87)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes inverse floating rate obligations |

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| California | 96.50% |
| Puerto Rico | 4.23% |
| Guam | 1.45% |
| Virgin Islands | 0.68% |
| Other States<sup>Footnote Reference\*</sup> | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (2.87)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes states other than the top twenty and/or Investment Companies |
| Footnote<sup>†</sup> | Includes inverse floating rate obligations |

---

## **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.

# FV826SARI-0

# Class A

# CMPIX

# Core Fixed Income Fund
![Image](i9f0d123f2e92d004d5a1b08c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,707,712

* Total Number of Portfolio Holdings493

* Portfolio Turnover Rate (annualized)12.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 54.90% |
| U.S. Government & Government Agency Obligations | 42.47% |
| Investment Companies | 1.87% |
| Common Stocks | 0.15% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 23.72% |
| Financial | 19.65% |
| Government | 18.75% |
| Utilities | 10.15% |
| Consumer, Non-cyclical | 7.89% |
| Communications | 3.74% |
| Consumer, Cyclical | 3.25% |
| Industrial | 2.82% |
| Energy | 2.77% |
| Asset Backed Securities | 2.14% |
| Technology | 1.91% |
| Money Market Funds | 1.87% |
| Basic Materials | 0.73% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV842SARA-0

# Class J

# PIOJX

# Core Fixed Income Fund
![Image](i5af88aa2f9325eeeec770cf9.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,707,712

* Total Number of Portfolio Holdings493

* Portfolio Turnover Rate (annualized)12.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 54.90% |
| U.S. Government & Government Agency Obligations | 42.47% |
| Investment Companies | 1.87% |
| Common Stocks | 0.15% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 23.72% |
| Financial | 19.65% |
| Government | 18.75% |
| Utilities | 10.15% |
| Consumer, Non-cyclical | 7.89% |
| Communications | 3.74% |
| Consumer, Cyclical | 3.25% |
| Industrial | 2.82% |
| Energy | 2.77% |
| Asset Backed Securities | 2.14% |
| Technology | 1.91% |
| Money Market Funds | 1.87% |
| Basic Materials | 0.73% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV842SARJ-0

# Institutional

# PIOIX

# Core Fixed Income Fund
![Image](ib3f173487dcc0bdd39f4ebb5.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $22 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,707,712

* Total Number of Portfolio Holdings493

* Portfolio Turnover Rate (annualized)12.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 54.90% |
| U.S. Government & Government Agency Obligations | 42.47% |
| Investment Companies | 1.87% |
| Common Stocks | 0.15% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 23.72% |
| Financial | 19.65% |
| Government | 18.75% |
| Utilities | 10.15% |
| Consumer, Non-cyclical | 7.89% |
| Communications | 3.74% |
| Consumer, Cyclical | 3.25% |
| Industrial | 2.82% |
| Energy | 2.77% |
| Asset Backed Securities | 2.14% |
| Technology | 1.91% |
| Money Market Funds | 1.87% |
| Basic Materials | 0.73% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV842SARI-0

# R-3

# PIOOX

# Core Fixed Income Fund
![Image](i58864210c4fe084927336d2c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $45 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,707,712

* Total Number of Portfolio Holdings493

* Portfolio Turnover Rate (annualized)12.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 54.90% |
| U.S. Government & Government Agency Obligations | 42.47% |
| Investment Companies | 1.87% |
| Common Stocks | 0.15% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 23.72% |
| Financial | 19.65% |
| Government | 18.75% |
| Utilities | 10.15% |
| Consumer, Non-cyclical | 7.89% |
| Communications | 3.74% |
| Consumer, Cyclical | 3.25% |
| Industrial | 2.82% |
| Energy | 2.77% |
| Asset Backed Securities | 2.14% |
| Technology | 1.91% |
| Money Market Funds | 1.87% |
| Basic Materials | 0.73% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV842SARR3-0

# R-5

# PIOQX

# Core Fixed Income Fund
![Image](ic2ccc6c3a0950803694bbb7c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,707,712

* Total Number of Portfolio Holdings493

* Portfolio Turnover Rate (annualized)12.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 54.90% |
| U.S. Government & Government Agency Obligations | 42.47% |
| Investment Companies | 1.87% |
| Common Stocks | 0.15% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 23.72% |
| Financial | 19.65% |
| Government | 18.75% |
| Utilities | 10.15% |
| Consumer, Non-cyclical | 7.89% |
| Communications | 3.74% |
| Consumer, Cyclical | 3.25% |
| Industrial | 2.82% |
| Energy | 2.77% |
| Asset Backed Securities | 2.14% |
| Technology | 1.91% |
| Money Market Funds | 1.87% |
| Basic Materials | 0.73% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV842SARR5-0

# R-6

# PICNX

# Core Fixed Income Fund
![Image](i35dd93d3b3534171b933d8aa.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $17 | 0.34%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,707,712

* Total Number of Portfolio Holdings493

* Portfolio Turnover Rate (annualized)12.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 54.90% |
| U.S. Government & Government Agency Obligations | 42.47% |
| Investment Companies | 1.87% |
| Common Stocks | 0.15% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 23.72% |
| Financial | 19.65% |
| Government | 18.75% |
| Utilities | 10.15% |
| Consumer, Non-cyclical | 7.89% |
| Communications | 3.74% |
| Consumer, Cyclical | 3.25% |
| Industrial | 2.82% |
| Energy | 2.77% |
| Asset Backed Securities | 2.14% |
| Technology | 1.91% |
| Money Market Funds | 1.87% |
| Basic Materials | 0.73% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.61% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV842SARR6-0

# Class A

# PRBDX

# Core Plus Bond Fund
![Image](if096abb75c690b541a83751d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$536,729

* Total Number of Portfolio Holdings818

* Portfolio Turnover Rate (annualized)164.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 68.84% |
| U.S. Government & Government Agency Obligations | 29.35% |
| Investment Companies | 5.89% |
| Senior Floating Rate Interests | 4.75% |
| Common Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 34.52% |
| Financial | 18.31% |
| Asset Backed Securities | 9.83% |
| Consumer, Non-cyclical | 7.41% |
| Money Market Funds | 5.89% |
| Consumer, Cyclical | 5.08% |
| Industrial | 5.06% |
| Utilities | 4.66% |
| Government | 4.51% |
| Energy | 3.84% |
| Technology | 3.73% |
| Communications | 3.66% |
| Basic Materials | 2.33% |
| Diversified | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV825SARA-0

# Class J

# PBMJX

# Core Plus Bond Fund
![Image](i75c4750b6291fc1919a022a2.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $41 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$536,729

* Total Number of Portfolio Holdings818

* Portfolio Turnover Rate (annualized)164.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 68.84% |
| U.S. Government & Government Agency Obligations | 29.35% |
| Investment Companies | 5.89% |
| Senior Floating Rate Interests | 4.75% |
| Common Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 34.52% |
| Financial | 18.31% |
| Asset Backed Securities | 9.83% |
| Consumer, Non-cyclical | 7.41% |
| Money Market Funds | 5.89% |
| Consumer, Cyclical | 5.08% |
| Industrial | 5.06% |
| Utilities | 4.66% |
| Government | 4.51% |
| Energy | 3.84% |
| Technology | 3.73% |
| Communications | 3.66% |
| Basic Materials | 2.33% |
| Diversified | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV825SARJ-0

# Institutional

# PMSIX

# Core Plus Bond Fund
![Image](idfe9041fc5d02066a29c877e.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $24 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$536,729

* Total Number of Portfolio Holdings818

* Portfolio Turnover Rate (annualized)164.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 68.84% |
| U.S. Government & Government Agency Obligations | 29.35% |
| Investment Companies | 5.89% |
| Senior Floating Rate Interests | 4.75% |
| Common Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 34.52% |
| Financial | 18.31% |
| Asset Backed Securities | 9.83% |
| Consumer, Non-cyclical | 7.41% |
| Money Market Funds | 5.89% |
| Consumer, Cyclical | 5.08% |
| Industrial | 5.06% |
| Utilities | 4.66% |
| Government | 4.51% |
| Energy | 3.84% |
| Technology | 3.73% |
| Communications | 3.66% |
| Basic Materials | 2.33% |
| Diversified | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV825SARI-0

# R-3

# PBMMX

# Core Plus Bond Fund
![Image](i157790f90ae02c0154ee4b86.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $51 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$536,729

* Total Number of Portfolio Holdings818

* Portfolio Turnover Rate (annualized)164.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 68.84% |
| U.S. Government & Government Agency Obligations | 29.35% |
| Investment Companies | 5.89% |
| Senior Floating Rate Interests | 4.75% |
| Common Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 34.52% |
| Financial | 18.31% |
| Asset Backed Securities | 9.83% |
| Consumer, Non-cyclical | 7.41% |
| Money Market Funds | 5.89% |
| Consumer, Cyclical | 5.08% |
| Industrial | 5.06% |
| Utilities | 4.66% |
| Government | 4.51% |
| Energy | 3.84% |
| Technology | 3.73% |
| Communications | 3.66% |
| Basic Materials | 2.33% |
| Diversified | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV825SARR3-0

# R-5

# PBMPX

# Core Plus Bond Fund
![Image](i26a194b0c922495ad28f7fff.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$536,729

* Total Number of Portfolio Holdings818

* Portfolio Turnover Rate (annualized)164.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 68.84% |
| U.S. Government & Government Agency Obligations | 29.35% |
| Investment Companies | 5.89% |
| Senior Floating Rate Interests | 4.75% |
| Common Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 34.52% |
| Financial | 18.31% |
| Asset Backed Securities | 9.83% |
| Consumer, Non-cyclical | 7.41% |
| Money Market Funds | 5.89% |
| Consumer, Cyclical | 5.08% |
| Industrial | 5.06% |
| Utilities | 4.66% |
| Government | 4.51% |
| Energy | 3.84% |
| Technology | 3.73% |
| Communications | 3.66% |
| Basic Materials | 2.33% |
| Diversified | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (8.84)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV825SARR5-0

# Class A

# PGBAX

# Diversified Income Fund
![Image](i28aab3b7ed9fe077a07163a8.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $52 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,459,047

* Total Number of Portfolio Holdings3,009

* Portfolio Turnover Rate (annualized)92.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 68.40% |
| Senior Floating Rate Interests | 11.78% |
| U.S. Government & Government Agency Obligations | 10.46% |
| Investment Companies | 8.38% |
| Common Stocks | 1.96% |
| Preferred Stocks | 1.05% |
| Repurchase Agreements | 0.77% |
| Convertible Bonds | 0.02% |
| Purchased Options | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (2.82)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |
| Footnote<sup>†</sup> | Includes short sales |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.24% |
| Consumer, Non-cyclical | 11.41% |
| Mortgage Securities | 9.99% |
| Industrial | 6.99% |
| Basic Materials | 6.59% |
| Communications | 6.51% |
| Government | 6.39% |
| Technology | 5.70% |
| Consumer, Cyclical | 5.66% |
| Money Market Funds | 5.26% |
| Energy | 5.24% |
| Utilities | 3.36% |
| Asset Backed Securities | 3.36% |
| Closed-End Funds | 2.04% |
| Exchange-Traded Funds | 1.08% |
| Purchased Options | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (2.82)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |
| Footnote<sup>†</sup> | Includes short sales |

---

## **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.

# FV835SARA-0

# Class C

# PGDCX

# Diversified Income Fund
![Image](i6180f4127e1a2b1abeb1a806.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $91 | 1.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,459,047

* Total Number of Portfolio Holdings3,009

* Portfolio Turnover Rate (annualized)92.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 68.40% |
| Senior Floating Rate Interests | 11.78% |
| U.S. Government & Government Agency Obligations | 10.46% |
| Investment Companies | 8.38% |
| Common Stocks | 1.96% |
| Preferred Stocks | 1.05% |
| Repurchase Agreements | 0.77% |
| Convertible Bonds | 0.02% |
| Purchased Options | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (2.82)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |
| Footnote<sup>†</sup> | Includes short sales |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.24% |
| Consumer, Non-cyclical | 11.41% |
| Mortgage Securities | 9.99% |
| Industrial | 6.99% |
| Basic Materials | 6.59% |
| Communications | 6.51% |
| Government | 6.39% |
| Technology | 5.70% |
| Consumer, Cyclical | 5.66% |
| Money Market Funds | 5.26% |
| Energy | 5.24% |
| Utilities | 3.36% |
| Asset Backed Securities | 3.36% |
| Closed-End Funds | 2.04% |
| Exchange-Traded Funds | 1.08% |
| Purchased Options | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (2.82)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |
| Footnote<sup>†</sup> | Includes short sales |

---

## **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.

# FV835SARC-0

# Institutional

# PGDIX

# Diversified Income Fund
![Image](i2dbfd383e7ab2e4f61031ba1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,459,047

* Total Number of Portfolio Holdings3,009

* Portfolio Turnover Rate (annualized)92.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 68.40% |
| Senior Floating Rate Interests | 11.78% |
| U.S. Government & Government Agency Obligations | 10.46% |
| Investment Companies | 8.38% |
| Common Stocks | 1.96% |
| Preferred Stocks | 1.05% |
| Repurchase Agreements | 0.77% |
| Convertible Bonds | 0.02% |
| Purchased Options | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (2.82)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |
| Footnote<sup>†</sup> | Includes short sales |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.24% |
| Consumer, Non-cyclical | 11.41% |
| Mortgage Securities | 9.99% |
| Industrial | 6.99% |
| Basic Materials | 6.59% |
| Communications | 6.51% |
| Government | 6.39% |
| Technology | 5.70% |
| Consumer, Cyclical | 5.66% |
| Money Market Funds | 5.26% |
| Energy | 5.24% |
| Utilities | 3.36% |
| Asset Backed Securities | 3.36% |
| Closed-End Funds | 2.04% |
| Exchange-Traded Funds | 1.08% |
| Purchased Options | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (2.82)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |
| Footnote<sup>†</sup> | Includes short sales |

---

## **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.

# FV835SARI-0

# R-6

# PGBLX

# Diversified Income Fund
![Image](i3b5ca302917f676d461a8ae1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,459,047

* Total Number of Portfolio Holdings3,009

* Portfolio Turnover Rate (annualized)92.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 68.40% |
| Senior Floating Rate Interests | 11.78% |
| U.S. Government & Government Agency Obligations | 10.46% |
| Investment Companies | 8.38% |
| Common Stocks | 1.96% |
| Preferred Stocks | 1.05% |
| Repurchase Agreements | 0.77% |
| Convertible Bonds | 0.02% |
| Purchased Options | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (2.82)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |
| Footnote<sup>†</sup> | Includes short sales |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.24% |
| Consumer, Non-cyclical | 11.41% |
| Mortgage Securities | 9.99% |
| Industrial | 6.99% |
| Basic Materials | 6.59% |
| Communications | 6.51% |
| Government | 6.39% |
| Technology | 5.70% |
| Consumer, Cyclical | 5.66% |
| Money Market Funds | 5.26% |
| Energy | 5.24% |
| Utilities | 3.36% |
| Asset Backed Securities | 3.36% |
| Closed-End Funds | 2.04% |
| Exchange-Traded Funds | 1.08% |
| Purchased Options | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (2.82)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |
| Footnote<sup>†</sup> | Includes short sales |

---

## **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.

# FV835SARR6-0

# Class A

# PRWLX

# Diversified International Fund
![Image](ie92ba58806dcb13318a45294.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $63 | 1.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,075,699

* Total Number of Portfolio Holdings109

* Portfolio Turnover Rate (annualized)39.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.18% |
| Investment Companies | 2.15% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.49% |
| Japan | 12.86% |
| France | 11.34% |
| Germany | 7.58% |
| Canada | 6.74% |
| China | 6.55% |
| Netherlands | 3.96% |
| United States | 3.73% |
| Taiwan | 3.18% |
| Hong Kong | 2.40% |
| India | 2.23% |
| Italy | 2.00% |
| Korea, Republic Of | 1.88% |
| Spain | 1.71% |
| Ireland | 1.55% |
| Greece | 1.53% |
| Switzerland | 1.32% |
| Denmark | 1.29% |
| Sweden | 1.28% |
| Austria | 1.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 8.48% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV831SARA-0

# Class J

# PIIJX

# Diversified International Fund
![Image](ib8348a7c5c8ac8e5d9996e21.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $57 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,075,699

* Total Number of Portfolio Holdings109

* Portfolio Turnover Rate (annualized)39.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.18% |
| Investment Companies | 2.15% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.49% |
| Japan | 12.86% |
| France | 11.34% |
| Germany | 7.58% |
| Canada | 6.74% |
| China | 6.55% |
| Netherlands | 3.96% |
| United States | 3.73% |
| Taiwan | 3.18% |
| Hong Kong | 2.40% |
| India | 2.23% |
| Italy | 2.00% |
| Korea, Republic Of | 1.88% |
| Spain | 1.71% |
| Ireland | 1.55% |
| Greece | 1.53% |
| Switzerland | 1.32% |
| Denmark | 1.29% |
| Sweden | 1.28% |
| Austria | 1.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 8.48% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV831SARJ-0

# Institutional

# PIIIX

# Diversified International Fund
![Image](if6dda772bea9bb6ef5396543.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $44 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,075,699

* Total Number of Portfolio Holdings109

* Portfolio Turnover Rate (annualized)39.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.18% |
| Investment Companies | 2.15% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.49% |
| Japan | 12.86% |
| France | 11.34% |
| Germany | 7.58% |
| Canada | 6.74% |
| China | 6.55% |
| Netherlands | 3.96% |
| United States | 3.73% |
| Taiwan | 3.18% |
| Hong Kong | 2.40% |
| India | 2.23% |
| Italy | 2.00% |
| Korea, Republic Of | 1.88% |
| Spain | 1.71% |
| Ireland | 1.55% |
| Greece | 1.53% |
| Switzerland | 1.32% |
| Denmark | 1.29% |
| Sweden | 1.28% |
| Austria | 1.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 8.48% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV831SARI-0

# R-3

# PINRX

# Diversified International Fund
![Image](i15c6b2d1e51602d9c750f2e0.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $70 | 1.36%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,075,699

* Total Number of Portfolio Holdings109

* Portfolio Turnover Rate (annualized)39.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.18% |
| Investment Companies | 2.15% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.49% |
| Japan | 12.86% |
| France | 11.34% |
| Germany | 7.58% |
| Canada | 6.74% |
| China | 6.55% |
| Netherlands | 3.96% |
| United States | 3.73% |
| Taiwan | 3.18% |
| Hong Kong | 2.40% |
| India | 2.23% |
| Italy | 2.00% |
| Korea, Republic Of | 1.88% |
| Spain | 1.71% |
| Ireland | 1.55% |
| Greece | 1.53% |
| Switzerland | 1.32% |
| Denmark | 1.29% |
| Sweden | 1.28% |
| Austria | 1.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 8.48% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV831SARR3-0

# R-5

# PINPX

# Diversified International Fund
![Image](icb11326f94a667d18b2b04c5.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $54 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,075,699

* Total Number of Portfolio Holdings109

* Portfolio Turnover Rate (annualized)39.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.18% |
| Investment Companies | 2.15% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.49% |
| Japan | 12.86% |
| France | 11.34% |
| Germany | 7.58% |
| Canada | 6.74% |
| China | 6.55% |
| Netherlands | 3.96% |
| United States | 3.73% |
| Taiwan | 3.18% |
| Hong Kong | 2.40% |
| India | 2.23% |
| Italy | 2.00% |
| Korea, Republic Of | 1.88% |
| Spain | 1.71% |
| Ireland | 1.55% |
| Greece | 1.53% |
| Switzerland | 1.32% |
| Denmark | 1.29% |
| Sweden | 1.28% |
| Austria | 1.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 8.48% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV831SARR5-0

# R-6

# PDIFX

# Diversified International Fund
![Image](i88b59e15aa55d8627951f9d3.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $39 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,075,699

* Total Number of Portfolio Holdings109

* Portfolio Turnover Rate (annualized)39.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.18% |
| Investment Companies | 2.15% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.49% |
| Japan | 12.86% |
| France | 11.34% |
| Germany | 7.58% |
| Canada | 6.74% |
| China | 6.55% |
| Netherlands | 3.96% |
| United States | 3.73% |
| Taiwan | 3.18% |
| Hong Kong | 2.40% |
| India | 2.23% |
| Italy | 2.00% |
| Korea, Republic Of | 1.88% |
| Spain | 1.71% |
| Ireland | 1.55% |
| Greece | 1.53% |
| Switzerland | 1.32% |
| Denmark | 1.29% |
| Sweden | 1.28% |
| Austria | 1.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 8.48% |
| Other Assets and Liabilities | 0.67% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV831SARR6-0

# Class A

# PQIAX

# Equity Income Fund
![Image](if6fb5b8f9899c35625cf1941.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,153,326

* Total Number of Portfolio Holdings62

* Portfolio Turnover Rate (annualized)18.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.08% |
| Investment Companies | 3.47% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.64% |
| Consumer, Non-cyclical | 21.11% |
| Consumer, Cyclical | 12.75% |
| Industrial | 9.94% |
| Technology | 9.64% |
| Energy | 6.52% |
| Utilities | 4.90% |
| Communications | 4.20% |
| Money Market Funds | 3.47% |
| Basic Materials | 2.38% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV834SARA-0

# Class C

# PEUCX

# Equity Income Fund
![Image](ic3c064e7ad6b3d0d18ebae36.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $80 | 1.64%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,153,326

* Total Number of Portfolio Holdings62

* Portfolio Turnover Rate (annualized)18.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.08% |
| Investment Companies | 3.47% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.64% |
| Consumer, Non-cyclical | 21.11% |
| Consumer, Cyclical | 12.75% |
| Industrial | 9.94% |
| Technology | 9.64% |
| Energy | 6.52% |
| Utilities | 4.90% |
| Communications | 4.20% |
| Money Market Funds | 3.47% |
| Basic Materials | 2.38% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV834SARC-0

# Class J

# PEIJX

# Equity Income Fund
![Image](id5c031152b8483d3af0dc39d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,153,326

* Total Number of Portfolio Holdings62

* Portfolio Turnover Rate (annualized)18.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.08% |
| Investment Companies | 3.47% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.64% |
| Consumer, Non-cyclical | 21.11% |
| Consumer, Cyclical | 12.75% |
| Industrial | 9.94% |
| Technology | 9.64% |
| Energy | 6.52% |
| Utilities | 4.90% |
| Communications | 4.20% |
| Money Market Funds | 3.47% |
| Basic Materials | 2.38% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV834SARJ-0

# Institutional

# PEIIX

# Equity Income Fund
![Image](i49fb3798ab86204a61f0ac4a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $25 | 0.52%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,153,326

* Total Number of Portfolio Holdings62

* Portfolio Turnover Rate (annualized)18.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.08% |
| Investment Companies | 3.47% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.64% |
| Consumer, Non-cyclical | 21.11% |
| Consumer, Cyclical | 12.75% |
| Industrial | 9.94% |
| Technology | 9.64% |
| Energy | 6.52% |
| Utilities | 4.90% |
| Communications | 4.20% |
| Money Market Funds | 3.47% |
| Basic Materials | 2.38% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV834SARI-0

# R-3

# PEIOX

# Equity Income Fund
![Image](i4ab9929ce37a7b36deeaefb1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $53 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,153,326

* Total Number of Portfolio Holdings62

* Portfolio Turnover Rate (annualized)18.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.08% |
| Investment Companies | 3.47% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.64% |
| Consumer, Non-cyclical | 21.11% |
| Consumer, Cyclical | 12.75% |
| Industrial | 9.94% |
| Technology | 9.64% |
| Energy | 6.52% |
| Utilities | 4.90% |
| Communications | 4.20% |
| Money Market Funds | 3.47% |
| Basic Materials | 2.38% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV834SARR3-0

# R-5

# PEIQX

# Equity Income Fund
![Image](i34f98438d8246d30028d0d97.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $38 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,153,326

* Total Number of Portfolio Holdings62

* Portfolio Turnover Rate (annualized)18.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.08% |
| Investment Companies | 3.47% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.64% |
| Consumer, Non-cyclical | 21.11% |
| Consumer, Cyclical | 12.75% |
| Industrial | 9.94% |
| Technology | 9.64% |
| Energy | 6.52% |
| Utilities | 4.90% |
| Communications | 4.20% |
| Money Market Funds | 3.47% |
| Basic Materials | 2.38% |
| Other Assets and Liabilities | (1.55)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV834SARR5-0

# Institutional

# PFUMX

# Finisterre Emerging Markets Total Return Bond Fund
![Image](ibeb87f7c6a258f8b7f86c179.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Finisterre Emerging Markets Total Return Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $43 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$653,900

* Total Number of Portfolio Holdings219

* Portfolio Turnover Rate (annualized)127.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 85.33% |
| Investment Companies | 10.93% |
| Convertible Bonds | 0.24% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 3.50% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Mexico | 7.45% |
| Luxembourg | 5.25% |
| United Kingdom | 5.00% |
| South Africa | 4.98% |
| Supranational | 4.36% |
| Poland | 4.30% |
| Israel | 4.05% |
| Brazil | 3.95% |
| Colombia | 3.11% |
| Egypt | 3.08% |
| Netherlands | 2.69% |
| Cayman Islands | 2.49% |
| Argentina | 2.18% |
| Cote d'Ivoire | 2.18% |
| Uzbekistan | 1.88% |
| Peru | 1.80% |
| Qatar | 1.62% |
| Ecuador | 1.61% |
| Senegal | 1.55% |
| Ghana | 1.49% |
| Other Locations<sup>Footnote Reference\*</sup> | 31.48% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | 3.50% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |
| Footnote<sup>†</sup> | Includes derivatives |

---

## **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.

# FV914SARI-0

# Class A

# PRIAX

# Global Emerging Markets Fund
![Image](if45ea40171a134b5ed432fc1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $73 | 1.46%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,541,832

* Total Number of Portfolio Holdings128

* Portfolio Turnover Rate (annualized)27.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 2.90% |
| Preferred Stocks | 1.08% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| China | 23.08% |
| Taiwan | 17.75% |
| India | 16.89% |
| Korea, Republic Of | 8.52% |
| Brazil | 5.11% |
| Greece | 3.68% |
| Hong Kong | 3.60% |
| Mexico | 2.88% |
| Indonesia | 2.80% |
| Saudi Arabia | 1.89% |
| Uruguay | 1.75% |
| Poland | 1.53% |
| Singapore | 1.37% |
| South Africa | 0.97% |
| Canada | 0.71% |
| United Kingdom | 0.70% |
| Vietnam | 0.63% |
| Luxembourg | 0.62% |
| Thailand | 0.62% |
| Peru | 0.46% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.47% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV844SARA-0

# Class J

# PIEJX

# Global Emerging Markets Fund
![Image](ib0b5b93bea1c19239d0d9bd2.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $65 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,541,832

* Total Number of Portfolio Holdings128

* Portfolio Turnover Rate (annualized)27.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 2.90% |
| Preferred Stocks | 1.08% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| China | 23.08% |
| Taiwan | 17.75% |
| India | 16.89% |
| Korea, Republic Of | 8.52% |
| Brazil | 5.11% |
| Greece | 3.68% |
| Hong Kong | 3.60% |
| Mexico | 2.88% |
| Indonesia | 2.80% |
| Saudi Arabia | 1.89% |
| Uruguay | 1.75% |
| Poland | 1.53% |
| Singapore | 1.37% |
| South Africa | 0.97% |
| Canada | 0.71% |
| United Kingdom | 0.70% |
| Vietnam | 0.63% |
| Luxembourg | 0.62% |
| Thailand | 0.62% |
| Peru | 0.46% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.47% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV844SARJ-0

# Institutional

# PIEIX

# Global Emerging Markets Fund
![Image](i7954da1328cdd344c1534d75.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $55 | 1.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,541,832

* Total Number of Portfolio Holdings128

* Portfolio Turnover Rate (annualized)27.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 2.90% |
| Preferred Stocks | 1.08% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| China | 23.08% |
| Taiwan | 17.75% |
| India | 16.89% |
| Korea, Republic Of | 8.52% |
| Brazil | 5.11% |
| Greece | 3.68% |
| Hong Kong | 3.60% |
| Mexico | 2.88% |
| Indonesia | 2.80% |
| Saudi Arabia | 1.89% |
| Uruguay | 1.75% |
| Poland | 1.53% |
| Singapore | 1.37% |
| South Africa | 0.97% |
| Canada | 0.71% |
| United Kingdom | 0.70% |
| Vietnam | 0.63% |
| Luxembourg | 0.62% |
| Thailand | 0.62% |
| Peru | 0.46% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.47% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV844SARI-0

# R-3

# PEAPX

# Global Emerging Markets Fund
![Image](idb0cb516cad9ff4520cc9b1e.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $78 | 1.56%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,541,832

* Total Number of Portfolio Holdings128

* Portfolio Turnover Rate (annualized)27.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 2.90% |
| Preferred Stocks | 1.08% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| China | 23.08% |
| Taiwan | 17.75% |
| India | 16.89% |
| Korea, Republic Of | 8.52% |
| Brazil | 5.11% |
| Greece | 3.68% |
| Hong Kong | 3.60% |
| Mexico | 2.88% |
| Indonesia | 2.80% |
| Saudi Arabia | 1.89% |
| Uruguay | 1.75% |
| Poland | 1.53% |
| Singapore | 1.37% |
| South Africa | 0.97% |
| Canada | 0.71% |
| United Kingdom | 0.70% |
| Vietnam | 0.63% |
| Luxembourg | 0.62% |
| Thailand | 0.62% |
| Peru | 0.46% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.47% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV844SARR3-0

# R-5

# PEPSX

# Global Emerging Markets Fund
![Image](i7847cd08db5a57446af18a83.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $62 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,541,832

* Total Number of Portfolio Holdings128

* Portfolio Turnover Rate (annualized)27.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 2.90% |
| Preferred Stocks | 1.08% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| China | 23.08% |
| Taiwan | 17.75% |
| India | 16.89% |
| Korea, Republic Of | 8.52% |
| Brazil | 5.11% |
| Greece | 3.68% |
| Hong Kong | 3.60% |
| Mexico | 2.88% |
| Indonesia | 2.80% |
| Saudi Arabia | 1.89% |
| Uruguay | 1.75% |
| Poland | 1.53% |
| Singapore | 1.37% |
| South Africa | 0.97% |
| Canada | 0.71% |
| United Kingdom | 0.70% |
| Vietnam | 0.63% |
| Luxembourg | 0.62% |
| Thailand | 0.62% |
| Peru | 0.46% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.47% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV844SARR5-0

# R-6

# PIIMX

# Global Emerging Markets Fund
![Image](ic2dc0a3bacc496a1ec256973.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $50 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,541,832

* Total Number of Portfolio Holdings128

* Portfolio Turnover Rate (annualized)27.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 2.90% |
| Preferred Stocks | 1.08% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| China | 23.08% |
| Taiwan | 17.75% |
| India | 16.89% |
| Korea, Republic Of | 8.52% |
| Brazil | 5.11% |
| Greece | 3.68% |
| Hong Kong | 3.60% |
| Mexico | 2.88% |
| Indonesia | 2.80% |
| Saudi Arabia | 1.89% |
| Uruguay | 1.75% |
| Poland | 1.53% |
| Singapore | 1.37% |
| South Africa | 0.97% |
| Canada | 0.71% |
| United Kingdom | 0.70% |
| Vietnam | 0.63% |
| Luxembourg | 0.62% |
| Thailand | 0.62% |
| Peru | 0.46% |
| Other Locations<sup>Footnote Reference\*</sup> | 4.47% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV844SARR6-0

# Class A

# POSAX

# Global Real Estate Securities Fund
![Image](ib8c07899f5330147699a383a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $67 | 1.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,696,699

* Total Number of Portfolio Holdings68

* Portfolio Turnover Rate (annualized)19.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.67% |
| Investment Companies | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.30% |
| Japan | 8.92% |
| Australia | 7.38% |
| France | 4.44% |
| United Kingdom | 3.33% |
| Singapore | 2.21% |
| Sweden | 2.11% |
| Hong Kong | 2.08% |
| Germany | 2.06% |
| Canada | 1.72% |
| Spain | 0.89% |
| Mexico | 0.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV837SARA-0

# Institutional

# POSIX

# Global Real Estate Securities Fund
![Image](i84a0995f6290971200fea322.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $46 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,696,699

* Total Number of Portfolio Holdings68

* Portfolio Turnover Rate (annualized)19.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.67% |
| Investment Companies | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.30% |
| Japan | 8.92% |
| Australia | 7.38% |
| France | 4.44% |
| United Kingdom | 3.33% |
| Singapore | 2.21% |
| Sweden | 2.11% |
| Hong Kong | 2.08% |
| Germany | 2.06% |
| Canada | 1.72% |
| Spain | 0.89% |
| Mexico | 0.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV837SARI-0

# R-3

# PGRKX

# Global Real Estate Securities Fund
![Image](i8071dc400ae148dd891efb58.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $72 | 1.46%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,696,699

* Total Number of Portfolio Holdings68

* Portfolio Turnover Rate (annualized)19.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.67% |
| Investment Companies | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.30% |
| Japan | 8.92% |
| Australia | 7.38% |
| France | 4.44% |
| United Kingdom | 3.33% |
| Singapore | 2.21% |
| Sweden | 2.11% |
| Hong Kong | 2.08% |
| Germany | 2.06% |
| Canada | 1.72% |
| Spain | 0.89% |
| Mexico | 0.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV837SARR3-0

# R-5

# PGRUX

# Global Real Estate Securities Fund
![Image](ibc20029bbb0672c3f42515a9.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $56 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,696,699

* Total Number of Portfolio Holdings68

* Portfolio Turnover Rate (annualized)19.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.67% |
| Investment Companies | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.30% |
| Japan | 8.92% |
| Australia | 7.38% |
| France | 4.44% |
| United Kingdom | 3.33% |
| Singapore | 2.21% |
| Sweden | 2.11% |
| Hong Kong | 2.08% |
| Germany | 2.06% |
| Canada | 1.72% |
| Spain | 0.89% |
| Mexico | 0.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV837SARR5-0

# R-6

# PGRSX

# Global Real Estate Securities Fund
![Image](ief96e8b614cdbb094c28fc0d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $44 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,696,699

* Total Number of Portfolio Holdings68

* Portfolio Turnover Rate (annualized)19.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.67% |
| Investment Companies | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.30% |
| Japan | 8.92% |
| Australia | 7.38% |
| France | 4.44% |
| United Kingdom | 3.33% |
| Singapore | 2.21% |
| Sweden | 2.11% |
| Hong Kong | 2.08% |
| Germany | 2.06% |
| Canada | 1.72% |
| Spain | 0.89% |
| Mexico | 0.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.09% |
| Other Assets and Liabilities | 0.24% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV837SARR6-0

# Class A

# CMPGX

# Government & High Quality Bond Fund
![Image](i8da92b30b413b384e85813e5.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$644,838

* Total Number of Portfolio Holdings341

* Portfolio Turnover Rate (annualized)290.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 93.92% |
| Bonds | 28.36% |
| Investment Companies | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 99.24% |
| Asset Backed Securities | 19.83% |
| Government | 3.21% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV839SARA-0

# Class J

# PMRJX

# Government & High Quality Bond Fund
![Image](i63c52fa3506af4ca904d75bc.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $44 | 0.87%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$644,838

* Total Number of Portfolio Holdings341

* Portfolio Turnover Rate (annualized)290.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 93.92% |
| Bonds | 28.36% |
| Investment Companies | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 99.24% |
| Asset Backed Securities | 19.83% |
| Government | 3.21% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV839SARJ-0

# Institutional

# PMRIX

# Government & High Quality Bond Fund
![Image](i2d0df680fca12f96bbeb64cb.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $27 | 0.53%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$644,838

* Total Number of Portfolio Holdings341

* Portfolio Turnover Rate (annualized)290.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 93.92% |
| Bonds | 28.36% |
| Investment Companies | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 99.24% |
| Asset Backed Securities | 19.83% |
| Government | 3.21% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV839SARI-0

# R-3

# PRCMX

# Government & High Quality Bond Fund
![Image](i685b4be6a8b00e975a71bdcd.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $49 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$644,838

* Total Number of Portfolio Holdings341

* Portfolio Turnover Rate (annualized)290.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 93.92% |
| Bonds | 28.36% |
| Investment Companies | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 99.24% |
| Asset Backed Securities | 19.83% |
| Government | 3.21% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV839SARR3-0

# R-5

# PMREX

# Government & High Quality Bond Fund
![Image](ib70c2a52aa7a58eb94d70dd4.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $34 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$644,838

* Total Number of Portfolio Holdings341

* Portfolio Turnover Rate (annualized)290.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 93.92% |
| Bonds | 28.36% |
| Investment Companies | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 99.24% |
| Asset Backed Securities | 19.83% |
| Government | 3.21% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (22.90)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV839SARR5-0

# Institutional

# PGVXX

# Government Money Market Fund
![Image](i48cbb1dd8ee5cf639ef04eac.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Government Money Market Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $10 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,835,169

* Total Number of Portfolio Holdings58

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Repurchase Agreements | 44.46% |
| Bonds | 37.28% |
| U.S. Government & Government Agency Obligations | 14.40% |
| Investment Companies | 5.08% |
| Other Assets and Liabilities | (1.22)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 51.68% |
| Financial | 44.46% |
| Money Market Funds | 5.08% |
| Other Assets and Liabilities | (1.22)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV922SARI-0

# R-6

# PGWXX

# Government Money Market Fund
![Image](id95fba5b25301cd8c40c56b8.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Government Money Market Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $7 | 0.14%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,835,169

* Total Number of Portfolio Holdings58

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Repurchase Agreements | 44.46% |
| Bonds | 37.28% |
| U.S. Government & Government Agency Obligations | 14.40% |
| Investment Companies | 5.08% |
| Other Assets and Liabilities | (1.22)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 51.68% |
| Financial | 44.46% |
| Money Market Funds | 5.08% |
| Other Assets and Liabilities | (1.22)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV922SARR6-0

# Class A

# CPHYX

# High Yield Fund
![Image](id7463b3db250fe9bb045e4b6.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about High Yield Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $45 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,092,423

* Total Number of Portfolio Holdings458

* Portfolio Turnover Rate (annualized)38.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.85% |
| Investment Companies | 7.83% |
| Senior Floating Rate Interests | 5.37% |
| Common Stocks | 0.04% |
| Preferred Stocks | 0.00% |
| Convertible Bonds | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Non-cyclical | 17.98% |
| Consumer, Cyclical | 17.35% |
| Financial | 11.95% |
| Communications | 10.88% |
| Industrial | 10.76% |
| Energy | 8.63% |
| Basic Materials | 8.03% |
| Money Market Funds | 7.83% |
| Technology | 3.85% |
| Utilities | 3.65% |
| Diversified | 0.18% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV841SARA-0

# Class C

# CCHIX

# High Yield Fund
![Image](icc7dddea91042b79bb3e94ed.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about High Yield Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $84 | 1.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,092,423

* Total Number of Portfolio Holdings458

* Portfolio Turnover Rate (annualized)38.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.85% |
| Investment Companies | 7.83% |
| Senior Floating Rate Interests | 5.37% |
| Common Stocks | 0.04% |
| Preferred Stocks | 0.00% |
| Convertible Bonds | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Non-cyclical | 17.98% |
| Consumer, Cyclical | 17.35% |
| Financial | 11.95% |
| Communications | 10.88% |
| Industrial | 10.76% |
| Energy | 8.63% |
| Basic Materials | 8.03% |
| Money Market Funds | 7.83% |
| Technology | 3.85% |
| Utilities | 3.65% |
| Diversified | 0.18% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV841SARC-0

# Institutional

# PHYTX

# High Yield Fund
![Image](idebd7f98aa933457543e34b1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about High Yield Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,092,423

* Total Number of Portfolio Holdings458

* Portfolio Turnover Rate (annualized)38.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.85% |
| Investment Companies | 7.83% |
| Senior Floating Rate Interests | 5.37% |
| Common Stocks | 0.04% |
| Preferred Stocks | 0.00% |
| Convertible Bonds | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Non-cyclical | 17.98% |
| Consumer, Cyclical | 17.35% |
| Financial | 11.95% |
| Communications | 10.88% |
| Industrial | 10.76% |
| Energy | 8.63% |
| Basic Materials | 8.03% |
| Money Market Funds | 7.83% |
| Technology | 3.85% |
| Utilities | 3.65% |
| Diversified | 0.18% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV841SARI-0

# R-6

# PHYFX

# High Yield Fund
![Image](i12e6c1edf09602ad953b690c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about High Yield Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $25 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,092,423

* Total Number of Portfolio Holdings458

* Portfolio Turnover Rate (annualized)38.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.85% |
| Investment Companies | 7.83% |
| Senior Floating Rate Interests | 5.37% |
| Common Stocks | 0.04% |
| Preferred Stocks | 0.00% |
| Convertible Bonds | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Non-cyclical | 17.98% |
| Consumer, Cyclical | 17.35% |
| Financial | 11.95% |
| Communications | 10.88% |
| Industrial | 10.76% |
| Energy | 8.63% |
| Basic Materials | 8.03% |
| Money Market Funds | 7.83% |
| Technology | 3.85% |
| Utilities | 3.65% |
| Diversified | 0.18% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV841SARR6-0

# Class J

# PIPJX

# Inflation Protection Fund
![Image](ie9e241a5efad3cce32884baa.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Inflation Protection Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $40 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,309,818

* Total Number of Portfolio Holdings243

* Portfolio Turnover Rate (annualized)149.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 98.28% |
| Bonds | 5.92% |
| Investment Companies | 2.07% |
| Purchased Options | 0.03% |
| Purchased Interest Rate Swaptions | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (6.31)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 94.74% |
| Mortgage Securities | 8.95% |
| Money Market Funds | 2.07% |
| Asset Backed Securities | 0.51% |
| Purchased Options | 0.03% |
| Purchased Interest Rate Swaptions | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (6.31)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV843SARJ-0

# Institutional

# PIPIX

# Inflation Protection Fund
![Image](ia974754e12e7539774e313ec.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Inflation Protection Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $19 | 0.38%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,309,818

* Total Number of Portfolio Holdings243

* Portfolio Turnover Rate (annualized)149.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 98.28% |
| Bonds | 5.92% |
| Investment Companies | 2.07% |
| Purchased Options | 0.03% |
| Purchased Interest Rate Swaptions | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (6.31)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 94.74% |
| Mortgage Securities | 8.95% |
| Money Market Funds | 2.07% |
| Asset Backed Securities | 0.51% |
| Purchased Options | 0.03% |
| Purchased Interest Rate Swaptions | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (6.31)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV843SARI-0

# R-3

# PIFPX

# Inflation Protection Fund
![Image](i5be666f2384dea9ad44d1734.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Inflation Protection Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $48 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,309,818

* Total Number of Portfolio Holdings243

* Portfolio Turnover Rate (annualized)149.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 98.28% |
| Bonds | 5.92% |
| Investment Companies | 2.07% |
| Purchased Options | 0.03% |
| Purchased Interest Rate Swaptions | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (6.31)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 94.74% |
| Mortgage Securities | 8.95% |
| Money Market Funds | 2.07% |
| Asset Backed Securities | 0.51% |
| Purchased Options | 0.03% |
| Purchased Interest Rate Swaptions | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (6.31)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV843SARR3-0

# R-5

# PBPPX

# Inflation Protection Fund
![Image](i2ab5637a349e75235c4995cc.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Inflation Protection Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,309,818

* Total Number of Portfolio Holdings243

* Portfolio Turnover Rate (annualized)149.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 98.28% |
| Bonds | 5.92% |
| Investment Companies | 2.07% |
| Purchased Options | 0.03% |
| Purchased Interest Rate Swaptions | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (6.31)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 94.74% |
| Mortgage Securities | 8.95% |
| Money Market Funds | 2.07% |
| Asset Backed Securities | 0.51% |
| Purchased Options | 0.03% |
| Purchased Interest Rate Swaptions | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (6.31)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV843SARR5-0

# Institutional

# PINIX

# International Equity Fund
![Image](idff474a842a8b1ecf3e5d35c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about International Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $41 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,449,014

* Total Number of Portfolio Holdings54

* Portfolio Turnover Rate (annualized)180.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 95.64% |
| Investment Companies | 3.94% |
| Other Assets and Liabilities | 0.42% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 19.49% |
| Japan | 11.92% |
| Germany | 10.53% |
| France | 9.23% |
| China | 8.01% |
| Canada | 7.49% |
| United States | 5.64% |
| Italy | 3.18% |
| Hong Kong | 3.13% |
| Ireland | 3.00% |
| Austria | 2.95% |
| Taiwan | 2.84% |
| Netherlands | 2.58% |
| Korea, Republic Of | 2.29% |
| Greece | 1.87% |
| Denmark | 0.82% |
| Australia | 0.67% |
| Russian Federation | 0.00% |
| Other Locations<sup>Footnote Reference\*</sup> | 3.94% |
| Other Assets and Liabilities | 0.42% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV846SARI-0

# R-3

# PRPPX

# International Equity Fund
![Image](i6887a0d31cf1dd976e3f9e31.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about International Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 1.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,449,014

* Total Number of Portfolio Holdings54

* Portfolio Turnover Rate (annualized)180.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 95.64% |
| Investment Companies | 3.94% |
| Other Assets and Liabilities | 0.42% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 19.49% |
| Japan | 11.92% |
| Germany | 10.53% |
| France | 9.23% |
| China | 8.01% |
| Canada | 7.49% |
| United States | 5.64% |
| Italy | 3.18% |
| Hong Kong | 3.13% |
| Ireland | 3.00% |
| Austria | 2.95% |
| Taiwan | 2.84% |
| Netherlands | 2.58% |
| Korea, Republic Of | 2.29% |
| Greece | 1.87% |
| Denmark | 0.82% |
| Australia | 0.67% |
| Russian Federation | 0.00% |
| Other Locations<sup>Footnote Reference\*</sup> | 3.94% |
| Other Assets and Liabilities | 0.42% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV846SARR3-0

# R-5

# PTPPX

# International Equity Fund
![Image](i953d141c406d2c309101c275.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about International Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $47 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,449,014

* Total Number of Portfolio Holdings54

* Portfolio Turnover Rate (annualized)180.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 95.64% |
| Investment Companies | 3.94% |
| Other Assets and Liabilities | 0.42% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 19.49% |
| Japan | 11.92% |
| Germany | 10.53% |
| France | 9.23% |
| China | 8.01% |
| Canada | 7.49% |
| United States | 5.64% |
| Italy | 3.18% |
| Hong Kong | 3.13% |
| Ireland | 3.00% |
| Austria | 2.95% |
| Taiwan | 2.84% |
| Netherlands | 2.58% |
| Korea, Republic Of | 2.29% |
| Greece | 1.87% |
| Denmark | 0.82% |
| Australia | 0.67% |
| Russian Federation | 0.00% |
| Other Locations<sup>Footnote Reference\*</sup> | 3.94% |
| Other Assets and Liabilities | 0.42% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV846SARR5-0

# R-6

# PIIDX

# International Equity Fund
![Image](ic7841b776cf3dbb8d6d833f2.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about International Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $32 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,449,014

* Total Number of Portfolio Holdings54

* Portfolio Turnover Rate (annualized)180.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 95.64% |
| Investment Companies | 3.94% |
| Other Assets and Liabilities | 0.42% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 19.49% |
| Japan | 11.92% |
| Germany | 10.53% |
| France | 9.23% |
| China | 8.01% |
| Canada | 7.49% |
| United States | 5.64% |
| Italy | 3.18% |
| Hong Kong | 3.13% |
| Ireland | 3.00% |
| Austria | 2.95% |
| Taiwan | 2.84% |
| Netherlands | 2.58% |
| Korea, Republic Of | 2.29% |
| Greece | 1.87% |
| Denmark | 0.82% |
| Australia | 0.67% |
| Russian Federation | 0.00% |
| Other Locations<sup>Footnote Reference\*</sup> | 3.94% |
| Other Assets and Liabilities | 0.42% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |

---

## **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.

# FV846SARR6-0

# Class A

# PLGAX

# LargeCap Growth Fund I
![Image](i2e5bbca2f27dcda350894a98.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $46 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,400,894

* Total Number of Portfolio Holdings417

* Portfolio Turnover Rate (annualized)38.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.33% |
| Investment Companies | 1.69% |
| Convertible Preferred Stocks | 0.16% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 40.95% |
| Communications | 22.78% |
| Consumer, Non-cyclical | 14.02% |
| Financial | 8.72% |
| Industrial | 6.08% |
| Consumer, Cyclical | 5.50% |
| Money Market Funds | 1.31% |
| Exchange-Traded Funds | 0.38% |
| Energy | 0.29% |
| Basic Materials | 0.11% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV849SARA-0

# Class J

# PLGJX

# LargeCap Growth Fund I
![Image](i4debdc1d3cb87cce51196732.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $39 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,400,894

* Total Number of Portfolio Holdings417

* Portfolio Turnover Rate (annualized)38.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.33% |
| Investment Companies | 1.69% |
| Convertible Preferred Stocks | 0.16% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 40.95% |
| Communications | 22.78% |
| Consumer, Non-cyclical | 14.02% |
| Financial | 8.72% |
| Industrial | 6.08% |
| Consumer, Cyclical | 5.50% |
| Money Market Funds | 1.31% |
| Exchange-Traded Funds | 0.38% |
| Energy | 0.29% |
| Basic Materials | 0.11% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV849SARJ-0

# Institutional

# PLGIX

# LargeCap Growth Fund I
![Image](i71d5bdd8cee8461a21075a4b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $33 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,400,894

* Total Number of Portfolio Holdings417

* Portfolio Turnover Rate (annualized)38.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.33% |
| Investment Companies | 1.69% |
| Convertible Preferred Stocks | 0.16% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 40.95% |
| Communications | 22.78% |
| Consumer, Non-cyclical | 14.02% |
| Financial | 8.72% |
| Industrial | 6.08% |
| Consumer, Cyclical | 5.50% |
| Money Market Funds | 1.31% |
| Exchange-Traded Funds | 0.38% |
| Energy | 0.29% |
| Basic Materials | 0.11% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV849SARI-0

# R-3

# PPUMX

# LargeCap Growth Fund I
![Image](i8ea0e7aa3b48ea1343481b32.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $57 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,400,894

* Total Number of Portfolio Holdings417

* Portfolio Turnover Rate (annualized)38.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.33% |
| Investment Companies | 1.69% |
| Convertible Preferred Stocks | 0.16% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 40.95% |
| Communications | 22.78% |
| Consumer, Non-cyclical | 14.02% |
| Financial | 8.72% |
| Industrial | 6.08% |
| Consumer, Cyclical | 5.50% |
| Money Market Funds | 1.31% |
| Exchange-Traded Funds | 0.38% |
| Energy | 0.29% |
| Basic Materials | 0.11% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV849SARR3-0

# R-5

# PPUPX

# LargeCap Growth Fund I
![Image](i802ed7369b4299843108be9a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,400,894

* Total Number of Portfolio Holdings417

* Portfolio Turnover Rate (annualized)38.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.33% |
| Investment Companies | 1.69% |
| Convertible Preferred Stocks | 0.16% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 40.95% |
| Communications | 22.78% |
| Consumer, Non-cyclical | 14.02% |
| Financial | 8.72% |
| Industrial | 6.08% |
| Consumer, Cyclical | 5.50% |
| Money Market Funds | 1.31% |
| Exchange-Traded Funds | 0.38% |
| Energy | 0.29% |
| Basic Materials | 0.11% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV849SARR5-0

# R-6

# PLCGX

# LargeCap Growth Fund I
![Image](ifa8661ce3f0b56f222741779.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,400,894

* Total Number of Portfolio Holdings417

* Portfolio Turnover Rate (annualized)38.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.33% |
| Investment Companies | 1.69% |
| Convertible Preferred Stocks | 0.16% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 40.95% |
| Communications | 22.78% |
| Consumer, Non-cyclical | 14.02% |
| Financial | 8.72% |
| Industrial | 6.08% |
| Consumer, Cyclical | 5.50% |
| Money Market Funds | 1.31% |
| Exchange-Traded Funds | 0.38% |
| Energy | 0.29% |
| Basic Materials | 0.11% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.18)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV849SARR6-0

# Class A

# PLSAX

# LargeCap S&P 500 Index Fund
![Image](i04daab04bdfef45771b5e760.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $16 | 0.32%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,494,267

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)1.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.90% |
| Investment Companies | 2.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Consumer, Non-cyclical | 16.21% |
| Financial | 15.21% |
| Communications | 14.97% |
| Consumer, Cyclical | 8.40% |
| Industrial | 7.24% |
| Energy | 3.15% |
| Utilities | 2.51% |
| Money Market Funds | 1.70% |
| Basic Materials | 1.56% |
| Exchange-Traded Funds | 0.31% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV852SARA-0

# Class J

# PSPJX

# LargeCap S&P 500 Index Fund
![Image](ie364931ff53bc7eea59d4d97.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,494,267

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)1.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.90% |
| Investment Companies | 2.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Consumer, Non-cyclical | 16.21% |
| Financial | 15.21% |
| Communications | 14.97% |
| Consumer, Cyclical | 8.40% |
| Industrial | 7.24% |
| Energy | 3.15% |
| Utilities | 2.51% |
| Money Market Funds | 1.70% |
| Basic Materials | 1.56% |
| Exchange-Traded Funds | 0.31% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV852SARJ-0

# Institutional

# PLFIX

# LargeCap S&P 500 Index Fund
![Image](i9e7961c9c91587a7d0802fd2.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,494,267

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)1.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.90% |
| Investment Companies | 2.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Consumer, Non-cyclical | 16.21% |
| Financial | 15.21% |
| Communications | 14.97% |
| Consumer, Cyclical | 8.40% |
| Industrial | 7.24% |
| Energy | 3.15% |
| Utilities | 2.51% |
| Money Market Funds | 1.70% |
| Basic Materials | 1.56% |
| Exchange-Traded Funds | 0.31% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV852SARI-0

# R-3

# PLFMX

# LargeCap S&P 500 Index Fund
![Image](i36f6e6dff1b3f390ca2a3a1d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $32 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,494,267

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)1.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.90% |
| Investment Companies | 2.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Consumer, Non-cyclical | 16.21% |
| Financial | 15.21% |
| Communications | 14.97% |
| Consumer, Cyclical | 8.40% |
| Industrial | 7.24% |
| Energy | 3.15% |
| Utilities | 2.51% |
| Money Market Funds | 1.70% |
| Basic Materials | 1.56% |
| Exchange-Traded Funds | 0.31% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV852SARR3-0

# R-5

# PLFPX

# LargeCap S&P 500 Index Fund
![Image](i585da097c268d0c96d671f19.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $17 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,494,267

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)1.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.90% |
| Investment Companies | 2.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 28.65% |
| Consumer, Non-cyclical | 16.21% |
| Financial | 15.21% |
| Communications | 14.97% |
| Consumer, Cyclical | 8.40% |
| Industrial | 7.24% |
| Energy | 3.15% |
| Utilities | 2.51% |
| Money Market Funds | 1.70% |
| Basic Materials | 1.56% |
| Exchange-Traded Funds | 0.31% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV852SARR5-0

# Class J

# PLVJX

# LargeCap Value Fund III
![Image](i1ef7ba0c92aaba860ec0aa43.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Value Fund III (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $45 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,474,405

* Total Number of Portfolio Holdings886

* Portfolio Turnover Rate (annualized)50.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 94.17% |
| Investment Companies | 6.05% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.22)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.94% |
| Consumer, Non-cyclical | 17.43% |
| Industrial | 12.60% |
| Technology | 11.62% |
| Consumer, Cyclical | 8.42% |
| Energy | 6.80% |
| Utilities | 6.73% |
| Communications | 5.15% |
| Money Market Funds | 3.13% |
| Exchange-Traded Funds | 2.92% |
| Basic Materials | 2.48% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.22)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV853SARJ-0

# Institutional

# PLVIX

# LargeCap Value Fund III
![Image](i318c2472878c6a55488d7297.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Value Fund III (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $33 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,474,405

* Total Number of Portfolio Holdings886

* Portfolio Turnover Rate (annualized)50.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 94.17% |
| Investment Companies | 6.05% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.22)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.94% |
| Consumer, Non-cyclical | 17.43% |
| Industrial | 12.60% |
| Technology | 11.62% |
| Consumer, Cyclical | 8.42% |
| Energy | 6.80% |
| Utilities | 6.73% |
| Communications | 5.15% |
| Money Market Funds | 3.13% |
| Exchange-Traded Funds | 2.92% |
| Basic Materials | 2.48% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.22)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV853SARI-0

# R-3

# PPSFX

# LargeCap Value Fund III
![Image](i40d55390b94e043e60f49ae3.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Value Fund III (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 1.23%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,474,405

* Total Number of Portfolio Holdings886

* Portfolio Turnover Rate (annualized)50.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 94.17% |
| Investment Companies | 6.05% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.22)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.94% |
| Consumer, Non-cyclical | 17.43% |
| Industrial | 12.60% |
| Technology | 11.62% |
| Consumer, Cyclical | 8.42% |
| Energy | 6.80% |
| Utilities | 6.73% |
| Communications | 5.15% |
| Money Market Funds | 3.13% |
| Exchange-Traded Funds | 2.92% |
| Basic Materials | 2.48% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.22)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV853SARR3-0

# R-5

# PPSRX

# LargeCap Value Fund III
![Image](i71cae5da0e54ddf5c04247bc.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about LargeCap Value Fund III (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $45 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,474,405

* Total Number of Portfolio Holdings886

* Portfolio Turnover Rate (annualized)50.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 94.17% |
| Investment Companies | 6.05% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.22)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.94% |
| Consumer, Non-cyclical | 17.43% |
| Industrial | 12.60% |
| Technology | 11.62% |
| Consumer, Cyclical | 8.42% |
| Energy | 6.80% |
| Utilities | 6.73% |
| Communications | 5.15% |
| Money Market Funds | 3.13% |
| Exchange-Traded Funds | 2.92% |
| Basic Materials | 2.48% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.22)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV853SARR5-0

# Class A

# PEMGX

# MidCap Fund
![Image](i006cb4089c5590cd6f158cbc.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $45 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$29,501,605

* Total Number of Portfolio Holdings74

* Portfolio Turnover Rate (annualized)14.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.90% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 29.10% |
| Consumer, Cyclical | 25.24% |
| Industrial | 19.67% |
| Technology | 15.93% |
| Utilities | 3.38% |
| Consumer, Non-cyclical | 2.95% |
| Communications | 2.20% |
| Basic Materials | 1.43% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV881SARA-0

# Class C

# PMBCX

# MidCap Fund
![Image](ia421dfca7d6f2162da6af2eb.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $85 | 1.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$29,501,605

* Total Number of Portfolio Holdings74

* Portfolio Turnover Rate (annualized)14.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.90% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 29.10% |
| Consumer, Cyclical | 25.24% |
| Industrial | 19.67% |
| Technology | 15.93% |
| Utilities | 3.38% |
| Consumer, Non-cyclical | 2.95% |
| Communications | 2.20% |
| Basic Materials | 1.43% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV881SARC-0

# Class J

# PMBJX

# MidCap Fund
![Image](iae004e2bbc4c4e185bb99c0a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$29,501,605

* Total Number of Portfolio Holdings74

* Portfolio Turnover Rate (annualized)14.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.90% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 29.10% |
| Consumer, Cyclical | 25.24% |
| Industrial | 19.67% |
| Technology | 15.93% |
| Utilities | 3.38% |
| Consumer, Non-cyclical | 2.95% |
| Communications | 2.20% |
| Basic Materials | 1.43% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV881SARJ-0

# Institutional

# PCBIX

# MidCap Fund
![Image](i3115e65dc49ffe3daf77ce8f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $33 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$29,501,605

* Total Number of Portfolio Holdings74

* Portfolio Turnover Rate (annualized)14.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.90% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 29.10% |
| Consumer, Cyclical | 25.24% |
| Industrial | 19.67% |
| Technology | 15.93% |
| Utilities | 3.38% |
| Consumer, Non-cyclical | 2.95% |
| Communications | 2.20% |
| Basic Materials | 1.43% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV881SARI-0

# R-3

# PMBMX

# MidCap Fund
![Image](i9f394c4f29fdf6ce7a729aff.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $56 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$29,501,605

* Total Number of Portfolio Holdings74

* Portfolio Turnover Rate (annualized)14.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.90% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 29.10% |
| Consumer, Cyclical | 25.24% |
| Industrial | 19.67% |
| Technology | 15.93% |
| Utilities | 3.38% |
| Consumer, Non-cyclical | 2.95% |
| Communications | 2.20% |
| Basic Materials | 1.43% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV881SARR3-0

# R-5

# PMBPX

# MidCap Fund
![Image](iaac91204ca14dffdcb57aeb9.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $41 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$29,501,605

* Total Number of Portfolio Holdings74

* Portfolio Turnover Rate (annualized)14.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.90% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 29.10% |
| Consumer, Cyclical | 25.24% |
| Industrial | 19.67% |
| Technology | 15.93% |
| Utilities | 3.38% |
| Consumer, Non-cyclical | 2.95% |
| Communications | 2.20% |
| Basic Materials | 1.43% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV881SARR5-0

# R-6

# PMAQX

# MidCap Fund
![Image](i23e514447d4ca55a6f64c0cf.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$29,501,605

* Total Number of Portfolio Holdings74

* Portfolio Turnover Rate (annualized)14.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.90% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 29.10% |
| Consumer, Cyclical | 25.24% |
| Industrial | 19.67% |
| Technology | 15.93% |
| Utilities | 3.38% |
| Consumer, Non-cyclical | 2.95% |
| Communications | 2.20% |
| Basic Materials | 1.43% |
| Money Market Funds | 0.01% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV881SARR6-0

# Class J

# PMGJX

# MidCap Growth Fund
![Image](iba28136eb068a6ce5759730b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $45 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$169,771

* Total Number of Portfolio Holdings57

* Portfolio Turnover Rate (annualized)132.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 3.86% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 30.40% |
| Financial | 17.63% |
| Consumer, Cyclical | 15.50% |
| Industrial | 12.79% |
| Consumer, Non-cyclical | 9.26% |
| Communications | 6.36% |
| Energy | 4.11% |
| Money Market Funds | 3.86% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV879SARJ-0

# Institutional

# PGWIX

# MidCap Growth Fund
![Image](ibe7beeb74ddff1ff576a7d00.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$169,771

* Total Number of Portfolio Holdings57

* Portfolio Turnover Rate (annualized)132.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 3.86% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 30.40% |
| Financial | 17.63% |
| Consumer, Cyclical | 15.50% |
| Industrial | 12.79% |
| Consumer, Non-cyclical | 9.26% |
| Communications | 6.36% |
| Energy | 4.11% |
| Money Market Funds | 3.86% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV879SARI-0

# R-3

# PFPPX

# MidCap Growth Fund
![Image](i6dee012a38082c6442f85094.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 1.24%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$169,771

* Total Number of Portfolio Holdings57

* Portfolio Turnover Rate (annualized)132.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 3.86% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 30.40% |
| Financial | 17.63% |
| Consumer, Cyclical | 15.50% |
| Industrial | 12.79% |
| Consumer, Non-cyclical | 9.26% |
| Communications | 6.36% |
| Energy | 4.11% |
| Money Market Funds | 3.86% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV879SARR3-0

# R-5

# PHPPX

# MidCap Growth Fund
![Image](i3ab356a1117fe3ff1031c176.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $46 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$169,771

* Total Number of Portfolio Holdings57

* Portfolio Turnover Rate (annualized)132.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.05% |
| Investment Companies | 3.86% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 30.40% |
| Financial | 17.63% |
| Consumer, Cyclical | 15.50% |
| Industrial | 12.79% |
| Consumer, Non-cyclical | 9.26% |
| Communications | 6.36% |
| Energy | 4.11% |
| Money Market Funds | 3.86% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

## **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.

# FV879SARR5-0

# Class J

# PPQJX

# MidCap Growth Fund III
![Image](ie81e616ca89b2bc858100202.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Growth Fund III (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $54 | 1.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$227,867

* Total Number of Portfolio Holdings322

* Portfolio Turnover Rate (annualized)52.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.24% |
| Investment Companies | 2.67% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 27.37% |
| Consumer, Non-cyclical | 23.14% |
| Consumer, Cyclical | 19.08% |
| Industrial | 12.55% |
| Financial | 8.09% |
| Communications | 3.13% |
| Energy | 2.71% |
| Money Market Funds | 2.39% |
| Utilities | 0.92% |
| Exchange-Traded Funds | 0.28% |
| Basic Materials | 0.25% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV878SARJ-0

# Institutional

# PPIMX

# MidCap Growth Fund III
![Image](i865c725ae916ac52cf7668f0.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Growth Fund III (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $41 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$227,867

* Total Number of Portfolio Holdings322

* Portfolio Turnover Rate (annualized)52.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.24% |
| Investment Companies | 2.67% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 27.37% |
| Consumer, Non-cyclical | 23.14% |
| Consumer, Cyclical | 19.08% |
| Industrial | 12.55% |
| Financial | 8.09% |
| Communications | 3.13% |
| Energy | 2.71% |
| Money Market Funds | 2.39% |
| Utilities | 0.92% |
| Exchange-Traded Funds | 0.28% |
| Basic Materials | 0.25% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV878SARI-0

# R-3

# PPQMX

# MidCap Growth Fund III
![Image](i6e3fff3453972ea02ad30156.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Growth Fund III (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $68 | 1.40%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$227,867

* Total Number of Portfolio Holdings322

* Portfolio Turnover Rate (annualized)52.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.24% |
| Investment Companies | 2.67% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 27.37% |
| Consumer, Non-cyclical | 23.14% |
| Consumer, Cyclical | 19.08% |
| Industrial | 12.55% |
| Financial | 8.09% |
| Communications | 3.13% |
| Energy | 2.71% |
| Money Market Funds | 2.39% |
| Utilities | 0.92% |
| Exchange-Traded Funds | 0.28% |
| Basic Materials | 0.25% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV878SARR3-0

# R-5

# PPQPX

# MidCap Growth Fund III
![Image](ib0933aa97186831512767af5.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Growth Fund III (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $53 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$227,867

* Total Number of Portfolio Holdings322

* Portfolio Turnover Rate (annualized)52.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.24% |
| Investment Companies | 2.67% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 27.37% |
| Consumer, Non-cyclical | 23.14% |
| Consumer, Cyclical | 19.08% |
| Industrial | 12.55% |
| Financial | 8.09% |
| Communications | 3.13% |
| Energy | 2.71% |
| Money Market Funds | 2.39% |
| Utilities | 0.92% |
| Exchange-Traded Funds | 0.28% |
| Basic Materials | 0.25% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.09% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV878SARR5-0

# Class J

# PMFJX

# MidCap S&P 400 Index Fund
![Image](ief7a04137eccf2617de53d31.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.38%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,158,627

* Total Number of Portfolio Holdings405

* Portfolio Turnover Rate (annualized)17.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.51% |
| Investment Companies | 4.02% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.57% |
| Industrial | 20.77% |
| Consumer, Non-cyclical | 16.34% |
| Consumer, Cyclical | 13.76% |
| Technology | 9.69% |
| Basic Materials | 4.00% |
| Money Market Funds | 3.69% |
| Energy | 3.43% |
| Utilities | 2.99% |
| Communications | 1.96% |
| Exchange-Traded Funds | 0.33% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV880SARJ-0

# Institutional

# MPSIX

# MidCap S&P 400 Index Fund
![Image](ie63e0f0d8ac2c3f630e9a068.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $12 | 0.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,158,627

* Total Number of Portfolio Holdings405

* Portfolio Turnover Rate (annualized)17.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.51% |
| Investment Companies | 4.02% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.57% |
| Industrial | 20.77% |
| Consumer, Non-cyclical | 16.34% |
| Consumer, Cyclical | 13.76% |
| Technology | 9.69% |
| Basic Materials | 4.00% |
| Money Market Funds | 3.69% |
| Energy | 3.43% |
| Utilities | 2.99% |
| Communications | 1.96% |
| Exchange-Traded Funds | 0.33% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV880SARI-0

# R-3

# PMFMX

# MidCap S&P 400 Index Fund
![Image](i89bb355ec0ba6bd6544beb82.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $35 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,158,627

* Total Number of Portfolio Holdings405

* Portfolio Turnover Rate (annualized)17.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.51% |
| Investment Companies | 4.02% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.57% |
| Industrial | 20.77% |
| Consumer, Non-cyclical | 16.34% |
| Consumer, Cyclical | 13.76% |
| Technology | 9.69% |
| Basic Materials | 4.00% |
| Money Market Funds | 3.69% |
| Energy | 3.43% |
| Utilities | 2.99% |
| Communications | 1.96% |
| Exchange-Traded Funds | 0.33% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV880SARR3-0

# R-5

# PMFPX

# MidCap S&P 400 Index Fund
![Image](ia9fa65b6329a89f3e96187c5.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $20 | 0.42%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,158,627

* Total Number of Portfolio Holdings405

* Portfolio Turnover Rate (annualized)17.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.51% |
| Investment Companies | 4.02% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.57% |
| Industrial | 20.77% |
| Consumer, Non-cyclical | 16.34% |
| Consumer, Cyclical | 13.76% |
| Technology | 9.69% |
| Basic Materials | 4.00% |
| Money Market Funds | 3.69% |
| Energy | 3.43% |
| Utilities | 2.99% |
| Communications | 1.96% |
| Exchange-Traded Funds | 0.33% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV880SARR5-0

# R-6

# PMAPX

# MidCap S&P 400 Index Fund
![Image](if8cd50c027367f14216e1d28.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $8 | 0.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,158,627

* Total Number of Portfolio Holdings405

* Portfolio Turnover Rate (annualized)17.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.51% |
| Investment Companies | 4.02% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.57% |
| Industrial | 20.77% |
| Consumer, Non-cyclical | 16.34% |
| Consumer, Cyclical | 13.76% |
| Technology | 9.69% |
| Basic Materials | 4.00% |
| Money Market Funds | 3.69% |
| Energy | 3.43% |
| Utilities | 2.99% |
| Communications | 1.96% |
| Exchange-Traded Funds | 0.33% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.53)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV880SARR6-0

# Class A

# PCMVX

# MidCap Value Fund I
![Image](i828fe8e170f1398fcbcb2a8c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $51 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,339,804

* Total Number of Portfolio Holdings722

* Portfolio Turnover Rate (annualized)85.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.26% |
| Investment Companies | 3.83% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.14% |
| Industrial | 18.42% |
| Consumer, Non-cyclical | 16.73% |
| Technology | 7.98% |
| Utilities | 7.47% |
| Consumer, Cyclical | 6.67% |
| Basic Materials | 6.07% |
| Energy | 5.42% |
| Communications | 4.36% |
| Money Market Funds | 3.60% |
| Exchange-Traded Funds | 0.23% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV882SARA-0

# Class J

# PVEJX

# MidCap Value Fund I
![Image](i0e40805e833f05668ce927a2.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.87%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,339,804

* Total Number of Portfolio Holdings722

* Portfolio Turnover Rate (annualized)85.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.26% |
| Investment Companies | 3.83% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.14% |
| Industrial | 18.42% |
| Consumer, Non-cyclical | 16.73% |
| Technology | 7.98% |
| Utilities | 7.47% |
| Consumer, Cyclical | 6.67% |
| Basic Materials | 6.07% |
| Energy | 5.42% |
| Communications | 4.36% |
| Money Market Funds | 3.60% |
| Exchange-Traded Funds | 0.23% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV882SARJ-0

# Institutional

# PVMIX

# MidCap Value Fund I
![Image](i7695624b82c5799a96855ede.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $33 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,339,804

* Total Number of Portfolio Holdings722

* Portfolio Turnover Rate (annualized)85.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.26% |
| Investment Companies | 3.83% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.14% |
| Industrial | 18.42% |
| Consumer, Non-cyclical | 16.73% |
| Technology | 7.98% |
| Utilities | 7.47% |
| Consumer, Cyclical | 6.67% |
| Basic Materials | 6.07% |
| Energy | 5.42% |
| Communications | 4.36% |
| Money Market Funds | 3.60% |
| Exchange-Traded Funds | 0.23% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV882SARI-0

# R-3

# PMPRX

# MidCap Value Fund I
![Image](i163781c500d566e2f2468cb8.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $58 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,339,804

* Total Number of Portfolio Holdings722

* Portfolio Turnover Rate (annualized)85.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.26% |
| Investment Companies | 3.83% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.14% |
| Industrial | 18.42% |
| Consumer, Non-cyclical | 16.73% |
| Technology | 7.98% |
| Utilities | 7.47% |
| Consumer, Cyclical | 6.67% |
| Basic Materials | 6.07% |
| Energy | 5.42% |
| Communications | 4.36% |
| Money Market Funds | 3.60% |
| Exchange-Traded Funds | 0.23% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV882SARR3-0

# R-5

# PABVX

# MidCap Value Fund I
![Image](ia2e5d7822b592ee7a0625ee4.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $43 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,339,804

* Total Number of Portfolio Holdings722

* Portfolio Turnover Rate (annualized)85.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.26% |
| Investment Companies | 3.83% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.14% |
| Industrial | 18.42% |
| Consumer, Non-cyclical | 16.73% |
| Technology | 7.98% |
| Utilities | 7.47% |
| Consumer, Cyclical | 6.67% |
| Basic Materials | 6.07% |
| Energy | 5.42% |
| Communications | 4.36% |
| Money Market Funds | 3.60% |
| Exchange-Traded Funds | 0.23% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV882SARR5-0

# R-6

# PCMSX

# MidCap Value Fund I
![Image](i02b7a214484ee19988b76d4c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $31 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,339,804

* Total Number of Portfolio Holdings722

* Portfolio Turnover Rate (annualized)85.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.26% |
| Investment Companies | 3.83% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.14% |
| Industrial | 18.42% |
| Consumer, Non-cyclical | 16.73% |
| Technology | 7.98% |
| Utilities | 7.47% |
| Consumer, Cyclical | 6.67% |
| Basic Materials | 6.07% |
| Energy | 5.42% |
| Communications | 4.36% |
| Money Market Funds | 3.60% |
| Exchange-Traded Funds | 0.23% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.09)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV882SARR6-0

# Class A

# PCSXX

# Money Market Fund
![Image](ib329c88e98698bf98affdd2f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Money Market Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $24 | 0.47%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,139,716

* Total Number of Portfolio Holdings176

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Commercial Paper | 72.88% |
| Repurchase Agreements | 16.67% |
| Bonds | 4.77% |
| Investment Companies | 3.66% |
| Municipal Bonds | 2.67% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 49.75% |
| Consumer, Non-cyclical | 9.21% |
| Consumer, Cyclical | 6.70% |
| Energy | 5.65% |
| Utilities | 4.59% |
| Basic Materials | 4.29% |
| Communications | 3.93% |
| Money Market Funds | 3.66% |
| Asset Backed Securities | 3.28% |
| Industrial | 3.23% |
| Insured | 2.67% |
| Technology | 2.10% |
| Diversified | 1.05% |
| Government | 0.54% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV884SARA-0

# Class J

# PMJXX

# Money Market Fund
![Image](i03131a1dd9ad6d8143493063.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Money Market Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,139,716

* Total Number of Portfolio Holdings176

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Commercial Paper | 72.88% |
| Repurchase Agreements | 16.67% |
| Bonds | 4.77% |
| Investment Companies | 3.66% |
| Municipal Bonds | 2.67% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 49.75% |
| Consumer, Non-cyclical | 9.21% |
| Consumer, Cyclical | 6.70% |
| Energy | 5.65% |
| Utilities | 4.59% |
| Basic Materials | 4.29% |
| Communications | 3.93% |
| Money Market Funds | 3.66% |
| Asset Backed Securities | 3.28% |
| Industrial | 3.23% |
| Insured | 2.67% |
| Technology | 2.10% |
| Diversified | 1.05% |
| Government | 0.54% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV884SARJ-0

# Institutional

# PINZX

# Overseas Fund
![Image](i428254ede50845291f6d145f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Overseas Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $47 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,223,343

* Total Number of Portfolio Holdings477

* Portfolio Turnover Rate (annualized)58.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.24% |
| Investment Companies | 4.30% |
| Preferred Stocks | 0.84% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.38)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 22.21% |
| Japan | 14.80% |
| France | 13.93% |
| Germany | 10.12% |
| Netherlands | 6.21% |
| Italy | 5.55% |
| Canada | 3.70% |
| Switzerland | 3.47% |
| Korea, Republic Of | 2.52% |
| Finland | 2.31% |
| Hong Kong | 2.26% |
| Sweden | 1.98% |
| Norway | 1.33% |
| Belgium | 1.29% |
| Denmark | 1.13% |
| Singapore | 1.00% |
| United States | 0.65% |
| Luxembourg | 0.63% |
| China | 0.56% |
| Australia | 0.54% |
| Other Locations<sup>Footnote Reference\*</sup> | 5.19% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (1.38)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |
| Footnote<sup>†</sup> | Includes derivatives |

---

## **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.

# FV886SARI-0

# R-3

# PINTX

# Overseas Fund
![Image](ia5d86bed2333f85c5bbd2d5f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Overseas Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $76 | 1.46%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,223,343

* Total Number of Portfolio Holdings477

* Portfolio Turnover Rate (annualized)58.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.24% |
| Investment Companies | 4.30% |
| Preferred Stocks | 0.84% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.38)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 22.21% |
| Japan | 14.80% |
| France | 13.93% |
| Germany | 10.12% |
| Netherlands | 6.21% |
| Italy | 5.55% |
| Canada | 3.70% |
| Switzerland | 3.47% |
| Korea, Republic Of | 2.52% |
| Finland | 2.31% |
| Hong Kong | 2.26% |
| Sweden | 1.98% |
| Norway | 1.33% |
| Belgium | 1.29% |
| Denmark | 1.13% |
| Singapore | 1.00% |
| United States | 0.65% |
| Luxembourg | 0.63% |
| China | 0.56% |
| Australia | 0.54% |
| Other Locations<sup>Footnote Reference\*</sup> | 5.19% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (1.38)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes locations other than the top twenty and/or Investment Companies |
| Footnote<sup>†</sup> | Includes derivatives |

---

## **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.

# FV886SARR3-0

# Class A

# CMNWX

# Principal Capital Appreciation Fund
![Image](i33070895cf85e2515f44f325.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,415,730

* Total Number of Portfolio Holdings93

* Portfolio Turnover Rate (annualized)64.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.40% |
| Investment Companies | 0.58% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 27.42% |
| Financial | 17.02% |
| Consumer, Non-cyclical | 15.29% |
| Communications | 13.68% |
| Consumer, Cyclical | 11.02% |
| Industrial | 7.23% |
| Energy | 3.52% |
| Utilities | 2.83% |
| Basic Materials | 1.39% |
| Money Market Funds | 0.58% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

## **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.

# FV827SARA-0

# Institutional

# PWCIX

# Principal Capital Appreciation Fund
![Image](i6fcc6fa5e1a5a43d04196c56.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $22 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,415,730

* Total Number of Portfolio Holdings93

* Portfolio Turnover Rate (annualized)64.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.40% |
| Investment Companies | 0.58% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 27.42% |
| Financial | 17.02% |
| Consumer, Non-cyclical | 15.29% |
| Communications | 13.68% |
| Consumer, Cyclical | 11.02% |
| Industrial | 7.23% |
| Energy | 3.52% |
| Utilities | 2.83% |
| Basic Materials | 1.39% |
| Money Market Funds | 0.58% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

## **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.

# FV827SARI-0

# R-3

# PCAOX

# Principal Capital Appreciation Fund
![Image](i2dfebdd2dab8d61613350864.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $48 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,415,730

* Total Number of Portfolio Holdings93

* Portfolio Turnover Rate (annualized)64.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.40% |
| Investment Companies | 0.58% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 27.42% |
| Financial | 17.02% |
| Consumer, Non-cyclical | 15.29% |
| Communications | 13.68% |
| Consumer, Cyclical | 11.02% |
| Industrial | 7.23% |
| Energy | 3.52% |
| Utilities | 2.83% |
| Basic Materials | 1.39% |
| Money Market Funds | 0.58% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

## **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.

# FV827SARR3-0

# R-5

# PCAQX

# Principal Capital Appreciation Fund
![Image](i3be77b2e2658f3764327f6ee.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $33 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,415,730

* Total Number of Portfolio Holdings93

* Portfolio Turnover Rate (annualized)64.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.40% |
| Investment Companies | 0.58% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 27.42% |
| Financial | 17.02% |
| Consumer, Non-cyclical | 15.29% |
| Communications | 13.68% |
| Consumer, Cyclical | 11.02% |
| Industrial | 7.23% |
| Energy | 3.52% |
| Utilities | 2.83% |
| Basic Materials | 1.39% |
| Money Market Funds | 0.58% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

## **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.

# FV827SARR5-0

# Institutional

# LTINX

# Principal LifeTime 2015 Fund
![Image](i9aa1c6a983294e6d3ea1a850.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2015 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.03%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$212,016

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)37.6%

## 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 | 64.54% |
| Domestic Equity Funds | 25.16% |
| International Equity Funds | 9.91% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV856SARI-0

# R-3

# LTAPX

# Principal LifeTime 2015 Fund
![Image](id8cf6b1d6785f8a1978defec.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2015 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$212,016

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)37.6%

## 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 | 64.54% |
| Domestic Equity Funds | 25.16% |
| International Equity Funds | 9.91% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV856SARR3-0

# R-5

# LTPFX

# Principal LifeTime 2015 Fund
![Image](i30283807266a7fca7126a905.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2015 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$212,016

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)37.6%

## 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 | 64.54% |
| Domestic Equity Funds | 25.16% |
| International Equity Funds | 9.91% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV856SARR5-0

# Class A

# PTBAX

# Principal LifeTime 2020 Fund
![Image](i8eb926d50980407237d392bf.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $17 | 0.34%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,078,727

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 58.07% |
| Domestic Equity Funds | 29.72% |
| International Equity Funds | 11.84% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV857SARA-0

# Class J

# PLFJX

# Principal LifeTime 2020 Fund
![Image](i66d39f26765ae3890205b37e.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $8 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,078,727

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 58.07% |
| Domestic Equity Funds | 29.72% |
| International Equity Funds | 11.84% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV857SARJ-0

# Institutional

# PLWIX

# Principal LifeTime 2020 Fund
![Image](i0ca7b9a2715f5852c6daada9.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,078,727

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 58.07% |
| Domestic Equity Funds | 29.72% |
| International Equity Funds | 11.84% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV857SARI-0

# R-3

# PTBMX

# Principal LifeTime 2020 Fund
![Image](ic1a873104ab71d8ebee6ca5b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,078,727

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 58.07% |
| Domestic Equity Funds | 29.72% |
| International Equity Funds | 11.84% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV857SARR3-0

# R-5

# PTBPX

# Principal LifeTime 2020 Fund
![Image](id939bd608561da754a54a939.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,078,727

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 58.07% |
| Domestic Equity Funds | 29.72% |
| International Equity Funds | 11.84% |
| Specialty Funds | 0.38% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV857SARR5-0

# Institutional

# LTSTX

# Principal LifeTime 2025 Fund
![Image](ibf2a7935f93381575477a3a6.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2025 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,423,002

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)41.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 51.44% |
| Domestic Equity Funds | 34.34% |
| International Equity Funds | 13.82% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV858SARI-0

# R-3

# LTVPX

# Principal LifeTime 2025 Fund
![Image](i70810cf22aafde0092ca730a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2025 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,423,002

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)41.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 51.44% |
| Domestic Equity Funds | 34.34% |
| International Equity Funds | 13.82% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV858SARR3-0

# R-5

# LTPDX

# Principal LifeTime 2025 Fund
![Image](ief83078d10c58a80373c273e.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2025 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,423,002

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)41.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 51.44% |
| Domestic Equity Funds | 34.34% |
| International Equity Funds | 13.82% |
| Specialty Funds | 0.40% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV858SARR5-0

# Class A

# PTCAX

# Principal LifeTime 2030 Fund
![Image](i11cc7a6f6a5cd52a1647e1e1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $16 | 0.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,065,701

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)45.7%

## 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 | 42.29% |
| Domestic Equity Funds | 40.75% |
| International Equity Funds | 16.49% |
| Specialty Funds | 0.48% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV859SARA-0

# Class J

# PLTJX

# Principal LifeTime 2030 Fund
![Image](ie3af7af5880aeb17649d73b2.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,065,701

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)45.7%

## 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 | 42.29% |
| Domestic Equity Funds | 40.75% |
| International Equity Funds | 16.49% |
| Specialty Funds | 0.48% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV859SARJ-0

# Institutional

# PMTIX

# Principal LifeTime 2030 Fund
![Image](icdb9b420d979e5939946748b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,065,701

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)45.7%

## 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 | 42.29% |
| Domestic Equity Funds | 40.75% |
| International Equity Funds | 16.49% |
| Specialty Funds | 0.48% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV859SARI-0

# R-3

# PTCMX

# Principal LifeTime 2030 Fund
![Image](i4a1bf3cfdad1bae6db7ebadd.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,065,701

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)45.7%

## 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 | 42.29% |
| Domestic Equity Funds | 40.75% |
| International Equity Funds | 16.49% |
| Specialty Funds | 0.48% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV859SARR3-0

# R-5

# PTCPX

# Principal LifeTime 2030 Fund
![Image](i59fa6a8dcbb030b5c599b647.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,065,701

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)45.7%

## 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 | 42.29% |
| Domestic Equity Funds | 40.75% |
| International Equity Funds | 16.49% |
| Specialty Funds | 0.48% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV859SARR5-0

# Institutional

# LTIUX

# Principal LifeTime 2035 Fund
![Image](i6910cd43d36a3101a5ff8752.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2035 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,919,687

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)49.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 47.12% |
| Fixed Income Funds | 33.89% |
| International Equity Funds | 18.99% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV860SARI-0

# R-3

# LTAOX

# Principal LifeTime 2035 Fund
![Image](i30ba07b535ea04489971a8a1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2035 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,919,687

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)49.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 47.12% |
| Fixed Income Funds | 33.89% |
| International Equity Funds | 18.99% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV860SARR3-0

# R-5

# LTPEX

# Principal LifeTime 2035 Fund
![Image](i622a5856b5ac3ebeb90c06fa.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2035 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,919,687

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)49.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 47.12% |
| Fixed Income Funds | 33.89% |
| International Equity Funds | 18.99% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV860SARR5-0

# Class A

# PTDAX

# Principal LifeTime 2040 Fund
![Image](i5d8253f14d0e322e8796b449.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $17 | 0.34%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,483,814

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)57.0%

## 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 | 55.56% |
| International Equity Funds | 22.57% |
| Fixed Income Funds | 21.88% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV861SARA-0

# Class J

# PTDJX

# Principal LifeTime 2040 Fund
![Image](i0a0afc368b15a31bfa724779.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,483,814

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)57.0%

## 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 | 55.56% |
| International Equity Funds | 22.57% |
| Fixed Income Funds | 21.88% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV861SARJ-0

# Institutional

# PTDIX

# Principal LifeTime 2040 Fund
![Image](i24b657601117df8c1ed17b8e.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,483,814

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)57.0%

## 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 | 55.56% |
| International Equity Funds | 22.57% |
| Fixed Income Funds | 21.88% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV861SARI-0

# R-3

# PTDMX

# Principal LifeTime 2040 Fund
![Image](ib8e34d0dc524a4884483db07.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,483,814

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)57.0%

## 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 | 55.56% |
| International Equity Funds | 22.57% |
| Fixed Income Funds | 21.88% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV861SARR3-0

# R-5

# PTDPX

# Principal LifeTime 2040 Fund
![Image](if8d89fb306b441e3269cbd32.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,483,814

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)57.0%

## 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 | 55.56% |
| International Equity Funds | 22.57% |
| Fixed Income Funds | 21.88% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV861SARR5-0

# Institutional

# LTRIX

# Principal LifeTime 2045 Fund
![Image](i85fda30d587a350b3b9c63d1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2045 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,635,347

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)58.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 61.89% |
| International Equity Funds | 25.26% |
| Fixed Income Funds | 12.85% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV862SARI-0

# R-3

# LTRVX

# Principal LifeTime 2045 Fund
![Image](i41a1d2d21c8b983fb42dd59a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2045 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,635,347

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)58.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 61.89% |
| International Equity Funds | 25.26% |
| Fixed Income Funds | 12.85% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV862SARR3-0

# R-5

# LTRDX

# Principal LifeTime 2045 Fund
![Image](ifef318e2710893e724177133.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2045 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,635,347

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)58.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 61.89% |
| International Equity Funds | 25.26% |
| Fixed Income Funds | 12.85% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV862SARR5-0

# Class A

# PPEAX

# Principal LifeTime 2050 Fund
![Image](ifb739919f10cc9aca3667c25.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $19 | 0.38%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,124,690

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.8%

## 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 | 67.24% |
| International Equity Funds | 27.52% |
| Fixed Income Funds | 5.25% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV863SARA-0

# Class J

# PFLJX

# Principal LifeTime 2050 Fund
![Image](i1e405186f51b7d95df7458c6.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,124,690

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.8%

## 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 | 67.24% |
| International Equity Funds | 27.52% |
| Fixed Income Funds | 5.25% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV863SARJ-0

# Institutional

# PPLIX

# Principal LifeTime 2050 Fund
![Image](idd6acd797701fd1ba05d9a50.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,124,690

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.8%

## 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 | 67.24% |
| International Equity Funds | 27.52% |
| Fixed Income Funds | 5.25% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV863SARI-0

# R-3

# PTERX

# Principal LifeTime 2050 Fund
![Image](i6c4f398a05df7aca1f216e5e.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,124,690

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.8%

## 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 | 67.24% |
| International Equity Funds | 27.52% |
| Fixed Income Funds | 5.25% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV863SARR3-0

# R-5

# PTEFX

# Principal LifeTime 2050 Fund
![Image](i5fa2ac7b911ba64a8ca322a2.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,124,690

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.8%

## 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 | 67.24% |
| International Equity Funds | 27.52% |
| Fixed Income Funds | 5.25% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV863SARR5-0

# Institutional

# LTFIX

# Principal LifeTime 2055 Fund
![Image](i4c332e40f1d9ba816676d022.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2055 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,079,610

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)66.0%

## 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 | 68.30% |
| International Equity Funds | 27.97% |
| Fixed Income Funds | 3.74% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV864SARI-0

# R-3

# LTFDX

# Principal LifeTime 2055 Fund
![Image](i4896f33f726dd568d1a2de7b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2055 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,079,610

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)66.0%

## 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 | 68.30% |
| International Equity Funds | 27.97% |
| Fixed Income Funds | 3.74% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV864SARR3-0

# R-5

# LTFPX

# Principal LifeTime 2055 Fund
![Image](iebdd1f574991cf2e034d0462.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2055 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,079,610

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)66.0%

## 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 | 68.30% |
| International Equity Funds | 27.97% |
| Fixed Income Funds | 3.74% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV864SARR5-0

# Class J

# PLTAX

# Principal LifeTime 2060 Fund
![Image](i24d2954a69cb6e6f0c1feca3.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $16 | 0.32%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,041,746

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.28% |
| International Equity Funds | 27.96% |
| Fixed Income Funds | 3.76% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV865SARJ-0

# Institutional

# PLTZX

# Principal LifeTime 2060 Fund
![Image](idb5d0499bd87d3377d96552e.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,041,746

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.28% |
| International Equity Funds | 27.96% |
| Fixed Income Funds | 3.76% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV865SARI-0

# R-3

# PLTCX

# Principal LifeTime 2060 Fund
![Image](i0e278d40adac951311abe49f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,041,746

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.28% |
| International Equity Funds | 27.96% |
| Fixed Income Funds | 3.76% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV865SARR3-0

# R-5

# PLTOX

# Principal LifeTime 2060 Fund
![Image](i1000889264ca1be3095fdba9.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,041,746

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)65.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.00% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.28% |
| International Equity Funds | 27.96% |
| Fixed Income Funds | 3.76% |
| Other Assets and Liabilities | 0.00% |
| Total Net Assets | 100.00% |

---

## **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.

# FV865SARR5-0

# Institutional

# PLJIX

# Principal LifeTime 2065 Fund
![Image](ia3a2b2508f74b64f8dcea81b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2065 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.03%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$231,867

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)66.7%

## 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 | 68.27% |
| International Equity Funds | 27.95% |
| Fixed Income Funds | 3.79% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV919SARI-0

# R-3

# PLJCX

# Principal LifeTime 2065 Fund
![Image](ib5ffa56d963e53636523191d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2065 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$231,867

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)66.7%

## 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 | 68.27% |
| International Equity Funds | 27.95% |
| Fixed Income Funds | 3.79% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV919SARR3-0

# R-5

# PLJEX

# Principal LifeTime 2065 Fund
![Image](id85f81372f2f42a4ec59a3e7.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2065 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$231,867

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)66.7%

## 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 | 68.27% |
| International Equity Funds | 27.95% |
| Fixed Income Funds | 3.79% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV919SARR5-0

# Class J

# PLTLX

# Principal LifeTime 2070 Fund
![Image](i6c0d134990b256467e03ee32.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$61,387

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)69.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.99% |
| Other Assets and Liabilities | 0.01% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.24% |
| International Equity Funds | 27.95% |
| Fixed Income Funds | 3.80% |
| Other Assets and Liabilities | 0.01% |
| Total Net Assets | 100.00% |

---

## **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.

# FV947SARJ-0

# Institutional

# PLTGX

# Principal LifeTime 2070 Fund
![Image](i89a4167537d00bfc5ab33ddf.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$61,387

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)69.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.99% |
| Other Assets and Liabilities | 0.01% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.24% |
| International Equity Funds | 27.95% |
| Fixed Income Funds | 3.80% |
| Other Assets and Liabilities | 0.01% |
| Total Net Assets | 100.00% |

---

## **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.

# FV947SARI-0

# R-3

# PLTDX

# Principal LifeTime 2070 Fund
![Image](ia80c51517967b0ae77f4edc1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $31 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$61,387

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)69.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.99% |
| Other Assets and Liabilities | 0.01% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.24% |
| International Equity Funds | 27.95% |
| Fixed Income Funds | 3.80% |
| Other Assets and Liabilities | 0.01% |
| Total Net Assets | 100.00% |

---

## **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.

# FV947SARR3-0

# R-5

# PLTFX

# Principal LifeTime 2070 Fund
![Image](ia9a5acefb18104b1c8cbd904.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $15 | 0.31%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$61,387

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)69.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.99% |
| Other Assets and Liabilities | 0.01% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.24% |
| International Equity Funds | 27.95% |
| Fixed Income Funds | 3.80% |
| Other Assets and Liabilities | 0.01% |
| Total Net Assets | 100.00% |

---

## **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.

# FV947SARR5-0

# Class J

# PHJMX

# Principal LifeTime Hybrid 2015 Fund
![Image](i7e127466cc894404bfef4652.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2015 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$372,089

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)29.8%

## 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 | 64.98% |
| Domestic Equity Funds | 24.86% |
| International Equity Funds | 9.76% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV867SARJ-0

# Institutional

# PHTMX

# Principal LifeTime Hybrid 2015 Fund
![Image](i0ebbc005725232af7e3bd1e5.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2015 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$372,089

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)29.8%

## 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 | 64.98% |
| Domestic Equity Funds | 24.86% |
| International Equity Funds | 9.76% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV867SARI-0

# R-6

# PLRRX

# Principal LifeTime Hybrid 2015 Fund
![Image](i36f70bdb5477e0f7d2b8d601.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2015 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$372,089

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)29.8%

## 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 | 64.98% |
| Domestic Equity Funds | 24.86% |
| International Equity Funds | 9.76% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV867SARR6-0

# Class J

# PHJTX

# Principal LifeTime Hybrid 2020 Fund
![Image](ia22e89b178ad2e9f671180b3.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2020 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $8 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$547,286

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)37.9%

## 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 | 58.50% |
| Domestic Equity Funds | 29.40% |
| International Equity Funds | 11.69% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV868SARJ-0

# Institutional

# PHTTX

# Principal LifeTime Hybrid 2020 Fund
![Image](i2caf1c966476101e0f27d124.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2020 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$547,286

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)37.9%

## 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 | 58.50% |
| Domestic Equity Funds | 29.40% |
| International Equity Funds | 11.69% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV868SARI-0

# R-6

# PLTTX

# Principal LifeTime Hybrid 2020 Fund
![Image](icefc47d7af460a4f4f8f3fa5.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2020 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$547,286

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)37.9%

## 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 | 58.50% |
| Domestic Equity Funds | 29.40% |
| International Equity Funds | 11.69% |
| Specialty Funds | 0.42% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV868SARR6-0

# Class J

# PHJQX

# Principal LifeTime Hybrid 2025 Fund
![Image](i0fb720e61070c65fdafae6c2.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2025 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $8 | 0.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$946,888

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)36.5%

## 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 | 51.83% |
| Domestic Equity Funds | 34.09% |
| International Equity Funds | 13.66% |
| Specialty Funds | 0.43% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV869SARJ-0

# Institutional

# PHTQX

# Principal LifeTime Hybrid 2025 Fund
![Image](i87d03cf997a43bda0fe6442f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2025 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$946,888

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)36.5%

## 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 | 51.83% |
| Domestic Equity Funds | 34.09% |
| International Equity Funds | 13.66% |
| Specialty Funds | 0.43% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV869SARI-0

# R-6

# PLFTX

# Principal LifeTime Hybrid 2025 Fund
![Image](i8be255e0c643e499ddb669dd.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2025 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$946,888

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)36.5%

## 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 | 51.83% |
| Domestic Equity Funds | 34.09% |
| International Equity Funds | 13.66% |
| Specialty Funds | 0.43% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV869SARR6-0

# Class J

# PHJNX

# Principal LifeTime Hybrid 2030 Fund
![Image](i2e11c8e4ffcf9321e27b43d8.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2030 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $8 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,094,240

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)39.8%

## 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 | 42.78% |
| Domestic Equity Funds | 40.43% |
| International Equity Funds | 16.32% |
| Specialty Funds | 0.48% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV870SARJ-0

# Institutional

# PHTNX

# Principal LifeTime Hybrid 2030 Fund
![Image](ia2eadc48bea46d0f598e180c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2030 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,094,240

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)39.8%

## 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 | 42.78% |
| Domestic Equity Funds | 40.43% |
| International Equity Funds | 16.32% |
| Specialty Funds | 0.48% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV870SARI-0

# R-6

# PLZTX

# Principal LifeTime Hybrid 2030 Fund
![Image](i2575da046097904407368d22.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2030 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,094,240

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)39.8%

## 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 | 42.78% |
| Domestic Equity Funds | 40.43% |
| International Equity Funds | 16.32% |
| Specialty Funds | 0.48% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV870SARR6-0

# Class J

# PHJJX

# Principal LifeTime Hybrid 2035 Fund
![Image](i93479a751da01a7f80ca290b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2035 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$769,784

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)43.4%

## 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 | 46.89% |
| Fixed Income Funds | 34.26% |
| International Equity Funds | 18.86% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV871SARJ-0

# Institutional

# PHTJX

# Principal LifeTime Hybrid 2035 Fund
![Image](i6ebfd8edaea62f1da0abfabe.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2035 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$769,784

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)43.4%

## 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 | 46.89% |
| Fixed Income Funds | 34.26% |
| International Equity Funds | 18.86% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV871SARI-0

# R-6

# PLRTX

# Principal LifeTime Hybrid 2035 Fund
![Image](ida8a3c4d184a836377f04885.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2035 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$769,784

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)43.4%

## 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 | 46.89% |
| Fixed Income Funds | 34.26% |
| International Equity Funds | 18.86% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV871SARR6-0

# Class J

# PHJEX

# Principal LifeTime Hybrid 2040 Fund
![Image](i6c53c697c963280f09b388a4.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2040 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$895,263

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)48.0%

## 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 | 55.35% |
| International Equity Funds | 22.44% |
| Fixed Income Funds | 22.22% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV872SARJ-0

# Institutional

# PLTQX

# Principal LifeTime Hybrid 2040 Fund
![Image](i13708e5bd5b1032a99d26245.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2040 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$895,263

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)48.0%

## 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 | 55.35% |
| International Equity Funds | 22.44% |
| Fixed Income Funds | 22.22% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV872SARI-0

# R-6

# PLMTX

# Principal LifeTime Hybrid 2040 Fund
![Image](i376f3c8d53a34a34ed4d1c4f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2040 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$895,263

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)48.0%

## 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 | 55.35% |
| International Equity Funds | 22.44% |
| Fixed Income Funds | 22.22% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV872SARR6-0

# Class J

# PHJYX

# Principal LifeTime Hybrid 2045 Fund
![Image](i1c112a02d8b861665bf76a10.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2045 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $10 | 0.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$517,625

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)54.3%

## 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 | 61.82% |
| International Equity Funds | 25.17% |
| Fixed Income Funds | 13.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV873SARJ-0

# Institutional

# PHTYX

# Principal LifeTime Hybrid 2045 Fund
![Image](i60b58e70dd3ba26a2ebf198d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2045 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$517,625

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)54.3%

## 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 | 61.82% |
| International Equity Funds | 25.17% |
| Fixed Income Funds | 13.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV873SARI-0

# R-6

# PLNTX

# Principal LifeTime Hybrid 2045 Fund
![Image](i07d8540a497d1f572de23c9d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2045 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$517,625

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)54.3%

## 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 | 61.82% |
| International Equity Funds | 25.17% |
| Fixed Income Funds | 13.02% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV873SARR6-0

# Class J

# PHJUX

# Principal LifeTime Hybrid 2050 Fund
![Image](id60d117763b4eb2280201deb.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2050 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $10 | 0.21%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$475,161

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)56.4%

## 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 | 67.17% |
| International Equity Funds | 27.43% |
| Fixed Income Funds | 5.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV874SARJ-0

# Institutional

# PHTUX

# Principal LifeTime Hybrid 2050 Fund
![Image](ifd3a89e0e364c2512087d15b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2050 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$475,161

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)56.4%

## 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 | 67.17% |
| International Equity Funds | 27.43% |
| Fixed Income Funds | 5.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV874SARI-0

# R-6

# PLJTX

# Principal LifeTime Hybrid 2050 Fund
![Image](ie241e03ac865b7babbd606f1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2050 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$475,161

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)56.4%

## 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 | 67.17% |
| International Equity Funds | 27.43% |
| Fixed Income Funds | 5.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV874SARR6-0

# Class J

# PHJBX

# Principal LifeTime Hybrid 2055 Fund
![Image](i20fd1f73557b450cfe94e06f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2055 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$300,257

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)56.8%

## 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 | 68.23% |
| International Equity Funds | 27.90% |
| Fixed Income Funds | 3.88% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV875SARJ-0

# Institutional

# PLTNX

# Principal LifeTime Hybrid 2055 Fund
![Image](ib3d25ce09bc28d6d0b55e521.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2055 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$300,257

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)56.8%

## 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 | 68.23% |
| International Equity Funds | 27.90% |
| Fixed Income Funds | 3.88% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV875SARI-0

# R-6

# PLHTX

# Principal LifeTime Hybrid 2055 Fund
![Image](i475addeda91f9300ea0026e9.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2055 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$300,257

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)56.8%

## 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 | 68.23% |
| International Equity Funds | 27.90% |
| Fixed Income Funds | 3.88% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV875SARR6-0

# Class J

# PHJGX

# Principal LifeTime Hybrid 2060 Fund
![Image](i5d8498532b6aeb43b127edeb.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2060 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$161,801

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)58.7%

## 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 | 68.23% |
| International Equity Funds | 27.87% |
| Fixed Income Funds | 3.92% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV876SARJ-0

# Institutional

# PLTHX

# Principal LifeTime Hybrid 2060 Fund
![Image](i8e931d30fb0c664607fe31c5.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2060 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$161,801

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)58.7%

## 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 | 68.23% |
| International Equity Funds | 27.87% |
| Fixed Income Funds | 3.92% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV876SARI-0

# R-6

# PLKTX

# Principal LifeTime Hybrid 2060 Fund
![Image](i7f9a22eedd35f3a4e12730db.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2060 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$161,801

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)58.7%

## 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 | 68.23% |
| International Equity Funds | 27.87% |
| Fixed Income Funds | 3.92% |
| Other Assets and Liabilities | (0.02)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV876SARR6-0

# Class J

# PHJDX

# Principal LifeTime Hybrid 2065 Fund
![Image](i2883ed88405ce7d5a403cf8d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2065 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$59,299

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)57.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.21% |
| International Equity Funds | 27.87% |
| Fixed Income Funds | 3.95% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV920SARJ-0

# Institutional

# PLHHX

# Principal LifeTime Hybrid 2065 Fund
![Image](iadb9f3a5055a4c262181f88b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2065 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$59,299

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)57.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.21% |
| International Equity Funds | 27.87% |
| Fixed Income Funds | 3.95% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV920SARI-0

# R-6

# PLHRX

# Principal LifeTime Hybrid 2065 Fund
![Image](i316ae42b9d8f82d28e9ca2c8.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2065 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$59,299

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)57.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.03% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.21% |
| International Equity Funds | 27.87% |
| Fixed Income Funds | 3.95% |
| Other Assets and Liabilities | (0.03)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV920SARR6-0

# Class J

# PLKJX

# Principal LifeTime Hybrid 2070 Fund
![Image](i82b850a438db9e182dc38f4d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2070 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$7,044

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)104.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.77% |
| Other Assets and Liabilities | 0.23% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.08% |
| International Equity Funds | 27.79% |
| Fixed Income Funds | 3.90% |
| Other Assets and Liabilities | 0.23% |
| Total Net Assets | 100.00% |

---

## **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.

# FV948SARJ-0

# Institutional

# PLKSX

# Principal LifeTime Hybrid 2070 Fund
![Image](id57353abde79667a59f014a6.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2070 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$7,044

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)104.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.77% |
| Other Assets and Liabilities | 0.23% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.08% |
| International Equity Funds | 27.79% |
| Fixed Income Funds | 3.90% |
| Other Assets and Liabilities | 0.23% |
| Total Net Assets | 100.00% |

---

## **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.

# FV948SARI-0

# R-6

# PLKRX

# Principal LifeTime Hybrid 2070 Fund
![Image](i67baa3ea877527a14c2ec625.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2070 Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$7,044

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)104.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.77% |
| Other Assets and Liabilities | 0.23% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 68.08% |
| International Equity Funds | 27.79% |
| Fixed Income Funds | 3.90% |
| Other Assets and Liabilities | 0.23% |
| Total Net Assets | 100.00% |

---

## **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.

# FV948SARR6-0

# Class J

# PHJFX

# Principal LifeTime Hybrid Income Fund
![Image](i72e41a1da7c092f8cdaa762a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $9 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$169,423

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)36.1%

## 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 | 65.06% |
| Domestic Equity Funds | 24.78% |
| International Equity Funds | 9.73% |
| Specialty Funds | 0.44% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV877SARJ-0

# Institutional

# PHTFX

# Principal LifeTime Hybrid Income Fund
![Image](iafa2ecb603f71424f0078d96.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $2 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$169,423

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)36.1%

## 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 | 65.06% |
| Domestic Equity Funds | 24.78% |
| International Equity Funds | 9.73% |
| Specialty Funds | 0.44% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV877SARI-0

# R-6

# PLTYX

# Principal LifeTime Hybrid Income Fund
![Image](id8e94ac780cfcbe7afe8f422.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$169,423

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)36.1%

## 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 | 65.06% |
| Domestic Equity Funds | 24.78% |
| International Equity Funds | 9.73% |
| Specialty Funds | 0.44% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV877SARR6-0

# Class A

# PALTX

# Principal LifeTime Strategic Income Fund
![Image](if9046be2c6cdcf71418d5748.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $18 | 0.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$722,057

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)33.3%

## 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 | 64.66% |
| Domestic Equity Funds | 25.07% |
| International Equity Funds | 9.87% |
| Specialty Funds | 0.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV866SARA-0

# Class J

# PLSJX

# Principal LifeTime Strategic Income Fund
![Image](i58597ec79bdad8c7d33cd8fd.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $9 | 0.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$722,057

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)33.3%

## 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 | 64.66% |
| Domestic Equity Funds | 25.07% |
| International Equity Funds | 9.87% |
| Specialty Funds | 0.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV866SARJ-0

# Institutional

# PLSIX

# Principal LifeTime Strategic Income Fund
![Image](ic0bd77e108ddd2b04dc178c6.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$722,057

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)33.3%

## 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 | 64.66% |
| Domestic Equity Funds | 25.07% |
| International Equity Funds | 9.87% |
| Specialty Funds | 0.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV866SARI-0

# R-3

# PLSMX

# Principal LifeTime Strategic Income Fund
![Image](iccd06c525384479f939f1e36.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$722,057

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)33.3%

## 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 | 64.66% |
| Domestic Equity Funds | 25.07% |
| International Equity Funds | 9.87% |
| Specialty Funds | 0.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV866SARR3-0

# R-5

# PLSPX

# Principal LifeTime Strategic Income Fund
![Image](ifd83a10691adb945887eb5ab.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $13 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$722,057

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)33.3%

## 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 | 64.66% |
| Domestic Equity Funds | 25.07% |
| International Equity Funds | 9.87% |
| Specialty Funds | 0.41% |
| Other Assets and Liabilities | (0.01)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV866SARR5-0

# Class A

# PRRAX

# Real Estate Securities Fund
![Image](if738212315f06603cb885f28.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $59 | 1.19%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,279,083

* Total Number of Portfolio Holdings37

* Portfolio Turnover Rate (annualized)17.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.69% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.69% |
| Money Market Funds | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV888SARA-0

# Class C

# PRCEX

# Real Estate Securities Fund
![Image](i2dd9d633e67c7821143e41d4.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $104 | 2.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,279,083

* Total Number of Portfolio Holdings37

* Portfolio Turnover Rate (annualized)17.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.69% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.69% |
| Money Market Funds | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV888SARC-0

# Class J

# PREJX

# Real Estate Securities Fund
![Image](ic60c818daac63e8f00f1b6b8.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $54 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,279,083

* Total Number of Portfolio Holdings37

* Portfolio Turnover Rate (annualized)17.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.69% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.69% |
| Money Market Funds | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV888SARJ-0

# Institutional

# PIREX

# Real Estate Securities Fund
![Image](id6f6227515b4f2a757e9232b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,279,083

* Total Number of Portfolio Holdings37

* Portfolio Turnover Rate (annualized)17.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.69% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.69% |
| Money Market Funds | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV888SARI-0

# R-3

# PRERX

# Real Estate Securities Fund
![Image](i566fd84936d50960ff5bba42.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $67 | 1.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,279,083

* Total Number of Portfolio Holdings37

* Portfolio Turnover Rate (annualized)17.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.69% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.69% |
| Money Market Funds | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV888SARR3-0

# R-5

# PREPX

# Real Estate Securities Fund
![Image](id98174872c490ee5ac9bf25a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $52 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,279,083

* Total Number of Portfolio Holdings37

* Portfolio Turnover Rate (annualized)17.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.69% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.69% |
| Money Market Funds | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV888SARR5-0

# R-6

# PFRSX

# Real Estate Securities Fund
![Image](i5337adf722a06982a75cdf59.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $40 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,279,083

* Total Number of Portfolio Holdings37

* Portfolio Turnover Rate (annualized)17.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.69% |
| Investment Companies | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.69% |
| Money Market Funds | 1.40% |
| Other Assets and Liabilities | (0.09)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV888SARR6-0

# Class A

# SABPX

# SAM Balanced Portfolio
![Image](i8aae85b74496ec84ed878366.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,421,481

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.4%

## 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 | 50.60% |
| Fixed Income Funds | 34.95% |
| International Equity Funds | 10.91% |
| Specialty Funds | 2.96% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV889SARA-0

# Class C

# SCBPX

# SAM Balanced Portfolio
![Image](ifa20073aa0930590a3ce1da8.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $68 | 1.37%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,421,481

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.4%

## 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 | 50.60% |
| Fixed Income Funds | 34.95% |
| International Equity Funds | 10.91% |
| Specialty Funds | 2.96% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV889SARC-0

# Class J

# PSAJX

# SAM Balanced Portfolio
![Image](i35c108a16d7d22590c511968.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,421,481

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.4%

## 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 | 50.60% |
| Fixed Income Funds | 34.95% |
| International Equity Funds | 10.91% |
| Specialty Funds | 2.96% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV889SARJ-0

# Institutional

# PSBIX

# SAM Balanced Portfolio
![Image](ia0c0f01044ab5158ab6b1419.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,421,481

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.4%

## 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 | 50.60% |
| Fixed Income Funds | 34.95% |
| International Equity Funds | 10.91% |
| Specialty Funds | 2.96% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV889SARI-0

# R-3

# PBAPX

# SAM Balanced Portfolio
![Image](i45a8022ffebf7676a5291ee3.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,421,481

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.4%

## 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 | 50.60% |
| Fixed Income Funds | 34.95% |
| International Equity Funds | 10.91% |
| Specialty Funds | 2.96% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV889SARR3-0

# R-5

# PSBFX

# SAM Balanced Portfolio
![Image](i29820d5d263fe02f822ee256.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,421,481

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.4%

## 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 | 50.60% |
| Fixed Income Funds | 34.95% |
| International Equity Funds | 10.91% |
| Specialty Funds | 2.96% |
| Money Market Funds | 0.62% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV889SARR5-0

# Class A

# SAIPX

# SAM Conservative Balanced Portfolio
![Image](if5bdde234bca063ed917a918.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,774,924

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)28.6%

## 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** |
| Fixed Income Funds | 57.85% |
| Domestic Equity Funds | 32.29% |
| International Equity Funds | 6.77% |
| Specialty Funds | 2.36% |
| Money Market Funds | 0.77% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV890SARA-0

# Class C

# SCIPX

# SAM Conservative Balanced Portfolio
![Image](i948be2d62ac839ed32822fed.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $69 | 1.39%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,774,924

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)28.6%

## 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** |
| Fixed Income Funds | 57.85% |
| Domestic Equity Funds | 32.29% |
| International Equity Funds | 6.77% |
| Specialty Funds | 2.36% |
| Money Market Funds | 0.77% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV890SARC-0

# Class J

# PCBJX

# SAM Conservative Balanced Portfolio
![Image](icd36bd9098aaf6df9e4d1e74.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,774,924

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)28.6%

## 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** |
| Fixed Income Funds | 57.85% |
| Domestic Equity Funds | 32.29% |
| International Equity Funds | 6.77% |
| Specialty Funds | 2.36% |
| Money Market Funds | 0.77% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV890SARJ-0

# Institutional

# PCCIX

# SAM Conservative Balanced Portfolio
![Image](i66942c0f6d06eebed65c9bff.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,774,924

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)28.6%

## 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** |
| Fixed Income Funds | 57.85% |
| Domestic Equity Funds | 32.29% |
| International Equity Funds | 6.77% |
| Specialty Funds | 2.36% |
| Money Market Funds | 0.77% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV890SARI-0

# R-3

# PCBPX

# SAM Conservative Balanced Portfolio
![Image](if718c3c18a36ae0133b975a9.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,774,924

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)28.6%

## 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** |
| Fixed Income Funds | 57.85% |
| Domestic Equity Funds | 32.29% |
| International Equity Funds | 6.77% |
| Specialty Funds | 2.36% |
| Money Market Funds | 0.77% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV890SARR3-0

# R-5

# PCBFX

# SAM Conservative Balanced Portfolio
![Image](ie7a2463a6d92f796710a35da.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,774,924

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)28.6%

## 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** |
| Fixed Income Funds | 57.85% |
| Domestic Equity Funds | 32.29% |
| International Equity Funds | 6.77% |
| Specialty Funds | 2.36% |
| Money Market Funds | 0.77% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV890SARR5-0

# Class A

# SAGPX

# SAM Conservative Growth Portfolio
![Image](iac7d5331ef3a9e5a2bf1885a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,083,088

* Total Number of Portfolio Holdings26

* Portfolio Turnover Rate (annualized)33.7%

## 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 | 65.53% |
| Fixed Income Funds | 16.17% |
| International Equity Funds | 14.32% |
| Specialty Funds | 3.35% |
| Money Market Funds | 0.67% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV891SARA-0

# Class C

# SCGPX

# SAM Conservative Growth Portfolio
![Image](ice8a08180bbd9e38d7c83aa8.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $69 | 1.39%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,083,088

* Total Number of Portfolio Holdings26

* Portfolio Turnover Rate (annualized)33.7%

## 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 | 65.53% |
| Fixed Income Funds | 16.17% |
| International Equity Funds | 14.32% |
| Specialty Funds | 3.35% |
| Money Market Funds | 0.67% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV891SARC-0

# Class J

# PCGJX

# SAM Conservative Growth Portfolio
![Image](i4d79e1c3cbe2ae75dd509728.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,083,088

* Total Number of Portfolio Holdings26

* Portfolio Turnover Rate (annualized)33.7%

## 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 | 65.53% |
| Fixed Income Funds | 16.17% |
| International Equity Funds | 14.32% |
| Specialty Funds | 3.35% |
| Money Market Funds | 0.67% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV891SARJ-0

# Institutional

# PCWIX

# SAM Conservative Growth Portfolio
![Image](i71be83168bd4d48c576d58c1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,083,088

* Total Number of Portfolio Holdings26

* Portfolio Turnover Rate (annualized)33.7%

## 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 | 65.53% |
| Fixed Income Funds | 16.17% |
| International Equity Funds | 14.32% |
| Specialty Funds | 3.35% |
| Money Market Funds | 0.67% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV891SARI-0

# R-3

# PCGPX

# SAM Conservative Growth Portfolio
![Image](i4f982a90c8ef7e89564f669b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,083,088

* Total Number of Portfolio Holdings26

* Portfolio Turnover Rate (annualized)33.7%

## 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 | 65.53% |
| Fixed Income Funds | 16.17% |
| International Equity Funds | 14.32% |
| Specialty Funds | 3.35% |
| Money Market Funds | 0.67% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV891SARR3-0

# R-5

# PCWPX

# SAM Conservative Growth Portfolio
![Image](ia206bf95a8c70ff295422742.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,083,088

* Total Number of Portfolio Holdings26

* Portfolio Turnover Rate (annualized)33.7%

## 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 | 65.53% |
| Fixed Income Funds | 16.17% |
| International Equity Funds | 14.32% |
| Specialty Funds | 3.35% |
| Money Market Funds | 0.67% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV891SARR5-0

# Class A

# SAUPX

# SAM Flexible Income Portfolio
![Image](i6b7dfc2dc88c89d7ec8b62fb.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,226,266

* Total Number of Portfolio Holdings25

* Portfolio Turnover Rate (annualized)24.6%

## 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** |
| Fixed Income Funds | 73.45% |
| Domestic Equity Funds | 20.75% |
| International Equity Funds | 4.11% |
| Specialty Funds | 1.02% |
| Money Market Funds | 0.71% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV892SARA-0

# Class C

# SCUPX

# SAM Flexible Income Portfolio
![Image](i694ff3eb58dcaf8c421f4897.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $70 | 1.40%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,226,266

* Total Number of Portfolio Holdings25

* Portfolio Turnover Rate (annualized)24.6%

## 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** |
| Fixed Income Funds | 73.45% |
| Domestic Equity Funds | 20.75% |
| International Equity Funds | 4.11% |
| Specialty Funds | 1.02% |
| Money Market Funds | 0.71% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV892SARC-0

# Class J

# PFIJX

# SAM Flexible Income Portfolio
![Image](i44c3db7845fe789016af930a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,226,266

* Total Number of Portfolio Holdings25

* Portfolio Turnover Rate (annualized)24.6%

## 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** |
| Fixed Income Funds | 73.45% |
| Domestic Equity Funds | 20.75% |
| International Equity Funds | 4.11% |
| Specialty Funds | 1.02% |
| Money Market Funds | 0.71% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV892SARJ-0

# Institutional

# PIFIX

# SAM Flexible Income Portfolio
![Image](ib7d473dd6f014af298b7f62d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $16 | 0.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,226,266

* Total Number of Portfolio Holdings25

* Portfolio Turnover Rate (annualized)24.6%

## 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** |
| Fixed Income Funds | 73.45% |
| Domestic Equity Funds | 20.75% |
| International Equity Funds | 4.11% |
| Specialty Funds | 1.02% |
| Money Market Funds | 0.71% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV892SARI-0

# R-3

# PFIPX

# SAM Flexible Income Portfolio
![Image](i3f22944429a01b04dbadbc59.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,226,266

* Total Number of Portfolio Holdings25

* Portfolio Turnover Rate (annualized)24.6%

## 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** |
| Fixed Income Funds | 73.45% |
| Domestic Equity Funds | 20.75% |
| International Equity Funds | 4.11% |
| Specialty Funds | 1.02% |
| Money Market Funds | 0.71% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV892SARR3-0

# R-5

# PFIFX

# SAM Flexible Income Portfolio
![Image](i269f063cc7e6f0977a5751ac.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,226,266

* Total Number of Portfolio Holdings25

* Portfolio Turnover Rate (annualized)24.6%

## 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** |
| Fixed Income Funds | 73.45% |
| Domestic Equity Funds | 20.75% |
| International Equity Funds | 4.11% |
| Specialty Funds | 1.02% |
| Money Market Funds | 0.71% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV892SARR5-0

# Class A

# SACAX

# SAM Strategic Growth Portfolio
![Image](i1c2c4adfe4c47da3fcf8df4c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,168,137

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)43.6%

## 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 | 74.77% |
| International Equity Funds | 19.67% |
| Specialty Funds | 3.49% |
| Fixed Income Funds | 1.30% |
| Money Market Funds | 0.81% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV893SARA-0

# Class C

# SWHCX

# SAM Strategic Growth Portfolio
![Image](i0fb141eb3036b3ed6fe640e0.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $69 | 1.39%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,168,137

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)43.6%

## 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 | 74.77% |
| International Equity Funds | 19.67% |
| Specialty Funds | 3.49% |
| Fixed Income Funds | 1.30% |
| Money Market Funds | 0.81% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV893SARC-0

# Class J

# PSWJX

# SAM Strategic Growth Portfolio
![Image](idaf926473836ec38b79fe4b6.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.46%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,168,137

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)43.6%

## 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 | 74.77% |
| International Equity Funds | 19.67% |
| Specialty Funds | 3.49% |
| Fixed Income Funds | 1.30% |
| Money Market Funds | 0.81% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV893SARJ-0

# Institutional

# PSWIX

# SAM Strategic Growth Portfolio
![Image](i2feb8870b2d1934242faaa42.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,168,137

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)43.6%

## 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 | 74.77% |
| International Equity Funds | 19.67% |
| Specialty Funds | 3.49% |
| Fixed Income Funds | 1.30% |
| Money Market Funds | 0.81% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV893SARI-0

# R-3

# PSGPX

# SAM Strategic Growth Portfolio
![Image](i4f5b7df81c020691b11a2483.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,168,137

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)43.6%

## 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 | 74.77% |
| International Equity Funds | 19.67% |
| Specialty Funds | 3.49% |
| Fixed Income Funds | 1.30% |
| Money Market Funds | 0.81% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV893SARR3-0

# R-5

# PSGFX

# SAM Strategic Growth Portfolio
![Image](iaf0787a68bf033d8ff96f02a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,168,137

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)43.6%

## 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 | 74.77% |
| International Equity Funds | 19.67% |
| Specialty Funds | 3.49% |
| Fixed Income Funds | 1.30% |
| Money Market Funds | 0.81% |
| Other Assets and Liabilities | (0.04)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV893SARR5-0

# Class A

# SRHQX

# Short-Term Income Fund
![Image](i82fda69c23a2c6cd682c0f9d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $31 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,295,659

* Total Number of Portfolio Holdings383

* Portfolio Turnover Rate (annualized)42.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 86.35% |
| U.S. Government & Government Agency Obligations | 10.59% |
| Investment Companies | 3.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.76% |
| Financial | 22.56% |
| Mortgage Securities | 12.67% |
| Government | 10.59% |
| Utilities | 7.36% |
| Consumer, Non-cyclical | 5.16% |
| Technology | 4.94% |
| Energy | 4.32% |
| Money Market Funds | 3.91% |
| Industrial | 2.90% |
| Communications | 2.20% |
| Basic Materials | 0.87% |
| Consumer, Cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV899SARA-0

# Class C

# STCCX

# Short-Term Income Fund
![Image](i070b4c84a1b35aa059261f90.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $78 | 1.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,295,659

* Total Number of Portfolio Holdings383

* Portfolio Turnover Rate (annualized)42.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 86.35% |
| U.S. Government & Government Agency Obligations | 10.59% |
| Investment Companies | 3.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.76% |
| Financial | 22.56% |
| Mortgage Securities | 12.67% |
| Government | 10.59% |
| Utilities | 7.36% |
| Consumer, Non-cyclical | 5.16% |
| Technology | 4.94% |
| Energy | 4.32% |
| Money Market Funds | 3.91% |
| Industrial | 2.90% |
| Communications | 2.20% |
| Basic Materials | 0.87% |
| Consumer, Cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV899SARC-0

# Class J

# PSJIX

# Short-Term Income Fund
![Image](ie1c7f447cb6553c9d43f54ef.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $29 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,295,659

* Total Number of Portfolio Holdings383

* Portfolio Turnover Rate (annualized)42.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 86.35% |
| U.S. Government & Government Agency Obligations | 10.59% |
| Investment Companies | 3.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.76% |
| Financial | 22.56% |
| Mortgage Securities | 12.67% |
| Government | 10.59% |
| Utilities | 7.36% |
| Consumer, Non-cyclical | 5.16% |
| Technology | 4.94% |
| Energy | 4.32% |
| Money Market Funds | 3.91% |
| Industrial | 2.90% |
| Communications | 2.20% |
| Basic Materials | 0.87% |
| Consumer, Cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV899SARJ-0

# Institutional

# PSHIX

# Short-Term Income Fund
![Image](i296f885401980c1e316aca34.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $20 | 0.40%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,295,659

* Total Number of Portfolio Holdings383

* Portfolio Turnover Rate (annualized)42.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 86.35% |
| U.S. Government & Government Agency Obligations | 10.59% |
| Investment Companies | 3.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.76% |
| Financial | 22.56% |
| Mortgage Securities | 12.67% |
| Government | 10.59% |
| Utilities | 7.36% |
| Consumer, Non-cyclical | 5.16% |
| Technology | 4.94% |
| Energy | 4.32% |
| Money Market Funds | 3.91% |
| Industrial | 2.90% |
| Communications | 2.20% |
| Basic Materials | 0.87% |
| Consumer, Cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV899SARI-0

# R-3

# PSIOX

# Short-Term Income Fund
![Image](ic32bcf05098da4e48906b81a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $47 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,295,659

* Total Number of Portfolio Holdings383

* Portfolio Turnover Rate (annualized)42.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 86.35% |
| U.S. Government & Government Agency Obligations | 10.59% |
| Investment Companies | 3.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.76% |
| Financial | 22.56% |
| Mortgage Securities | 12.67% |
| Government | 10.59% |
| Utilities | 7.36% |
| Consumer, Non-cyclical | 5.16% |
| Technology | 4.94% |
| Energy | 4.32% |
| Money Market Funds | 3.91% |
| Industrial | 2.90% |
| Communications | 2.20% |
| Basic Materials | 0.87% |
| Consumer, Cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV899SARR3-0

# R-5

# PSIQX

# Short-Term Income Fund
![Image](ibd76b310e949d565c2cfd47b.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $31 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,295,659

* Total Number of Portfolio Holdings383

* Portfolio Turnover Rate (annualized)42.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 86.35% |
| U.S. Government & Government Agency Obligations | 10.59% |
| Investment Companies | 3.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.76% |
| Financial | 22.56% |
| Mortgage Securities | 12.67% |
| Government | 10.59% |
| Utilities | 7.36% |
| Consumer, Non-cyclical | 5.16% |
| Technology | 4.94% |
| Energy | 4.32% |
| Money Market Funds | 3.91% |
| Industrial | 2.90% |
| Communications | 2.20% |
| Basic Materials | 0.87% |
| Consumer, Cyclical | 0.61% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.85)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV899SARR5-0

# Class A

# PLLAX

# SmallCap Fund
![Image](i1c9c93c85cc93523a5eea943.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $53 | 1.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,925,201

* Total Number of Portfolio Holdings126

* Portfolio Turnover Rate (annualized)22.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.81% |
| Investment Companies | 1.43% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 24.90% |
| Consumer, Non-cyclical | 24.13% |
| Industrial | 20.60% |
| Technology | 11.75% |
| Consumer, Cyclical | 10.62% |
| Utilities | 3.07% |
| Energy | 2.90% |
| Money Market Funds | 1.43% |
| Basic Materials | 1.15% |
| Communications | 0.69% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV894SARA-0

# Class J

# PSBJX

# SmallCap Fund
![Image](ie315f0caa332d6f05ed2a144.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $46 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,925,201

* Total Number of Portfolio Holdings126

* Portfolio Turnover Rate (annualized)22.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.81% |
| Investment Companies | 1.43% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 24.90% |
| Consumer, Non-cyclical | 24.13% |
| Industrial | 20.60% |
| Technology | 11.75% |
| Consumer, Cyclical | 10.62% |
| Utilities | 3.07% |
| Energy | 2.90% |
| Money Market Funds | 1.43% |
| Basic Materials | 1.15% |
| Communications | 0.69% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV894SARJ-0

# Institutional

# PSLIX

# SmallCap Fund
![Image](i656b6d7a86f9760ed3431de1.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $40 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,925,201

* Total Number of Portfolio Holdings126

* Portfolio Turnover Rate (annualized)22.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.81% |
| Investment Companies | 1.43% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 24.90% |
| Consumer, Non-cyclical | 24.13% |
| Industrial | 20.60% |
| Technology | 11.75% |
| Consumer, Cyclical | 10.62% |
| Utilities | 3.07% |
| Energy | 2.90% |
| Money Market Funds | 1.43% |
| Basic Materials | 1.15% |
| Communications | 0.69% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV894SARI-0

# R-3

# PSBMX

# SmallCap Fund
![Image](ic8062240dfce8bf99371f3e0.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,925,201

* Total Number of Portfolio Holdings126

* Portfolio Turnover Rate (annualized)22.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.81% |
| Investment Companies | 1.43% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 24.90% |
| Consumer, Non-cyclical | 24.13% |
| Industrial | 20.60% |
| Technology | 11.75% |
| Consumer, Cyclical | 10.62% |
| Utilities | 3.07% |
| Energy | 2.90% |
| Money Market Funds | 1.43% |
| Basic Materials | 1.15% |
| Communications | 0.69% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV894SARR3-0

# R-5

# PSBPX

# SmallCap Fund
![Image](ia65647792dc1ff459a5f0976.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $47 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,925,201

* Total Number of Portfolio Holdings126

* Portfolio Turnover Rate (annualized)22.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.81% |
| Investment Companies | 1.43% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 24.90% |
| Consumer, Non-cyclical | 24.13% |
| Industrial | 20.60% |
| Technology | 11.75% |
| Consumer, Cyclical | 10.62% |
| Utilities | 3.07% |
| Energy | 2.90% |
| Money Market Funds | 1.43% |
| Basic Materials | 1.15% |
| Communications | 0.69% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV894SARR5-0

# R-6

# PSMLX

# SmallCap Fund
![Image](ib3b63eea1730da607f5346fe.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $35 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,925,201

* Total Number of Portfolio Holdings126

* Portfolio Turnover Rate (annualized)22.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.81% |
| Investment Companies | 1.43% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 24.90% |
| Consumer, Non-cyclical | 24.13% |
| Industrial | 20.60% |
| Technology | 11.75% |
| Consumer, Cyclical | 10.62% |
| Utilities | 3.07% |
| Energy | 2.90% |
| Money Market Funds | 1.43% |
| Basic Materials | 1.15% |
| Communications | 0.69% |
| Other Assets and Liabilities | (1.24)% |
| Total Net Assets | 100.00% |

---

## **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.

# FV894SARR6-0

# Class J

# PSIJX

# SmallCap Growth Fund I
![Image](i6eb3d10b1e99b632d8885f07.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $53 | 1.12%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,836,391

* Total Number of Portfolio Holdings1,230

* Portfolio Turnover Rate (annualized)67.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.31% |
| Investment Companies | 4.17% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Non-cyclical | 28.83% |
| Industrial | 23.97% |
| Technology | 18.08% |
| Financial | 10.27% |
| Consumer, Cyclical | 9.08% |
| Money Market Funds | 4.02% |
| Communications | 3.27% |
| Energy | 1.97% |
| Basic Materials | 1.80% |
| Exchange-Traded Funds | 0.15% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV895SARJ-0

# Institutional

# PGRTX

# SmallCap Growth Fund I
![Image](i7fa8bcd99c40d86bb2a2807f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $46 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,836,391

* Total Number of Portfolio Holdings1,230

* Portfolio Turnover Rate (annualized)67.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.31% |
| Investment Companies | 4.17% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Non-cyclical | 28.83% |
| Industrial | 23.97% |
| Technology | 18.08% |
| Financial | 10.27% |
| Consumer, Cyclical | 9.08% |
| Money Market Funds | 4.02% |
| Communications | 3.27% |
| Energy | 1.97% |
| Basic Materials | 1.80% |
| Exchange-Traded Funds | 0.15% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV895SARI-0

# R-3

# PPNMX

# SmallCap Growth Fund I
![Image](ia45f5f8c77b622f6e07ea678.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 1.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,836,391

* Total Number of Portfolio Holdings1,230

* Portfolio Turnover Rate (annualized)67.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.31% |
| Investment Companies | 4.17% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Non-cyclical | 28.83% |
| Industrial | 23.97% |
| Technology | 18.08% |
| Financial | 10.27% |
| Consumer, Cyclical | 9.08% |
| Money Market Funds | 4.02% |
| Communications | 3.27% |
| Energy | 1.97% |
| Basic Materials | 1.80% |
| Exchange-Traded Funds | 0.15% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV895SARR3-0

# R-5

# PPNPX

# SmallCap Growth Fund I
![Image](i949ae43732676c0d4d9e18f3.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $52 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,836,391

* Total Number of Portfolio Holdings1,230

* Portfolio Turnover Rate (annualized)67.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.31% |
| Investment Companies | 4.17% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Non-cyclical | 28.83% |
| Industrial | 23.97% |
| Technology | 18.08% |
| Financial | 10.27% |
| Consumer, Cyclical | 9.08% |
| Money Market Funds | 4.02% |
| Communications | 3.27% |
| Energy | 1.97% |
| Basic Materials | 1.80% |
| Exchange-Traded Funds | 0.15% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV895SARR5-0

# R-6

# PCSMX

# SmallCap Growth Fund I
![Image](idfffc6c8b3b5305b11c8705f.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $40 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,836,391

* Total Number of Portfolio Holdings1,230

* Portfolio Turnover Rate (annualized)67.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.31% |
| Investment Companies | 4.17% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Non-cyclical | 28.83% |
| Industrial | 23.97% |
| Technology | 18.08% |
| Financial | 10.27% |
| Consumer, Cyclical | 9.08% |
| Money Market Funds | 4.02% |
| Communications | 3.27% |
| Energy | 1.97% |
| Basic Materials | 1.80% |
| Exchange-Traded Funds | 0.15% |
| Utilities | 0.04% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.48)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV895SARR6-0

# Class J

# PSSJX

# SmallCap S&P 600 Index Fund
![Image](ic96f03b598204df052d2869d.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | 0.39%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,219,146

* Total Number of Portfolio Holdings608

* Portfolio Turnover Rate (annualized)31.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.58% |
| Investment Companies | 3.54% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.74% |
| Consumer, Non-cyclical | 18.22% |
| Industrial | 16.68% |
| Consumer, Cyclical | 13.22% |
| Technology | 7.40% |
| Communications | 4.12% |
| Energy | 3.94% |
| Basic Materials | 3.77% |
| Money Market Funds | 3.42% |
| Utilities | 2.49% |
| Exchange-Traded Funds | 0.12% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV896SARJ-0

# Institutional

# PSSIX

# SmallCap S&P 600 Index Fund
![Image](i7734eb6528454362f9fa33d5.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $10 | 0.21%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,219,146

* Total Number of Portfolio Holdings608

* Portfolio Turnover Rate (annualized)31.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.58% |
| Investment Companies | 3.54% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.74% |
| Consumer, Non-cyclical | 18.22% |
| Industrial | 16.68% |
| Consumer, Cyclical | 13.22% |
| Technology | 7.40% |
| Communications | 4.12% |
| Energy | 3.94% |
| Basic Materials | 3.77% |
| Money Market Funds | 3.42% |
| Utilities | 2.49% |
| Exchange-Traded Funds | 0.12% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV896SARI-0

# R-3

# PSSMX

# SmallCap S&P 600 Index Fund
![Image](i853ba2c9cde86488e93ada87.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $34 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,219,146

* Total Number of Portfolio Holdings608

* Portfolio Turnover Rate (annualized)31.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.58% |
| Investment Companies | 3.54% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.74% |
| Consumer, Non-cyclical | 18.22% |
| Industrial | 16.68% |
| Consumer, Cyclical | 13.22% |
| Technology | 7.40% |
| Communications | 4.12% |
| Energy | 3.94% |
| Basic Materials | 3.77% |
| Money Market Funds | 3.42% |
| Utilities | 2.49% |
| Exchange-Traded Funds | 0.12% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV896SARR3-0

# R-5

# PSSPX

# SmallCap S&P 600 Index Fund
![Image](i7b911a458d92c2eac76ee053.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $20 | 0.42%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,219,146

* Total Number of Portfolio Holdings608

* Portfolio Turnover Rate (annualized)31.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.58% |
| Investment Companies | 3.54% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.74% |
| Consumer, Non-cyclical | 18.22% |
| Industrial | 16.68% |
| Consumer, Cyclical | 13.22% |
| Technology | 7.40% |
| Communications | 4.12% |
| Energy | 3.94% |
| Basic Materials | 3.77% |
| Money Market Funds | 3.42% |
| Utilities | 2.49% |
| Exchange-Traded Funds | 0.12% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV896SARR5-0

# R-6

# PSPIX

# SmallCap S&P 600 Index Fund
![Image](ieafdb35308a95909ea175b5c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $7 | 0.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,219,146

* Total Number of Portfolio Holdings608

* Portfolio Turnover Rate (annualized)31.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.58% |
| Investment Companies | 3.54% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 26.74% |
| Consumer, Non-cyclical | 18.22% |
| Industrial | 16.68% |
| Consumer, Cyclical | 13.22% |
| Technology | 7.40% |
| Communications | 4.12% |
| Energy | 3.94% |
| Basic Materials | 3.77% |
| Money Market Funds | 3.42% |
| Utilities | 2.49% |
| Exchange-Traded Funds | 0.12% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.12)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV896SARR6-0

# Class J

# PSMJX

# SmallCap Value Fund II
![Image](i77c4a46fa7e7c9624ce11ad0.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $57 | 1.22%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,839

* Total Number of Portfolio Holdings1,554

* Portfolio Turnover Rate (annualized)90.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 93.48% |
| Investment Companies | 6.82% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 33.04% |
| Industrial | 18.88% |
| Consumer, Cyclical | 14.67% |
| Consumer, Non-cyclical | 10.53% |
| Energy | 6.01% |
| Money Market Funds | 4.30% |
| Utilities | 3.83% |
| Basic Materials | 2.95% |
| Exchange-Traded Funds | 2.52% |
| Technology | 2.02% |
| Communications | 1.54% |
| Government | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV897SARJ-0

# Institutional

# PPVIX

# SmallCap Value Fund II
![Image](i847e98b7826a3b32ccb7ee1e.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $44 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,839

* Total Number of Portfolio Holdings1,554

* Portfolio Turnover Rate (annualized)90.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 93.48% |
| Investment Companies | 6.82% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 33.04% |
| Industrial | 18.88% |
| Consumer, Cyclical | 14.67% |
| Consumer, Non-cyclical | 10.53% |
| Energy | 6.01% |
| Money Market Funds | 4.30% |
| Utilities | 3.83% |
| Basic Materials | 2.95% |
| Exchange-Traded Funds | 2.52% |
| Technology | 2.02% |
| Communications | 1.54% |
| Government | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV897SARI-0

# R-3

# PJARX

# SmallCap Value Fund II
![Image](i7b1f50c9a5a33b4d6d24359a.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $68 | 1.46%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,839

* Total Number of Portfolio Holdings1,554

* Portfolio Turnover Rate (annualized)90.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 93.48% |
| Investment Companies | 6.82% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 33.04% |
| Industrial | 18.88% |
| Consumer, Cyclical | 14.67% |
| Consumer, Non-cyclical | 10.53% |
| Energy | 6.01% |
| Money Market Funds | 4.30% |
| Utilities | 3.83% |
| Basic Materials | 2.95% |
| Exchange-Traded Funds | 2.52% |
| Technology | 2.02% |
| Communications | 1.54% |
| Government | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV897SARR3-0

# R-5

# PLARX

# SmallCap Value Fund II
![Image](if91a530f9ac2eee8bc37a292.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $54 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,839

* Total Number of Portfolio Holdings1,554

* Portfolio Turnover Rate (annualized)90.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 93.48% |
| Investment Companies | 6.82% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 33.04% |
| Industrial | 18.88% |
| Consumer, Cyclical | 14.67% |
| Consumer, Non-cyclical | 10.53% |
| Energy | 6.01% |
| Money Market Funds | 4.30% |
| Utilities | 3.83% |
| Basic Materials | 2.95% |
| Exchange-Traded Funds | 2.52% |
| Technology | 2.02% |
| Communications | 1.54% |
| Government | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV897SARR5-0

# R-6

# PSMVX

# SmallCap Value Fund II
![Image](ia3c06459161ac91a9bfb9587.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $42 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,839

* Total Number of Portfolio Holdings1,554

* Portfolio Turnover Rate (annualized)90.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 93.48% |
| Investment Companies | 6.82% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 33.04% |
| Industrial | 18.88% |
| Consumer, Cyclical | 14.67% |
| Consumer, Non-cyclical | 10.53% |
| Energy | 6.01% |
| Money Market Funds | 4.30% |
| Utilities | 3.83% |
| Basic Materials | 2.95% |
| Exchange-Traded Funds | 2.52% |
| Technology | 2.02% |
| Communications | 1.54% |
| Government | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.30)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes derivatives |

---

## **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.

# FV897SARR6-0

# Class A

# PTEAX

# Tax-Exempt Bond Fund
![Image](ib219b1317a1735150fa8b8c4.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $44 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$509,570

* Total Number of Portfolio Holdings211

* Portfolio Turnover Rate (annualized)62.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 103.77% |
| Investment Companies | 0.09% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.86)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes inverse floating rate obligations |

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| California | 14.06% |
| New York | 10.43% |
| Illinois | 10.26% |
| Florida | 8.17% |
| Texas | 7.52% |
| Georgia | 5.56% |
| New Jersey | 4.99% |
| Pennsylvania | 4.55% |
| Alabama | 4.29% |
| Ohio | 4.12% |
| Massachusetts | 3.87% |
| Louisiana | 2.76% |
| Nevada | 2.54% |
| Michigan | 2.48% |
| Kentucky | 2.21% |
| Virginia | 2.09% |
| Utah | 2.01% |
| Arizona | 1.62% |
| South Carolina | 1.38% |
| Connecticut | 1.16% |
| Other States<sup>Footnote Reference\*</sup> | 7.79% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (3.86)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes states other than the top twenty and/or Investment Companies |
| Footnote<sup>†</sup> | Includes inverse floating rate obligations |

---

## **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.

# FV900SARA-0

# Class C

# PTBCX

# Tax-Exempt Bond Fund
![Image](iaeb8a1bb795ca4f3a675f1d6.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 C | $90 | 1.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$509,570

* Total Number of Portfolio Holdings211

* Portfolio Turnover Rate (annualized)62.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 103.77% |
| Investment Companies | 0.09% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.86)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes inverse floating rate obligations |

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| California | 14.06% |
| New York | 10.43% |
| Illinois | 10.26% |
| Florida | 8.17% |
| Texas | 7.52% |
| Georgia | 5.56% |
| New Jersey | 4.99% |
| Pennsylvania | 4.55% |
| Alabama | 4.29% |
| Ohio | 4.12% |
| Massachusetts | 3.87% |
| Louisiana | 2.76% |
| Nevada | 2.54% |
| Michigan | 2.48% |
| Kentucky | 2.21% |
| Virginia | 2.09% |
| Utah | 2.01% |
| Arizona | 1.62% |
| South Carolina | 1.38% |
| Connecticut | 1.16% |
| Other States<sup>Footnote Reference\*</sup> | 7.79% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (3.86)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes states other than the top twenty and/or Investment Companies |
| Footnote<sup>†</sup> | Includes inverse floating rate obligations |

---

## **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.

# FV900SARC-0

# Institutional

# PITEX

# Tax-Exempt Bond Fund
![Image](ia67a52c326ff6af2ae1ac47c.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $31 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$509,570

* Total Number of Portfolio Holdings211

* Portfolio Turnover Rate (annualized)62.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 103.77% |
| Investment Companies | 0.09% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.86)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes inverse floating rate obligations |

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| California | 14.06% |
| New York | 10.43% |
| Illinois | 10.26% |
| Florida | 8.17% |
| Texas | 7.52% |
| Georgia | 5.56% |
| New Jersey | 4.99% |
| Pennsylvania | 4.55% |
| Alabama | 4.29% |
| Ohio | 4.12% |
| Massachusetts | 3.87% |
| Louisiana | 2.76% |
| Nevada | 2.54% |
| Michigan | 2.48% |
| Kentucky | 2.21% |
| Virginia | 2.09% |
| Utah | 2.01% |
| Arizona | 1.62% |
| South Carolina | 1.38% |
| Connecticut | 1.16% |
| Other States<sup>Footnote Reference\*</sup> | 7.79% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (3.86)% |
| Total Net Assets | 100.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Includes states other than the top twenty and/or Investment Companies |
| Footnote<sup>†</sup> | Includes inverse floating rate obligations |

---

## **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.

# FV900SARI-0

#### ITEM 2 – CODE OF ETHICS
Not applicable to semi-annual reports.

#### ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to semi-annual reports.

#### ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semi-annual reports.

#### ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.

#### ITEM 6 – 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

Semi-Annual

Financial

Statements

and

Additional

Information

April

30,

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

Notes

to

Financial

Statements

Schedules

of

Investments

Financial

Highlights

(includes

performance

information)

Unaudited

Supplemental

Information

543

Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

545

Proxy

Disclosures

(N-CSR

Item

9)

546

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

547

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

548

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2025

(unaudited)

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

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

$

645,141

$

11,452,099

$

566,539

Investment

in

affiliated

Funds--at

cost

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

$

–

$

198,369

$

30,883

Assets

Investment

in

securities--at

value

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

$

632,621

$

10,443,942

(a) $

553,309

(a) Investment

in

affiliated

Funds--at

value

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

–

198,369

30,883

Cash

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

–

–

Receivables:

Dividends

and

interest

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

9,792

84,136

4,206

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

2,558

36,236

Investment

securities

sold

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

–

–

5,352

Variation

margin

on

futures

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

–

773

Variation

margin

on

swaps

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

–

–

Other

assets

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

–

–

Prepaid

expenses

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

Total

Assets

644,986

10,763,483

594,240

Liabilities

Accrued

management

and

investment

advisory

fees

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

2,856

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:

Dividends

payable

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

1,782

32,603

–

Fund

shares

redeemed

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

708

6,972

Interest

expense

and

fees

payable

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

–

–

Interfund

borrowing

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

–

–

Investment

securities

purchased

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

602

–

49,284

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

13,045

7,260

Floating

rate

notes

issued

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

26,050

–

–

Total

Liabilities

29,993

55,771

57,511

Net

Assets

Applicable

to

Outstanding

Shares

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

$

614,993

$

10,707,712

$

536,729

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

675,152

$

12,017,516

$

647,359

Total

distributable

earnings

(accumulated

loss)

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

(60,159)

(1,309,804)

(110,630)

Total

Net

Assets

$

614,993

$

10,707,712

$

536,729

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

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

$

322,914

$

200,229

$

64,341

Shares

Issued

and

Outstanding

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

33,589

23,368

7,114

Net

Asset

Value

per

share

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

$

.61

(b) $

.57

(b) $

.04

(b) Maximum

Offering

Price

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

$

.98

$

.77

$

.39

Class

C

:

Net

Assets

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

$

17,525

N/A

N/A

Shares

Issued

and

Outstanding

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

1,818

Net

Asset

Value

per

share

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

$

.64

(b) Class

J

:

Net

Assets

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

N/A

$

80,157

$

94,719

Shares

Issued

and

Outstanding

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

9,330

10,378

Net

Asset

Value

per

share

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

$

.59

(b) $

.13

(b) Institutional

:

Net

Assets

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

$

274,554

$

565,096

$

341,305

Shares

Issued

and

Outstanding

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

28,534

65,719

37,758

Net

Asset

Value

per

share

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

$

.62

$

.60

$

.04

:

Net

Assets

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

N/A

$

16,127

$

15,968

Shares

Issued

and

Outstanding

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

1,872

1,781

Net

Asset

Value

per

share

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

$

.62

$

.97

:

Net

Assets

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

N/A

$

22,665

$

20,396

Shares

Issued

and

Outstanding

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

2,639

2,270

Net

Asset

Value

per

share

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

$

.59

$

.98

:

Net

Assets

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

N/A

$

9,823,438

N/A

Shares

Issued

and

Outstanding

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

1,143,625

Net

Asset

Value

per

share

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

$

.59

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Income

Fund

Diversified

International

Fund

Equity

Income

Fund

Investment

in

securities--at

cost

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

$

2,467,596

$

1,071,885

$

4,424,082

Investment

in

affiliated

Funds--at

cost

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

$

125,764

$

23,107

$

272,071

Foreign

currency--at

cost

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

$

1,483

$

829

$

–

Assets

Investment

in

securities--at

value

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

$

2,402,548

(a) $

1,045,429

$

8,007,909

(a) Investment

in

affiliated

Funds--at

value

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

125,764

23,107

272,071

Foreign

currency--at

value

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

1,525

826

–

Deposits

with

counterparty

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

5,704

–

–

Receivables:

Dividends

and

interest

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

28,625

8,900

17,150

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

–

–

Fund

shares

sold

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

1,121

586

1,518

Interfund

lending

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

14,450

–

–

Investment

securities

sold

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

24,840

1,991

–

OTC

swap

agreements--at

value

(premiums

paid

$

1,551

,

$

and

$

,

net)

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

1,699

–

–

Variation

margin

on

futures

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

–

–

Variation

margin

on

swaps

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

–

–

Other

assets

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

–

Prepaid

expenses

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

Total

Assets

2,606,551

1,080,903

8,298,830

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,322

664

3,268

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

848

Accrued

directors'

expenses

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

Accrued

foreign

tax

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

581

–

–

Deposits

from

counterparty

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

620

–

–

Payables:

Foreign

currency

contracts

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

614

–

–

Fund

shares

redeemed

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

1,537

728

7,829

Investment

securities

purchased

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

104,198

2,979

24,894

Options

and

swaptions

contracts

written

(premiums

received

$

,

$

and

$

0)

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

–

–

Short

sales

(proceeds

received

$

2,593

,

$

and

$

0)

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

2,605

–

–

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

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

34,733

–

108,191

Total

Liabilities

147,504

5,204

145,504

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,459,047

$

1,075,699

$

8,153,326

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

3,644,821

$

203,101

$

3,917,067

Total

distributable

earnings

(accumulated

loss)

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

(1,185,774)

872,598

4,236,259

Total

Net

Assets

$

2,459,047

$

1,075,699

$

8,153,326

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2025

(unaudited)

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

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

$

899,221

$

225,137

$

1,157,568

Shares

Issued

and

Outstanding

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

76,159

15,521

30,555

Net

Asset

Value

per

share

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

$

.81

(b) $

.51

(b) $

.89

(b) Maximum

Offering

Price

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

$

.27

$

.35

$

.10

Class

C

:

Net

Assets

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

$

105,063

N/A

$

62,204

Shares

Issued

and

Outstanding

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

8,957

1,703

Net

Asset

Value

per

share

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

$

.73

(b) $

.53

(b) Class

J

:

Net

Assets

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

N/A

$

157,759

$

82,341

Shares

Issued

and

Outstanding

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

11,057

2,170

Net

Asset

Value

per

share

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

$

.27

(b) $

.94

(b) Institutional

:

Net

Assets

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

$

1,360,373

$

143,730

$

6,671,657

Shares

Issued

and

Outstanding

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

115,982

9,981

175,780

Net

Asset

Value

per

share

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

$

.73

$

.40

$

.95

:

Net

Assets

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

N/A

$

12,852

$

26,490

Shares

Issued

and

Outstanding

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

889

702

Net

Asset

Value

per

share

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

$

.45

$

.72

:

Net

Assets

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

N/A

$

22,878

$

153,066

Shares

Issued

and

Outstanding

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

1,561

4,040

Net

Asset

Value

per

share

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

$

.65

$

.89

:

Net

Assets

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

$

94,390

$

513,343

N/A

Shares

Issued

and

Outstanding

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

8,050

35,658

Net

Asset

Value

per

share

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

$

.72

$

.40

(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.

April

30,

2025

(unaudited)

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

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

$

561,272

$

2,456,934

$

1,371,505

Investment

in

affiliated

Funds--at

cost

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

$

70,429

$

73,027

$

18,509

Foreign

currency--at

cost

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

$

$

–

$

–

Assets

Investment

in

securities--at

value

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

$

560,607

(a) $

2,469,638

(a) $

1,674,196

Investment

in

affiliated

Funds--at

value

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

70,429

73,027

18,509

Foreign

currency--at

value

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

–

–

Cash

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

1,895

–

–

Deposits

with

counterparty

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

18,276

–

–

Receivables:

Dividends

and

interest

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

11,613

3,313

4,436

Expense

reimbursement

from

Manager

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

–

Foreign

currency

contracts

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

763

–

–

Foreign

tax

refund

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

–

768

–

Fund

shares

sold

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

823

742

Investment

securities

sold

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

9,161

46,873

4,754

OTC

swap

agreements--at

value

(premiums

paid

$0,

$0

and

$0,

net)

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

–

–

Variation

margin

on

futures

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

–

–

Variation

margin

on

swaps

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

–

–

Other

assets

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

–

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

Total

Assets

674,430

2,593,991

1,702,703

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,908

1,184

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

–

Accrued

professional

fees

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

–

Accrued

other

expenses

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

Cash

overdraft

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

–

6,287

1,147

Deposits

from

counterparty

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

–

–

Payables:

Foreign

currency

contracts

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

1,855

–

–

Fund

shares

redeemed

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

1,752

574

Investment

securities

purchased

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

6,434

34,380

2,669

OTC

swap

agreements--at

value

(premiums

received

$892,

$0

and

$0

,

net)

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

1,187

–

–

Variation

margin

on

swaps

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

10,002

7,717

–

Total

Liabilities

20,530

52,159

6,004

Net

Assets

Applicable

to

Outstanding

Shares

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

$

653,900

$

2,541,832

$

1,696,699

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

754,838

$

2,534,937

$

1,479,903

Total

distributable

earnings

(accumulated

loss)

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

(100,938)

6,895

216,796

Total

Net

Assets

$

653,900

$

2,541,832

$

1,696,699

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2025

(unaudited)

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

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

100,000

875,000

1,350,000

Net

Asset

Value

Per

Share:

Class

A:

Net

Assets

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

N/A

$

64,895

$

50,332

Shares

Issued

and

Outstanding

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

2,392

5,830

Net

Asset

Value

per

share

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

$

27.13 (b) $

8.63 (b) Maximum

Offering

Price

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

$

28.71 $

9.13 Class

J:

Net

Assets

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

N/A

$

69,532

N/A

Shares

Issued

and

Outstanding

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

2,679

Net

Asset

Value

per

share

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

$

25.95 (b) Institutional:

Net

Assets

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

$

653,900

$

37,484

$

947,602

Shares

Issued

and

Outstanding

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

72,652

1,399

100,568

Net

Asset

Value

per

share

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

$

9.00 $

26.80 $

9.42 R-3:

Net

Assets

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

N/A

$

4,717

$

609

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

26.74 $

9.33 R-5:

Net

Assets

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

N/A

$

4,352

$

9,441

Shares

Issued

and

Outstanding

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

1,005

Net

Asset

Value

per

share

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

$

26.98 $

9.39 R-6

:

Net

Assets

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

N/A

$

2,360,852

$

688,715

Shares

Issued

and

Outstanding

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

87,935

73,069

Net

Asset

Value

per

share

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

$

26.85 $

9.43 (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.

April

30,

2025

(unaudited)

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

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

$

817,160

$

2,744,385

$

5,911,195

Investment

in

affiliated

Funds--at

cost

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

$

4,006

$

–

$

468,198

Repurchase

agreements--at

cost

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

$

–

$

2,150,000

$

–

Foreign

currency--at

cost

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

$

–

$

–

$

Assets

Investment

in

securities--at

value

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

$

788,472

$

2,744,385

$

5,690,697

(a) Investment

in

affiliated

Funds--at

value

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

4,006

–

468,198

Repurchase

agreements--at

value

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

–

2,150,000

–

Foreign

currency--at

value

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

–

–

Cash

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

506

Deposits

with

counterparty

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

531

–

–

Receivables:

Dividends

and

interest

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

2,144

1,144

93,115

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

–

–

Fund

shares

sold

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

2,175

36,133

Investment

securities

sold

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

20,465

–

10,594

Variation

margin

on

futures

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

–

–

Other

assets

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

–

–

Prepaid

directors'

expenses

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

–

Prepaid

expenses

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

Total

Assets

817,845

4,895,706

6,299,325

Liabilities

Accrued

management

and

investment

advisory

fees

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

521

2,407

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

–

Accrued

transfer

agent

fees

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

583

Accrued

directors'

expenses

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

–

Payables:

Dividends

payable

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

1,969

14,491

34,125

Foreign

currency

contracts

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

–

–

Fund

shares

redeemed

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

644

5,359

Investment

securities

purchased

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

169,860

45,000

82,311

Unrealized

loss

on

unfunded

commitments

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

–

–

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

–

81,876

Total

Liabilities

173,007

60,537

206,902

Net

Assets

Applicable

to

Outstanding

Shares

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

$

644,838

$

4,835,169

$

6,092,423

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

890,314

$

4,835,169

$

6,645,713

Total

distributable

earnings

(accumulated

loss)

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

(245,476)

–

(553,290)

Total

Net

Assets

$

644,838

$

4,835,169

$

6,092,423

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Government

&

High

Quality

Bond

Fund

Government

Money

Market

Fund

High

Yield

Fund

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

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

$

139,078

N/A

$

393,113

Shares

Issued

and

Outstanding

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

15,455

58,949

Net

Asset

Value

per

share

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

$

9.00 (b) $

6.67 (b) Maximum

Offering

Price

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

$

9.21 $

6.93 Class

C

:

Net

Assets

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

N/A

N/A

$

22,290

Shares

Issued

and

Outstanding

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

3,292

Net

Asset

Value

per

share

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

$

6.77 (b) Class

J:

Net

Assets

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

$

68,701

N/A

N/A

Shares

Issued

and

Outstanding

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

7,612

Net

Asset

Value

per

share

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

$

9.03 (b) Institutional:

Net

Assets

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

$

425,954

$

507,872

$

1,447,978

Shares

Issued

and

Outstanding

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

47,240

507,872

219,341

Net

Asset

Value

per

share

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

$

9.02 $

1.00 $

6.60 R-3:

Net

Assets

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

$

3,447

N/A

N/A

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

9.02 R-5:

Net

Assets

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

$

7,658

N/A

N/A

Shares

Issued

and

Outstanding

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

848

Net

Asset

Value

per

share

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

$

9.03 R-6:

Net

Assets

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

N/A

$

4,327,297

$

4,229,042

Shares

Issued

and

Outstanding

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

4,327,297

640,768

Net

Asset

Value

per

share

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

$

1.00 $

6.60 (a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(b) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2025

(unaudited)

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

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

$

2,433,291

$

5,200,016

$

6,030,432

Investment

in

affiliated

Funds--at

cost

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

$

47,717

$

214,566

$

110,131

Foreign

currency--at

cost

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

$

950

$

–

$

–

Assets

Investment

in

securities--at

value

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

$

2,407,873

$

5,211,397

$

8,306,301

(a) Investment

in

affiliated

Funds--at

value

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

47,717

214,566

110,131

Foreign

currency--at

value

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

956

–

–

Cash

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

–

–

Deposits

with

counterparty

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

16,259

–

3,205

Receivables:

Dividends

and

interest

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

5,440

24,648

1,756

Expense

reimbursement

from

Manager

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

–

(1) 106

Foreign

currency

contracts

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

–

–

Fund

shares

sold

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

547

1,535

Investment

securities

sold

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

48,390

24,891

512

Variation

margin

on

futures

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

–

–

Variation

margin

on

swaps

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

–

–

Other

assets

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

–

Prepaid

expenses

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

–

Total

Assets

2,527,918

5,476,064

8,423,578

Liabilities

Accrued

management

and

investment

advisory

fees

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

687

2,530

4,009

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

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

–

4,165

–

Deposits

from

counterparty

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

1,075

–

–

Payables:

Foreign

currency

contracts

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

1,656

–

–

Fund

shares

redeemed

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

1,505

8,549

16,872

Investment

securities

purchased

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

212,283

11,658

677

Options

and

swaptions

contracts

written (premiums

received

$183,

$0

and

$0)

...........

–

–

Variation

margin

on

futures

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

–

Variation

margin

on

swaps

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

557

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

–

Total

Liabilities

218,100

27,050

22,684

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,309,818

$

5,449,014

$

8,400,894

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,459,201

$

5,418,718

$

5,239,993

Total

distributable

earnings

(accumulated

loss)

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

(149,383)

30,296

3,160,901

Total

Net

Assets

$

2,309,818

$

5,449,014

$

8,400,894

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Inflation

Protection

Fund

International

Equity

Fund

LargeCap

Growth

Fund

I

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

$

489,337

Shares

Issued

and

Outstanding

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

35,054

Net

Asset

Value

per

share

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

$

13.96 (b) Maximum

Offering

Price

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

$

14.77 Class

J:

Net

Assets

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

$

13,338

N/A

$

387,873

Shares

Issued

and

Outstanding

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

1,815

42,135

Net

Asset

Value

per

share

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

$

7.35 (b) $

9.21 (b) Institutional:

Net

Assets

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

$

2,288,122

$

17,906

$

544,321

Shares

Issued

and

Outstanding

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

292,055

1,297

35,208

Net

Asset

Value

per

share

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

$

7.83 $

13.80 $

15.46 R-3:

Net

Assets

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

$

5,153

$

2,330

$

66,910

Shares

Issued

and

Outstanding

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

697

5,745

Net

Asset

Value

per

share

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

$

7.39 $

13.76 $

11.65 R-5:

Net

Assets

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

$

3,205

$

2,980

$

148,930

Shares

Issued

and

Outstanding

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

10,688

Net

Asset

Value

per

share

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

$

7.66 $

13.81 $

13.93 R-6:

Net

Assets

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

N/A

$

5,425,798

$

6,763,523

Shares

Issued

and

Outstanding

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

393,998

435,523

Net

Asset

Value

per

share

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

$

13.77 $

15.53 (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.

April

30,

2025

(unaudited)

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

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

$

3,309,150

$

3,175,008

$

16,162,315

Investment

in

affiliated

Funds--at

cost

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

$

144,503

$

107,881

$

3,334

Investment

in

affiliated

securities--at

cost

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

$

–

$

–

$

85,201

Foreign

currency--at

cost

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

$

–

$

620

$

–

Assets

Investment

in

securities--at

value

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

$

8,342,254

(a) $

3,374,175

(a) $

29,391,434

(a) Investment

in

affiliated

Funds--at

value

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

144,503

107,881

3,334

Investment

in

affiliated

securities--at

value

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

–

–

81,610

Foreign

currency--at

value

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

–

653

–

Cash

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

–

–

Deposits

with

counterparty

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

8,429

3,995

–

Receivables:

Dividends

and

interest

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

5,531

2,239

5,285

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

6,162

54,914

Investment

securities

sold

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

–

5,149

9,005

Variation

margin

on

futures

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

774

–

Other

assets

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

–

Prepaid

expenses

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

Total

Assets

8,507,682

3,494,591

29,545,674

Liabilities

Accrued

management

and

investment

advisory

fees

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

583

1,892

13,128

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

2,578

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

893

Payables:

Fund

shares

redeemed

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

7,506

4,891

14,467

Interfund

borrowing

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

–

–

4,245

Investment

securities

purchased

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

1,360

12,441

4,386

Collateral

obligation

on

securities

loaned,

at

value

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

3,099

846

3,734

Total

Liabilities

13,415

20,186

44,069

Net

Assets

Applicable

to

Outstanding

Shares

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

$

8,494,267

$

3,474,405

$

29,501,605

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

3,433,762

$

3,099,525

$

15,107,373

Total

distributable

earnings

(accumulated

loss)

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

5,060,505

374,880

14,394,232

Total

Net

Assets

$

8,494,267

$

3,474,405

$

29,501,605

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,150,000

520,000

2,105,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

789,673

N/A

$

1,912,740

Shares

Issued

and

Outstanding

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

29,368

45,338

Net

Asset

Value

per

share

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

$

.89

(b) $

.19

(b) Maximum

Offering

Price

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

$

.30

$

.65

Class

C

:

Net

Assets

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

N/A

N/A

$

31,557

Shares

Issued

and

Outstanding

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

911

Net

Asset

Value

per

share

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

$

.65

(b) Class

J

:

Net

Assets

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

$

1,199,902

$

81,208

$

368,899

Shares

Issued

and

Outstanding

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

45,289

4,529

9,129

Net

Asset

Value

per

share

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

$

.49

(b) $

.93

(b) $

.41

(b) Institutional

:

Net

Assets

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

$

5,946,873

$

3,378,006

$

14,748,277

Shares

Issued

and

Outstanding

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

221,020

184,119

334,018

Net

Asset

Value

per

share

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

$

.91

$

.35

$

.15

:

Net

Assets

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

$

168,028

$

8,965

$

150,786

Shares

Issued

and

Outstanding

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

6,237

3,732

Net

Asset

Value

per

share

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

$

.94

$

.61

$

.40

:

Net

Assets

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

$

389,791

$

6,226

$

314,801

Shares

Issued

and

Outstanding

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

14,215

7,316

Net

Asset

Value

per

share

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

$

.42

$

.57

$

.03

:

Net

Assets

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

N/A

N/A

$

11,974,545

Shares

Issued

and

Outstanding

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

270,803

Net

Asset

Value

per

share

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

$

.22

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

MidCap

Growth

Fund

MidCap

Growth

Fund

III

MidCap

S&P

Index

Fund

Investment

in

securities--at

cost

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

$

153,853

$

214,545

$

918,518

Investment

in

affiliated

Funds--at

cost

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

$

4,887

$

5,220

$

42,712

Assets

Investment

in

securities--at

value

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

$

164,732

(a) $

222,452

(a) $

1,122,110

Investment

in

affiliated

Funds--at

value

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

4,887

5,220

42,712

Deposits

with

counterparty

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

–

2,252

Receivables:

Dividends

and

interest

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

Expense

reimbursement

from

Manager

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

–

Fund

shares

sold

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

719

Investment

securities

sold

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

2,014

Variation

margin

on

futures

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

–

–

Prepaid

expenses

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

–

Total

Assets

171,735

228,448

1,168,426

Liabilities

Accrued

management

and

investment

advisory

fees

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

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

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

1,798

Investment

securities

purchased

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

–

7,687

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

1,675

–

Total

Liabilities

1,964

581

9,799

Net

Assets

Applicable

to

Outstanding

Shares

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

$

169,771

$

227,867

$

1,158,627

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

146,343

$

182,656

$

921,165

Total

distributable

earnings

(accumulated

loss)

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

23,428

45,211

237,462

Total

Net

Assets

$

169,771

$

227,867

$

1,158,627

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

325,000

625,000

525,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

$

72,577

$

38,569

$

137,264

Shares

Issued

and

Outstanding

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

10,371

11,838

7,163

Net

Asset

Value

per

share

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

$

.00

(b) $

.26

(b) $

.16

(b) Institutional

:

Net

Assets

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

$

74,919

$

182,289

$

210,694

Shares

Issued

and

Outstanding

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

7,080

25,332

10,468

Net

Asset

Value

per

share

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

$

.58

$

.20

$

.13

:

Net

Assets

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

$

13,906

$

3,494

$

59,963

Shares

Issued

and

Outstanding

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

1,509

649

2,891

Net

Asset

Value

per

share

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

$

.21

$

.39

$

.74

:

Net

Assets

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

$

8,369

$

3,515

$

116,807

Shares

Issued

and

Outstanding

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

765

5,522

Net

Asset

Value

per

share

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

$

.94

$

.07

$

.15

:

Net

Assets

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

N/A

N/A

$

633,899

Shares

Issued

and

Outstanding

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

31,517

Net

Asset

Value

per

share

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

$

.11

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

MidCap

Value

Fund

I

Money

Market

Fund

Overseas

Fund

Investment

in

securities--at

cost

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

$

2,199,248

$

957,169

$

1,076,182

Investment

in

affiliated

Funds--at

cost

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

$

83,313

$

–

$

46,987

Repurchase

agreements--at

cost

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

$

–

$

190,000

$

–

Assets

Investment

in

securities--at

value

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

$

2,258,512

(a) $

957,169

$

1,193,266

(a) Investment

in

affiliated

Funds--at

value

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

83,313

–

46,987

Repurchase

agreements--at

value

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

–

190,000

–

Cash

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

Deposits

with

counterparty

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

927

–

Receivables:

Dividends

and

interest

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

1,307

11,927

Expense

reimbursement

from

Manager

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

–

Expense

reimbursement

from

Distributor

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

–

–

Fund

shares

sold

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

1,343

4,534

Investment

securities

sold

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

–

8,416

Other

assets

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

–

–

Prepaid

expenses

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

–

Total

Assets

2,346,024

1,152,161

1,261,191

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,220

850

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

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

–

–

3,455

Payables:

Dividends

payable

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

–

3,583

–

Fund

shares

redeemed

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

1,121

1,818

864

Investment

securities

purchased

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

2,413

6,500

1,423

Variation

margin

on

futures

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

–

Collateral

obligation

on

securities

loaned,

at

value

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

809

–

31,030

Total

Liabilities

6,220

12,445

37,848

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,339,804

$

1,139,716

$

1,223,343

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,187,429

$

1,139,716

$

1,094,304

Total

distributable

earnings

(accumulated

loss)

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

152,375

–

129,039

Total

Net

Assets

$

2,339,804

$

1,139,716

$

1,223,343

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

925,000

5,800,000

725,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

46,590

$

365,534

N/A

Shares

Issued

and

Outstanding

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

3,143

365,534

Net

Asset

Value

per

share

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

$

.82

(b) $

.00

(b) Maximum

Offering

Price

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

$

.68

$

.00

Class

J

:

Net

Assets

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

$

169,873

$

774,182

N/A

Shares

Issued

and

Outstanding

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

11,631

774,182

Net

Asset

Value

per

share

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

$

.60

(b) $

.00

(b) Institutional

:

Net

Assets

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

$

956,915

N/A

$

1,222,624

Shares

Issued

and

Outstanding

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

64,344

118,024

Net

Asset

Value

per

share

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

$

.87

$

.36

:

Net

Assets

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

$

12,025

N/A

$

719

Shares

Issued

and

Outstanding

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

828

Net

Asset

Value

per

share

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

$

.52

$

.27

:

Net

Assets

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

$

32,602

N/A

N/A

Shares

Issued

and

Outstanding

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

2,215

Net

Asset

Value

per

share

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

$

.72

:

Net

Assets

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

$

1,121,799

N/A

N/A

Shares

Issued

and

Outstanding

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

75,203

Net

Asset

Value

per

share

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

$

.92

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

Capital

Appreciation

Fund

Principal

LifeTime

2015

Fund

Principal

LifeTime

2020

Fund

Investment

in

securities--at

cost

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

$

2,518,714

$

–

$

–

Investment

in

affiliated

Funds--at

cost

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

$

25,462

$

203,014

$

1,948,039

Assets

Investment

in

securities--at

value

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

$

4,389,286

$

–

$

–

Investment

in

affiliated

Funds--at

value

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

25,462

212,035

2,078,934

Receivables:

Dividends

and

interest

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

2,814

3,726

Fund

shares

sold

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

2,278

Investment

securities

sold

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

–

–

794

Other

assets

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

–

–

Prepaid

expenses

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

Total

Assets

4,419,859

212,495

2,083,569

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,466

–

–

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

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

1,935

904

Investment

securities

purchased

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

–

3,726

Total

Liabilities

4,129

4,842

Net

Assets

Applicable

to

Outstanding

Shares

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

$

4,415,730

$

212,016

$

2,078,727

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,330,021

$

188,728

$

1,864,633

Total

distributable

earnings

(accumulated

loss)

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

2,085,709

23,288

214,094

Total

Net

Assets

$

4,415,730

$

212,016

$

2,078,727

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

850,000

400,000

1,150,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

1,307,561

N/A

$

81,953

Shares

Issued

and

Outstanding

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

17,568

6,688

Net

Asset

Value

per

share

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

$

.43

(a) $

.25

(a) Maximum

Offering

Price

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

$

.76

$

.73

Class

J

:

Net

Assets

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

N/A

N/A

$

634,496

Shares

Issued

and

Outstanding

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

52,810

Net

Asset

Value

per

share

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

$

.01

(a) Institutional

:

Net

Assets

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

$

3,023,056

$

177,750

$

1,219,264

Shares

Issued

and

Outstanding

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

39,043

21,124

100,592

Net

Asset

Value

per

share

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

$

.43

$

.41

$

.12

:

Net

Assets

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

$

43,424

$

14,519

$

61,790

Shares

Issued

and

Outstanding

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

583

1,785

5,165

Net

Asset

Value

per

share

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

$

.42

$

.13

$

.96

:

Net

Assets

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

$

41,689

$

19,747

$

81,224

Shares

Issued

and

Outstanding

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

546

2,398

6,750

Net

Asset

Value

per

share

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

$

.30

$

.24

$

.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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2025

Fund

Principal

LifeTime

2030

Fund

Principal

LifeTime

2035

Fund

Investment

in

affiliated

Funds--at

cost

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

$

1,317,338

$

4,578,083

$

1,744,862

Assets

Investment

in

affiliated

Funds--at

value

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

$

1,423,071

$

5,066,156

$

1,919,770

Receivables:

Dividends

and

interest

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

2,248

6,538

2,177

Fund

shares

sold

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

731

Investment

securities

sold

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

1,289

3,162

612

Prepaid

expenses

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

Total

Assets

1,426,726

5,076,599

1,922,802

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

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

1,394

3,893

841

Investment

securities

purchased

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

2,248

6,537

2,177

Total

Liabilities

3,724

10,898

3,115

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,423,002

$

5,065,701

$

1,919,687

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,225,855

$

4,319,696

$

1,625,492

Total

distributable

earnings

(accumulated

loss)

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

197,147

746,005

294,195

Total

Net

Assets

$

1,423,002

$

5,065,701

$

1,919,687

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

425,000

1,425,000

400,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

$

132,764

N/A

Shares

Issued

and

Outstanding

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

9,500

Net

Asset

Value

per

share

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

$

.98

(a) Maximum

Offering

Price

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

$

.52

Class

J

:

Net

Assets

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

N/A

$

1,069,730

N/A

Shares

Issued

and

Outstanding

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

77,206

Net

Asset

Value

per

share

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

$

.86

(a) Institutional

:

Net

Assets

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

$

1,242,769

$

3,545,735

$

1,712,170

Shares

Issued

and

Outstanding

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

112,175

254,629

134,729

Net

Asset

Value

per

share

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

$

.08

$

.93

$

.71

:

Net

Assets

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

$

88,712

$

135,323

$

95,408

Shares

Issued

and

Outstanding

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

8,249

9,787

7,695

Net

Asset

Value

per

share

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

$

.75

$

.83

$

.40

:

Net

Assets

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

$

91,521

$

182,149

$

112,109

Shares

Issued

and

Outstanding

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

8,348

13,108

8,899

Net

Asset

Value

per

share

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

$

.96

$

.90

$

.60

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2040

Fund

Principal

LifeTime

2045

Fund

Principal

LifeTime

2050

Fund

Investment

in

affiliated

Funds--at

cost

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

$

3,842,430

$

1,456,614

$

2,649,547

Assets

Investment

in

affiliated

Funds--at

value

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

$

4,484,132

$

1,635,421

$

3,124,905

Receivables:

Dividends

and

interest

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

3,226

703

527

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

557

Investment

securities

sold

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

2,083

6,684

6,406

Other

assets

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

–

–

Prepaid

expenses

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

Total

Assets

4,490,009

1,643,158

3,132,266

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

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

2,639

7,019

6,824

Investment

securities

purchased

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

3,226

703

527

Total

Liabilities

6,195

7,811

7,576

Net

Assets

Applicable

to

Outstanding

Shares

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

$

4,483,814

$

1,635,347

$

3,124,690

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

3,549,388

$

1,340,995

$

2,413,060

Total

distributable

earnings

(accumulated

loss)

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

934,426

294,352

711,630

Total

Net

Assets

$

4,483,814

$

1,635,347

$

3,124,690

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,025,000

400,000

800,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

118,007

N/A

$

111,979

Shares

Issued

and

Outstanding

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

7,705

6,627

Net

Asset

Value

per

share

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

$

.32

(a) $

.90

(a) Maximum

Offering

Price

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

$

.21

$

.88

Class

J

:

Net

Assets

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

$

841,556

N/A

$

284,187

Shares

Issued

and

Outstanding

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

54,020

17,699

Net

Asset

Value

per

share

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

$

.58

(a) $

.06

(a) Institutional

:

Net

Assets

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

$

3,235,761

$

1,464,253

$

2,506,192

Shares

Issued

and

Outstanding

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

204,761

103,006

149,118

Net

Asset

Value

per

share

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

$

.80

$

.22

$

.81

:

Net

Assets

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

$

120,982

$

76,975

$

94,766

Shares

Issued

and

Outstanding

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

7,830

5,626

5,759

Net

Asset

Value

per

share

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

$

.45

$

.68

$

.45

:

Net

Assets

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

$

167,508

$

94,119

$

127,566

Shares

Issued

and

Outstanding

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

10,690

6,769

7,644

Net

Asset

Value

per

share

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

$

.67

$

.90

$

.69

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2055

Fund

Principal

LifeTime

2060

Fund

Principal

LifeTime

2065

Fund

Investment

in

affiliated

Funds--at

cost

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

$

984,437

$

970,228

$

226,745

Assets

Investment

in

affiliated

Funds--at

value

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

$

1,079,669

$

1,041,787

$

231,891

Receivables:

Dividends

and

interest

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

Fund

shares

sold

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

Investment

securities

sold

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

8,153

9,225

1,705

Prepaid

expenses

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

Total

Assets

1,088,410

1,051,431

233,748

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

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

8,576

9,479

1,822

Investment

securities

purchased

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

Total

Liabilities

8,800

9,685

1,881

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,079,610

$

1,041,746

$

231,867

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

906,825

$

897,709

$

212,200

Total

distributable

earnings

(accumulated

loss)

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

172,785

144,037

19,667

Total

Net

Assets

$

1,079,610

$

1,041,746

$

231,867

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

400,000

425,000

325,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

N/A

$

17,222

N/A

Shares

Issued

and

Outstanding

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

1,013

Net

Asset

Value

per

share

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

$

.01

(a) Institutional

:

Net

Assets

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

$

970,379

$

950,919

$

211,938

Shares

Issued

and

Outstanding

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

60,565

55,325

14,989

Net

Asset

Value

per

share

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

$

.02

$

.19

$

.14

:

Net

Assets

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

$

51,523

$

34,629

$

9,490

Shares

Issued

and

Outstanding

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

3,349

2,057

680

Net

Asset

Value

per

share

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

$

.39

$

.84

$

.96

:

Net

Assets

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

$

57,708

$

38,976

$

10,439

Shares

Issued

and

Outstanding

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

3,674

2,293

744

Net

Asset

Value

per

share

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

$

.71

$

.00

$

.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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2070

Fund

Principal

LifeTime

Hybrid

2015

Fund

Principal

LifeTime

Hybrid

2020

Fund

Investment

in

affiliated

Funds--at

cost

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

$

62,451

$

368,363

$

535,299

Assets

Investment

in

affiliated

Funds--at

value

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

$

61,383

$

372,160

$

547,334

Receivables:

Dividends

and

interest

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

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

869

Investment

securities

sold

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

–

1,172

–

Prepaid

transfer

agent

fees

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

–

–

Prepaid

expenses

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

Total

Assets

61,435

373,917

548,648

Liabilities

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

–

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

–

–

Payables:

Fund

shares

redeemed

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

–

1,408

Investment

securities

purchased

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

944

Total

Liabilities

1,828

1,362

Net

Assets

Applicable

to

Outstanding

Shares

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

$

61,387

$

372,089

$

547,286

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

59,514

$

361,311

$

520,526

Total

distributable

earnings

(accumulated

loss)

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

1,873

10,778

26,760

Total

Net

Assets

$

61,387

$

372,089

$

547,286

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

325,000

600,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

$

594

$

321,509

$

341,011

Shares

Issued

and

Outstanding

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

28,217

28,986

Net

Asset

Value

per

share

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

$

.47

(a) $

.39

(a) $

.76

(a) Institutional

:

Net

Assets

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

$

57,653

$

15,334

$

33,016

Shares

Issued

and

Outstanding

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

4,637

1,338

2,788

Net

Asset

Value

per

share

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

$

.43

$

.46

$

.84

:

Net

Assets

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

$

1,253

N/A

N/A

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.31

:

Net

Assets

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

$

1,887

N/A

N/A

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.38

:

Net

Assets

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

N/A

$

35,246

$

173,259

Shares

Issued

and

Outstanding

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

3,069

14,631

Net

Asset

Value

per

share

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

$

.48

$

.84

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2025

Fund

Principal

LifeTime

Hybrid

2030

Fund

Principal

LifeTime

Hybrid

2035

Fund

Investment

in

affiliated

Funds--at

cost

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

$

923,048

$

1,054,247

$

729,199

Assets

Investment

in

affiliated

Funds--at

value

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

$

946,972

$

1,094,381

$

769,876

Receivables:

Dividends

and

interest

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

560

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

1,322

1,819

1,208

Prepaid

transfer

agent

fees

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

–

–

Prepaid

expenses

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

Total

Assets

948,885

1,096,654

771,282

Liabilities

Accrued

distribution

fees

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

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Payables:

Fund

shares

redeemed

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

877

608

Investment

securities

purchased

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

1,006

1,660

975

Total

Liabilities

1,997

2,414

1,498

Net

Assets

Applicable

to

Outstanding

Shares

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

$

946,888

$

1,094,240

$

769,784

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

901,795

$

1,026,819

$

708,929

Total

distributable

earnings

(accumulated

loss)

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

45,093

67,421

60,855

Total

Net

Assets

$

946,888

$

1,094,240

$

769,784

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

600,000

600,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

$

677,741

$

676,012

$

427,024

Shares

Issued

and

Outstanding

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

53,478

51,790

30,727

Net

Asset

Value

per

share

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

$

.67

(a) $

.05

(a) $

.90

(a) Institutional

:

Net

Assets

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

$

53,241

$

66,880

$

74,751

Shares

Issued

and

Outstanding

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

4,178

5,084

5,339

Net

Asset

Value

per

share

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

$

.74

$

.16

$

.00

:

Net

Assets

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

$

215,906

$

351,348

$

268,009

Shares

Issued

and

Outstanding

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

16,932

26,731

19,115

Net

Asset

Value

per

share

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

$

.75

$

.14

$

.02

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2040

Fund

Principal

LifeTime

Hybrid

2045

Fund

Principal

LifeTime

Hybrid

2050

Fund

Investment

in

affiliated

Funds--at

cost

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

$

837,553

$

475,550

$

433,701

Assets

Investment

in

affiliated

Funds--at

value

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

$

895,356

$

517,690

$

475,215

Receivables:

Dividends

and

interest

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

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

515

Investment

securities

sold

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

–

1,121

–

Prepaid

expenses

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

Total

Assets

896,047

518,935

475,451

Liabilities

Accrued

distribution

fees

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

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Payables:

Fund

shares

redeemed

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

1,175

Investment

securities

purchased

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

Total

Liabilities

784

1,310

Net

Assets

Applicable

to

Outstanding

Shares

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

$

895,263

$

517,625

$

475,161

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

810,907

$

458,105

$

416,632

Total

distributable

earnings

(accumulated

loss)

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

84,356

59,520

58,529

Total

Net

Assets

$

895,263

$

517,625

$

475,161

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

600,000

600,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

$

494,152

$

223,753

$

185,276

Shares

Issued

and

Outstanding

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

34,241

14,854

11,960

Net

Asset

Value

per

share

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

$

.43

(a) $

.06

(a) $

.49

(a) Institutional

:

Net

Assets

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

$

68,955

$

57,703

$

54,326

Shares

Issued

and

Outstanding

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

4,738

3,804

3,486

Net

Asset

Value

per

share

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

$

.55

$

.17

$

.58

:

Net

Assets

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

$

332,156

$

236,169

$

235,559

Shares

Issued

and

Outstanding

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

22,782

15,544

15,112

Net

Asset

Value

per

share

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

$

.58

$

.19

$

.59

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2055

Fund

Principal

LifeTime

Hybrid

2060

Fund

Principal

LifeTime

Hybrid

2065

Fund

Investment

in

affiliated

Funds--at

cost

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

$

278,824

$

151,694

$

57,176

Assets

Investment

in

affiliated

Funds--at

value

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

$

300,299

$

161,829

$

59,315

Receivables:

Dividends

and

interest

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

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

Prepaid

expenses

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

–

–

Total

Assets

300,536

161,891

59,388

Liabilities

Accrued

distribution

fees

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

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Payables:

Fund

shares

redeemed

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

Investment

securities

purchased

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

Total

Liabilities

Net

Assets

Applicable

to

Outstanding

Shares

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

$

300,257

$

161,801

$

59,299

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

268,400

$

146,215

$

55,490

Total

distributable

earnings

(accumulated

loss)

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

31,857

15,586

3,809

Total

Net

Assets

$

300,257

$

161,801

$

59,299

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

600,000

600,000

525,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

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

$

119,850

$

66,692

$

26,532

Shares

Issued

and

Outstanding

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

7,515

4,056

1,779

Net

Asset

Value

per

share

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

$

.95

(a) $

.44

(a) $

.91

(a) Institutional

:

Net

Assets

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

$

34,223

$

15,926

$

3,924

Shares

Issued

and

Outstanding

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

2,128

956

Net

Asset

Value

per

share

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

$

.08

$

.65

$

.17

:

Net

Assets

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

$

146,184

$

79,183

$

28,843

Shares

Issued

and

Outstanding

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

9,072

4,739

1,898

Net

Asset

Value

per

share

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

$

.11

$

.71

$

.20

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2070

Fund

Principal

LifeTime

Hybrid

Income

Fund

Principal

LifeTime

Strategic

Income

Fund

Investment

in

affiliated

Funds--at

cost

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

$

7,011

$

172,123

$

732,255

Assets

Investment

in

affiliated

Funds--at

value

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

$

7,028

$

169,445

$

722,134

Receivables:

Dividends

and

interest

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

–

1,459

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

Investment

securities

sold

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

–

–

Prepaid

transfer

agent

fees

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

–

–

Prepaid

expenses

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

–

Total

Assets

7,071

169,731

724,035

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

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

1,539

Total

Liabilities

1,978

Net

Assets

Applicable

to

Outstanding

Shares

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

$

7,044

$

169,423

$

722,057

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

6,864

$

169,707

$

715,425

Total

distributable

earnings

(accumulated

loss)

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

(284)

6,632

Total

Net

Assets

$

7,044

$

169,423

$

722,057

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

250,000

600,000

800,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

N/A

$

36,444

Shares

Issued

and

Outstanding

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

3,204

Net

Asset

Value

per

share

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

$

.38

(a) Maximum

Offering

Price

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

$

.82

Class

J

:

Net

Assets

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

$

1,739

$

118,007

$

227,968

Shares

Issued

and

Outstanding

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

11,416

20,427

Net

Asset

Value

per

share

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

$

.66

(a) $

.34

(a) $

.16

(a) Institutional

:

Net

Assets

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

$

1,530

$

6,416

$

415,425

Shares

Issued

and

Outstanding

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

617

36,940

Net

Asset

Value

per

share

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

$

.56

$

.40

$

.25

:

Net

Assets

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

N/A

N/A

$

21,790

Shares

Issued

and

Outstanding

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

1,959

Net

Asset

Value

per

share

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

$

.13

:

Net

Assets

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

N/A

N/A

$

20,430

Shares

Issued

and

Outstanding

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

1,817

Net

Asset

Value

per

share

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

$

.24

:

Net

Assets

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

$

3,775

$

45,000

N/A

Shares

Issued

and

Outstanding

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

4,319

Net

Asset

Value

per

share

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

$

.57

$

.42

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Real

Estate

Securities

Fund

SAM

Balanced

Portfolio

SAM

Conservative

Balanced

Portfolio

Investment

in

securities--at

cost

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

$

4,948,245

$

–

$

–

Investment

in

affiliated

Funds--at

cost

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

$

88,197

$

3,750,335

$

1,603,996

Assets

Investment

in

securities--at

value

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

$

6,196,513

$

–

$

–

Investment

in

affiliated

Funds--at

value

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

88,197

4,423,346

1,775,640

Receivables:

Dividends

and

interest

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

1,006

3,488

2,173

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

5,950

1,592

Investment

securities

sold

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

–

1,458

702

Other

assets

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

–

–

Prepaid

expenses

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

Total

Assets

6,291,800

4,429,895

1,778,872

Liabilities

Accrued

management

and

investment

advisory

fees

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

3,971

989

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

687

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

999

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Fund

shares

redeemed

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

6,400

3,031

1,051

Investment

securities

purchased

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

946

3,395

2,127

Total

Liabilities

12,717

8,414

3,948

Net

Assets

Applicable

to

Outstanding

Shares

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

$

6,279,083

$

4,421,481

$

1,774,924

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

5,057,853

$

3,548,565

$

1,563,829

Total

distributable

earnings

(accumulated

loss)

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

1,221,230

872,916

211,095

Total

Net

Assets

$

6,279,083

$

4,421,481

$

1,774,924

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

925,000

1,775,000

1,700,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

188,108

$

2,055,830

$

495,415

Shares

Issued

and

Outstanding

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

6,560

128,308

40,109

Net

Asset

Value

per

share

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

$

.67

(a) $

.02

(a) $

.35

(a) Maximum

Offering

Price

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

$

.34

$

.95

$

.07

Class

C

:

Net

Assets

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

$

14,162

$

100,117

$

32,845

Shares

Issued

and

Outstanding

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

505

6,432

2,693

Net

Asset

Value

per

share

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

$

.07

(a) $

.57

(a) $

.20

(a) Class

J

:

Net

Assets

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

$

128,674

$

1,561,810

$

1,003,488

Shares

Issued

and

Outstanding

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

4,663

102,780

82,739

Net

Asset

Value

per

share

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

$

.59

(a) $

.20

(a) $

.13

(a) Institutional

:

Net

Assets

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

$

3,608,621

$

645,134

$

203,359

Shares

Issued

and

Outstanding

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

125,775

41,276

16,688

Net

Asset

Value

per

share

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

$

.69

$

.63

$

.19

:

Net

Assets

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

$

30,987

$

22,194

$

11,934

Shares

Issued

and

Outstanding

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

1,116

1,428

982

Net

Asset

Value

per

share

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

$

.77

$

.54

$

.16

:

Net

Assets

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

$

78,521

$

36,396

$

27,883

Shares

Issued

and

Outstanding

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

2,861

2,334

2,291

Net

Asset

Value

per

share

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

$

.44

$

.59

$

.17

:

Net

Assets

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

$

2,230,010

N/A

N/A

Shares

Issued

and

Outstanding

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

77,762

Net

Asset

Value

per

share

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

$

.68

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

SAM

Strategic

Growth

Portfolio

Investment

in

affiliated

Funds--at

cost

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

$

2,441,439

$

2,123,907

$

1,704,560

Assets

Investment

in

affiliated

Funds--at

value

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

$

3,084,388

$

2,227,180

$

2,169,057

Receivables:

Dividends

and

interest

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

1,096

3,237

Fund

shares

sold

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

3,920

Investment

securities

sold

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

1,826

754

Prepaid

expenses

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

Total

Assets

3,087,530

2,235,096

2,169,767

Liabilities

Accrued

management

and

investment

advisory

fees

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

686

504

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

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

–

3,808

–

Fund

shares

redeemed

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

2,031

850

604

Investment

securities

purchased

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

1,025

3,184

–

Total

Liabilities

4,442

8,830

1,630

Net

Assets

Applicable

to

Outstanding

Shares

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

$

3,083,088

$

2,226,266

$

2,168,137

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,247,121

$

2,173,699

$

1,539,972

Total

distributable

earnings

(accumulated

loss)

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

835,967

52,567

628,165

Total

Net

Assets

$

3,083,088

$

2,226,266

$

2,168,137

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,675,000

1,700,000

1,875,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

1,648,140

$

863,921

$

1,246,202

Shares

Issued

and

Outstanding

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

87,307

71,334

56,875

Net

Asset

Value

per

share

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

$

.88

(a) $

.11

(a) $

.91

(a) Maximum

Offering

Price

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

$

.98

$

.58

$

.19

Class

C

:

Net

Assets

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

$

75,128

$

58,133

$

62,872

Shares

Issued

and

Outstanding

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

4,473

4,857

3,377

Net

Asset

Value

per

share

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

$

.80

(a) $

.97

(a) $

.62

(a) Class

J

:

Net

Assets

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

$

894,795

$

1,095,548

$

490,205

Shares

Issued

and

Outstanding

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

50,309

91,480

23,721

Net

Asset

Value

per

share

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

$

.79

(a) $

.98

(a) $

.67

(a) Institutional

:

Net

Assets

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

$

421,190

$

185,155

$

330,463

Shares

Issued

and

Outstanding

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

23,133

15,352

15,678

Net

Asset

Value

per

share

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

$

.21

$

.06

$

.08

:

Net

Assets

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

$

9,690

$

2,409

$

7,627

Shares

Issued

and

Outstanding

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

545

Net

Asset

Value

per

share

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

$

.77

$

.03

$

.61

:

Net

Assets

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

$

34,145

$

21,100

$

30,768

Shares

Issued

and

Outstanding

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

1,896

1,754

1,484

Net

Asset

Value

per

share

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

$

.02

$

.03

$

.73

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Short-Term

Income

Fund

SmallCap

Fund

SmallCap

Growth

Fund

I

Investment

in

securities--at

cost

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

$

3,206,659

$

1,957,698

$

1,694,192

Investment

in

affiliated

Funds--at

cost

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

$

128,052

$

26,332

$

70,835

Assets

Investment

in

securities--at

value

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

$

3,195,548

(a) $

1,922,816

(a) $

1,792,788

(a) Investment

in

affiliated

Funds--at

value

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

128,052

26,332

70,835

Deposits

with

counterparty

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

1,057

–

652

Receivables:

Dividends

and

interest

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

20,345

586

Expense

reimbursement

from

Manager

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

–

Fund

shares

sold

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

12,283

606

Investment

securities

sold

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

–

6,073

Variation

margin

on

futures

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

–

–

Other

assets

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

–

–

Prepaid

expenses

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

Total

Assets

3,357,381

1,950,388

1,871,104

Liabilities

Accrued

management

and

investment

advisory

fees

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

912

1,103

1,237

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:

Dividends

payable

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

10,544

–

–

Fund

shares

redeemed

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

3,794

3,780

1,528

Investment

securities

purchased

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

38,249

8,471

1,920

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

7,401

11,279

29,789

Total

Liabilities

61,722

25,187

34,713

Net

Assets

Applicable

to

Outstanding

Shares

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

$

3,295,659

$

1,925,201

$

1,836,391

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

3,360,445

$

1,900,452

$

1,728,838

Total

distributable

earnings

(accumulated

loss)

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

(64,786)

24,749

107,553

Total

Net

Assets

$

3,295,659

$

1,925,201

$

1,836,391

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,220,000

700,000

870,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

322,299

$

224,129

N/A

Shares

Issued

and

Outstanding

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

26,641

9,674

Net

Asset

Value

per

share

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

$

.10

(b) $

.17

(b) Maximum

Offering

Price

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

$

.38

$

.52

Class

C

:

Net

Assets

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

$

14,466

N/A

N/A

Shares

Issued

and

Outstanding

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

1,196

Net

Asset

Value

per

share

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

$

.10

(b) Class

J

:

Net

Assets

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

$

107,456

$

165,826

$

60,216

Shares

Issued

and

Outstanding

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

8,891

7,598

8,257

Net

Asset

Value

per

share

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

$

.09

(b) $

.82

(b) $

.29

(b) Institutional

:

Net

Assets

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

$

2,831,387

$

631,087

$

81,596

Shares

Issued

and

Outstanding

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

234,234

24,520

6,227

Net

Asset

Value

per

share

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

$

.09

$

.74

$

.10

:

Net

Assets

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

$

9,700

$

13,236

$

13,649

Shares

Issued

and

Outstanding

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

802

578

1,468

Net

Asset

Value

per

share

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

$

.10

$

.91

$

.30

:

Net

Assets

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

$

10,351

$

54,553

$

26,854

Shares

Issued

and

Outstanding

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

856

2,157

2,319

Net

Asset

Value

per

share

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

$

.10

$

.30

$

.58

:

Net

Assets

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

N/A

$

836,370

$

1,654,076

Shares

Issued

and

Outstanding

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

32,471

125,761

Net

Asset

Value

per

share

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

$

.76

$

.15

(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.

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SmallCap

S&P

600

Index

Fund

SmallCap

Value

Fund

II

Tax-Exempt

Bond

Fund

Investment

in

securities--at

cost

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

$

1,122,322

$

1,045,260

$

544,952

Investment

in

affiliated

Funds--at

cost

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

$

41,148

$

43,408

$

–

Assets

Investment

in

securities--at

value

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

$

1,179,482

(a) $

975,469

(a) $

529,257

Investment

in

affiliated

Funds--at

value

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

41,148

43,408

–

Cash

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

581

Deposits

with

counterparty

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

3,790

801

–

Receivables:

Dividends

and

interest

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

652

641

7,981

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

590

677

3,019

Investment

securities

sold

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

–

–

Other

assets

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

–

–

Prepaid

expenses

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

Total

Assets

1,225,674

1,021,309

540,865

Liabilities

Accrued

management

and

investment

advisory

fees

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

712

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

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

–

–

1,614

Fund

shares

redeemed

.......................................................................

1,194

1,231

Interest

expense

and

fees

payable

...........................................................

–

–

Investment

securities

purchased

............................................................

–

–

Variation

margin

on

futures

.................................................................

–

Collateral

obligation

on

securities

loaned,

at

value

...............................................

4,756

4,045

–

Floating

rate

notes

issued

.........................................................................

–

–

27,842

Total

Liabilities

6,528

5,470

31,295

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

1,219,146

$

1,015,839

$

509,570

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

1,137,076

$

1,069,960

$

595,885

Total

distributable

earnings

(accumulated

loss)

...................................................

82,070

(54,121)

(86,315)

Total

Net

Assets

$

1,219,146

$

1,015,839

$

509,570

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

425,000

700,000

450,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

................................................................................

N/A

N/A

$

239,721

Shares

Issued

and

Outstanding

..............................................................

36,729

Net

Asset

Value

per

share

...................................................................

$

.53

(b) Maximum

Offering

Price

....................................................................

$

.78

Class

C

:

Net

Assets

................................................................................

N/A

N/A

$

11,237

Shares

Issued

and

Outstanding

..............................................................

1,715

Net

Asset

Value

per

share

...................................................................

$

.55

(b) Class

J

:

Net

Assets

................................................................................

$

156,520

$

17,659

N/A

Shares

Issued

and

Outstanding

..............................................................

7,674

1,831

Net

Asset

Value

per

share

...................................................................

$

.40

(b) $

.64

(b) Institutional

:

Net

Assets

...........................................................................

$

162,662

$

140,930

$

258,612

Shares

Issued

and

Outstanding

..............................................................

7,254

13,909

39,566

Net

Asset

Value

per

share

...................................................................

$

.42

$

.13

$

.54

:

Net

Assets

....................................................................................

$

58,101

$

4,831

N/A

Shares

Issued

and

Outstanding

..............................................................

2,511

515

Net

Asset

Value

per

share

...................................................................

$

.14

$

.38

:

Net

Assets

....................................................................................

$

90,459

$

7,724

N/A

Shares

Issued

and

Outstanding

..............................................................

3,807

785

Net

Asset

Value

per

share

...................................................................

$

.76

$

.84

:

Net

Assets

....................................................................................

$

751,404

$

844,695

N/A

Shares

Issued

and

Outstanding

..............................................................

33,534

83,393

Net

Asset

Value

per

share

...................................................................

$

.41

$

.13

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(b) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2025

(unaudited)

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

........................................................................

$

–

$

1,856

$

Dividends

...............................................................................................

–

Withholding

tax

........................................................................................

–

–

(2)

Interest

..................................................................................................

12,846

201,997

13,254

Securities

lending

-

net

.................................................................................

–

Total

Income

12,847

203,869

13,794

Expenses:

Management

and

investment

advisory

fees

............................................................

1,219

17,400

1,117

Distribution

f

ees

-

Class

A

.............................................................................

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

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

......................................................................

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

–

–

Custodian

fees

..........................................................................................

–

Directors'

expenses

.....................................................................................

Interest

expense

and

fees

...............................................................................

–

–

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

2,438

18,594

1,816

Less:

Reimbursement

from

Manager

-

Class

A

........................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

Total

Net

Expenses

2,381

18,579

1,623

Net

Investment

Income

(Loss)

10,466

185,290

12,171

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(4,834)

(64,953)

(5,011)

Futures

contracts

.......................................................................................

–

(7,578)

(6,917)

Swap

agreements

.......................................................................................

–

–

593

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(10,837)

115,257

4,460

Futures

contracts

.......................................................................................

–

13,485

6,213

Swap

agreements

.......................................................................................

–

–

(207)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

(15,671)

56,211

(869)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(5,205)

$

241,501

$

11,302

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

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

........................................................................

$

2,019

$

1,105

$

2,710

Dividends

...............................................................................................

7,900

35,710

101,198

Withholding

tax

........................................................................................

(125)

(2,638)

(1,581)

Interest

..................................................................................................

78,650

Securities

lending

-

net

.................................................................................

Total

Income

88,638

34,210

102,418

Expenses:

Management

and

investment

advisory

fees

............................................................

8,225

16,776

21,741

Distribution

f

ees

-

Class

A

.............................................................................

1,153

1,556

Distribution

f

ees

-

Class

C

.............................................................................

589

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

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

...........................................................................

594

Transfer agent

fees

-

Class

C

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

689

1,106

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

11,620

18,212

26,140

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

653

736

Less:

Reimbursement

from

Manager

-

............................................................

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

Total

Net

Expenses

10,951

18,131

25,403

Net

Investment

Income

(Loss)

77,687

16,079

77,015

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2025

(unaudited)

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

$

,

$

(895)

and

$

,

respectively)

....................

(4,144)

1,115,556

582,175

Foreign

currency

contracts

.............................................................................

1,083

–

–

Foreign

currency

transactions

..........................................................................

(168)

(923)

Futures

contracts

.......................................................................................

(1,421)

–

–

Options

and

swaptions

.................................................................................

–

–

Short

sales

..............................................................................................

–

–

Swap

agreements

.......................................................................................

602

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

(net

of

foreign

taxes

of

$

,

$

(497)

and

$

,

respectively)

.................................

(28,942)

(777,226)

(898,583)

Foreign

currency

contracts

.............................................................................

(848)

–

–

Futures

contracts

.......................................................................................

524

–

–

Options

and

swaptions

.................................................................................

(29)

–

–

Short

sales

..............................................................................................

(200)

–

–

Swap

agreements

.......................................................................................

(184)

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

861

(1)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

(33,366)

338,268

(316,406)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

44,321

$

354,347

$

(239,391)

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

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

........................................................................

$

1,239

$

1,308

$

602

Dividends

...............................................................................................

–

23,520

28,010

Withholding

tax

........................................................................................

(266)

(2,568)

(1,195)

Interest

..................................................................................................

26,749

Securities

lending

-

net

.................................................................................

–

Total

Income

27,771

22,289

27,420

Expenses:

Management

and

investment

advisory

fees

............................................................

2,482

11,647

7,521

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

......................................................................

614

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

–

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

2,787

12,519

8,451

Less:

Reimbursement

from

Manager

-

Class

A

........................................................

N/A

–

Less:

Reimbursement

from

Manager

-

Class

J

.........................................................

N/A

N/A

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

N/A

Total

Net

Expenses

2,787

12,478

8,053

Net

Investment

Income

(Loss)

24,984

9,811

19,367

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)

......................

(5,176)

6,811

(14,286)

Foreign

currency

contracts

.............................................................................

1,572

–

–

Foreign

currency

transactions

..........................................................................

(355)

(655)

(44)

Futures

contracts

.......................................................................................

1,231

–

–

Swap

agreements

.......................................................................................

647

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

1,580

12,163

(45,501)

Foreign

currency

contracts

.............................................................................

(2,090)

–

–

Futures

contracts

.......................................................................................

1,378

–

–

Swap

agreements

.......................................................................................

3,982

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

swap

agreements

2,850

18,458

(59,660)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

27,834

$

28,269

$

(40,293)

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

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

........................................................................

$

$

–

$

4,580

Dividends

...............................................................................................

–

4,920

Interest

..................................................................................................

13,366

78,574

209,378

Securities

lending

-

net

.................................................................................

–

–

Total

Income

13,568

83,494

214,731

Expenses:

Management

and

investment

advisory

fees

............................................................

1,563

2,818

14,846

Distribution

f

ees

-

Class

A

.............................................................................

N/A

518

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

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

C

..........................................................................

N/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

C

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

N/A

Transfer agent

fees

-

Institutional

......................................................................

711

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

2,152

3,026

16,773

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

2,024

2,766

16,674

Net

Investment

Income

(Loss)

11,544

80,728

198,057

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(15,023)

–

(23,962)

Foreign

currency

contracts

.............................................................................

–

–

(233)

Foreign

currency

transactions

..........................................................................

–

–

Futures

contracts

.......................................................................................

(485)

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

22,993

–

(122,520)

Foreign

currency

contracts

.............................................................................

–

–

(27)

Futures

contracts

.......................................................................................

(366)

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

(231)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

7,119

–

(146,724)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

18,663

$

80,728

$

51,333

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

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

........................................................................

$

$

1,076

$

4,217

Dividends

...............................................................................................

–

51,476

22,880

Withholding

tax

........................................................................................

–

(2,348)

(109) Interest

..................................................................................................

50,826

(19) 95

Securities

lending

-

net

.................................................................................

–

Total

Income

50,951

50,201

27,086

Expenses:

Management

and

investment

advisory

fees

............................................................

4,066

6,187

28,548

Distribution

fees

-

Class

A

.............................................................................

N/A

N/A

658

Distribution

fees

-

Class

J

..............................................................................

N/A

Distribution

fees

-

.................................................................................

–

–

Distribution

fees

-

.................................................................................

Distribution

fees

-

.................................................................................

–

–

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

.........................................................................................

(20) 62

Total

Gross

Expenses

4,246

6,392

30,864

Less: Reimbursement

from

Manager

..................................................................

–

–

762

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

–

N/A

Total

Net

Expenses

4,246

6,384

30,095

Net

Investment

Income

(Loss)

46,705

43,817

(3,009)

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Inflation

Protection

Fund

(a),(b)

International

Equity

Fund

(a),(b)

LargeCap

Growth

Fund

I

(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

$0,

$0

and

$0

,

respectively)

........................

(24,552)

(24,832)

959,739

Foreign

currency

contracts

.............................................................................

2,040

–

–

Foreign

currency

transactions

..........................................................................

(42) (584) –

Futures

contracts

.......................................................................................

930

–

(12,144)

Options

and

swaptions

.................................................................................

–

–

Short

sales

..............................................................................................

–

–

Swap

agreements

.......................................................................................

(51) –

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

38,052

9,255

(1,048,590)

Foreign

currency

contracts

.............................................................................

(2,928)

–

–

Futures

contracts

.......................................................................................

(758) –

2,611

Options

and

swaptions

.................................................................................

–

–

Swap

agreements

.......................................................................................

1,554

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

886

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

14,883

(15,275)

(98,384)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

61,588

$

28,542

$

(101,393)

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

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

........................................................................

$

6,348

$

2,072

$

562

Dividends

...............................................................................................

57,606

38,617

136,955

Withholding

tax

........................................................................................

(13)

(326)

(3,403)

Interest

..................................................................................................

Securities

lending

-

net

.................................................................................

Total

Income

64,259

40,562

134,214

Expenses:

Management

and

investment

advisory

fees

............................................................

3,688

12,864

81,429

Distribution

f

ees

-

Class

A

.............................................................................

611

N/A

2,475

Distribution

f

ees

-

Class

C

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

946

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

-

......................................................................................

500

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

C

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

A

...........................................................................

N/A

802

Transfer agent

fees

-

Class

C

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

6,443

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

7,342

13,304

94,353

Less: Reimbursement

from

Manager

..................................................................

–

837

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

7,321

12,466

94,347

Net

Investment

Income

(Loss)

56,938

28,096

39,867

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

44,198

186,077

1,160,775

Foreign

currency

transactions

..........................................................................

–

(2)

Futures

contracts

.......................................................................................

(23,922)

(2,774)

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(242,891)

(360,348)

(1,159,027)

Investment

in

affiliated

securities

......................................................................

–

–

(24,299)

Futures

contracts

.......................................................................................

4,957

1,835

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

(217,658)

(175,180)

(22,547)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(160,720)

$

(147,084)

$

17,320

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

MidCap

Growth

Fund

(a),(b)

MidCap

Growth

Fund

III

(a),(b)

MidCap

S&P

Index

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

$

645

Dividends

...............................................................................................

528

889

9,902

Withholding

tax

........................................................................................

(1)

(5)

(7)

Interest

..................................................................................................

Securities

lending

-

net

.................................................................................

Total

Income

674

1,015

10,589

Expenses:

Management

and

investment

advisory

fees

............................................................

652

1,253

939

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

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

–

–

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

–

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

–

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

N/A

N/A

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

893

1,381

1,645

Less: Reimbursement

from

Manager

..................................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

868

1,350

1,642

Net

Investment

Income

(Loss)

(194)

(335)

8,947

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

23,914

47,706

44,787

Futures

contracts

.......................................................................................

–

(228)

(6,692)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(22,499)

(45,820)

(139,585)

Futures

contracts

.......................................................................................

–

651

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

1,415

1,721

(100,839)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,221

$

1,386

$

(91,892)

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

MidCap

Value

Fund

I

(a),(b)

Money

Market

Fund

Overseas

Fund

(a) Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

1,374

$

–

$

Dividends

...............................................................................................

25,209

847

20,945

Withholding

tax

........................................................................................

(28)

–

(1,743)

Interest

..................................................................................................

23,247

Securities

lending

-

net

.................................................................................

–

Total

Income

26,578

24,094

19,679

Expenses:

Management

and

investment

advisory

fees

............................................................

8,431

2,080

5,167

Distribution

f

ees

-

Class

A

.............................................................................

–

N/A

Distribution

f

ees

-

Class

J

..............................................................................

530

N/A

Distribution

f

ees

-

.................................................................................

N/A

–

Distribution

f

ees

-

.................................................................................

N/A

–

Administrative

service

fees

-

......................................................................

N/A

–

Administrative

service

fees

-

......................................................................

N/A

N/A

Registration

fees

-

Class

A

.............................................................................

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

Registration

fees

-

Institutional

........................................................................

N/A

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

N/A

–

Service

fees

-

......................................................................................

N/A

–

Service

fees

-

......................................................................................

N/A

N/A

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

Shareholder

reports

-

Institutional

.....................................................................

N/A

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

A

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

600

N/A

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

9,700

2,883

5,557

Less: Reimbursement

from

Manager

..................................................................

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

530

N/A

Total

Net

Expenses

9,080

2,353

5,318

Net

Investment

Income

(Loss)

17,498

21,741

14,361

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

123,230

–

40,669

Foreign

currency

transactions

..........................................................................

–

–

(113)

Futures

contracts

.......................................................................................

(2,191)

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(261,501)

–

48,273

Futures

contracts

.......................................................................................

584

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

(139,878)

–

89,395

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(122,380)

$

21,741

$

103,756

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

Capital

Appreciation

Fund

(a),(b)

Principal

LifeTime

2015

Fund

(a),(b)

Principal

LifeTime

2020

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

1,052

$

4,118

$

39,584

Dividends

...............................................................................................

26,505

–

–

Withholding

tax

........................................................................................

(349)

–

–

Interest

..................................................................................................

–

–

Securities

lending

-

net

.................................................................................

–

–

Total

Income

27,219

4,118

39,584

Expenses:

Management

and

investment

advisory

fees

............................................................

9,712

N/A

N/A

Distribution

f

ees

-

Class

A

.............................................................................

1,759

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

N/A

Distribution

f

ees

-

.................................................................................

–

–

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

–

–

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

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

Shareholder

reports

-

Class

J

...........................................................................

N/A

N/A

Shareholder

reports

-

Institutional

.....................................................................

–

–

Transfer agent

fees

-

Class

A

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

N/A

Transfer agent

fees

-

Institutional

......................................................................

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

–

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

12,750

1,069

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

N/A

Total

Net

Expenses

12,750

1,058

Net

Investment

Income

(Loss)

14,469

4,021

38,526

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

250,742

–

–

Investment

transactions

in

affiliated

Funds

............................................................

–

7,823

12,241

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

–

4,984

60,281

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(393,976)

–

–

Investments

in

affiliated

Funds

.........................................................................

–

(13,856)

(86,262)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(143,234)

(1,049)

(13,740)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(128,765)

$

2,972

$

24,786

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2025

Fund

(a),(b)

Principal

LifeTime

2030

Fund

(a),(b)

Principal

LifeTime

2035

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

25,872

$

87,372

$

30,351

Total

Income

25,872

87,372

30,351

Expenses:

Distribution

f

ees

-

Class

A

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

825

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

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

2,050

510

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

N/A

Total

Net

Expenses

2,031

510

Net

Investment

Income

(Loss)

25,426

85,341

29,841

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

36,266

40,788

28,264

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

47,358

199,525

83,958

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(95,068)

(289,494)

(134,812)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(11,444)

(49,181)

(22,590)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

13,982

$

36,160

$

7,251

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2040

Fund

(a),(b)

Principal

LifeTime

2045

Fund

(a),(b)

Principal

LifeTime

2050

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

67,842

$

23,387

$

43,707

Total

Income

67,842

23,387

43,707

Expenses:

Distribution

f

ees

-

Class

A

.............................................................................

N/A

Distribution

f

ees

-

Class

J

..............................................................................

648

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

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

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

1,749

1,099

Less:

Reimbursement

from

Manager

-

Class

A

........................................................

–

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

N/A

Total

Net

Expenses

1,734

1,093

Net

Investment

Income

(Loss)

66,108

22,956

42,614

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

47,026

20,693

39,688

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

236,632

93,572

199,492

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(344,133)

(140,273)

(290,799)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(60,475)

(26,008)

(51,619)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

5,633

$

(3,052)

$

(9,005)

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2055

Fund

(a),(b)

Principal

LifeTime

2060

Fund

(a),(b)

Principal

LifeTime

2065

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

14,958

$

14,301

$

3,048

Total

Income

14,958

14,301

3,048

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

N/A

N/A

Distribution

f

ees

-

.................................................................................

–

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

–

Administrative

service

fees

-

......................................................................

–

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

J

..............................................................................

N/A

N/A

Registration

fees

-

Institutional

........................................................................

Service

fees

-

......................................................................................

–

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Transfer agent

fees

-

Class

J

...........................................................................

N/A

N/A

Transfer agent

fees

-

Institutional

......................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Expenses

Net

Investment

Income

(Loss)

14,658

14,054

2,975

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

9,985

7,573

1,005

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

68,722

65,725

13,855

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(97,771)

(91,207)

(19,044)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(19,064)

(17,909)

(4,184)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(4,406)

$

(3,855)

$

(1,209)

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2070

Fund

(a),(b)

Principal

LifeTime

Hybrid

2015

Fund

Principal

LifeTime

Hybrid

2020

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

635

$

8,758

$

13,671

Total

Income

635

8,758

13,671

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

–

Distribution

f

ees

-

.................................................................................

N/A

N/A

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

Service

fees

-

......................................................................................

N/A

N/A

Service

fees

-

......................................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

–

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

N/A

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

-

............................................................

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

–

Total

Net

Expenses

Net

Investment

Income

(Loss)

616

8,487

13,360

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

3,550

9,105

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

2,822

2,773

5,385

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(4,049)

(10,764)

(22,843)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(1,164)

(4,441)

(8,353)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(548)

$

4,046

$

5,007

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2025

Fund

Principal

LifeTime

Hybrid

2030

Fund

Principal

LifeTime

Hybrid

2035

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

22,515

$

24,350

$

17,126

Total

Income

22,515

24,350

17,126

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Transfer agent

fees

-

Class

J

...........................................................................

(10)

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

564

609

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

546

592

Net

Investment

Income

(Loss)

21,969

23,758

16,721

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

10,870

13,667

9,202

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

10,476

13,930

11,609

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(36,899)

(47,660)

(37,240)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(15,553)

(20,063)

(16,429)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

6,416

$

3,695

$

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2040

Fund

Principal

LifeTime

Hybrid

2045

Fund

Principal

LifeTime

Hybrid

2050

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

17,435

$

9,886

$

8,280

Total

Income

17,435

9,886

8,280

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

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

-

Institutional

...................................................

Less:

Reimbursement

from

Manager

-

............................................................

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

Net

Investment

Income

(Loss)

16,976

9,628

8,051

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

11,921

7,569

7,630

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

15,348

10,343

9,984

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(48,265)

(30,688)

(29,663)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(20,996)

(12,776)

(12,049)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(4,020)

$

(3,148)

$

(3,998)

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2055

Fund

Principal

LifeTime

Hybrid

2060

Fund

Principal

LifeTime

Hybrid

2065

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

5,197

$

2,781

$

934

Total

Income

5,197

2,781

934

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

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)

5,023

2,675

896

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

4,433

2,306

545

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

6,389

3,414

1,163

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(18,783)

(9,864)

(3,288)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(7,961)

(4,144)

(1,580)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(2,938)

$

(1,469)

$

(684)

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2070

Fund

Principal

LifeTime

Hybrid

Income

Fund

Principal

LifeTime

Strategic

Income

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

4,205

$

14,036

Total

Income

4,205

14,036

Expenses:

Distribution

f

ees

-

Class

A

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

Distribution

f

ees

-

.................................................................................

N/A

N/A

Distribution

f

ees

-

.................................................................................

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

Administrative

service

fees

-

......................................................................

N/A

N/A

Registration

fees

-

Class

A

.............................................................................

N/A

N/A

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

Service

fees

-

......................................................................................

N/A

N/A

Service

fees

-

......................................................................................

N/A

N/A

Service

fees

-

......................................................................................

N/A

N/A

Service

fees

-

......................................................................................

N/A

N/A

Shareholder

reports

-

Class

A

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

–

Transfer agent

fees

-

Class

A

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

(1)

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

N/A

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

-

............................................................

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

–

Total

Net

Expenses

Net

Investment

Income

(Loss)

4,091

13,661

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

827

(4,782)

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

1,335

16,976

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(371)

(4,395)

(15,928)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(206)

(2,233)

(3,734)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(118)

$

1,858

$

9,927

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Real

Estate

Securities

Fund

(a),(b)

SAM

Balanced

Portfolio

(a),(b)

SAM

Conservative

Balanced

Portfolio

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

2,022

$

74,371

$

34,348

Dividends

...............................................................................................

93,720

–

–

Interest

..................................................................................................

–

–

Total

Income

95,745

74,371

34,348

Expenses:

Management

and

investment

advisory

fees

............................................................

25,040

6,229

2,488

Distribution

f

ees

-

Class

A

.............................................................................

2,648

636

Distribution

f

ees

-

Class

C

.............................................................................

544

Distribution

f

ees

-

Class

J

..............................................................................

1,193

767

Distribution

f

ees

-

.................................................................................

–

–

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

........................................................................

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

Shareholder

reports

-

Class

C

..........................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

–

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

A

...........................................................................

629

Transfer agent

fees

-

Class

C

...........................................................................

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

1,811

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

28,175

11,747

4,473

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

834

–

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

27,339

11,720

4,456

Net

Investment

Income

(Loss)

68,406

62,651

29,892

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

6,585

(265)

(74)

Investment

transactions

in

affiliated

Funds

............................................................

–

136,485

36,214

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

–

137,386

31,491

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(178,547)

–

–

Investments

in

affiliated

Funds

.........................................................................

–

(311,272)

(76,077)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(171,962)

(37,666)

(8,446)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(103,556)

$

24,985

$

21,446

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Growth

Portfolio

(a),(b)

SAM

Flexible

Income

Portfolio

(a),(b)

SAM

Strategic

Growth

Portfolio

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

44,291

$

49,115

$

28,846

Total

Income

44,291

49,115

28,846

Expenses:

Management

and

investment

advisory

fees

............................................................

4,365

3,117

3,083

Distribution

f

ees

-

Class

A

.............................................................................

2,138

1,110

1,618

Distribution

f

ees

-

Class

C

.............................................................................

Distribution

f

ees

-

Class

J

..............................................................................

682

838

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

...........................................................................

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

8,439

5,906

6,119

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

8,424

5,887

6,111

Net

Investment

Income

(Loss)

35,867

43,228

22,735

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(217)

(94)

(213)

Investment

transactions

in

affiliated

Funds

............................................................

99,988

9,062

86,265

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

127,202

25,047

106,670

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(267,439)

(43,179)

(225,187)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(40,466)

(9,164)

(32,465)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(4,599)

$

34,064

$

(9,730)

(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.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Short-Term

Income

Fund

(a),(b)

SmallCap

Fund

(a),(b)

SmallCap

Growth

Fund

I

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

2,479

$

$

1,108

Dividends

...............................................................................................

–

12,715

4,534

Withholding

tax

........................................................................................

–

(59)

(16)

Interest

..................................................................................................

66,475

Securities

lending

-

net

.................................................................................

649

Total

Income

68,964

13,019

6,307

Expenses:

Management

and

investment

advisory

fees

............................................................

5,669

7,766

8,885

Distribution

f

ees

-

Class

A

.............................................................................

N/A

Distribution

f

ees

-

Class

C

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

Distribution

f

ees

-

.................................................................................

Distribution

f

ees

-

.................................................................................

–

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

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

C

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

Transfer agent

fees

-

Class

A

...........................................................................

N/A

Transfer agent

fees

-

Class

C

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

569

531

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

7,049

9,380

9,318

Less: Reimbursement

from

Manager

..................................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

–

Less:

Reimbursement

from

Manager

-

............................................................

N/A

–

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

Total

Net

Expenses

7,047

9,122

9,029

Net

Investment

Income

(Loss)

61,917

3,897

(2,722)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(1,828)

68,253

74,812

Futures

contracts

.......................................................................................

(6,943)

–

(1,258)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

30,285

(254,406)

(282,327)

Futures

contracts

.......................................................................................

6,725

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

28,239

(186,153)

(208,568)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

90,156

$

(182,256)

$

(211,290)

(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. Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2025

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SmallCap

S&P

600

Index

Fund

(a),(b)

SmallCap

Value

Fund

II

(a),(b)

Tax-Exempt

Bond

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

556

$

827

$

–

Dividends

...............................................................................................

11,246

12,706

Withholding

tax

........................................................................................

(12)

(18)

–

Interest

..................................................................................................

11,742

Securities

lending

-

net

.................................................................................

–

Total

Income

11,842

13,591

11,752

Expenses:

Management

and

investment

advisory

fees

............................................................

985

5,004

1,065

Distribution

f

ees

-

Class

A

.............................................................................

N/A

N/A

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

Distribution

f

ees

-

.................................................................................

–

N/A

Administrative

service

fees

-

......................................................................

–

N/A

Administrative

service

fees

-

......................................................................

N/A

Administrative

service

fees

-

......................................................................

–

N/A

Registration

fees

-

Class

A

.............................................................................

N/A

N/A

Registration

fees

-

Class

C

.............................................................................

N/A

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

Service

fees

-

......................................................................................

N/A

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

C

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

N/A

Custodian

fees

..........................................................................................

–

Directors'

expenses

.....................................................................................

Interest

expense

and

fees

...............................................................................

–

–

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

1,707

5,388

2,213

Less: Reimbursement

from

Manager

..................................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Manager

-

............................................................

–

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

–

N/A

Total

Net

Expenses

1,656

5,091

2,091

Net

Investment

Income

(Loss)

10,186

8,500

9,661

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

40,213

34,266

(2,751)

Futures

contracts

.......................................................................................

(3,361)

(1,234)

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(207,492)

(161,298)

(11,919)

Futures

contracts

.......................................................................................

(588)

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

(171,228)

(128,001)

(14,670)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(161,042)

$

(119,501)

$

(5,009)

(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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

California

Municipal

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

10,466

$

18,920

Net

realized

gain

(loss)

on

investments

......................................................................................................

(4,834)

(4,887)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(10,837)

38,775

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(5,205)

52,808

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(10,364)

(18,881)

Total

Dividends

and

Distributions

(10,364)

(18,881)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

6,805

31,476

Total

Increase

(Decrease)

in

Net

Assets

(8,764)

65,403

Net

Assets

Beginning

of

period

..........................................................................................................................

623,757

558,354

End

of

period

................................................................................................................................

$

614,993

$

623,757

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

39,567

$

701

$

53,841

Reinvested

....................................................................................

4,842

4,303

Redeemed

.....................................................................................

(37,114)

(3,451)

(56,116)

Net

Increase

(Decrease)

$

7,295

$

(2,518)

$

2,028

Shares:

Sold

.........................................................................................

4,038

5,493

Reinvested

....................................................................................

Redeemed

.....................................................................................

(3,785)

(351)

(5,715)

Net

Increase

(Decrease)

747

(257)

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(5,265)

$

(235)

$

(4,864)

Total

Dividends

and

Distributions

$

(5,265)

$

(235)

$

(4,864)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Core

Fixed

Income

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

185,290

$

350,342

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

(72,531)

(22,422)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

128,742

746,991

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

241,501

1,074,911

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(195,504)

(374,771)

Total

Dividends

and

Distributions

(195,504)

(374,771)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(179,758)

484,688

Total

Increase

(Decrease)

in

Net

Assets

(133,761)

1,184,828

Net

Assets

Beginning

of

period

..........................................................................................................................

10,841,473

9,656,645

End

of

period

................................................................................................................................

$

10,707,712

$

10,841,473

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

11,899

$

11,933

$

101,062

$

$

8,986

$

$

8,204

$

590,398

Reinvested

...............................

3,199

1,357

9,648

–

–

180,160

Redeemed

................................

(23,346)

(16,007)

(90,712)

(5,753)

(2,360)

(4,438)

(3,246)

(961,359)

Net

Increase

(Decrease)

$

(8,248)

$

(2,717)

$

19,998

$

(5,751)

$

6,839

$

(4,389)

$

5,311

$

(190,801)

Shares:

Sold

....................................

1,401

1,394

11,855

–

1,054

964

69,038

Reinvested

...............................

1,127

–

–

21,066

Redeemed

................................

(2,747)

(1,880)

(10,646)

(676)

(276)

(520)

(382)

(112,955)

Net

Increase

(Decrease)

(971)

(327)

2,336

(676)

803

(514)

623

(22,851)

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(3,341)

$

(1,376)

$

(9,888)

$

(9)

$

(213)

$

(9)

$

(353)

$

(180,315)

Total

Dividends

and

Distributions

$

(3,341)

$

(1,376)

$

(9,888)

$

(9)

$

(213)

$

(9)

$

(353)

$

(180,315)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Core

Plus

Bond

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

12,171

$

22,898

Net

realized

gain

(loss)

on

investments

,

futures

and

swap

agreements

......................................................................

(11,335)

(12,793)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

futures

and

swap

agreements

.......................................

10,466

48,358

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

11,302

58,463

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(12,438)

(22,482)

Total

Dividends

and

Distributions

(12,438)

(22,482)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(10,839)

(37,668)

Total

Increase

(Decrease)

in

Net

Assets

(11,975)

(1,687)

Net

Assets

Beginning

of

period

..........................................................................................................................

548,704

550,391

End

of

period

................................................................................................................................

$

536,729

$

548,704

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

3,838

$

5,102

$

38,731

$

$

4,859

$

$

8,537

Reinvested

..........................................

1,367

2,038

7,914

–

–

718

Redeemed

...........................................

(5,063)

(7,798)

(35,487)

(2,927)

(2,825)

(3,964)

(26,255)

Net

Increase

(Decrease)

$

$

(658)

$

11,158

$

(2,909)

$

2,366

$

(3,938)

$

(17,000)

Shares:

Sold

...............................................

561

4,292

545

955

Reinvested

..........................................

881

–

–

Redeemed

...........................................

(562)

(857)

(3,941)

(325)

(317)

(433)

(2,914)

Net

Increase

(Decrease)

(71)

1,232

(323)

(430)

(1,879)

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(1,402)

$

(2,046)

$

(7,917)

$

(10)

$

(332)

$

(13)

$

(718)

Total

Dividends

and

Distributions

$

(1,402)

$

(2,046)

$

(7,917)

$

(10)

$

(332)

$

(13)

$

(718)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

77,687

$

168,061

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

............

(3,789)

(79,224)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

.......................................................................................................................

(29,577)

245,554

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

44,321

334,391

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(77,877)

(171,369)

Total

Dividends

and

Distributions

(77,877)

(171,369)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(114,737)

(193,538)

Total

Increase

(Decrease)

in

Net

Assets

(148,293)

(30,516)

Net

Assets

Beginning

of

period

..........................................................................................................................

2,607,340

2,637,856

End

of

period

................................................................................................................................

$

2,459,047

$

2,607,340

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

..............................................................................

$

33,798

$

4,098

$

164,155

$

10,677

Reinvested

.........................................................................

24,424

2,950

37,742

3,066

Redeemed

..........................................................................

(117,517)

(31,305)

(224,348)

(22,477)

Net

Increase

(Decrease)

$

(59,295)

$

(24,257)

$

(22,451)

$

(8,734)

Shares:

Sold

..............................................................................

2,838

13,887

902

Reinvested

.........................................................................

2,056

3,198

Redeemed

..........................................................................

(9,862)

(2,647)

(18,982)

(1,900)

Net

Increase

(Decrease)

(4,968)

(2,051)

(1,897)

(738)

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(27,753)

$

(3,059)

$

(43,915)

$

(3,150)

Total

Dividends

and

Distributions

$

(27,753)

$

(3,059)

$

(43,915)

$

(3,150)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

International

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

16,079

$

97,667

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

1,114,633

283,333

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

...............................................

(776,365)

618,245

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

354,347

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

........................................................................................

(5,689,720)

1,415,679

Total

Increase

(Decrease)

in

Net

Assets

(5,689,188)

2,286,221

Net

Assets

Beginning

of

period

..........................................................................................................................

6,764,887

4,478,666

End

of

period

................................................................................................................................

$

1,075,699

$

6,764,887

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

7,283

$

9,291

$

23,163

$

$

4,178

$

$

7,360

$

134,424

Reinvested

...............................

9,467

7,525

9,377

–

557

–

1,164

323,836

Redeemed

................................

(18,010)

(13,882)

(88,616)

(1,912)

(2,474)

(5,792)

(4,656)

(6,092,069)

Net

Increase

(Decrease)

$

(1,260)

$

2,934

$

(56,076)

$

(1,895)

$

2,261

$

(5,743)

$

3,868

$

(5,633,809)

Shares:

Sold

....................................

525

666

1,664

520

9,717

Reinvested

...............................

692

560

691

–

–

23,904

Redeemed

................................

(1,284)

(1,011)

(6,306)

(137)

(177)

(407)

(327)

(433,011)

Net

Increase

(Decrease)

(67)

(3,951)

(136)

(404)

(399,390)

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Equity

Income

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

77,015

$

171,216

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

582,178

820,435

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

...............................................

(898,584)

1,496,312

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(239,391)

2,487,963

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(838,254)

(225,795)

Total

Dividends

and

Distributions

(838,254)

(225,795)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

177,634

(1,054,785)

Total

Increase

(Decrease)

in

Net

Assets

(900,011)

1,207,383

Net

Assets

Beginning

of

period

..........................................................................................................................

9,053,337

7,845,954

End

of

period

................................................................................................................................

$

8,153,326

$

9,053,337

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

30,509

$

3,919

$

4,822

$

339,157

$

$

2,575

$

$

38,629

Reinvested

...............................

115,613

6,509

8,317

678,190

–

2,655

–

14,871

Redeemed

................................

(128,293)

(13,843)

(8,854)

(873,129)

(965)

(4,211)

(30,030)

(9,023)

Net

Increase

(Decrease)

$

17,829

$

(3,415)

$

4,285

$

144,218

$

(963)

$

1,019

$

(29,816)

$

44,477

Shares:

Sold

....................................

758

8,760

–

880

Reinvested

...............................

2,859

16,745

–

–

Redeemed

................................

(3,174)

(360)

(222)

(21,490)

(21)

(105)

(664)

(224)

Net

Increase

(Decrease)

(90)

4,015

(21)

(660)

1,024

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(119,505)

$

(6,799)

$

(8,329)

$

(686,035)

$

–

$

(2,715)

$

–

$

(14,871)

Total

Dividends

and

Distributions

$

(119,505)

$

(6,799)

$

(8,329)

$

(686,035)

$

–

$

(2,715)

$

–

$

(14,871)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

24,984

$

45,040

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

and

swap

agreements

.................................................

(2,081)

20,275

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

and

swap

agreements

..................

4,931

13,257

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

27,834

78,572

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(24,172)

(40,611)

Total

Dividends

and

Distributions

(24,172)

(40,611)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(10,359)

174,953

Total

Increase

(Decrease)

in

Net

Assets

(6,697)

212,914

Net

Assets

Beginning

of

period

..........................................................................................................................

660,597

447,683

End

of

period

................................................................................................................................

$

653,900

$

660,597

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

..............................................................................................................

$

73,638

Reinvested

.........................................................................................................

24,102

Redeemed

..........................................................................................................

(108,099)

Net

Increase

(Decrease)

$

(10,359)

Shares:

Sold

..............................................................................................................

8,193

Reinvested

.........................................................................................................

2,695

Redeemed

..........................................................................................................

(12,196)

Net

Increase

(Decrease)

(1,308)

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(24,172)

Total

Dividends

and

Distributions

$

(24,172)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Global

Emerging

Markets

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

9,811

$

3,225

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

6,156

903

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

...............................................

12,302

(2,191)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

28,269

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

........................................................................................

100,032

2,211,651

Total

Increase

(Decrease)

in

Net

Assets

120,642

2,208,773

Net

Assets

Beginning

of

period

..........................................................................................................................

2,421,190

212,417

End

of

period

................................................................................................................................

$

2,541,832

$

2,421,190

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

2,556

$

3,009

$

9,654

$

$

1,739

$

$

2,093

$

207,524

Reinvested

...............................

–

–

–

–

7,507

Redeemed

................................

(6,077)

(5,716)

(4,369)

(1,223)

(848)

(1,786)

(828)

(113,373)

Net

Increase

(Decrease)

$

(3,521)

$

(2,658)

$

5,378

$

(1,215)

$

891

$

(1,772)

$

1,271

$

101,658

Shares:

Sold

....................................

–

–

7,798

Reinvested

...............................

–

–

–

–

–

Redeemed

................................

(228)

(225)

(166)

(47)

(32)

(68)

(31)

(4,323)

Net

Increase

(Decrease)

(132)

(107)

(47)

(68)

3,765

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Global

Real

Estate

Securities

Fund

Period

Ended

April

30,

2025

(a) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

19,367

$

43,862

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

(14,330)

36,459

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

...............................................

(45,330)

384,918

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(40,293)

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

........................................................................................

(54,544)

(381,271)

Total

Increase

(Decrease)

in

Net

Assets

(138,296)

31,069

Net

Assets

Beginning

of

period

..........................................................................................................................

1,834,995

1,803,926

End

of

period

................................................................................................................................

$

1,696,699

$

1,834,995

Class

A

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a) Dollars:

Sold

.........................................................

$

3,885

$

117,517

$

$

$

1,721

$

62,810

Reinvested

....................................................

1,152

22,293

–

17,424

Redeemed

.....................................................

(10,236)

(188,702)

(1,309)

(695)

(608)

(80,208)

Net

Increase

(Decrease)

$

(5,199)

$

(48,892)

$

(1,108)

$

(692)

$

1,321

$

Shares:

Sold

.........................................................

12,614

–

6,710

Reinvested

....................................................

2,444

–

1,911

Redeemed

.....................................................

(1,176)

(20,393)

(145)

(71)

(65)

(8,625)

Net

Increase

(Decrease)

(587)

(5,335)

(124)

(71)

(4)

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Government

&

High

Quality

Bond

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

11,544

$

19,378

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

(15,508)

(12,289)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

22,627

60,548

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

18,663

67,637

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(11,373)

(19,762)

Total

Dividends

and

Distributions

(11,373)

(19,762)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(27,461)

(5,045)

Total

Increase

(Decrease)

in

Net

Assets

(20,171)

42,830

Net

Assets

Beginning

of

period

..........................................................................................................................

665,009

622,179

End

of

period

................................................................................................................................

$

644,838

$

665,009

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

5,613

$

8,590

$

24,092

$

$

995

$

$

3,338

Reinvested

..........................................

2,231

1,062

7,815

–

–

Redeemed

...........................................

(12,213)

(9,759)

(54,901)

(468)

(373)

(1,903)

(1,758)

Net

Increase

(Decrease)

$

(4,369)

$

(107)

$

(22,994)

$

(467)

$

671

$

(1,895)

$

1,700

Shares:

Sold

...............................................

628

957

2,705

–

Reinvested

..........................................

874

–

–

Redeemed

...........................................

(1,373)

(1,094)

(6,173)

(53)

(42)

(214)

(197)

Net

Increase

(Decrease)

(495)

(18)

(2,594)

(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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(2,305)

$

(1,071)

$

(7,822)

$

(1)

$

(50)

$

(4)

$

(120)

Total

Dividends

and

Distributions

$

(2,305)

$

(1,071)

$

(7,822)

$

(1)

$

(50)

$

(4)

$

(120)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Government

Money

Market

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

80,728

$

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

80,728

163,774

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(80,728)

(163,774)

Total

Dividends

and

Distributions

(80,728)

(163,774)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

1,093,144

967,198

Total

Increase

(Decrease)

in

Net

Assets

1,093,144

967,198

Net

Assets

Beginning

of

period

..........................................................................................................................

3,742,025

2,774,827

End

of

period

................................................................................................................................

$

4,835,169

$

3,742,025

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

...................................................................................................

$

1,214,224

$

21,398,360

Reinvested

..............................................................................................

–

4,690

Redeemed

...............................................................................................

(1,059,093)

(20,465,037)

Net

Increase

(Decrease)

$

155,131

$

938,013

Shares:

Sold

...................................................................................................

1,214,224

21,398,360

Reinvested

..............................................................................................

–

4,690

Redeemed

...............................................................................................

(1,059,093)

(20,465,037)

Net

Increase

(Decrease)

155,131

938,013

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(8,988)

$

(71,740)

Total

Dividends

and

Distributions

$

(8,988)

$

(71,740)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

High

Yield

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

198,057

$

184,637

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

(23,946)

(28,848)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

...............................................

(122,778)

203,692

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

51,333

359,481

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(202,124)

(186,299)

Total

Dividends

and

Distributions

(202,124)

(186,299)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

392,711

3,363,425

Total

Increase

(Decrease)

in

Net

Assets

241,920

3,536,607

Net

Assets

Beginning

of

period

..........................................................................................................................

5,850,503

2,313,896

End

of

period

................................................................................................................................

$

6,092,423

$

5,850,503

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

..............................................................................

$

98,624

$

2,116

$

308,660

$

862,280

Issued

in

acquisitions

..................................................................

N/A

N/A

505,624

N/A

Reinvested

.........................................................................

12,193

638

43,878

140,377

Redeemed

..........................................................................

(129,231)

(4,652)

(734,067)

(713,729)

Net

Increase

(Decrease)

$

(18,414)

$

(1,898)

$

124,095

$

288,928

Shares:

Sold

..............................................................................

14,488

46,375

127,905

Issued

in

acquisitions

..................................................................

N/A

N/A

74,707

N/A

Reinvested

.........................................................................

1,797

6,537

20,916

Redeemed

..........................................................................

(19,024)

(676)

(109,441)

(106,611)

Net

Increase

(Decrease)

(2,739)

(276)

18,178

42,210

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(13,314)

$

(644)

$

(45,804)

$

(142,362)

Total

Dividends

and

Distributions

$

(13,314)

$

(644)

$

(45,804)

$

(142,362)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Inflation

Protection

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

46,705

$

63,471

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

............

(21,299)

(51,949)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

swap

agreements

.............................................................................................................................

36,182

120,057

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

61,588

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

........................................................................................

81,125

689,127

Total

Increase

(Decrease)

in

Net

Assets

70,880

766,966

Net

Assets

Beginning

of

period

..........................................................................................................................

2,238,938

1,471,972

End

of

period

................................................................................................................................

$

2,309,818

$

2,238,938

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

3,242

$

218,264

$

$

1,171

$

$

1,714

Reinvested

....................................................

71,254

–

–

Redeemed

.....................................................

(1,673)

(210,047)

(510)

(794)

(1,851)

(317)

Net

Increase

(Decrease)

$

1,909

$

79,471

$

(508)

$

519

$

(1,758)

$

1,492

Shares:

Sold

.........................................................

28,267

–

Reinvested

....................................................

9,488

–

–

Redeemed

.....................................................

(230)

(27,171)

(71)

(108)

(244)

(42)

Net

Increase

(Decrease)

10,584

(71)

(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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

International

Equity

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

43,817

$

6,295

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

(25,416)

58,462

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

...............................................

10,141

2,722

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

28,542

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

........................................................................................

5,216,940

(100,201)

Total

Increase

(Decrease)

in

Net

Assets

5,217,314

(41,766)

Net

Assets

Beginning

of

period

..........................................................................................................................

231,700

273,466

End

of

period

................................................................................................................................

$

5,449,014

$

231,700

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

5,208

$

$

1,533

$

$

$

5,316,055

Reinvested

....................................................

2,192

–

–

20,512

Redeemed

.....................................................

(6,543)

(1,329)

(503)

(297)

(187)

(120,847)

Net

Increase

(Decrease)

$

857

$

(1,317)

$

1,332

$

(296)

$

644

$

5,215,720

Shares:

Sold

.........................................................

–

387,207

Reinvested

....................................................

–

–

1,584

Redeemed

.....................................................

(488)

(93)

(37)

(21)

(13)

(9,057)

Net

Increase

(Decrease)

(92)

(21)

379,734

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

LargeCap

Growth

Fund

I

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(3,009)

$

3,598

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

947,595

2,999,291

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(1,045,979)

589,369

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(101,393)

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

........................................................................................

1,000,538

(3,309,854)

Total

Increase

(Decrease)

in

Net

Assets

(1,671,563)

(411,428)

Net

Assets

Beginning

of

period

..........................................................................................................................

10,072,457

10,483,885

End

of

period

................................................................................................................................

$

8,400,894

$

10,072,457

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

8,661

$

19,739

$

307,678

$

$

15,215

$

$

54,675

$

138,924

Reinvested

...............................

141,347

153,108

229,688

–

24,850

–

46,672

1,967,013

Redeemed

................................

(41,662)

(49,378)

(437,782)

(11,147)

(18,235)

(45,583)

(35,088)

(1,468,546)

Net

Increase

(Decrease)

$

108,346

$

123,469

$

99,584

$

(11,094)

$

21,830

$

(45,247)

$

66,259

$

637,391

Shares:

Sold

....................................

564

1,799

14,101

943

2,899

8,216

Reinvested

...............................

9,436

15,512

13,862

–

1,986

–

3,122

118,210

Redeemed

................................

(2,657)

(4,711)

(26,197)

(718)

(1,417)

(2,435)

(2,294)

(83,134)

Net

Increase

(Decrease)

7,343

12,600

1,766

(715)

1,512

(2,417)

3,727

43,292

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Index

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

56,938

$

102,062

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

20,276

140,516

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(237,934)

2,065,437

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(160,720)

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

........................................................................................

225,614

494,419

Total

Increase

(Decrease)

in

Net

Assets

(171,712)

2,523,342

Net

Assets

Beginning

of

period

..........................................................................................................................

8,665,979

6,142,637

End

of

period

................................................................................................................................

$

8,494,267

$

8,665,979

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

65,077

$

98,603

$

562,758

$

$

33,343

$

1,243

$

165,155

Reinvested

..........................................

20,318

33,375

167,582

–

4,155

–

10,731

Redeemed

...........................................

(66,150)

(118,947)

(503,071)

(15,807)

(30,415)

(143,465)

(58,981)

Net

Increase

(Decrease)

$

19,245

$

13,031

$

227,269

$

(15,697)

$

7,083

$

(142,222)

$

116,905

Shares:

Sold

...............................................

2,349

3,548

20,090

1,156

5,569

Reinvested

..........................................

712

1,187

5,867

–

–

Redeemed

...........................................

(2,361)

(4,329)

(18,012)

(541)

(1,083)

(4,862)

(2,062)

Net

Increase

(Decrease)

700

7,945

(537)

(4,819)

3,876

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

LargeCap

Value

Fund

III

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

28,096

$

52,191

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

.....................................................................

183,301

249,365

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

......................................

(358,481)

500,379

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(147,084)

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

........................................................................................

124,014

430,790

Total

Increase

(Decrease)

in

Net

Assets

(314,081)

1,139,035

Net

Assets

Beginning

of

period

..........................................................................................................................

3,788,486

2,649,451

End

of

period

................................................................................................................................

$

3,474,405

$

3,788,486

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

3,248

$

110,695

$

$

4,334

$

$

1,725

Reinvested

....................................................

6,818

282,944

–

736

–

Redeemed

.....................................................

(7,292)

(272,272)

(3,911)

(1,659)

(1,165)

(678)

Net

Increase

(Decrease)

$

2,774

$

121,367

$

(3,893)

$

3,411

$

(1,163)

$

1,518

Shares:

Sold

.........................................................

5,792

–

Reinvested

....................................................

14,819

–

–

Redeemed

.....................................................

(382)

(13,897)

(182)

(81)

(54)

(33)

Net

Increase

(Decrease)

6,714

(181)

(54)

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

MidCap

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

39,867

$

99,837

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.............................................................................

1,160,779

903,742

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(1,183,326)

6,629,069

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

17,320

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

........................................................................................

2,315,963

2,776,803

Total

Increase

(Decrease)

in

Net

Assets

1,417,344

9,869,939

Net

Assets

Beginning

of

period

..........................................................................................................................

28,084,261

18,214,322

End

of

period

................................................................................................................................

$

29,501,605

$

28,084,261

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

..........................

$

99,886

$

2,386

$

7,879

$

2,383,815

$

752

$

123,771

$

$

82,136

$

1,848,888

Reinvested

.....................

59,643

1,310

13,011

413,578

–

5,415

–

10,602

278,714

Redeemed

......................

(179,181)

(5,370)

(25,026)

(1,477,463)

(119,675)

(17,274)

(64,247)

(45,043)

(1,082,955)

Net

Increase

(Decrease)

$

(19,652)

$

(1,674)

$

(4,136)

$

1,319,930

$

(118,923)

$

111,912

$

(63,836)

$

47,695

$

1,044,647

Shares:

Sold

..........................

2,299

52,896

2,804

1,752

40,720

Reinvested

.....................

1,330

8,820

–

–

5,939

Redeemed

......................

(4,117)

(149)

(605)

(32,487)

(2,966)

(420)

(1,347)

(1,021)

(23,906)

Net

Increase

(Decrease)

(488)

(47)

(109)

29,229

(2,947)

2,510

(1,338)

963

22,753

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(63,299)

$

(1,316)

$

(13,023)

$

(447,181)

$

–

$

(5,427)

$

–

$

(10,605)

$

(375,088)

Total

Dividends

and

Distributions

$

(63,299)

$

(1,316)

$

(13,023)

$

(447,181)

$

–

$

(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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

MidCap

Growth

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(194)

$

(551)

Net

realized

gain

(loss)

on

investments

......................................................................................................

23,914

13,456

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(22,499)

43,226

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,221

56,131

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

–

–

Total

Dividends

and

Distributions

–

–

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(43,688)

(37,827)

Total

Increase

(Decrease)

in

Net

Assets

(42,467)

18,304

Net

Assets

Beginning

of

period

..........................................................................................................................

212,238

193,934

End

of

period

................................................................................................................................

$

169,771

$

212,238

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

5,248

$

15,275

$

$

4,132

$

$

6,679

Redeemed

.....................................................

(9,929)

(51,926)

(977)

(4,126)

(5,837)

(2,237)

Net

Increase

(Decrease)

$

(4,681)

$

(36,651)

$

(976)

$

$

(5,828)

$

4,442

Shares:

Sold

.........................................................

682

1,372

–

525

Redeemed

.....................................................

(1,343)

(4,297)

(117)

(421)

(486)

(186)

Net

Increase

(Decrease)

(661)

(2,925)

(117)

(19)

(485)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................

$

5,614

$

29,496

$

$

2,639

$

847

$

1,027

Redeemed

.....................................................

(18,351)

(47,691)

(239)

(8,281)

(1,345)

(1,626)

Net

Increase

(Decrease)

$

(12,737)

$

(18,195)

$

(156)

$

(5,642)

$

(498)

$

(599)

Shares:

Sold

.........................................................

856

3,041

Redeemed

.....................................................

(2,816)

(4,966)

(35)

(938)

(142)

(158)

Net

Increase

(Decrease)

(1,960)

(1,925)

(22)

(631)

(53)

(59)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

–

$

–

$

–

$

–

$

–

$

–

Total

Dividends

and

Distributions

$

–

$

–

$

–

$

–

$

–

$

–

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

MidCap

Growth

Fund

III

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(335)

$

(870)

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

47,478

234,023

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(45,757)

7,797

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,386

240,950

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(130,781)

(86,313)

Total

Dividends

and

Distributions

(130,781)

(86,313)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(80,799)

(794,660)

Total

Increase

(Decrease)

in

Net

Assets

(210,194)

(640,023)

Net

Assets

Beginning

of

period

..........................................................................................................................

438,061

1,078,084

End

of

period

................................................................................................................................

$

227,867

$

438,061

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

2,281

$

6,124

$

$

2,168

$

$

2,275

Reinvested

....................................................

23,885

103,328

–

1,806

–

1,441

Redeemed

.....................................................

(3,335)

(215,480)

(1,347)

(1,112)

(1,708)

(1,136)

Net

Increase

(Decrease)

$

22,831

$

(106,028)

$

(1,340)

$

2,862

$

(1,704)

$

2,580

Shares:

Sold

.........................................................

577

746

–

Reinvested

....................................................

6,728

13,196

–

–

Redeemed

.....................................................

(773)

(21,041)

(163)

(180)

(143)

(118)

Net

Increase

(Decrease)

6,532

(7,099)

(162)

(143)

Year

Ended

October

31,

2024

Dollars:

Sold

.........................................................

$

2,266

$

94,718

$

$

700

$

970

$

Reinvested

....................................................

4,200

81,327

Redeemed

.....................................................

(6,120)

(969,941)

(289)

(1,295)

(1,155)

(1,426)

Net

Increase

(Decrease)

$

$

(793,896)

$

$

(348)

$

(20)

$

(763)

Shares:

Sold

.........................................................

7,940

Reinvested

....................................................

571

7,255

Redeemed

.....................................................

(798)

(83,574)

(39)

(132)

(108)

(123)

Net

Increase

(Decrease)

(68,379)

(34)

(3)

(65)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(23,948)

$

(103,586)

$

–

$

(1,806)

$

–

$

(1,441)

Total

Dividends

and

Distributions

$

(23,948)

$

(103,586)

$

–

$

(1,806)

$

–

$

(1,441)

Year

Ended

October

31,

2024

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(4,215)

$

(81,327)

$

(123)

$

(247)

$

(165)

$

(236)

Total

Dividends

and

Distributions

$

(4,215)

$

(81,327)

$

(123)

$

(247)

$

(165)

$

(236)

(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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

MidCap

S&P

Index

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

8,947

$

18,789

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

38,095

170,317

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(138,934)

194,282

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(91,892)

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

........................................................................................

136,516

(282,404)

Total

Increase

(Decrease)

in

Net

Assets

(114,593)

49,808

Net

Assets

Beginning

of

period

..........................................................................................................................

1,273,220

1,223,412

End

of

period

................................................................................................................................

$

1,158,627

$

1,273,220

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

8,644

$

54,248

$

$

13,082

$

$

58,308

$

99,634

Reinvested

..........................................

19,742

26,686

–

8,151

–

15,536

88,704

Redeemed

...........................................

(13,783)

(40,321)

(5,997)

(13,922)

(45,707)

(19,618)

(117,242)

Net

Increase

(Decrease)

$

14,603

$

40,613

$

(5,977)

$

7,311

$

(45,356)

$

54,226

$

71,096

Shares:

Sold

...............................................

2,517

529

2,189

4,436

Reinvested

..........................................

937

1,206

–

–

669

4,011

Redeemed

...........................................

(642)

(1,859)

(228)

(602)

(1,664)

(830)

(5,253)

Net

Increase

(Decrease)

695

1,864

(227)

(1,651)

2,028

3,194

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

MidCap

Value

Fund

I

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

17,498

$

44,128

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

121,039

507,889

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(260,917)

375,822

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(122,380)

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

........................................................................................

45,379

(1,332,510)

Total

Increase

(Decrease)

in

Net

Assets

(500,539)

(577,822)

Net

Assets

Beginning

of

period

..........................................................................................................................

2,840,343

3,418,165

End

of

period

................................................................................................................................

$

2,339,804

$

2,840,343

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

6,729

$

2,822

$

209,839

$

$

3,357

$

$

11,281

$

14,420

Reinvested

...............................

7,584

28,342

177,461

–

1,990

–

5,600

189,160

Redeemed

................................

(4,825)

(12,012)

(474,331)

(2,287)

(1,579)

(8,181)

(6,251)

(103,776)

Net

Increase

(Decrease)

$

9,488

$

19,152

$

(87,031)

$

(2,276)

$

3,768

$

(8,156)

$

10,630

$

99,804

Shares:

Sold

....................................

13,292

622

884

Reinvested

...............................

1,848

11,364

–

–

12,069

Redeemed

................................

(297)

(762)

(29,734)

(126)

(99)

(427)

(395)

(6,351)

Net

Increase

(Decrease)

561

1,268

(5,078)

(125)

(426)

589

6,602

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Money

Market

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

21,741

$

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

21,741

50,745

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(21,741)

(50,745)

Total

Dividends

and

Distributions

(21,741)

(50,745)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

89,888

53,496

Total

Increase

(Decrease)

in

Net

Assets

89,888

53,496

Net

Assets

Beginning

of

period

..........................................................................................................................

1,049,828

996,332

End

of

period

................................................................................................................................

$

1,139,716

$

1,049,828

Class

A

Class

J

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

...................................................................................................

$

111,235

$

215,645

Reinvested

..............................................................................................

7,046

14,460

Redeemed

...............................................................................................

(101,691)

(156,807)

Net

Increase

(Decrease)

$

16,590

$

73,298

Shares:

Sold

...................................................................................................

111,235

215,645

Reinvested

..............................................................................................

7,046

14,460

Redeemed

...............................................................................................

(101,691)

(156,807)

Net

Increase

(Decrease)

16,590

73,298

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(7,158)

$

(14,583)

Total

Dividends

and

Distributions

$

(7,158)

$

(14,583)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Overseas

Fund

Period

Ended

April

30,

2025

(a) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

14,361

$

61,138

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

.....................................................................

40,671

244,432

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

......................................

48,724

105,772

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

103,756

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

........................................................................................

134,345

(1,250,426)

Total

Increase

(Decrease)

in

Net

Assets

64,269

(985,575)

Net

Assets

Beginning

of

period

..........................................................................................................................

1,159,074

2,144,649

End

of

period

................................................................................................................................

$

1,223,343

$

1,159,074

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a) Dollars:

Sold

.........................................................................................

$

84,147

$

530

$

Reinvested

....................................................................................

173,778

–

Redeemed

.....................................................................................

(123,052)

(117)

(981)

Net

Increase

(Decrease)

$

134,873

$

$

(980)

Shares:

Sold

.........................................................................................

8,068

–

Reinvested

....................................................................................

18,390

–

Redeemed

.....................................................................................

(12,256)

(12)

(91)

Net

Increase

(Decrease)

14,202

(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:

Period Ended

April

30,

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

Class

shares

on

November

22,

2024. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

Capital

Appreciation

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

14,469

$

34,205

Net

realized

gain

(loss)

on

investments

......................................................................................................

250,742

316,148

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(393,976)

1,015,431

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(128,765)

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

........................................................................................

115,537

(162,870)

Total

Increase

(Decrease)

in

Net

Assets

(254,464)

1,168,166

Net

Assets

Beginning

of

period

..........................................................................................................................

4,670,194

3,502,028

End

of

period

................................................................................................................................

$

4,415,730

$

4,670,194

Class

A

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

39,698

$

290,784

$

$

7,956

$

$

18,592

Reinvested

....................................................

71,750

164,162

–

2,164

–

2,318

Redeemed

.....................................................

(97,581)

(352,860)

(1,443)

(4,615)

(14,579)

(10,991)

Net

Increase

(Decrease)

$

13,867

$

102,086

$

(1,436)

$

5,505

$

(14,404)

$

9,919

Shares:

Sold

.........................................................

3,535

–

Reinvested

....................................................

901

1,978

–

–

Redeemed

.....................................................

(1,236)

(4,273)

(17)

(60)

(168)

(133)

Net

Increase

(Decrease)

1,240

(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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2015

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

4,021

$

7,570

Net

realized

gain

(loss)

on

investments

......................................................................................................

12,807

9,733

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(13,856)

21,833

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

2,972

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

........................................................................................

(12,306)

(38,427)

Total

Increase

(Decrease)

in

Net

Assets

(24,280)

(11,009)

Net

Assets

Beginning

of

period

..........................................................................................................................

236,296

247,305

End

of

period

................................................................................................................................

$

212,016

$

236,296

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

8,537

$

$

2,005

$

$

10,357

Reinvested

...............................................................

12,585

–

975

–

1,386

Redeemed

................................................................

(31,717)

(1,579)

(2,221)

(8,660)

(3,998)

Net

Increase

(Decrease)

$

(10,595)

$

(1,572)

$

759

$

(8,643)

$

7,745

Shares:

Sold

....................................................................

1,006

1,189

Reinvested

...............................................................

1,493

–

–

Redeemed

................................................................

(3,688)

(182)

(265)

(984)

(474)

Net

Increase

(Decrease)

(1,189)

(181)

(982)

883

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2020

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

38,526

$

70,084

Net

realized

gain

(loss)

on

investments

......................................................................................................

72,522

106,970

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(86,262)

233,888

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

24,786

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

........................................................................................

(112,931)

(296,812)

Total

Increase

(Decrease)

in

Net

Assets

(246,212)

(8,063)

Net

Assets

Beginning

of

period

..........................................................................................................................

2,324,939

2,333,002

End

of

period

................................................................................................................................

$

2,078,727

$

2,324,939

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

1,998

$

5,842

$

8,392

$

$

13,445

$

$

26,144

Reinvested

..........................................

5,727

46,318

94,963

–

4,395

–

6,421

Redeemed

...........................................

(7,818)

(47,370)

(205,723)

(11,547)

(12,269)

(22,291)

(19,700)

Net

Increase

(Decrease)

$

(93)

$

4,790

$

(102,368)

$

(11,460)

$

5,571

$

(22,236)

$

12,865

Shares:

Sold

...............................................

673

1,054

2,035

Reinvested

..........................................

3,835

7,797

–

–

531

Redeemed

...........................................

(630)

(3,884)

(16,580)

(892)

(999)

(1,723)

(1,615)

Net

Increase

(Decrease)

(2)

(8,110)

(885)

(1,719)

951

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2025

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

25,426

$

43,293

Net

realized

gain

(loss)

on

investments

......................................................................................................

83,624

60,999

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(95,068)

181,939

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

13,982

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

........................................................................................

(60,603)

(135,358)

Total

Increase

(Decrease)

in

Net

Assets

(137,034)

84,982

Net

Assets

Beginning

of

period

..........................................................................................................................

1,560,036

1,475,054

End

of

period

................................................................................................................................

$

1,423,002

$

1,560,036

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

24,319

$

$

8,907

$

$

36,695

Reinvested

...............................................................

79,326

–

5,164

–

5,841

Redeemed

................................................................

(151,384)

(6,281)

(12,233)

(32,368)

(18,817)

Net

Increase

(Decrease)

$

(47,739)

$

(6,255)

$

1,838

$

(32,166)

$

23,719

Shares:

Sold

....................................................................

2,153

787

3,142

Reinvested

...............................................................

7,127

–

–

530

Redeemed

................................................................

(13,446)

(548)

(1,102)

(2,771)

(1,671)

Net

Increase

(Decrease)

(4,166)

(546)

(2,754)

2,001

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2030

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

85,341

$

134,242

Net

realized

gain

(loss)

on

investments

......................................................................................................

240,313

202,798

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(289,494)

742,399

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

36,160

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

........................................................................................

(145,283)

(259,241)

Total

Increase

(Decrease)

in

Net

Assets

(417,861)

598,929

Net

Assets

Beginning

of

period

..........................................................................................................................

5,483,562

4,884,633

End

of

period

................................................................................................................................

$

5,065,701

$

5,483,562

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

5,815

$

12,937

$

48,989

$

$

26,064

$

$

61,602

Reinvested

..........................................

7,565

63,819

217,675

–

7,952

–

11,617

Redeemed

...........................................

(13,497)

(83,155)

(379,875)

(19,641)

(25,084)

(51,582)

(37,059)

Net

Increase

(Decrease)

$

(117)

$

(6,399)

$

(113,211)

$

(19,518)

$

8,932

$

(51,130)

$

36,160

Shares:

Sold

...............................................

915

3,424

1,779

4,157

Reinvested

..........................................

537

4,571

15,516

–

571

–

830

Redeemed

...........................................

(947)

(5,865)

(26,517)

(1,331)

(1,765)

(3,297)

(2,631)

Net

Increase

(Decrease)

(2)

(379)

(7,577)

(1,323)

585

(3,268)

2,356

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2035

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

29,841

$

44,052

Net

realized

gain

(loss)

on

investments

......................................................................................................

112,222

76,913

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(134,812)

277,178

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

7,251

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

........................................................................................

34,337

14,432

Total

Increase

(Decrease)

in

Net

Assets

(68,379)

338,247

Net

Assets

Beginning

of

period

..........................................................................................................................

1,988,066

1,649,819

End

of

period

................................................................................................................................

$

1,919,687

$

1,988,066

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

65,728

$

$

12,282

$

$

44,456

Reinvested

...............................................................

98,408

–

5,109

–

6,389

Redeemed

................................................................

(125,137)

(7,201)

(14,547)

(38,739)

(12,660)

Net

Increase

(Decrease)

$

38,999

$

(7,170)

$

2,844

$

(38,521)

$

38,185

Shares:

Sold

....................................................................

5,042

941

3,292

Reinvested

...............................................................

7,670

–

–

502

Redeemed

................................................................

(9,656)

(542)

(1,121)

(2,865)

(972)

Net

Increase

(Decrease)

3,056

(540)

(2,849)

2,822

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(98,449)

$

–

$

(5,129)

$

–

$

(6,389)

Total

Dividends

and

Distributions

$

(98,449)

$

–

$

(5,129)

$

–

$

(6,389)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2040

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

66,108

$

92,143

Net

realized

gain

(loss)

on

investments

......................................................................................................

283,658

245,204

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(344,133)

693,523

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

5,633

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

........................................................................................

30,830

(8,516)

Total

Increase

(Decrease)

in

Net

Assets

(277,746)

834,685

Net

Assets

Beginning

of

period

..........................................................................................................................

4,761,560

3,926,875

End

of

period

................................................................................................................................

$

4,483,814

$

4,761,560

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

4,274

$

8,242

$

65,754

$

$

21,143

$

559

$

60,466

Reinvested

..........................................

7,996

58,251

226,403

–

8,509

–

12,968

Redeemed

...........................................

(7,770)

(42,206)

(267,734)

(15,613)

(20,528)

(51,544)

(38,519)

Net

Increase

(Decrease)

$

4,500

$

24,287

$

24,423

$

(15,434)

$

9,124

$

(50,985)

$

34,915

Shares:

Sold

...............................................

520

4,036

1,270

3,547

Reinvested

..........................................

515

3,688

14,128

–

544

–

816

Redeemed

...........................................

(491)

(2,634)

(16,259)

(914)

(1,280)

(3,022)

(2,417)

Net

Increase

(Decrease)

1,574

1,905

(904)

534

(2,989)

1,946

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2045

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

22,956

$

28,751

Net

realized

gain

(loss)

on

investments

......................................................................................................

114,265

68,773

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(140,273)

274,661

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(3,052)

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

........................................................................................

43,887

58,402

Total

Increase

(Decrease)

in

Net

Assets

(48,370)

368,708

Net

Assets

Beginning

of

period

..........................................................................................................................

1,683,717

1,315,009

End

of

period

................................................................................................................................

$

1,635,347

$

1,683,717

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

60,817

$

$

8,019

$

$

32,006

Reinvested

...............................................................

79,968

–

4,050

–

5,153

Redeemed

................................................................

(96,132)

(4,030)

(10,352)

(26,171)

(9,545)

Net

Increase

(Decrease)

$

44,653

$

(4,009)

$

1,717

$

(26,088)

$

27,614

Shares:

Sold

....................................................................

4,173

552

2,131

Reinvested

...............................................................

5,544

–

–

Redeemed

................................................................

(6,639)

(273)

(725)

(1,731)

(658)

Net

Increase

(Decrease)

3,078

(272)

(1,725)

1,838

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2050

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

42,614

$

51,498

Net

realized

gain

(loss)

on

investments

......................................................................................................

239,180

169,026

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(290,799)

555,054

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(9,005)

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

........................................................................................

4,325

21,979

Total

Increase

(Decrease)

in

Net

Assets

(208,348)

668,369

Net

Assets

Beginning

of

period

..........................................................................................................................

3,333,038

2,664,669

End

of

period

................................................................................................................................

$

3,124,690

$

3,333,038

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

5,114

$

3,298

$

60,389

$

$

17,648

$

$

48,152

Reinvested

..........................................

6,675

18,643

163,620

–

6,034

–

8,608

Redeemed

...........................................

(6,500)

(11,951)

(225,240)

(12,846)

(15,846)

(40,941)

(20,922)

Net

Increase

(Decrease)

$

5,289

$

9,990

$

(1,231)

$

(12,727)

$

7,836

$

(40,670)

$

35,838

Shares:

Sold

...............................................

3,484

991

2,640

Reinvested

..........................................

1,141

9,570

–

–

507

Redeemed

...........................................

(371)

(722)

(12,883)

(706)

(925)

(2,230)

(1,226)

Net

Increase

(Decrease)

619

(699)

(2,215)

1,921

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2055

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

14,658

$

16,503

Net

realized

gain

(loss)

on

investments

......................................................................................................

78,707

42,624

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(97,771)

191,263

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(4,406)

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

........................................................................................

9,606

76,269

Total

Increase

(Decrease)

in

Net

Assets

(48,674)

287,739

Net

Assets

Beginning

of

period

..........................................................................................................................

1,128,284

840,545

End

of

period

................................................................................................................................

$

1,079,610

$

1,128,284

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

47,796

$

$

6,360

$

$

21,626

Reinvested

...............................................................

48,636

–

2,520

–

2,664

Redeemed

................................................................

(89,748)

(3,174)

(7,993)

(15,434)

(3,763)

Net

Increase

(Decrease)

$

6,684

$

(3,152)

$

887

$

(15,340)

$

20,527

Shares:

Sold

....................................................................

2,901

1,284

Reinvested

...............................................................

2,986

–

–

Redeemed

................................................................

(5,484)

(192)

(504)

(907)

(231)

Net

Increase

(Decrease)

(190)

(901)

1,220

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2060

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

14,054

$

15,921

Net

realized

gain

(loss)

on

investments

......................................................................................................

73,298

37,693

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(91,207)

184,524

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(3,855)

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

........................................................................................

11,848

76,710

Total

Increase

(Decrease)

in

Net

Assets

(40,406)

277,800

Net

Assets

Beginning

of

period

..........................................................................................................................

1,082,152

804,352

End

of

period

................................................................................................................................

$

1,041,746

$

1,082,152

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

974

$

48,652

$

$

7,291

$

$

15,143

Reinvested

....................................................

746

44,415

–

1,494

–

1,732

Redeemed

.....................................................

(1,072)

(84,327)

(4,007)

(4,863)

(9,645)

(4,859)

Net

Increase

(Decrease)

$

648

$

8,740

$

(3,953)

$

3,922

$

(9,525)

$

12,016

Shares:

Sold

.........................................................

2,746

836

Reinvested

....................................................

2,543

–

–

Redeemed

.....................................................

(61)

(4,758)

(223)

(279)

(525)

(279)

Net

Increase

(Decrease)

531

(220)

(518)

657

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2065

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

2,975

$

2,827

Net

realized

gain

(loss)

on

investments

......................................................................................................

14,860

5,941

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(19,044)

34,962

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(1,209)

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

........................................................................................

18,064

44,310

Total

Increase

(Decrease)

in

Net

Assets

8,561

82,343

Net

Assets

Beginning

of

period

..........................................................................................................................

223,306

140,963

End

of

period

................................................................................................................................

$

231,867

$

223,306

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

27,401

$

$

2,201

$

$

4,860

Reinvested

...............................................................

7,623

–

–

Redeemed

................................................................

(18,601)

(470)

(2,000)

(2,671)

(1,028)

Net

Increase

(Decrease)

$

16,423

$

(462)

$

519

$

(2,601)

$

4,185

Shares:

Sold

....................................................................

1,889

Reinvested

...............................................................

531

–

–

Redeemed

................................................................

(1,290)

(32)

(139)

(177)

(72)

Net

Increase

(Decrease)

1,130

(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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2070

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

616

$

Net

realized

gain

(loss)

on

investments

......................................................................................................

2,885

690

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(4,049)

3,546

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(548)

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

........................................................................................

18,884

30,924

Total

Increase

(Decrease)

in

Net

Assets

17,039

35,243

Net

Assets

Beginning

of

period

..........................................................................................................................

44,348

9,105

End

of

period

................................................................................................................................

$

61,387

$

44,348

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

$

21,451

$

$

615

$

$

1,086

Reinvested

....................................................

1,224

–

–

Redeemed

.....................................................

(125)

(4,973)

(238)

(117)

(263)

(270)

Net

Increase

(Decrease)

$

$

17,702

$

(233)

$

524

$

(255)

$

854

Shares:

Sold

.........................................................

1,680

–

Reinvested

....................................................

–

–

Redeemed

.....................................................

(10)

(389)

(18)

(9)

(20)

(21)

Net

Increase

(Decrease)

1,388

(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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2015

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

8,487

$

8,249

Net

realized

gain

(loss)

on

investments

......................................................................................................

6,323

1,796

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(10,764)

30,455

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

4,046

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

........................................................................................

54,735

75,208

Total

Increase

(Decrease)

in

Net

Assets

47,609

107,389

Net

Assets

Beginning

of

period

..........................................................................................................................

324,480

217,091

End

of

period

................................................................................................................................

$

372,089

$

324,480

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

74,016

$

1,026

$

3,720

Reinvested

....................................................................................

9,352

528

1,288

Redeemed

.....................................................................................

(27,202)

(2,034)

(5,959)

Net

Increase

(Decrease)

$

56,166

$

(480)

$

(951)

Shares:

Sold

.........................................................................................

6,459

Reinvested

....................................................................................

826

Redeemed

.....................................................................................

(2,378)

(176)

(516)

Net

Increase

(Decrease)

4,907

(41)

(82)

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2020

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

13,360

$

15,535

Net

realized

gain

(loss)

on

investments

......................................................................................................

14,490

2,669

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(22,843)

68,218

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

5,007

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

........................................................................................

19,552

20,256

Total

Increase

(Decrease)

in

Net

Assets

7,138

89,790

Net

Assets

Beginning

of

period

..........................................................................................................................

540,148

450,358

End

of

period

................................................................................................................................

$

547,286

$

540,148

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

29,186

$

1,940

$

25,171

Reinvested

....................................................................................

10,891

1,181

5,349

Redeemed

.....................................................................................

(33,201)

(5,807)

(15,158)

Net

Increase

(Decrease)

$

6,876

$

(2,686)

$

15,362

Shares:

Sold

.........................................................................................

2,460

2,120

Reinvested

....................................................................................

930

Redeemed

.....................................................................................

(2,817)

(488)

(1,278)

Net

Increase

(Decrease)

573

(227)

1,296

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(10,891)

$

(1,181)

$

(5,349)

Total

Dividends

and

Distributions

$

(10,891)

$

(1,181)

$

(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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2025

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

21,969

$

21,361

Net

realized

gain

(loss)

on

investments

......................................................................................................

21,346

6,201

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(36,899)

110,464

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

6,416

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

........................................................................................

82,635

132,003

Total

Increase

(Decrease)

in

Net

Assets

59,730

245,374

Net

Assets

Beginning

of

period

..........................................................................................................................

887,158

641,784

End

of

period

................................................................................................................................

$

946,888

$

887,158

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

117,648

$

4,650

$

32,886

Reinvested

....................................................................................

20,731

1,917

6,659

Redeemed

.....................................................................................

(71,433)

(10,975)

(19,448)

Net

Increase

(Decrease)

$

66,946

$

(4,408)

$

20,097

Shares:

Sold

.........................................................................................

9,164

2,576

Reinvested

....................................................................................

1,636

523

Redeemed

.....................................................................................

(5,594)

(852)

(1,515)

Net

Increase

(Decrease)

5,206

(339)

1,584

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2030

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

23,758

$

21,310

Net

realized

gain

(loss)

on

investments

......................................................................................................

27,597

6,885

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(47,660)

133,582

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

3,695

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

........................................................................................

139,337

199,947

Total

Increase

(Decrease)

in

Net

Assets

112,227

336,571

Net

Assets

Beginning

of

period

..........................................................................................................................

982,013

645,442

End

of

period

................................................................................................................................

$

1,094,240

$

982,013

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

140,147

$

9,740

$

70,432

Reinvested

....................................................................................

18,696

2,352

9,745

Redeemed

.....................................................................................

(65,148)

(20,793)

(25,834)

Net

Increase

(Decrease)

$

93,695

$

(8,701)

$

54,343

Shares:

Sold

.........................................................................................

10,570

727

5,310

Reinvested

....................................................................................

1,427

739

Redeemed

.....................................................................................

(4,921)

(1,561)

(1,935)

Net

Increase

(Decrease)

7,076

(656)

4,114

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(18,708)

$

(2,352)

$

(9,745)

Total

Dividends

and

Distributions

$

(18,708)

$

(2,352)

$

(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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2035

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

16,721

$

14,280

Net

realized

gain

(loss)

on

investments

......................................................................................................

20,811

6,559

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(37,240)

109,537

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

........................................................................................

78,660

114,753

Total

Increase

(Decrease)

in

Net

Assets

55,585

226,687

Net

Assets

Beginning

of

period

..........................................................................................................................

714,199

487,512

End

of

period

................................................................................................................................

$

769,784

$

714,199

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

79,538

$

9,517

$

42,438

Reinvested

....................................................................................

12,503

2,564

8,297

Redeemed

.....................................................................................

(34,589)

(14,793)

(26,815)

Net

Increase

(Decrease)

$

57,452

$

(2,712)

$

23,920

Shares:

Sold

.........................................................................................

5,592

667

2,990

Reinvested

....................................................................................

891

586

Redeemed

.....................................................................................

(2,443)

(1,043)

(1,867)

Net

Increase

(Decrease)

4,040

(195)

1,709

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2040

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

16,976

$

13,336

Net

realized

gain

(loss)

on

investments

......................................................................................................

27,269

8,802

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(48,265)

128,819

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(4,020)

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

........................................................................................

144,159

135,781

Total

Increase

(Decrease)

in

Net

Assets

114,590

268,462

Net

Assets

Beginning

of

period

..........................................................................................................................

780,673

512,211

End

of

period

................................................................................................................................

$

895,263

$

780,673

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

118,078

$

10,243

$

66,314

Reinvested

....................................................................................

13,924

2,422

9,198

Redeemed

.....................................................................................

(41,556)

(16,610)

(17,854)

Net

Increase

(Decrease)

$

90,446

$

(3,945)

$

57,658

Shares:

Sold

.........................................................................................

7,963

683

4,472

Reinvested

....................................................................................

950

621

Redeemed

.....................................................................................

(2,830)

(1,120)

(1,191)

Net

Increase

(Decrease)

6,083

(273)

3,902

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(13,929)

$

(2,422)

$

(9,198)

Total

Dividends

and

Distributions

$

(13,929)

$

(2,422)

$

(9,198)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2045

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

9,628

$

7,742

Net

realized

gain

(loss)

on

investments

......................................................................................................

17,912

6,386

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(30,688)

87,202

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(3,148)

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

........................................................................................

53,696

62,958

Total

Increase

(Decrease)

in

Net

Assets

34,890

152,857

Net

Assets

Beginning

of

period

..........................................................................................................................

482,735

329,878

End

of

period

................................................................................................................................

$

517,625

$

482,735

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

33,504

$

7,937

$

39,099

Reinvested

....................................................................................

6,731

2,025

6,901

Redeemed

.....................................................................................

(20,859)

(12,073)

(9,569)

Net

Increase

(Decrease)

$

19,376

$

(2,111)

$

36,431

Shares:

Sold

.........................................................................................

2,163

504

2,521

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,341)

(784)

(615)

Net

Increase

(Decrease)

1,260

(149)

2,351

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2050

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

8,051

$

6,135

Net

realized

gain

(loss)

on

investments

......................................................................................................

17,614

6,005

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(29,663)

81,367

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(3,998)

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

........................................................................................

61,346

58,987

Total

Increase

(Decrease)

in

Net

Assets

43,671

142,839

Net

Assets

Beginning

of

period

..........................................................................................................................

431,490

288,651

End

of

period

................................................................................................................................

$

475,161

$

431,490

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

29,388

$

7,983

$

44,669

Reinvested

....................................................................................

5,348

1,795

6,534

Redeemed

.....................................................................................

(16,376)

(9,884)

(8,111)

Net

Increase

(Decrease)

$

18,360

$

(106)

$

43,092

Shares:

Sold

.........................................................................................

1,844

2,812

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,022)

(620)

(510)

Net

Increase

(Decrease)

1,159

(14)

2,711

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2055

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

5,023

$

3,541

Net

realized

gain

(loss)

on

investments

......................................................................................................

10,822

3,741

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(18,783)

48,038

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(2,938)

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

........................................................................................

41,698

53,389

Total

Increase

(Decrease)

in

Net

Assets

30,235

103,292

Net

Assets

Beginning

of

period

..........................................................................................................................

270,022

166,730

End

of

period

................................................................................................................................

$

300,257

$

270,022

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

23,154

$

5,570

$

27,845

Reinvested

....................................................................................

3,300

1,187

4,038

Redeemed

.....................................................................................

(8,390)

(8,862)

(6,144)

Net

Increase

(Decrease)

$

18,064

$

(2,105)

$

25,739

Shares:

Sold

.........................................................................................

1,404

1,686

Reinvested

....................................................................................

Redeemed

.....................................................................................

(513)

(540)

(367)

Net

Increase

(Decrease)

1,093

(134)

1,564

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(3,300)

$

(1,187)

$

(4,038)

Total

Dividends

and

Distributions

$

(3,300)

$

(1,187)

$

(4,038)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2060

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

2,675

$

1,748

Net

realized

gain

(loss)

on

investments

......................................................................................................

5,720

1,937

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(9,864)

24,153

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(1,469)

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

........................................................................................

24,608

36,080

Total

Increase

(Decrease)

in

Net

Assets

18,675

61,303

Net

Assets

Beginning

of

period

..........................................................................................................................

143,126

81,823

End

of

period

................................................................................................................................

$

161,801

$

143,126

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

14,011

$

3,768

$

16,436

Reinvested

....................................................................................

1,774

583

2,104

Redeemed

.....................................................................................

(4,596)

(6,511)

(2,961)

Net

Increase

(Decrease)

$

11,189

$

(2,160)

$

15,579

Shares:

Sold

.........................................................................................

825

966

Reinvested

....................................................................................

Redeemed

.....................................................................................

(272)

(382)

(170)

Net

Increase

(Decrease)

658

(129)

919

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(1,777)

$

(583)

$

(2,104)

Total

Dividends

and

Distributions

$

(1,777)

$

(583)

$

(2,104)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2065

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

896

$

Net

realized

gain

(loss)

on

investments

......................................................................................................

1,708

512

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(3,288)

7,173

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(684)

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

........................................................................................

14,439

16,123

Total

Increase

(Decrease)

in

Net

Assets

12,325

23,592

Net

Assets

Beginning

of

period

..........................................................................................................................

46,974

23,382

End

of

period

................................................................................................................................

$

59,299

$

46,974

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

9,576

$

1,647

$

6,518

Reinvested

....................................................................................

597

725

Redeemed

.....................................................................................

(2,759)

(1,222)

(751)

Net

Increase

(Decrease)

$

7,414

$

533

$

6,492

Shares:

Sold

.........................................................................................

625

Reinvested

....................................................................................

Redeemed

.....................................................................................

(180)

(80)

(48)

Net

Increase

(Decrease)

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2070

Fund

Period

Ended

April

30,

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

.......................................................................

(371)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(118)

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

........................................................................................

3,195

2,962

Total

Increase

(Decrease)

in

Net

Assets

2,950

3,422

Net

Assets

Beginning

of

period

..........................................................................................................................

4,094

672

End

of

period

................................................................................................................................

$

7,044

$

4,094

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

956

$

1,283

$

2,467

Reinvested

....................................................................................

Redeemed

.....................................................................................

(349)

(37)

(1,252)

Net

Increase

(Decrease)

$

640

$

1,257

$

1,298

Shares:

Sold

.........................................................................................

Reinvested

....................................................................................

Redeemed

.....................................................................................

(26)

(3)

(99)

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

Income

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

4,091

$

3,898

Net

realized

gain

(loss)

on

investments

......................................................................................................

2,162

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(4,395)

14,475

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,858

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

........................................................................................

12,789

40,396

Total

Increase

(Decrease)

in

Net

Assets

9,701

55,172

Net

Assets

Beginning

of

period

..........................................................................................................................

159,722

104,550

End

of

period

................................................................................................................................

$

169,423

$

159,722

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

16,959

$

1,306

$

8,225

Reinvested

....................................................................................

3,473

1,215

Redeemed

.....................................................................................

(11,468)

(3,408)

(3,770)

Net

Increase

(Decrease)

$

8,964

$

(1,845)

$

5,670

Shares:

Sold

.........................................................................................

1,626

784

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,107)

(327)

(356)

Net

Increase

(Decrease)

858

(177)

546

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Strategic

Income

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

13,661

$

24,472

Net

realized

gain

(loss)

on

investments

......................................................................................................

12,194

13,993

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(15,928)

83,966

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

9,927

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

........................................................................................

(44,611)

(76,139)

Total

Increase

(Decrease)

in

Net

Assets

(68,934)

26,204

Net

Assets

Beginning

of

period

..........................................................................................................................

790,991

764,787

End

of

period

................................................................................................................................

$

722,057

$

790,991

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

1,417

$

9,747

$

14,551

$

$

6,791

$

$

10,481

Reinvested

..........................................

1,479

10,362

20,392

–

885

–

1,053

Redeemed

...........................................

(2,426)

(22,208)

(73,951)

(4,589)

(2,819)

(7,546)

(8,264)

Net

Increase

(Decrease)

$

$

(2,099)

$

(39,008)

$

(4,574)

$

4,857

$

(7,527)

$

3,270

Shares:

Sold

...............................................

872

1,287

592

902

Reinvested

..........................................

932

1,821

–

–

Redeemed

...........................................

(211)

(1,973)

(6,501)

(391)

(251)

(647)

(729)

Net

Increase

(Decrease)

(169)

(3,393)

(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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Real

Estate

Securities

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

68,406

$

138,659

Net

realized

gain

(loss)

on

investments

......................................................................................................

6,585

225,871

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(178,547)

1,232,971

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(103,556)

1,597,501

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(175,826)

(155,342)

Total

Dividends

and

Distributions

(175,826)

(155,342)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(57,995)

22,183

Total

Increase

(Decrease)

in

Net

Assets

(337,377)

1,464,342

Net

Assets

Beginning

of

period

..........................................................................................................................

6,616,460

5,152,118

End

of

period

................................................................................................................................

$

6,279,083

$

6,616,460

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

..........................

$

8,997

$

744

$

2,501

$

434,623

$

$

7,221

$

$

18,592

$

181,957

Reinvested

.....................

4,821

3,600

96,876

–

784

–

2,326

59,437

Redeemed

......................

(20,427)

(3,051)

(9,886)

(572,225)

(2,121)

(5,198)

(12,048)

(14,761)

(241,160)

Net

Increase

(Decrease)

$

(6,609)

$

(1,980)

$

(3,785)

$

(40,726)

$

(2,105)

$

2,807

$

(11,988)

$

6,157

$

Shares:

Sold

..........................

15,144

652

6,312

Reinvested

.....................

3,440

–

–

2,111

Redeemed

......................

(712)

(109)

(358)

(20,025)

(71)

(188)

(415)

(537)

(8,392)

Net

Increase

(Decrease)

(227)

(70)

(134)

(1,441)

(70)

(413)

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(4,975)

$

(334)

$

(3,606)

$

(101,186)

$

–

$

(792)

$

–

$

(2,327)

$

(62,606)

Total

Dividends

and

Distributions

$

(4,975)

$

(334)

$

(3,606)

$

(101,186)

$

–

$

(792)

$

–

$

(2,327)

$

(62,606)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Balanced

Portfolio

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

62,651

$

83,479

Net

realized

gain

(loss)

on

investments

......................................................................................................

273,606

231,149

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(311,272)

660,365

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

24,985

974,993

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(284,939)

(82,045)

Total

Dividends

and

Distributions

(284,939)

(82,045)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

63,738

(269,515)

Total

Increase

(Decrease)

in

Net

Assets

(196,216)

623,433

Net

Assets

Beginning

of

period

..........................................................................................................................

4,617,697

3,994,264

End

of

period

................................................................................................................................

$

4,421,481

$

4,617,697

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

53,110

$

7,321

$

89,066

$

24,730

$

$

3,517

$

$

14,457

Reinvested

...............................

127,994

6,566

102,742

42,643

–

1,518

–

2,269

Redeemed

................................

(163,981)

(23,022)

(130,696)

(72,006)

(2,084)

(5,183)

(12,254)

(3,308)

Net

Increase

(Decrease)

$

17,123

$

(9,135)

$

61,112

$

(4,633)

$

(2,074)

$

(148)

$

(11,925)

$

13,418

Shares:

Sold

....................................

3,224

5,691

1,537

862

Reinvested

...............................

7,896

6,680

2,697

–

–

Redeemed

................................

(9,977)

(1,441)

(8,403)

(4,480)

(123)

(322)

(721)

(207)

Net

Increase

(Decrease)

1,143

(566)

3,968

(246)

(122)

(13)

(701)

799

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(129,053)

$

(6,597)

$

(102,853)

$

(42,649)

$

–

$

(1,518)

$

–

$

(2,269)

Total

Dividends

and

Distributions

$

(129,053)

$

(6,597)

$

(102,853)

$

(42,649)

$

–

$

(1,518)

$

–

$

(2,269)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Balanced

Portfolio

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

29,892

$

45,446

Net

realized

gain

(loss)

on

investments

......................................................................................................

67,631

42,413

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(76,077)

231,335

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

21,446

319,194

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(51,564)

(44,985)

Total

Dividends

and

Distributions

(51,564)

(44,985)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(53,801)

(33,721)

Total

Increase

(Decrease)

in

Net

Assets

(83,919)

240,488

Net

Assets

Beginning

of

period

..........................................................................................................................

1,858,843

1,618,355

End

of

period

................................................................................................................................

$

1,774,924

$

1,858,843

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

16,563

$

1,854

$

44,861

$

16,018

$

$

2,122

$

542

$

11,979

Reinvested

...............................

13,933

870

29,475

6,025

–

–

787

Redeemed

................................

(52,168)

(8,103)

(94,315)

(27,728)

(1,565)

(1,879)

(11,078)

(2,401)

Net

Increase

(Decrease)

$

(21,672)

$

(5,379)

$

(19,979)

$

(5,685)

$

(1,494)

$

579

$

(10,536)

$

10,365

Shares:

Sold

....................................

1,327

3,665

1,297

954

Reinvested

...............................

1,128

2,429

–

–

Redeemed

................................

(4,176)

(658)

(7,722)

(2,251)

(125)

(154)

(880)

(195)

Net

Increase

(Decrease)

(1,721)

(437)

(1,628)

(460)

(119)

(836)

824

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(14,042)

$

(873)

$

(29,501)

$

(6,025)

$

–

$

(336)

$

–

$

(787)

Total

Dividends

and

Distributions

$

(14,042)

$

(873)

$

(29,501)

$

(6,025)

$

–

$

(336)

$

–

$

(787)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Growth

Portfolio

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

35,867

$

40,946

Net

realized

gain

(loss)

on

investments

......................................................................................................

226,973

210,126

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(267,439)

516,851

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(4,599)

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

........................................................................................

100,162

(215,941)

Total

Increase

(Decrease)

in

Net

Assets

(132,486)

512,782

Net

Assets

Beginning

of

period

..........................................................................................................................

3,215,574

2,702,792

End

of

period

................................................................................................................................

$

3,083,088

$

3,215,574

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

32,303

$

4,746

$

78,469

$

23,642

$

$

1,423

$

$

8,105

Reinvested

...............................

117,386

5,814

67,637

32,659

–

755

–

2,410

Redeemed

................................

(120,025)

(16,322)

(70,745)

(58,239)

(672)

(1,589)

(5,656)

(2,235)

Net

Increase

(Decrease)

$

29,664

$

(5,762)

$

75,361

$

(1,938)

$

(669)

$

589

$

(5,363)

$

8,280

Shares:

Sold

....................................

1,659

4,222

1,239

–

Reinvested

...............................

6,091

3,720

1,754

–

–

Redeemed

................................

(6,138)

(936)

(3,889)

(3,038)

(34)

(86)

(279)

(117)

Net

Increase

(Decrease)

1,612

(322)

4,053

(45)

(34)

(264)

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(118,702)

$

(5,821)

$

(67,683)

$

(32,678)

$

–

$

(755)

$

–

$

(2,410)

Total

Dividends

and

Distributions

$

(118,702)

$

(5,821)

$

(67,683)

$

(32,678)

$

–

$

(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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Flexible

Income

Portfolio

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

43,228

$

72,515

Net

realized

gain

(loss)

on

investments

......................................................................................................

34,015

31,654

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(43,179)

259,272

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

34,064

363,441

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(44,567)

(72,438)

Total

Dividends

and

Distributions

(44,567)

(72,438)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(115,367)

(195,176)

Total

Increase

(Decrease)

in

Net

Assets

(125,870)

95,827

Net

Assets

Beginning

of

period

..........................................................................................................................

2,352,136

2,256,309

End

of

period

................................................................................................................................

$

2,226,266

$

2,352,136

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

26,216

$

2,354

$

30,054

$

28,316

$

$

1,423

$

$

7,197

Reinvested

...............................

16,779

987

22,431

3,620

–

–

Redeemed

................................

(94,125)

(16,528)

(103,318)

(26,427)

(1,189)

(2,230)

(4,383)

(7,243)

Net

Increase

(Decrease)

$

(51,130)

$

(13,187)

$

(50,833)

$

5,509

$

(1,183)

$

(746)

$

(4,168)

$

Shares:

Sold

....................................

2,159

2,502

2,338

591

Reinvested

...............................

1,386

1,873

–

–

Redeemed

................................

(7,750)

(1,377)

(8,608)

(2,186)

(98)

(184)

(359)

(597)

Net

Increase

(Decrease)

(4,205)

(1,098)

(4,233)

(97)

(62)

(341)

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(16,970)

$

(995)

$

(22,500)

$

(3,624)

$

–

$

(61)

$

–

$

(417)

Total

Dividends

and

Distributions

$

(16,970)

$

(995)

$

(22,500)

$

(3,624)

$

–

$

(61)

$

–

$

(417)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Strategic

Growth

Portfolio

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

22,735

$

20,552

Net

realized

gain

(loss)

on

investments

......................................................................................................

192,722

141,480

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(225,187)

416,929

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(9,730)

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

........................................................................................

69,081

(138,098)

Total

Increase

(Decrease)

in

Net

Assets

(98,947)

414,908

Net

Assets

Beginning

of

period

..........................................................................................................................

2,267,084

1,852,176

End

of

period

................................................................................................................................

$

2,168,137

$

2,267,084

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

30,912

$

4,796

$

41,934

$

23,268

$

$

1,425

$

1,680

$

6,488

Reinvested

...............................

87,169

4,968

36,684

25,538

–

521

–

2,287

Redeemed

................................

(83,917)

(11,654)

(43,326)

(47,786)

(557)

(1,064)

(6,746)

(3,545)

Net

Increase

(Decrease)

$

34,164

$

(1,890)

$

35,292

$

1,020

$

(551)

$

882

$

(5,066)

$

5,230

Shares:

Sold

....................................

1,356

1,938

1,036

–

Reinvested

...............................

3,893

1,734

1,184

–

–

Redeemed

................................

(3,686)

(600)

(2,027)

(2,173)

(23)

(48)

(289)

(164)

Net

Increase

(Decrease)

1,563

(92)

1,645

(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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Short-Term

Income

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

61,917

$

107,537

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

(8,771)

5,375

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

37,010

97,726

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

90,156

210,638

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(61,413)

(107,614)

Total

Dividends

and

Distributions

(61,413)

(107,614)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(61,658)

370,899

Total

Increase

(Decrease)

in

Net

Assets

(32,915)

473,923

Net

Assets

Beginning

of

period

..........................................................................................................................

3,328,574

2,854,651

End

of

period

................................................................................................................................

$

3,295,659

$

3,328,574

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

82,171

$

2,361

$

8,304

$

340,700

$

$

8,201

$

$

5,253

Reinvested

...............................

5,508

1,933

52,404

–

–

Redeemed

................................

(83,506)

(3,474)

(13,562)

(451,399)

(443)

(7,802)

(5,760)

(3,096)

Net

Increase

(Decrease)

$

4,173

$

(924)

$

(3,325)

$

(58,295)

$

(441)

$

563

$

(5,752)

$

2,343

Shares:

Sold

....................................

6,839

691

28,364

–

681

–

Reinvested

...............................

4,355

–

–

Redeemed

................................

(6,951)

(289)

(1,129)

(37,607)

(37)

(648)

(481)

(257)

Net

Increase

(Decrease)

(77)

(277)

(4,888)

(37)

(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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(5,695)

$

(194)

$

(1,963)

$

(53,195)

$

(1)

$

(169)

$

(9)

$

(187)

Total

Dividends

and

Distributions

$

(5,695)

$

(194)

$

(1,963)

$

(53,195)

$

(1)

$

(169)

$

(9)

$

(187)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

3,897

$

6,456

Net

realized

gain

(loss)

on

investments

......................................................................................................

68,253

31,476

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(254,406)

284,959

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(182,256)

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

........................................................................................

(129,113)

931,600

Total

Increase

(Decrease)

in

Net

Assets

(355,011)

1,218,582

Net

Assets

Beginning

of

period

..........................................................................................................................

2,280,212

1,061,630

End

of

period

................................................................................................................................

$

1,925,201

$

2,280,212

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

....................................

$

6,094

$

2,891

$

89,163

$

$

2,371

$

$

33,888

$

44,114

Reinvested

...............................

4,753

4,051

13,737

–

–

1,347

19,398

Redeemed

................................

(23,480)

(12,653)

(147,600)

(1,356)

(3,135)

(32,502)

(16,626)

(113,912)

Net

Increase

(Decrease)

$

(12,633)

$

(5,711)

$

(44,700)

$

(1,349)

$

(475)

$

(32,454)

$

18,609

$

(50,400)

Shares:

Sold

....................................

3,310

–

1,122

1,588

Reinvested

...............................

–

–

682

Redeemed

................................

(917)

(532)

(5,168)

(54)

(126)

(1,106)

(592)

(4,021)

Net

Increase

(Decrease)

(492)

(243)

(1,374)

(54)

(25)

(1,105)

578

(1,751)

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Growth

Fund

I

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

(2,722)

$

(5,963)

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

73,554

221,027

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(282,122)

463,693

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(211,290)

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

........................................................................................

91,622

(573,772)

Total

Increase

(Decrease)

in

Net

Assets

(288,161)

104,985

Net

Assets

Beginning

of

period

..........................................................................................................................

2,124,552

2,019,567

End

of

period

................................................................................................................................

$

1,836,391

$

2,124,552

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

4,076

$

15,218

$

$

2,760

$

694

$

11,899

$

161,025

Reinvested

..........................................

8,939

6,923

–

1,651

–

2,668

143,534

Redeemed

...........................................

(6,106)

(37,577)

(1,656)

(2,616)

(9,985)

(5,331)

(204,536)

Net

Increase

(Decrease)

$

6,909

$

(15,436)

$

(1,614)

$

1,795

$

(9,291)

$

9,236

$

100,023

Shares:

Sold

...............................................

1,073

806

10,676

Reinvested

..........................................

1,073

–

–

9,578

Redeemed

...........................................

(739)

(2,553)

(144)

(247)

(712)

(394)

(14,147)

Net

Increase

(Decrease)

801

(1,016)

(140)

(662)

614

6,107

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:

Period Ended

April

30,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(8,967)

$

(8,625)

$

–

$

(1,651)

$

–

$

(2,668)

$

(146,582)

Total

Dividends

and

Distributions

$

(8,967)

$

(8,625)

$

–

$

(1,651)

$

–

$

(2,668)

$

(146,582)

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SmallCap

S&P

600

Index

Fund

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

10,186

$

16,944

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

36,852

111,048

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(208,080)

173,650

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(161,042)

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

........................................................................................

273,307

(75,034)

Total

Increase

(Decrease)

in

Net

Assets

2,071

174,032

Net

Assets

Beginning

of

period

..........................................................................................................................

1,217,075

1,043,043

End

of

period

................................................................................................................................

$

1,219,146

$

1,217,075

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

8,050

$

24,446

$

$

12,628

$

$

39,416

$

335,812

Reinvested

..........................................

16,784

17,500

–

5,606

–

9,201

60,862

Redeemed

...........................................

(15,403)

(65,173)

(6,078)

(12,983)

(29,296)

(24,047)

(104,328)

Net

Increase

(Decrease)

$

9,431

$

(23,227)

$

(6,052)

$

5,251

$

(29,012)

$

24,570

$

292,346

Shares:

Sold

...............................................

948

1,295

12,526

Reinvested

..........................................

710

673

–

–

2,342

Redeemed

...........................................

(661)

(2,451)

(207)

(499)

(930)

(889)

(4,025)

Net

Increase

(Decrease)

(830)

(206)

(921)

740

10,843

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Value

Fund

II

Period

Ended

April

30,

2025

(a),

(b) Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

8,500

$

17,773

Net

realized

gain

(loss)

on

investments

and

futures

.........................................................................................

33,032

125,323

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...........................................................

(161,033)

161,934

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(119,501)

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

........................................................................................

132,798

(310,680)

Total

Increase

(Decrease)

in

Net

Assets

(102,841)

(49,751)

Net

Assets

Beginning

of

period

..........................................................................................................................

1,118,680

1,168,431

End

of

period

................................................................................................................................

$

1,015,839

$

1,118,680

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

(a),

(b) Dollars:

Sold

...............................................

$

1,198

$

27,540

$

$

1,497

$

$

5,053

$

117,788

Reinvested

..........................................

2,442

16,350

–

564

–

925

94,732

Redeemed

...........................................

(5,281)

(41,530)

(682)

(1,083)

(3,939)

(2,639)

(80,152)

Net

Increase

(Decrease)

$

(1,641)

$

2,360

$

(675)

$

978

$

(3,931)

$

3,339

$

132,368

Shares:

Sold

...............................................

2,274

–

10,081

Reinvested

..........................................

1,417

–

–

8,212

Redeemed

...........................................

(475)

(3,409)

(59)

(101)

(299)

(220)

(6,826)

Net

Increase

(Decrease)

(144)

(58)

(299)

11,467

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:

Period Ended

April

30,

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.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Tax-Exempt

Bond

Fund

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Operations

Net

investment

income

(loss)

................................................................................................................

$

9,661

$

19,481

Net

realized

gain

(loss)

on

investments

......................................................................................................

(2,751)

(5,222)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.......................................................................

(11,919)

37,240

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(5,009)

51,499

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.........................................................................

(9,880)

(19,821)

Total

Dividends

and

Distributions

(9,880)

(19,821)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

........................................................................................

(42,964)

(8,804)

Total

Increase

(Decrease)

in

Net

Assets

(57,853)

22,874

Net

Assets

Beginning

of

period

..........................................................................................................................

567,423

544,549

End

of

period

................................................................................................................................

$

509,570

$

567,423

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2025

Dollars:

Sold

.........................................................................................

$

18,797

$

593

$

47,166

Reinvested

....................................................................................

4,057

5,218

Redeemed

.....................................................................................

(33,933)

(3,497)

(81,525)

Net

Increase

(Decrease)

$

(11,079)

$

(2,744)

$

(29,141)

Shares:

Sold

.........................................................................................

2,822

7,068

Reinvested

....................................................................................

608

780

Redeemed

.....................................................................................

(5,094)

(520)

(12,209)

Net

Increase

(Decrease)

(1,664)

(407)

(4,361)

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:

Period Ended

April

30,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(4,408)

$

(164)

$

(5,308)

Total

Dividends

and

Distributions

$

(4,408)

$

(164)

$

(5,308)

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.

April

30, 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

Growth

Fund,

MidCap

Growth

Fund

III,

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

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

Class

shares

into

Class

shares

and

Class

shares

into

Class

shares.

On

this

same

day,

Global

Real

Estate

Securities

Fund

converted

Class

shares

into

Class

shares

and

Overseas

Fund

converted

Class

shares

into

Institutional

shares.

Effective

July

31,

2024

International

Fund

I

changed

its

name

to

International

Equity

Fund.

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")

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.

April

30, 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

April

30,

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. 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

Board.

In

addition,

the

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

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.

Net

investment

income

$

209,540

Net

loss

on

investments

(145,198)

Net

increase

in

assets

resulting

from

operations

64,342

1. Organization

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Currency

Translation.

Foreign

holdings

are

translated

to

U.S.

dollars

using

the

exchange

rate

at

the

daily

close

of

the

New

York

Stock

Exchange.

The

identified

cost

of

the

Funds'

holdings

is

translated

at

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

at

approximate

rates

prevailing

when

received

or

paid,

with

daily

accruals

of

such

amounts

reported

at

approximate

rates

prevailing

at

the

date

of

valuation.

Since

the

carrying

amount

of

the

foreign

securities

is

determined

based

on

the

exchange

rate

and

market

values

at

the

close

of

the

period,

it

is

not

practicable

to

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

during

the

period.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

trade

and

settlement

dates

on

security

transactions,

and

the

difference

between

the

amount

of

dividends,

interest

income,

interest

expense,

and

foreign

withholding

taxes

recorded

on

the

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

appreciation

(depreciation)

on

translation

of

assets

and

liabilities

in

foreign

currencies

arise

from

changes

in

the

exchange

rate

relating

to

assets

and

liabilities,

other

than

investments

in

securities,

purchased

and

held

in

non-U.S.

denominated

currencies.

The

following

Funds

held

securities

denominated

in

foreign

currencies

that

exceeded

5%

of

net

assets

of

the

respective

fund

as

of

April

30,

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

Diversified

International

Fund

Euro

.2%

British

Pound

Sterling

.2

Japanese

Yen

.9

Hong

Kong

Dollar

.6

Canadian

Dollar

.1

Global

Emerging

Markets

Fund

Hong

Kong

Dollar

.3%

New

Taiwan

Dollar

.7

Indian

Rupee

.5

South

Korean

Won

.5

Brazilian

Real

.1

Global

Real

Estate

Securities

Fund

Japanese

Yen

.9%

Australian

Dollar

.4

Euro

.4

International

Equity

Fund

Euro

.0%

British

Pound

Sterling

.5

Japanese

Yen

.9

Hong

Kong

Dollar

.2

Canadian

Dollar

.5

Overseas

Fund

Euro

.0%

British

Pound

Sterling

.7

Japanese

Yen

.8

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

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.

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

period

ended

April

30,

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

recent

decisions

rendered

by

European

courts,

certain

of

the

Funds

have

filed

for

additional

tax

reclaims

for

taxes

withheld

in

prior

years.

Due

to

the

uncertainty

regarding

collectability

and

timing

of

these

reclaims,

among

other

factors,

a

corresponding

receivable

will

only

be

recognized

when

the

tax

position

meets

the

"more

likely

than

not"

threshold.

Any

accrued

foreign tax

reclaims

receivables

are

included

in

dividends

and

interest

receivables

on

the

statements

of

assets

and

liabilities.

Any

foreign

tax

reclaims income is

included

in

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.

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

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.

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. Management

expects

the

impact

of

this

ASU

will

not

have

a

material

impact

on

the

Funds'

financial

statements.

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

primarily

related

to

rate

reconciliation,

disaggregation

of

income

taxes

paid,

and

other

income

tax-related

disclosures.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

applying

the

ASU

to

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

April

30,

2025

is

included

in

interfund

lending

on

the

statements

of

assets

and

liabilities.

Any

outstanding

borrowing

as

of

April

30,

2025

is

included

in

interfund

borrowing

on

the

statements

of

assets

and

liabilities.

During

the period

ended

April

30,

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

$

5.14 %

$

Core

Plus

Bond

Fund

4.91 7

Diversified

Income

Fund

629

4.95 15

Diversified

International

Fund

5.00 3

Equity

Income

Fund

4.96 3

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

693

5.03 17

Global

Emerging

Markets

Fund

4.91 7

Global

Real

Estate

Securities

Fund

4.96 3

Government

&

High

Quality

Bond

Fund

5.10 1

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

During

the period

ended

April

30,

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.

There

was

no

outstanding

borrowing

as

of

April

30,

2025. During

the period ended

April

30,

2025,

Funds

borrowing

against

the

line

of

credit

were

as

follows

(amounts

in

thousands):

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

High

Yield

Fund

$

5.04 %

$

LargeCap

Growth

Fund

I

816

4.97 20

LargeCap

S&P

500

Index

Fund

4.92 3

LargeCap

Value

Fund

III

927

5.17 24

MidCap

Fund

5.08 2

MidCap

Growth

Fund

4.94 1

MidCap

Growth

Fund

III

5.00 1

MidCap

S&P

Index

Fund

4.95 5

MidCap

Value

Fund

I

5.02 4

Overseas

Fund

5.01 6

Principal

Capital

Appreciation

Fund

4.97 9

Real

Estate

Securities

Fund

4.95 3

Short-Term

Income

Fund

5.04 12

SmallCap

Fund

4.97 2

SmallCap

Growth

Fund

I

918

5.10 23

SmallCap

S&P

600

Index

Fund

4.89 2

SmallCap

Value

Fund

II

5.01 4

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

California

Municipal

Fund

$

5.04 %

$

Diversified

International

Fund

1,441

4.97 36

Global

Real

Estate

Securities

Fund

4.96 3

Inflation

Protection

Fund

5.10 5

International

Equity

Fund

5.00 5

MidCap

Fund

617

5.18 16

MidCap

Growth

Fund

5.19 —

SmallCap

Fund

4.96 3

Tax-Exempt

Bond

Fund

5.01 7

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

Growth

Fund

III

5.46 MidCap

Value

Fund

I

5.46 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Contingent

Convertible

Securities.

As

footnoted

in

the

schedules

of

investments,

certain

of

the

Funds

invest in

contingent

convertible securities

("CoCos").

CoCos are

hybrid

debt

securities

that

may

convert

into

equity

or

have

their

principal

written

down

upon

the

occurrence

of

certain

"triggers."

Although

a

contingent

convertible

security's

equity

conversion

and

principal

write-down

features

are

tailored

to

the

particular

issuing

banking

institution

and

its

regulatory

requirements,

triggers

are

generally

linked

to

regulatory

capital

thresholds

or

regulatory

actions

calling

into

question

such

institution's

continued

viability

as

a

going-concern.

CoCos

may

have

no

stated

maturity

and

fully

discretionary

coupons,

which

means

coupon

payments

can

be

canceled

at

the

issuing

banking

institution's

discretion

or

at

the

request

of

the

relevant

regulatory

authority

without

causing

a

default.

To

provide

the

appropriate

regulatory

capital

treatment,

CoCos

are

usually

issued

in

the

form

of

subordinated

debt

instruments

that

rank

junior

to

the

claims

of

holders

of

more

senior

obligations

in

the

event

of

the

issuer's

liquidation.

If

CoCos

are

converted

into

equity

securities

due

to

a

trigger

event,

holders

will

be

further

subordinated.

The

future

value

of

CoCos

is

unpredictable

and

is

influenced

by

many

factors

including,

without

limitation:

the

creditworthiness

of

the

issuer

and/or

fluctuations

in

such

issuer's

applicable

capital

ratios;

supply

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

April

30,

2025,

Funds

with

financial

assets

and

liabilities

subject

to

Master

Netting

Agreements

or

similar

agreements

were

as

follows

(amounts

in

thousands):

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Overseas

Fund

$

5.46 %

SmallCap

Fund

5.46 SmallCap

Growth

Fund

I

5.46 SmallCap

Value

Fund

II

5.46 Tax-Exempt

Bond

Fund

5.77 Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Diversified

Income

Fund

Bank

of

New

York

Mellon

Foreign

Currency

Contracts

$

—

$

(249) $

(249) $

—

$

(249) $

(249) $

—

$

(249) Citigroup

Inc

Credit

Default

Swaps

—

Foreign

Currency

Contracts

(181) (163) Total

Return

Swaps

—

(79) (79) Written

Credit

Default

Swaptions

—

(7) (7) $

$

(267) $

$

—

$

Goldman

Sachs

&

Co

Credit

Default

Swaps

586

(28) 558

Foreign

Currency

Contracts

—

(13) (13) Written

Credit

Default

Swaptions

—

(6) (6) $

586

$

(47) $

539

$

(520) $

HSBC

Securities

Inc

Foreign

Currency

Contracts

(45) 30

Total

Return

Swaps

—

$

$

(45) $

$

(59) $

—

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Diversified

Income

Fund

(continued)

JPMorgan

Chase

Credit

Default

Swaps

$

548

$

—

$

548

Foreign

Currency

Contracts

(126) (108) Total

Return

Swaps

—

Written

Credit

Default

Swaptions

—

(12) (12) $

606

$

(138) $

$

—

$

Morgan

Stanley

&

Co

Credit

Default

Swaps

(10) 212

Foreign

Currency

Contracts

—

Total

Return

Swaps

—

(4) (4) $

$

(14) $

$

—

$

Total

OTC

$

1,812

$

(760) $

1,052

$

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Citigroup

Inc

Foreign

Currency

Contracts

(871) (656) Total

Return

Swaps

—

(243) (243) $

$

(1,114)

$

(899) $

899

$

—

Goldman

Sachs

&

Co

Credit

Default

Swaps

—

(944) (944) Foreign

Currency

Contracts

—

(213) (213) $

—

$

(1,157)

$

(1,157)

$

1,157

$

—

HSBC

Securities

Inc

Foreign

Currency

Contracts

(472) 26

Total

Return

Swaps

—

$

581

$

(472) $

$

(90) $

JPMorgan

Chase

Foreign

Currency

Contracts

(299) (249) Total

Return

Swaps

—

$

$

(299) $

(134) $

$

—

Total

OTC

$

961

$

(3,042)

$

(2,081)

$

High

Yield

Fund

JPMorgan

Chase

Foreign

Currency

Contracts

(30) 10

$

$

(30) $

$

—

$

Total

OTC

$

$

(30) $

$

—

Inflation

Protection

Fund

Bank

of

America

NA

Foreign

Currency

Contracts

(201) (190) $

$

(201) $

(190) $

—

$

(190) Barclays

Bank

PLC

Foreign

Currency

Contracts

—

(937) (937) $

—

$

(937) $

(937) $

—

$

(937) BNP

Paribas

Foreign

Currency

Contracts

(136) (5) $

$

(136) $

(5) $

—

$

(5) Citigroup

Inc

Foreign

Currency

Contracts

—

(78) (78) Purchased

Interest

Rate

Swaptions

—

Purchased

Options

659

—

659

Written

Interest

Rate

Swaptions

—

(3) (3) Written

Options

—

(168) (168) $

1,027

$

(249) $

778

$

(631) $

Deutsche

Bank

AG

Foreign

Currency

Contracts

(10) (6) $

$

(10) $

(6) $

—

$

(6) HSBC

Securities

Inc

Foreign

Currency

Contracts

—

$

$

—

$

$

—

$

JPMorgan

Chase

Foreign

Currency

Contracts

(35) 1

$

$

(35) $

$

—

$

Morgan

Stanley

&

Co

Foreign

Currency

Contracts

(5) (3) $

$

(5) $

(3) $

—

$

(3) 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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.

Cross

Trades.

The

Funds

may

engage

in

cross

trades.

A

cross

trade

is

a

purchase

or

sale

transaction

between

affiliated

portfolios

executed

directly

or

through

an

intermediary.

Mutual

funds

and

other

managed

portfolios

may

be

considered

affiliated

if

they

have

a

common

investment

advisor,

so

a

fund

may

be

considered

affiliated

with

any

portfolio

for

which

the

fund's

sub-advisor

acts

as

an

investment

advisor.

Such

transactions

are

permissible

provided

that

the

conditions

of

Rule

17a-7

under

the

1940

Act

are

satisfied.

For

the

period ended

April

30,

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

April

30,

2025,

deposits

with

counterparty

were

as

follows

(amounts

in

thousands):

Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Inflation

Protection

Fund

(continued)

Royal

Bank

of

Scotland

Foreign

Currency

Contracts

$

$

(1) $

$

$

(1) $

$

—

$

Standard

Chartered

Bank,

Hong

Kong

Foreign

Currency

Contracts

—

(253) (253) $

—

$

(253) $

(253) $

—

$

(253) Total

OTC

$

1,332

$

(1,827)

$

(495) $

(1,126)

\*

Represents

amount

of

offsetting

derivative

assets

or

liabilities

that

are

subject

to

an

enforceable

master

netting

agreement

or

similar

agreement

that

are

not

netted

against

the

gross

derivative

assets

or

liabilities

for

presentation

on

the

statements

of

assets

and

liabilities.

†

Collateral

pledged

or

received

may

be

in

excess

of

recognized

assets

or

liabilities,

see

the

schedules

of

investments.

FCM

(Futures

and

Cleared

Swaps)

ISDA

(OTC

Derivatives)

Total

Deposits

with

Counterparty

Diversified

Income

Fund

$

2,393

$

3,311

$

5,704

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

6,811

11,465

18,276

Government

&

High

Quality

Bond

Fund

531

—

531

Inflation

Protection

Fund

16,259

—

16,259

LargeCap

Growth

Fund

I

3,205

—

3,205

LargeCap

S&P

500

Index

Fund

8,429

—

8,429

LargeCap

Value

Fund

III

3,995

—

3,995

MidCap

Growth

Fund

III

—

MidCap

S&P

Index

Fund

2,252

—

2,252

MidCap

Value

Fund

I

927

—

927

Overseas

Fund

—

Short-Term

Income

Fund

1,057

—

1,057

SmallCap

Growth

Fund

I

652

—

652

SmallCap

S&P

600

Index

Fund

3,790

—

3,790

SmallCap

Value

Fund

II

801

—

801

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

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

April

30,

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

period

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.

During the

period

ended April

30,

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

ISDA

(OTC

Derivatives)

MSFTA

(Forward

Currency

Contracts

and

TBA

Securities)

Total

Deposits

from

Counterparty

Diversified

Income

Fund

$

620

$

—

$

620

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

—

Inflation

Protection

Fund

631

1,075

Average

Outstanding

Balance

Weighted

Average

Annual

Interest

Rate

California

Municipal

Fund

$

24,049

3.32 %

Tax-Exempt

Bond

Fund

24,983

3.24 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

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

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

Board (or

the

Manager,

in

accordance

with

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

Board

(or

the

Manager,

in

accordance

with

Board-approved

guidelines)

determines

to

impose

it

(as

early

as

the

same

day

the

Board

or

the

Manager

makes

the

determination)

and

will

remain

in

place

until

the

Board

(or

the

Manager,

in

accordance

with

Board-approved guidelines)

determines

that

imposing

the

discretionary

liquidity

fee

is

no

longer

in

the

best

interests

of

the

Money

Market

Fund.

Options

Contracts.

During

the

period, 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

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

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 period

end

are

included

in

the

Funds'

schedules

of

investments.

Private

Investments

in

Public

Equity.

The

Funds

may

invest

in

private

investments

in

public

equity

("PIPEs")

which

are

issued

by

a

company

in

the

secondary

market

as

a

means

of

raising

capital.

In

connection

with

PIPEs,

the

Funds

may

enter

into

unfunded

commitments.

Commitments

may

be

subject

to

various

contingencies

and

are

recognized

when

the

commitment

is

legally

binding.

These

contingencies

are

considered

in

the

valuation

of

the

commitments.

The

Funds

are

obligated

to

fund

these

commitments

when

the

contingencies

are

met

and

therefore,

the

Funds

must

have

funds

sufficient

to

cover

their

obligation.

Commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statements

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statements

of

operations,

as

applicable.

As

of

period

end,

the

commitments,

if

any, are

typically

categorized

as

Level

within

the

disclosure

hierarchy.

As of

April

30,

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.

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.

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Senior

Floating

Rate

Interests.

The

Funds

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

typically hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

"Borrower"),

and

are

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below-investment-grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

fund

and

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower's

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

Senior

floating

rate

interests

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank,

LIBOR,

SOFR,

or

a similar reference

rate.

Senior

floating

rate

interests

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

the

Borrower

to

repay,

prepayments

of

senior

floating

rate

interests

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

floating

rate

interests

may

be

substantially

less

than

stated

maturities

shown

in

the

schedules

of

investments.

In

connection

with

the

senior

floating

rate

interests,

the

Funds

may

also

enter

into

unfunded

loan

commitments.

All

or

a

portion

of

the

loan

commitments

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

Borrower's

discretion.

Therefore,

the

Funds

must

have

funds

sufficient

to

cover their

contractual

obligation.

Unfunded

loan

commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statements

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statements

of

operations,

as

applicable.

As

of

period

end,

the

unfunded

loan

commitments

are

categorized

as

Level

within

the

disclosure

hierarchy.

As

of

April

30,

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

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.

Unfunded

Loan

Commitment

Net

Unrealized

Gain/(Loss)

Core

Plus

Bond

Fund

$

$

—

Diversified

Income

Fund

(2) High

Yield

Fund

(1) 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Upon

termination

of

swap

agreements,

the

Funds

recognize

a

realized

gain

or

loss.

Net

periodic

payments

to

be

received

or

paid

are

accrued

daily

and

are

recorded

in

the

statements

of

operations

as

realized

gains

or

losses.

Payments

received

or

made

at

the

beginning

of

the

measurement

period

are

reflected

as

such

on

the

statements

of

assets

and

liabilities

and

represent

payments

made

or

received

upon

entering

into

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

prevailing

market

conditions

(credit

spreads,

interest

rates,

and

other

relevant

factors).

These

upfront

payments

are

amortized

daily

over

the

term

of

the

swap

agreement

as

realized

gains

or

losses

on

the

statements

of

operations.

Notional

principal

amounts

are

used

to

express

the

extent

of

involvement

in

these

agreements.

Risks

may

exceed

amounts

shown

on

the

statements

of

assets

and

liabilities.

These

risks

include

changes

in

the

returns

of

the

underlying

instruments,

unfavorable

interest

rate

fluctuation,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

contractual

terms

in

the

agreements,

and

the

possible

lack

of

liquidity

with

respect

to

the

swap

agreements.

The

Funds

and

any

counterparty

are

required

to

maintain

an

agreement

that

requires

the

Funds

and

that

counterparty

to

monitor

the

net

fair

value

of

all

derivative

transactions

entered

into

pursuant

to

the

contract

between

the

Funds

and

such

counterparty.

If

the

net

fair

value

of

such

derivatives

transactions

between

the

Funds

and

that

counterparty

exceeds

a

certain

threshold

(as

defined

in

the

agreement),

the

Funds

or

the

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).

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

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

April

30,

2025

for

which

a

fund

is

the

seller

of

protection

are

disclosed

in

the

footnotes

to

the

schedules

of

investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

a

fund

for

the

same

referenced

entity

or

entities.

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

April

30,

2025,

series

of

the

Fund,

Principal

Exchange-Traded

Funds

and

Principal

Variable

Contracts

Funds,

Inc.

owned

the

following

percentages,

in

the

aggregate,

of

the

outstanding

shares

of

the

Funds

listed

below:

Total

Percentage

of

Outstanding

Shares

Owned

Total

Percentage

of

Outstanding

Shares

Owned

Core

Fixed

Income

Fund

67.83 %

LargeCap

Value

Fund

III

78.13 %

Equity

Income

Fund

36.23 MidCap

Fund

3.09 Finisterre

Emerging

Markets

Total

Return

Bond

Fund

54.83 MidCap

S&P

Index

Fund

38.22 Global

Emerging

Markets

Fund

35.48 Overseas

Fund

42.33 Government

&

High

Quality

Bond

Fund

32.48 Principal

Capital

Appreciation

Fund

32.22 Government

Money

Market

Fund

76.06 Real

Estate

Securities

Fund

11.72 High

Yield

Fund

22.74 Short-Term

Income

Fund

43.02 International

Equity

Fund

95.95 SmallCap

Fund

31.56 Inflation

Protection

Fund

44.48 SmallCap

S&P

600

Index

Fund

47.66 LargeCap

Growth

Fund

I

27.65 LargeCap

S&P

500

Index

Fund

55.45 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

U.S.

Government

Agencies

or

Government-Sponsored

Enterprises.

Certain

of

the

Funds

may

invest

in

U.S.

Government

agencies

or

government-sponsored

enterprises.

U.S.

Government

securities

are

obligations

of,

and

in

certain

cases,

guaranteed

by,

the

U.S.

Government

or

its

agencies.

The

U.S.

Government

does

not

guarantee

the

net

asset

value

of

the

Funds'

shares.

Some

U.S.

Government

securities

such

as

treasury

bills,

notes

and

bonds,

and

securities

guaranteed

by

the

Government

National

Mortgage

Association

("GNMA")

are

supported

by

the

full

faith

and

credit

of

the

U.S.

Government.

Other

securities,

such

as

those

of

the

Federal

Home

Loan

Bank,

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Department

of

the

Treasury.

Still

other

securities,

such

as

those

of

the

Federal

National

Mortgage

Association

("FNMA"),

are

supported

by

the

discretionary

authority

of

the

U.S.

Government

to

purchase

the

agency's

obligations.

Government

related

guarantors

(those

not

backed

by

the

full

faith

and

credit

of

the U.S.

Government)

include

the FNMA

and

the

Federal

Home

Loan

Mortgage

Corporation

("FHLMC").

The

FNMA

is

a

government

sponsored

corporation,

the

common

stock

of

which

is

owned

entirely

by

private

stockholders.

The

FNMA

purchases

conventional

residential

mortgages

from

a

list

of

approved

seller/servicers

which

include

state

and

federally

chartered

savings

and

loan

associations,

mutual

savings

banks,

commercial

banks,

credit

unions,

and

mortgage

bankers.

Pass-through

securities

issued

by

the

FNMA

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

the

FNMA,

but

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

The

FHLMC

issues

participation

certificates,

which

are

pass-through

securities,

each

representing

an

undivided

interest

in

a

pool

of

residential

mortgages.

The

FHLMC

guarantees

the

timely

payment

of

interest

and

ultimate

collection

of

principal,

but

participation

certificates

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

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

April

30,

2025

Liability

Derivatives

April

30,

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

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

7,891

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

578

\*

Core

Plus

Bond

Fund

Credit

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,167

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Total

$

1,167

$

Diversified

Income

Fund

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,700

\*

Payables

$

Foreign

Exchange

Contracts

Receivables

$

Payables

$

614

Interest

Rate

Contracts

Investment

in

securities

-

at

value\*\*,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

595

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,016

\*

Total

$

2,408

$

1,693

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,044

\*

Foreign

Exchange

Contracts

Receivables

$

763

Payables

$

1,855

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

8,533

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

5,159

\*

Total

$

9,380

$

8,058

Government

&

High

Quality

Bond

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

612

\*

High

Yield

Fund

Foreign

Exchange

Contracts

Receivables

$

Payables

$

Inflation

Protection

Fund

Credit

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

693

\*

Foreign

Exchange

Contracts

Receivables

$

Payables

$

1,656

Interest

Rate

Contracts

Investment

in

securities

-

at

value\*\*,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

4,708

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

2,526

\*

Total

$

5,013

$

4,875

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)

$

5,937

\*

$

—

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Asset

Derivatives

April

30,

2025

Liability

Derivatives

April

30,

2025

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

LargeCap

Value

Fund

III

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,007

\*

$

—

MidCap

Growth

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

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

Overseas

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

Short-Term

Income

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,924

\*

$

—

SmallCap

Growth

Fund

I

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

SmallCap

S&P

600

Index

Fund

Equity

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

707

\*

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

$

(7,578)

$

13,485

Core

Plus

Bond

Fund

Credit

Contracts

Swap

agreements

$

593

$

(207) Interest

Rate

Contracts

Futures

contracts

$

(6,917)

$

6,213

Total

$

(6,324)

$

6,006

Diversified

Income

Fund

Credit

Contracts

Investment

transactions/Investments\*

$

(47) $

Options

and

swaptions

$

$

(29) Swap

agreements

$

(121) $

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

1,083

$

(848) Interest

Rate

Contracts

Investment

transactions/Investments\*

$

—

$

(1) Futures

contracts

$

(1,421)

$

524

Swap

agreements

$

723

$

(352) Total

$

$

(533) Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Credit

Contracts

Swap

agreements

$

1,328

$

(278) Foreign

Exchange

Contracts

Foreign

currency

contracts

$

1,572

$

(2,090)

Interest

Rate

Contracts

Futures

contracts

$

1,231

$

1,378

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

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

Swap

agreements

$

(681) $

4,260

Total

$

3,450

$

3,270

Government

&

High

Quality

Bond

Fund

Interest

Rate

Contracts

Futures

contracts

$

(485) $

(366) High

Yield

Fund

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

(233) $

(27) Inflation

Protection

Fund

Credit

Contracts

Swap

agreements

$

(19) $

(616) Foreign

Exchange

Contracts

Investment

transactions/Investments\*

$

(201) $

Foreign

currency

contracts

$

2,040

$

(2,928)

Options

and

swaptions

$

$

—

Interest

Rate

Contracts

Investment

transactions/Investments\*

$

(1,935)

$

Futures

contracts

$

930

$

(758) Options

and

swaptions

$

$

Swap

agreements

$

(32) $

2,170

Total

$

1,158

$

(1,687)

LargeCap

Growth

Fund

I

Equity

Contracts

Futures

contracts

$

(12,144)

$

2,611

LargeCap

S&P

500

Index

Fund

Equity

Contracts

Futures

contracts

$

(23,922)

$

4,957

LargeCap

Value

Fund

III

Equity

Contracts

Futures

contracts

$

(2,774)

$

1,835

MidCap

Growth

Fund

III

Equity

Contracts

Futures

contracts

$

(228) $

MidCap

S&P

Index

Fund

Equity

Contracts

Futures

contracts

$

(6,692)

$

651

MidCap

Value

Fund

I

Equity

Contracts

Futures

contracts

$

(2,191)

$

584

Overseas

Fund

Equity

Contracts

Futures

contracts

$

$

Short-Term

Income

Fund

Interest

Rate

Contracts

Futures

contracts

$

(6,943)

$

6,725

SmallCap

Growth

Fund

I

Equity

Contracts

Futures

contracts

$

(1,258)

$

SmallCap

S&P

600

Index

Fund

Equity

Contracts

Futures

contracts

$

(3,361)

$

(588) SmallCap

Value

Fund

II

Equity

Contracts

Futures

contracts

$

(1,234)

$

\*Investment

transactions

includes

purchased

options

and/or

purchased

swaptions.

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

The

following

table

includes

a

summary

of

the

average

quarterly

outstanding

notional

by

derivative

instrument

type

for

the

period

ended

April

30,

2025

(amounts

in

thousands):

&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

$

810,648

Futures

-

Short

49,170

Core

Plus

Bond

Fund

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

21,180

Interest

Rate

Contracts

Futures

-

Long

186,660

Futures

-

Short

1,336

Diversified

Income

Fund

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

8,532

Credit

Default

Swaps

-

Sell

Protection

6,497

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

21,245

Purchased

Credit

Default

Swaptions

4,838

Written

Credit

Default

Swaptions

14,202

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

19,388

Foreign

Currency

Contracts

-

Contracts

to

Deliver

41,605

Interest

Rate

Contracts

Futures

-

Long

70,301

Futures

-

Short

30,256

Purchased

Options

Total

Return

Swaps

-

Pay

Positive

Return

Total

Return

Swaps

-

Receive

Positive

Return

5,454

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

89,288

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

51,125

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

136,368

Foreign

Currency

Contracts

-

Contracts

to

Deliver

202,219

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

259,779

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

103,044

Futures

-

Long

120,055

Futures

-

Short

28,177

Total

Return

Swaps

-

Receive

Positive

Return

14,770

Government

&

High

Quality

Bond

Fund

Interest

Rate

Contracts

Futures

-

Long

20,898

Futures

-

Short

69,007

High

Yield

Fund

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

Foreign

Currency

Contracts

-

Contracts

to

Deliver

17,892

Inflation

Protection

Fund

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Sell

Protection

34,413

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

36,731

Foreign

Currency

Contracts

-

Contracts

to

Deliver

71,878

Purchased

Options

21,300

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

620,950

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

264,294

Futures

-

Long

174,202

Futures

-

Short

107,329

Purchased

Interest

Rate

Swaptions

443,604

Purchased

Options

94,203

Written

Interest

Rate

Swaptions

395,516

Written

Options

94,203

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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

&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

LargeCap

Growth

Fund

I

Equity

Contracts

Futures

-

Long

59,059

LargeCap

S&P

500

Index

Fund

Equity

Contracts

Futures

-

Long

268,322

LargeCap

Value

Fund

III

Equity

Contracts

Futures

-

Long

48,294

MidCap

Growth

Fund

III

Equity

Contracts

Futures

-

Long

3,257

MidCap

S&P

Index

Fund

Equity

Contracts

Futures

-

Long

25,870

MidCap

Value

Fund

I

Equity

Contracts

Futures

-

Long

15,359

Overseas

Fund

Equity

Contracts

Futures

-

Long

5,531

Short-Term

Income

Fund

Interest

Rate

Contracts

Futures

-

Long

160,099

SmallCap

Growth

Fund

I

Equity

Contracts

Futures

-

Long

7,123

SmallCap

S&P

600

Index

Fund

Equity

Contracts

Futures

-

Long

31,258

SmallCap

Value

Fund

II

Equity

Contracts

Futures

-

Long

7,041

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

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. The

following

is

a

summary

of

the

inputs

used

as

of April

30,

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\*

—

632,570

—

632,570

Total

investments

in

securities

$

$

632,570

$

—

$

632,621

Core

Fixed

Income

Fund

Bonds\*

—

5,878,700

—

5,878,700

Common

Stocks

Industrial

—

—

16,470

16,470

Investment

Companies\*

199,734

—

—

199,734

U.S.

Government

&

Government

Agency

Obligations\*

—

4,547,407

—

4,547,407

Total

investments

in

securities

$

199,734

$

10,426,107

$

16,470

$

10,642,311

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

7,891

—

—

7,891

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(578) —

—

(578) Core

Plus

Bond

Fund

Bonds\*

—

369,461

369,470

Common

Stocks

Consumer,

Cyclical

—

—

—

—

Energy

—

—

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Core

Plus

Bond

Fund

(continued)

Common

Stocks

(continued)

Financial

$

—

$

$

—

$

Investment

Companies\*

31,643

—

—

31,643

Senior

Floating

Rate

Interests\*

—

25,520

—

25,520

U.S.

Government

&

Government

Agency

Obligations\*

—

157,529

—

157,529

Total

investments

in

securities

$

31,643

$

552,511

$

$

584,192

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

1,167

—

—

1,167

Derivative

Liabilities

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps\*\*

—

(207) —

(207) Interest

Rate

Contracts

Futures\*\*

(8) —

—

(8) Diversified

Income

Fund

Bonds\*

—

1,643,257

38,772

1,682,029

Common

Stocks

Basic

Materials

—

40,805

41,082

Consumer,

Cyclical

—

1,386

—

1,386

Consumer,

Non-cyclical

—

—

832

832

Industrial

—

4,385

—

4,385

Technology

—

Convertible

Bonds\*

—

529

—

529

Investment

Companies\*

206,114

—

—

206,114

Preferred

Stocks

Consumer,

Non-cyclical

—

953

—

953

Financial

13,568

3,554

—

17,122

Utilities

7,613

—

—

7,613

Repurchase

Agreements

—

19,046

—

19,046

Senior

Floating

Rate

Interests\*

—

270,011

19,518

289,529

U.S.

Government

&

Government

Agency

Obligations\*

—

257,275

—

257,275

Purchased

Options

—

—

Total

investments

in

securities

$

227,519

$

2,200,866

$

99,927

$

2,528,312

Short

Sales

U.S.

Government

&

Government

Agency

Obligations\*

—

(2,605)

—

(2,605)

Total

Short

Sales

$

—

$

(2,605)

$

—

$

(2,605)

Derivative

Assets

Credit

Contracts

Credit

Default

Swaps

—

1,63

—

1,63

Exchange

Cleared

Credit

Default

Swaps\*\*

—

—

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

Interest

Rate

Contracts

Futures\*\*

523

—

—

523

Total

Return

Swaps

—

—

Derivative

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(3

8)

—

(3

8)

Written

Credit

Default

Swaptions

—

(25) —

(25) Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(614) —

(614) Interest

Rate

Contracts

Futures\*\*

(933) —

—

(933) Total

Return

Swaps

—

(83) —

(83) Diversified

International

Fund

Common

Stocks

Basic

Materials

11,590

8,796

—

20,386

Communications

17,395

86,093

—

103,488

Consumer,

Cyclical

25,882

130,022

—

155,904

Consumer,

Non-cyclical

12,782

166,972

—

179,754

Energy

27,769

10,879

—

38,648

Financial

44,537

232,676

—

277,213

Industrial

6,164

137,610

—

143,774

Technology

—

113,491

—

113,491

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Diversified

International

Fund

(continued)

Common

Stocks

(continued)

Utilities

$

—

$

12,771

$

—

$

12,771

Investment

Companies\*

23,107

—

—

23,107

Total

investments

in

securities

$

169,226

$

899,310

$

—

$

1,068,536

Equity

Income

Fund

Common

Stocks\*

7,996,548

—

—

7,996,548

Investment

Companies\*

283,432

—

—

283,432

Total

investments

in

securities

$

8,279,980

$

—

$

—

$

8,279,980

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Bonds\*

—

557,966

—

557,966

Convertible

Bonds\*

—

1,589

—

1,589

Investment

Companies\*

71,481

—

—

71,481

Total

investments

in

securities

$

71,481

$

559,555

$

—

$

631,036

Derivative

Assets

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps\*\*

—

—

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

763

—

763

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

7,705

—

7,705

Futures\*\*

630

—

—

630

Total

Return

Swaps

—

—

Derivative

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(944) —

(944) Exchange

Cleared

Credit

Default

Swaps\*\*

—

(100) —

(100) Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(1,855)

—

(1,855)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

(4,916)

—

(4,916)

Total

Return

Swaps

—

(24

3)

—

(24

3)

Global

Emerging

Markets

Fund

Common

Stocks

Basic

Materials

61,336

37,731

—

99,067

Communications

74,277

394,184

—

468,461

Consumer,

Cyclical

42,319

140,176

—

182,495

Consumer,

Non-cyclical

25,063

198,728

—

223,791

Energy

4,959

48,719

—

53,678

Financial

42,824

581,530

—

624,354

Industrial

65,717

179,438

—

245,155

Technology

30,182

468,688

—

498,870

Utilities

10,846

34,763

—

45,609

Investment

Companies\*

73,834

—

—

73,834

Preferred

Stocks

Consumer,

Cyclical

—

13,223

—

13,223

Energy

14,128

—

—

14,128

Total

investments

in

securities

$

445,485

$

2,097,180

$

—

$

2,542,665

Global

Real

Estate

Securities

Fund

Common

Stocks

Communications

—

13,259

—

13,259

Financial

1,106,741

539,016

—

1,645,757

Industrial

—

15,180

—

15,180

Investment

Companies\*

18,509

—

—

18,509

Total

investments

in

securities

$

1,125,250

$

567,455

$

—

$

1,692,705

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Government

&

High

Quality

Bond

Fund

Bonds\*

$

—

$

182,838

$

—

$

182,838

Investment

Companies\*

4,006

—

—

4,006

U.S.

Government

&

Government

Agency

Obligations\*

—

605,634

—

605,634

Total

investments

in

securities

$

4,006

$

788,472

$

—

$

792,478

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

—

—

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(612) —

—

(612) Government

Money

Market

Fund

Bonds\*

—

1,802,492

—

1,802,492

Investment

Companies\*

245,700

—

—

245,700

Repurchase

Agreements

—

2,150,000

—

2,150,000

U.S.

Government

&

Government

Agency

Obligations\*

—

696,193

—

696,193

Total

investments

in

securities

$

245,700

$

4,648,685

$

—

$

4,894,385

High

Yield

Fund

Bonds\*

—

5,344,316

8,191

5,352,507

Common

Stocks

Basic

Materials

—

588

Communications

—

—

—

—

Consumer,

Cyclical

—

—

—

—

Consumer,

Non-cyclical

—

—

705

705

Energy

—

—

1,087

1,087

Financial

—

—

Utilities

—

—

—

—

Convertible

Bonds\*

—

—

—

—

Investment

Companies\*

476,774

—

—

476,774

Preferred

Stocks

Communications

—

—

—

—

Senior

Floating

Rate

Interests\*

—

320,769

6,421

327,190

Total

investments

in

securities

$

476,774

$

5,665,280

$

16,841

$

6,158,895

Derivative

Assets

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

Derivative

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(30) —

(30) Inflation

Protection

Fund

Bonds\*

—

136,831

—

136,831

Investment

Companies\*

47,717

—

—

47,717

U.S.

Government

&

Government

Agency

Obligations\*

—

2,270,015

—

2,270,015

Purchased

Options

—

659

—

659

Purchased

Interest

Rate

Swaptions

—

—

Total

investments

in

securities

$

47,717

$

2,407,873

$

—

$

2,455,590

Derivative

Assets

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

2,806

—

2,806

Futures\*\*

875

—

—

875

Derivative

Liabilities

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps\*\*

—

(693) —

(693) Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(1,656)

—

(1,656)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

(1,031)

—

(1,031)

Futures\*\*

(1,324)

—

—

(1,324)

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Inflation

Protection

Fund

(continued)

Interest

Rate

Contracts

(continued)

Written

Interest

Rate

Swaptions

$

—

$

(3) $

—

$

(3) Written

Options

—

(168) —

(168) International

Equity

Fund

Common

Stocks

Basic

Materials

94,135

36,381

—

130,516

Communications

128,942

548,620

—

677,562

Consumer,

Cyclical

266,745

705,537

—

972,282

Consumer,

Non-cyclical

12,607

883,884

—

896,491

Energy

144,050

—

—

144,050

Financial

—

1,169,350

—

1,169,350

Industrial

27,744

619,865

—

647,609

Technology

145,900

427,637

—

573,537

Investment

Companies\*

214,566

—

—

214,566

Total

investments

in

securities

$

1,034,689

$

4,391,274

$

—

$

5,425,963

LargeCap

Growth

Fund

I

Common

Stocks

Basic

Materials

7,362

—

—

7,362

Communications

1,914,452

—

—

1,914,452

Consumer,

Cyclical

456,657

—

—

456,657

Consumer,

Non-cyclical

1,177,734

—

—

1,177,734

Energy

23,905

—

—

23,905

Financial

732,855

—

—

732,855

Industrial

511,436

—

—

511,436

Technology

3,428,963

—

4,052

3,433,015

Utilities

3,279

—

—

3,279

Convertible

Preferred

Stocks

Basic

Materials

—

—

2,026

2,026

Consumer,

Cyclical

—

—

5,167

5,167

Technology

—

—

6,778

6,778

Investment

Companies\*

141,766

—

—

141,766

Total

investments

in

securities

$

8,398,409

$

—

$

18,023

$

8,416,432

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

LargeCap

S&P

500

Index

Fund

Common

Stocks\*

8,315,533

—

—

8,315,533

Investment

Companies\*

171,224

—

—

171,224

Total

investments

in

securities

$

8,486,757

$

—

$

—

$

8,486,757

Derivative

Assets

Equity

Contracts

Futures\*\*

5,937

—

—

5,937

LargeCap

Value

Fund

III

Common

Stocks

Basic

Materials

85,912

—

—

85,912

Communications

178,918

—

—

178,918

Consumer,

Cyclical

293,280

—

—

293,280

Consumer,

Non-cyclical

605,530

—

—

605,530

Energy

236,206

—

—

236,206

Financial

796,771

—

—

796,771

Industrial

438,010

—

—

438,010

Technology

403,498

—

—

403,498

Utilities

233,801

—

—

233,801

Investment

Companies\*

210,130

—

—

210,130

Total

investments

in

securities

$

3,482,056

$

—

$

—

$

3,482,056

Derivative

Assets

Equity

Contracts

Futures\*\*

1,007

—

—

1,007

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

MidCap

Fund

Common

Stocks

Basic

Materials

$

421,608

$

—

$

—

$

421,608

Communications

650,131

—

—

650,131

Consumer,

Cyclical

7,447,817

—

—

7,447,817

Consumer,

Non-cyclical

872,389

—

—

872,389

Financial

8,583,198

—

—

8,583,198

Industrial

5,801,764

—

—

5,801,764

Technology

4,699,212

—

—

4,699,212

Utilities

996,521

—

—

996,521

Investment

Companies\*

3,738

—

—

3,738

Total

investments

in

securities

$

29,476,378

$

—

$

—

$

29,476,378

MidCap

Growth

Fund

Common

Stocks\*

163,057

—

—

163,057

Investment

Companies\*

6,562

—

—

6,562

Total

investments

in

securities

$

169,619

$

—

$

—

$

169,619

MidCap

Growth

Fund

III

Common

Stocks\*

221,593

—

—

221,593

Investment

Companies\*

6,079

—

—

6,079

Total

investments

in

securities

$

227,672

$

—

$

—

$

227,672

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

MidCap

S&P

Index

Fund

Common

Stocks\*

1,118,263

—

—

1,118,263

Investment

Companies\*

46,559

—

—

46,559

Total

investments

in

securities

$

1,164,822

$

—

$

—

$

1,164,822

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

MidCap

Value

Fund

I

Common

Stocks

Basic

Materials

141,980

—

—

141,980

Communications

101,995

—

—

101,995

Consumer,

Cyclical

155,863

—

—

155,863

Consumer,

Non-cyclical

391,823

—

—

391,823

Energy

126,810

—

—

126,810

Financial

541,488

—

—

541,488

Industrial

431,027

—

—

431,027

Technology

186,458

—

—

186,458

Utilities

174,919

—

—

174,919

Investment

Companies\*

89,462

—

—

89,462

Total

investments

in

securities

$

2,341,825

$

—

$

—

$

2,341,825

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

Money

Market

Fund

Bonds\*

—

54,407

—

54,407

Commercial

Paper

—

830,612

—

830,612

Investment

Companies\*

41,720

—

—

41,720

Municipal

Bonds\*

—

30,430

—

30,430

Repurchase

Agreements

—

190,000

—

190,000

Total

investments

in

securities

$

41,720

$

1,105,449

$

—

$

1,147,169

Overseas

Fund

Common

Stocks

Basic

Materials

3,755

81,783

—

85,538

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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)

Communications

$

—

$

28,325

$

—

$

28,325

Consumer,

Cyclical

7,964

77,603

—

85,567

Consumer,

Non-cyclical

215,218

—

215,643

Diversified

—

6,255

—

6,255

Energy

16,118

39,920

—

56,038

Financial

10,453

297,972

—

308,425

Industrial

19,159

215,478

—

234,637

Technology

—

89,595

—

89,595

Utilities

—

67,316

—

67,316

Investment

Companies\*

52,621

—

—

52,621

Preferred

Stocks

Consumer,

Cyclical

—

10,139

—

10,139

Consumer,

Non-cyclical

—

—

Total

investments

in

securities

$

110,495

$

1,129,758

$

—

$

1,240,253

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

Principal

Capital

Appreciation

Fund

Common

Stocks\*

4,389,286

—

—

4,389,286

Investment

Companies\*

25,462

—

—

25,462

Total

investments

in

securities

$

4,414,748

$

—

$

—

$

4,414,748

Principal

LifeTime

2015

Fund

Investment

Companies\*

212,035

—

—

212,035

Total

investments

in

securities

$

212,035

$

—

$

—

$

212,035

Principal

LifeTime

2020

Fund

Investment

Companies\*

2,078,934

—

—

2,078,934

Total

investments

in

securities

$

2,078,934

$

—

$

—

$

2,078,934

Principal

LifeTime

2025

Fund

Investment

Companies\*

1,423,071

—

—

1,423,071

Total

investments

in

securities

$

1,423,071

$

—

$

—

$

1,423,071

Principal

LifeTime

2030

Fund

Investment

Companies\*

5,066,156

—

—

5,066,156

Total

investments

in

securities

$

5,066,156

$

—

$

—

$

5,066,156

Principal

LifeTime

2035

Fund

Investment

Companies\*

1,919,770

—

—

1,919,770

Total

investments

in

securities

$

1,919,770

$

—

$

—

$

1,919,770

Principal

LifeTime

2040

Fund

Investment

Companies\*

4,484,132

—

—

4,484,132

Total

investments

in

securities

$

4,484,132

$

—

$

—

$

4,484,132

Principal

LifeTime

2045

Fund

Investment

Companies\*

1,635,421

—

—

1,635,421

Total

investments

in

securities

$

1,635,421

$

—

$

—

$

1,635,421

Principal

LifeTime

2050

Fund

Investment

Companies\*

3,124,905

—

—

3,124,905

Total

investments

in

securities

$

3,124,905

$

—

$

—

$

3,124,905

Principal

LifeTime

2055

Fund

Investment

Companies\*

1,079,669

—

—

1,079,669

Total

investments

in

securities

$

1,079,669

$

—

$

—

$

1,079,669

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

LifeTime

2060

Fund

Investment

Companies\*

$

1,041,787

$

—

$

—

$

1,041,787

Total

investments

in

securities

$

1,041,787

$

—

$

—

$

1,041,787

Principal

LifeTime

2065

Fund

Investment

Companies\*

231,891

—

—

231,891

Total

investments

in

securities

$

231,891

$

—

$

—

$

231,891

Principal

LifeTime

2070

Fund

Investment

Companies\*

61,383

—

—

61,383

Total

investments

in

securities

$

61,383

$

—

$

—

$

61,383

Principal

LifeTime

Hybrid

2015

Fund

Investment

Companies\*

372,160

—

—

372,160

Total

investments

in

securities

$

372,160

$

—

$

—

$

372,160

Principal

LifeTime

Hybrid

2020

Fund

Investment

Companies\*

547,334

—

—

547,334

Total

investments

in

securities

$

547,334

$

—

$

—

$

547,334

Principal

LifeTime

Hybrid

2025

Fund

Investment

Companies\*

946,972

—

—

946,972

Total

investments

in

securities

$

946,972

$

—

$

—

$

946,972

Principal

LifeTime

Hybrid

2030

Fund

Investment

Companies\*

1,094,381

—

—

1,094,381

Total

investments

in

securities

$

1,094,381

$

—

$

—

$

1,094,381

Principal

LifeTime

Hybrid

2035

Fund

Investment

Companies\*

769,876

—

—

769,876

Total

investments

in

securities

$

769,876

$

—

$

—

$

769,876

Principal

LifeTime

Hybrid

2040

Fund

Investment

Companies\*

895,356

—

—

895,356

Total

investments

in

securities

$

895,356

$

—

$

—

$

895,356

Principal

LifeTime

Hybrid

2045

Fund

Investment

Companies\*

517,690

—

—

517,690

Total

investments

in

securities

$

517,690

$

—

$

—

$

517,690

Principal

LifeTime

Hybrid

2050

Fund

Investment

Companies\*

475,215

—

—

475,215

Total

investments

in

securities

$

475,215

$

—

$

—

$

475,215

Principal

LifeTime

Hybrid

2055

Fund

Investment

Companies\*

300,299

—

—

300,299

Total

investments

in

securities

$

300,299

$

—

$

—

$

300,299

Principal

LifeTime

Hybrid

2060

Fund

Investment

Companies\*

161,829

—

—

161,829

Total

investments

in

securities

$

161,829

$

—

$

—

$

161,829

Principal

LifeTime

Hybrid

2065

Fund

Investment

Companies\*

59,315

—

—

59,315

Total

investments

in

securities

$

59,315

$

—

$

—

$

59,315

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

LifeTime

Hybrid

2070

Fund

Investment

Companies\*

$

7,028

$

—

$

—

$

7,028

Total

investments

in

securities

$

7,028

$

—

$

—

$

7,028

Principal

LifeTime

Hybrid

Income

Fund

Investment

Companies\*

169,445

—

—

169,445

Total

investments

in

securities

$

169,445

$

—

$

—

$

169,445

Principal

LifeTime

Strategic

Income

Fund

Investment

Companies\*

722,134

—

—

722,134

Total

investments

in

securities

$

722,134

$

—

$

—

$

722,134

Real

Estate

Securities

Fund

Common

Stocks\*

6,196,513

—

—

6,196,513

Investment

Companies\*

88,197

—

—

88,197

Total

investments

in

securities

$

6,284,710

$

—

$

—

$

6,284,710

SAM

Balanced

Portfolio

Investment

Companies\*

4,423,346

—

—

4,423,346

Total

investments

in

securities

$

4,423,346

$

—

$

—

$

4,423,346

SAM

Conservative

Balanced

Portfolio

Investment

Companies\*

1,775,640

—

—

1,775,640

Total

investments

in

securities

$

1,775,640

$

—

$

—

$

1,775,640

SAM

Conservative

Growth

Portfolio

Investment

Companies\*

3,084,388

—

—

3,084,388

Total

investments

in

securities

$

3,084,388

$

—

$

—

$

3,084,388

SAM

Flexible

Income

Portfolio

Investment

Companies\*

2,227,180

—

—

2,227,180

Total

investments

in

securities

$

2,227,180

$

—

$

—

$

2,227,180

SAM

Strategic

Growth

Portfolio

Investment

Companies\*

2,169,057

—

—

2,169,057

Total

investments

in

securities

$

2,169,057

$

—

$

—

$

2,169,057

Short-Term

Income

Fund

Bonds\*

—

2,845,768

—

2,845,768

Investment

Companies\*

128,833

—

—

128,833

U.S.

Government

&

Government

Agency

Obligations\*

—

348,999

—

348,999

Total

investments

in

securities

$

128,833

$

3,194,767

$

—

$

3,323,600

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

1,924

—

—

1,924

SmallCap

Fund

Common

Stocks\*

1,921,647

—

—

1,921,647

Investment

Companies\*

27,501

—

—

27,501

Total

investments

in

securities

$

1,949,148

$

—

$

—

$

1,949,148

SmallCap

Growth

Fund

I

Common

Stocks

Basic

Materials

33,142

—

—

33,142

Communications

60,052

—

—

60,052

Consumer,

Cyclical

166,658

—

—

166,658

Consumer,

Non-cyclical

529,407

—

529,409

Energy

36,182

—

—

36,182

Financial

188,547

—

—

188,547

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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)

Industrial

$

440,565

$

—

$

—

$

440,565

Technology

331,913

—

—

331,913

Utilities

603

—

—

603

Investment

Companies\*

76,552

—

—

76,552

Total

investments

in

securities

$

1,863,621

$

—

$

$

1,863,623

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

SmallCap

S&P

600

Index

Fund

Common

Stocks

Basic

Materials

46,070

—

—

46,070

Communications

50,176

—

—

50,176

Consumer,

Cyclical

161,133

—

—

161,133

Consumer,

Non-cyclical

222,021

—

—

222,021

Energy

47,987

—

—

47,987

Financial

326,002

—

—

326,002

Industrial

203,404

—

—

203,404

Technology

90,263

—

—

90,263

Utilities

30,454

—

—

30,454

Investment

Companies\*

43,120

—

—

43,120

Total

investments

in

securities

$

1,220,630

$

—

$

—

$

1,220,630

Derivative

Liabilities

Equity

Contracts

Futures\*\*

(707) —

—

(707) SmallCap

Value

Fund

II

Common

Stocks

Basic

Materials

29,867

—

—

29,867

Communications

15,579

—

—

15,579

Consumer,

Cyclical

149,014

—

—

149,014

Consumer,

Non-cyclical

107,038

—

107,043

Energy

61,042

—

—

61,042

Financial

335,802

—

—

335,802

Government

—

—

Industrial

191,637

—

—

191,637

Technology

20,581

—

—

20,581

Utilities

38,954

—

—

38,954

Investment

Companies\*

69,276

—

—

69,276

Total

investments

in

securities

$

1,018,872

$

—

$

$

1,018,877

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

Tax-Exempt

Bond

Fund

Investment

Companies\*

—

—

Municipal

Bonds\*

—

528,790

—

528,790

Total

investments

in

securities

$

$

528,790

$

—

$

529,257

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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

\*\*During

the

period,

the

valuation

technique

for

Arctic

Canadian

Diamond

Co

Ltd

changed

from

Precedent

Transaction

Analysis

to

Comparable

Debt

Methodology

driven

by

Discount

Rates.

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

period,

there

were

no

other

Funds

which

had

a

significant

Level

balance.

During

the

period,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3,

except

as

noted

above.

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

Fund

Asset

Type

Fair

Value

as

of

April

30,

2025

Valuation

Technique

Unobservable

Input

Input

Valuations

(weighted

average)\*

Impact

to

valuation

if

input

had

increased

Diversified

Income

Fund

Bonds

$

38,772

Yield

Analysis

Yield

to

Maturity

14.2%

Increase

—

Litigation

Settlement

Proceeds

Expected

Recovery

$0.00

Decrease

Common

Stocks

41,089

Enterprise

Valuation

Model

EBITDA

Multiples

6.2 –

9.0x

(6.9x)

Increase

Discounted

Cash

Flow

Discount

Rate

13.5%

–

17.8%

(14.8)%

Decrease

548

Liquidation

Analysis

Discount

Rate

57.2%

Decrease

Senior

Floating

Rate

Interests

4,077

Yield

Analysis

Yield

to

Maturity\*\*

19.40%

Increase

15,441

Enterprise

Valuation

Model

EBITDA

Multiples

7.6x

Increase

Discounted

Cash

Flow

Discount

Rate

12.70%

Decrease

Total

$

99,927

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

April

30,

2025

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

at

April

30,

2025

Diversified

Income

Fund

Bonds

$

80,662

$

$

1,083

$

724

$

(44,001)

$

—

$

—

$

38,772

$

—

Common

Stock

46,206

—

(4,571)

—

—

—

41,637

(4,570)

Senior

Floating

Rate

Interests

4,510

—

(4,900)

19,908

—

—

—

19,518

(5,072)

Total

$

131,378

$

$

(8,388)

$20,632

$

(44,001)

$

$

—

$

99,927

$

(9,642)

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

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

MidCap

Growth

Fund

.65

.63

.61

.60

MidCap

Growth

Fund

III

.82

.80

.78

.77

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%

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%

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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. Class

shares

discontinued

operations

and

converted

to

Class

shares

and

Class

shares

discontinued

operations

and

converted

to

Class

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 period are

shown

as

an

expense

reimbursement

from

Manager or

expense

reimbursement

to

Manager

on

the

statements

of

assets

and

liabilities.

The

operating

expense

limits are

as

follows:

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

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

November

1,

2024

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

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

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

\*

Prior

to

January

1,

2025,

the

contractual

expense

limit

was

.61%.

\*\*

Prior

to

January

1,

2025,

the

contractual

expense

limit

was

.96%.

#

Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. ~

Class

shares

discontinued

operations

and

converted

to

Class

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

November

1,

2024

Class

A

Class

J

Institutional

Expiration

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

Growth

Fund

N/A

N/A

.75

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

April

30,

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

April

30,

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

Principal

LifeTime

Hybrid

2030

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2035

Fund

.02

February

28,

2026

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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:

Class

shares

discontinued

operations

and

converted

to

Class

shares

and

Class

shares

discontinued

operations

and

converted

to

Class

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

April

30,

2025

Expiration

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

Growth

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.

April

30, 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

period

ended

April

30,

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

—

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

Growth

Fund

N/A

N/A

MidCap

Growth

Fund

III

N/A

N/A

—

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

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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

April

30,

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

SAM

Strategic

Growth

Portfolio

$

$

$

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

Class

J

Institutional

Core

Fixed

Income

Fund

–

–

–

191,482

Core

Plus

Bond

Fund

–

–

–

–

Diversified

Income

Fund

–

–

–

801

Diversified

International

Fund

–

–

–

804

Equity

Income

Fund

–

43,453

–

–

–

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

–

–

–

–

Global

Emerging

Markets

Fund

–

–

–

49,777

Global

Real

Estate

Securities

Fund

–

581

–

–

6,972

Government

&

High

Quality

Bond

Fund

–

–

–

–

Government

Money

Market

Fund

–

507,872

–

–

390,601

High

Yield

Fund

–

647

–

–

392,385

Inflation

Protection

Fund

–

151,727

–

–

–

International

Equity

Fund

–

–

–

11,365

LargeCap

Growth

Fund

I

–

–

–

241,043

LargeCap

S&P

500

Index

Fund

–

1,254

–

–

LargeCap

Value

Fund

III

–

25,115

–

–

–

MidCap

Fund

–

567

–

–

MidCap

Growth

Fund

–

–

–

–

MidCap

Growth

Fund

III

–

24,020

–

–

–

MidCap

Value

Fund

I

–

–

–

–

70,441

Overseas

Fund

–

46,407

–

–

Principal

Capital

Appreciation

Fund

–

8,341

–

–

–

Principal

LifeTime

2015

Fund

–

18,956

–

–

–

Principal

LifeTime

2020

Fund

–

87,329

–

–

–

Principal

LifeTime

2025

Fund

–

98,496

–

–

–

Principal

LifeTime

2030

Fund

–

224,153

–

–

–

Principal

LifeTime

2035

Fund

–

117,274

–

–

–

Principal

LifeTime

2040

Fund

–

177,541

–

–

–

Principal

LifeTime

2045

Fund

–

86,346

–

–

–

Principal

LifeTime

2050

Fund

–

126,052

–

–

–

Principal

LifeTime

2055

Fund

–

50,346

–

–

–

Principal

LifeTime

2060

Fund

–

47,758

–

–

–

Principal

LifeTime

2065

Fund

–

13,394

–

–

–

Principal

LifeTime

2070

Fund

4,209

–

–

–

Principal

LifeTime

Hybrid

2025

Fund

–

–

–

–

Principal

LifeTime

Hybrid

2030

Fund

–

–

–

–

Principal

LifeTime

Hybrid

2040

Fund

–

–

–

–

Principal

LifeTime

Hybrid

2045

Fund

–

–

–

–

Principal

LifeTime

Hybrid

2050

Fund

–

–

–

–

Principal

LifeTime

Hybrid

2070

Fund

–

–

–

Principal

LifeTime

Strategic

Income

Fund

–

32,123

–

–

–

Real

Estate

Securities

Fund

–

–

15,621

SAM

Balanced

Portfolio

–

33,123

–

–

–

SAM

Conservative

Balanced

Portfolio

–

13,378

–

–

–

SAM

Conservative

Growth

Portfolio

–

18,011

–

–

–

SAM

Flexible

Income

Portfolio

–

9,916

–

–

–

SAM

Strategic

Growth

Portfolio

–

12,227

–

–

–

Short-Term

Income

Fund

–

24,138

–

–

–

SmallCap

Fund

–

–

–

508

SmallCap

Growth

Fund

I

–

–

–

65,321

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Affiliated

Brokerage

Commissions.

With

respect

to

Diversified

Income

Fund,

$1,000

of

brokerage

commission

was

paid

to

SAMI

Brokerage

LLC,

a

member

of

the

Principal

Financial

Group.

The

other

Funds

did

not

pay

brokerage

commissions

to

any

member

of

the

Principal

Financial

Group

during

the

period

ended

April

30,

2025

.

6. Capital

Share

Transactions

The

conversion

of

shares

into

shares

during

the

period

ended

April

30,

2025

resulted

in

the

following

capital

shares

transactions

(amounts

in

thousands):

The

conversion

of

shares

into

shares

during

the

period

ended

April

30,

2025

resulted

in

the

following

capital

shares

transactions

(amounts

in

thousands):

Class

J

Institutional

SmallCap

S&P

600

Index

Fund

–

–

–

–

SmallCap

Value

Fund

II

–

–

–

49,025

Tax-Exempt

Bond

Fund

–

–

–

–

Shares

Redeemed

Dollars

Redeemed

Shares

Sold

Dollars

Sold

Core

Fixed

Income

Fund

$760

$760

Core

Plus

Bond

Fund

2,912

2,912

Diversified

International

Fund

1,915

1,915

Equity

Income

Fund

911

911

Global

Emerging

Markets

Fund

1,249

1,249

Government

&

High

Quality

Bond

Fund

Inflation

Protection

Fund

519

519

International

Equity

Fund

1,353

1,353

LargeCap

Growth

Fund

I

712

1, 1073

620

1, 1073

LargeCap

S&P

500

Index

Fund

535

15,780

530

15,780

LargeCap

Value

Fund

III

3,911

3,911

MidCap

Fund

3,190

3,190

MidCap

Growth

Fund

979

979

MidCap

Growth

Fund

III

1,346

1,346

MidCap

S&P

Index

Fund

6,056

6,056

MidCap

Value

Fund

I

2,148

2,148

Principal

Capital

Appreciation

Fund

1,458

1,458

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

569

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

2,202

2,202

SAM

Balanced

Portfolio

3,612

3,612

SAM

Conservative

Balanced

Portfolio

1,776

1,776

SAM

Conservative

Growth

Portfolio

756

756

SAM

Flexible

Income

Portfolio

3,445

3,445

SAM

Strategic

Growth

Portfolio

2,158

2,158

Short-Term

Income

Fund

553

553

SmallCap

Fund

1,358

1,358

SmallCap

Growth

Fund

I

1,654

1,654

SmallCap

S&P

600

Index

Fund

6,173

6,173

SmallCap

Value

Fund

II

704

704

Shares

Redeemed

Dollars

Redeemed

Shares

Sold

Dollars

Sold

Core

Fixed

Income

Fund

518

$4,420

519

$4,420

Core

Plus

Bond

Fund

3,401

3,401

Diversified

International

Fund

5,702

5,702

Equity

Income

Fund

660

29,860

659

29,860

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

The

conversion

of

shares

into

Institutional

shares

during

the

period

ended

April

30,

2025

resulted

in

the

following

capital

shares

transactions

(amounts

in

thousands):

7. Investment

Transactions

For

the period ended

April

30,

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

Global

Emerging

Markets

Fund

1,512

1,512

Global

Real

Estate

Securities

Fund

Government

&

High

Quality

Bond

Fund

1,929

1,929

Inflation

Protection

Fund

1,322

1,322

International

Equity

Fund

LargeCap

Growth

Fund

I

2,280

43,082

2,109

43,082

LargeCap

S&P

500

Index

Fund

4,400

133,966

4.340 133,966

LargeCap

Value

Fund

III

1,133

1,133

MidCap

Fund

1,288

63,525

1,292

63,525

MidCap

Growth

Fund

5,868

5,868

MidCap

Growth

Fund

III

1,708

1,708

MidCap

S&P

Index

Fund

1,227

34,033

1,212

34,033

MidCap

Value

Fund

I

7,744

7,744

Principal

Capital

Appreciation

Fund

13,861

13,861

Principal

LifeTime

2015

Fund

974

12,316

973

12,316

Principal

LifeTime

2020

Fund

1,634

28,172

1,629

28,172

Principal

LifeTime

2025

Fund

2,714

37,931

2,702

37,931

Principal

LifeTime

2030

Fund

3,238

55,753

3,393

55,753

Principal

LifeTime

2035

Fund

2,714

39,551

2,702

39,551

Principal

LifeTime

2040

Fund

2,913

53,156

2,885

53,156

Principal

LifeTime

2045

Fund

1,708

26,636

1,704

26,636

Principal

LifeTime

2050

Fund

2,183

41,075

2,174

41,075

Principal

LifeTime

2055

Fund

881

15,166

876

15,166

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

8,187

636

8,187

Real

Estate

Securities

Fund

11,588

11,588

SAM

Balanced

Portfolio

685

11,821

685

11,821

SAM

Conservative

Balanced

Portfolio

809

10,320

809

10,320

SAM

Conservative

Growth

Portfolio

5,311

5,311

SAM

Flexible

Income

Portfolio

4,092

4,092

SAM

Strategic

Growth

Portfolio

4,079

4,079

Short-Term

Income

Fund

3,437

3,437

SmallCap

Fund

1,072

31,545

1,035

31,545

SmallCap

Growth

Fund

I

703

9,929

647

9,929

SmallCap

S&P

600

Index

Fund

893

28,903

885

28,903

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

$

187,149

$

172,282

$

—

$

—

Core

Fixed

Income

Fund

652,435

459,964

—

—

Core

Plus

Bond

Fund

281,773

314,063

—

—

Diversified

Income

Fund

901,747

1,037,697

60,476

56,643

Diversified

International

Fund

837,523

6,721,410

—

—

Equity

Income

Fund

804,388

1,417,741

—

—

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

363,589

368,160

—

—

Global

Emerging

Markets

Fund

459,474

329,357

—

—

Global

Real

Estate

Securities

Fund

165,790

235,594

—

—

Government

&

High

Quality

Bond

Fund

644,133

689,701

—

—

Government

Money

Market

Fund

—

—

—

—

High

Yield

Fund

1,089,612

1,354,895

—

—

6. Capital

Share

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

For

the period

ended

April

30,

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):

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Inflation

Protection

Fund

$

1,220,606

$

1,185,964

$

159,006

$

159,008

International

Equity

Fund

7,137,979

2,141,405

—

—

LargeCap

Growth

Fund

I

1,801,746

3,256,159

—

—

LargeCap

S&P

500

Index

Fund

243,827

71,195

—

—

LargeCap

Value

Fund

III

905,701

1,046,315

—

—

MidCap

Fund

3,510,114

2,116,819

—

—

MidCap

Growth

Fund

128,863

173,529

—

—

MidCap

Growth

Fund

III

81,022

290,960

—

—

MidCap

S&P

Index

Fund

104,911

150,992

—

—

MidCap

Value

Fund

I

1,101,416

1,492,291

—

—

Money

Market

Fund

—

—

—

—

Overseas

Fund

336,299

375,641

—

—

Principal

Capital

Appreciation

Fund

1,505,376

1,620,259

—

—

Principal

LifeTime

2015

Fund

41,892

60,157

—

—

Principal

LifeTime

2020

Fund

390,624

562,829

—

—

Principal

LifeTime

2025

Fund

308,066

386,333

—

—

Principal

LifeTime

2030

Fund

1,212,253

1,381,390

—

—

Principal

LifeTime

2035

Fund

527,596

489,463

—

—

Principal

LifeTime

2040

Fund

1,351,825

1,332,515

—

—

Principal

LifeTime

2045

Fund

562,913

491,732

—

—

Principal

LifeTime

2050

Fund

1,119,532

1,076,831

—

—

Principal

LifeTime

2055

Fund

407,836

368,745

—

—

Principal

LifeTime

2060

Fund

397,543

354,345

—

—

Principal

LifeTime

2065

Fund

103,403

76,809

—

—

Principal

LifeTime

2070

Fund

39,223

18,220

—

—

Principal

LifeTime

Hybrid

2015

Fund

106,773

51,940

—

—

Principal

LifeTime

Hybrid

2020

Fund

124,337

103,476

—

—

Principal

LifeTime

Hybrid

2025

Fund

254,615

168,856

—

—

Principal

LifeTime

Hybrid

2030

Fund

353,880

207,624

—

—

Principal

LifeTime

Hybrid

2035

Fund

245,928

162,294

—

—

Principal

LifeTime

Hybrid

2040

Fund

353,767

202,825

—

—

Principal

LifeTime

Hybrid

2045

Fund

196,331

138,318

—

—

Principal

LifeTime

Hybrid

2050

Fund

194,346

128,643

—

—

Principal

LifeTime

Hybrid

2055

Fund

126,789

82,211

—

—

Principal

LifeTime

Hybrid

2060

Fund

71,494

45,273

—

—

Principal

LifeTime

Hybrid

2065

Fund

30,541

15,482

—

—

Principal

LifeTime

Hybrid

2070

Fund

6,236

2,995

—

—

Principal

LifeTime

Hybrid

Income

Fund

42,921

29,661

—

—

Principal

LifeTime

Strategic

Income

Fund

126,315

174,552

—

—

Real

Estate

Securities

Fund

556,612

640,682

—

—

SAM

Balanced

Portfolio

808,480

833,423

—

—

SAM

Conservative

Balanced

Portfolio

260,919

307,831

—

—

SAM

Conservative

Growth

Portfolio

573,724

539,435

—

—

SAM

Flexible

Income

Portfolio

281,093

371,465

—

—

SAM

Strategic

Growth

Portfolio

531,394

492,589

—

—

Short-Term

Income

Fund

546,200

489,923

—

—

SmallCap

Fund

238,129

399,342

—

—

SmallCap

Growth

Fund

I

684,872

764,208

—

—

SmallCap

S&P

600

Index

Fund

355,647

202,597

—

—

SmallCap

Value

Fund

II

493,586

487,467

—

—

Tax-Exempt

Bond

Fund

165,314

204,550

—

—

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Core

Fixed

Income

Fund

$

–

$

440,656

$

—

$

—

Core

Plus

Bond

Fund

174,763

185,784

—

—

Diversified

Income

Fund

218,953

212,295

2,675

2,675

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

–

—

—

Government

&

High

Quality

Bond

Fund

493,451

499,564

—

—

Inflation

Protection

Fund

522,436

546,341

—

—

7. Investment

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

During

the

period

ended

April

30,

2025,

Diversified

International

Fund

had

in-kind

redemptions

totaling

$5,495,515,000

to

International

Equity

Fund,

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

SAM

Strategic

Growth

Portfolio,

and

funds

affiliated

with

the

Manager.

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.

The

in-kind

transactions

resulted

in

distributions

of

securities

with

a

value

as

follows

(amounts

in

thousands):

8. Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the periods

ended April

30,

2025 and

October

31,

2024 were

as

follows

(amounts

in

thousands):

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Short-Term

Income

Fund

114,692

170,736

—

—

International

Equity

Fund

$

4,907,816

SAM

Balanced

Portfolio

159,328

SAM

Conservative

Balanced

Portfolio

44,292

SAM

Conservative

Growth

Portfolio

130,125

SAM

Flexible

Income

Portfolio

56,589

SAM

Strategic

Growth

Portfolio

128,135

Other

affiliated

funds

69,230

Ordinary

Income

Tax

Exempt

Income\*

Long-Term

Capital

Gain^

2025

2024

2025

2024

2025

2024

California

Municipal

Fund

$

—

$

$

10,364

$

18,875

$

—

$

—

Core

Fixed

Income

Fund

195,504

374,771

—

—

—

—

Core

Plus

Bond

Fund

12,438

22,482

—

—

—

—

Diversified

Income

Fund

77,877

171,369

—

—

—

—

Diversified

International

Fund

163,105

128,703

—

—

190,710

—

Equity

Income

Fund

80,173

164,427

—

—

758,081

61,368

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

24,172

40,611

—

—

—

—

Global

Emerging

Markets

Fund

7,659

4,815

—

—

—

—

Global

Real

Estate

Securities

Fund

43,459

52,899

—

—

—

—

Government

&

High

Quality

Bond

Fund

11,373

19,762

—

—

—

—

Government

Money

Market

Fund

80,728

163,774

—

—

—

—

High

Yield

Fund

202,124

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

42,196

13,269

—

—

873,743

526,243

MidCap

Growth

Fund

III

26,961

—

—

—

103,820

86,313

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

21,741

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

7. Investment

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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,

2024,

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

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

73,527

138,794

—

—

102,299

16,548

SAM

Balanced

Portfolio

75,658

82,045

—

—

209,281

—

SAM

Conservative

Balanced

Portfolio

31,122

44,985

—

—

20,442

—

SAM

Conservative

Growth

Portfolio

46,058

39,200

—

—

181,991

—

SAM

Flexible

Income

Portfolio

44,567

72,438

—

—

—

—

SAM

Strategic

Growth

Portfolio

32,177

19,313

—

—

126,121

6,642

Short-Term

Income

Fund

61,413

107,614

—

—

—

—

SmallCap

Fund

20,399

11,887

—

—

23,243

24,022

SmallCap

Growth

Fund

I

57,325

—

—

—

111,168

—

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

—

9,880

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

$

—

$

$

—

$

(42,516)

$

(2,237)

$

—

$

(44,590)

Core

Fixed

Income

Fund

3,592

—

—

(158,566)

(1,200,827)

—

(1,355,801)

Core

Plus

Bond

Fund

—

—

(91,692)

(17,898)

(325) (109,494)

Diversified

Income

Fund

1,923

—

—

(1,100,269)

(45,077)

(8,795)

(1,152,218)

Diversified

International

Fund

153,554

—

95,657

(27,058)

649,913

—

872,066

Equity

Income

Fund

15,478

—

758,066

—

4,540,360

—

5,313,904

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

1,215

—

—

(101,190)

(4,074)

(551) (104,600)

Global

Emerging

Markets

Fund

3,338

—

—

(10,942)

(6,111)

—

(13,715)

Global

Real

Estate

Securities

Fund

34,043

—

—

(57,139)

323,644

—

300,548

Government

&

High

Quality

Bond

Fund

543

—

—

(199,360)

(53,946)

(3) (252,766)

High

Yield

Fund

2,979

—

—

(293,328)

(79,833)

(7,707)

(377,889)

Inflation

Protection

Fund

59,049

—

—

(83,008)

(115,051)

(128) (139,138)

International

Equity

Fund

8,194

—

19,853

—

1,875

—

29,922

LargeCap

Growth

Fund

I

62,411

—

2,511,027

—

3,259,564

—

5,833,002

LargeCap

S&P

500

Index

Fund

99,182

—

115,711

—

5,243,001

(63) 5,457,831

LargeCap

Value

Fund

III

42,008

—

237,494

—

533,475

(2) 812,975

MidCap

Fund

50,975

—

873,683

—

14,368,193

—

15,292,851

MidCap

Growth

Fund

—

—

—

(10,481)

32,688

—

22,207

MidCap

Growth

Fund

III

26,970

—

103,806

—

43,830

—

174,606

MidCap

S&P

Index

Fund

37,485

—

118,055

—

333,031

—

488,571

MidCap

Value

Fund

I

131,353

—

284,278

—

282,663

(1) 698,293

Overseas

Fund

85,926

—

86,388

—

26,801

—

199,115

Principal

Capital

Appreciation

Fund

25,298

—

211,536

—

2,218,876

—

2,455,710

Principal

LifeTime

2015

Fund

5,005

—

7,624

—

22,633

—

35,262

Principal

LifeTime

2020

Fund

44,650

—

89,899

—

212,826

—

347,375

Principal

LifeTime

2025

Fund

26,623

—

47,603

—

199,352

—

273,578

Principal

LifeTime

2030

Fund

81,527

—

168,843

—

768,213

—

1,018,583

Principal

LifeTime

2035

Fund

25,423

—

63,930

—

307,558

—

396,911

Principal

LifeTime

2040

Fund

41,507

—

220,940

—

980,555

—

1,243,002

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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,

2024,

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.

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.

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

2045

Fund

$

11,546

$

—

$

58,265

$

—

$

316,798

$

—

$

386,609

Principal

LifeTime

2050

Fund

14,262

—

150,423

—

759,618

—

924,303

Principal

LifeTime

2055

Fund

5,631

—

34,779

—

190,655

—

231,065

Principal

LifeTime

2060

Fund

5,502

—

30,019

—

160,770

—

196,291

Principal

LifeTime

2065

Fund

1,403

—

4,161

—

23,606

—

29,170

Principal

LifeTime

2070

Fund

—

—

2,976

—

3,718

Principal

LifeTime

Hybrid

2015

Fund

2,996

—

861

—

14,047

—

17,904

Principal

LifeTime

Hybrid

2020

Fund

4,509

—

1,075

—

33,590

—

39,174

Principal

LifeTime

Hybrid

2025

Fund

5,765

—

3,527

—

58,706

—

67,998

Principal

LifeTime

Hybrid

2030

Fund

4,227

—

4,303

—

86,001

—

94,531

Principal

LifeTime

Hybrid

2035

Fund

2,409

—

4,836

—

76,685

—

83,930

Principal

LifeTime

Hybrid

2040

Fund

2,133

—

6,866

—

104,926

—

113,925

Principal

LifeTime

Hybrid

2045

Fund

1,038

—

5,151

—

72,137

—

78,326

Principal

LifeTime

Hybrid

2050

Fund

609

—

5,038

—

70,557

—

76,204

Principal

LifeTime

Hybrid

2055

Fund

—

3,055

—

39,833

—

43,320

Principal

LifeTime

Hybrid

2060

Fund

—

1,565

—

19,747

—

21,519

Principal

LifeTime

Hybrid

2065

Fund

—

—

5,396

—

5,923

Principal

LifeTime

Hybrid

2070

Fund

—

—

—

Principal

LifeTime

Hybrid

Income

Fund

1,359

—

—

1,393

—

2,804

Principal

LifeTime

Strategic

Income

Fund

16,141

—

10,229

—

4,585

—

30,955

Real

Estate

Securities

Fund

2,769

—

102,286

—

1,395,557

—

†

1,500,612

SAM

Balanced

Portfolio

17,090

—

209,256

—

906,524

—

1,132,870

SAM

Conservative

Balanced

Portfolio

3,736

—

20,438

—

217,039

—

241,213

SAM

Conservative

Growth

Portfolio

13,726

—

181,983

—

872,906

—

1,068,615

SAM

Flexible

Income

Portfolio

—

—

(37,703)

100,479

—

63,070

SAM

Strategic

Growth

Portfolio

10,331

—

126,117

—

659,745

—

796,193

Short-Term

Income

Fund

926

—

—

(51,783)

(42,672)

—

(93,529)

SmallCap

Fund

19,320

—

23,237

—

208,090

—

250,647

SmallCap

Growth

Fund

I

57,325

—

111,162

—

318,849

—

487,336

SmallCap

S&P

600

Index

Fund

16,119

—

90,438

—

246,749

—

353,306

SmallCap

Value

Fund

II

48,340

—

63,394

—

69,784

—

181,518

Tax-Exempt

Bond

Fund

—

—

(68,002)

(3,586)

(25) (71,426)

\*

Represents

book-to-tax

accounting

differences.

Short-Term

Long-Term

Total

California

Municipal

Fund

$

21,042

$

21,474

$

42,516

Core

Fixed

Income

Fund

42,375

116,191

158,566

Core

Plus

Bond

Fund

25,715

65,977

91,692

Diversified

Income

Fund

276,601

823,668

1,100,269

Diversified

International

Fund

26,585

27,058

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

42,532

58,658

101,190

Global

Emerging

Markets

Fund

5,969

4,973

10,942

Global

Real

Estate

Securities

Fund

—

57,139

57,139

Government

&

High

Quality

Bond

Fund

63,723

135,637

199,360

High

Yield

Fund

14,114

279,214

293,328

Inflation

Protection

Fund

6,966

76,042

83,008

MidCap

Growth

Fund

9,984

—

9,984

SAM

Flexible

Income

Portfolio

5,850

31,853

37,703

Short-Term

Income

Fund

15,242

36,541

51,783

Tax-Exempt

Bond

Fund

29,319

38,683

68,002

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

For

the

year

ended

October

31,

2024,

the

Funds

utilized

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

Late-Year

Losses.

A

regulated

investment

company

may

elect

to

treat

any

portion

of

its

qualified

late-year

loss

as

arising

on

the

first

day

of

the

next

taxable

year.

Qualified

late-year

losses

are

certain

ordinary

losses

which

occur

during

the

portion

of

the

fund's

taxable

year

subsequent

to

December

31. As

of

October

31,

2024,

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,

2024,

the

Funds

recorded

reclassifications

as

follows

(amounts

in

thousands):

Short-Term

Utilized

Long-Term

Utilized

California

Municipal

Fund

$

$

—

Core

Plus

Bond

Fund

2,653

—

Diversified

Income

Fund

18,646

—

Diversified

International

Fund

167,565

1,824

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

20,960

2,095

Global

Emerging

Markets

Fund

1,490

2,284

Global

Real

Estate

Securities

Fund

11,334

26,433

Government

&

High

Quality

Bond

Fund

6,803

—

High

Yield

Fund

5,956

—

Inflation

Protection

Fund

3,890

—

International

Equity

Fund

28,110

—

MidCap

Growth

Fund

12,694

—

Principal

Capital

Appreciation

Fund

79,590

—

Principal

LifeTime

Strategic

Income

Fund

640

Real

Estate

Securities

Fund

43,617

42,350

SAM

Balanced

Portfolio

3,161

—

SAM

Conservative

Balanced

Portfolio

5,398

19,365

SAM

Conservative

Growth

Portfolio

12,509

8,610

SAM

Flexible

Income

Portfolio

9,373

30,363

Short-Term

Income

Fund

3,371

921

SmallCap

Growth

Fund

I

27,929

556

Tax-Exempt

Bond

Fund

562

—

Late

Year

Ordinary

Loss

MidCap

Growth

Fund

$

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Diversified

Income

Fund

$

(1) $

Diversified

International

Fund

(3,145)

3,145

Equity

Income

Fund

(60,574)

60,574

Global

Real

Estate

Securities

Fund

(1) International

Equity

Fund

(7,370)

7,370

LargeCap

Growth

Fund

I

(410,087)

410,087

LargeCap

S&P

500

Index

Fund

(14,275)

14,275

LargeCap

Value

Fund

III

(12,633)

12,633

MidCap

Fund

(46,768)

46,768

MidCap

Growth

Fund

639

(639) MidCap

Growth

Fund

III

(94,406)

94,406

MidCap

S&P

Index

Fund

(31,611)

31,611

MidCap

Value

Fund

I

(125,423)

125,423

Overseas

Fund

(112,949)

112,949

Principal

Capital

Appreciation

Fund

(13,293)

13,293

Principal

LifeTime

2015

Fund

(1,737)

1,737

Principal

LifeTime

2020

Fund

(12,427)

12,427

Principal

LifeTime

2025

Fund

(6,026)

6,026

Principal

LifeTime

2030

Fund

(12,659)

12,659

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 2025

Federal

Income

Tax

Basis.

As

of April

30,

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

Principal

LifeTime

2035

Fund

$

(3,867)

$

3,867

Principal

LifeTime

2040

Fund

(7,770)

7,770

Principal

LifeTime

2045

Fund

(2,690)

2,690

Principal

LifeTime

2050

Fund

(5,386)

5,386

Principal

LifeTime

2055

Fund

(1,608)

1,608

Principal

LifeTime

2060

Fund

(1,558)

1,558

Principal

LifeTime

2065

Fund

(310) 310

Principal

LifeTime

2070

Fund

(44) 44

Principal

LifeTime

Hybrid

2015

Fund

(348) 348

Principal

LifeTime

Hybrid

2020

Fund

(725) 725

Principal

LifeTime

Hybrid

2025

Fund

(1,165)

1,165

Principal

LifeTime

Hybrid

2030

Fund

(1,183)

1,183

Principal

LifeTime

Hybrid

2035

Fund

(781) 781

Principal

LifeTime

Hybrid

2040

Fund

(969) 969

Principal

LifeTime

Hybrid

2045

Fund

(734) 734

Principal

LifeTime

Hybrid

2050

Fund

(581) 581

Principal

LifeTime

Hybrid

2055

Fund

(346) 346

Principal

LifeTime

Hybrid

2060

Fund

(191) 191

Principal

LifeTime

Hybrid

Income

Fund

(134) 134

Principal

LifeTime

Strategic

Income

Fund

(1,957)

1,957

Real

Estate

Securities

Fund

(394) SAM

Balanced

Portfolio

(9,855)

9,855

SAM

Conservative

Balanced

Portfolio

(120) 120

SAM

Conservative

Growth

Portfolio

(5,415)

5,415

SAM

Strategic

Growth

Portfolio

(4,850)

4,850

SmallCap

Fund

(3,915)

3,915

SmallCap

Growth

Fund

I

(23,913)

23,913

SmallCap

S&P

600

Index

Fund

(13,741)

13,741

SmallCap

Value

Fund

II

(28,671)

28,671

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

California

Municipal

Fund

$

4,269

$

(17,613)

$

(13,344)

$

645,965

Core

Fixed

Income

Fund

48,468

(1,119,516)

(1,071,048)

11,720,672

Core

Plus

Bond

Fund

6,971

(14,384)

(7,413)

592,557

Diversified

Income

Fund

59,284

(133,610)

(74,326)

2,600,743

Diversified

International

Fund

1,642

(127,900)

(126,258)

1,194,794

Equity

Income

Fund

3,903,147

(261,371)

3,641,776

4,638,204

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

38,848

(38,080)

768

631,590

Global

Emerging

Markets

Fund

227,395

(221,286)

6,109

2,536,556

Global

Real

Estate

Securities

Fund

393,661

(115,426)

278,235

1,414,470

Government

&

High

Quality

Bond

Fund

12,439

(43,487)

(31,048)

823,238

Government

Money

Market

Fund

—

—

—

4,894,385

High

Yield

Fund

36,865

(269,219)

(232,354)

6,391,258

Inflation

Protection

Fund

32,694

(111,593)

(78,899)

2,533,600

International

Equity

Fund

285,504

(274,348)

11,156

5,414,807

LargeCap

Growth

Fund

I

2,669,788

(456,203)

2,213,585

6,203,345

LargeCap

S&P

500

Index

Fund

5,237,967

(232,900)

5,005,067

3,487,627

LargeCap

Value

Fund

III

441,745

(266,784)

174,961

3,308,102

MidCap

Fund

13,910,713

(725,846)

13,184,867

16,291,511

MidCap

Growth

Fund

27,188

(16,999)

10,189

159,430

MidCap

Growth

Fund

III

31,292

(33,219)

(1,927)

229,653

MidCap

S&P

Index

Fund

315,727

(121,631)

194,096

971,203

MidCap

Value

Fund

I

217,451

(195,705)

21,746

2,320,443

Money

Market

Fund

—

—

—

1,147,169

Overseas

Fund

196,330

(121,100)

75,230

1,165,046

Principal

Capital

Appreciation

Fund

1,956,335

(131,378)

1,824,957

2,589,791

Principal

LifeTime

2015

Fund

25,292

(16,514)

8,778

203,257

Principal

LifeTime

2020

Fund

286,173

(159,609)

126,564

1,952,370

Principal

LifeTime

2025

Fund

203,829

(99,545)

104,284

1,318,787

Principal

LifeTime

2030

Fund

786,245

(307,525)

478,720

4,587,436

Principal

LifeTime

2035

Fund

259,715

(86,968)

172,747

1,747,023

8. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30, 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.

On

May

15,

2025,

the

Board

approved

the

acquisition

of

the

assets

of

MidCap

Growth

Fund

and

MidCap

Growth

Fund

III

by

the

MidCap

Fund

(the

"Proposed

Merger").

The

Proposed

Merger

is

expected

to

occur

on

or

about

September

19,

2025. There

were

no

other

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Principal

LifeTime

2040

Fund

$

792,505

$

(156,084)

$

636,421

$

3,847,711

Principal

LifeTime

2045

Fund

229,448

(52,923)

176,525

1,458,896

Principal

LifeTime

2050

Fund

558,143

(89,324)

468,819

2,656,086

Principal

LifeTime

2055

Fund

127,596

(34,712)

92,884

986,785

Principal

LifeTime

2060

Fund

103,540

(33,977)

69,563

972,224

Principal

LifeTime

2065

Fund

14,058

(9,496)

4,562

227,329

Principal

LifeTime

2070

Fund

1,385

(2,458)

(1,073)

62,456

Principal

LifeTime

Hybrid

2015

Fund

19,780

(16,497)

3,283

368,877

Principal

LifeTime

Hybrid

2020

Fund

52,254

(41,507)

10,747

536,587

Principal

LifeTime

Hybrid

2025

Fund

70,895

(49,088)

21,807

925,165

Principal

LifeTime

Hybrid

2030

Fund

88,729

(50,387)

38,342

1,056,039

Principal

LifeTime

Hybrid

2035

Fund

69,941

(30,496)

39,445

730,431

Principal

LifeTime

Hybrid

2040

Fund

83,383

(26,722)

56,661

838,695

Principal

LifeTime

Hybrid

2045

Fund

54,152

(12,703)

41,449

476,241

Principal

LifeTime

Hybrid

2050

Fund

50,570

(9,676)

40,894

434,321

Principal

LifeTime

Hybrid

2055

Fund

27,618

(6,568)

21,050

279,249

Principal

LifeTime

Hybrid

2060

Fund

13,351

(3,468)

9,883

151,946

Principal

LifeTime

Hybrid

2065

Fund

3,616

(1,509)

2,107

57,208

Principal

LifeTime

Hybrid

2070

Fund

(239) 15

7,013

Principal

LifeTime

Hybrid

Income

Fund

7,246

(10,248)

(3,002)

172,447

Principal

LifeTime

Strategic

Income

Fund

55,976

(67,319)

(11,343)

733,477

Real

Estate

Securities

Fund

1,555,719

(338,710)

1,217,009

5,067,701

SAM

Balanced

Portfolio

736,658

(141,406)

595,252

3,828,094

SAM

Conservative

Balanced

Portfolio

209,043

(68,082)

140,961

1,634,679

SAM

Conservative

Growth

Portfolio

686,487

(81,019)

605,468

2,478,920

SAM

Flexible

Income

Portfolio

155,650

(98,349)

57,301

2,169,879

SAM

Strategic

Growth

Portfolio

487,686

(53,127)

434,559

1,734,498

Short-Term

Income

Fund

29,324

(35,039)

(5,715)

3,331,239

SmallCap

Fund

249,492

(295,807)

(46,315)

1,995,463

SmallCap

Growth

Fund

I

306,595

(269,869)

36,726

1,827,007

SmallCap

S&P

600

Index

Fund

270,803

(232,133)

38,670

1,181,253

SmallCap

Value

Fund

II

72,811

(164,060)

(91,249)

1,110,312

Tax-Exempt

Bond

Fund

5,447

(20,878)

(15,431)

544,688

8. Federal

Tax

Information

(continued)

Schedule

of

Investments

California

Municipal

Fund

April

30,

2025

(unaudited)

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

-

102.86%

Principal

Amount

(000's)

Value

(000's)

California

-

96.50%

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

998

5.00%,

10/01/2035

5,270

5,334

Alameda

Corridor

Transportation

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

10/01/2043

(a) 1,000

1,069

Alameda

Unified

School

District-Alameda

County/

CA

5.00%,

08/01/2032

1,795

1,802

Bay

Area

Toll

Authority

5.00%,

04/01/2042

1,000

1,060

5.00%,

04/01/2043

1,000

1,055

Beverly

Hills

Unified

School

District

CA

3.00%,

08/01/2044

2,230

1,780

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

5.25%,

07/01/2040

1,435

1,515

California

Community

Choice

Financing

Authority

4.00%,

02/01/2052

(c) 2,275

2,249

4.00%,

10/01/2052

(c) 1,115

1,115

4.00%,

05/01/2053

(c) 3,150

3,143

5.00%,

02/01/2054

(c) 5,000

5,240

5.00%,

02/01/2055

(c) 5,000

5,267

5.00%,

02/01/2055

(c) 5,000

5,289

California

County

Tobacco

Securitization

Agency

4.00%,

06/01/2049

1,485

1,282

California

Educational

Facilities

Authority

5.00%,

10/01/2036

1,000

1,003

5.00%,

06/01/2043

4,645

5,141

5.00%,

05/01/2045

9,550

10,430

5.00%,

10/01/2045

1,000

1,002

5.00%,

05/01/2049

3,000

3,233

5.00%,

04/01/2051

7,015

7,539

5.00%,

03/01/2055

(c) 1,800

2,044

California

Health

Facilities

Financing

Authority

5.00%,

08/15/2031

2,700

2,758

5.00%,

02/01/2035

2,000

2,001

5.00%,

06/01/2041

(c) 10,000

10,711

5.00%,

11/01/2047

3,375

3,585

5.00%,

11/15/2048

2,785

2,799

5.00%,

12/01/2054

2,000

2,026

5.25%,

12/01/2043

2,155

2,202

California

Housing

Finance

Agency

3.50%,

11/20/2035

9,277

8,823

4.25%,

01/15/2035

8,178

8,164

California

Housing

Finance

Agency

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral)

3.75%,

03/25/2035

(a) 11,924

11,698

California

Infrastructure

&

Economic

Development

Bank

5.00%,

08/01/2038

1,175

1,225

5.00%,

08/01/2039

1,130

1,174

9.50%,

01/01/2065

(c),(d)

14,000

13,513

California

Municipal

Finance

Authority

2.40%,

10/01/2044

(c) 4,000

3,735

4.00%,

07/15/2029

8,310

8,043

4.00%,

10/01/2039

2,150

2,051

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

California

Municipal

Finance

Authority

(continued)

4.38%,

09/01/2053

(c) $

1,700

$

1,702

4.80%,

11/01/2041

(c) 5,085

5,087

5.00%,

05/15/2033

1,000

1,034

5.00%,

05/15/2034

1,000

1,031

5.00%,

12/31/2034

7,550

7,608

5.00%,

12/31/2036

8,000

8,046

5.00%,

05/15/2038

2,000

2,040

5.00%,

10/01/2044

1,000

1,001

5.00%,

04/01/2049

1,725

1,731

5.00%,

04/01/2054

1,940

1,924

5.25%,

11/01/2036

2,100

2,106

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

05/15/2043

(a) 600

615

5.00%,

05/15/2044

(a) 5,000

5,114

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

05/15/2031

(a) 10,000

10,531

California

Municipal

Finance

Authority

(credit

support

from

Fannie

Mae

Collateral)

4.45%,

12/01/2042

(a) 4,900

4,879

California

Pollution

Control

Financing

Authority

3.00%,

11/01/2025

11,380

11,317

3.38%,

07/01/2025

620

619

4.25%,

12/01/2027

(c) 1,200

1,201

4.30%,

07/01/2040

3,600

3,602

5.00%,

07/01/2029

(d) 1,000

1,022

5.00%,

07/01/2029

(d) 1,000

1,037

5.00%,

07/01/2030

(d) 2,000

2,002

5.00%,

07/01/2030

(d) 565

590

5.00%,

07/01/2031

(d) 1,000

1,051

5.00%,

07/01/2037

(d) 11,000

11,000

5.00%,

07/01/2039

(d) 8,500

8,627

5.00%,

11/21/2045

(d) 2,500

2,507

California

Public

Finance

Authority

6.50%,

06/01/2054

(d) 17,135

16,003

California

School

Finance

Authority

5.00%,

07/01/2035

(d) 1,925

1,927

5.00%,

08/01/2038

(d) 1,000

1,009

California

State

University

5.00%,

11/01/2037

2,000

2,044

California

Statewide

Communities

Development

Authority

3.00%,

06/01/2029

(d) 650

610

4.00%,

09/02/2029

1,000

1,004

4.00%,

07/01/2048

1,800

1,678

5.00%,

10/01/2028

1,875

1,883

5.00%,

11/01/2032

(d) 1,135

1,146

5.00%,

06/01/2034

(d) 375

5.00%,

09/02/2034

1,000

1,030

5.00%,

12/01/2036

(d) 5,000

5,033

5.00%,

09/02/2038

3,000

3,064

5.00%,

06/01/2039

(d) 475

5.00%,

09/02/2039

900

929

5.00%,

09/02/2039

945

966

5.00%,

05/15/2040

3,840

3,846

5.00%,

09/02/2040

1,000

1,021

5.00%,

12/01/2041

(d) 4,040

4,048

5.00%,

09/02/2044

1,425

1,427

5.00%,

09/02/2048

940

943

5.00%,

09/02/2049

600

603

5.00%,

06/01/2051

(d) 1,950

1,804

5.25%,

12/01/2034

3,500

3,501

5.25%,

12/01/2038

(d) 1,000

1,004

Schedule

of

Investments

California

Municipal

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

California

Statewide

Communities

Development

Authority

(continued)

5.25%,

12/01/2043

(d) $

3,825

$

3,835

5.25%,

12/01/2044

1,370

1,451

California

Statewide

Communities

Development

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

4.00%,

05/15/2036

(a) 3,000

2,963

California

Statewide

Financing

Authority

6.00%,

05/01/2043

2,050

2,055

6.00%,

05/01/2043

1,550

1,585

Carlsbad

Unified

School

District

4.00%,

08/01/2050

500

Chino

Valley

Unified

School

District

5.00%,

08/01/2055

(e) 6,570

6,741

5.25%,

08/01/2047

2,000

2,050

City

of

Compton

CA

Water

Revenue

6.00%,

08/01/2039

1,250

1,275

City

of

Irvine

CA

4.00%,

09/02/2038

1,000

979

City

of

Long

Beach

CA

Airport

System

Revenue

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.25%,

06/01/2047

(a) 3,600

3,691

City

of

Los

Angeles

Department

of

Airports

3.25%,

05/15/2049

720

523

5.00%,

05/15/2026

5.00%,

05/15/2028

(e) 2,760

2,866

5.00%,

05/15/2029

1,875

1,967

5.00%,

05/15/2035

835

894

5.00%,

05/15/2036

1,500

1,501

5.00%,

05/15/2036

5,000

5,121

5.00%,

05/15/2037

(e) 4,225

4,360

5.00%,

05/15/2042

(e) 3,500

3,505

5.00%,

05/15/2044

(e) 3,100

3,101

5.00%,

05/15/2044

(e) 4,090

4,093

5.50%,

05/15/2040

(e) 5,000

5,300

Coachella

Valley

Unified

School

District/CA

(credit

support

from

Assured

Guaranty

Municipal

Corp)

0.00%,

08/01/2039

(a),(b)

4,000

2,178

Compton

Public

Finance

Authority

4.50%,

09/01/2032

(d) 8,000

7,928

County

of

Sacramento

CA

Airport

System

Revenue

5.00%,

07/01/2036

1,350

1,363

5.00%,

07/01/2037

2,000

2,026

5.25%,

07/01/2054

10,000

10,483

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

Foothill-Eastern

Transportation

Corridor

Agency

4.00%,

01/15/2046

6,000

5,724

Golden

State

Tobacco

Securitization

Corp

5.00%,

06/01/2026

1,000

1,021

5.00%,

06/01/2028

5,000

5,199

5.00%,

06/01/2051

10,035

10,046

Indio

Redevelopment

Agency

Successor

Agency

5.63%,

08/15/2035

Inland

Valley

Development

Agency

5.25%,

09/01/2037

1,000

1,008

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

Long

Beach

Bond

Finance

Authority

5.00%,

11/15/2035

3,485

3,677

5.50%,

11/15/2032

1,010

1,099

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

$

1,833

5.00%,

07/01/2038

960

1,062

Los

Angeles

County

Public

Works

Financing

Authority

5.00%,

12/01/2033

2,000

2,004

Los

Angeles

County

Sanitation

Districts

Financing

Authority

5.00%,

10/01/2035

4,500

4,522

Los

Angeles

Department

of

Water

&

Power

3.70%,

07/01/2034

(c) 80

3.85%,

07/01/2051

(c) 300

5.00%,

07/01/2029

520

544

5.00%,

07/01/2042

(e) 5,500

5,591

Los

Angeles

Unified

School

District/CA

5.00%,

07/01/2033

5,000

5,638

5.25%,

07/01/2042

9,050

9,290

Merced

Union

High

School

District

0.00%,

08/01/2032

(b) 3,380

2,600

Metropolitan

Water

District

of

Southern

California

5.00%,

07/01/2040

5,000

5,307

5.00%,

04/01/2054

1,000

1,055

M-S-R

Energy

Authority

6.13%,

11/01/2029

1,500

1,571

6.13%,

11/01/2029

1,790

1,875

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

5,989

5.00%,

03/01/2047

1,500

1,509

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

4.07%,

10/01/2047

(c),(d)

1,200

1,200

Oakland

Unified

School

District/Alameda

County

5.00%,

08/01/2040

3,400

3,416

Port

Commission

of

the

City

&

County

of

San

Francisco

4.00%,

03/01/2035

1,000

970

Port

of

Los

Angeles

5.00%,

08/01/2033

500

543

5.00%,

08/01/2034

3,465

3,775

5.00%,

08/01/2036

500

538

Poway

Unified

School

District

0.00%,

08/01/2036

(b) 4,000

2,579

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

5.00%,

05/15/2035

4,540

4,596

Rialto

Redevelopment

Agency

5.00%,

09/01/2037

1,000

1,036

Richmond

Joint

Powers

Financing

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

11/01/2035

(a) 1,180

1,244

5.00%,

11/01/2037

(a) 3,660

3,828

Riverside

County

Public

Financing

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

10/01/2029

(a) 1,500

1,509

Riverside

County

Transportation

Commission

4.00%,

06/01/2037

1,875

1,844

4.00%,

06/01/2046

3,460

3,135

Sacramento

Area

Flood

Control

Agency

5.00%,

10/01/2033

2,000

2,048

Sacramento

Municipal

Utility

District

5.00%,

11/15/2045

1,000

1,067

Schedule

of

Investments

California

Municipal

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

San

Diego

Association

of

Governments

South

Bay

Expressway

Revenue

5.00%,

07/01/2036

$

1,500

$

1,543

5.00%,

07/01/2037

2,300

2,361

San

Diego

County

Regional

Airport

Authority

4.00%,

07/01/2038

10,815

10,795

5.00%,

07/01/2039

2,000

2,085

5.00%,

07/01/2042

5,030

5,046

San

Diego

Housing

Authority

Inc

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral

HUD

Section

8)

4.20%,

06/01/2040

(a) 3,205

3,099

San

Francisco

Bay

Area

Rapid

Transit

District

Sales

Tax

Revenue

4.00%,

07/01/2039

2,075

2,026

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.00%,

05/01/2031

1,000

1,017

5.00%,

05/01/2035

1,000

1,029

5.00%,

05/01/2036

3,000

3,077

5.25%,

05/01/2055

(e) 3,500

3,580

5.50%,

05/01/2043

4,000

4,208

San

Joaquin

Valley

Clean

Energy

Authority

5.50%,

01/01/2056

(c) 4,685

5,145

San

Luis

Obispo

County

Financing

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

08/01/2030

(a) 1,000

1,001

San

Luis

Obispo

County

Financing

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

09/01/2037

(a) 1,000

1,002

San

Ramon

Valley

Fire

Protection

District

4.00%,

08/01/2050

680

622

Santa

Monica-Malibu

Unified

School

District

4.00%,

08/01/2041

2,340

2,277

4.00%,

08/01/2042

2,000

1,969

Southern

California

Public

Power

Authority

5.00%,

11/01/2029

4,725

4,858

5.00%,

07/01/2049

1,000

1,002

5.25%,

07/01/2049

1,000

1,020

State

of

California

5.00%,

09/01/2028

5,075

5,390

5.00%,

09/01/2034

5,000

5,085

5.00%,

03/01/2038

2,000

2,218

State

of

California

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.25%,

08/01/2032

(a) 5,000

5,590

Tobacco

Securitization

Authority

of

Southern

California

5.00%,

06/01/2035

1,500

1,549

Travis

Unified

School

District

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

09/01/2029

(a) 1,000

1,007

University

of

California

4.00%,

05/15/2037

3,365

3,395

Woodland-Davis

Clean

Water

Agency

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

03/01/2039

(a) 1,500

1,511

$

593,486

Guam

-

1.45%

Guam

Government

Waterworks

Authority

5.00%,

07/01/2040

7,890

7,910

Port

Authority

of

Guam

5.00%,

07/01/2048

1,000

988

$

8,898

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Puerto

Rico

-

4.23%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(b) $

526

$

0.00%,

11/01/2043

(b),(c)

1,685

1,007

4.00%,

07/01/2037

4.00%,

07/01/2041

4.00%,

07/01/2046

5.38%,

07/01/2025

5.63%,

07/01/2027

5.63%,

07/01/2029

5.75%,

07/01/2031

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

6.50%,

01/01/2041

3,420

3,804

6.50%,

01/01/2042

3,250

3,617

6.75%,

01/01/2045

3,250

3,633

6.75%,

01/01/2045

5,550

6,204

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

4.50%,

07/01/2034

2,888

2,831

5.00%,

07/01/2058

2,000

1,910

$

25,985

Virgin

Islands

-

0.68%

Matching

Fund

Special

Purpose

Securitization

Corp

5.00%,

10/01/2039

4,250

4,201

TOTAL

MUNICIPAL

BONDS

$

632,570

Total

Investments

$

632,621

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(4.24)%

Notes

with

interest

rates

of

3.63%

-

4.25%

at

April

30,

2025

and

contractual

maturities

of

collateral

of

2027-2032.

(f) $

(26,050)

(26,050)

Total

Net

Investments

$

606,571

Other

Assets

and

Liabilities

- 1.37%

8,422

TOTAL

NET

ASSETS

-

100.00%

$

614,993

(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

$87,747

or

14.27%

of

net

assets.

(e) Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(f) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

April

30,

2025. Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.87

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.87

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

1,364,956

$

1,365

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

198,369,177

198,369

$

199,734

TOTAL

INVESTMENT

COMPANIES

$

199,734

COMMON

STOCKS

-

.15

%

Shares

Held

Value

(000's)

Transportation

-

.15

%

Trailer

Bridge

Inc

(d),(e),(f)

178,279

$

16,470

TOTAL

COMMON

STOCKS

$

16,470

BONDS

-

.90

%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

.14

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(g) $

19,418

$

19,416

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(g) 27,523

26,693

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.75%,

10/20/2028

(g) 24,492

24,344

United

Airlines

2013-1

Class

A

Pass

Through

Trust

4.30%,

02/15/2027

4,608

4,594

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

7,042

6,238

United

Airlines

2024-1

Class

A

Pass

Through

Trust

5.88%,

08/15/2038

41,634

41,245

$

122,530

Apparel

-

.13

%

Under

Armour

Inc

3.25%,

06/15/2026

14,750

14,275

Automobile

Asset

Backed

Securities

-

.47

%

BMW

Vehicle

Owner

Trust

2024-A

4.69%,

02/25/2027

19,006

19,001

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.34%

Carvana

Auto

Receivables

Trust

2021-P4

1.31%,

01/11/2027

1,568

1,564

Ford

Credit

Auto

Owner

Trust

2024-A

4.70%,

01/15/2027

18,406

18,400

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.36%

Ford

Credit

Floorplan

Master

Owner

Trust

A

5.59%,

05/15/2028

(g) 20,000

20,083

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.25%

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-4

4.88%,

11/16/2026

7,740

7,741

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.53%

Nissan

Master

Owner

Trust

Receivables

5.01%,

02/15/2028

(g) 38,000

38,045

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.67%

Tesla

Electric

Vehicle

Trust

2023-1

4.87%,

12/21/2026

(g) 13,917

13,920

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.52%

Toyota

Auto

Receivables

2023-C

Owner

Trust

4.74%,

08/17/2026

2,551

2,552

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.40%

Toyota

Auto

Receivables

2024-A

Owner

Trust

4.69%,

12/15/2026

7,614

7,614

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.35%

Toyota

Auto

Receivables

2024-C

Owner

Trust

5.16%,

05/17/2027

28,030

28,092

$

157,012

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

-

.01

%

American

Honda

Finance

Corp

2.30%,

09/09/2026

$

7,000

$

6,808

4.40%,

10/05/2026

30,000

29,980

4.75%,

01/12/2026

9,000

9,012

4.90%,

07/09/2027

15,000

15,194

5.80%,

10/03/2025

47,000

47,239

$

108,233

Banks

-

.90

%

Bank

of

America

Corp

3.19%,

07/23/2030

(h) 8,000

7,547

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

3.88%,

08/01/2025

10,000

9,983

3.97%,

02/07/2030

(h) 8,000

7,830

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.47%

4.98%,

01/24/2029

(h) 29,000

29,385

Secured

Overnight

Financing

Rate

+

0.83%

5.08%,

01/20/2027

(h) 20,000

20,079

Secured

Overnight

Financing

Rate

+

1.29%

5.74%,

02/12/2036

(h) 28,000

27,940

Secured

Overnight

Financing

Rate

+

1.70%

Bank

of

New

York

Mellon

Corp/The

1.65%,

01/28/2031

(i) 10,000

8,591

2.80%,

05/04/2026

8,000

7,882

3.00%,

10/30/2028

9,000

8,594

4.94%,

02/11/2031

(h) 29,000

29,502

Secured

Overnight

Financing

Rate

+

0.89%

Bank

of

New

York

Mellon/The

4.73%,

04/20/2029

(h) 13,000

13,184

Secured

Overnight

Financing

Rate

+

1.14%

Citibank

NA

4.88%,

11/19/2027

(h) 24,000

24,164

Secured

Overnight

Financing

Rate

+

0.71%

Citigroup

Inc

2.98%,

11/05/2030

(h) 51,000

47,331

Secured

Overnight

Financing

Rate

+

1.42%

4.45%,

09/29/2027

8,000

7,976

Cullen/Frost

Bankers

Inc

4.50%,

03/17/2027

11,000

10,809

Goldman

Sachs

Group

Inc/The

1.99%,

01/27/2032

(h) 15,000

12,785

Secured

Overnight

Financing

Rate

+

1.09%

3.50%,

11/16/2026

21,000

20,727

3.81%,

04/23/2029

(h) 13,000

12,752

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.42%

4.25%,

10/21/2025

23,500

23,452

5.54%,

01/28/2036

(h) 23,000

23,227

Secured

Overnight

Financing

Rate

+

1.38%

JPMorgan

Chase

&

Co

1.05%,

11/19/2026

(h) 9,000

8,824

Secured

Overnight

Financing

Rate

+

0.80%

2.53%,

11/19/2041

(h) 9,000

6,219

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.74%,

10/15/2030

(h) 47,000

43,482

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

3.90%,

07/15/2025

8,000

7,991

4.92%,

01/24/2029

(h) 28,000

28,396

Secured

Overnight

Financing

Rate

+

0.80%

Morgan

Stanley

1.79%,

02/13/2032

(h) 10,000

8,434

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(h) 6,250

5,267

Secured

Overnight

Financing

Rate

+

1.02%

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

2.70%,

01/22/2031

(h) $

38,000

$

34,710

Secured

Overnight

Financing

Rate

+

1.14%

3.95%,

04/23/2027

10,000

9,920

4.00%,

07/23/2025

5,000

4,993

5.12%,

02/01/2029

(h) 18,000

18,285

Secured

Overnight

Financing

Rate

+

1.73%

6.25%,

08/09/2026

4,000

4,091

Morgan

Stanley

Bank

NA

4.45%,

10/15/2027

(h) 25,000

25,028

Secured

Overnight

Financing

Rate

+

0.68%

PNC

Bank

NA

2.70%,

10/22/2029

(i) 53,000

48,724

3.10%,

10/25/2027

4,750

4,628

4.78%,

01/15/2027

(h) 25,000

25,014

Secured

Overnight

Financing

Rate

+

0.50%

PNC

Financial

Services

Group

Inc/The

2.31%,

04/23/2032

(h) 15,000

12,953

Secured

Overnight

Financing

Rate

+

0.98%

Truist

Bank

3.30%,

05/15/2026

5,000

4,935

4.63%,

09/17/2029

(h) 52,000

50,877

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.15%

Truist

Financial

Corp

1.27%,

03/02/2027

(h) 5,500

5,344

Secured

Overnight

Financing

Rate

+

0.61%

US

Bancorp

2.49%,

11/03/2036

(h) 29,000

23,997

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.00%,

07/30/2029

6,000

5,610

3.15%,

04/27/2027

3,800

3,729

3.90%,

04/26/2028

5,000

4,967

4.84%,

02/01/2034

(h) 25,000

24,280

Secured

Overnight

Financing

Rate

+

1.60%

5.42%,

02/12/2036

(h) 18,000

18,058

Secured

Overnight

Financing

Rate

+

1.41%

Wells

Fargo

&

Co

2.88%,

10/30/2030

(h) 32,000

29,650

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

4.90%,

01/24/2028

(h) 23,500

23,656

Secured

Overnight

Financing

Rate

+

0.78%

$

845,802

Beverages

-

.79

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

34,000

32,869

Anheuser-Busch

InBev

Worldwide

Inc

4.90%,

01/23/2031

21,000

21,547

5.00%,

06/15/2034

30,000

30,252

$

84,668

Biotechnology

-

.22

%

Amgen

Inc

1.65%,

08/15/2028

20,000

18,388

2.20%,

02/21/2027

11,500

11,090

2.45%,

02/21/2030

40,000

36,381

5.25%,

03/02/2033

19,000

19,200

Biogen

Inc

2.25%,

05/01/2030

(i) 65,000

57,806

Gilead

Sciences

Inc

1.20%,

10/01/2027

(i) 19,000

17,752

2.60%,

10/01/2040

19,000

13,437

3.65%,

03/01/2026

21,000

20,881

4.80%,

11/15/2029

20,000

20,351

5.25%,

10/15/2033

22,000

22,454

$

237,740

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

.73

%

Air

Liquide

Finance

SA

2.25%,

09/10/2029

(g) $

24,000

$

22,234

Westlake

Corp

2.88%,

08/15/2041

15,000

9,892

3.38%,

06/15/2030

4,500

4,210

3.60%,

08/15/2026

43,000

42,405

$

78,741

Commercial

Services

-

.82

%

ERAC

USA

Finance

LLC

4.60%,

05/01/2028

(g) 38,500

38,815

5.00%,

02/15/2029

(g) 9,500

9,664

7.00%,

10/15/2037

(g) 13,000

14,824

United

Rentals

North

America

Inc

6.00%,

12/15/2029

(g) 24,000

24,305

$

87,608

Computers

-

.97

%

Apple

Inc

1.13%,

05/11/2025

10,000

9,989

2.05%,

09/11/2026

30,000

29,262

2.38%,

02/08/2041

20,000

13,852

3.20%,

05/11/2027

13,000

12,848

3.25%,

02/23/2026

13,000

12,913

4.15%,

05/10/2030

24,500

24,863

$

103,727

Diversified

Financial

Services

-

.04

%

Atlas

Warehouse

Lending

Co

LP

6.05%,

01/15/2028

(g) 22,000

22,146

6.25%,

01/15/2030

(g) 27,000

27,062

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

30,000

25,290

2.75%,

10/15/2032

8,000

6,551

4.15%,

01/23/2030

19,000

18,295

4.85%,

01/15/2027

1,750

1,759

6.25%,

01/15/2036

10,325

10,419

$

111,522

Electric

-

.41

%

AEP

Transmission

Co

LLC

3.15%,

09/15/2049

24,000

15,794

5.40%,

03/15/2053

23,000

21,608

AES

Corp/The

5.80%,

03/15/2032

38,000

37,892

Alabama

Power

Co

1.45%,

09/15/2030

25,000

21,466

3.13%,

07/15/2051

19,000

12,398

3.45%,

10/01/2049

42,000

29,362

Alliant

Energy

Finance

LLC

1.40%,

03/15/2026

(g) 4,500

4,350

5.95%,

03/30/2029

(g) 10,000

10,427

American

Electric

Power

Co

Inc

1.00%,

11/01/2025

11,450

11,248

Berkshire

Hathaway

Energy

Co

2.85%,

05/15/2051

23,000

13,680

Black

Hills

Corp

2.50%,

06/15/2030

15,000

13,382

3.05%,

10/15/2029

39,500

36,745

3.15%,

01/15/2027

7,500

7,301

4.35%,

05/01/2033

8,000

7,519

Dayton

Power

&

Light

Co/The

3.95%,

06/15/2049

14,000

10,279

Entergy

Corp

2.40%,

06/15/2031

24,000

20,775

Entergy

Louisiana

LLC

2.90%,

03/15/2051

18,500

11,409

3.25%,

04/01/2028

12,000

11,679

4.20%,

09/01/2048

31,000

24,403

FirstEnergy

Pennsylvania

Electric

Co

4.30%,

01/15/2029

(g) 14,000

13,861

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2025

(unaudited)

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

$

23,697

Florida

Power

&

Light

Co

2.88%,

12/04/2051

20,000

12,573

3.15%,

10/01/2049

25,000

16,759

5.05%,

04/01/2028

14,500

14,878

5.15%,

06/15/2029

20,000

20,712

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(g) 15,500

15,059

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

9,500

8,485

3.50%,

09/30/2049

66,000

45,699

Louisville

Gas

and

Electric

Co

3.30%,

10/01/2025

3,000

2,981

Monongahela

Power

Co

3.55%,

05/15/2027

(g) 20,000

19,671

5.85%,

02/15/2034

(g) 10,500

10,800

Nevada

Power

Co

2.40%,

05/01/2030

20,500

18,591

NextEra

Energy

Capital

Holdings

Inc

2.75%,

11/01/2029

51,000

47,232

Northern

States

Power

Co/MN

2.90%,

03/01/2050

18,500

11,852

5.10%,

05/15/2053

28,500

25,972

Oncor

Electric

Delivery

Co

LLC

0.55%,

10/01/2025

13,000

12,784

2.70%,

11/15/2051

15,000

8,650

3.10%,

09/15/2049

33,500

21,667

4.10%,

11/15/2048

5,000

3,909

5.65%,

11/15/2033

24,000

24,936

5.75%,

03/15/2029

21,000

21,961

PacifiCorp

5.25%,

06/15/2035

5,750

5,739

5.35%,

12/01/2053

34,000

30,330

6.25%,

10/15/2037

2,500

2,631

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

17,000

11,102

4.85%,

02/15/2034

19,000

18,840

5.25%,

05/15/2053

52,000

49,095

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

11,500

9,760

3.20%,

03/01/2050

15,000

9,851

Solar

Star

Funding

LLC

3.95%,

06/30/2035

(g) 4,604

4,341

5.38%,

06/30/2035

(g) 16,679

16,896

Southwestern

Electric

Power

Co

1.65%,

03/15/2026

24,000

23,401

2.75%,

10/01/2026

10,000

9,748

3.85%,

02/01/2048

12,500

8,978

Tucson

Electric

Power

Co

3.25%,

05/01/2051

18,000

11,711

4.85%,

12/01/2048

7,000

6,077

Wisconsin

Power

and

Light

Co

5.38%,

03/30/2034

19,000

19,140

Xcel

Energy

Inc

2.60%,

12/01/2029

(i) 32,000

29,272

3.50%,

12/01/2049

24,000

16,022

$

1,007,380

Electronics

-

.42

%

Keysight

Technologies

Inc

3.00%,

10/30/2029

48,000

44,516

Environmental

Control

-

.68

%

Republic

Services

Inc

1.75%,

02/15/2032

(i) 29,500

24,496

2.30%,

03/01/2030

16,500

15,013

4.88%,

04/01/2029

23,500

23,918

5.15%,

03/15/2035

9,000

9,100

$

72,527

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

-

.81

%

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

$

21,000

$

20,191

Mars

Inc

4.45%,

03/01/2027

(g) 28,000

28,169

5.00%,

03/01/2032

(g) 38,000

38,304

$

86,664

Gas

-

.74

%

NiSource

Inc

2.95%,

09/01/2029

29,000

27,147

3.60%,

05/01/2030

14,000

13,353

5.35%,

04/01/2034

39,000

39,258

$

79,758

Healthcare

-

Services

-

.32

%

HCA

Inc

4.13%,

06/15/2029

14,000

13,619

5.60%,

04/01/2034

37,000

37,190

5.63%,

09/01/2028

2,000

2,049

7.50%,

11/06/2033

1,950

2,199

UnitedHealth

Group

Inc

2.00%,

05/15/2030

9,000

8,000

2.88%,

08/15/2029

15,000

14,201

3.50%,

08/15/2039

14,000

11,221

4.70%,

04/15/2029

28,500

28,951

4.75%,

07/15/2026

24,000

24,182

$

141,612

Insurance

-

.50

%

Berkshire

Hathaway

Finance

Corp

1.45%,

10/15/2030

36,500

31,905

1.85%,

03/12/2030

8,000

7,245

2.50%,

01/15/2051

12,500

7,392

2.85%,

10/15/2050

30,500

19,378

Fidelity

National

Financial

Inc

3.40%,

06/15/2030

(i) 32,000

29,418

4.50%,

08/15/2028

39,500

38,980

First

American

Financial

Corp

2.40%,

08/15/2031

22,000

18,596

4.00%,

05/15/2030

28,000

26,505

5.45%,

09/30/2034

30,000

29,003

Prudential

Financial

Inc

2.10%,

03/10/2030

23,000

20,743

3.88%,

03/27/2028

4,550

4,511

5.20%,

03/14/2035

34,000

34,082

$

267,758

Internet

-

.50

%

Amazon.com

Inc

2.88%,

05/12/2041

20,000

14,804

3.95%,

04/13/2052

10,000

7,883

4.05%,

08/22/2047

38,000

31,293

$

53,980

Lodging

-

.97

%

Choice

Hotels

International

Inc

3.70%,

12/01/2029

42,000

39,381

3.70%,

01/15/2031

11,000

10,005

Marriott

International

Inc/MD

2.75%,

10/15/2033

(i) 36,000

29,759

Travel

+

Leisure

Co

4.50%,

12/01/2029

(g),(i)

26,500

24,837

$

103,982

Media

-

.74

%

Comcast

Corp

2.65%,

02/01/2030

(i) 33,000

30,554

3.30%,

02/01/2027

10,000

9,868

3.95%,

10/15/2025

15,000

14,962

4.25%,

10/15/2030

4,500

4,447

4.65%,

02/15/2033

30,000

29,470

6.45%,

03/15/2037

1,800

1,963

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Discovery

Communications

LLC

3.63%,

05/15/2030

$

9,000

$

7,981

4.13%,

05/15/2029

22,000

20,570

5.30%,

05/15/2049

13,000

9,462

Time

Warner

Cable

LLC

6.55%,

05/01/2037

7,400

7,281

6.75%,

06/15/2039

6,000

5,990

7.30%,

07/01/2038

7,750

8,089

Walt

Disney

Co/The

2.00%,

09/01/2029

(i) 28,000

25,581

6.40%,

12/15/2035

8,900

9,888

$

186,106

Oil

&

Gas

-

.36

%

BP

Capital

Markets

America

Inc

3.12%,

05/04/2026

10,000

9,877

3.41%,

02/11/2026

13,000

12,895

3.94%,

09/21/2028

13,000

12,841

4.70%,

04/10/2029

39,000

39,460

4.87%,

11/25/2029

24,000

24,434

Canadian

Natural

Resources

Ltd

2.05%,

07/15/2025

9,000

8,946

5.00%,

12/15/2029

(g) 14,500

14,453

Marathon

Petroleum

Corp

5.13%,

12/15/2026

8,500

8,570

Phillips

1.30%,

02/15/2026

11,500

11,200

Suncor

Energy

Inc

4.00%,

11/15/2047

4,500

3,234

$

145,910

Oil

&

Gas

Services

-

.31

%

Schlumberger

Holdings

Corp

4.00%,

12/21/2025

(g) 33,000

32,861

Other

Asset

Backed

Securities

-

.67

%

PFS

Financing

Corp

5.19%,

01/15/2028

(g) 28,000

28,040

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.85%

Verizon

Master

Trust

5.20%,

06/20/2029

43,500

43,644

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.85%

$

71,684

Packaging

&

Containers

-

.09

%

Sealed

Air

Corp

5.50%,

09/15/2025

(g) 2,000

1,999

6.88%,

07/15/2033

(g) 6,900

7,163

$

9,162

Pharmaceuticals

-

.93

%

AbbVie

Inc

4.65%,

03/15/2028

19,000

19,282

5.05%,

03/15/2034

60,000

60,505

Bristol-Myers

Squibb

Co

1.13%,

11/13/2027

12,500

11,663

1.45%,

11/13/2030

10,000

8,595

3.20%,

06/15/2026

13,124

13,005

3.40%,

07/26/2029

8,346

8,075

3.90%,

02/20/2028

10,500

10,475

5.90%,

11/15/2033

20,000

21,343

CVS

Health

Corp

1.30%,

08/21/2027

14,000

13,017

3.00%,

08/15/2026

17,000

16,674

4.30%,

03/25/2028

5,046

5,008

5.05%,

03/25/2048

23,000

19,547

$

207,189

Pipelines

-

.10

%

Buckeye

Partners

LP

3.95%,

12/01/2026

10,500

10,236

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

El

Paso

Natural

Gas

Co

LLC

7.50%,

11/15/2026

$

11,400

$

11,939

NGPL

PipeCo

LLC

3.25%,

07/15/2031

(g) 15,000

13,249

4.88%,

08/15/2027

(g) 43,000

42,993

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.50%,

12/15/2026

13,500

13,500

Southern

Natural

Gas

Co

LLC

8.00%,

03/01/2032

4,750

5,380

Tennessee

Gas

Pipeline

Co

LLC

8.38%,

06/15/2032

2,000

2,305

TransCanada

PipeLines

Ltd

6.10%,

06/01/2040

7,000

7,056

7.25%,

08/15/2038

10,000

11,085

$

117,743

REITs

-

.21

%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

13,000

10,129

2.00%,

05/18/2032

14,000

11,306

2.75%,

12/15/2029

14,500

13,274

3.38%,

08/15/2031

30,000

27,244

4.30%,

01/15/2026

9,900

9,863

4.75%,

04/15/2035

14,500

13,594

4.90%,

12/15/2030

4,250

4,232

American

Tower

Corp

1.88%,

10/15/2030

20,000

17,211

2.10%,

06/15/2030

3,000

2,643

2.75%,

01/15/2027

53,000

51,480

2.95%,

01/15/2051

10,000

6,217

3.38%,

10/15/2026

5,000

4,919

American

Tower

Trust

#1

5.49%,

03/15/2053

(g) 14,000

14,244

Crown

Castle

Inc

2.25%,

01/15/2031

18,000

15,539

2.90%,

04/01/2041

30,000

21,069

3.10%,

11/15/2029

8,000

7,436

4.00%,

11/15/2049

17,000

12,375

4.30%,

02/15/2029

13,000

12,778

5.00%,

01/11/2028

18,000

18,156

CubeSmart

LP

2.00%,

02/15/2031

26,000

22,156

3.00%,

02/15/2030

18,000

16,657

4.00%,

11/15/2025

5,000

4,980

4.38%,

02/15/2029

2,000

1,974

DOC

DR

LLC

2.63%,

11/01/2031

32,000

27,573

4.30%,

03/15/2027

22,400

22,289

Healthcare

Realty

Holdings

LP

2.40%,

03/15/2030

9,000

7,918

3.63%,

01/15/2028

3,500

3,392

3.88%,

05/01/2025

5,000

5,000

Healthpeak

OP

LLC

2.88%,

01/15/2031

7,000

6,288

3.00%,

01/15/2030

50,000

46,335

5.25%,

12/15/2032

14,000

14,060

Omega

Healthcare

Investors

Inc

3.38%,

02/01/2031

46,000

41,665

3.63%,

10/01/2029

(i) 32,000

30,099

4.75%,

01/15/2028

(i) 7,000

7,008

5.25%,

01/15/2026

8,000

8,000

Prologis

LP

2.88%,

11/15/2029

(i) 12,500

11,723

3.25%,

06/30/2026

5,000

4,945

3.38%,

12/15/2027

25,000

24,523

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

SBA

Tower

Trust

1.63%,

05/15/2051

(g) $

46,000

$

43,790

2.33%,

07/15/2052

(g) 10,000

9,350

2.59%,

10/15/2056

(g) 20,500

17,762

Store

Capital

LLC

2.75%,

11/18/2030

18,500

16,241

4.63%,

03/15/2029

33,500

32,652

Ventas

Realty

LP

3.00%,

01/15/2030

8,000

7,426

3.85%,

04/01/2027

21,000

20,778

5.63%,

07/01/2034

38,500

38,988

Welltower

OP

LLC

2.70%,

02/15/2027

12,000

11,690

2.75%,

01/15/2031

7,000

6,337

3.10%,

01/15/2030

25,000

23,546

4.13%,

03/15/2029

(i) 6,000

5,929

4.25%,

04/15/2028

4,000

3,997

Weyerhaeuser

Co

7.38%,

03/15/2032

11,281

12,657

WP

Carey

Inc

2.40%,

02/01/2031

21,000

18,301

3.85%,

07/15/2029

30,000

29,017

$

878,755

Semiconductors

-

.38

%

NVIDIA

Corp

2.00%,

06/15/2031

19,000

16,762

2.85%,

04/01/2030

14,000

13,231

3.50%,

04/01/2040

13,000

10,782

$

40,775

Software

-

.56

%

Oracle

Corp

2.95%,

05/15/2025

25,900

25,882

5.50%,

08/03/2035

33,500

33,638

$

59,520

Telecommunications

-

.50

%

Corning

Inc

4.75%,

03/15/2042

4,650

4,111

5.45%,

11/15/2079

43,500

37,391

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(g) 16,000

15,712

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

09/20/2029

(g) 20,700

20,826

T-Mobile

USA

Inc

2.05%,

02/15/2028

10,000

9,403

2.55%,

02/15/2031

20,000

17,747

3.00%,

02/15/2041

39,000

27,903

5.30%,

05/15/2035

27,500

27,610

$

160,703

Transportation

-

.83

%

Ryder

System

Inc

2.90%,

12/01/2026

(i) 51,000

49,707

3.35%,

09/01/2025

25,000

24,875

5.00%,

03/15/2030

14,000

14,119

$

88,701

Trucking

&

Leasing

-

.65

%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

1.20%,

11/15/2025

(g) 22,000

21,555

1.70%,

06/15/2026

(g) 39,000

37,739

5.70%,

02/01/2028

(g) 10,000

10,262

$

69,556

TOTAL

BONDS

$

5,878,700

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.47

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.11

%

3.00%,

12/01/2046

$

6,087

$

5,421

3.50%,

03/01/2048

6,714

6,191

$

11,612

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.52

%

2.00%,

10/01/2050

31,777

25,585

2.00%,

11/01/2050

31,838

25,676

2.00%,

12/01/2050

36,873

29,651

2.00%,

12/01/2050

37,083

29,820

2.50%,

09/01/2050

31,872

26,852

2.50%,

10/01/2050

32,187

27,093

2.50%,

10/01/2050

32,459

27,286

2.50%,

10/01/2050

32,445

27,251

2.50%,

11/01/2050

32,587

27,456

2.50%,

11/01/2050

30,465

25,669

2.50%,

11/01/2050

32,765

27,592

2.50%,

11/01/2050

31,417

26,495

2.50%,

11/01/2050

31,147

26,241

3.00%,

06/01/2042

11,896

10,853

3.00%,

08/01/2049

15,969

14,069

3.00%,

09/01/2049

11,487

10,092

3.00%,

10/01/2049

14,531

12,783

3.00%,

10/01/2049

17,185

15,118

3.00%,

10/01/2049

12,305

10,828

3.00%,

11/01/2049

14,469

12,716

3.00%,

11/01/2049

16,876

14,846

3.00%,

11/01/2049

11,587

10,207

3.00%,

03/01/2050

17,297

15,215

3.00%,

04/01/2050

18,696

16,445

3.00%,

09/01/2050

21,197

18,616

3.00%,

05/01/2052

16,021

14,035

3.50%,

06/01/2046

12,019

11,255

3.50%,

08/01/2047

6,940

6,372

3.50%,

09/01/2047

28,814

26,440

3.50%,

12/01/2047

6,965

6,378

3.50%,

06/01/2049

26,648

24,406

3.50%,

07/01/2049

9,004

8,220

3.50%,

09/01/2049

7,681

7,011

3.50%,

09/01/2049

8,267

7,548

3.50%,

09/01/2049

25,690

23,480

3.50%,

11/01/2049

10,466

9,552

3.50%,

11/01/2049

12,508

11,532

3.50%,

12/01/2049

11,867

10,829

3.50%,

01/01/2050

35,522

32,439

3.50%,

02/01/2050

22,304

20,211

3.50%,

06/01/2050

20,212

18,455

3.50%,

08/01/2050

27,735

25,337

3.50%,

10/01/2050

26,327

23,998

3.50%,

01/01/2051

20,131

18,360

3.50%,

01/01/2051

28,462

26,075

3.50%,

04/01/2052

32,156

29,140

3.50%,

04/01/2052

43,513

39,474

4.00%,

02/01/2044

7,472

7,203

4.00%,

09/01/2045

4,958

4,673

4.00%,

06/01/2046

10,459

10,075

4.00%,

10/01/2047

27,772

26,246

4.00%,

10/01/2048

7,984

7,549

4.00%,

03/01/2049

22,870

21,546

4.00%,

04/01/2049

25,031

23,606

4.00%,

06/01/2049

37,766

35,662

4.00%,

07/01/2049

5,610

5,286

4.00%,

08/01/2049

28,028

26,419

4.00%,

10/01/2049

13,010

12,259

4.00%,

12/01/2049

20,915

19,817

4.00%,

01/01/2050

17,901

16,868

4.00%,

07/01/2050

39,384

37,104

4.00%,

02/01/2052

33,295

31,111

4.00%,

02/01/2052

39,403

36,952

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2025

(unaudited)

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%,

02/01/2052

$

32,388

$

30,250

4.00%,

05/01/2052

39,335

36,669

4.00%,

05/01/2052

41,094

38,535

4.00%,

06/01/2052

33,215

31,147

4.50%,

06/01/2046

11,906

11,740

4.50%,

02/01/2049

5,652

5,482

4.50%,

07/01/2052

16,354

15,725

4.50%,

07/01/2052

38,453

36,797

4.50%,

08/01/2052

34,718

33,461

4.50%,

08/01/2052

38,156

36,690

4.50%,

08/01/2052

34,197

33,086

4.50%,

09/01/2052

33,651

32,358

4.50%,

09/01/2052

35,071

33,932

4.50%,

09/01/2052

34,642

33,243

4.50%,

10/01/2052

34,241

32,997

4.50%,

10/01/2052

22,044

21,143

4.50%,

11/01/2052

36,165

34,777

4.50%,

11/01/2052

37,055

35,881

4.50%,

02/01/2053

33,162

31,773

5.00%,

07/01/2052

35,901

35,591

5.00%,

09/01/2052

35,058

34,588

5.00%,

10/01/2052

21,548

21,259

5.00%,

10/01/2052

33,428

32,880

5.00%,

02/01/2053

33,908

33,457

5.00%,

03/01/2053

35,055

34,585

5.00%,

07/01/2053

34,817

34,501

5.00%,

09/01/2053

26,346

25,975

5.00%,

10/01/2053

44,079

43,524

5.00%,

10/01/2053

41,378

40,730

5.00%,

02/01/2054

38,880

38,266

5.50%,

02/01/2053

32,126

32,350

5.50%,

03/01/2053

35,398

35,645

5.50%,

04/01/2053

33,130

33,338

5.50%,

07/01/2053

35,327

35,560

5.50%,

09/01/2053

35,367

35,557

5.50%,

09/01/2053

34,925

35,240

5.50%,

03/01/2054

28,185

28,357

5.50%,

06/01/2054

28,863

29,013

5.50%,

10/01/2054

38,530

38,783

6.00%,

10/01/2053

35,050

35,875

$

2,518,138

Government

National

Mortgage

Association

(GNMA)

-

.09

%

3.00%,

02/20/2046

11,403

10,253

U.S.

Treasury

-

.75

%

0.38%,

09/30/2027

40,000

37,047

0.50%,

10/31/2027

40,000

37,062

0.63%,

08/15/2030

40,000

34,017

0.75%,

01/31/2028

40,000

37,050

0.88%,

11/15/2030

40,000

34,220

1.13%,

02/28/2027

10,000

9,561

1.13%,

02/15/2031

40,000

34,506

1.13%,

08/15/2040

60,000

37,162

1.25%,

08/15/2031

40,000

34,166

1.25%,

05/15/2050

55,000

26,754

1.38%,

11/15/2031

40,000

34,183

1.38%,

08/15/2050

55,000

27,429

1.50%,

02/15/2030

40,000

36,150

1.63%,

08/15/2029

40,000

36,833

1.63%,

11/15/2050

55,000

29,320

1.75%,

11/15/2029

40,000

36,831

1.75%,

08/15/2041

55,000

36,811

1.88%,

02/15/2032

40,000

35,120

1.88%,

02/15/2051

55,000

31,243

1.88%,

11/15/2051

55,000

30,955

2.00%,

08/15/2051

55,000

32,087

2.13%,

05/15/2025

(j) 40,000

39,964

2.25%,

08/15/2027

40,000

38,833

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

2.25%,

11/15/2027

$

40,000

$

38,706

2.25%,

08/15/2046

50,000

33,072

2.25%,

08/15/2049

40,000

25,334

2.25%,

02/15/2052

50,000

30,914

2.38%,

05/15/2027

40,000

39,036

2.38%,

05/15/2051

50,000

32,055

2.63%,

02/15/2029

40,000

38,558

2.75%,

07/31/2027

40,000

39,266

2.75%,

02/15/2028

40,000

39,114

2.75%,

05/31/2029

40,000

38,622

2.75%,

08/15/2032

40,000

36,939

2.75%,

08/15/2042

50,000

38,607

2.75%,

08/15/2047

45,000

32,412

2.88%,

05/15/2028

40,000

39,169

2.88%,

08/15/2028

40,000

39,094

2.88%,

05/15/2032

40,000

37,377

2.88%,

05/15/2052

45,000

32,059

3.00%,

11/15/2045

45,000

34,627

3.00%,

08/15/2048

40,000

29,884

3.00%,

08/15/2052

45,000

32,899

3.13%,

11/15/2028

40,000

39,333

3.38%,

05/15/2033

40,000

38,197

3.50%,

02/15/2033

40,000

38,645

3.63%,

02/15/2044

45,000

38,920

3.63%,

02/15/2053

40,000

33,106

3.63%,

05/15/2053

40,000

33,105

3.75%,

05/31/2030

40,000

40,016

3.75%,

11/15/2043

40,000

35,311

3.88%,

08/15/2033

40,000

39,494

4.00%,

02/15/2034

40,000

39,694

4.00%,

11/15/2052

40,000

35,480

4.13%,

11/15/2032

40,000

40,394

4.50%,

11/15/2033

40,000

41,228

4.63%,

05/15/2054

40,000

39,433

$

2,007,404

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

4,547,407

Total

Investments

$

10,642,311

Other

Assets

and

Liabilities

- 0.61%

65,401

TOTAL

NET

ASSETS

-

100.00%

$

10,707,712

(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

$13,045

or

0.12%

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

$843,961

or

7.88%

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

$12,628

or

0.12%

of

net

assets.

(j) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,995

or

0.06%

of

net

assets.

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

118,527

$

1,089,004

$

1,009,162

$

198,369

$

118,527

$

1,089,004

$

1,009,162

$

198,369

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,856

$

—

$

—

$

—

$

1,856

$

—

$

—

$

—

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

$

16,470

0.15%

Total

$

16,470

0.15%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

June

2025

Long

3,436

$

715,198

$

7,891

US

Ultra

Bond;

June

2025

Short

48,897

(578)

Total

$

7,313

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.89

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.89

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

759,980

$

760

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

30,882,949

30,883

$

31,643

TOTAL

INVESTMENT

COMPANIES

$

31,643

COMMON

STOCKS

-

.01

%

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

.00

%

Avation

PLC

-

Warrants

(d) 3,500

$

Oil

&

Gas

-

.01

%

Mesquite

Energy

Inc

(d),(e)

Retail

-

.00

%

Claire's

Holdings

LLC

(d),(e)

—

TOTAL

COMMON

STOCKS

$

BONDS

-

.84

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.77

%

Boeing

Co/The

2.20%,

02/04/2026

$

3,335

$

3,267

5.81%,

05/01/2050

760

712

6.26%,

05/01/2027

660

680

Bombardier

Inc

7.25%,

07/01/2031

(f) 40

7.50%,

02/01/2029

(f) 310

8.75%,

11/15/2030

(f) 265

General

Dynamics

Corp

4.95%,

08/15/2035

(g) 310

Northrop

Grumman

Corp

4.95%,

03/15/2053

RTX

Corp

3.03%,

03/15/2052

530

4.13%,

11/16/2028

750

744

6.10%,

03/15/2034

545

586

6.40%,

03/15/2054

625

671

TransDigm

Inc

4.88%,

05/01/2029

6.00%,

01/15/2033

(f) 25

6.38%,

03/01/2029

(f) 685

698

6.63%,

03/01/2032

(f) 35

Triumph

Group

Inc

9.00%,

03/15/2028

(f) 445

$

9,510

Agriculture

-

.94

%

BAT

Capital

Corp

4.76%,

09/06/2049

5.83%,

02/20/2031

7.08%,

08/02/2053

825

896

BAT

International

Finance

PLC

5.93%,

02/02/2029

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

5.95%,

04/20/2035

(f) 540

556

Philip

Morris

International

Inc

4.13%,

04/28/2028

4.38%,

04/30/2030

510

507

4.63%,

11/01/2029

522

527

4.88%,

04/30/2035

560

549

Reynolds

American

Inc

5.70%,

08/15/2035

635

639

$

5,062

Airlines

-

.63

%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

American

Airlines

Inc

8.50%,

05/15/2029

(f),(h)

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(f) 40

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(f) $

835

$

810

5.31%,

10/20/2031

(f) 405

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(f) 143

4.75%,

10/20/2028

(f) 705

701

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(f),(h)

OneSky

Flight

LLC

8.88%,

12/15/2029

(f) 24

United

Airlines

2024-1

Class

A

Pass

Through

Trust

5.88%,

08/15/2038

719

712

United

Airlines

Inc

4.38%,

04/15/2026

(f) 75

$

3,407

Automobile

Asset

Backed

Securities

-

.15

%

AmeriCredit

Automobile

Receivables

Trust

2022-2

4.38%,

04/18/2028

AmeriCredit

Automobile

Receivables

Trust

2023-2

6.19%,

04/19/2027

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.95%,

02/18/2028

1,017

1,017

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

936

938

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

1,022

1,025

Chase

Auto

Owner

Trust

2024-1

5.48%,

04/26/2027

(f) 542

543

Chase

Auto

Owner

Trust

2024-2

5.66%,

05/26/2027

(f) 582

583

Chase

Auto

Owner

Trust

2024-4

5.25%,

09/27/2027

(f) 906

908

Chase

Auto

Owner

Trust

2024-5

4.18%,

08/27/2029

(f) 1,670

1,669

Drive

Auto

Receivables

Trust

2024-2

4.94%,

12/15/2027

1,287

1,287

Ford

Credit

Auto

Lease

Trust

2023-A

4.83%,

05/15/2026

Ford

Credit

Floorplan

Master

Owner

Trust

A

4.30%,

09/15/2029

(f) 2,150

2,152

5.29%,

04/15/2029

(f) 575

586

GM

Financial

Automobile

Leasing

Trust

2024-1

5.18%,

06/22/2026

558

558

GM

Financial

Automobile

Leasing

Trust

2024-3

4.21%,

10/20/2027

675

673

4.82%,

01/20/2027

1,680

1,679

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-3

5.45%,

06/16/2028

790

795

Mercedes-Benz

Auto

Lease

Trust

2024-A

5.44%,

02/16/2027

816

818

Nissan

Auto

Lease

Trust

2023-B

5.69%,

07/15/2026

Santander

Drive

Auto

Receivables

Trust

2023-4

5.73%,

04/17/2028

1,407

1,412

Santander

Drive

Auto

Receivables

Trust

2023-6

6.08%,

05/17/2027

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

950

952

5.71%,

02/16/2027

Santander

Drive

Auto

Receivables

Trust

2024-2

5.80%,

09/15/2027

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

Santander

Drive

Auto

Receivables

Trust

2024-3

5.91%,

06/15/2027

$

$

Santander

Drive

Auto

Receivables

Trust

2024-4

5.41%,

07/15/2027

973

974

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

955

955

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

1,260

1,261

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(f) 596

598

Toyota

Lease

Owner

Trust

2024-B

4.21%,

09/20/2027

(f) 1,380

1,379

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(f) 1,590

1,583

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

World

Omni

Auto

Receivables

Trust

2023-C

5.15%,

11/15/2028

700

703

$

27,638

Automobile

Manufacturers

-

.83

%

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

1,010

991

6.13%,

03/08/2034

6.80%,

11/07/2028

1,065

1,087

Hyundai

Capital

America

5.25%,

01/08/2027

(f) 855

861

5.30%,

06/24/2029

(f) 345

6.50%,

01/16/2029

(f) 265

$

4,435

Automobile

Parts

&

Equipment

-

.18

%

Dana

Inc

5.38%,

11/15/2027

610

606

Phinia

Inc

6.75%,

04/15/2029

(f) 220

Tenneco

Inc

8.00%,

11/17/2028

(f) 125

$

948

Banks

-

.48

%

AIB

Group

PLC

5.87%,

03/28/2035

(f),(i)

815

831

Secured

Overnight

Financing

Rate

+

1.91%

Banco

Santander

SA

5.37%,

07/15/2028

(i) 1,000

1,019

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

Bank

of

America

Corp

2.68%,

06/19/2041

(i) 1,335

946

Secured

Overnight

Financing

Rate

+

1.93%

2.69%,

04/22/2032

(i) 861

762

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%

Bank

of

Montreal

3.80%,

12/15/2032

(i) 1,045

1,011

USD

Swap

Semi-Annual

Year

+

1.43%

Barclays

PLC

2.28%,

11/24/2027

(i) 500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

2.85%,

05/07/2026

(i) 1,100

1,099

Secured

Overnight

Financing

Rate

+

2.71%

4.84%,

09/10/2028

(i) 790

791

Secured

Overnight

Financing

Rate

+

1.34%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Barclays

PLC

(continued)

5.34%,

09/10/2035

(i) $

1,115

$

1,082

Secured

Overnight

Financing

Rate

+

1.91%

5.37%,

02/25/2031

(i) 465

Secured

Overnight

Financing

Rate

+

1.23%

5.79%,

02/25/2036

(i) 200

Secured

Overnight

Financing

Rate

+

1.59%

BNP

Paribas

SA

4.79%,

05/09/2029

(f),(g),(i)

670

670

Secured

Overnight

Financing

Rate

+

1.45%

BPCE

SA

5.88%,

01/14/2031

(f),(i)

Secured

Overnight

Financing

Rate

+

1.68%

6.29%,

01/14/2036

(f),(i)

650

673

Secured

Overnight

Financing

Rate

+

2.04%

Citizens

Financial

Group

Inc

5.25%,

03/05/2031

(i) 395

Secured

Overnight

Financing

Rate

+

1.26%

Danske

Bank

A/S

4.61%,

10/02/2030

(f),(i)

1,565

1,550

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%

5.02%,

03/04/2031

(f),(i)

820

823

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.93%

Deutsche

Bank

AG/New

York

NY

5.00%,

09/11/2030

(i) 660

661

Secured

Overnight

Financing

Rate

+

1.70%

5.71%,

02/08/2028

(i) 1,165

1,183

Secured

Overnight

Financing

Rate

+

1.59%

Goldman

Sachs

Group

Inc/The

5.02%,

10/23/2035

(i) 1,085

1,051

Secured

Overnight

Financing

Rate

+

1.42%

5.21%,

01/28/2031

(i) 1,415

1,439

Secured

Overnight

Financing

Rate

+

1.08%

5.22%,

04/23/2031

(i) 1,400

1,426

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%,

03/03/2031

(i) 385

Secured

Overnight

Financing

Rate

+

1.29%

5.29%,

11/19/2030

(i) 850

863

Secured

Overnight

Financing

Rate

+

1.29%

5.60%,

05/17/2028

(i) 830

844

Secured

Overnight

Financing

Rate

+

1.06%

Huntington

Bancshares

Inc/OH

5.27%,

01/15/2031

(i) 990

997

Secured

Overnight

Financing

Rate

+

1.28%

5.71%,

02/02/2035

(i) 1,410

1,413

Secured

Overnight

Financing

Rate

+

1.87%

6.14%,

11/18/2039

(i) 380

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

JPMorgan

Chase

&

Co

4.91%,

07/25/2033

(i) 2,055

2,044

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

10/22/2035

(i) 495

Secured

Overnight

Financing

Rate

+

1.34%

5.10%,

04/22/2031

(i) 805

820

Secured

Overnight

Financing

Rate

+

1.44%

5.14%,

01/24/2031

(i) 620

633

Secured

Overnight

Financing

Rate

+

1.01%

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

5.34%,

01/23/2035

(i) $

$

Secured

Overnight

Financing

Rate

+

1.62%

6.50%,

04/01/2030

(i),(j)

765

764

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

KBC

Group

NV

4.93%,

10/16/2030

(f),(i)

1,085

1,094

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.07%

KeyBank

NA/Cleveland

OH

5.00%,

01/26/2033

750

722

KeyCorp

5.12%,

04/04/2031

(h),(i)

1,210

1,208

Secured

Overnight

Financing

Rate

+

1.23%

Mizuho

Financial

Group

Inc

5.38%,

05/26/2030

(i) 1,365

1,398

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.12%

Morgan

Stanley

0.99%,

12/10/2026

(i) 4,490

4,389

Secured

Overnight

Financing

Rate

+

0.72%

2.48%,

09/16/2036

(i) 1,140

951

Secured

Overnight

Financing

Rate

+

1.36%

5.19%,

04/17/2031

(i) 1,205

1,227

Secured

Overnight

Financing

Rate

+

1.51%

5.23%,

01/15/2031

(i) 705

719

Secured

Overnight

Financing

Rate

+

1.11%

5.32%,

07/19/2035

(i) 3,150

3,136

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%

NatWest

Markets

PLC

4.79%,

03/21/2028

(f) 520

524

5.02%,

03/21/2030

(f) 330

PNC

Financial

Services

Group

Inc/The

5.22%,

01/29/2031

(i) 1,245

1,273

Secured

Overnight

Financing

Rate

+

1.07%

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

1,712

Secured

Overnight

Financing

Rate

+

1.90%

6.88%,

10/20/2034

(i) 571

628

Secured

Overnight

Financing

Rate

+

2.28%

State

Street

Corp

4.54%,

04/24/2028

(i) 685

690

Secured

Overnight

Financing

Rate

+

0.95%

4.83%,

04/24/2030

815

827

Truist

Financial

Corp

5.44%,

01/24/2030

(i) 1,585

1,619

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

(f),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.08%

2.19%,

06/05/2026

(f),(i)

750

748

Secured

Overnight

Financing

Rate

+

2.04%

4.75%,

05/12/2028

(f),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

UBS

Group

AG

(continued)

5.43%,

02/08/2030

(f),(i)

$

775

$

794

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%

UniCredit

SpA

1.98%,

06/03/2027

(f),(i)

600

581

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

US

Bancorp

5.05%,

02/12/2031

(i) 560

567

Secured

Overnight

Financing

Rate

+

1.06%

5.10%,

07/23/2030

(i) 1,065

1,082

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

1,238

Secured

Overnight

Financing

Rate

+

1.86%

Westpac

Banking

Corp

4.11%,

07/24/2034

(i) 1,465

1,402

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

$

61,624

Biotechnology

-

.34

%

Amgen

Inc

4.56%,

06/15/2048

530

5.60%,

03/02/2043

780

759

CSL

Finance

PLC

4.75%,

04/27/2052

(f) 750

631

$

1,830

Building

Materials

-

.57

%

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028

(f),(h)

1,415

1,458

Miter

Brands

Acquisition

Holdco

Inc

/

MIWD

Borrower

LLC

6.75%,

04/01/2032

(f) 110

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(f) 200

6.75%,

03/01/2033

(f) 140

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(f) 1,159

1,132

$

3,042

Chemicals

-

.98

%

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(f) 735

572

6.50%,

05/15/2026

(f) 150

Ecolab

Inc

2.70%,

12/15/2051

1,070

644

Element

Solutions

Inc

3.88%,

09/01/2028

(f) 317

International

Flavors

&

Fragrances

Inc

1.83%,

10/15/2027

(f) 925

864

3.47%,

12/01/2050

(f) 130

OCP

SA

6.10%,

04/30/2030

(f) 320

6.75%,

05/02/2034

(f) 500

505

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(f) 375

6.25%,

10/01/2029

(f) 405

Sociedad

Quimica

y

Minera

de

Chile

SA

5.50%,

09/10/2034

(f) 460

Vibrantz

Technologies

Inc

9.00%,

02/15/2030

(f) 871

660

$

5,256

Commercial

Mortgage

Backed

Securities

-

.83

%

BAHA

Trust

2024-MAR

6.17%,

12/10/2041

(f),(k)

750

774

BBCMS

Mortgage

Trust

2024-5C29

5.21%,

09/15/2057

1,750

1,788

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

BBCMS

Mortgage

Trust

2025-5C33

6.17%,

03/15/2058

(k) $

2,500

$

2,618

Benchmark

2021-B25

Mortgage

Trust

2.58%,

04/15/2054

500

BPR

Trust

2024-PMDW

5.36%,

11/05/2041

(f),(k)

2,550

2,580

BX

2025-BIO3

Mortgage

Trust

6.14%,

02/10/2042

(f) 1,000

1,021

BX

Commercial

Mortgage

Trust

2021-XL2

5.12%,

10/15/2038

(f) 1,202

1,196

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.80%

BX

Trust

2025-VLT6

5.77%,

03/15/2042

(f) 2,000

1,980

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

1,408

COMM

2013-CCRE6

Mortgage

Trust

4.00%,

03/10/2046

(f),(k)

ELM

Trust

2024-ELM

5.99%,

06/10/2039

(f),(k)

2,000

2,028

GS

Mortgage

Securities

Trust

2020-GSA2

2.01%,

12/12/2053

3,600

3,094

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

0.86%,

11/15/2047

(k),(l)

984

—

MSC

Trust

2021-ILP

5.21%,

11/15/2036

(f) 748

744

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.89%

ORL

Trust

2024-GLKS

5.81%,

12/15/2039

(f) 1,000

994

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

SMRT

2022-MINI

5.32%,

01/15/2039

(f) 1,700

1,691

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

SREIT

Trust

2021-MFP

5.17%,

11/15/2038

(f) 2,160

2,151

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

SREIT

Trust

2021-MFP2

5.26%,

11/15/2036

(f) 1,000

994

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.94%

$

25,897

Commercial

Services

-

.00

%

Albion

Financing

SARL

/

Aggreko

Holdings

Inc

6.13%,

10/15/2026

(f) 395

Albion

Financing

Sarl

8.75%,

04/15/2027

(f) 520

525

EquipmentShare.com

Inc

8.00%,

03/15/2033

(f),(h)

8.63%,

05/15/2032

(f) 130

9.00%,

05/15/2028

(f) 205

Garda

World

Security

Corp

6.00%,

06/01/2029

(f) 845

790

8.38%,

11/15/2032

(f) 470

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.25%,

01/15/2028

(f),(h)

Veritiv

Operating

Co

10.50%,

11/30/2030

(f) 345

WASH

Multifamily

Acquisition

Inc

5.75%,

04/15/2026

(f) 1,380

1,366

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Williams

Scotsman

Inc

4.63%,

08/15/2028

(f) $

$

ZipRecruiter

Inc

5.00%,

01/15/2030

(f) 300

$

5,391

Computers

-

.81

%

Apple

Inc

3.95%,

08/08/2052

Hewlett

Packard

Enterprise

Co

4.55%,

10/15/2029

1,620

1,605

5.00%,

10/15/2034

500

5.60%,

10/15/2054

590

544

International

Business

Machines

Corp

5.70%,

02/10/2055

McAfee

Corp

7.38%,

02/15/2030

(f) 795

687

Seagate

HDD

Cayman

8.50%,

07/15/2031

9.63%,

12/01/2032

$

4,374

Consumer

Products

-

.04

%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(f) 235

Credit

Card

Asset

Backed

Securities

-

.58

%

American

Express

Credit

Account

Master

Trust

3.39%,

05/15/2027

1,625

1,624

3.75%,

08/15/2027

1,960

1,955

4.87%,

05/15/2028

5.23%,

09/15/2028

1,000

1,014

5.24%,

04/15/2031

4,045

4,198

BA

Credit

Card

Trust

5.00%,

04/15/2028

1,400

1,403

Citibank

Credit

Card

Issuance

Trust

3.96%,

10/13/2030

1,300

1,290

5.23%,

12/08/2027

975

979

Discover

Card

Execution

Note

Trust

3.56%,

07/15/2027

1,665

1,661

4.31%,

03/15/2028

3,055

3,054

5.03%,

10/15/2027

1,680

1,684

$

19,189

Diversified

Financial

Services

-

.91

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.45%,

10/29/2026

1,880

1,819

3.00%,

10/29/2028

1,345

1,270

3.40%,

10/29/2033

4.63%,

09/10/2029

6.95%,

03/10/2055

(i) 640

643

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Air

Lease

Corp

1.88%,

08/15/2026

1,325

1,279

Aircastle

Ltd

5.95%,

02/15/2029

(f) 950

975

Aircastle

Ltd

/

Aircastle

Ireland

DAC

5.75%,

10/01/2031

(f) 580

586

Ally

Financial

Inc

5.80%,

05/01/2025

505

505

Atlas

Warehouse

Lending

Co

LP

6.05%,

01/15/2028

(f) 250

Aviation

Capital

Group

LLC

1.95%,

09/20/2026

(f) 1,850

1,781

Charles

Schwab

Corp/The

5.85%,

05/19/2034

(i) 210

Secured

Overnight

Financing

Rate

+

2.50%

Citadel

Finance

LLC

5.90%,

02/10/2030

(f) 1,000

993

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Credit

Acceptance

Corp

6.63%,

03/15/2030

(f) $

$

9.25%,

12/15/2028

(f) 690

729

Freedom

Mortgage

Holdings

LLC

9.13%,

05/15/2031

(f) 825

834

Global

Aircraft

Leasing

Co

Ltd

8.75%,

09/01/2027

(f) 1,100

1,096

ILFC

E-Capital

Trust

II

6.37%,

12/21/2065

(f) 980

810

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.06%

Jane

Street

Group

/

JSG

Finance

Inc

4.50%,

11/15/2029

(f) 495

6.13%,

11/01/2032

(f) 1,130

1,111

6.75%,

05/01/2033

(f) 255

Nuveen

LLC

5.55%,

01/15/2030

(f) 1,100

1,140

OneMain

Finance

Corp

3.50%,

01/15/2027

885

847

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

(f) 180

SLM

Corp

3.13%,

11/02/2026

1,110

1,075

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(f) 305

$

20,969

Electric

-

.08

%

Abu

Dhabi

National

Energy

Co

PJSC

4.70%,

04/24/2033

(f),(h)

Alabama

Power

Co

3.13%,

07/15/2051

5.10%,

04/02/2035

560

562

Alliant

Energy

Finance

LLC

5.40%,

06/06/2027

(f) 625

633

5.95%,

03/30/2029

(f) 305

Atlantica

Sustainable

Infrastructure

PLC

4.13%,

06/15/2028

(f) 610

580

Berkshire

Hathaway

Energy

Co

4.60%,

05/01/2053

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(f) 730

717

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(f) 140

3.75%,

01/15/2032

(f) 170

4.75%,

03/15/2028

(f) 655

640

CMS

Energy

Corp

6.50%,

06/01/2055

(i) 1,070

1,043

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.96%

Commonwealth

Edison

Co

4.00%,

03/01/2049

Consumers

Energy

Co

5.05%,

05/15/2035

(g) 365

DTE

Energy

Co

5.20%,

04/01/2030

Duke

Energy

Carolinas

LLC

3.75%,

06/01/2045

500

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

Eversource

Energy

5.45%,

03/01/2028

535

548

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(f) $

597

$

592

FirstEnergy

Corp

2.25%,

09/01/2030

640

561

Florida

Power

&

Light

Co

5.70%,

03/15/2055

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(f) 345

Lightning

Power

LLC

7.25%,

08/15/2032

(f) 690

715

Monongahela

Power

Co

3.55%,

05/15/2027

(f) 715

703

Narragansett

Electric

Co/The

3.92%,

08/01/2028

(f) 460

NextEra

Energy

Capital

Holdings

Inc

5.45%,

03/15/2035

5.75%,

09/01/2025

6.38%,

08/15/2055

(i) 625

626

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%

6.70%,

09/01/2054

(i) 915

922

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

NRG

Energy

Inc

3.63%,

02/15/2031

(f) 375

3.88%,

02/15/2032

(f) 440

Oncor

Electric

Delivery

Co

LLC

5.55%,

06/15/2054

Pacific

Gas

and

Electric

Co

4.20%,

06/01/2041

535

5.55%,

05/15/2029

575

584

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4.00%,

06/30/2050

(f) 600

Saavi

Energia

Sarl

8.88%,

02/10/2035

(f) 455

Sempra

6.55%,

04/01/2055

(i) 890

810

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

Southern

Co/The

5.70%,

03/15/2034

1,210

1,251

Southwestern

Public

Service

Co

4.50%,

08/15/2041

6.00%,

06/01/2054

1,240

1,242

Trans-Allegheny

Interstate

Line

Co

5.00%,

01/15/2031

(f) 135

Vistra

Corp

7.00%,

12/15/2026

(f),(i),(j)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%

Vistra

Operations

Co

LLC

4.38%,

05/01/2029

(f) 345

WEC

Energy

Group

Inc

5.00%,

09/27/2025

Xcel

Energy

Inc

5.45%,

08/15/2033

805

808

$

21,894

Engineering

&

Construction

-

.32

%

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(f) 440

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(f) 795

756

Sitios

Latinoamerica

SAB

de

CV

5.38%,

04/04/2032

(f) 575

549

$

1,744

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Entertainment

-

.89

%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(f),(h)

$

1,120

$

1,034

6.50%,

02/15/2032

(f) 630

633

CCM

Merger

Inc

6.38%,

05/01/2026

(f) 970

971

Cinemark

USA

Inc

5.25%,

07/15/2028

(f),(h)

7.00%,

08/01/2032

(f) 105

Warnermedia

Holdings

Inc

3.76%,

03/15/2027

1,025

998

5.05%,

03/15/2042

630

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

7.13%,

02/15/2031

(f) 195

$

4,773

Environmental

Control

-

.10

%

Madison

IAQ

LLC

4.13%,

06/30/2028

(f) 560

535

Food

-

.77

%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

01/15/2027

(f) 775

766

B&G

Foods

Inc

5.25%,

09/15/2027

8.00%,

09/15/2028

(f) 260

Cencosud

SA

5.95%,

05/28/2031

(f) 250

Chobani

Holdco

II

LLC

8.75%,

PIK

9.50%;

10/01/2029

(f),(k),(m)

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.63%,

07/01/2029

(f) 735

770

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(f) 340

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

4.38%,

02/02/2052

1,421

1,096

5.13%,

02/01/2028

1,720

1,738

JBS

USA

LUX

Sarl

/

JBS

USA

Food

Co

/

JBS

USA

Foods

Group

6.38%,

02/25/2055

(f) 340

Mars

Inc

4.60%,

03/01/2028

(f) 130

4.80%,

03/01/2030

(f) 655

663

5.20%,

03/01/2035

(f) 1,360

1,365

5.70%,

05/01/2055

(f) 1,009

995

Post

Holdings

Inc

5.50%,

12/15/2029

(f) 425

$

9,495

Forest

Products

&

Paper

-

.17

%

Celulosa

Arauco

y

Constitucion

SA

6.18%,

05/05/2032

(f),(g)

Inversiones

CMPC

SA

6.13%,

06/23/2033

(f) 250

Mercer

International

Inc

5.13%,

02/01/2029

12.88%,

10/01/2028

(f) 245

$

932

Gas

-

.47

%

Boston

Gas

Co

5.84%,

01/10/2035

(f) 250

NiSource

Inc

0.95%,

08/15/2025

1,000

990

5.25%,

03/30/2028

6.95%,

11/30/2054

(i) 835

846

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

(continued)

Southern

California

Gas

Co

5.05%,

09/01/2034

$

$

$

2,496

Healthcare

-

Services

-

.92

%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(f) 775

733

Centene

Corp

2.63%,

08/01/2031

990

836

3.38%,

02/15/2030

665

606

4.25%,

12/15/2027

CHS/Community

Health

Systems

Inc

5.63%,

03/15/2027

(f) 450

HCA

Inc

5.45%,

04/01/2031

LifePoint

Health

Inc

8.38%,

02/15/2032

(f) 205

Star

Parent

Inc

9.00%,

10/01/2030

(f),(h)

730

738

UnitedHealth

Group

Inc

4.75%,

05/15/2052

625

527

5.75%,

07/15/2064

$

4,926

Holding

Companies

-

Diversified

-

.01

%

Clue

Opco

LLC

9.50%,

10/15/2031

(f),(h)

Home

Builders

-

.05

%

Adams

Homes

Inc

9.25%,

10/15/2028

(f) 285

Home

Equity

Asset

Backed

Securities

-

.12

%

Chase

Funding

Trust

Series

2003-5

5.04%,

07/25/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

First

NLC

Trust

2005-1

4.94%,

05/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.61%

Saxon

Asset

Securities

Trust

2004-1

1.98%,

03/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

$

662

Insurance

-

.27

%

Acrisure

LLC

/

Acrisure

Finance

Inc

4.25%,

02/15/2029

(f) 235

Aon

North

America

Inc

5.45%,

03/01/2034

505

514

5.75%,

03/01/2054

685

662

Arthur

J

Gallagher

&

Co

2.40%,

11/09/2031

960

833

4.85%,

12/15/2029

565

572

5.55%,

02/15/2055

Athene

Global

Funding

4.86%,

08/27/2026

(f) 655

658

Corebridge

Financial

Inc

5.75%,

01/15/2034

F&G

Global

Funding

5.88%,

06/10/2027

(f) 670

687

GA

Global

Funding

Trust

4.40%,

09/23/2027

(f) 735

731

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

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Reinsurance

Group

of

America

Inc

5.75%,

09/15/2034

$

$

RGA

Global

Funding

5.25%,

01/09/2030

(f) 630

644

Teachers

Insurance

&

Annuity

Association

of

America

4.27%,

05/15/2047

(f) 200

$

6,807

Internet

-

.46

%

Alibaba

Group

Holding

Ltd

5.25%,

05/26/2035

(f) 600

597

Alphabet

Inc

5.25%,

05/15/2055

(g) 575

568

Cogent

Communications

Group

Inc

/

Cogent

Communications

Finance

Inc

7.00%,

06/15/2027

(f) 95

Meta

Platforms

Inc

4.45%,

08/15/2052

925

769

5.40%,

08/15/2054

$

2,462

Investment

Companies

-

.21

%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

840

700

5.25%,

05/15/2027

6.25%,

05/15/2026

$

1,139

Leisure

Products

&

Services

-

.25

%

NCL

Corp

Ltd

5.88%,

02/15/2027

(f) 160

NCL

Finance

Ltd

6.13%,

03/15/2028

(f) 690

685

Royal

Caribbean

Cruises

Ltd

5.38%,

07/15/2027

(f) 420

5.63%,

09/30/2031

(f) 75

$

1,338

Lodging

-

.25

%

Sands

China

Ltd

3.80%,

01/08/2026

Wynn

Macau

Ltd

5.63%,

08/26/2028

(f) 1,040

992

$

1,338

Machinery

-

Diversified

-

.13

%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(f) 715

706

Media

-

.87

%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(f) 409

5.38%,

06/01/2029

(f) 425

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.90%,

06/01/2052

505

6.10%,

06/01/2029

580

601

6.15%,

11/10/2026

Comcast

Corp

2.94%,

11/01/2056

900

522

5.35%,

05/15/2053

CSC

Holdings

LLC

4.50%,

11/15/2031

(f) 200

Directv

Financing

LLC

8.88%,

02/01/2030

(f) 470

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(f) 50

10.00%,

02/15/2031

(f) 40

DISH

Network

Corp

11.75%,

11/15/2027

(f) 395

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

iHeartCommunications

Inc

4.75%,

01/15/2028

(f) $

$

Paramount

Global

4.20%,

05/19/2032

Sinclair

Television

Group

Inc

8.13%,

02/15/2033

(f) 530

525

$

4,681

Mining

-

.56

%

Glencore

Funding

LLC

5.19%,

04/01/2030

(f) 560

567

5.37%,

04/04/2029

(f) 485

6.13%,

10/06/2028

(f) 550

574

Hudbay

Minerals

Inc

6.13%,

04/01/2029

(f) 50

IAMGOLD

Corp

5.75%,

10/15/2028

(f) 175

New

Gold

Inc

6.88%,

04/01/2032

(f) 120

Taseko

Mines

Ltd

8.25%,

05/01/2030

(f) 775

783

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(f) 270

$

3,012

Mortgage

Backed

Securities

-

.44

%

Fannie

Mae

REMICS

1.58%,

08/25/2049

(l) 5,643

676

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.63%,

08/25/2043

(l) 1,109

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

1.68%,

12/25/2042

(l) 4,125

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

1.68%,

01/25/2048

(l) 1,603

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

1.73%,

03/25/2048

(l) 2,027

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

1.73%,

06/25/2048

(l) 2,145

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

3.00%,

04/25/2027

(l) 207

3.00%,

09/25/2050

(l) 1,913

3.50%,

09/25/2027

(l) 327

3.50%,

11/25/2027

(l) 86

3.50%,

05/25/2028

(l) 93

4.00%,

04/25/2043

(l) 107

Freddie

Mac

REMICS

1.59%,

10/15/2046

(l) 2,659

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.68%,

06/25/2050

(l) 2,225

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

2.00%,

02/15/2036

3.00%,

05/15/2027

(l) 170

3.00%,

10/15/2027

(l) 77

3.00%,

02/15/2029

(l) 354

3.50%,

02/15/2028

(l) 164

3.50%,

03/15/2041

(l) 453

4.91%,

05/15/2049

2,167

2,106

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.56%

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae

1.15%,

04/20/2052

(l) $

2,368

$

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.50%

1.61%,

12/16/2043

(l) 2,426

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.62%,

11/20/2040

(l) 1,101

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.62%,

05/20/2046

(l) 266

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.67%,

11/20/2046

(l) 2,018

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.72%,

08/20/2044

(l) 908

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.04%

1.72%,

03/20/2047

(l) 1,127

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.04%

1.77%,

10/20/2045

(l) 920

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.77%,

08/20/2047

(l) 3,918

623

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.77%,

08/20/2047

(l) 1,324

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.77%,

08/20/2047

(l) 451

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.77%,

11/20/2047

(l) 675

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.82%,

06/20/2045

(l) 1,216

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.14%

1.82%,

10/20/2047

(l) 1,708

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.14%

1.87%,

08/20/2050

(l) 2,388

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.87%,

11/20/2050

(l) 1,675

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.87%,

08/20/2051

(l) 1,559

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.90%,

09/20/2050

(l) 1,792

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.22%,

04/20/2041

(l) 455

(1.10)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.97%

2.50%,

12/20/2050

(l) 2,544

3.00%,

07/20/2050

(l) 522

3.00%,

11/20/2050

(l) 1,376

3.00%,

11/20/2050

(l) 1,945

3.00%,

11/20/2050

(l) 2,202

3.50%,

01/20/2043

(l) 1,745

3.50%,

10/20/2049

(l) 795

4.00%,

09/20/2040

(l) 354

4.50%,

05/16/2043

(l) 713

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

JP

Morgan

Mortgage

Trust

2024-1

6.00%,

06/25/2054

(f),(k)

$

2,334

$

2,339

JP

Morgan

Mortgage

Trust

2024-2

6.00%,

08/25/2054

(f),(k)

1,847

1,846

JP

Morgan

Mortgage

Trust

2025-1

6.00%,

06/25/2055

(f),(k)

1,867

1,880

JP

Morgan

Mortgage

Trust

Series

2024-4

6.00%,

10/25/2054

(f),(k)

1,743

1,751

Sequoia

Mortgage

Trust

2024-2

6.00%,

03/25/2054

(f),(k)

1,988

1,991

Sequoia

Mortgage

Trust

2024-3

6.00%,

04/25/2054

(f),(k)

2,860

2,869

$

23,813

Oil

&

Gas

-

.29

%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(f) 1,105

1,110

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

6.63%,

10/15/2032

(f) 160

Diamondback

Energy

Inc

5.20%,

04/18/2027

5.75%,

04/18/2054

Ecopetrol

SA

8.88%,

01/13/2033

EQT

Corp

7.50%,

06/01/2027

(f) 600

609

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

7.25%,

02/15/2035

(f) 370

Matador

Resources

Co

6.25%,

04/15/2033

(f) 735

694

Occidental

Petroleum

Corp

5.20%,

08/01/2029

6.60%,

03/15/2046

Permian

Resources

Operating

LLC

8.00%,

04/15/2027

(f) 465

Pertamina

Persero

PT

3.10%,

08/27/2030

(f) 200

Petroleos

Mexicanos

6.50%,

03/13/2027

500

Tengizchevroil

Finance

Co

International

Ltd

2.63%,

08/15/2025

(f) 975

965

Transocean

Inc

8.50%,

05/15/2031

(f) 240

$

6,912

Oil

&

Gas

Services

-

.22

%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(f) 665

664

Enerflex

Ltd

9.00%,

10/15/2027

(f) 486

$

1,161

Other

Asset

Backed

Securities

-

.98

%

Blue

Stream

Issuer

LLC

5.41%,

11/20/2054

(f) 1,000

1,001

Hilton

Grand

Vacations

Trust

2024-3

4.98%,

08/27/2040

(f) 850

858

Hotwire

Funding

LLC

2.31%,

11/20/2051

(f) 1,250

1,193

MMAF

Equipment

Finance

LLC

2019-B

2.07%,

07/13/2026

(f) 278

Verizon

Master

Trust

4.35%,

08/20/2032

(f) 1,700

1,689

Verizon

Master

Trust

Series

2025-2

4.94%,

01/20/2033

(f) 235

$

5,257

Packaging

&

Containers

-

.92

%

Amcor

Flexibles

North

America

Inc

5.10%,

03/17/2030

(f) 430

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Packaging

&

Containers

(continued)

Canpack

SA

/

Canpack

US

LLC

3.13%,

11/01/2025

(f) $

$

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(f) 465

6.75%,

04/15/2032

(f) 415

6.88%,

01/15/2030

(f) 55

8.75%,

04/15/2030

(f) 335

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

LABL

Inc

5.88%,

11/01/2028

(f) 350

8.63%,

10/01/2031

(f) 195

9.50%,

11/01/2028

(f) 650

568

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2027

(f) 470

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

(f) 1,125

1,141

$

4,918

Pharmaceuticals

-

.88

%

1261229

BC

Ltd

10.00%,

04/15/2032

(f) 510

AbbVie

Inc

4.25%,

11/21/2049

695

564

5.50%,

03/15/2064

AdaptHealth

LLC

6.13%,

08/01/2028

(f) 595

577

Bayer

US

Finance

LLC

6.25%,

01/21/2029

(f),(h)

Bristol-Myers

Squibb

Co

4.25%,

10/26/2049

615

Eli

Lilly

&

Co

5.50%,

02/12/2055

Endo

Finance

Holdings

Inc

8.50%,

04/15/2031

(f),(h)

685

712

Jazz

Securities

DAC

4.38%,

01/15/2029

(f) 285

Owens

&

Minor

Inc

10.00%,

04/15/2030

(f) 540

557

$

4,733

Pipelines

-

.32

%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

06/15/2029

(f) 205

5.75%,

03/01/2027

(f) 155

6.63%,

02/01/2032

(f) 125

Cheniere

Energy

Inc

5.65%,

04/15/2034

Columbia

Pipelines

Holding

Co

LLC

6.04%,

08/15/2028

(f) 1,105

1,139

DT

Midstream

Inc

4.13%,

06/15/2029

(f) 1,375

1,290

5.80%,

12/15/2034

(f) 200

Energy

Transfer

LP

3.75%,

05/15/2030

965

912

5.15%,

03/15/2045

750

630

5.25%,

07/01/2029

5.55%,

02/15/2028

1,065

1,092

Enterprise

Products

Operating

LLC

3.13%,

07/31/2029

500

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(f) 1,060

995

Kinder

Morgan

Inc

5.00%,

02/01/2029

520

525

5.15%,

06/01/2030

(g) 480

5.40%,

02/01/2034

650

643

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp

8.13%,

02/15/2029

(f) 395

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

ONEOK

Inc

4.40%,

10/15/2029

$

$

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(f) 100

8.38%,

06/01/2031

(f) 135

9.50%,

02/01/2029

(f) 930

964

Williams

Cos

Inc/The

5.40%,

03/02/2026

$

12,443

Private

Equity

-

.11

%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(f) 305

3.75%,

09/15/2030

(f),(h)

$

593

REITs

-

.08

%

American

Homes

Rent

LP

3.38%,

07/15/2051

4.25%,

02/15/2028

570

565

5.50%,

07/15/2034

Blackstone

Mortgage

Trust

Inc

7.75%,

12/01/2029

(f) 150

Iron

Mountain

Inc

6.25%,

01/15/2033

(f) 85

Iron

Mountain

Information

Management

Services

Inc

5.00%,

07/15/2032

(f) 390

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(f) 928

888

7.00%,

07/15/2031

(f) 60

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

(f) 465

7.00%,

02/01/2030

(f) 150

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

6.00%,

01/15/2030

(f) 555

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

10.50%,

02/15/2028

(f) 359

VICI

Properties

LP

4.75%,

04/01/2028

XHR

LP

4.88%,

06/01/2029

(f) 881

828

6.63%,

05/15/2030

(f) 35

$

5,800

Retail

-

.10

%

Bath

&

Body

Works

Inc

5.25%,

02/01/2028

1,080

1,074

6.63%,

10/01/2030

(f) 200

Carvana

Co

11.00%,

PIK

13.00%;

06/01/2030

(f),(k),(m)

715

757

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(f) 345

Patrick

Industries

Inc

4.75%,

05/01/2029

(f) 160

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(f),(h)

590

599

Walmart

Inc

4.10%,

04/28/2027

605

608

4.35%,

04/28/2030

575

582

4.90%,

04/28/2035

1,600

1,621

$

5,914

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

-

.92

%

ams-OSRAM

AG

12.25%,

03/30/2029

(f) $

$

Broadcom

Inc

3.14%,

11/15/2035

(f) 75

3.42%,

04/15/2033

(f) 2,180

1,944

4.35%,

02/15/2030

4.55%,

02/15/2032

5.05%,

07/12/2029

5.05%,

04/15/2030

1,370

1,395

5.15%,

11/15/2031

Intel

Corp

4.75%,

03/25/2050

(h) 575

Marvell

Technology

Inc

2.95%,

04/15/2031

4.88%,

06/22/2028

575

578

5.95%,

09/15/2033

510

528

Micron

Technology

Inc

5.30%,

01/15/2031

790

793

5.80%,

01/15/2035

945

939

6.75%,

11/01/2029

565

604

NXP

BV

/

NXP

Funding

LLC

5.35%,

03/01/2026

1,000

1,004

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.70%,

05/01/2025

$

10,311

Shipbuilding

-

.18

%

Huntington

Ingalls

Industries

Inc

5.35%,

01/15/2030

5.75%,

01/15/2035

530

540

$

958

Software

-

.83

%

Cloud

Software

Group

Inc

6.50%,

03/31/2029

(f) 5

9.00%,

09/30/2029

(f) 375

Open

Text

Corp

3.88%,

12/01/2029

(f) 320

Oracle

Corp

3.95%,

03/25/2051

670

4.00%,

07/15/2046

6.15%,

11/09/2029

Synopsys

Inc

5.70%,

04/01/2055

Take-Two

Interactive

Software

Inc

4.00%,

04/14/2032

4.95%,

03/28/2028

500

509

5.40%,

06/12/2029

VMware

LLC

1.80%,

08/15/2028

1,360

1,243

$

4,480

Sovereign

-

.41

%

Colombia

Government

International

Bond

8.50%,

04/25/2035

Export-Import

Bank

of

Korea

5.25%,

01/14/2035

Hungary

Government

International

Bond

6.13%,

05/22/2028

(f) 350

Israel

Government

International

Bond

4.13%,

01/17/2048

Istanbul

Metropolitan

Municipality

10.50%,

12/06/2028

(f) 300

Peruvian

Government

International

Bond

5.63%,

11/18/2050

Philippine

Government

International

Bond

5.90%,

02/04/2050

550

560

Republic

of

Poland

Government

International

Bond

4.88%,

02/12/2030

$

2,221

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

-

.84

%

AT&T

Inc

2.75%,

06/01/2031

$

$

3.50%,

09/15/2053

2,668

1,786

3.55%,

09/15/2055

855

573

Cisco

Systems

Inc

5.50%,

02/24/2055

570

561

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.00%,

09/15/2029

(f) 375

EchoStar

Corp

10.75%,

11/30/2029

Level

Financing

Inc

10.50%,

05/15/2030

(f) 320

T-Mobile

USA

Inc

2.40%,

03/15/2029

910

841

2.55%,

02/15/2031

820

728

5.13%,

05/15/2032

500

505

5.88%,

11/15/2055

550

542

Verizon

Communications

Inc

2.36%,

03/15/2032

1,210

1,033

2.55%,

03/21/2031

1,131

1,007

2.88%,

11/20/2050

Viavi

Solutions

Inc

3.75%,

10/01/2029

(f) 355

Vodafone

Group

PLC

5.75%,

06/28/2054

Zayo

Group

Holdings

Inc

4.00%,

03/01/2027

(f) 425

$

9,852

Transportation

-

.27

%

Burlington

Northern

Santa

Fe

LLC

4.45%,

01/15/2053

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(d),(e)

1,749

Norfolk

Southern

Corp

5.10%,

05/01/2035

(g) 225

5.35%,

08/01/2054

800

753

RXO

Inc

7.50%,

11/15/2027

(f) 315

$

1,462

Water

-

.11

%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(f),(h)

550

574

TOTAL

BONDS

$

369,470

SENIOR

FLOATING

RATE

INTERESTS

-

.75

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.11

%

TransDigm

Inc

Term

Loan

J

6.80%,

02/28/2031

(n) $

593

$

587

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

.51

%

AAdvantage

Loyalty

IP

Ltd

Term

Loan

B

6.52%,

04/20/2028

(n) 166

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

United

Airlines

Inc

Term

Loan

B

6.28%,

02/22/2031

(n) 1,052

1,048

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

WestJet

Loyalty

LP

Term

Loan

B

7.55%,

02/14/2031

(n) 1,613

1,528

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

2,738

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

.01

%

Tenneco

Inc

Term

Loan

B

9.42%,

11/17/2028

(n) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Building

Materials

-

.29

%

MITER

Brands

Acquisition

Holdco

Inc

Term

Loan

B2

7.76%,

03/28/2031

(n) 1,432

1,407

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Quikrete

Holdings

Inc

Term

Loan

B3

7.01%,

01/31/2032

(n) 145

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,549

Chemicals

-

.25

%

Advancion

Holdings

LLC

Term

Loan

B

8.42%,

11/24/2027

(n) 428

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Advancion

Holdings

LLC

Term

Loan

12.61%,

11/24/2028

(n) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Consolidated

Energy

Finance

SA

Term

Loan

B

8.25%,

11/15/2030

(n) 50

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Element

Solutions

Inc

Term

Loan

B3

0.00%,

12/18/2030

(n),(o)

545

543

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

1,354

Commercial

Services

-

.37

%

Aggreko

Holdings

Inc

Term

Loan

B

7.29%,

08/16/2029

(n) 279

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Garda

World

Security

Corp

Term

Loan

B

7.64%,

02/01/2029

(n) 1,221

1,207

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Veritiv

Operating

Co

Term

Loan

B

8.30%,

11/30/2030

(n) 509

504

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

1,989

Consumer

Products

-

.13

%

Kronos

Acquisition

Holdings

Inc

Term

Loan

B

8.30%,

06/27/2031

(n) 881

706

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Diversified

Financial

Services

-

.25

%

Avolon

TLB

Borrower

US

LLC

Term

Loan

B6

0.00%,

06/21/2030

(n),(o)

545

542

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Russell

Investments

US

Institutional

Holdco

Inc

PIK

Term

Loan

B

9.28%,

PIK

0.00%,

05/30/2027

(m),(n)

855

793

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

1,335

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

-

.24

%

Fiesta

Purchaser

Inc

Term

Loan

B

7.57%,

02/12/2031

(n) $

1,317

$

1,304

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Healthcare

-

Products

-

.06

%

Medline

Borrower

LP

Term

Loan

B

6.57%,

10/23/2028

(n) 341

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Healthcare

-

Services

-

.27

%

LifePoint

Health

Inc

Term

Loan

B

8.01%,

05/16/2031

(n) 1,471

1,440

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Lodging

-

.28

%

Fertitta

Entertainment

LLC/NV

Term

Loan

B

7.82%,

01/27/2029

(n) 1,523

1,482

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Machinery

-

Diversified

-

.00

%

TK

Elevator

US

Newco

Inc

Term

Loan

B

0.00%,

04/30/2030

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

.37

%

Directv

Financing

LLC

Tern

Loan

Extended

9.79%,

08/02/2029

(n) 898

867

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Directv

Financing

LLC

Term

Loan

B

0.00%,

02/15/2031

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Gray

Media

Inc

Term

Loan

F

9.57%,

05/23/2029

(n) 497

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

iHeartCommunications

Inc

Term

Loan

6.49%,

05/01/2029

(n) 374

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

$

1,967

Mining

-

.37

%

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.07%,

08/18/2030

(n) 2,015

1,983

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

.40

%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

0.00%,

03/26/2032

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

LABL

Inc

Term

Loan

B

9.86%,

10/22/2028

(n) 955

821

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Mauser

Packaging

Solutions

Holding

Co

Term

Loan

B1

7.32%,

04/15/2027

(n) 950

935

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

2,131

Pharmaceuticals

-

.45

%

1261229

BC

Ltd

Term

Loan

B

10.53%,

09/25/2030

(n) 740

697

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Endo

Finance

Holdings

Inc

Term

Loan

B

8.32%,

04/23/2031

(n) $

1,363

$

1,319

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

Term

Loan

B2

6.57%,

05/05/2028

(n) 392

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

2,406

Retail

-

.10

%

IRB

Holding

Corp

Term

Loan

B

6.82%,

12/15/2027

(n) 522

518

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Software

-

.17

%

Cloud

Software

Group

Inc

Term

Loan

B1

7.80%,

03/30/2029

(n) 953

941

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Telecommunications

-

.12

%

CommScope

LLC

Term

Loan

0.00%,

12/17/2029

(n),(o)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Zayo

Group

Holdings

Inc

Term

Loan

B

7.44%,

03/09/2027

(n) 565

524

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

666

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

25,520

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.35

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.15

%

3.00%,

01/01/2043

$

1,080

$

986

3.00%,

02/01/2043

511

4.00%,

02/01/2046

2,132

2,041

4.50%,

04/01/2031

4.50%,

04/01/2041

1,277

1,263

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%,

02/01/2032

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

$

6,179

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)

-

.16

%

5.00%,

07/01/2044

$

696

$

701

7.12%,

07/01/2033

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.57%

$

880

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.61

%

2.00%,

01/01/2051

3,840

3,142

2.00%,

02/01/2051

2,059

1,668

2.00%,

11/01/2051

4,251

3,424

2.00%,

11/01/2051

1,957

1,577

2.00%,

12/01/2051

3,922

3,151

2.00%,

05/01/2052

2,828

2,285

2.50%,

02/01/2051

2,486

2,111

2.50%,

07/01/2051

2,826

2,381

2.50%,

09/01/2051

1,289

1,089

2.50%,

11/01/2051

1,737

1,474

2.50%,

01/01/2052

1,806

1,534

2.50%,

04/01/2052

2,959

2,487

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

2,276

2,025

3.00%,

12/01/2048

3.00%,

11/01/2050

686

607

3.00%,

03/01/2052

2,529

2,227

3.50%,

02/01/2033

3.50%,

01/01/2044

559

523

3.50%,

11/01/2044

1,102

1,030

3.50%,

04/01/2047

3.50%,

10/01/2047

3.50%,

11/01/2047

811

747

3.50%,

03/01/2048

3.50%,

04/01/2052

2,480

2,248

4.00%,

02/01/2031

4.00%,

05/01/2047

2,002

1,880

4.00%,

06/01/2048

4.00%,

08/01/2052

2,059

1,931

4.50%,

06/01/2044

4.50%,

10/01/2052

1,244

1,192

4.50%,

05/01/2053

1,653

1,590

4.50%,

07/01/2053

688

665

4.50%,

08/01/2053

1,028

985

4.50%,

01/01/2054

1,073

1,035

4.50%,

05/01/2055

(p) 1,130

1,081

5.00%,

06/01/2048

510

510

5.00%,

07/01/2052

940

932

5.00%,

09/01/2052

1,316

1,301

5.00%,

04/01/2053

2,236

2,217

5.00%,

06/01/2053

2,406

2,378

5.00%,

11/01/2054

1,721

1,694

5.00%,

02/01/2055

2,138

2,105

5.00%,

05/01/2055

(p) 3,400

3,328

5.50%,

07/01/2033

5.50%,

09/01/2033

5.50%,

05/01/2040

5.50%,

05/01/2053

2,574

2,592

5.50%,

07/01/2053

1,413

1,422

5.50%,

11/01/2053

1,900

1,914

5.50%,

11/01/2053

1,806

1,817

5.50%,

05/01/2054

1,312

1,317

5.50%,

02/01/2055

1,089

1,093

5.50%,

05/01/2055

(p) 4,425

4,415

6.00%,

05/01/2038

6.00%,

08/01/2038

6.00%,

08/01/2038

6.00%,

01/01/2053

3,695

3,810

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

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)

6.00%,

04/01/2054

$

1,316

$

1,350

6.00%,

05/01/2054

1,106

1,132

6.00%,

06/01/2054

883

905

6.00%,

09/01/2054

921

942

6.00%,

05/01/2055

(p) 1,240

1,258

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%,

05/01/2054

863

896

6.50%,

05/01/2055

(p) 1,820

1,874

7.00%,

03/01/2032

7.50%,

08/01/2032

$

89,147

Government

National

Mortgage

Association

(GNMA)

-

.33

%

2.00%,

07/20/2051

900

734

2.00%,

11/20/2051

1,143

933

2.50%,

06/20/2050

1,064

911

2.50%,

04/20/2051

1,238

1,056

2.50%,

05/20/2051

842

718

3.00%,

01/20/2045

3.00%,

11/20/2046

1,080

969

3.50%,

03/15/2042

3.50%,

04/15/2042

3.50%,

09/20/2047

523

3.50%,

06/20/2048

676

620

4.00%,

04/20/2052

4.50%,

06/20/2025

4.50%,

09/15/2039

4.50%,

03/15/2040

580

569

4.50%,

09/20/2052

1,603

1,544

4.50%,

06/20/2053

2,058

1,977

5.00%,

12/20/2052

1,138

1,123

5.00%,

02/20/2053

1,666

1,638

5.00%,

10/20/2053

1,124

1,106

5.00%,

05/20/2055

(p) 5,985

5,870

5.50%,

05/20/2035

5.50%,

02/15/2038

5.50%,

05/20/2055

(p) 11,450

11,446

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%,

05/20/2055

(p) 5,780

5,846

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

$

39,343

U.S.

Treasury

-

.02

%

3.88%,

08/15/2040

(q) 4,720

4,375

4.00%,

04/30/2032

1,100

1,105

$

5,480

U.S.

Treasury

Bill

-

.08

%

4.14%,

08/28/2025

(r),(s)

3,000

2,959

4.18%,

06/24/2025

(r) 4,930

4,899

4.21%,

07/17/2025

(r) 3,700

3,667

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

(continued)

4.23%,

06/12/2025

(r) $

5,000

$

4,975

$

16,500

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

157,529

Total

Investments

$

584,192

Other

Assets

and

Liabilities

- (8.84)%

(47,463)

TOTAL

NET

ASSETS

-

100.00%

$

536,729

(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

$7,260

or

1.35%

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) 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

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

$155,702

or

29.01%

of

net

assets.

(g) Security

purchased

on

a

when-issued

basis.

(h) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$6,997

or

1.30%

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) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(l) Security

is

an

Interest

Only

Strip.

(m) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n) Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(o) This

Senior

Floating

Rate

Note

will

settle

after

April

30,

2025,

at

which

time

the

interest

rate

will

be

determined.

(p) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(q) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,102

or

0.76%

of

net

assets.

(r) Rate

shown

is

the

discount

rate

of

the

original

purchase.

(s) 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

$2,959

or

0.55%

of

net

assets.

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

11,755

$

236,830

$

217,702

$

30,883

$

11,755

$

236,830

$

217,702

$

30,883

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

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

Note;

June

2025

Long

$

20,312

$

US

Year

Ultra

Note;

June

2025

Long

2,065

US

Year

Note;

June

2025

Long

72,436

US

Year

Note;

June

2025

Long

28,500

US

Long

Bond;

June

2025

Long

29,273

US

Ultra

Bond;

June

2025

Long

16,460

(8)

Total

$

1,159

Amounts

in

thousands

except

contracts.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.NA.HY.44

N/A

(5.00)%

Quarterly

06/20/2030

$

21,180

$

(526)

$

(207)

$

(733)

Total

$

(526)

$

(207)

$

(733)

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.

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

8.38%

Shares

Held

Value

(000's)

Closed-End

Funds

-

2.04%

Cliffwater

Enhanced

Lending

Fund

3,841,876

$

41,915

Variant

Alternative

Income

Fund

307,605

8,265

$

50,180

Exchange-Traded

Funds

-

1.08%

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

287,237

10,513

iShares

Core

U.S.

Aggregate

Bond

ETF

27,168

2,690

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

28,945

2,604

Vanguard

Intermediate-Term

Corporate

Bond

ETF

131,080

10,720

$

26,527

Money

Market

Funds

-

5.26%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

3,642,667

3,643

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

125,763,716

125,764

$

129,407

TOTAL

INVESTMENT

COMPANIES

$

206,114

COMMON

STOCKS

-

1.96%

Shares

Held

Value

(000's)

Distribution

&

Wholesale

-

0.00%

ATD

New

Holdings

Inc

(d),(e),(f)

385,347

$

—

Entertainment

-

0.06%

Crown

Finance

US

Inc

-

4A2

Shares

(d) 67,963

1,386

Healthcare

-

Services

-

0.03%

Sound

Inpatient

Physicians

Inc

-

Class

A

(d),(e)

4,565,306

627

Sound

Inpatient

Physicians

Inc

-

Class

A2

(d),(e)

204,373

$

832

Iron

&

Steel

-

0.51%

Specialty

Steel

Holdings,

Inc.

(d),(e),(f)

12,618

Mining

-

1.16%

Arctic

Canadian

Diamond

Co

Ltd

(d),(e),(g)

6,589

548

Burgundy

Diamond

Mines

Ltd

(d),(f)

11,967,877

Real

Alloy

Holding

Inc

(e),(f)

27,639

$

28,464

Miscellaneous

Manufacturers

-

0.18%

Utex

Industries

(f) 120,675

4,385

Utex

Industries

-

Warrants

(d),(f)

53,725

—

$

4,385

Retail

-

0.00%

JOANN

Inc

(d),(e)

3,755

—

Semiconductors

-

0.00%

Bright

Bidco

-

1145

Shares

(d) 10,688

Bright

Bidco

-

4A2

Shares

(d) 14,600

$

Software

-

0.02%

Avaya

Holdings

Corp

(d) 7,245

Avaya

Holdings

Corp

(d) 27,216

Skillsoft

Corp

(d) 11,541

$

TOTAL

COMMON

STOCKS

$

48,099

PREFERRED

STOCKS

-

1.05%

Shares

Held

Value

(000's)

Banks

-

0.18%

KeyCorp

6.13%,

12/15/2026

(h) 45,339

$

1,145

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

KeyCorp

6.20%,

12/15/2027

(h) 7,900

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

Morgan

Stanley

4.25%,

01/15/2027

(h) 11,085

Morgan

Stanley

5.85%,

04/15/2027

(h) 59,100

1,342

Month

USD

LIBOR

+

3.49%

Morgan

Stanley

6.50%,

10/15/2027

(h) 8,715

Northern

Trust

Corp

4.70%,

07/01/2025

(h) 4,858

Regions

Financial

Corp

5.70%,

05/15/2029

(h) 37,100

854

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%

Wells

Fargo

&

Co

4.70%,

12/15/2025

(h) 7,070

$

4,319

Diversified

Financial

Services

-

0.11%

Affiliated

Managers

Group

Inc

4.75%,

09/30/2060

(i) 6,416

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

7,463

Capital

One

Financial

Corp

4.80%,

09/01/2025

(h) 29,254

531

Stifel

Financial

Corp

4.50%,

08/15/2026

(h) 2,239

Voya

Financial

Inc

5.35%,

09/15/2029

(h) 77,215

1,874

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

$

2,708

Electric

-

0.31%

CMS

Energy

Corp

5.88%,

03/01/2079

159,839

3,564

DTE

Energy

Co

4.38%,

12/01/2081

6,005

DTE

Energy

Co

5.25%,

12/01/2077

35,000

741

Entergy

Louisiana

LLC

4.88%,

09/01/2066

9,359

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

102,304

2,347

Southern

Co/The

5.25%,

12/01/2077

30,863

666

$

7,613

Food

-

0.04%

Dairy

Farmers

of

America

Inc

7.88%,

12/01/2025

(h),(j)

10,000

953

Insurance

-

0.07%

Allstate

Corp/The

4.75%,

07/15/2025

(h) 4,065

Allstate

Corp/The

5.10%,

07/15/2025

(h) 8,460

Corebridge

Financial

Inc

6.38%,

12/15/2064

20,000

Equitable

Holdings

Inc

4.30%,

03/15/2026

(h) 5,055

Equitable

Holdings

Inc

5.25%,

06/15/2025

(h) 21,903

Prudential

Financial

Inc

5.63%,

08/15/2058

5,000

Prudential

Financial

Inc

5.95%,

09/01/2062

17,597

$

1,797

REITs

-

0.34%

Kimco

Realty

Corp

5.25%,

06/01/2025

(h) 5,967

Prologis

Inc

8.54%,

11/13/2026

(h) 65,775

3,554

Public

Storage

3.95%,

08/17/2026

(h) 6,422

Public

Storage

4.00%,

06/16/2026

(h) 83,560

1,344

Public

Storage

4.13%,

08/14/2025

(h) 80,000

1,368

Public

Storage

4.63%,

06/17/2025

(h) 14,712

Public

Storage

4.70%,

06/01/2025

(h) 25,200

Public

Storage

5.60%,

06/01/2025

(h) 46,261

1,053

$

8,298

TOTAL

PREFERRED

STOCKS

$

25,688

BONDS

-

68.40%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.53%

Clear

Channel

Outdoor

Holdings

Inc

7.88%,

04/01/2030

(j) $

6,140

$

6,143

MMS

USA

Holdings

Inc

1.25%,

06/13/2028

EUR

Omnicom

Group

Inc

4.20%,

06/01/2030

$

5.30%,

11/01/2034

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.25%,

01/15/2029

(j) 350

4.63%,

03/15/2030

(i),(j)

2,650

2,449

5.00%,

08/15/2027

(j) 3,625

3,552

WPP

Finance

SA

4.13%,

05/30/2028

EUR

$

13,129

Aerospace

&

Defense

-

0.75%

Airbus

SE

1.63%,

06/09/2030

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

BAE

Systems

PLC

3.40%,

04/15/2030

(j) $

$

Boeing

Co/The

2.95%,

02/01/2030

3.10%,

05/01/2026

3.38%,

06/15/2046

529

3.60%,

05/01/2034

3.75%,

02/01/2050

1,006

697

5.15%,

05/01/2030

630

636

5.71%,

05/01/2040

5.81%,

05/01/2050

5.93%,

05/01/2060

645

595

6.26%,

05/01/2027

500

7.01%,

05/01/2064

GE

Capital

Funding

LLC

4.55%,

05/15/2032

General

Dynamics

Corp

4.25%,

04/01/2050

L3Harris

Technologies

Inc

5.05%,

04/27/2045

5.25%,

06/01/2031

592

606

5.40%,

01/15/2027

5.40%,

07/31/2033

575

584

Lockheed

Martin

Corp

4.70%,

12/15/2031

705

712

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

784

736

5.75%,

01/15/2029

TransDigm

Inc

4.63%,

01/15/2029

4.88%,

05/01/2029

5,080

4,902

6.63%,

03/01/2032

(j) 1,240

1,270

6.88%,

12/15/2030

(j) 1,760

1,813

7.13%,

12/01/2031

(j) 2,175

2,261

$

18,378

Agriculture

-

0.12%

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

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

(j) 100

Darling

Ingredients

Inc

6.00%,

06/15/2030

(j) 1,000

997

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Agriculture

(continued)

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

(j) $

Philip

Morris

International

Inc

2.88%,

05/14/2029

EUR

5.25%,

09/07/2028

$

5.63%,

09/07/2033

$

2,869

Airlines

-

0.40%

American

Airlines

2017-2

Class

AA

Pass

Through

Trust

3.35%,

04/15/2031

American

Airlines

Group

Inc

10.75%,

PIK

12.00%;

02/15/2026

(j),(l),(m)

750

739

10.75%,

PIK

10.75%;

02/15/2026

(j),(l),(m)

3,850

3,794

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(j) 1,250

1,213

British

Airways

2019-1

Class

AA

Pass

Through

Trust

3.30%,

06/15/2034

(j) 76

British

Airways

2021-1

Class

A

Pass

Through

Trust

2.90%,

09/15/2036

(j) 800

714

Qantas

Airways

Ltd

2.95%,

11/27/2029

AUD

Southwest

Airlines

Co

5.13%,

06/15/2027

$

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

1,209

9.50%,

06/01/2028

(i),(j)

1,925

1,881

$

9,932

Apparel

-

0.02%

Kering

SA

3.63%,

09/05/2027

EUR

3.63%,

09/05/2031

LVMH

Moet

Hennessy

Louis

Vuitton

SE

0.13%,

02/11/2028

NIKE

Inc

3.25%,

03/27/2040

$

$

Automobile

Asset

Backed

Securities

-

1.11%

Ally

Auto

Receivables

Trust

2024-2

4.46%,

07/15/2027

967

967

AmeriCredit

Automobile

Receivables

Trust

2022-2

4.38%,

04/18/2028

528

527

AmeriCredit

Automobile

Receivables

Trust

2023-2

6.19%,

04/19/2027

1,106

1,108

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.95%,

02/18/2028

1,356

1,355

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

1,111

1,114

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

1,157

1,160

Chase

Auto

Owner

Trust

2024-1

5.48%,

04/26/2027

(j) 479

Chase

Auto

Owner

Trust

2024-4

4.94%,

07/25/2029

(j) 653

660

5.25%,

09/27/2027

(j) 1,017

1,020

Ford

Credit

Auto

Owner

Trust

2022-A

1.29%,

06/15/2026

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

GM

Financial

Automobile

Leasing

Trust

2024-1

5.18%,

06/22/2026

$

511

$

511

GM

Financial

Automobile

Leasing

Trust

2024-3

4.82%,

01/20/2027

1,827

1,825

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

GM

Financial

Consumer

Automobile

Receivables

Trust

2021-3

0.73%,

08/16/2027

3,314

3,284

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-3

5.74%,

09/16/2026

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-1

4.85%,

12/18/2028

1,800

1,811

Honda

Auto

Receivables

2023-2

Owner

Trust

5.41%,

04/15/2026

Hyundai

Auto

Receivables

Trust

2024-A

4.99%,

02/15/2029

1,000

1,010

Santander

Drive

Auto

Receivables

Trust

2023-5

6.31%,

07/15/2027

Santander

Drive

Auto

Receivables

Trust

2023-6

6.08%,

05/17/2027

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

1,265

1,267

5.71%,

02/16/2027

Santander

Drive

Auto

Receivables

Trust

2024-3

5.91%,

06/15/2027

Santander

Drive

Auto

Receivables

Trust

2024-4

5.41%,

07/15/2027

1,103

1,104

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

1,213

1,213

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

1,675

1,676

SBNA

Auto

Lease

Trust

2024-B

5.67%,

11/20/2026

(j) 817

818

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(j) 567

568

Toyota

Auto

Receivables

2022-B

Owner

Trust

2.93%,

09/15/2026

Toyota

Auto

Receivables

2023-C

Owner

Trust

5.60%,

08/17/2026

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(j) 2,110

2,101

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

27,358

Automobile

Manufacturers

-

0.60%

American

Honda

Finance

Corp

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

2.80%,

04/11/2026

(j) $

3.75%,

04/12/2028

(j) 200

Cummins

Inc

5.15%,

02/20/2034

Daimler

Truck

Finance

North

America

LLC

2.50%,

12/14/2031

(j) 260

4.95%,

01/13/2028

(j) 370

5.13%,

09/25/2027

(j) 238

5.13%,

01/19/2028

(j) 306

Daimler

Truck

International

Finance

BV

3.88%,

06/19/2026

EUR

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

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

1,250

1,113

4.27%,

01/09/2027

4.45%,

02/14/2030

EUR

6.05%,

11/05/2031

$

640

620

General

Motors

Co

6.13%,

10/01/2025

6.25%,

10/02/2043

General

Motors

Financial

Co

Inc

2.70%,

06/10/2031

633

542

4.30%,

02/15/2029

EUR

5.60%,

06/18/2031

$

1,980

1,985

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

(j) $

4.85%,

03/25/2027

(j) 549

550

4.88%,

11/01/2027

(j) 1,087

1,088

5.68%,

06/26/2028

(j) 250

Mercedes-Benz

Finance

North

America

LLC

5.05%,

08/03/2033

(j) 150

Mercedes-Benz

Group

AG

1.38%,

05/11/2028

EUR

RCI

Banque

SA

1.13%,

01/15/2027

3.88%,

01/12/2029

Stellantis

Finance

US

Inc

5.75%,

03/18/2030

(j) $

685

685

6.45%,

03/18/2035

(j) 795

781

Stellantis

NV

1.25%,

06/20/2033

EUR

Toyota

Motor

Corp

5.28%,

07/13/2026

$

Toyota

Motor

Credit

Corp

1.90%,

04/06/2028

3.38%,

04/01/2030

3.85%,

07/24/2030

EUR

4.60%,

10/10/2031

$

5.25%,

09/11/2028

Traton

Finance

Luxembourg

SA

1.25%,

03/24/2033

EUR

4.25%,

05/16/2028

Volkswagen

Financial

Services

AG

0.88%,

01/31/2028

Volkswagen

Group

of

America

Finance

LLC

4.60%,

06/08/2029

(j) $

Volkswagen

International

Finance

NV

1.25%,

09/23/2032

EUR

4.13%,

11/16/2038

Volvo

Treasury

AB

3.88%,

08/29/2026

$

14,663

Automobile

Parts

&

Equipment

-

0.62%

Aptiv

Swiss

Holdings

Ltd

5.15%,

09/13/2034

$

Clarios

Global

LP

/

Clarios

US

Finance

Co

6.75%,

02/15/2030

(i),(j)

775

788

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

Dornoch

Debt

Merger

Sub

Inc

6.63%,

10/15/2029

(j) $

7,976

$

5,512

IHO

Verwaltungs

GmbH

8.00%,

PIK

8.75%;

11/15/2032

(j),(l),(m)

3,400

3,256

Real

Hero

Merger

Sub

Inc

6.25%,

02/01/2029

(j) 7,135

5,323

Robert

Bosch

GmbH

4.00%,

06/02/2035

EUR

$

15,183

Banks

-

11.71%

ABN

AMRO

Bank

NV

2.47%,

12/13/2029

(j),(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

(j) $

Australia

&

New

Zealand

Banking

Group

Ltd

2.57%,

11/25/2035

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

(h),(j),(k),(n)

2,600

2,629

USD

Swap

Rate

NY

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

3.88%,

01/15/2034

EUR

4.63%,

01/13/2031

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.70%

9.38%,

03/19/2029

(h),(k),(n)

$

1,500

1,616

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

Mercantil

del

Norte

SA/Grand

Cayman

8.38%,

05/20/2031

(h),(j),(k),(n)

$

725

714

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.07%

Banco

Santander

Chile

3.18%,

10/26/2031

(i) 150

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

4.75%,

08/30/2028

(k) GBP

Generic

Britain

Year

Government

Bond

+

2.50%

5.57%,

01/17/2030

$

6.35%,

03/14/2034

1,800

1,839

9.63%,

11/21/2028

(h),(k),(n)

2,400

2,614

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

Bank

Gospodarstwa

Krajowego

5.75%,

07/09/2034

(j) 1,900

1,942

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

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

832

626

Secured

Overnight

Financing

Rate

+

3.16%

3.42%,

12/20/2028

(k) 1,853

1,802

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) $

3,078

2,744

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) 1,094

940

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.58%

4.08%,

03/20/2051

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

4.24%,

04/24/2038

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.08%

4.25%,

10/22/2026

4.38%,

01/27/2027

(h),(i),(k)

4,000

3,833

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

4.57%,

04/27/2033

(k) 453

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

1,507

1,535

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) 595

582

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) 2,065

2,025

Secured

Overnight

Financing

Rate

+

1.74%

5.74%,

02/12/2036

(k) 334

Secured

Overnight

Financing

Rate

+

1.70%

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%

5.93%,

09/15/2027

(k) 200

Secured

Overnight

Financing

Rate

+

1.34%

6.11%,

01/29/2037

769

794

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

6.13%,

04/27/2027

(h),(k)

$

2,900

$

2,893

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.63%,

05/01/2030

(h),(k)

2,300

2,301

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Bank

of

Georgia

JSC

9.50%,

07/16/2029

(h),(j),(k),(n)

2,225

2,186

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.62%

Bank

of

Ireland

Group

PLC

1.38%,

08/11/2031

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

1.65%

4.63%,

11/13/2029

(k) 100

Euribor

Swap

Rate

Year

+

1.55%

Bank

of

Montreal

3.65%,

04/01/2027

CAD

4.70%,

09/14/2027

$

5.04%,

05/29/2028

CAD

7.70%,

05/26/2084

(k) $

800

814

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),(i),(k)

5,588

5,453

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%

4.70%,

09/20/2025

(h),(k)

1,800

1,787

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.36%

4.94%,

02/11/2031

(k) 1,087

1,106

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

(k) 1,500

1,322

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

4.59%,

05/04/2037

1,578

1,457

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.10%

5.65%,

02/01/2034

770

796

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

3,070

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(k) 1,000

1,034

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

BankUnited

Inc

5.13%,

06/11/2030

1,780

1,709

Banque

Federative

du

Credit

Mutuel

SA

0.10%,

10/08/2027

EUR

1.88%,

11/04/2026

3.75%,

02/03/2034

4.13%,

06/14/2033

4.38%,

05/02/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

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) 1,581

1,441

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

4.94%,

09/10/2030

(k) 1,330

1,328

Secured

Overnight

Financing

Rate

+

1.56%

5.26%,

01/29/2034

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

2.55%

6.50%,

09/13/2027

(k) $

Secured

Overnight

Financing

Rate

+

1.88%

6.69%,

09/13/2034

(k) 200

Secured

Overnight

Financing

Rate

+

2.62%

7.63%,

03/15/2035

(h),(k),(n)

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),(i),(k),(n)

$

2,000

2,183

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

BBVA

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

7.63%,

02/11/2035

(j),(k),(n)

1,850

1,859

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BNP

Paribas

SA

0.13%,

09/04/2026

EUR

1.38%,

05/28/2029

2.50%,

03/31/2032

(k) 100

Euribor

Swap

Rate

Year

+

1.60%

2.88%,

02/24/2029

GBP

3.05%,

01/13/2031

(j),(k)

$

Secured

Overnight

Financing

Rate

+

1.51%

4.13%,

05/24/2033

EUR

4.16%,

08/28/2034

(k) 100

Euribor

Swap

Rate

Year

+

1.70%

5.09%,

05/09/2031

(j),(k),(o)

$

1,162

1,160

Secured

Overnight

Financing

Rate

+

1.68%

5.20%,

01/10/2030

(j),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.83%

5.28%,

11/19/2030

(j),(k)

2,252

2,277

Secured

Overnight

Financing

Rate

+

1.28%

5.75%,

06/13/2032

GBP

7.38%,

08/19/2025

(h),(j),(k),(n)

$

5,000

5,010

USD

Swap

Rate

NY

Year

+

5.15%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

3,100

3,443

BOS

Funding

Ltd

5.25%,

09/12/2029

$

BPCE

SA

3.50%,

10/23/2027

(j) 250

3.58%,

10/19/2042

(j),(k)

950

663

Secured

Overnight

Financing

Rate

+

1.95%

3.63%,

04/17/2026

EUR

4.25%,

01/11/2035

(k) 100

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%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BPCE

SA

(continued)

5.88%,

01/14/2031

(j),(k)

$

$

Secured

Overnight

Financing

Rate

+

1.68%

6.92%,

01/14/2046

(j),(k)

Secured

Overnight

Financing

Rate

+

2.61%

Burgan

Bank

SAK

2.75%,

12/15/2031

(k) 2,550

2,400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.23%

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

$

5.35%,

04/20/2033

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

2.23%

5.50%,

01/14/2028

Ceska

sporitelna

AS

4.57%,

07/03/2031

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.80%

Citibank

NA

5.57%,

04/30/2034

$

847

874

Citigroup

Inc

0.50%,

11/01/2028

CHF

1.46%,

06/09/2027

(k) $

Secured

Overnight

Financing

Rate

+

0.77%

2.52%,

11/03/2032

(k) 200

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) 311

Secured

Overnight

Financing

Rate

+

1.38%

3.71%,

09/22/2028

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.25%

3.79%,

03/17/2033

(k) $

1,711

1,573

Secured

Overnight

Financing

Rate

+

1.94%

3.88%,

02/18/2026

(h),(k)

3,000

2,918

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.42%

4.00%,

12/10/2025

(h),(k)

1,500

1,467

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.60%

4.45%,

09/29/2027

1,069

1,066

4.54%,

09/19/2030

(k) 1,816

1,798

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%

5.30%,

05/06/2044

5.33%,

03/27/2036

(k) 200

Secured

Overnight

Financing

Rate

+

1.47%

5.41%,

09/19/2039

(k) 1,536

1,466

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

1,420

1,464

6.17%,

05/25/2034

(k) 100

Secured

Overnight

Financing

Rate

+

2.66%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citigroup

Inc

(continued)

6.95%,

02/15/2030

(h),(k)

$

1,900

$

1,861

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

Citizens

Financial

Group

Inc

2.64%,

09/30/2032

1,713

1,389

4.00%,

10/06/2026

(h),(i),(k)

1,300

1,221

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%

5.65%,

10/06/2025

(h),(i),(k)

2,100

2,084

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

5.72%,

07/23/2032

(k) 885

900

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

2.55%,

03/14/2027

(i),(j)

$

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%

1.00%,

09/24/2026

(j),(k)

$

2,701

2,661

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.73%

3.75%,

07/21/2026

4.63%,

05/23/2029

GBP

Cooperatieve

Rabobank

UA/NY

4.88%,

01/21/2028

$

1,263

1,289

Credit

Agricole

SA

3.75%,

01/22/2034

EUR

3.88%,

11/28/2034

4.00%,

01/10/2033

(j),(k)

$

USD

Swap

Semi-Annual

Year

+

1.64%

4.88%,

10/23/2029

GBP

5.23%,

01/09/2029

(j),(k)

$

1,447

1,468

Secured

Overnight

Financing

Rate

+

1.13%

5.30%,

07/12/2028

(j) 557

571

8.13%,

12/23/2025

(h),(j),(k),(n)

5,000

5,062

USD

Swap

Semi-Annual

Year

+

6.19%

Credit

Agricole

SA/London

1.75%,

03/05/2029

EUR

Credit

Mutuel

Arkea

SA

0.88%,

05/07/2027

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%

4.38%,

05/18/2026

(h),(k),(n)

$

3,000

2,932

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.39%

Deutsche

Bank

AG

1.63%,

01/20/2027

EUR

8.13%,

04/30/2030

(h),(k),(n)

$

1,400

1,386

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Deutsche

Bank

AG/New

York

NY

3.73%,

01/14/2032

(k) $

$

Secured

Overnight

Financing

Rate

+

2.76%

3.74%,

01/07/2033

(k) 1,150

1,014

Secured

Overnight

Financing

Rate

+

2.26%

5.00%,

09/11/2030

(k) 1,028

1,029

Secured

Overnight

Financing

Rate

+

1.70%

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%

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%

Fifth

Third

Bank

NA

4.97%,

01/28/2028

(k) 647

651

Secured

Overnight

Financing

Rate

+

0.81%

First

Citizens

BancShares

Inc/NC

6.25%,

03/12/2040

(k) 439

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.97%

First

Horizon

Bank

5.75%,

05/01/2030

2,245

2,255

FNB

Corp/PA

5.72%,

12/11/2030

(k) 913

911

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) 926

798

Secured

Overnight

Financing

Rate

+

1.25%

3.10%,

02/24/2033

(k) 150

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(k) 901

657

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

(k) 1,626

1,610

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.56%

4.39%,

06/15/2027

(k) 200

Secured

Overnight

Financing

Rate

+

1.51%

4.69%,

10/23/2030

(k) 410

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) 518

504

Secured

Overnight

Financing

Rate

+

1.70%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

(continued)

5.85%,

04/25/2035

(k) $

$

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

2,658

2,856

6.85%,

02/10/2030

(h),(k)

2,800

2,762

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.50%,

05/10/2029

(h),(k)

1,700

1,734

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%

5.60%,

05/17/2028

(k) 200

Secured

Overnight

Financing

Rate

+

1.06%

5.73%,

05/17/2032

(k) 1,110

1,148

Secured

Overnight

Financing

Rate

+

1.52%

5.87%,

11/18/2035

(k) 1,126

1,113

Secured

Overnight

Financing

Rate

+

1.90%

5.89%,

08/14/2027

(k) 200

Secured

Overnight

Financing

Rate

+

1.57%

6.33%,

03/09/2044

1,281

1,344

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%

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(h),(k)

$

3,100

2,952

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.63%,

07/15/2030

(h),(i),(k)

1,000

984

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

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%

1.40%,

07/01/2026

(j),(k)

$

2,389

2,375

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%

3.88%,

08/12/2029

(k) EUR

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%

4.86%,

03/25/2029

(k) $

Secured

Overnight

Financing

Rate

+

1.01%

5.00%,

02/20/2035

(k) EUR

Euribor

Swap

Rate

Year

+

2.20%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

ING

Groep

NV

(continued)

5.75%,

11/16/2026

(h),(k),(n)

$

2,600

$

2,558

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.34%

Intesa

Sanpaolo

SpA

2.50%,

01/15/2030

GBP

2.93%,

10/14/2030

EUR

4.00%,

09/23/2029

(j) $

5.13%,

08/29/2031

EUR

7.78%,

06/20/2054

(j),(k)

$

1,612

1,733

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.90%

JPMorgan

Chase

&

Co

0.60%,

02/17/2033

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.65%

1.47%,

09/22/2027

(k) $

Secured

Overnight

Financing

Rate

+

0.77%

2.07%,

06/01/2029

(k) 4,974

4,640

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) 3,349

2,314

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.55%,

11/08/2032

(k) 394

Secured

Overnight

Financing

Rate

+

1.18%

3.54%,

05/01/2028

645

634

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.28%

3.65%,

06/01/2026

(h),(k)

6,400

6,201

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%

4.51%,

10/22/2028

(k) 664

666

Secured

Overnight

Financing

Rate

+

0.86%

4.85%,

02/01/2044

4.91%,

07/25/2033

(k) 359

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) 316

Secured

Overnight

Financing

Rate

+

1.55%

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

1,821

1,955

Secured

Overnight

Financing

Rate

+

3.62%

6.88%,

06/01/2029

(h),(k)

800

824

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

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

1,031

4.90%,

08/08/2032

1,115

1,040

KeyCorp

2.25%,

04/06/2027

5.12%,

04/04/2031

(i),(k)

609

608

Secured

Overnight

Financing

Rate

+

1.23%

KeyCorp

Capital

III

7.75%,

07/15/2029

795

833

Lloyds

Banking

Group

PLC

2.00%,

04/12/2028

(k) GBP

Generic

Britain

Year

Government

Bond

+

1.18%

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%

5.68%,

01/05/2035

(k) $

626

634

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%

5.72%,

06/05/2030

(k) 593

613

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%

6.75%,

09/27/2031

(h),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

7.50%,

09/27/2025

(h),(k),(n)

USD

Swap

Rate

NY

Year

+

4.50%

8.00%,

09/27/2029

(h),(k),(n)

3,000

3,075

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

2,745

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%

Macquarie

Group

Ltd

3.76%,

11/28/2028

(j),(k)

Month

USD

LIBOR

+

1.37%

5.49%,

11/09/2033

(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

1.54%,

07/20/2027

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.75%

5.16%,

04/24/2031

(k) 451

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.43%,

04/17/2035

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.00%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Mizuho

Financial

Group

Inc

2.56%,

09/13/2031

$

1,443

$

1,241

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) 1,559

1,614

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%

1.51%,

07/20/2027

(k) $

Secured

Overnight

Financing

Rate

+

0.86%

2.48%,

09/16/2036

(k) 886

739

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) 1,111

818

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

2,057

2,013

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) 294

Secured

Overnight

Financing

Rate

+

1.10%

5.17%,

01/16/2030

(k) 1,969

2,005

Secured

Overnight

Financing

Rate

+

1.45%

5.30%,

04/20/2037

(k) 1,050

1,026

Secured

Overnight

Financing

Rate

+

2.62%

5.32%,

07/19/2035

594

592

Secured

Overnight

Financing

Rate

+

3.11%

5.42%,

07/21/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.88%

5.52%,

11/19/2055

(k) 621

593

Secured

Overnight

Financing

Rate

+

1.71%

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

1,351

1,360

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

1.70%,

09/15/2031

(k) GBP

Generic

Britain

Year

Government

Bond

+

1.40%

2.13%,

05/24/2028

EUR

2.33%,

08/21/2030

(j) $

National

Bank

of

Canada

5.43%,

08/16/2032

(k) CAD

Canadian

Overnight

Repo

Rate

Average

+

2.32%

National

Bank

of

Uzbekistan

8.50%,

07/05/2029

$

2,200

2,245

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

NatWest

Group

PLC

1.64%,

06/14/2027

(k) $

709

$

686

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) $

2,320

2,053

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

4.77%,

02/16/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.83%

4.96%,

08/15/2030

(k) $

986

991

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),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

8.13%,

11/10/2033

(h),(k),(n)

500

516

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

NatWest

Markets

PLC

4.79%,

03/21/2028

(j) 341

Nordea

Bank

Abp

2.88%,

08/24/2032

EUR

5.38%,

09/22/2027

(j) $

970

992

Northern

Trust

Corp

3.15%,

05/03/2029

Nykredit

Realkredit

AS

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),(i),(k)

500

500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(h),(k)

1,800

1,771

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) $

742

727

Secured

Overnight

Financing

Rate

+

2.06%

5.72%,

06/06/2030

(k) 708

724

Secured

Overnight

Financing

Rate

+

1.49%

5.75%,

06/15/2025

(h),(k)

1,000

996

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

7.38%,

12/10/2037

1,048

1,157

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Royal

Bank

of

Canada

1.40%,

11/02/2026

$

$

2.13%,

04/26/2029

EUR

2.14%,

11/03/2031

(k) CAD

Canadian

Dollar

Offered

Rate

Month

+

0.61%

2.94%,

05/03/2032

(k) 150

Canadian

Dollar

Offered

Rate

Month

+

0.76%

4.72%,

03/27/2028

(i),(k)

$

1,204

1,211

Secured

Overnight

Financing

Rate

+

0.81%

5.15%,

02/01/2034

6.35%,

11/24/2084

(k) 2,600

2,385

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

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%

Skandinaviska

Enskilda

Banken

AB

3.75%,

02/07/2028

EUR

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

(j) $

3.75%,

05/17/2035

(k) EUR

Euribor

Swap

Rate

Year

+

1.65%

8.50%,

03/25/2034

(h),(j),(k),(n)

$

600

605

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%

10.00%,

11/14/2028

(h),(j),(k),(n)

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

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

4.75%,

01/14/2031

(h),(i),(k),(n)

1,575

1,361

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%

7.63%,

01/16/2032

(h),(j),(k),(n)

$

2,000

1,967

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

502

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

6.70%,

09/15/2029

(h),(k)

2,800

2,812

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Sumitomo

Mitsui

Financial

Group

Inc

5.81%,

09/14/2033

(i) 200

5.84%,

07/09/2044

5.88%,

07/13/2026

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Sumitomo

Mitsui

Financial

Group

Inc

(continued)

6.18%,

07/13/2043

$

$

Sumitomo

Mitsui

Trust

Bank

Ltd

2.80%,

03/10/2027

(i),(j)

4.45%,

09/10/2027

(j) 763

766

Svenska

Handelsbanken

AB

0.13%,

11/03/2026

EUR

Swedbank

AB

0.20%,

01/12/2028

1.54%,

11/16/2026

(j) $

1,805

1,733

7.75%,

03/17/2030

(h),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.66%

Texas

Capital

Bancshares

Inc

4.00%,

05/06/2031

(k) 511

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

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

8.13%,

10/31/2082

(k) $

1,300

1,344

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Financial

Corp

3.88%,

03/19/2029

5.10%,

03/01/2030

(h),(k)

500

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%,

09/01/2025

(h),(k)

4,500

4,420

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

UBS

AG/Stamford

CT

1.25%,

08/07/2026

7.50%,

02/15/2028

873

945

UBS

Group

AG

0.88%,

11/03/2031

EUR

1.49%,

08/10/2027

(j),(k)

$

985

946

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.85%

3.87%,

01/12/2029

(j),(k)

Month

USD

LIBOR

+

1.41%

4.38%,

02/10/2031

(h),(i),(j),(k),(n)

1,200

1,028

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

(j),(k)

958

981

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%

6.88%,

08/07/2025

(h),(k),(n)

1,350

1,350

USD

Swap

Semi-Annual

(VS

Month)

Year

+

4.59%

9.02%,

11/15/2033

(j),(k)

Secured

Overnight

Financing

Rate

+

5.02%

UniCredit

SpA

0.85%,

01/19/2031

EUR

United

Overseas

Bank

Ltd/Sydney

4.64%,

03/16/2026

AUD

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

US

Bancorp

1.38%,

07/22/2030

$

$

2.49%,

11/03/2036

(k) 2,959

2,448

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

6,539

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%

Wells

Fargo

&

Co

1.00%,

02/02/2027

EUR

2.50%,

05/02/2029

GBP

2.57%,

02/11/2031

(k) $

614

556

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

2.88%,

10/30/2030

(k) 413

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

3.07%,

04/30/2041

1,484

1,092

Secured

Overnight

Financing

Rate

+

5.06%

3.53%,

03/24/2028

(k) 100

Secured

Overnight

Financing

Rate

+

1.51%

3.90%,

05/01/2045

3.90%,

03/15/2026

(h),(k)

4,000

3,929

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

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

5.39%,

04/24/2034

(k) 685

688

Secured

Overnight

Financing

Rate

+

2.02%

5.50%,

01/23/2035

(k) 282

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

649

612

5.71%,

04/22/2028

(k) 2,861

2,924

Secured

Overnight

Financing

Rate

+

1.07%

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%

5.46%,

11/18/2027

(i) 200

Westpac

Securities

NZ

Ltd/London

0.43%,

12/14/2026

EUR

Zions

Bancorp

NA

3.25%,

10/29/2029

$

2,884

2,583

6.82%,

11/19/2035

(k) 1,042

1,028

Secured

Overnight

Financing

Rate

+

2.83%

$

288,008

Beverages

-

0.26%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

4.90%,

02/01/2046

1,373

1,252

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Beverages

(continued)

Anheuser-Busch

InBev

SA/NV

2.75%,

03/17/2036

EUR

$

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

(i) 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

3.90%,

07/18/2032

529

508

4.00%,

03/05/2042

4.45%,

02/07/2028

718

727

Pernod

Ricard

SA

1.75%,

04/08/2030

EUR

$

6,376

Biotechnology

-

0.32%

Amgen

Inc

3.15%,

02/21/2040

$

1,548

1,172

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

647

661

5.25%,

03/02/2030

5.25%,

03/02/2033

5.60%,

03/02/2043

5.65%,

03/02/2053

939

901

5.75%,

03/02/2063

Biogen

Inc

3.15%,

05/01/2050

CSL

Finance

PLC

4.63%,

04/27/2042

(j) 100

Gilead

Sciences

Inc

4.15%,

03/01/2047

4.80%,

11/15/2029

717

729

5.10%,

06/15/2035

5.25%,

10/15/2033

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Biotechnology

(continued)

Royalty

Pharma

PLC

2.15%,

09/02/2031

$

1,182

$

995

3.35%,

09/02/2051

5.15%,

09/02/2029

5.90%,

09/02/2054

$

7,899

Building

Materials

-

0.78%

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028

(j) 1,880

1,937

Carrier

Global

Corp

3.38%,

04/05/2040

976

762

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

SMW

Finance

DAC

4.25%,

07/11/2035

5.13%,

01/09/2030

$

5.20%,

05/21/2029

1,692

1,729

Holcim

Finance

Luxembourg

SA

0.50%,

11/29/2026

EUR

Holcim

Finance

US

LLC

4.95%,

04/07/2030

(j) $

Johnson

Controls

International

plc

4.25%,

05/23/2035

EUR

Lennox

International

Inc

5.50%,

09/15/2028

$

946

971

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

1,800

1,764

Martin

Marietta

Materials

Inc

2.40%,

07/15/2031

630

547

Oscar

AcquisitionCo

LLC

/

Oscar

Finance

Inc

9.50%,

04/15/2030

(j) 5,850

5,324

Owens

Corning

3.95%,

08/15/2029

5.50%,

06/15/2027

Quikrete

Holdings

Inc

6.75%,

03/01/2033

(j) 1,425

1,430

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(j) 2,125

2,076

Trane

Technologies

Financing

Ltd

3.80%,

03/21/2029

Vulcan

Materials

Co

3.50%,

06/01/2030

5.70%,

12/01/2054

510

$

19,171

Chemicals

-

0.59%

Air

Liquide

Finance

SA

0.38%,

05/27/2031

EUR

Akzo

Nobel

NV

2.00%,

03/28/2032

Albemarle

Corp

5.05%,

06/01/2032

(i) $

BASF

SE

4.50%,

03/08/2035

EUR

CF

Industries

Inc

5.38%,

03/15/2044

$

1,167

1,048

Dow

Chemical

Co/The

4.80%,

05/15/2049

DuPont

de

Nemours

Inc

5.32%,

11/15/2038

Eastman

Chemical

Co

5.75%,

03/08/2033

758

775

Ecolab

Inc

2.70%,

12/15/2051

1,038

624

3.95%,

12/01/2047

5.25%,

01/15/2028

609

629

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

FMC

Corp

5.15%,

05/18/2026

$

$

International

Flavors

&

Fragrances

Inc

4.38%,

06/01/2047

LANXESS

AG

0.63%,

12/01/2029

EUR

Linde

PLC

0.38%,

09/30/2033

1.00%,

03/31/2027

LYB

International

Finance

BV

4.88%,

03/15/2044

$

Nutrien

Ltd

2.95%,

05/13/2030

5.20%,

06/21/2027

Orbia

Advance

Corp

SAB

de

CV

2.88%,

05/11/2031

(i) 200

RPM

International

Inc

2.95%,

01/15/2032

Sasol

Financing

USA

LLC

8.75%,

05/03/2029

(j) 375

SCIH

Salt

Holdings

Inc

6.63%,

05/01/2029

(j) 7,910

7,683

Sherwin-Williams

Co/The

2.20%,

03/15/2032

4.80%,

09/01/2031

Westlake

Corp

2.88%,

08/15/2041

3.38%,

08/15/2061

947

552

Yara

International

ASA

4.75%,

06/01/2028

(j) 100

$

14,501

Coal

-

0.18%

SunCoke

Energy

Inc

4.88%,

06/30/2029

(j) 4,850

4,456

Commercial

Mortgage

Backed

Securities

-

1.24%

Bayview

Commercial

Asset

Trust

2005-3

4.92%,

11/25/2035

(j) 502

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.59%

5.04%,

11/25/2035

(j) 386

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

Bayview

Commercial

Asset

Trust

2006-2

4.79%,

07/25/2036

(j) 367

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

Bayview

Commercial

Asset

Trust

2006-3

4.82%,

10/25/2036

(j) 122

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.49%

Bayview

Commercial

Asset

Trust

2006-4

4.79%,

12/25/2036

(j) 607

576

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

Bayview

Commercial

Asset

Trust

2007-4

5.12%,

09/25/2037

(j) 597

552

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.79%

Bayview

Commercial

Asset

Trust

2008-2

8.19%,

04/25/2038

(j) 534

522

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.61%

BBCMS

2018-TALL

Mortgage

Trust

5.24%,

03/15/2037

(j) 1,470

1,384

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

Benchmark

2019-B15

Mortgage

Trust

2.93%,

12/15/2072

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

Benchmark

2019-B9

Mortgage

Trust

4.02%,

03/15/2052

$

3,460

$

3,358

Benchmark

2020-B20

Mortgage

Trust

2.03%,

10/15/2053

658

565

Benchmark

2021-B27

Mortgage

Trust

2.39%,

07/15/2054

Benchmark

2022-B32

Mortgage

Trust

3.00%,

01/15/2055

(l) 426

Benchmark

2022-B33

Mortgage

Trust

3.46%,

03/15/2055

Benchmark

2022-B34

Mortgage

Trust

3.79%,

04/15/2055

(l) 2,641

2,416

BX

Commercial

Mortgage

Trust

2020-VIV2

3.66%,

03/09/2044

(j),(l)

BX

Commercial

Mortgage

Trust

2020-VIV4

2.84%,

03/09/2044

(j) 1,500

1,359

BX

Trust

2019-OC11

4.08%,

12/09/2041

(j),(l)

1,750

1,623

COMM

2018-COR3

Mortgage

Trust

4.23%,

05/10/2051

2,107

2,060

COMM

2024-277P

Mortgage

Trust

6.34%,

08/10/2044

(j) 1,484

1,554

FRESB

2019-SB63

Mortgage

Trust

1.43%,

04/25/2039

(l),(p)

9,914

FRESB

2020-SB76

Mortgage

Trust

0.87%,

05/25/2030

(l),(p)

6,034

FRESB

2020-SB77

Mortgage

Trust

0.98%,

06/25/2040

(l),(p)

18,523

592

Grace

Trust

2020-GRCE

2.35%,

12/10/2040

(j) 1,072

935

Harvest

Commercial

Capital

Loan

Trust

2019-1

4.64%,

09/25/2046

(j),(l)

2,000

1,874

Harvest

Commercial

Capital

Loan

Trust

2020-1

5.96%,

04/25/2052

(j),(l)

Harvest

Commercial

Capital

Loan

Trust

2024-1

6.16%,

10/25/2056

1,963

2,034

Houston

Galleria

Mall

Trust

2025-HGLR

5.64%,

02/05/2045

(j),(l)

1,084

1,103

Hudson

Yards

2025-SPRL

Mortgage

Trust

5.65%,

01/13/2040

(j),(l)

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2024-OMNI

5.99%,

10/05/2039

(j),(l)

1,007

1,022

MKT

2020-525M

Mortgage

Trust

2.69%,

02/12/2040

(j) 1,400

1,229

ROCK

Trust

2024-CNTR

5.39%,

11/13/2041

(j) 225

Wells

Fargo

Commercial

Mortgage

Trust

2019-C51

3.31%,

06/15/2052

540

505

WFRBS

Commercial

Mortgage

Trust

2014-C21

4.23%,

08/15/2047

(l) 737

702

$

30,426

Commercial

Services

-

2.38%

Abertis

Infraestructuras

SA

4.13%,

01/31/2028

EUR

Adani

International

Container

Terminal

Pvt

Ltd

3.00%,

02/16/2031

$

2,680

2,285

AMN

Healthcare

Inc

4.63%,

10/01/2027

(j) 2,325

2,228

APRR

SA

1.25%,

01/18/2028

EUR

Arval

Service

Lease

SA/France

4.00%,

09/22/2026

Ashtead

Capital

Inc

4.25%,

11/01/2029

(j) $

ASTM

SpA

1.00%,

11/25/2026

EUR

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Autoroutes

du

Sud

de

la

France

SA

1.25%,

01/18/2027

EUR

$

2.75%,

09/02/2032

Autostrade

per

l'Italia

SpA

5.13%,

06/14/2033

Block

Financial

LLC

3.88%,

08/15/2030

$

Boost

Newco

Borrower

LLC

7.50%,

01/15/2031

(j) 1,860

1,963

Champions

Financing

Inc

8.75%,

02/15/2029

(i),(j)

2,750

2,421

Duke

University

2.76%,

10/01/2050

Edenred

SE

3.63%,

12/13/2026

EUR

EquipmentShare.com

Inc

8.00%,

03/15/2033

(j) $

2,075

2,048

8.63%,

05/15/2032

(j) 2,725

2,782

ERAC

USA

Finance

LLC

4.90%,

05/01/2033

(j) 100

Ford

Foundation/The

2.82%,

06/01/2070

1,090

603

Global

Payments

Inc

2.90%,

11/15/2031

GXO

Logistics

Inc

6.25%,

05/06/2029

569

579

Holding

d'Infrastructures

de

Transport

SASU

1.63%,

09/18/2029

EUR

Massachusetts

Institute

of

Technology

3.07%,

04/01/2052

$

Mavis

Tire

Express

Services

Topco

Corp

6.50%,

05/15/2029

(j) 1,375

1,268

Mersin

Uluslararasi

Liman

Isletmeciligi

AS

8.25%,

11/15/2028

650

667

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

$

President

and

Fellows

of

Harvard

College

3.75%,

11/15/2052

PROG

Holdings

Inc

6.00%,

11/15/2029

(j) 5,000

4,608

Quanta

Services

Inc

2.35%,

01/15/2032

697

586

2.90%,

10/01/2030

652

590

3.05%,

10/01/2041

603

5.25%,

08/09/2034

823

812

RELX

Finance

BV

0.50%,

03/10/2028

EUR

Rentokil

Initial

Finance

BV

3.88%,

06/27/2027

Rentokil

Terminix

Funding

LLC

5.63%,

04/28/2035

(j) $

622

624

S&P

Global

Inc

2.70%,

03/01/2029

737

696

3.70%,

03/01/2052

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub

Inc

6.75%,

08/15/2032

(j) 1,050

1,065

Sotheby's

7.38%,

10/15/2027

(j) 7,150

6,711

Teranet

Holdings

LP

3.72%,

02/23/2029

CAD

Thomas

Jefferson

University

3.85%,

11/01/2057

$

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

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

2.05%,

04/15/2026

(j) $

1,077

1,046

3.15%,

06/15/2031

(j) 933

803

Triton

Container

International

Ltd

/

TAL

International

Container

Corp

3.25%,

03/15/2032

697

581

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

(j) 4,775

4,505

VT

Topco

Inc

8.50%,

08/15/2030

(j) 5,495

5,750

Wand

NewCo

Inc

7.63%,

01/30/2032

(j) 6,545

6,742

WEX

Inc

6.50%,

03/15/2033

(j) 3,125

3,039

Wolters

Kluwer

NV

0.75%,

07/03/2030

EUR

$

58,448

Computers

-

0.71%

Accenture

Capital

Inc

4.50%,

10/04/2034

$

Apple

Inc

1.38%,

05/24/2029

EUR

1.40%,

08/05/2028

$

1,632

1,509

1.65%,

02/08/2031

2.65%,

05/11/2050

1,189

741

2.70%,

08/05/2051

2.85%,

08/05/2061

3.35%,

08/08/2032

(i) 200

3.95%,

08/08/2052

4.15%,

05/10/2030

4.38%,

05/13/2045

4.45%,

05/06/2044

ASGN

Inc

4.63%,

05/15/2028

(j) 2,575

2,450

Booz

Allen

Hamilton

Inc

5.95%,

08/04/2033

5.95%,

04/15/2035

515

512

Capgemini

SE

2.00%,

04/15/2029

EUR

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

$

1,067

765

4.35%,

02/01/2030

1,199

1,178

4.75%,

04/01/2028

1,046

1,054

5.25%,

02/01/2028

5.75%,

02/01/2033

8.10%,

07/15/2036

892

1,051

Hewlett

Packard

Enterprise

Co

4.45%,

09/25/2026

5.25%,

07/01/2028

5.60%,

10/15/2054

HP

Inc

5.50%,

01/15/2033

International

Business

Machines

Corp

0.88%,

02/09/2030

EUR

2.20%,

02/09/2027

(i) $

3.38%,

02/06/2027

EUR

4.00%,

02/06/2043

4.65%,

02/10/2028

$

2,215

2,241

5.10%,

02/06/2053

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

International

Business

Machines

Corp

(continued)

5.20%,

02/10/2035

$

$

Kyndryl

Holdings

Inc

3.15%,

10/15/2031

626

549

4.10%,

10/15/2041

Leidos

Inc

4.38%,

05/15/2030

829

805

5.50%,

03/15/2035

738

735

Teleperformance

SE

4.25%,

01/21/2030

EUR

Western

Digital

Corp

2.85%,

02/01/2029

$

$

17,556

Consumer

Products

-

0.01%

Kimberly-Clark

Corp

2.00%,

11/02/2031

Reckitt

Benckiser

Treasury

Services

PLC

3.63%,

09/14/2028

EUR

$

Cosmetics

&

Personal

Care

-

0.10%

Estee

Lauder

Cos

Inc/The

5.15%,

05/15/2053

(i) $

Haleon

Netherlands

Capital

BV

2.13%,

03/29/2034

EUR

Haleon

US

Capital

LLC

3.63%,

03/24/2032

$

1,310

1,216

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

(d),(e),(g)

15,607

—

Kenvue

Inc

5.10%,

03/22/2043

Procter

&

Gamble

Co/The

3.25%,

08/02/2026

EUR

4.05%,

01/26/2033

$

Unilever

Capital

Corp

2.13%,

09/06/2029

535

5.00%,

12/08/2033

Unilever

Finance

Netherlands

BV

1.38%,

09/04/2030

EUR

$

2,516

Credit

Card

Asset

Backed

Securities

-

0.83%

American

Express

Credit

Account

Master

Trust

3.39%,

05/15/2027

$

1,900

1,899

3.75%,

08/15/2027

1,535

1,531

4.65%,

07/15/2029

1,305

1,323

BA

Credit

Card

Trust

3.53%,

11/15/2027

2,000

1,997

5.00%,

04/15/2028

1,850

1,855

Capital

One

Multi-Asset

Execution

Trust

3.49%,

05/15/2027

1,886

1,885

Citibank

Credit

Card

Issuance

Trust

5.23%,

12/08/2027

1,250

1,255

Discover

Card

Execution

Note

Trust

3.32%,

05/15/2027

2,060

2,059

3.56%,

07/15/2027

2,000

1,995

4.31%,

03/15/2028

2,405

2,404

5.03%,

10/15/2027

2,165

2,170

$

20,373

Distribution

&

Wholesale

-

0.10%

RB

Global

Holdings

Inc

7.75%,

03/15/2031

(j) 925

970

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(j) 825

818

7.00%,

10/28/2029

700

694

$

2,482

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

-

3.43%

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

(i) 2,200

2,185

American

Express

Co

3.13%,

05/20/2026

3.55%,

09/15/2026

(h),(k)

7,500

7,176

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

5.09%,

01/30/2031

705

718

Secured

Overnight

Financing

Rate

+

2.04%

5.10%,

02/16/2028

(k) 1,844

1,867

Secured

Overnight

Financing

Rate

+

1.00%

5.28%,

07/27/2029

(k) 150

Secured

Overnight

Financing

Rate

+

1.28%

5.67%,

04/25/2036

(k) 629

646

Secured

Overnight

Financing

Rate

+

1.79%

Apollo

Global

Management

Inc

6.00%,

12/15/2054

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

Aviation

Capital

Group

LLC

6.25%,

04/15/2028

(j) 100

Avolon

Holdings

Funding

Ltd

2.53%,

11/18/2027

(j) 200

Azorra

Finance

Ltd

7.75%,

04/15/2030

(j) 3,975

3,944

Blue

Owl

Finance

LLC

3.13%,

06/10/2031

Bread

Financial

Holdings

Inc

8.38%,

06/15/2035

(j),(k)

1,700

1,590

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.30%

9.75%,

03/15/2029

(j) 4,925

5,181

Burford

Capital

Global

Finance

LLC

9.25%,

07/01/2031

(j) 5,675

5,979

Caja

de

Compensacion

de

Asignacion

Familiar

de

Los

Andes

7.00%,

07/30/2029

(i),(j)

3,175

3,280

Cantor

Fitzgerald

LP

4.50%,

04/14/2027

(j) 100

Capital

One

Financial

Corp

1.65%,

06/12/2029

EUR

3.80%,

01/31/2028

$

3.95%,

09/01/2026

(h),(i),(k)

500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

4.93%,

05/10/2028

(k) 150

Secured

Overnight

Financing

Rate

+

2.06%

5.88%,

07/26/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.99%

Charles

Schwab

Corp/The

1.15%,

05/13/2026

3.30%,

04/01/2027

4.00%,

06/01/2026

(h),(k)

5,000

4,842

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%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

CI

Financial

Corp

3.20%,

12/17/2030

$

$

CME

Group

Inc

5.30%,

09/15/2043

Credit

Acceptance

Corp

9.25%,

12/15/2028

(j) 4,475

4,729

Discover

Financial

Services

4.10%,

02/09/2027

Drawbridge

Special

Opportunities

Fund

LP

/

Drawbridge

Special

Opportunities

Finance

Corp

3.88%,

02/15/2026

(j) 800

785

EZCORP

Inc

7.38%,

04/01/2032

(j) 1,020

1,068

Focus

Financial

Partners

LLC

6.75%,

09/15/2031

(j) 2,890

2,907

Ford

Credit

Canada

Co/Canada

2.96%,

09/16/2026

CAD

goeasy

Ltd

6.88%,

05/15/2030

(j) $

1,650

1,609

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

3.00%,

09/15/2060

4.95%,

06/15/2052

816

732

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

Mastercard

Inc

1.90%,

03/15/2031

$

4.35%,

01/15/2032

877

868

Nasdaq

Inc

0.90%,

07/30/2033

EUR

5.35%,

06/28/2028

$

Nationstar

Mortgage

Holdings

Inc

5.50%,

08/15/2028

(j) 1,425

1,416

6.50%,

08/01/2029

(j) 2,600

2,643

7.13%,

02/01/2032

(j) 1,000

1,037

Nomura

Holdings

Inc

3.00%,

01/22/2032

OneMain

Finance

Corp

4.00%,

09/15/2030

1,600

1,419

7.13%,

11/15/2031

1,425

1,431

7.50%,

05/15/2031

1,925

1,952

7.88%,

03/15/2030

2,500

2,583

ORIX

Corp

5.20%,

09/13/2032

(i) 50

Oxford

Finance

LLC

/

Oxford

Finance

Co-Issuer

II

Inc

6.38%,

02/01/2027

(j) 4,950

4,933

Raymond

James

Financial

Inc

4.65%,

04/01/2030

Rfna

LP

7.88%,

02/15/2030

(j) 3,475

3,418

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer

Inc

3.88%,

03/01/2031

(j) 3,475

3,141

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

1,776

StoneX

Group

Inc

7.88%,

03/01/2031

(j) 1,850

1,926

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Synchrony

Financial

2.88%,

10/28/2031

$

$

5.15%,

03/19/2029

1,174

1,161

5.45%,

03/06/2031

(k) 378

Secured

Overnight

Financing

Rate

+

1.68%

Visa

Inc

2.05%,

04/15/2030

3.65%,

09/15/2047

Voya

Financial

Inc

5.00%,

09/20/2034

$

84,468

Electric

-

2.43%

AEP

Transmission

Co

LLC

4.50%,

06/15/2052

AES

Corp/The

2.45%,

01/15/2031

5.45%,

06/01/2028

629

639

Alabama

Power

Co

3.00%,

03/15/2052

Algonquin

Power

&

Utilities

Corp

5.37%,

06/15/2026

(l) 316

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

6.95%,

12/15/2054

(k) 600

604

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(k) 800

807

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

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

$

Baltimore

Gas

and

Electric

Co

5.40%,

06/01/2053

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

2.65%,

06/01/2031

6.85%,

02/15/2055

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.95%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

CMS

Energy

Corp

3.75%,

12/01/2050

(k) $

502

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

4.75%,

06/01/2050

(k) 828

775

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.12%

Cometa

Energia

SA

de

CV

6.38%,

04/24/2035

2,122

2,117

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

1,394

1,224

Commonwealth

Edison

Co

3.80%,

10/01/2042

Connecticut

Light

and

Power

Co/The

4.95%,

08/15/2034

Consolidated

Edison

Co

of

New

York

Inc

4.13%,

05/15/2049

703

546

4.45%,

03/15/2044

4.50%,

12/01/2045

528

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

1,032

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.41%

DTE

Electric

Co

3.95%,

03/01/2049

1,050

814

4.05%,

05/15/2048

DTE

Energy

Co

4.88%,

06/01/2028

895

904

Duke

Energy

Carolinas

LLC

3.55%,

03/15/2052

5.25%,

03/15/2035

5.40%,

01/15/2054

Duke

Energy

Corp

3.10%,

06/15/2028

EUR

3.75%,

09/01/2046

$

5.00%,

12/08/2027

5.80%,

06/15/2054

521

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

545

Duquesne

Light

Holdings

Inc

2.53%,

10/01/2030

(j) 100

E.ON

International

Finance

BV

1.63%,

05/30/2026

EUR

5.88%,

10/30/2037

GBP

E.ON

SE

3.50%,

10/26/2037

EUR

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

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

Emera

US

Finance

LP

2.64%,

06/15/2031

$

4.75%,

06/15/2046

784

632

Enel

Americas

SA

4.00%,

10/25/2026

Enel

Finance

International

NV

3.50%,

04/06/2028

(j) 347

4.50%,

02/20/2043

EUR

4.75%,

05/25/2047

(j) $

5.13%,

06/26/2029

(j) 475

Enel

SpA

4.25%,

01/14/2030

(h),(k)

EUR

Euribor

Swap

Rate

Year

+

2.01%

Energo-Pro

AS

8.50%,

02/04/2027

$

8.50%,

02/04/2027

(j) 1,300

1,305

Engie

SA

2.13%,

03/30/2032

EUR

4.25%,

01/11/2043

5.25%,

04/10/2029

(j) $

509

5.88%,

04/10/2054

(j) 562

544

Entergy

Arkansas

LLC

4.20%,

04/01/2049

Entergy

Louisiana

LLC

2.35%,

06/15/2032

Entergy

Mississippi

LLC

3.85%,

06/01/2049

5.80%,

04/15/2055

Entergy

Texas

Inc

4.50%,

03/30/2039

1,550

1,385

5.25%,

04/15/2035

5.55%,

09/15/2054

EPH

Financing

International

AS

5.88%,

11/30/2029

EUR

1,900

2,270

Eurogrid

GmbH

0.74%,

04/21/2033

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

3.40%,

04/15/2026

4.10%,

03/15/2052

FirstEnergy

Corp

2.65%,

03/01/2030

3.40%,

03/01/2050

4.85%,

07/15/2047

660

549

FirstEnergy

Pennsylvania

Electric

Co

5.20%,

04/01/2028

(j) 1,039

1,059

FirstEnergy

Transmission

LLC

4.55%,

04/01/2049

(j) 1,298

1,086

Florida

Power

&

Light

Co

3.99%,

03/01/2049

4.05%,

10/01/2044

5.15%,

06/15/2029

878

909

5.30%,

06/15/2034

5.70%,

03/15/2055

FortisAlberta

Inc

4.27%,

09/22/2045

CAD

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Georgia

Power

Co

3.25%,

03/15/2051

$

1,070

$

710

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%

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(j) $

Interstate

Power

and

Light

Co

3.50%,

09/30/2049

714

ITC

Holdings

Corp

3.35%,

11/15/2027

Kentucky

Power

Co

7.00%,

11/15/2033

(j) 1,243

1,330

Kentucky

Utilities

Co

5.13%,

11/01/2040

Liberty

Utilities

Finance

GP

2.05%,

09/15/2030

(j) 462

Lightning

Power

LLC

7.25%,

08/15/2032

(j) 1,875

1,943

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

(j) 606

610

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

$

983

984

4.75%,

02/07/2028

673

684

Naturgy

Finance

Iberia

SA

1.50%,

01/29/2028

EUR

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

(j) 100

New

York

State

Electric

&

Gas

Corp

5.85%,

08/15/2033

(j) 591

614

NextEra

Energy

Capital

Holdings

Inc

1.88%,

01/15/2027

5.30%,

03/15/2032

941

960

5.65%,

05/01/2079

(k) 100

Month

USD

LIBOR

+

3.16%

5.90%,

03/15/2055

775

755

Niagara

Mohawk

Power

Corp

5.66%,

01/17/2054

(j) 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

(j) 50

Oglethorpe

Power

Corp

3.75%,

08/01/2050

Oklahoma

Gas

and

Electric

Co

3.25%,

04/01/2030

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Oncor

Electric

Delivery

Co

LLC

3.70%,

05/15/2050

$

$

4.15%,

06/01/2032

573

548

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

1,200

908

6.10%,

01/15/2029

6.75%,

01/15/2053

PacifiCorp

4.10%,

02/01/2042

PECO

Energy

Co

3.15%,

10/15/2025

PPL

Capital

Funding

Inc

5.25%,

09/01/2034

Public

Service

Co

of

Colorado

1.90%,

01/15/2031

2.70%,

01/15/2051

1,816

1,049

3.70%,

06/15/2028

681

671

4.10%,

06/15/2048

888

679

Public

Service

Co

of

Oklahoma

2.20%,

08/15/2031

804

685

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

5.69%,

06/15/2054

502

Red

Electrica

Financiaciones

SA

1.25%,

03/13/2027

EUR

RWE

AG

2.75%,

05/24/2030

RWE

Finance

US

LLC

6.25%,

04/16/2054

(j) $

1,126

1,090

Saavi

Energia

Sarl

8.88%,

02/10/2035

(j) 2,175

2,186

San

Diego

Gas

&

Electric

Co

4.95%,

08/15/2028

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

5.95%,

11/01/2032

Southern

Co/The

3.75%,

09/15/2051

(k) 2,000

1,936

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.92%

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

(j) $

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Union

Electric

Co

3.25%,

10/01/2049

(i) $

$

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

6.95%,

10/15/2033

(j) 100

WEC

Energy

Group

Inc

2.20%,

12/15/2028

Wisconsin

Power

and

Light

Co

3.95%,

09/01/2032

5.38%,

03/30/2034

Xcel

Energy

Inc

5.45%,

08/15/2033

$

59,660

Electrical

Components

&

Equipment

-

0.05%

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

(j) $

1,125

1,144

$

1,354

Electronics

-

0.22%

Allegion

US

Holding

Co

Inc

5.41%,

07/01/2032

567

576

5.60%,

05/29/2034

591

598

Amphenol

Corp

5.05%,

04/05/2029

5.38%,

11/15/2054

Honeywell

International

Inc

1.10%,

03/01/2027

1.95%,

06/01/2030

2.50%,

11/01/2026

4.50%,

01/15/2034

4.95%,

09/01/2031

591

603

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

(o) 752

744

Vontier

Corp

2.40%,

04/01/2028

2.95%,

04/01/2031

1,329

1,146

$

5,361

Energy

-

Alternate

Sources

-

0.09%

FS

Luxembourg

Sarl

8.88%,

02/12/2031

(j) 1,475

1,483

8.88%,

02/12/2031

(i) 650

653

$

2,136

Engineering

&

Construction

-

0.58%

Aeroports

de

Montreal

3.03%,

04/21/2050

CAD

Aeropuertos

Dominicanos

Siglo

XXI

SA

7.00%,

06/30/2034

(j) $

1,025

1,041

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(j) 1,875

1,870

Bouygues

SA

2.25%,

06/29/2029

EUR

Brundage-Bone

Concrete

Pumping

Holdings

Inc

7.50%,

02/01/2032

(j) $

630

615

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Engineering

&

Construction

(continued)

Cellnex

Finance

Co

SA

2.00%,

02/15/2033

EUR

$

Gatwick

Funding

Ltd

2.88%,

07/05/2051

GBP

Heathrow

Funding

Ltd

1.88%,

03/14/2036

EUR

HOCHTIEF

AG

0.63%,

04/26/2029

HTA

Group

Ltd/Mauritius

7.50%,

06/04/2029

(j) $

1,375

1,379

7.50%,

06/04/2029

IHS

Holding

Ltd

7.88%,

05/29/2030

(j) 1,500

1,446

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

1,684

1,684

Jacobs

Engineering

Group

Inc

6.35%,

08/18/2028

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(j) 2,125

2,101

MasTec

Inc

5.90%,

06/15/2029

560

572

Sitios

Latinoamerica

SAB

de

CV

6.00%,

11/25/2029

(j) 2,025

2,032

Sydney

Airport

Finance

Co

Pty

Ltd

4.38%,

05/03/2033

EUR

Vancouver

Airport

Authority

1.76%,

09/20/2030

CAD

$

14,282

Entertainment

-

1.23%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(j) $

2,025

1,869

7.00%,

02/15/2030

(j) 5,125

5,246

Cinemark

USA

Inc

5.25%,

07/15/2028

(i),(j)

4,075

4,001

7.00%,

08/01/2032

(j) 825

844

Everi

Holdings

Inc

5.00%,

07/15/2029

(j) 3,275

3,285

Light

&

Wonder

International

Inc

7.50%,

09/01/2031

(j) 1,200

1,233

Rivers

Enterprise

Borrower

LLC

/

Rivers

Enterprise

Finance

Corp

6.63%,

02/01/2033

(j) 3,675

3,627

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo

Inc

6.63%,

03/01/2030

(j) 2,310

2,199

Six

Flags

Entertainment

Corp

/Six

Flags

Theme

Parks

Inc/

Canada's

Wonderland

Co

6.63%,

05/01/2032

(j) 950

958

Speedway

Motorsports

LLC

/

Speedway

Funding

II

Inc

4.88%,

11/01/2027

(j) 2,925

2,803

Warnermedia

Holdings

Inc

3.76%,

03/15/2027

4.28%,

03/15/2032

644

552

5.05%,

03/15/2042

1,076

811

5.14%,

03/15/2052

5.39%,

03/15/2062

530

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(j) 800

771

7.13%,

02/15/2031

(j) 1,350

1,393

$

30,280

Environmental

Control

-

0.65%

Clean

Harbors

Inc

6.38%,

02/01/2031

(j) 225

Madison

IAQ

LLC

5.88%,

06/30/2029

(j) 8,568

8,102

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

(continued)

Republic

Services

Inc

4.75%,

07/15/2030

$

$

5.00%,

11/15/2029

733

750

5.00%,

04/01/2034

Reworld

Holding

Corp

4.88%,

12/01/2029

(j) 1,875

1,752

Waste

Connections

Inc

2.20%,

01/15/2032

1,334

1,136

Waste

Management

Inc

3.15%,

11/15/2027

4.63%,

02/15/2033

(i) 100

4.95%,

07/03/2027

870

886

Waste

Pro

USA

Inc

7.00%,

02/01/2033

(j) 2,700

2,755

$

16,116

Food

-

1.68%

Aragvi

Finance

International

DAC

11.13%,

11/20/2029

(i),(j)

2,325

2,309

11.13%,

11/20/2029

575

571

Carrefour

SA

1.88%,

10/30/2026

EUR

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.63%,

07/01/2029

(j) $

Conagra

Brands

Inc

4.85%,

11/01/2028

5.40%,

11/01/2048

705

627

7.00%,

10/01/2028

773

831

Danone

SA

0.52%,

11/09/2030

EUR

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(j) $

4,690

4,913

9.63%,

09/15/2032

(j) 1,880

1,966

General

Mills

Inc

4.20%,

04/17/2028

Hershey

Co/The

4.55%,

02/24/2028

(i) 502

511

Hormel

Foods

Corp

1.70%,

06/03/2028

4.80%,

03/30/2027

793

802

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

2.50%,

01/15/2027

6.50%,

12/01/2052

Kellanova

7.45%,

04/01/2031

1,324

1,505

Kraft

Heinz

Foods

Co

3.88%,

05/15/2027

4.38%,

06/01/2046

1,927

1,561

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

849

795

5.65%,

09/15/2064

1,302

1,209

Lamb

Weston

Holdings

Inc

4.38%,

01/31/2032

(j) 1,025

939

Loblaw

Cos

Ltd

5.01%,

09/13/2032

CAD

Mars

Inc

3.95%,

04/01/2044

(j) $

4.65%,

04/20/2031

(j) 1,071

1,079

4.80%,

03/01/2030

(j) 50

5.65%,

05/01/2045

(j) 751

745

5.70%,

05/01/2055

(j) 782

770

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Mondelez

International

Holdings

Netherlands

BV

0.25%,

09/09/2029

EUR

$

Mondelez

International

Inc

0.25%,

03/17/2028

Nestle

Finance

International

Ltd

1.25%,

03/29/2031

3.75%,

03/13/2033

Nestle

Holdings

Inc

2.63%,

09/14/2051

(i),(j)

$

Performance

Food

Group

Inc

6.13%,

09/15/2032

(j) 1,300

1,300

Pilgrim's

Pride

Corp

6.25%,

07/01/2033

Post

Holdings

Inc

4.50%,

09/15/2031

(j) 4,800

4,368

4.63%,

04/15/2030

(j) 400

6.25%,

10/15/2034

(j) 990

982

Simmons

Foods

Inc/Simmons

Prepared

Foods

Inc/

Simmons

Pet

Food

Inc/Simmons

Feed

4.63%,

03/01/2029

(j) 3,110

2,889

Smithfield

Foods

Inc

2.63%,

09/13/2031

(j) 100

Sysco

Corp

4.45%,

03/15/2048

1,497

1,209

4.50%,

04/01/2046

969

793

5.10%,

09/23/2030

896

913

5.95%,

04/01/2030

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

4.63%,

06/01/2030

(j) 100

5.75%,

04/15/2033

(j) 675

661

7.25%,

01/15/2032

(j) 2,171

2,271

Woolworths

Group

Ltd

5.91%,

11/29/2034

AUD

$

41,360

Forest

Products

&

Paper

-

0.21%

Georgia-Pacific

LLC

0.95%,

05/15/2026

(j) $

960

926

2.30%,

04/30/2030

(j) 100

International

Paper

Co

4.40%,

08/15/2047

LD

Celulose

International

GmbH

7.95%,

01/26/2032

(j) 1,350

1,387

Magnera

Corp

4.75%,

11/15/2029

(j) 950

828

7.25%,

11/15/2031

(j) 1,875

1,773

Suzano

Austria

GmbH

3.13%,

01/15/2032

$

5,149

Gas

-

0.30%

AltaGas

Ltd

4.12%,

04/07/2026

CAD

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp

9.38%,

06/01/2028

(j) $

APA

Infrastructure

Ltd

5.13%,

09/16/2034

(j) 100

Atmos

Energy

Corp

1.50%,

01/15/2031

Brooklyn

Union

Gas

Co/The

6.39%,

09/15/2033

(j) 150

6.42%,

07/18/2054

(j) 447

Cadent

Finance

PLC

5.75%,

03/14/2034

GBP

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

(continued)

CenterPoint

Energy

Resources

Corp

5.25%,

03/01/2028

$

$

CU

Inc

5.09%,

09/20/2053

CAD

Enbridge

Gas

Inc

4.00%,

08/22/2044

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

(j) $

822

840

NiSource

Inc

5.65%,

02/01/2045

5.85%,

04/01/2055

6.38%,

03/31/2055

(k) 1,800

1,756

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.53%

Piedmont

Natural

Gas

Co

Inc

5.10%,

02/15/2035

(i) 100

Snam

SpA

3.38%,

12/05/2026

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

Venture

Global

Plaquemines

LNG

LLC

7.75%,

05/01/2035

(j) 1,650

1,694

Vier

Gas

Transport

GmbH

4.63%,

09/26/2032

EUR

$

7,378

Hand

&

Machine

Tools

-

0.08%

Regal

Rexnord

Corp

6.30%,

02/15/2030

$

Stanley

Black

&

Decker

Inc

6.71%,

03/15/2060

(k) 1,964

1,887

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.66%

$

2,042

Healthcare

-

Products

-

0.62%

Abbott

Laboratories

3.75%,

11/30/2026

4.75%,

04/15/2043

Agilent

Technologies

Inc

2.30%,

03/12/2031

1,322

1,155

2.75%,

09/15/2029

1,114

1,034

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

3.40%,

11/15/2049

EssilorLuxottica

SA

0.50%,

06/05/2028

EUR

GE

HealthCare

Technologies

Inc

5.65%,

11/15/2027

$

1,773

1,824

Koninklijke

Philips

NV

4.25%,

09/08/2031

EUR

Medline

Borrower

LP

5.25%,

10/01/2029

(j) $

1,175

1,116

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Products

(continued)

Medtronic

Global

Holdings

SCA

1.13%,

03/07/2027

EUR

$

1.63%,

10/15/2050

Medtronic

Inc

4.38%,

03/15/2035

$

Molnlycke

Holding

AB

4.25%,

09/08/2028

EUR

Neogen

Food

Safety

Corp

8.63%,

07/20/2030

(j) $

2,135

2,155

Sartorius

Finance

BV

4.88%,

09/14/2035

EUR

Solventum

Corp

5.90%,

04/30/2054

$

Sotera

Health

Holdings

LLC

7.38%,

06/01/2031

(j) 4,150

4,256

STERIS

Irish

FinCo

UnLtd

Co

3.75%,

03/15/2051

1,394

969

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

5.00%,

01/31/2029

(i) $

548

564

5.40%,

08/10/2043

Zimmer

Biomet

Holdings

Inc

1.16%,

11/15/2027

EUR

$

15,168

Healthcare

-

Services

-

2.13%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(j) $

1,725

1,631

5.50%,

07/01/2028

(j) 380

7.38%,

03/15/2033

(j) 5,065

5,061

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

558

3.40%,

03/01/2027

3.40%,

03/15/2050

1,496

997

3.88%,

10/15/2047

4.38%,

10/15/2028

4.80%,

08/15/2038

CommonSpirit

Health

4.19%,

10/01/2049

Concentra

Health

Services

Inc

6.88%,

07/15/2032

(j) 1,075

1,101

DaVita

Inc

3.75%,

02/15/2031

(j) 650

572

4.63%,

06/01/2030

(j) 2,525

2,348

6.88%,

09/01/2032

(j) 525

530

Elevance

Health

Inc

3.60%,

03/15/2051

4.55%,

03/01/2048

6.10%,

10/15/2052

Eurofins

Scientific

SE

4.75%,

09/06/2030

EUR

Fresenius

Medical

Care

AG

1.00%,

05/29/2026

Fresenius

Medical

Care

US

Finance

III

Inc

3.75%,

06/15/2029

(j) $

Fresenius

SE

&

Co

KGaA

2.88%,

05/24/2030

EUR

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

798

746

3.50%,

07/15/2051

972

628

4.50%,

02/15/2027

4.63%,

03/15/2052

1,180

924

5.25%,

06/15/2026

5.25%,

06/15/2049

526

5.45%,

04/01/2031

577

588

5.50%,

03/01/2032

666

674

5.75%,

03/01/2035

6.10%,

04/01/2064

Health

Care

Service

Corp

A

Mutual

Legal

Reserve

Co

5.45%,

06/15/2034

(j) 100

Humana

Inc

3.13%,

08/15/2029

4.88%,

04/01/2030

974

973

5.88%,

03/01/2033

Kaiser

Foundation

Hospitals

4.15%,

05/01/2047

LifePoint

Health

Inc

9.88%,

08/15/2030

(j) 775

824

10.00%,

06/01/2032

(j) 3,325

3,225

11.00%,

10/15/2030

(j) 925

1,013

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

Quest

Diagnostics

Inc

5.00%,

12/15/2034

984

972

Roche

Holdings

Inc

2.61%,

12/13/2051

(j) 200

4.91%,

03/08/2031

(j) 971

996

5.49%,

11/13/2030

(j) 3,341

3,530

Select

Medical

Corp

6.25%,

12/01/2032

(j) 1,050

1,043

Surgery

Center

Holdings

Inc

7.25%,

04/15/2032

(j) 11,410

11,384

Team

Health

Holdings

Inc

9.00%,

PIK

4.50%;

06/30/2028

(j),(l),(m)

608

652

Tenet

Healthcare

Corp

6.13%,

10/01/2028

3,050

3,043

UnitedHealth

Group

Inc

1.25%,

01/15/2026

805

788

2.88%,

08/15/2029

3.05%,

05/15/2041

4.75%,

05/15/2052

632

533

4.90%,

04/15/2031

(i) 624

635

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

5.30%,

02/15/2030

5.63%,

07/15/2054

645

620

$

52,296

Home

Equity

Asset

Backed

Securities

-

0.05%

Structured

Asset

Securities

Corp

Mortgage

Loan

Trust

2007-BC2

4.74%,

03/25/2037

1,930

1,260

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.41%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

-

3.47%

Acrisure

LLC

/

Acrisure

Finance

Inc

8.25%,

02/01/2029

(j) $

3,850

$

3,939

AIA

Group

Ltd

4.95%,

04/04/2033

(i),(j)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.50%,

10/01/2031

(j) 4,500

4,491

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

AmFam

Holdings

Inc

2.81%,

03/11/2031

(j) 50

AmWINS

Group

Inc

4.88%,

06/30/2029

(j) 5,925

5,657

Aon

Corp

/

Aon

Global

Holdings

PLC

3.90%,

02/28/2052

Aon

North

America

Inc

5.30%,

03/01/2031

1,137

1,170

5.75%,

03/01/2054

736

712

Ardonagh

Finco

Ltd

7.75%,

02/15/2031

(j) 200

Ardonagh

Group

Finance

Ltd

8.88%,

02/15/2032

(j) 7,075

7,217

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.75%,

08/15/2050

(k) 1,500

1,496

Month

USD

LIBOR

+

3.59%

Arthur

J

Gallagher

&

Co

4.85%,

12/15/2029

517

523

5.15%,

02/15/2035

5.75%,

03/02/2053

819

785

ASR

Nederland

NV

3.38%,

05/02/2049

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

4.00%

Assicurazioni

Generali

SPA

2.12%,

10/01/2030

AssuredPartners

Inc

5.63%,

01/15/2029

(j) $

700

698

Athene

Global

Funding

1.61%,

06/29/2026

(j) 100

1.73%,

10/02/2026

(j) 880

846

4.86%,

08/27/2026

(j) 830

833

5.32%,

11/13/2031

(j) 1,278

1,275

Athene

Holding

Ltd

3.45%,

05/15/2052

770

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

(i) 100

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

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

1,233

1,254

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

1.50%,

12/15/2028

EUR

Corebridge

Financial

Inc

3.90%,

04/05/2032

$

Corebridge

Global

Funding

5.90%,

09/19/2028

(j) 100

Empower

Finance

2020

LP

1.36%,

09/17/2027

(j) 200

Equitable

Financial

Life

Global

Funding

1.30%,

07/12/2026

(j) 1,458

1,407

5.00%,

03/27/2030

(j) 200

6.38%,

06/02/2028

GBP

F&G

Annuities

&

Life

Inc

6.25%,

10/04/2034

$

F&G

Global

Funding

2.30%,

04/11/2027

(j) 1,080

1,035

Fairfax

Financial

Holdings

Ltd

4.23%,

06/14/2029

CAD

6.00%,

12/07/2033

$

Farmers

Insurance

Exchange

4.75%,

11/01/2057

(j),(k)

Month

USD

LIBOR

+

3.23%

Global

Atlantic

Fin

Co

4.40%,

10/15/2029

(j) 150

Great-West

Lifeco

Inc

2.38%,

05/14/2030

CAD

Guardian

Life

Insurance

Co

of

America/The

4.88%,

06/19/2064

(j) $

Hannover

Rueck

SE

5.88%,

08/26/2043

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

3.75%

Howden

UK

Refinance

PLC

/

Howden

UK

Refinance

PLC

/

Howden

US

Refinance

LLC

7.25%,

02/15/2031

(j) $

1,975

2,028

8.13%,

02/15/2032

(j) 2,225

2,257

HUB

International

Ltd

7.38%,

01/31/2032

(j) 8,520

8,778

Jackson

Financial

Inc

5.17%,

06/08/2027

Jones

Deslauriers

Insurance

Management

Inc

8.50%,

03/15/2030

(j) 1,830

1,930

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

(j) $

4.30%,

02/01/2061

(j) 2,435

1,517

7.80%,

03/07/2087

(j) 2,000

2,239

Month

USD

LIBOR

+

3.58%

Lincoln

National

Corp

3.40%,

03/01/2032

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

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

$

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

656

663

5.40%,

09/15/2033

Massachusetts

Mutual

Life

Insurance

Co

5.67%,

12/01/2052

(j) 50

Meiji

Yasuda

Life

Insurance

Co

5.80%,

09/11/2054

(j),(k)

500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

MetLife

Inc

3.85%,

09/15/2025

(h),(k)

2,300

2,271

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.58%

5.25%,

01/15/2054

9.25%,

04/08/2068

(j) 3,575

4,145

Month

USD

LIBOR

+

5.54%

Metropolitan

Life

Global

Funding

I

0.55%,

06/16/2027

EUR

3.63%,

03/26/2034

4.90%,

01/09/2030

(j) $

5.40%,

09/12/2028

(j) 150

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

1.25%,

05/26/2041

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

2.55%

Nationwide

Mutual

Insurance

Co

4.35%,

04/30/2050

(j) $

New

York

Life

Global

Funding

0.13%,

07/23/2030

CHF

3.25%,

04/07/2027

(j) $

4.85%,

01/09/2028

(j) 449

5.25%,

06/30/2026

CAD

New

York

Life

Insurance

Co

3.75%,

05/15/2050

(j) $

Nippon

Life

Insurance

Co

4.11%,

01/23/2055

(k) EUR

Euribor

Swap

Rate

Year

+

2.60%

5.95%,

04/16/2054

(j),(k)

$

1,000

997

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

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

(j) $

618

621

Northwestern

Mutual

Life

Insurance

Co/The

3.63%,

09/30/2059

(j) 50

Pacific

Life

Global

Funding

II

5.50%,

08/28/2026

(j) 200

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Pacific

Life

Insurance

Co

4.30%,

10/24/2067

(j),(k)

$

$

Month

USD

LIBOR

+

2.80%

Panther

Escrow

Issuer

LLC

7.13%,

06/01/2031

(j) 2,575

2,638

Pricoa

Global

Funding

I

4.65%,

08/27/2031

(j) 439

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) 271

Month

USD

LIBOR

+

2.67%

6.50%,

03/15/2054

(k) 1,000

1,003

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

Prudential

Funding

Asia

PLC

3.13%,

04/14/2030

Reinsurance

Group

of

America

Inc

3.15%,

06/15/2030

Sammons

Financial

Group

Inc

6.88%,

04/15/2034

(j) 100

SBL

Holdings

Inc

5.13%,

11/13/2026

(j) 100

Sun

Life

Financial

Inc

4.78%,

08/10/2034

(k) CAD

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

(j),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.58%

Swiss

RE

Subordinated

Finance

PLC

5.70%,

04/05/2035

(j),(k)

1,800

1,797

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

6.19%,

04/01/2046

(j),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%

Teachers

Insurance

&

Annuity

Association

of

America

4.27%,

05/15/2047

(j) 100

Willis

North

America

Inc

4.50%,

09/15/2028

4.65%,

06/15/2027

1,185

1,190

5.90%,

03/05/2054

931

902

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(k) 7,000

5,985

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

$

85,249

Internet

-

0.43%

Alibaba

Group

Holding

Ltd

4.00%,

12/06/2037

Alphabet

Inc

2.05%,

08/15/2050

5.25%,

05/15/2055

(o) 536

529

5.30%,

05/15/2065

(o) 537

531

Amazon.com

Inc

2.10%,

05/12/2031

3.15%,

08/22/2027

3.30%,

04/13/2027

733

726

3.60%,

04/13/2032

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

Amazon.com

Inc

(continued)

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

4.50%,

11/15/2031

Cablevision

Lightpath

LLC

3.88%,

09/15/2027

(j) $

1,400

1,321

5.63%,

09/15/2028

(j) 1,075

995

eBay

Inc

2.70%,

03/11/2030

Gen

Digital

Inc

7.13%,

09/30/2030

(j) 1,800

1,853

ION

Trading

Technologies

Sarl

9.50%,

05/30/2029

(j) 275

Meta

Platforms

Inc

4.60%,

05/15/2028

4.75%,

08/15/2034

5.55%,

08/15/2064

5.60%,

05/15/2053

Netflix

Inc

3.63%,

06/15/2030

EUR

Prosus

NV

2.78%,

01/19/2034

3.68%,

01/21/2030

$

4.85%,

07/06/2027

Tencent

Holdings

Ltd

3.58%,

04/11/2026

3.93%,

01/19/2038

Uber

Technologies

Inc

4.80%,

09/15/2034

$

10,647

Investment

Companies

-

0.27%

Ares

Capital

Corp

7.00%,

01/15/2027

Blackstone

Private

Credit

Fund

3.25%,

03/15/2027

Blue

Owl

Capital

Corp

2.63%,

01/15/2027

Blue

Owl

Technology

Finance

Corp

2.50%,

01/15/2027

(i) 100

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

(j) $

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

2,525

2,105

9.00%,

06/15/2030

2,410

2,276

9.75%,

01/15/2029

1,325

1,308

JAB

Holdings

BV

4.75%,

06/29/2032

EUR

$

6,641

Iron

&

Steel

-

2.22%

ArcelorMittal

SA

6.80%,

11/29/2032

$

Baffinland

Iron

Mines

Corp

/

Baffinland

Iron

Mines

LP

8.75%,

07/15/2026

(j) 13,822

12,145

CSN

Inova

Ventures

6.75%,

01/28/2028

725

675

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Iron

&

Steel

(continued)

Nucor

Corp

3.13%,

04/01/2032

$

$

4.30%,

05/23/2027

682

684

5.10%,

06/01/2035

823

807

POSCO

5.75%,

01/17/2028

Samarco

Mineracao

SA

9.00%,

PIK

9.00%;

06/30/2031

(l),(m)

Samarco

Mineracao

SA

Escrow

Shares

0.00%,

10/24/2023

(d),(e)

550

—

Specialty

Steel

14.44%,

11/15/2026

(e),(g)

38,772

38,772

Steel

Dynamics

Inc

5.38%,

08/15/2034

5.75%,

05/15/2055

513

Vale

Overseas

Ltd

6.13%,

06/12/2033

$

54,584

Leisure

Products

&

Services

-

0.00%

Brunswick

Corp/DE

4.40%,

09/15/2032

Lodging

-

0.43%

Boyd

Gaming

Corp

4.75%,

06/15/2031

(j) 2,500

2,331

Hyatt

Hotels

Corp

5.50%,

06/30/2034

5.75%,

01/30/2027

InterContinental

Hotels

Group

PLC

3.38%,

10/08/2028

GBP

Marriott

International

Inc/MD

2.85%,

04/15/2031

$

1,072

958

3.50%,

10/15/2032

855

760

5.50%,

04/15/2037

Sands

China

Ltd

5.40%,

08/08/2028

(i) 200

Station

Casinos

LLC

4.63%,

12/01/2031

(j) 5,975

5,401

$

10,500

Machinery

-

Construction

&

Mining

-

0.14%

Caterpillar

Financial

Services

Corp

4.38%,

08/16/2029

(i) 361

4.40%,

03/03/2028

1,085

1,095

4.70%,

11/15/2029

931

948

5.00%,

05/14/2027

Caterpillar

Inc

3.80%,

08/15/2042

Weir

Group

PLC/The

5.35%,

05/06/2030

(j),(o)

640

643

$

3,514

Machinery

-

Diversified

-

0.58%

AGCO

Corp

5.45%,

03/21/2027

1,069

1,078

Deere

&

Co

3.75%,

04/15/2050

5.45%,

01/16/2035

556

575

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

877

875

4.70%,

06/10/2030

694

706

4.85%,

06/11/2029

940

964

4.95%,

07/14/2028

5.05%,

06/12/2034

5.15%,

09/08/2026

John

Deere

Financial

Inc

2.31%,

06/20/2025

CAD

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

(continued)

nVent

Finance

Sarl

2.75%,

11/15/2031

$

549

$

4.55%,

04/15/2028

Otis

Worldwide

Corp

3.36%,

02/15/2050

SPX

FLOW

Inc

8.75%,

04/01/2030

(j) 5,571

5,617

TK

Elevator

Holdco

GmbH

7.63%,

07/15/2028

(j) 2,590

2,594

Westinghouse

Air

Brake

Technologies

Corp

4.70%,

09/15/2028

Xylem

Inc/NY

2.25%,

01/30/2031

$

14,269

Manufactured

Housing

Asset

Backed

Securities

-

0.07%

BCMSC

Trust

2000-A

5.12%,

06/15/2030

7,432

1.00 x

Month

USD

LIBOR

+

0.16%

Greenpoint

Manufactured

Housing

9.23%,

12/15/2029

(l) 1,339

1,335

$

1,633

Media

-

1.72%

Bertelsmann

SE

&

Co

KGaA

2.00%,

04/01/2028

EUR

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.25%,

02/01/2031

(j) $

1,750

1,581

4.25%,

01/15/2034

(j) 5,200

4,380

4.50%,

05/01/2032

3,065

2,723

4.50%,

06/01/2033

(j) 2,550

2,219

4.75%,

03/01/2030

(j) 750

708

5.38%,

06/01/2029

(j) 1,400

1,370

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.50%,

06/01/2041

895

612

3.85%,

04/01/2061

1,192

706

4.80%,

03/01/2050

1,541

1,148

4.91%,

07/23/2025

5.38%,

05/01/2047

6.10%,

06/01/2029

560

580

6.38%,

10/23/2035

6.48%,

10/23/2045

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

3.40%,

04/01/2030

3.97%,

11/01/2047

4.00%,

11/01/2049

4.15%,

10/15/2028

797

795

4.60%,

10/15/2038

908

832

5.50%,

05/15/2064

Cox

Communications

Inc

3.50%,

08/15/2027

(j) 100

3.60%,

06/15/2051

(j) 100

5.45%,

09/15/2028

(j) 592

610

5.45%,

09/01/2034

(j) 720

708

5.95%,

09/01/2054

(j) 350

CSC

Holdings

LLC

4.63%,

12/01/2030

(j) 1,676

775

5.50%,

04/15/2027

(j) 1,525

1,417

7.50%,

04/01/2028

(j) 1,550

1,135

Discovery

Communications

LLC

3.63%,

05/15/2030

6.35%,

06/01/2040

DISH

DBS

Corp

5.13%,

06/01/2029

1,475

924

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

DISH

Network

Corp

11.75%,

11/15/2027

(j) $

3,450

$

3,626

Fox

Corp

5.58%,

01/25/2049

695

633

6.50%,

10/13/2033

Grupo

Televisa

SAB

6.63%,

01/15/2040

McGraw-Hill

Education

Inc

8.00%,

08/01/2029

(j) 3,880

3,843

Paramount

Global

4.20%,

05/19/2032

4.60%,

01/15/2045

5.25%,

04/01/2044

5.85%,

09/01/2043

Sirius

XM

Radio

LLC

4.13%,

07/01/2030

(j) 1,475

1,320

Time

Warner

Cable

LLC

5.50%,

09/01/2041

6.55%,

05/01/2037

1,036

1,019

Videotron

Ltd

5.00%,

07/15/2034

CAD

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(j) $

3,925

3,441

Walt

Disney

Co/The

2.00%,

09/01/2029

887

810

2.65%,

01/13/2031

3.60%,

01/13/2051

4.75%,

09/15/2044

5.40%,

10/01/2043

$

42,389

Mining

-

1.28%

Anglo

American

Capital

PLC

4.50%,

09/15/2028

EUR

Arsenal

AIC

Parent

LLC

8.00%,

10/01/2030

(j) $

1,700

1,760

11.50%,

10/01/2031

(j) 3,250

3,569

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

BHP

Billiton

Finance

Ltd

4.30%,

09/25/2042

GBP

Century

Aluminum

Co

7.50%,

04/01/2028

(i),(j)

$

9,530

9,569

Constellium

SE

3.75%,

04/15/2029

(j) 1,575

1,447

6.38%,

08/15/2032

(j) 1,200

1,181

Corp

Nacional

del

Cobre

de

Chile

6.78%,

01/13/2055

(j) 725

739

Freeport-McMoRan

Inc

5.45%,

03/15/2043

Glencore

Funding

LLC

3.88%,

04/27/2051

(j) 100

4.00%,

03/27/2027

(j) 100

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(j) 3,125

3,048

Kinross

Gold

Corp

4.50%,

07/15/2027

Newmont

Corp

2.60%,

07/15/2032

(i) 100

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(d),(j)

19,888

—

Novelis

Corp

3.88%,

08/15/2031

(j) 400

4.75%,

01/30/2030

(j) 3,239

3,012

Rio

Tinto

Finance

USA

Ltd

2.75%,

11/02/2051

South32

Treasury

Ltd

4.35%,

04/14/2032

(j) 1,185

1,091

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mining

(continued)

Southern

Copper

Corp

6.75%,

04/16/2040

$

$

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(j) 2,325

2,137

10.88%,

09/17/2029

WE

Soda

Investments

Holding

PLC

9.50%,

10/06/2028

(j) 1,775

1,815

9.50%,

10/06/2028

$

31,427

Miscellaneous

Manufacturers

-

0.04%

3M

Co

3.63%,

09/14/2028

3.63%,

10/15/2047

Carlisle

Cos

Inc

2.20%,

03/01/2032

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

0.63%,

02/25/2027

1.38%,

09/06/2030

3.00%,

09/08/2033

3.63%,

02/22/2044

Teledyne

Technologies

Inc

2.75%,

04/01/2031

$

$

978

Mortgage

Backed

Securities

-

0.87%

Alternative

Loan

Trust

2005-30CB

5.19%,

08/25/2035

972

635

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.86%

Angel

Oak

Mortgage

Trust

2022-6

4.30%,

07/25/2067

(j),(l)

1,289

1,270

Angel

Oak

Mortgage

Trust

2025-5

5.57%,

04/25/2070

(j),(l)

857

859

Banc

of

America

Funding

2007-1

Trust

6.44%,

01/25/2037

(l) 903

832

Bear

Stearns

Mortgage

Funding

Trust

2006-AR1

4.86%,

07/25/2036

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.53%

Bravo

Mortgage

Asset

Trust

5.04%,

07/25/2036

(j) 296

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

COLT

2021-RPL1

Trust

1.67%,

09/25/2061

(j),(l)

CSMC

2021-RPL2Trust

1.11%,

01/25/2060

(j),(l)

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust

Series

2007-AR2

4.74%,

03/25/2037

678

619

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.41%

Fannie

Mae

REMICS

1.53%,

05/25/2046

(p) 7,296

860

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.53%,

09/25/2046

(p) 1,896

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.53%,

01/25/2047

(p) 3,218

(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)

1.53%,

12/25/2049

(p) $

4,371

$

537

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.53%,

05/25/2050

(p) 2,847

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.58%,

08/25/2049

(p) 3,094

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.58%,

11/25/2049

(p) 4,387

532

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.60%,

06/25/2050

(p) 1,918

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.96%

1.73%,

03/25/2048

(p) 1,917

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

1.73%,

06/25/2048

(p) 2,028

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

2.23%,

12/25/2042

(p) 1,694

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.59%

First

Horizon

Alternative

Mortgage

Securities

Trust

2006-FA8

6.25%,

02/25/2037

3,034

1,160

Freddie

Mac

REMICS

1.58%,

10/25/2049

(p) 3,331

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.19%,

05/15/2042

(p) 3,414

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.54%

2.19%,

08/15/2043

(p) 3,757

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.54%

Ginnie

Mae

1.62%,

04/20/2046

(p) 7,802

953

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

1.67%,

11/20/2046

(p) 4,810

598

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.87%,

08/20/2051

(p) 2,970

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.90%,

09/20/2050

(p) 2,029

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.50%,

11/20/2050

(p) 7,025

1,044

OBX

2025-NQM7

Trust

5.56%,

05/25/2055

(j),(l)

857

859

RALI

Series

2005-QS17

Trust

6.00%,

12/25/2035

881

757

6.00%,

12/25/2035

605

520

RALI

Series

2006-QS12

Trust

5.09%,

09/25/2036

2,612

1,871

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.76%

Structured

Asset

Mortgage

Investments

II

Trust

2007-AR1

4.76%,

01/25/2037

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.43%

Verus

Securitization

Trust

2025-3

5.62%,

05/25/2070

(j),(l)

580

583

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Series

2006-5

Trust

6.00%,

07/25/2036

$

1,568

$

1,115

$

21,383

Oil

&

Gas

-

2.61%

Aker

BP

ASA

3.75%,

01/15/2030

(j) 200

APA

Corp

5.35%,

07/01/2049

(j) 2,893

2,228

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(j) 3,125

3,012

BP

Capital

Markets

America

Inc

3.00%,

02/24/2050

3.38%,

02/08/2061

3.54%,

04/06/2027

1,776

1,756

4.89%,

09/11/2033

BP

Capital

Markets

PLC

2.52%,

04/07/2028

EUR

3.25%,

03/22/2026

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

3.52%

3.63%,

03/22/2029

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

3.78%

4.88%,

03/22/2030

(h),(k)

$

1,000

949

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

1,291

1,168

2.95%,

05/16/2026

Chevron

USA

Inc

4.20%,

10/15/2049

540

Comstock

Resources

Inc

5.88%,

01/15/2030

(j) 3,100

2,806

ConocoPhillips

Co

5.05%,

09/15/2033

5.70%,

09/15/2063

Continental

Resources

Inc/OK

2.88%,

04/01/2032

(j) 100

DCC

Group

Finance

Ireland

DAC

4.38%,

06/27/2031

EUR

Devon

Energy

Corp

5.25%,

10/15/2027

$

7.95%,

04/15/2032

Diamondback

Energy

Inc

4.40%,

03/24/2051

611

5.75%,

04/18/2054

6.25%,

03/15/2053

988

934

Energean

Israel

Finance

Ltd

4.88%,

03/30/2026

(j) 200

5.88%,

03/30/2031

(i),(j)

3,275

2,962

Eni

SpA

0.63%,

01/23/2030

EUR

4.25%,

05/09/2029

(j) $

4.25%,

05/19/2033

EUR

5.95%,

05/15/2054

(j) $

533

502

EQT

Corp

3.63%,

05/15/2031

(j) 100

Expand

Energy

Corp

4.75%,

02/01/2032

908

852

Exxon

Mobil

Corp

0.84%,

06/26/2032

EUR

3.29%,

03/19/2027

$

Helmerich

&

Payne

Inc

4.85%,

12/01/2029

(i),(j)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

HF

Sinclair

Corp

5.00%,

02/01/2028

$

566

$

560

6.25%,

01/15/2035

501

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

6.25%,

04/15/2032

(j) 1,900

1,653

8.38%,

11/01/2033

(j) 200

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(j) 1,175

1,155

6.75%,

06/30/2030

(j) 1,700

1,643

Magnolia

Oil

&

Gas

Operating

LLC

/

Magnolia

Oil

&

Gas

Finance

Corp

6.88%,

12/01/2032

(j) 1,825

1,767

Marathon

Petroleum

Corp

5.15%,

03/01/2030

5.70%,

03/01/2035

926

905

Matador

Resources

Co

6.25%,

04/15/2033

(j) 2,775

2,619

MEG

Energy

Corp

5.88%,

02/01/2029

(j) 150

North

West

Redwater

Partnership

/

NWR

Financing

Co

Ltd

4.35%,

01/10/2039

CAD

Occidental

Petroleum

Corp

4.40%,

04/15/2046

$

1,232

875

6.05%,

10/01/2054

6.13%,

01/01/2031

819

827

6.38%,

09/01/2028

6.45%,

09/15/2036

616

600

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(d) 19,277

2,236

Petroleos

Mexicanos

5.35%,

02/12/2028

775

716

6.50%,

01/23/2029

2,525

2,335

6.84%,

01/23/2030

1,060

944

Phillips

Co

3.75%,

03/01/2028

5.50%,

03/15/2055

Pioneer

Natural

Resources

Co

5.10%,

03/29/2026

Puma

International

Financing

SA

7.75%,

04/25/2029

(j) 2,175

2,159

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

(j) 2,225

2,051

Suncor

Energy

Inc

3.75%,

03/04/2051

Teine

Energy

Ltd

6.88%,

04/15/2029

(j) 1,800

1,709

Tengizchevroil

Finance

Co

International

Ltd

3.25%,

08/15/2030

3,225

2,811

4.00%,

08/15/2026

1,075

1,054

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

810

738

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

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%

Transocean

Inc

6.80%,

03/15/2038

$

2,350

1,448

7.50%,

04/15/2031

3,150

2,239

8.50%,

05/15/2031

(j) 1,875

1,449

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(o) 1,625

1,625

Valero

Energy

Corp

3.65%,

12/01/2051

Wildfire

Intermediate

Holdings

LLC

7.50%,

10/15/2029

(j) 4,300

3,934

Wintershall

Dea

Finance

BV

1.33%,

09/25/2028

EUR

Woodside

Finance

Ltd

4.50%,

03/04/2029

(j) $

$

64,144

Oil

&

Gas

Services

-

0.13%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

3.14%,

11/07/2029

Halliburton

Co

4.75%,

08/01/2043

702

587

4.85%,

11/15/2035

Schlumberger

Holdings

Corp

3.90%,

05/17/2028

(j) 100

Yinson

Production

Financial

Services

Pte

Ltd

9.63%,

05/03/2029

(j) 2,125

2,140

$

3,108

Other

Asset

Backed

Securities

-

0.45%

AIMCO

CLO

Ltd

5.39%,

04/20/2038

(j) 379

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.13%

Anchorage

Capital

Clo

Ltd

5.49%,

02/15/2038

(j) 212

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.23%

Anchorage

Credit

Funding

Ltd

4.30%,

07/25/2036

(j) 571

567

Apex

Credit

CLO

2021-II

LLC

5.76%,

10/20/2034

(j) 1,018

1,013

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

Benefit

Street

Partners

CLO

Ltd

5.46%,

04/20/2038

(j) 2,000

1,988

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.18%

Crestline

Denali

CLO

XV

Ltd

5.56%,

04/20/2030

(j) 85

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

Golub

Capital

Partners

Clo

36m

Ltd

6.21%,

02/05/2031

(j) 586

585

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.91%

Invitation

Homes

2024-SFR1

Trust

4.00%,

09/17/2041

(j) 1,497

1,449

Lake

George

Park

CLO

Ltd

5.40%,

04/15/2038

(j) 761

753

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.13%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Man

GLG

US

CLO

5.67%,

04/22/2030

(j) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

MidOcean

Credit

CLO

VI

5.50%,

04/20/2033

(j) 224

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.23%

Mountain

View

CLO

IX

Ltd

5.64%,

07/15/2031

(j) 1,013

1,013

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.38%

Sixth

Street

CLO

XIV

Ltd

5.47%,

01/20/2038

(j) 379

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.15%

Tricon

American

Homes

2020-SFR2

Trust

1.48%,

11/17/2039

(j) 363

Zais

Clo

Ltd

5.56%,

07/15/2032

(j) 1,266

1,266

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

Zais

Clo

Ltd

5.40%,

10/20/2034

(j) 782

777

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.13%

$

11,201

Packaging

&

Containers

-

0.60%

Amcor

Flexibles

North

America

Inc

2.69%,

05/25/2031

1,088

964

5.10%,

03/17/2030

(j) 319

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

4.00%,

09/01/2029

(j) 5,100

4,439

Packaging

Corp

of

America

3.40%,

12/15/2027

5.70%,

12/01/2033

912

939

Sealed

Air

Corp/Sealed

Air

Corp

US

7.25%,

02/15/2031

(j) 1,900

1,979

Smurfit

Westrock

Financing

DAC

5.42%,

01/15/2035

(j) 355

Sonoco

Products

Co

4.60%,

09/01/2029

1,213

1,196

5.00%,

09/01/2034

593

567

Trivium

Packaging

Finance

BV

5.50%,

08/15/2026

(j) 3,775

3,738

WRKCo

Inc

3.00%,

06/15/2033

$

14,682

Pharmaceuticals

-

1.37%

AbbVie

Inc

0.75%,

11/18/2027

EUR

4.05%,

11/21/2039

$

1,739

1,507

4.25%,

11/14/2028

4.25%,

11/21/2049

959

778

4.88%,

11/14/2048

4.95%,

03/15/2031

682

698

5.05%,

03/15/2034

5.50%,

03/15/2064

Astrazeneca

Finance

LLC

4.85%,

02/26/2029

1,071

1,095

4.88%,

03/03/2028

892

912

4.90%,

03/03/2030

975

1,003

AstraZeneca

PLC

0.70%,

04/08/2026

1.38%,

08/06/2030

3.00%,

05/28/2051

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Bayer

AG

4.00%,

08/26/2026

EUR

$

4.63%,

05/26/2033

Bayer

US

Finance

II

LLC

3.95%,

04/15/2045

(j) $

4.25%,

12/15/2025

(j) 200

Becton

Dickinson

&

Co

3.79%,

05/20/2050

4.30%,

08/22/2032

4.69%,

02/13/2028

923

929

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

983

1,046

Cardinal

Health

Inc

4.60%,

03/15/2043

2,021

1,696

4.90%,

09/15/2045

5.13%,

02/15/2029

5.75%,

11/15/2054

Cencora

Inc

2.70%,

03/15/2031

4.30%,

12/15/2047

549

4.85%,

12/15/2029

5.13%,

02/15/2034

1,008

1,010

CVS

Health

Corp

3.00%,

08/15/2026

4.78%,

03/25/2038

1,855

1,673

5.00%,

01/30/2029

5.05%,

03/25/2048

5.13%,

07/20/2045

796

691

5.55%,

06/01/2031

655

673

6.05%,

06/01/2054

7.00%,

03/10/2055

(k) 340

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Eli

Lilly

&

Co

0.63%,

11/01/2031

EUR

3.10%,

05/15/2027

$

3.38%,

03/15/2029

4.60%,

08/14/2034

596

587

4.70%,

02/27/2033

4.75%,

02/12/2030

600

615

4.88%,

02/27/2053

GlaxoSmithKline

Capital

Inc

3.88%,

05/15/2028

4.50%,

04/15/2030

626

629

GlaxoSmithKline

Capital

PLC

1.63%,

05/12/2035

GBP

Grifols

SA

3.88%,

10/15/2028

(j) EUR

1,125

1,195

4.75%,

10/15/2028

(j) $

875

815

Johnson

&

Johnson

0.95%,

09/01/2027

1.15%,

11/20/2028

EUR

2.10%,

09/01/2040

$

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Novartis

Capital

Corp

2.20%,

08/14/2030

$

$

3.70%,

09/21/2042

4.00%,

09/18/2031

582

570

Novo

Nordisk

Finance

Netherlands

BV

1.38%,

03/31/2030

EUR

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

5.13%,

04/30/2031

(j) $

3,230

2,711

Pfizer

Inc

3.45%,

03/15/2029

3.90%,

03/15/2039

Pfizer

Investment

Enterprises

Pte

Ltd

4.75%,

05/19/2033

816

806

5.11%,

05/19/2043

5.30%,

05/19/2053

833

772

5.34%,

05/19/2063

531

Sanofi

SA

1.25%,

04/06/2029

EUR

Takeda

Pharmaceutical

Co

Ltd

1.00%,

07/09/2029

3.03%,

07/09/2040

$

5.80%,

07/05/2064

Upjohn

Finance

BV

1.36%,

06/23/2027

EUR

Viatris

Inc

3.85%,

06/22/2040

$

4.00%,

06/22/2050

1,167

734

Wyeth

LLC

5.95%,

04/01/2037

Zoetis

Inc

5.60%,

11/16/2032

$

33,619

Pipelines

-

2.13%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

1,910

1,918

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7.25%,

07/15/2032

(j) 1,125

1,154

Boardwalk

Pipelines

LP

4.80%,

05/03/2029

Buckeye

Partners

LP

4.50%,

03/01/2028

(j) 725

699

5.60%,

10/15/2044

5.85%,

11/15/2043

1,300

1,092

Cheniere

Energy

Partners

LP

3.25%,

01/31/2032

4.00%,

03/01/2031

CNX

Midstream

Partners

LP

4.75%,

04/15/2030

(j) 3,125

2,877

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

(j) $

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

5.50%,

06/15/2031

(j) 2,005

1,924

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

4.73%,

08/22/2034

5.36%,

05/26/2033

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Enbridge

Inc

(continued)

6.00%,

01/15/2077

(k) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

6.25%,

03/01/2078

(k) 2,500

2,449

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

5.20%,

04/01/2030

5.25%,

07/01/2029

5.35%,

05/15/2045

929

805

5.40%,

10/01/2047

1,637

1,409

5.95%,

05/15/2054

6.10%,

02/15/2042

6.25%,

04/15/2049

6.40%,

12/01/2030

503

535

Enterprise

Products

Operating

LLC

3.70%,

01/31/2051

5.10%,

02/15/2045

Flex

Intermediate

Holdco

LLC

3.36%,

06/30/2031

(j) 100

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.88%,

05/15/2032

875

851

8.00%,

05/15/2033

1,375

1,334

8.25%,

01/15/2029

8.88%,

04/15/2030

1,300

1,327

Gray

Oak

Pipeline

LLC

3.45%,

10/15/2027

(j) 1,119

1,091

Greensaif

Pipelines

Bidco

Sarl

6.10%,

08/23/2042

1,525

1,511

6.13%,

02/23/2038

Harvest

Midstream

I

LP

7.50%,

05/15/2032

(j) 1,175

1,196

Inter

Pipeline

Ltd/AB

3.98%,

11/25/2031

CAD

Kinder

Morgan

Energy

Partners

LP

5.00%,

08/15/2042

$

5.50%,

03/01/2044

578

526

Kinder

Morgan

Inc

5.15%,

06/01/2030

(o) 894

903

5.85%,

06/01/2035

(o) 100

Midwest

Connector

Capital

Co

LLC

4.63%,

04/01/2029

(j) 150

MPLX

LP

4.70%,

04/15/2048

4.90%,

04/15/2058

5.00%,

03/01/2033

5.40%,

04/01/2035

NuStar

Logistics

LP

6.38%,

10/01/2030

975

990

ONEOK

Inc

5.80%,

11/01/2030

6.05%,

09/01/2033

6.50%,

09/01/2030

(j) 778

822

6.63%,

09/01/2053

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

ONEOK

Partners

LP

6.65%,

10/01/2036

$

1,248

$

1,316

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

Prairie

Acquiror

LP

9.00%,

08/01/2029

(j) 3,000

3,023

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

5.90%,

09/15/2037

534

542

South

Bow

USA

Infrastructure

Holdings

LLC

5.58%,

10/01/2034

(j) 50

Southern

Gas

Corridor

CJSC

6.88%,

03/24/2026

1,425

1,439

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp

6.00%,

09/01/2031

(j) 675

622

7.38%,

02/15/2029

(j) 1,025

1,021

Targa

Resources

Corp

4.20%,

02/01/2033

4.95%,

04/15/2052

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

5.50%,

03/01/2030

529

529

Tennessee

Gas

Pipeline

Co

LLC

2.90%,

03/01/2030

(j) 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

3,506

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.99%

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(j) 550

518

8.38%,

06/01/2031

(j) 4,300

4,147

9.88%,

02/01/2032

(j) 1,975

2,005

Western

Midstream

Operating

LP

5.30%,

03/01/2048

Williams

Cos

Inc/The

2.60%,

03/15/2031

5.30%,

08/15/2028

5.30%,

08/15/2052

5.75%,

06/24/2044

612

586

$

52,430

Private

Equity

-

0.12%

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

(j) 100

EQT

AB

2.38%,

04/06/2028

EUR

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.75%,

09/15/2030

(i),(j)

$

2,675

2,350

Intermediate

Capital

Group

PLC

1.63%,

02/17/2027

EUR

KKR

Group

Finance

Co

VIII

LLC

3.50%,

08/25/2050

(j) $

$

2,861

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Real

Estate

-

0.35%

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

$

2,200

2,225

Aroundtown

SA

3.00%,

10/16/2029

GBP

Aster

Treasury

Plc

1.41%,

01/27/2036

Blackstone

Property

Partners

Europe

Holdings

Sarl

1.00%,

10/20/2026

EUR

Blend

Funding

PLC

3.46%,

09/21/2049

GBP

Castellum

Helsinki

Finance

Holding

Abp

0.88%,

09/17/2029

EUR

Clarion

Funding

PLC

1.25%,

11/13/2032

GBP

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

LEG

Immobilien

SE

0.75%,

06/30/2031

EUR

London

&

Quadrant

Housing

Trust

2.00%,

03/31/2032

GBP

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(h),(k)

$

2,375

2,440

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)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.86%

NWD

MTN

Ltd

4.13%,

07/18/2029

(i) 1,150

697

4.50%,

05/19/2030

(i) 450

8.63%,

02/08/2028

(i) 275

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

2.50%,

10/15/2031

(j) 830

724

Platform

HG

Financing

PLC

1.93%,

09/15/2041

GBP

Prologis

International

Funding

II

SA

2.38%,

11/14/2030

EUR

Southern

Housing

3.50%,

10/19/2047

GBP

Vonovia

SE

0.38%,

06/16/2027

EUR

1.13%,

09/14/2034

$

8,665

Regional

Authority

-

0.17%

Province

of

British

Columbia

Canada

4.20%,

07/06/2033

$

1,625

1,592

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(l) 3,740

2,506

$

4,098

REITs

-

0.87%

Alexandria

Real

Estate

Equities

Inc

4.90%,

12/15/2030

5.25%,

05/15/2036

American

Homes

Rent

LP

4.25%,

02/15/2028

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

American

Tower

Corp

0.45%,

01/15/2027

EUR

$

1.45%,

09/15/2026

$

1.50%,

01/31/2028

2.30%,

09/15/2031

815

701

3.13%,

01/15/2027

661

646

4.10%,

05/16/2034

EUR

5.20%,

02/15/2029

$

1,374

1,405

AvalonBay

Communities

Inc

2.45%,

01/15/2031

Boston

Properties

LP

2.55%,

04/01/2032

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

604

609

5.60%,

06/01/2029

525

539

Digital

Dutch

Finco

BV

1.25%,

02/01/2031

EUR

Equinix

Europe

Financing

Corp

LLC

3.63%,

11/22/2034

Equinix

Inc

3.90%,

04/15/2032

$

ERP

Operating

LP

3.50%,

03/01/2028

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

(j) 357

Granite

REIT

Holdings

LP

3.06%,

06/04/2027

CAD

Healthpeak

OP

LLC

3.50%,

07/15/2029

$

Host

Hotels

&

Resorts

LP

3.50%,

09/15/2030

5.50%,

04/15/2035

Inmobiliaria

Colonial

Socimi

SA

2.00%,

04/17/2026

EUR

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

2,108

3.50%,

03/15/2031

$

1,200

795

5.00%,

10/15/2027

2,675

2,363

8.50%,

02/15/2032

(j) 1,550

1,575

National

Health

Investors

Inc

3.00%,

02/01/2031

999

872

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

NNN

REIT

Inc

5.60%,

10/15/2033

$

$

Prologis

Euro

Finance

LLC

0.50%,

02/16/2032

EUR

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

(j) $

2,225

2,361

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

$

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

(j) 100

Welltower

OP

LLC

4.13%,

03/15/2029

Weyerhaeuser

Co

4.00%,

03/09/2052

654

4.75%,

05/15/2026

917

918

WPC

Eurobond

BV

0.95%,

06/01/2030

EUR

$

21,342

Retail

-

0.88%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.00%,

10/15/2030

(j) $

5,350

4,869

7-Eleven

Inc

2.50%,

02/10/2041

(j) 100

Alimentation

Couche-Tard

Inc

1.88%,

05/06/2026

EUR

5.27%,

02/12/2034

(j) $

Asbury

Automotive

Group

Inc

5.00%,

02/15/2032

(j) 600

547

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

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Genuine

Parts

Co

6.50%,

11/01/2028

$

796

$

843

Home

Depot

Inc/The

3.35%,

04/15/2050

4.50%,

12/06/2048

4.75%,

06/25/2029

4.90%,

04/15/2029

521

535

4.95%,

06/25/2034

LCM

Investments

Holdings

II

LLC

8.25%,

08/01/2031

(j) 1,725

1,804

Lithia

Motors

Inc

4.38%,

01/15/2031

(j) 1,350

1,240

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

(i) 100

McDonald's

Corp

3.63%,

09/01/2049

725

521

3.88%,

02/20/2031

EUR

4.60%,

09/09/2032

$

4.80%,

08/14/2028

1,556

1,584

4.88%,

12/09/2045

5.20%,

05/17/2034

O'Reilly

Automotive

Inc

3.60%,

09/01/2027

1,149

1,131

5.75%,

11/20/2026

517

527

Raising

Cane's

Restaurants

LLC

9.38%,

05/01/2029

(j) 400

Starbucks

Corp

4.80%,

02/15/2033

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp

5.00%,

06/01/2031

(j) 1,000

914

Target

Corp

2.95%,

01/15/2052

4.50%,

09/15/2032

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(j) 2,925

2,968

Walmart

Inc

1.80%,

09/22/2031

2.50%,

09/22/2041

4.50%,

04/15/2053

$

21,632

Savings

&

Loans

-

0.00%

Nationwide

Building

Society

3.77%,

01/27/2036

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.23%

Semiconductors

-

0.47%

Analog

Devices

Inc

5.30%,

04/01/2054

$

Applied

Materials

Inc

3.30%,

04/01/2027

4.80%,

06/15/2029

Broadcom

Inc

2.45%,

02/15/2031

(j) 1,647

1,455

3.19%,

11/15/2036

(j) 1,327

1,083

3.42%,

04/15/2033

(j) 150

3.46%,

09/15/2026

Foundry

JV

Holdco

LLC

5.50%,

01/25/2031

(j) 200

5.90%,

01/25/2030

(j) 200

5.90%,

01/25/2033

(j) 488

6.15%,

01/25/2032

(j) 1,069

1,110

6.25%,

01/25/2035

(j) 627

648

6.30%,

01/25/2039

(j) 808

838

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Foundry

JV

Holdco

LLC

(continued)

6.40%,

01/25/2038

(j) $

$

Intel

Corp

2.80%,

08/12/2041

3.73%,

12/08/2047

1,173

800

4.10%,

05/19/2046

4.15%,

08/05/2032

523

4.88%,

02/10/2028

5.05%,

08/05/2062

5.60%,

02/21/2054

502

5.70%,

02/10/2053

527

KLA

Corp

4.95%,

07/15/2052

Marvell

Technology

Inc

4.88%,

06/22/2028

Micron

Technology

Inc

4.19%,

02/15/2027

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

4.80%,

05/20/2045

Texas

Instruments

Inc

3.88%,

03/15/2039

4.60%,

02/15/2028

600

609

4.90%,

03/14/2033

$

11,621

Software

-

2.39%

Adobe

Inc

4.75%,

01/17/2028

(i) 1,001

1,023

4.85%,

04/04/2027

AppLovin

Corp

5.50%,

12/01/2034

533

532

AthenaHealth

Group

Inc

6.50%,

02/15/2030

(j) 15,970

15,265

Capstone

Borrower

Inc

8.00%,

06/15/2030

(j) 5,325

5,440

Central

Parent

Inc

/

CDK

Global

Inc

7.25%,

06/15/2029

(j) 1,250

1,072

Central

Parent

LLC

/

CDK

Global

II

LLC

/

CDK

Financing

Co

Inc

8.00%,

06/15/2029

(j) 4,300

3,807

Dye

&

Durham

Ltd

8.63%,

04/15/2029

(j) 5,025

5,110

Ellucian

Holdings

Inc

6.50%,

12/01/2029

(j) 1,225

1,224

Fidelity

National

Information

Services

Inc

3.10%,

03/01/2041

Fiserv

Inc

3.00%,

07/01/2031

GBP

4.40%,

07/01/2049

$

1,134

891

5.15%,

08/12/2034

580

570

Intuit

Inc

5.13%,

09/15/2028

Microsoft

Corp

2.40%,

08/08/2026

2.68%,

06/01/2060

3.70%,

08/08/2046

4.10%,

02/06/2037

Open

Text

Corp

3.88%,

12/01/2029

(j) 450

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Oracle

Corp

2.30%,

03/25/2028

$

1,591

$

1,505

2.88%,

03/25/2031

3.60%,

04/01/2040

3.60%,

04/01/2050

3.80%,

11/15/2037

1,960

1,637

3.85%,

04/01/2060

4.00%,

11/15/2047

507

4.13%,

05/15/2045

4.30%,

07/08/2034

4.65%,

05/06/2030

5.55%,

02/06/2053

6.13%,

07/08/2039

Paychex

Inc

5.10%,

04/15/2030

Playtika

Holding

Corp

4.25%,

03/15/2029

(j) 6,275

5,507

RingCentral

Inc

8.50%,

08/15/2030

(j) 1,350

1,419

Roper

Technologies

Inc

4.20%,

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

(j) $

2,350

2,382

UKG

Inc

6.88%,

02/01/2031

(j) 2,925

3,009

VMware

LLC

4.70%,

05/15/2030

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp

3.88%,

02/01/2029

(j) 4,550

4,181

$

58,839

Sovereign

-

3.23%

Argentine

Republic

Government

International

Bond

4.12%,

07/09/2035

(l) 3,600

2,401

Benin

Government

International

Bond

7.96%,

02/13/2038

1,200

1,080

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2027

BRL

27,666

4,614

Colombia

Government

International

Bond

3.00%,

01/30/2030

$

700

591

7.38%,

04/25/2030

1,200

1,217

7.50%,

02/02/2034

950

925

Colombian

TES

12.75%,

11/28/2040

COP

9,076,000

2,137

13.25%,

02/09/2033

8,825,000

2,228

Dominican

Republic

International

Bond

6.85%,

01/27/2045

(i) $

1,300

1,247

Ecuador

Government

International

Bond

5.00%,

07/31/2040

(l) 1,100

573

5.50%,

07/31/2035

(l) 4,280

2,567

6.90%,

07/31/2030

(l) 700

523

Egypt

Government

Bond

24.46%,

10/01/2027

EGP

55,900

1,120

25.32%,

08/13/2027

53,500

1,086

Egypt

Government

International

Bond

7.05%,

01/15/2032

$

1,025

856

7.63%,

05/29/2032

950

809

8.63%,

02/04/2030

(j) 575

548

8.70%,

03/01/2049

1,600

1,200

Egypt

Treasury

Bills

20.72%,

09/16/2025

(q) EGP

49,700

887

21.12%,

12/16/2025

(q) 22,500

El

Salvador

Government

International

Bond

0.25%,

04/17/2030

(j) $

33,000

675

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Gabon

Government

International

Bond

6.63%,

02/06/2031

$

1,050

$

747

7.00%,

11/24/2031

Ghana

Government

International

Bond

0.00%,

01/03/2030

(d),(j)

2,021

1,536

0.00%,

01/03/2030

(d) 1,085

825

5.00%,

07/03/2029

(j),(l)

2,075

1,771

Guatemala

Government

Bond

6.05%,

08/06/2031

2,000

1,988

Hungary

Government

International

Bond

5.50%,

03/26/2036

2,300

2,172

Israel

Government

International

Bond

4.13%,

01/17/2048

3,200

2,428

Ivory

Coast

Government

International

Bond

5.88%,

10/17/2031

EUR

2,625

2,710

8.08%,

04/01/2036

(j) $

2,325

2,149

Japan

Government

Five

Year

Bond

0.40%,

09/20/2028

JPY

150,000

1,037

Japan

Government

Ten

Year

Bond

0.70%,

12/20/2033

5,000

Letra

Del

Tesoro

Nacional

Capitalizable

En

Pesos

62.76%,

07/31/2025

ARS

878,200

776

Mexico

Government

International

Bond

4.28%,

08/14/2041

$

2,281

1,694

6.34%,

05/04/2053

Nigeria

Government

International

Bond

7.38%,

09/28/2033

3,000

2,454

Pakistan

Government

International

Bond

6.88%,

12/05/2027

3,050

2,679

Peru

Government

Bond

5.40%,

08/12/2034

PEN

3,900

980

Peruvian

Government

International

Bond

6.90%,

08/12/2037

4,825

1,300

Republic

of

Cameroon

International

Bond

9.50%,

07/31/2031

$

1,700

1,500

Republic

of

Italy

Government

International

Bond

3.88%,

05/06/2051

1,013

698

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

10,658

2,546

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

50,850

2,117

8.88%,

02/28/2035

76,150

3,671

Republic

of

Uzbekistan

International

Bond

6.90%,

02/28/2032

(j) $

1,875

1,875

Senegal

Government

International

Bond

4.75%,

03/13/2028

EUR

4,450

4,252

5.38%,

06/08/2037

500

6.75%,

03/13/2048

$

1,175

719

Serbia

International

Bond

6.50%,

09/26/2033

1,925

1,984

Ukraine

Government

International

Bond

1.75%,

02/01/2034

(j),(l)

873

1.75%,

02/01/2034

(l) 2,042

1,030

1.75%,

02/01/2035

(j),(l)

649

1.75%,

02/01/2035

(l) 389

Zambia

Government

International

Bond

0.50%,

12/31/2053

3,850

2,193

$

79,348

Student

Loan

Asset

Backed

Securities

-

0.85%

CIT

Education

Loan

Trust

2007-1

4.71%,

03/25/2042

(j) 1,297

1,270

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.35%

Commonbond

Student

Loan

Trust

2017-B-GS

2.68%,

09/25/2042

(j) 966

900

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

ECMC

Group

Student

Loan

Trust

2024-1

5.50%,

11/27/2073

(j) $

933

$

935

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

ELFI

Graduate

Loan

Program

2024-A

LLC

5.56%,

08/25/2049

(j) 1,676

1,703

National

Collegiate

Student

Loan

Trust

2005-2

4.81%,

06/25/2033

705

693

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

(j) 871

782

Navient

Student

Loan

Trust

6.48%,

03/15/2072

(j) 720

745

Nelnet

Student

Loan

Trust

2021-D

5.12%,

04/20/2062

(j) 299

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.80%

Nelnet

Student

Loan

Trust

2023-A

6.55%,

02/20/2041

(j) 466

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

2.20%

6.64%,

02/20/2041

(j) 582

605

SLM

Private

Credit

Student

Loan

Trust

2003-A

6.16%,

06/15/2032

1,939

768

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.86%

SLM

Private

Credit

Student

Loan

Trust

2005-B

4.89%,

06/15/2039

686

668

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.59%

SLM

Private

Credit

Student

Loan

Trust

2006-A

4.85%,

06/15/2039

1,343

1,302

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.55%

SLM

Private

Credit

Student

Loan

Trust

2006-B

4.76%,

12/15/2039

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

SLM

Private

Credit

Student

Loan

Trust

2007-A

4.80%,

12/16/2041

1,616

1,577

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.50%

SLM

Student

Loan

Trust

2008-2

5.37%,

04/27/2026

594

593

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.01%

SLM

Student

Loan

Trust

2008-3

5.62%,

07/25/2028

1,800

1,781

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.26%

SLM

Student

Loan

Trust

2008-4

6.27%,

01/25/2028

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.91%

SLM

Student

Loan

Trust

2008-5

6.32%,

10/25/2027

1,517

1,524

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.96%

SLM

Student

Loan

Trust

2008-6

5.72%,

04/25/2029

2,024

1,995

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.36%

SMB

Private

Education

Loan

Trust

2015-B

3.50%,

12/17/2040

(j) 239

SMB

Private

Education

Loan

Trust

2021-A

2.31%,

01/15/2053

(j) 256

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

Towd

Point

Asset

Trust

2021-SL1

5.83%,

11/20/2061

(j) $

1,200

$

1,138

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

$

20,948

Supranational

Bank

-

0.41%

Africa

Finance

Corp

7.50%,

01/21/2030

(h),(j),(k)

1,525

1,489

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

European

Bank

for

Reconstruction

&

Development

6.75%,

01/13/2032

INR

41,200

Inter-American

Development

Bank

1.13%,

07/20/2028

$

2,279

2,104

7.00%,

01/25/2029

INR

131,000

1,573

7.00%,

04/17/2033

93,000

1,129

International

Bank

for

Reconstruction

&

Development

0.75%,

11/24/2027

$

1,857

1,726

6.50%,

04/17/2030

INR

136,000

1,597

$

10,111

Telecommunications

-

1.73%

Africell

Holding

Ltd

10.50%,

10/23/2029

(j) $

1,875

1,759

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%,

11/18/2034

EUR

4.50%,

05/15/2035

$

2,003

1,890

4.75%,

05/15/2046

1,207

1,028

4.90%,

08/15/2037

1,523

1,439

5.40%,

02/15/2034

703

718

5.55%,

08/15/2041

Axian

Telecom

7.38%,

02/16/2027

(j) 1,775

1,758

Bell

Telephone

Co

of

Canada

or

Bell

Canada

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

4.85%,

02/26/2029

1,081

1,109

5.05%,

02/26/2034

5.10%,

02/24/2035

612

620

5.30%,

02/26/2054

CommScope

LLC

9.50%,

12/15/2031

(i),(j)

597

611

Corning

Inc

3.90%,

11/15/2049

521

5.45%,

11/15/2079

Deutsche

Telekom

AG

1.75%,

12/09/2049

EUR

Deutsche

Telekom

International

Finance

BV

4.38%,

06/21/2028

(j) $

Digicel

Intermediate

Holdings

Ltd

/

Digicel

International

Finance

Ltd

/

DIFL

US

9.00%,

PIK

1.50%;

05/25/2027

(l),(m)

4,229

4,239

NTT

Finance

Corp

0.34%,

03/03/2030

EUR

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

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

Sprint

Capital

Corp

6.88%,

11/15/2028

$

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

09/20/2029

(j) 120

Telecom

Argentina

SA

9.50%,

07/18/2031

(j) 1,200

1,256

Telefonica

Emisiones

SA

1.45%,

01/22/2027

EUR

4.90%,

03/06/2048

$

1,007

840

5.52%,

03/01/2049

Telia

Co

AB

0.13%,

11/27/2030

EUR

Telstra

Corp

Ltd

1.38%,

03/26/2029

TELUS

Corp

4.70%,

03/06/2048

CAD

T-Mobile

USA

Inc

3.00%,

02/15/2041

$

2,892

2,069

3.60%,

11/15/2060

633

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

Holdings

BV

3.38%,

11/25/2027

2,075

1,861

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

$

1,396

976

2.99%,

10/30/2056

3.00%,

11/20/2060

986

572

3.40%,

03/22/2041

649

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

$

1,034

997

4.78%,

02/15/2035

5.25%,

04/02/2035

1,086

1,092

Viasat

Inc

5.63%,

09/15/2025

(j) 4,550

4,550

Vmed

O2

UK

Financing

I

PLC

4.25%,

01/31/2031

(j) 3,450

3,010

Vodafone

Group

PLC

4.25%,

09/17/2050

5.63%,

02/10/2053

5.75%,

02/10/2063

5.88%,

06/28/2064

1,946

1,838

$

42,511

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Toys,

Games

&

Hobbies

-

0.01%

Hasbro

Inc

3.55%,

11/19/2026

$

$

Transportation

-

0.50%

BNSF

Funding

Trust

I

6.61%,

12/15/2055

(k) 2,300

2,301

Month

USD

LIBOR

+

2.35%

Burlington

Northern

Santa

Fe

LLC

4.15%,

12/15/2048

886

715

4.45%,

03/15/2043

867

755

5.20%,

04/15/2054

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

623

537

5.20%,

03/30/2035

CSX

Corp

3.35%,

09/15/2049

3.80%,

11/01/2046

Deutsche

Post

AG

0.38%,

05/20/2026

EUR

DSV

Finance

BV

1.38%,

03/16/2030

Federal

Express

Corp

2020-1

Pass

Through

Trusts

1.88%,

08/20/2035

$

1,904

1,620

FedEx

Corp

4.95%,

10/17/2048

(j) 100

Norfolk

Southern

Corp

4.55%,

06/01/2053

5.55%,

03/15/2034

Ryder

System

Inc

5.25%,

06/01/2028

5.50%,

06/01/2029

652

669

Transnet

SOC

Ltd

8.25%,

02/06/2028

3,000

3,019

TTX

Co

5.50%,

09/25/2026

(j) 839

852

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

$

12,291

Trucking

&

Leasing

-

0.35%

Fortress

Transportation

and

Infrastructure

Investors

LLC

7.00%,

05/01/2031

(j) 2,425

2,466

7.00%,

06/15/2032

(j) 1,100

1,115

GATX

Corp

3.25%,

09/15/2026

985

967

5.50%,

06/15/2035

6.05%,

03/15/2034

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

5.25%,

02/01/2030

(j) 920

935

5.35%,

03/30/2029

(j) 384

5.88%,

11/15/2027

(j) 100

6.05%,

08/01/2028

(j) 940

978

6.20%,

06/15/2030

(j) 1,036

1,095

$

8,552

Water

-

0.15%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(i),(j)

1,875

1,956

9.00%,

01/20/2031

(i) 250

American

Water

Capital

Corp

4.15%,

06/01/2049

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Water

(continued)

Anglian

Water

Services

Financing

PLC

2.63%,

06/15/2027

GBP

$

Essential

Utilities

Inc

3.35%,

04/15/2050

$

Georgia

Global

Utilities

JSC

8.88%,

07/25/2029

(j) 600

606

Northumbrian

Water

Finance

PLC

6.38%,

10/28/2034

GBP

Southern

Water

Services

Finance

Ltd

6.19%,

03/31/2029

Suez

SACA

5.00%,

11/03/2032

EUR

United

Utilities

Water

Finance

PLC

2.63%,

02/12/2031

GBP

Veolia

Environnement

SA

1.59%,

01/10/2028

EUR

$

3,762

TOTAL

BONDS

$

1,682,029

CONVERTIBLE

BONDS

-

0.02%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

0.02%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

600

$

529

TOTAL

CONVERTIBLE

BONDS

$

529

SENIOR

FLOATING

RATE

INTERESTS

-

11.78%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.15%

Advantage

Sales

&

Marketing

Inc

Term

Loan

B2

8.79%,

10/28/2027

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Clear

Channel

Outdoor

Holdings

Inc

Term

Loan

B

8.44%,

08/23/2028

(r) 1,750

1,693

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

8.44%,

08/23/2028

(r) 1,019

986

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

CMG

Media

Corp

Term

Loan

B2

7.90%,

06/18/2029

(r) 137

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Dotdash

Meredith

Inc

Term

Loan

B1

7.82%,

12/01/2028

(r) 267

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Planet

US

Buyer

LLC

Term

Loan

B

7.32%,

02/07/2031

(r) 396

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

3,694

Aerospace

&

Defense

-

0.13%

Azorra

Soar

Tlb

Finance

Ltd

Term

Loan

B

7.80%,

10/18/2029

(r) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Bleriot

US

Bidco

Inc

Term

Loan

B

7.05%,

10/31/2030

(r) 292

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Goat

Holdco

LLC

Term

Loan

B

7.32%,

12/10/2031

(r) 581

571

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Kaman

Corp

7.05%,

01/30/2032

(r) 914

899

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

Signia

Aerospace

LLC

Term

Loan

B

7.32%,

11/21/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

TransDigm

Inc

Term

Loan

J

6.80%,

02/28/2031

(r) 795

787

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

Term

Loan

L

6.80%,

01/19/2032

(r) 307

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

3,269

Airlines

-

0.05%

AAdvantage

Loyalty

IP

Ltd

Term

Loan

B

6.52%,

04/20/2028

(r) 647

632

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Air

Canada

Term

Loan

B

6.32%,

03/21/2031

(r) 307

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SkyMiles

IP

Ltd

Term

Loan

B

8.02%,

10/20/2027

(r) 246

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

United

Airlines

Inc

Term

Loan

B

6.28%,

02/22/2031

(r) 160

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

1,342

Apparel

-

0.04%

ABG

Intermediate

Holdings

LLC

Term

Loan

B1

6.57%,

12/21/2028

(r) 283

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Varsity

Brands

Inc

Term

Loan

B

7.82%,

08/26/2031

(r) 425

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

7.82%,

08/26/2031

(r) 398

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

1,085

Automobile

Parts

&

Equipment

-

0.21%

Clarios

Global

LP

Term

Loan

B

6.83%,

05/04/2030

(r) 580

568

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

7.07%,

01/14/2032

(r) 480

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dexko

Global

Inc

Term

Loan

B

8.19%,

10/04/2028

(r) 155

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

First

Brands

Group

LLC

Term

Loan

B

9.55%,

03/30/2027

(r) 2,645

2,451

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

9.56%,

03/30/2027

(r) 321

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

First

Brands

Group

LLC

Term

Loan

13.05%,

03/30/2028

(r) 1,475

1,239

CME

Term

Secured

Overnight

Financing

Rate

Month

+

8.50%

$

5,168

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

-

0.00%

Ascensus

Holdings

Inc

Term

Loan

B

7.32%,

08/02/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Beverages

-

0.06%

BrewCo

Borrower

LLC

Term

Loan

0.00%,

04/05/2028

(d),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

0.00%,

04/05/2028

(d),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

6.08%,

PIK

7.50%,

01/05/2026

(m),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

9.00%

Pegasus

Bidco

BV

Term

Loan

B

7.57%,

07/12/2029

(r) 197

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Primo

Brands

Corp

Term

Loan

B

6.55%,

03/31/2028

(r) 956

947

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,366

Building

Materials

-

0.11%

ACProducts

Holdings

Inc

Term

Loan

B

8.81%,

05/17/2028

(r) 104

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Chariot

Buyer

LLC

Term

Loan

B

7.67%,

10/22/2028

(r) 548

540

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Cornerstone

Building

Brands

Inc

Term

Loan

B

7.67%,

04/12/2028

(r) 92

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Eco

Material

Technologies

Inc

7.47%,

01/30/2032

(r) 1,275

1,260

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Knife

River

Corp

Term

Loan

B

6.28%,

02/20/2032

(r) 35

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

MITER

Brands

Acquisition

Holdco

Inc

Term

Loan

B2

7.32%,

03/21/2031

(r) 127

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Quikrete

Holdings

Inc

Term

Loan

B3

6.57%,

01/31/2032

(r) 403

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Quikrete

Holdings

Inc

Term

Loan

B1

6.57%,

04/14/2031

(r) 139

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

2,641

Chemicals

-

0.43%

Advancion

Holdings

LLC

Term

Loan

12.17%,

10/27/2028

(r) 8,680

8,059

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Discovery

Purchaser

Corp

Term

Loan

B

8.02%,

08/04/2029

(r) 338

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.38%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Ecovyst

Catalyst

Technologies

LLC

Term

Loan

B

6.30%,

06/12/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Fortis

Inc

Term

Loan

B

7.80%,

02/06/2032

(r) 165

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Herens

US

Holdco

Corp

Term

Loan

B

8.32%,

07/03/2028

(r) 202

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.93%

INEOS

US

Finance

LLC

Term

Loan

B

7.32%,

02/07/2031

(r) 73

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

7.57%,

02/18/2030

(r) 177

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

INEOS

US

Petrochem

LLC

Term

Loan

B

8.58%,

10/01/2031

(r) 79

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

8.67%,

04/02/2029

(r) 242

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

NIC

Acquisition

Corp

Term

Loan

B

8.31%,

12/29/2027

(r) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Nouryon

Finance

BV

Term

Loan

B

7.55%,

04/03/2028

(r) 719

713

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

USALCO

LLC

Term

Loan

B

8.30%,

09/30/2031

(r) 203

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

10,477

Commercial

Services

-

0.73%

Allied

Universal

Holdco

LLC

Term

Loan

B

8.17%,

05/12/2028

(r) 730

729

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Anticimex

Global

AB

Term

Loan

B1

7.49%,

11/16/2028

(r) 741

735

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.15%

Anticimex

Global

AB

Term

Loan

B6

7.74%,

11/16/2028

(r) 56

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Belron

Finance

2019

LLC

Term

Loan

B

7.05%,

10/16/2031

(r) 299

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Boost

Newco

Borrower

LLC

Term

Loan

B2

6.30%,

01/31/2031

(r) 1,056

1,054

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Camelot

US

Acquisition

LLC

Term

Loan

B

7.07%,

01/31/2031

(r) 170

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Catawba

Nation

Gaming

Authority

Term

Loan

B

9.05%,

03/29/2032

(r) 145

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Champions

Financing

Inc

Term

Loan

B

9.07%,

02/23/2029

(r) $

2,494

$

2,230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Corp

Service

Co

Term

Loan

B

6.32%,

11/02/2029

(r) 291

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Creative

Artists

Agency

LLC

Term

Loan

B

7.07%,

10/01/2031

(r) 499

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Driven

Holdings

LLC

Term

Loan

B

7.44%,

12/17/2028

(r) 84

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Element

Materials

Technology

Group

US

Holdings

Inc

8.05%,

07/06/2029

(r) 390

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Ensemble

RCM

LLC

Term

Loan

B

7.29%,

08/01/2029

(r) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

First

Advantage

Holdings

LLC

Term

Loan

B

7.58%,

09/19/2031

(r) 255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Garda

World

Security

Corp

Term

Loan

B

7.47%,

02/01/2029

(r) 539

533

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Gloves

Buyer

Inc

0.00%,

01/17/2032

(r),(s)

2,590

2,468

Jupiter

Buyer

Inc

Term

Loan

B

9.03%,

10/10/2031

(r) 273

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Learning

Care

Group

US

No

Inc

Term

Loan

B

8.29%,

08/11/2028

(r) 4,812

4,783

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Mister

Car

Wash

Holdings

Inc

Term

Loan

B

6.79%,

03/27/2031

(r) 399

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

OMNIA

Partners

LLC

Term

Loan

B

7.03%,

07/25/2030

(r) 282

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

PG

Polaris

BidCo

Sarl

Term

Loan

B

7.30%,

03/26/2031

(r) 243

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Prime

Security

Services

Borrower

LLC

Term

Loan

B1

6.32%,

10/13/2030

(r) 222

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Spin

Holdco

Inc

Term

Loan

B

8.56%,

03/03/2028

(r) 911

741

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Wand

NewCo

Inc

Term

Loan

B2

6.82%,

01/30/2031

(r) 516

509

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

XPLOR

T1

LLC

Term

Loan

B

7.80%,

06/24/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

17,833

Computers

-

0.20%

Amentum

Holdings

Inc

Term

Loan

B

6.57%,

07/30/2031

(r) 139

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Fortress

Intermediate

Inc

Term

Loan

B

8.07%,

06/27/2031

(r) 433

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Javelin

Buyer

Inc

7.56%,

10/08/2031

(r) 444

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Kaseya

Inc

Term

Loan

B

7.57%,

03/06/2032

(r) 650

645

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

7.57%,

03/06/2032

(r) 418

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

McAfee

Corp

Term

Loan

B1

7.32%,

03/01/2029

(r) 571

534

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

NCR

Atleos

Corp

Term

Loan

B

8.05%,

03/27/2029

(r) 107

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Perforce

Software

Inc

Term

Loan

B

9.08%,

03/21/2031

(r) 296

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Synechron

Inc

Term

Loan

B

8.04%,

10/03/2031

(r) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

VeriFone

Systems

Inc

Term

Loan

10.21%,

08/18/2028

(r) 548

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

Vision

Solutions

Inc

Term

Loan

B

8.55%,

04/23/2028

(r) 299

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

World

Wide

Technology

Holding

Co

LLC

Term

Loan

B

6.58%,

03/01/2030

(r) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

X

Corp

Term

Loan

B1

10.95%,

10/26/2029

(r) 393

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

X

Corp

Term

Loan

B3

9.50%,

10/26/2029

(r) 345

$

4,928

Consumer

Products

-

0.00%

VC

GB

Holdings

I

Corp

Term

Loan

B

0.00%,

06/30/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Cosmetics

&

Personal

Care

-

0.02%

Conair

Holdings

LLC

Term

Loan

B

8.19%,

05/17/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Opal

US

LLC

Term

Loan

B

0.00%,

03/31/2032

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

Distribution

&

Wholesale

-

0.17%

Gates

Corp/DE

Term

Loan

B5

6.07%,

06/04/2031

(r) 274

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Infinite

Bidco

LLC

Term

Loan

11.55%,

02/24/2029

(r) 4,850

3,983

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

$

4,254

Diversified

Financial

Services

-

0.05%

Dechra

Finance

US

LLC

Term

Loan

B

7.51%,

12/04/2031

(r) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

FNZ

USA

FinCo

LLC

Term

Loan

B

9.29%,

11/05/2031

(r) 180

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Jump

Financial

LLC

Term

Loan

B

8.55%,

02/20/2032

(r) 750

746

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Kestra

Advisor

Services

Holdings

A

Inc

Term

Loan

B

7.32%,

03/22/2031

(r) 259

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,275

Electric

-

0.17%

Cornerstone

Generation

LLC

Term

Loan

B

0.00%,

10/28/2031

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

EFS

Cogen

Holdings

I

LLC

Term

Loan

B

7.80%,

10/03/2031

(r) 129

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Kestrel

Acquisition

LLC

Term

Loan

B

7.80%,

10/29/2031

(r) 199

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Long

Ridge

Energy

LLC

8.82%,

02/07/2032

(r) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Talen

Energy

Supply

LLC

Term

Loan

B

6.82%,

05/17/2030

(r) 1,560

1,553

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.82%,

12/11/2031

(r) 1,387

1,380

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Thunder

Generation

Funding

LLC

Term

Loan

B

7.30%,

10/02/2031

(r) 205

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

4,066

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electronics

-

0.05%

Coherent

Corp

Term

Loan

B2

6.32%,

07/02/2029

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Ingram

Micro

Inc

Term

Loan

B1

7.05%,

09/17/2031

(r) 162

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Lsf12

Crown

US

Commercial

Bidco

LLC

Term

Loan

B

8.57%,

12/02/2031

(r) 980

939

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

MX

Holdings

US

Inc

Term

Loan

B

6.56%,

02/20/2032

(r) 48

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,321

Engineering

&

Construction

-

0.06%

Apple

Bidco

LLC

Term

Loan

B

6.82%,

09/22/2031

(r) 458

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Brown

Group

Holding

LLC

Term

Loan

B1

6.82%,

07/01/2031

(r) 222

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Brown

Group

Holding

LLC

Term

Loan

B2

6.81%,

07/01/2031

(r) 516

510

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Centuri

Group

Inc

Term

Loan

B

6.93%,

08/18/2028

(r) 256

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

1,438

Entertainment

-

0.26%

AMC

Entertainment

Holdings

Inc

Term

Loan

11.32%,

01/04/2029

(r) 948

931

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Caesars

Entertainment

Inc

Term

Loan

B1

6.56%,

02/06/2031

(r) 617

606

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Churchill

Downs

Inc

Term

Loan

B1

6.07%,

03/17/2028

(r) 577

572

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Cinemark

USA

Inc

Term

Loan

B

7.07%,

05/24/2030

(r) 243

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Crown

Finance

US

Inc

Term

Loan

B

9.57%,

10/31/2031

(r) 735

728

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Entain

PLC

Term

Loan

B

7.05%,

10/31/2029

(r) 520

519

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Flutter

Financing

BV

Term

Loan

B

6.05%,

11/30/2030

(r) 608

598

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Entertainment

(continued)

Light

&

Wonder

International

Inc

Term

Loan

B2

6.57%,

04/14/2029

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Merlin

Entertainment

7.80%,

11/12/2029

(r) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

PCI

Gaming

Authority

Term

Loan

B

6.32%,

07/18/2031

(r) 214

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Penn

Entertainment

Inc

Term

Loan

B

6.82%,

05/03/2029

(r) 188

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Scientific

Games

Holdings

LP

Term

Loan

B

7.28%,

04/04/2029

(r) 562

557

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SeaWorld

Parks

&

Entertainment

Inc

Term

Loan

B3

6.32%,

12/04/2031

(r) 310

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Six

Flags

Entertainment

Corp

Term

Loan

B

6.32%,

04/18/2031

(r) 179

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

UFC

Holdings

LLC

Term

Loan

B4

6.58%,

11/14/2031

(r) 423

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

6,352

Environmental

Control

-

0.08%

GFL

ES

US

LLC

Term

Loan

B

6.82%,

02/04/2032

(r) 294

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Madison

IAQ

LLC

Term

Loan

B

6.76%,

06/21/2028

(r) 213

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Reworld

Holding

Corp

Term

Loan

B1

6.58%,

11/30/2028

(r) 261

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Reworld

Holding

Corp

Term

Loan

C1

6.58%,

11/30/2028

(r) 20

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Win

Waste

Innovations

Holdings

Inc

Term

Loan

7.19%,

03/24/2028

(r) 1,236

1,218

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Win

Waste

Innovations

Holdings

Inc

Term

Loan

B1

8.19%,

03/24/2028

(r) 70

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

2,068

Food

-

0.05%

8th

Avenue

Food

&

Provisions

Inc

Term

Loan

B

8.19%,

10/01/2025

(r) 318

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

9.19%,

10/01/2025

(r) 90

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Aspire

Bakeries

Hldgs

LLC

8.58%,

12/13/2030

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

CHG

PPC

Parent

LLC

Term

Loan

B

7.44%,

12/08/2028

(r) 229

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Fiesta

Purchaser

Inc

Term

Loan

B

7.58%,

02/12/2031

(r) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Froneri

US

Inc

Term

Loan

B

6.24%,

09/17/2031

(r) 230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Savor

Acquisition

Inc

Term

Loan

B

7.58%,

02/04/2032

(r) 91

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

1,302

Hand

&

Machine

Tools

-

0.01%

Madison

Safety

&

Flow

LLC

Term

Loan

B

7.07%,

09/26/2031

(r) 169

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Healthcare

-

Products

-

0.16%

Bausch

+

Lomb

Corp

Term

Loan

B

7.67%,

05/10/2027

(r) 1,247

1,232

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Insulet

Corp

Term

Loan

B

6.83%,

08/01/2031

(r) 238

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Medline

Borrower

LP

Term

Loan

B

6.57%,

10/23/2028

(r) 1,811

1,798

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Resonetics

LLC

Term

Loan

B

7.54%,

06/18/2031

(r) 272

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Viant

Medical

Holdings

Inc

8.32%,

10/17/2031

(r) 388

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

3,924

Healthcare

-

Services

-

0.84%

ADMI

Corp

Term

Loan

B1

10.07%,

12/23/2027

(r) 296

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

AHP

Health

Partners

Inc

Term

Loan

B

7.08%,

08/24/2028

(r) 194

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Aveanna

Healthcare

LLC

Term

Loan

11.46%,

12/10/2029

(r) 1,980

1,863

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Aveanna

Healthcare

LLC

Term

Loan

B

8.16%,

07/17/2028

(r) 5,607

5,487

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Concentra

Health

Services

Inc

Term

Loan

B1

6.32%,

07/26/2031

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Eyecare

Partners

LLC

PIK

Term

Loan

C

0.00%,

PIK

10.98%,

11/30/2028

(m),(r)

552

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.75%

Eyecare

Partners

LLC

PIK

Term

Loan

B

5.39%,

PIK

3.61%,

11/30/2028

(m),(r)

3,564

2,746

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

5.39%,

PIK

3.61%,

11/30/2028

(m),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

Global

Medical

Response

Inc

PIK

Term

Loan

B

9.07%,

PIK

0.75%,

10/31/2028

(m),(r)

743

740

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Heartland

Dental

LLC

Term

Loan

B

8.83%,

04/28/2028

(r) 958

946

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

National

Mentor

Holdings

Inc

Term

Loan

B

8.17%,

03/02/2028

(r) 473

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

National

Mentor

Holdings

Inc

Term

Loan

C

8.14%,

03/02/2028

(r) 14

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Pacific

Dental

Services

LLC

Term

Loan

B

7.07%,

03/15/2031

(r) 389

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Phoenix

Guarantor

Inc

Term

Loan

B5

6.83%,

02/21/2031

(r) 486

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Phoenix

Newco

Inc

Term

Loan

B

6.82%,

11/15/2028

(r) 998

991

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Radiology

Partners

Inc

6.59%,

PIK

1.50%,

01/31/2029

(m),(r)

515

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Select

Medical

Corp

Term

Loan

B2

6.32%,

11/18/2031

(r) 226

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sound

Inpatient

Physicians

Inc

PIK

Term

Loan

B

8.06%,

PIK

1.50%,

06/28/2028

(m),(r)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Sound

Inpatient

Physicians

Inc

PIK

Term

Loan

C

11.31%,

PIK

0.00%,

06/28/2029

(m),(r)

3,172

2,228

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.75%

Sound

Inpatient

Physicians

Inc

PIK

Term

Loan

A

11.06%,

06/28/2028

(r) 28

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Star

Parent

Inc

Term

Loan

B

0.00%,

09/27/2030

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Surgery

Center

Holdings

Inc

Term

Loan

7.07%,

12/19/2030

(r) $

1,235

$

1,230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Team

Health

Holdings

Inc

Term

Loan

B

9.54%,

03/02/2027

(r) 1,029

999

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

$

20,701

Home

Builders

-

0.05%

Tecta

America

Corp

7.32%,

02/12/2032

(r) 1,300

1,285

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Home

Furnishings

-

0.09%

AI

Aqua

Merger

Sub

Inc

Term

Loan

B

7.32%,

07/31/2028

(r) 822

811

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

MillerKnoll

Inc

Term

Loan

B

6.44%,

07/19/2028

(r) 383

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Somnigroup

International

Inc

Term

Loan

B

6.82%,

10/03/2031

(r) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Weber-Stephen

Products

LLC

Term

Loan

B

7.69%,

10/30/2027

(r) 649

608

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Weber-Stephen

Products

LLC

Term

Loan

8.67%,

10/30/2027

(r) 94

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

$

2,128

Insurance

-

1.10%

Acrisure

LLC

Term

Loan

B6

7.32%,

11/06/2030

(r) 458

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Alliant

Holdings

Intermediate

LLC

Term

Loan

B6

7.07%,

09/12/2031

(r) 959

951

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

AmWINS

Group

Inc

Term

Loan

B

6.57%,

01/23/2032

(r) 312

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

AssuredPartners

Inc

Term

Loan

B5

7.82%,

02/14/2031

(r) 692

692

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Asurion

LLC

Term

Loan

B8

7.69%,

12/23/2026

(r) 827

820

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Asurion

LLC

Term

Loan

B9

7.69%,

07/31/2027

(r) 163

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Asurion

LLC

Term

Loan

B3

0.00%,

01/31/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.69%,

01/31/2028

(r) 7,900

7,358

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Asurion

LLC

Term

Loan

B4

0.00%,

01/20/2029

(r),(s)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.69%,

01/20/2029

(r) 9,150

8,375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

9.69%,

01/20/2029

(r) 950

869

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Asurion

LLC

Term

Loan

B11

8.68%,

08/19/2028

(r) 207

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

BroadStreet

Partners

Inc

Term

Loan

B4

7.32%,

06/14/2031

(r) 1,396

1,388

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

HUB

International

Ltd

Term

Loan

B

6.77%,

06/20/2030

(r) 743

737

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Ryan

Specialty

LLC

Term

Loan

B

6.58%,

09/10/2031

(r) 563

561

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Sedgwick

Claims

Management

Services

Inc

Term

Loan

B

7.31%,

07/31/2031

(r) 915

910

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

TIH

Insurance

Holdings

LLC

Term

Loan

B

7.05%,

05/06/2031

(r) 542

536

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

TIH

Insurance

Holdings

LLC

Term

Loan

9.05%,

05/06/2032

(r) 1,447

1,442

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

USI

Inc/NY

Term

Loan

C

6.55%,

09/27/2030

(r) 231

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

USI

Inc/NY

Term

Loan

D

6.55%,

11/22/2029

(r) 820

814

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

27,065

Internet

-

0.65%

Arches

Buyer

Inc

Term

Loan

B

7.67%,

12/06/2027

(r) 5,535

5,416

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

CNT

Holdings

I

Corp

Term

Loan

B

6.80%,

11/08/2032

(r) 666

662

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

MH

Sub

I

LLC

Term

Loan

10.57%,

02/12/2029

(r) 7,550

6,682

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Proofpoint

Inc

Term

Loan

B

7.32%,

08/31/2028

(r) 518

514

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

Ten-X

LLC

Term

Loan

10.11%,

05/26/2028

(r) $

2,976

$

2,693

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

$

15,967

Investment

Companies

-

0.34%

Aragorn

Parent

Corp

Term

Loan

B

8.57%,

12/15/2028

(r) 183

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Nexus

Buyer

LLC

Term

Loan

10.67%,

11/05/2029

(r) 7,600

7,479

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Nexus

Buyer

LLC

Term

Loan

B

7.82%,

07/31/2031

(r) 698

696

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

8,358

Leisure

Products

&

Services

-

0.17%

Alterra

Mountain

Co

Term

Loan

B6

7.08%,

08/17/2028

(r) 473

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Carnival

Corp

Term

Loan

B

6.33%,

08/08/2027

(r) 222

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

6.33%,

10/18/2028

(r) 255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

ClubCorp

Holdings

Inc

Term

Loan

B

9.56%,

09/18/2026

(r) 1,569

1,569

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

GBT

US

III

LLC

Term

Loan

B1

6.74%,

07/28/2031

(r) 199

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Hayward

Industries

Inc

Term

Loan

B

6.94%,

05/28/2028

(r) 278

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

MajorDrive

Holdings

IV

LLC

Term

Loan

B

0.00%,

06/01/2028

(r),(s)

1,037

960

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SRAM

LLC

Term

Loan

B

6.57%,

02/21/2032

(r) 203

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Topgolf

Callaway

Brands

Corp

Term

Loan

B

7.32%,

03/16/2030

(r) 141

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

4,279

Lodging

-

0.01%

Fertitta

Entertainment

LLC/NV

Term

Loan

B

7.82%,

01/13/2029

(r) 345

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Machinery

-

Diversified

-

0.74%

Chart

Industries

Inc

Term

Loan

B

6.79%,

03/15/2030

(r) 181

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

(continued)

Engineered

Machinery

Holdings

Inc

Term

Loan

10.56%,

05/21/2029

(r) $

15,613

$

15,301

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Husky

Injection

Molding

Systems

Ltd

Term

Loan

B

8.79%,

02/01/2029

(r) 281

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Oregon

Tool

Lux

LP

Term

Loan

0.00%,

10/15/2029

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

TK

Elevator

US

Newco

Inc

Term

Loan

B

7.24%,

04/30/2030

(r) 1,392

1,385

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Victory

Buyer

LLC

Term

Loan

8.19%,

11/18/2028

(r) 1,031

996

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

18,161

Media

-

0.80%

Cengage

Learning

Inc

Term

Loan

B

7.83%,

03/22/2031

(r) 618

615

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Century

DE

Buyer

LLC

Term

Loan

7.79%,

10/30/2030

(r) 247

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

CSC

Holdings

LLC

Term

Loan

B5

8.85%,

04/15/2027

(r) 647

622

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

CSC

Holdings

LLC

Term

Loan

B6

8.82%,

01/18/2028

(r) 699

680

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Directv

Financing

LLC

Term

Loan

Non-Extended

9.54%,

08/02/2027

(r) 86

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

McGraw-Hill

Education

Inc

Term

Loan

B

7.57%,

08/06/2031

(r) 286

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Nexstar

Media

Inc

Term

Loan

B4

6.94%,

09/18/2026

(r) 265

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

SportsNet

New

York

10.25%,

04/10/2026

(e),(r)

20,693

15,441

Sunrise

Financing

Partnership

Term

Loan

AAA

6.79%,

01/31/2032

(r) 222

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Virgin

Media

Bristol

LLC

Term

Loan

Q

7.68%,

01/31/2029

(r) 150

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Virgin

Media

Bristol

LLC

Term

Loan

Y

7.37%,

03/31/2031

(r) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Ziggo

Financing

Partnership

Term

Loan

I

6.94%,

04/28/2028

(r) $

808

$

794

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

19,692

Mining

-

0.17%

Arctic

Canadian

Diamond

Co

Ltd

9.89%,

06/30/2026

(e),(r)

4,510

4,077

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.07%,

08/18/2030

(r) 103

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

4,179

Packaging

&

Containers

-

0.26%

Berlin

Packaging

LLC

Term

Loan

B7

7.82%,

06/07/2031

(r) 418

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

7.50%,

04/13/2029

(r) 603

598

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%

7.55%,

03/26/2032

(r) 737

731

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Klockner

Pentaplast

of

America

Inc

Term

Loan

B

9.23%,

02/12/2026

(r) 580

518

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.73%

LABL

Inc

Term

Loan

B

9.42%,

10/27/2028

(r) 3,234

2,779

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Plaze

Inc

Term

Loan

B

8.19%,

08/03/2026

(r) 45

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Proampac

PG

Borrower

LLC

Term

Loan

B

8.28%,

09/15/2028

(r) 459

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SupplyOne

Inc

Term

Loan

B

8.07%,

03/27/2031

(r) 212

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

TricorBraun

Holdings

Inc

Term

Loan

B

7.69%,

03/03/2028

(r) 546

537

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

6,281

Pharmaceuticals

-

0.49%

Amneal

Pharmaceuticals

LLC

Term

Loan

B

9.83%,

05/04/2028

(r) 223

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Barentz

International

BV

7.65%,

03/03/2031

(r) 190

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Covetrus

Inc

Term

Loan

9.30%,

10/13/2029

(r) 8,933

8,379

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Gainwell

Acquisition

Corp

Term

Loan

B

8.40%,

10/01/2027

(r) 395

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Jazz

Financing

Lux

Sarl

Term

Loan

B2

6.57%,

05/05/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Organon

&

Co

Term

Loan

B

6.57%,

05/19/2031

(r) 695

664

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Perrigo

Investments

LLC

Term

Loan

B

6.32%,

04/20/2029

(r) 185

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sharp

Services

LLC

Term

Loan

D

7.55%,

12/31/2028

(r) 1,922

1,910

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

12,024

Pipelines

-

0.10%

EPIC

Crude

Services

LP

Term

Loan

B

7.40%,

10/15/2031

(r) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Freeport

LNG

Investments

LLLP

7.53%,

11/17/2026

(r) 918

909

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Freeport

LNG

Investments

LLLP

Term

Loan

B

8.51%,

12/21/2028

(r) 530

521

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Oryx

Midstream

Services

Permian

Basin

LLC

Term

Loan

B

6.57%,

10/05/2028

(r) 201

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

TransMontaigne

Operating

Co

LP

Term

Loan

B

7.57%,

11/17/2028

(r) 280

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Traverse

Midstream

Partners

LLC

Term

Loan

B

7.36%,

02/16/2028

(r) 248

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

2,405

Real

Estate

-

0.06%

CoreLogic

Inc

Term

Loan

B

7.94%,

06/02/2028

(r) 360

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Cushman

&

Wakefield

US

Borrower

LLC

Term

Loan

B3

7.57%,

01/31/2030

(r) 243

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Cushman

&

Wakefield

US

Borrower

LLC

Term

Loan

B2

7.08%,

01/31/2030

(r) 255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Forest

City

Enterprises

LLC

Term

Loan

B

7.94%,

12/07/2025

(r) 615

590

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

1,441

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

-

0.26%

EG

America

LLC

Term

Loan

B2

8.56%,

02/07/2028

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Foundation

Building

Materials

Inc

Term

Loan

B3

0.00%,

01/29/2031

(r),(s)

2,030

1,881

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Gulfside

Supply

Inc

Term

Loan

B

7.30%,

05/29/2031

(r) 212

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

IRB

Holding

Corp

Term

Loan

B

6.82%,

12/15/2027

(r) 629

624

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Johnstone

Supply

LLC

Term

Loan

B

6.82%,

06/09/2031

(r) 289

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

LBM

Acquisition

LLC

Term

Loan

B

8.18%,

12/17/2027

(r) 60

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

8.18%,

06/06/2031

(r) 218

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

LS

Group

OpCo

Acquistion

LLC

Term

Loan

B1

6.81%,

04/23/2031

(r) 198

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Petco

Health

&

Wellness

Co

Inc

Term

Loan

B

7.81%,

03/03/2028

(r) 181

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

PetSmart

LLC

Term

Loan

B

8.17%,

02/11/2028

(r) 933

918

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Restoration

Hardware

Inc

Term

Loan

B

6.94%,

10/20/2028

(r) 205

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Victra

Holdings

LLC

Term

Loan

B

8.55%,

03/31/2029

(r) 999

971

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

WH

Borrower

LLC

9.07%,

02/12/2032

(r) 155

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

White

Cap

Supply

Holdings

LLC

Term

Loan

B

7.57%,

10/19/2029

(r) 208

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

6,322

Semiconductors

-

0.14%

Altar

Bidco

Inc

Term

Loan

9.75%,

02/01/2030

(r) 3,570

3,372

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.60%

Software

-

1.77%

Applied

Systems

Inc

Term

Loan

B1

8.80%,

02/24/2032

(r) 2,700

2,757

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

0.00%,

12/11/2028

(r),(s)

$

2,250

$

2,221

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Avalara

Inc

Term

Loan

B

7.55%,

03/19/2032

(r) 369

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Avaya

Inc

PIK

Term

Loan

Exit

11.82%,

PIK

0.00%,

07/31/2028

(m),(r)

1,021

791

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

Azalea

Topco

Inc

Term

Loan

B

7.57%,

04/30/2031

(r) 357

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

BMC

Software

Inc

Term

Loan

B

7.32%,

07/30/2031

(r) 1,252

1,226

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Cast

&

Crew

LLC

Term

Loan

B

8.07%,

12/29/2028

(r) 2,606

2,491

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

CCC

Intelligent

Solutions

Inc

Term

Loan

B

6.32%,

01/23/2032

(r) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Cloud

Software

Group

Inc

Term

Loan

B2

0.00%,

03/21/2031

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Cloudera

Inc

Term

Loan

10.42%,

10/08/2029

(r) 1,120

1,049

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Clover

Holdings

LLC

7.64%,

12/09/2031

(r) 830

818

Cotiviti

Inc

Term

Loan

B

7.07%,

05/01/2031

(r) 458

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cotiviti

Inc

Term

Loan

7.08%,

02/13/2032

(r) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dayforce

Inc

Term

Loan

B

6.28%,

03/01/2031

(r) 195

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

DTI

Holdco

Inc

Term

Loan

B

8.32%,

04/26/2029

(r) 141

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Dun

&

Bradstreet

Corp/The

Term

Loan

B2

6.57%,

01/18/2029

(r) 237

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Ellucian

Holdings

Inc

Term

Loan

9.07%,

11/15/2032

(r) 620

619

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

9.07%,

11/15/2032

(r) 1,450

1,448

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Ellucian

Holdings

Inc

Term

Loan

B

7.32%,

10/09/2029

(r) $

562

$

559

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Envestnet

Inc/BCPE

Pequod

Buyer

Inc

7.82%,

09/19/2031

(r) 210

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Epicor

Software

Corp

Term

Loan

B

7.07%,

05/23/2031

(r) 1,551

1,543

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

EVERTEC

Group

LLC

Term

Loan

B

7.07%,

10/30/2030

(r) 189

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

FinThrive

Software

Intermediate

Holdings

Inc

Term

Loan

B

8.32%,

12/17/2028

(r) 206

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Genesys

Cloud

Services

Inc

Term

Loan

B

6.83%,

01/23/2032

(r) 1,290

1,271

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Icon

Parent

Inc

7.32%,

09/11/2031

(r) 854

848

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Informatica

LLC

Term

Loan

B

6.57%,

10/27/2028

(r) 515

514

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Isolved

Inc

Term

Loan

B

7.58%,

10/15/2030

(r) 191

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Kaseya

Inc

9.32%,

03/05/2033

(r) 3,770

3,677

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

9.32%,

03/05/2033

(r) 2,175

2,122

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Leia

Finco

US

LLC

Term

Loan

9.46%,

10/11/2032

(r) 4,100

3,895

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Leia

Finco

US

LLC

Term

Loan

B

7.46%,

10/09/2031

(r) 2,300

2,283

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

7.46%,

10/09/2031

(r) 700

695

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Loyalty

Ventures

Inc

0.00%,

11/03/2027

(d),(r)

1,608

Marcel

Bidco

LLC

Term

Loan

B7

7.85%,

11/11/2030

(r) 283

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Mitchell

International

Inc

Term

Loan

B

7.57%,

06/17/2031

(r) 757

746

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Modena

Buyer

LLC

Term

Loan

B

8.81%,

04/18/2031

(r) $

2,587

$

2,447

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Open

Text

Corp

Term

Loan

B

6.07%,

01/31/2030

(r) 323

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

PointClickCare

Technologies

Inc

Term

Loan

B

7.55%,

10/10/2031

(r) 224

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Polaris

Newco

LLC

Term

Loan

B

0.00%,

06/02/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Project

Alpha

Intermediate

Holding

Inc

Term

Loan

B

7.55%,

10/28/2030

(r) 336

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

QXO

Inc

Term

Loan

B

0.00%,

04/23/2032

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Rackspace

Finance

LLC

Term

Loan

B

7.19%,

05/15/2028

(r) 733

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

10.69%,

05/15/2028

(r) 318

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Riverbed

Technology

6.80%,

PIK

2.00%,

07/01/2028

(m),(r)

537

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Rocket

Software

Inc

Term

Loan

B

8.57%,

11/28/2028

(r) 694

688

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Sophos

Holdings

LLC

Term

Loan

B

7.93%,

03/05/2027

(r) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

SS&C

Technologies

Inc

Term

Loan

B8

6.36%,

05/09/2031

(r) 268

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

UKG

Inc

Term

Loan

B

7.32%,

02/10/2031

(r) 1,276

1,272

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

VS

Buyer

LLC

Term

Loan

B

7.02%,

04/12/2031

(r) 313

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

West

Technology

Group

LLC

Term

Loan

B3

8.54%,

04/09/2027

(r) 774

551

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Zelis

Payments

Buyer

Inc

Term

Loan

B

7.08%,

09/28/2029

(r) 592

577

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

7.57%,

10/25/2031

(r) 249

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

43,564

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

-

0.50%

Altice

France

SA

TERM

B14-Exit

0.00%,

08/15/2028

(r),(s)

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Altice

France

SA

Term

Loan

B11

9.25%,

07/31/2025

(r) 168

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Altice

France

SA

Term

Loan

B12

10.19%,

01/31/2026

(r) 151

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.69%

Altice

France

SA

Term

Loan

B13

10.50%,

08/14/2026

(r) 711

621

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Cincinnati

Bell

Inc

Term

Loan

B4

7.07%,

11/22/2028

(r) 720

715

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CommScope

LLC

9.57%,

12/18/2029

(r) 1,979

1,940

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Connect

Finco

SARL

Term

Loan

B

0.00%,

09/27/2029

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Cyborg

Oldco

DC

Holdings

Inc

Term

Loan

B

0.00%,

05/01/2024

(d),(r)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Delta

Topco

Inc

Term

Loan

B

7.62%,

11/30/2029

(r) 875

868

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Digicel

International

Finance

Ltd

PIK

Term

Loan

B

9.53%,

PIK

2.25%,

05/25/2027

(m),(r)

741

726

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.15%

Frontier

Communications

Holdings

LLC

Term

Loan

B

6.79%,

07/01/2031

(r) 1,568

1,559

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Level

Financing

Inc

Term

Loan

B3

0.00%,

03/22/2032

(r),(s)

1,362

1,357

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Lumen

Technologies

Inc

Term

Loan

A

10.32%,

06/01/2028

(r) 458

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Lumen

Technologies

Inc

Term

Loan

B2

6.79%,

04/15/2030

(r) 789

751

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

MLN

US

Holdco

LLC

0.00%,

10/18/2027

(d),(r)

537

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.80%

MLN

US

Holdco

LLC

Term

Loan

0.00%,

11/30/2025

(d),(r)

824

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Syniverse

Holdings

LLC/DE

Term

Loan

11.30%,

05/13/2027

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Viasat

Inc

Term

Loan

B

0.00%,

03/04/2029

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

8.94%,

05/30/2030

(r) 127

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Zayo

Group

Holdings

Inc

Term

Loan

B

7.44%,

03/09/2027

(r) 2,724

2,527

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

12,288

Transportation

-

0.05%

Lasership

Inc

PIK

Term

Loan

E

6.06%,

PIK

7.00%,

08/10/2029

(m),(r)

4,868

859

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

PODS

LLC

Term

Loan

B

0.00%,

03/31/2028

(r),(s)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Stonepeak

Nile

Parent

LLC

Term

Loan

B

6.98%,

02/04/2032

(r) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

1,209

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

289,529

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

10.46%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

5.67%

2.00%,

07/01/2041

$

1,416

$

1,217

2.00%,

03/01/2051

2,526

2,007

2.00%,

07/01/2051

5,465

4,353

2.00%,

09/01/2051

5,899

4,693

2.00%,

11/01/2051

4,637

3,735

2.00%,

12/01/2051

2,344

1,883

2.00%,

02/01/2052

3,094

2,522

2.00%,

02/01/2052

834

664

2.00%,

03/01/2052

1,800

1,441

2.50%,

07/01/2051

803

672

2.50%,

10/01/2051

859

716

2.50%,

12/01/2051

4,432

3,737

2.50%,

12/01/2051

3,185

2,682

2.50%,

12/01/2051

3,970

3,339

2.50%,

01/01/2052

3,275

2,753

2.50%,

01/01/2052

1,986

1,676

3.00%,

07/01/2037

797

759

3.00%,

08/01/2042

1,021

923

3.00%,

03/01/2052

3,932

3,448

3.00%,

03/01/2052

3,523

3,103

3.00%,

05/01/2052

2,488

2,179

3.50%,

05/01/2052

3,950

3,602

3.50%,

05/01/2052

2,720

2,473

3.50%,

11/01/2052

1,399

1,264

4.00%,

07/01/2052

919

863

4.00%,

08/01/2052

3,109

2,915

4.00%,

10/01/2052

1,216

1,141

4.00%,

03/01/2053

3,596

3,372

4.50%,

06/01/2052

1,318

1,272

4.50%,

08/01/2052

1,265

1,216

4.50%,

09/01/2052

1,810

1,746

4.50%,

10/01/2052

2,034

1,972

4.50%,

10/01/2052

581

556

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

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)

4.50%,

02/01/2053

$

2,381

$

2,289

4.50%,

01/01/2054

1,354

1,304

5.00%,

07/01/2052

2,380

2,360

5.00%,

06/01/2053

4,154

4,096

5.00%,

06/01/2053

2,090

2,067

5.00%,

08/01/2053

2,172

2,142

5.00%,

11/01/2054

1,580

1,556

5.00%,

02/01/2055

1,188

1,170

5.00%,

05/01/2055

(t) 4,075

3,989

5.50%,

05/01/2040

(t) 2,400

2,438

5.50%,

02/01/2053

2,953

2,976

5.50%,

07/01/2053

1,297

1,309

5.50%,

07/01/2053

1,612

1,622

5.50%,

11/01/2053

1,580

1,590

5.50%,

11/01/2053

1,788

1,802

5.50%,

05/01/2054

1,479

1,484

5.50%,

06/01/2054

1,384

1,394

5.50%,

10/01/2054

2,625

2,642

5.50%,

02/01/2055

1,435

1,440

5.50%,

05/01/2055

(t) 9,935

9,914

6.00%,

04/01/2054

1,499

1,538

6.00%,

05/01/2054

1,469

1,503

6.00%,

06/01/2054

929

953

6.00%,

09/01/2054

1,063

1,088

6.00%,

05/01/2055

(t) 8,335

8,455

6.50%,

05/01/2054

1,092

1,134

6.50%,

05/01/2055

(t) 4,200

4,325

$

139,474

Government

National

Mortgage

Association

(GNMA)

-

2.21%

2.00%,

01/20/2051

1,268

1,035

2.00%,

07/20/2051

2,631

2,147

2.50%,

04/20/2051

2,028

1,730

2.50%,

07/20/2051

2.50%,

09/20/2051

2,110

1,799

3.00%,

09/20/2051

904

801

3.50%,

03/20/2048

1,913

1,752

3.50%,

08/20/2048

1,231

1,127

4.00%,

03/20/2049

2,876

2,703

4.00%,

03/20/2050

593

557

4.50%,

05/20/2048

2,311

2,244

4.50%,

05/20/2052

1,095

1,055

4.50%,

06/20/2053

1,937

1,860

5.00%,

12/20/2052

1,233

1,216

5.00%,

01/20/2053

2,562

2,520

5.00%,

02/20/2053

1,041

1,024

5.00%,

10/20/2053

1,504

1,479

5.00%,

05/20/2055

(t) 6,730

6,601

5.50%,

03/20/2053

972

975

5.50%,

05/20/2055

(t) 13,770

13,763

6.00%,

05/20/2055

(t) 7,660

7,747

$

54,475

U.S.

Treasury

-

1.57%

1.88%,

11/15/2051

2,014

1,134

2.25%,

02/15/2052

1,268

784

2.75%,

11/15/2042

962

739

2.88%,

05/15/2052

2,042

1,454

3.25%,

05/15/2042

547

3.63%,

09/30/2031

690

680

3.75%,

04/15/2028

1,725

1,733

3.88%,

08/15/2034

1,311

1,284

4.00%,

03/31/2030

1,845

1,868

4.13%,

08/15/2044

661

613

4.25%,

01/31/2030

650

665

4.25%,

11/15/2034

1,971

1,986

4.25%,

08/15/2054

2,746

2,546

4.38%,

05/15/2034

1,045

1,065

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

4.49%,

01/31/2026

(u),(v)

$

11,500

$

11,513

US

Treasury

Month

Bill

Money

Market

Yield

+

0.25%

4.50%,

12/31/2031

970

1,003

4.50%,

11/15/2054

3,953

3,826

4.63%,

02/15/2035

1,456

1,511

4.63%,

05/15/2044

530

526

4.63%,

11/15/2044

551

545

4.63%,

05/15/2054

1,698

1,674

4.75%,

02/15/2045

964

971

$

38,577

U.S.

Treasury

Bill

-

1.01%

4.18%,

06/24/2025

(q) 4,435

4,407

4.20%,

05/29/2025

(q) 17,650

17,592

4.21%,

07/17/2025

(q) 2,775

2,750

$

24,749

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

257,275

REPURCHASE

AGREEMENTS

-

0.77%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

0.77%

Daiwa

Securities

Repurchase

Agreement;

4.35%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Security;

$18,800,000;

4.34%;

dated

06/30/2029)

$

19,048

$

19,046

TOTAL

REPURCHASE

AGREEMENTS

$

19,046

TOTAL

PURCHASED

OPTIONS

-

0.00%

$

Total

Investments

$

2,528,312

Other

Assets

and

Liabilities

- (2.82)%

(69,265)

TOTAL

NET

ASSETS

-

100.00%

$

2,459,047

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$34,733

or

1.41%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Security

is

subject

to

a

contractual

sale

restriction

but

this

feature

is

not

considered

in

measuring

the

fair

value.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$44,919.

The

sale

restriction

provision

specified

in

the

shareholder

agreements

have

no

specified

expiration

date

or

circumstances

that

could

cause

a

lapse.

(g) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(h) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(i) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$33,214

or

1.35%

of

net

assets.

(j) 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

$749,685

or

30.49%

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) 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.

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

(m) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n) 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

$42,419

or

1.73%

of

net

assets.

(o) Security

purchased

on

a

when-issued

basis.

(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

April

30,

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

$184

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

$320

or

0.01%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

142,765

$

1,010,017

$

1,027,018

$

125,764

$

142,765

$

1,010,017

$

1,027,018

$

125,764

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

2,019

$

—

$

—

$

—

$

2,019

$

—

$

—

$

—

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

$

—

$

548

0.02%

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

12/29/2020

14,671

—

0.00%

Specialty

Steel

14.44%,

11/15/2026

02/15/2024

38,772

38,772

1.58%

Total

$

39,320

1.60%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Month

Secured

Overnight

Financing

Rate

Future;

December

2025

N/A

$

$

95.63 12/12/2025

$

$

$

(1) Total

$

$

$

(1) 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

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Year

Credit

Default

Swap

Citigroup

Inc

ITRX.FIN.

SNR.42

5.00%

EUR

4,611

70.00%

05/21/2025

$

(8) $

(7) $

Put

-

Year

Credit

Default

Swap

Goldman

Sachs

&

Co

CDX.NA.IG.43

1.00%

$

2,655

65.00%

05/21/2025

(3) (3) –

Put

-

Year

Credit

Default

Swap

Goldman

Sachs

&

Co

CDX.NA.IG.43

1.00%

2,655

70.00%

06/18/2025

(3) (3) –

Put

-

Year

Credit

Default

Swap

JPMorgan

Chase

ITRX.FIN.

SNR.43

5.00%

EUR

4,611

80.00%

06/18/2025

(11) (12) (1) Total

$

(25) $

(25) $

–

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

June

2025

Long

$

28,391

$

US

Year

Ultra

Note;

June

2025

Long

4,131

US

Year

Note;

June

2025

Short

5,204

(27) US

Year

Note;

June

2025

Long

8,326

US

Year

Note;

June

2025

Short

21,075

(188) US

Long

Bond;

June

2025

Short

1,516

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Ultra

Bond;

June

2025

Long

$

37,036

$

(718) Total

$

(410) 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

05/20/2025

$

3,056

EUR

2,914

$

—

$

(249) Citigroup

Inc

05/14/2025

$

2,487

EUR

2,187

—

Citigroup

Inc

05/30/2025

EUR

6,265

$

7,216

—

(108) Citigroup

Inc

05/30/2025

PLN

9,925

$

2,663

—

(38) Citigroup

Inc

05/30/2025

$

4,979

INR

425,000

—

(35) Citigroup

Inc

07/24/2025

TRY

89,300

$

2,110

—

Citigroup

Inc

07/30/2025

$

EUR

—

—

Goldman

Sachs

&

Co

05/30/2025

$

5,845

ZAR

109,150

—

(13) HSBC

Securities

Inc

05/14/2025

$

10,656

EUR

9,379

—

HSBC

Securities

Inc

05/30/2025

BRL

12,975

$

2,218

—

HSBC

Securities

Inc

05/30/2025

$

2,284

PEN

8,450

—

(20) HSBC

Securities

Inc

05/30/2025

$

4,555

COP

19,425,943

—

(25) JPMorgan

Chase

05/30/2025

ZAR

41,750

$

2,222

—

JPMorgan

Chase

07/25/2025

TRY

246,660

$

5,939

—

(91) JPMorgan

Chase

07/25/2025

$

1,908

TRY

81,975

—

(35) Morgan

Stanley

&

Co

07/30/2025

EUR

$

—

—

Morgan

Stanley

&

Co

07/30/2025

$

680

EUR

595

—

Total

$

$

(614) Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

CMBX.11.BBB-

N/A

(3.00)%

Monthly

11/18/2054

$

650

$

$

$

$

—

Goldman

Sachs

&

Co

CMBX.17.BBB-

N/A

(3.00)%

Monthly

12/15/2056

500

(8) 78

—

Goldman

Sachs

&

Co

CMBX.6.BBB-

N/A

(3.00)%

Monthly

05/11/2063

(6) 12

—

Goldman

Sachs

&

Co

CMBX.NA.11.AA

N/A

(1.50)%

Monthly

11/18/2054

1,000

(5) 12

—

Goldman

Sachs

&

Co

CMBX.NA.13.AA

N/A

(1.50)%

Monthly

12/16/2072

2,000

(21) 55

—

Goldman

Sachs

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

1,000

(4) 78

—

Goldman

Sachs

&

Co

CMBX.NA.BBB-

N/A

(3.00)%

Monthly

11/18/2064

1,000

—

Morgan

Stanley

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

1,000

—

Morgan

Stanley

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

—

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

$

683

$

$

728

$

—

Sell

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

(c) Citigroup

Inc

ITRX.XOVER.42 35-

100%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

EUR

1,378

$

$

$

$

—

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

(7) 20

—

Goldman

Sachs

&

Co

CDX.NA.HY.43 25-35%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

(13) 7

—

(6) Goldman

Sachs

&

Co

CDX.NA.HY.43 35-

100%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

(2) 33

—

Goldman

Sachs

&

Co

CMBX.NA.15.AAA

N/A

0.50%

Monthly

11/18/2064

2,000

(33) 11

—

(22) JPMorgan

Chase

ITRX.XOVER.42 35-

100%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

EUR

2,756

523

548

—

Morgan

Stanley

&

Co

CMBX.NA.15.AAA

N/A

0.50%

Monthly

11/18/2064

$

880

(12) 2

—

(10) Total

$

810

$

$

902

$

(38) Amounts

in

thousands.

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.NA.IG.44

N/A

(1.00)%

Quarterly

06/20/2030

$

9,587

$

(170) $

$

(138) ITRX.FIN.SNR.43

N/A

(1.00)%

Quarterly

06/20/2030

EUR

9,221

(155) 19

(136) ITRX.XOVER.42

N/A

(5.00)%

Quarterly

12/20/2029

1,890

(158) 19

(139) Total

$

(483) $

$

(413) 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

$3,760

and

4,134

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

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

OMO

Bill,

0.00%,

01/06/2026

Maturity

01/08/2026

NGN

914,790

$

—

$

—

$

(17) Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

OMO

Bill,

0.00%,

09/30/2025

Maturity

10/03/2025

1,200,000

—

—

(46) Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

OMO

Bill,

0.00%,

10/07/2025

Maturity

10/09/2025

914,900

—

—

(16) HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Maturity

12/20/2027

ZMW

14,290

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.60%

Egypt

Treasury

Bill,

0.00%,

12/16/2025

Maturity

12/16/2025

EGP

47,200

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

12/09/2025

Maturity

12/09/2025

NGN

1,088,000

—

—

Morgan

Stanley

&

Co

Janus

Henderson

B-BBB

CLO

ETF

US

Federal

Funds

Effective

Rate

less

bps

Monthly

05/22/2025

$

—

—

(4) Total

$

—

$

$

(83) Amounts

in

thousands.

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Short

Sales

Outstanding

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

(0.11)%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

(0.11)%

2.50%,

05/01/2040

$

1,800

$

1,672

6.00%,

05/01/2055

920

933

$

2,605

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(proceeds

$2,593)

$

2,605

TOTAL

SHORT

SALES

(proceeds

$2,593)

$

2,605

Schedule

of

Investments

Diversified

International

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.15

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.15

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

23,106,522

$

23,107

TOTAL

INVESTMENT

COMPANIES

$

23,107

COMMON

STOCKS

-

.18

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.33

%

Airbus

SE

103,291

$

17,527

BAE

Systems

PLC

1,017,514

23,589

Thales

SA

19,656

5,506

$

46,622

Apparel

-

.72

%

Hermes

International

SCA

1,395

3,837

LVMH

Moet

Hennessy

Louis

Vuitton

SE

5,773

3,198

PRADA

SpA

713,400

4,454

Samsonite

Group

SA

(c) 3,891,800

6,973

$

18,462

Automobile

Manufacturers

-

.72

%

Daimler

Truck

Holding

AG

315,104

12,660

Toyota

Motor

Corp

866,900

16,557

$

29,217

Automobile

Parts

&

Equipment

-

.85

%

Toyota

Industries

Corp

78,400

9,194

Banks

-

.96

%

AIB

Group

PLC

1,997,751

13,427

Banco

do

Brasil

SA

973,700

4,948

Bank

Negara

Indonesia

Persero

Tbk

PT

14,795,400

3,728

Bank

Rakyat

Indonesia

Persero

Tbk

PT

26,162,694

6,060

Credicorp

Ltd

18,005

3,640

DBS

Group

Holdings

Ltd

355,660

11,555

Erste

Group

Bank

AG

195,636

13,249

FinecoBank

Banca

Fineco

SpA

222,725

4,457

Grupo

Financiero

Banorte

SAB

de

CV

439,330

3,767

ICICI

Bank

Ltd

ADR

340,417

11,424

Kotak

Mahindra

Bank

Ltd

483,241

12,630

National

Bank

of

Greece

SA

1,156,348

12,273

NatWest

Group

PLC

1,425,162

9,167

Nordea

Bank

Abp

372,198

5,108

Piraeus

Financial

Holdings

SA

738,250

4,146

PT

Bank

Central

Asia

Tbk

5,646,170

3,002

Societe

Generale

SA

204,771

10,677

Swedbank

AB

169,967

4,243

UniCredit

SpA

217,345

12,645

$

150,146

Beverages

-

.58

%

Arca

Continental

SAB

de

CV

234,600

2,471

Kweichow

Moutai

Co

Ltd

17,620

3,751

$

6,222

Biotechnology

-

.71

%

Argenx

SE

(d) 8,991

5,812

Zai

Lab

Ltd

ADR

(d) 38,211

1,211

Zai

Lab

Ltd

(d) 188,190

600

$

7,623

Building

Materials

-

.72

%

CRH

PLC

194,585

18,456

Chemicals

-

.29

%

Shin-Etsu

Chemical

Co

Ltd

104,245

3,172

Commercial

Services

-

.24

%

Ashtead

Group

PLC

48,541

2,599

Localiza

Rent

a

Car

SA

774,287

5,872

TOPPAN

Holdings

Inc

174,100

4,887

$

13,358

Computers

-

.60

%

Fujitsu

Ltd

776,700

17,255

Cosmetics

&

Personal

Care

-

.89

%

Haleon

PLC

2,104,524

10,590

L'Oreal

SA

19,607

8,664

Unilever

PLC

355,165

22,613

$

41,867

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Distribution

&

Wholesale

-

.30

%

Rexel

SA

116,230

$

3,229

Diversified

Financial

Services

-

.32

%

Brookfield

Asset

Management

Ltd

65,438

3,492

Electric

-

.19

%

Iberdrola

SA

708,501

12,771

Electrical

Components

&

Equipment

-

.46

%

Schneider

Electric

SE

21,060

4,921

Electronics

-

.89

%

Halma

PLC

87,766

3,240

Hoya

Corp

53,460

6,290

$

9,530

Engineering

&

Construction

-

.73

%

Kajima

Corp

274,000

6,542

Obayashi

Corp

372,000

5,772

Technip

Energies

NV

185,913

6,344

$

18,658

Entertainment

-

.72

%

Entain

PLC

1,003,398

8,578

Universal

Music

Group

NV

338,410

9,951

$

18,529

Food

-

.60

%

Danone

SA

74,838

6,440

Food

Service

-

.52

%

Compass

Group

PLC

165,131

5,567

Healthcare

-

Products

-

.60

%

Alcon

AG

48,900

4,751

Smith

&

Nephew

PLC

888,508

12,504

$

17,255

Healthcare

-

Services

-

.30

%

ICON

PLC

(d) 21,316

3,228

Home

Builders

-

.49

%

Taylor

Wimpey

PLC

3,350,073

5,264

Home

Furnishings

-

.29

%

Howden

Joinery

Group

PLC

298,666

3,071

Insurance

-

.93

%

AIA

Group

Ltd

3,443,000

25,798

ASR

Nederland

NV

81,633

5,151

AXA

SA

337,244

15,950

Fairfax

Financial

Holdings

Ltd

5,927

9,253

Hannover

Rueck

SE

44,715

14,353

MS&AD

Insurance

Group

Holdings

Inc

177,800

4,041

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

6,846

4,687

Sompo

Holdings

Inc

452,000

14,813

Tryg

A/S

82,745

1,974

$

96,020

Internet

-

.22

%

JD.com

Inc

1,059,950

17,257

MercadoLibre

Inc

(d) 2,653

6,184

Tencent

Holdings

Ltd

534,500

32,739

$

56,180

Machinery

-

Construction

&

Mining

-

.96

%

Komatsu

Ltd

126,100

3,647

Mitsubishi

Electric

Corp

538,200

10,411

Weir

Group

PLC/The

233,614

7,042

$

21,100

Machinery

-

Diversified

-

.70

%

Atlas

Copco

AB

-

A

Shares

615,659

9,530

Keyence

Corp

21,032

8,793

$

18,323

Media

-

.04

%

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 126,435

11,211

Mining

-

.60

%

Sandfire

Resources

Ltd

(d) 883,021

5,624

Teck

Resources

Ltd

341,041

11,590

$

17,214

Schedule

of

Investments

Diversified

International

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.59

%

Canadian

Natural

Resources

Ltd

163,531

$

4,693

Shell

PLC

337,117

10,879

Suncor

Energy

Inc

516,845

18,254

Tourmaline

Oil

Corp

109,160

4,822

$

38,648

Pharmaceuticals

-

.79

%

AstraZeneca

PLC

197,614

28,311

Merck

KGaA

22,337

3,110

Novo

Nordisk

A/S

178,574

11,940

Roche

Holding

AG

28,806

9,419

Sanofi

SA

283,207

30,981

$

83,761

Private

Equity

-

.56

%

3i

Group

PLC

302,652

17,158

Brookfield

Corp

149,168

8,013

Intermediate

Capital

Group

PLC

94,761

2,384

$

27,555

Retail

-

.70

%

Dollarama

Inc

79,693

9,833

Industria

de

Diseno

Textil

SA

104,316

5,609

MatsukiyoCocokara

&

Co

188,200

3,455

Wal-Mart

de

Mexico

SAB

de

CV

1,893,090

5,998

Yum

China

Holdings

Inc

232,075

10,051

Yum

China

Holdings

Inc

104,481

4,881

$

39,827

Semiconductors

-

.08

%

ASML

Holding

NV

32,442

21,718

Samsung

Electronics

Co

Ltd

518,288

20,222

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,206,544

34,187

$

76,127

Software

-

.87

%

Dassault

Systemes

SE

122,216

4,580

Nemetschek

SE

79,550

10,571

Sage

Group

PLC/The

299,022

4,958

$

20,109

Telecommunications

-

.36

%

Deutsche

Telekom

AG

1,004,998

36,097

Toys,

Games

&

Hobbies

-

.19

%

Nintendo

Co

Ltd

283,600

23,544

Transportation

-

.57

%

Canadian

Pacific

Kansas

City

Ltd

84,873

6,164

TOTAL

COMMON

STOCKS

$

1,045,429

Total

Investments

$

1,068,536

Other

Assets

and

Liabilities

- 0.67%

7,163

TOTAL

NET

ASSETS

-

100.00%

$

1,075,699

(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

$6,973

or

0.65%

of

net

assets.

(d) Non-income

producing

security

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

174,467

$

594,710

$

746,070

$

23,107

$

174,467

$

594,710

$

746,070

$

23,107

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,105

$

—

$

—

$

—

$

1,105

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Equity

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.47

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.47

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

11,361,062

$

11,361

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

272,071,229

272,071

$

283,432

TOTAL

INVESTMENT

COMPANIES

$

283,432

COMMON

STOCKS

-

.08

%

Shares

Held

Value

(000's)

Advertising

-

.06

%

Omnicom

Group

Inc

1,130,940

$

86,132

Automobile

Manufacturers

-

.20

%

Cummins

Inc

575,704

169,165

PACCAR

Inc

1,921,080

173,301

$

342,466

Banks

-

.31

%

Bank

of

America

Corp

4,917,828

196,123

Citigroup

Inc

1,486,340

101,636

JPMorgan

Chase

&

Co

1,058,002

258,808

Morgan

Stanley

2,239,252

258,455

PNC

Financial

Services

Group

Inc/The

1,175,023

188,814

$

1,003,836

Beverages

-

.01

%

Coca-Cola

Co/The

2,257,499

163,782

Biotechnology

-

.92

%

Corteva

Inc

2,524,543

156,497

Building

Materials

-

.79

%

Carrier

Global

Corp

1,500,123

93,818

Trane

Technologies

PLC

560,827

214,970

$

308,788

Chemicals

-

.95

%

Air

Products

and

Chemicals

Inc

286,240

77,597

Computers

-

.86

%

Apple

Inc

711,872

151,273

Cosmetics

&

Personal

Care

-

.93

%

Procter

&

Gamble

Co/The

969,537

157,618

Diversified

Financial

Services

-

.13

%

Blackrock

Inc

200,871

183,648

Nasdaq

Inc

940,224

71,655

$

255,303

Electric

-

.90

%

NextEra

Energy

Inc

2,063,056

137,977

Sempra

856,414

63,606

WEC

Energy

Group

Inc

854,844

93,622

Xcel

Energy

Inc

1,479,418

104,595

$

399,800

Food

-

.93

%

Hershey

Co/The

454,144

75,928

Healthcare

-

Products

-

.03

%

Abbott

Laboratories

1,487,935

194,548

STERIS

PLC

597,612

134,307

$

328,855

Healthcare

-

Services

-

.73

%

HCA

Healthcare

Inc

445,355

153,683

UnitedHealth

Group

Inc

365,111

150,221

$

303,904

Home

Builders

-

.83

%

DR

Horton

Inc

1,182,524

149,400

Insurance

-

.09

%

Chubb

Ltd

726,776

207,916

Fidelity

National

Financial

Inc

1,963,166

125,741

$

333,657

Iron

&

Steel

-

.43

%

Reliance

Inc

405,125

116,769

Lodging

-

.17

%

Hilton

Worldwide

Holdings

Inc

785,000

177,002

Machinery

-

Diversified

-

.43

%

Deere

&

Co

426,916

197,901

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

-

.97

%

Comcast

Corp

-

Class

A

2,308,955

$

78,966

Miscellaneous

Manufacturers

-

.48

%

Parker-Hannifin

Corp

334,574

202,437

Oil

&

Gas

-

.25

%

Chevron

Corp

456,276

62,081

EOG

Resources

Inc

1,231,652

135,888

Marathon

Petroleum

Corp

1,082,369

148,728

$

346,697

Oil

&

Gas

Services

-

.36

%

Halliburton

Co

1,466,351

29,063

Pharmaceuticals

-

.56

%

AstraZeneca

PLC

ADR

1,049,999

75,379

Eli

Lilly

&

Co

92,195

82,879

Merck

&

Co

Inc

1,862,465

158,682

Novartis

AG

ADR

1,489,765

169,074

Roche

Holding

AG

ADR

(d) 1,201,846

48,999

$

535,013

Pipelines

-

.91

%

Enterprise

Products

Partners

LP

5,215,996

155,958

Private

Equity

-

.13

%

KKR

&

Co

Inc

2,235,434

255,443

REITs

-

.98

%

Alexandria

Real

Estate

Equities

Inc

1,368,690

99,449

Equity

LifeStyle

Properties

Inc

1,604,111

103,914

Prologis

Inc

654,578

66,898

Realty

Income

Corp

936,649

54,195

$

324,456

Retail

-

.55

%

Costco

Wholesale

Corp

249,086

247,716

Starbucks

Corp

1,533,983

122,795

$

370,511

Semiconductors

-

.42

%

Broadcom

Inc

465,311

89,558

Monolithic

Power

Systems

Inc

92,957

55,133

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

804,378

134,082

$

278,773

Software

-

.36

%

Fidelity

National

Information

Services

Inc

581,473

45,867

Microsoft

Corp

333,216

131,707

Salesforce

Inc

291,823

78,416

SAP

SE

ADR

(d) 340,358

99,449

$

355,439

Telecommunications

-

.17

%

T-Mobile

US

Inc

714,309

176,399

Transportation

-

.24

%

Expeditors

International

of

Washington

Inc

917,888

100,885

TOTAL

COMMON

STOCKS

$

7,996,548

Total

Investments

$

8,279,980

Other

Assets

and

Liabilities

- (1.55)%

(126,654)

TOTAL

NET

ASSETS

-

100.00%

$

8,153,326

(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

$108,191

or

1.33%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$106,035

or

1.30%

of

net

assets.

Schedule

of

Investments

Equity

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

144,824

$

1,414,517

$

1,287,270

$

272,071

$

144,824

$

1,414,517

$

1,287,270

$

272,071

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

2,710

$

—

$

—

$

—

$

2,710

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.93

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.93

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

1,052,010

$

1,052

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

70,429,368

70,429

$

71,481

TOTAL

INVESTMENT

COMPANIES

$

71,481

BONDS

-

.33

%

Principal

Amount

(000's)

Value

(000's)

Banks

-

.70

%

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8.38%,

05/20/2031

(d),(e),(f),(g)

$

2,225

$

2,190

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.07%

BBVA

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

7.63%,

02/11/2035

(e),(f),(g)

6,425

6,457

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

5.13%,

01/18/2033

(e),(f)

2,525

2,392

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

5,105

5,671

Israel

Discount

Bank

Ltd

5.38%,

01/26/2028

(g) $

1,550

1,553

Korea

Development

Bank/The

0.80%,

07/19/2026

4,360

4,187

4.75%,

06/26/2027

4,000

4,045

National

Bank

of

Uzbekistan

8.50%,

07/05/2029

2,850

2,908

Standard

Chartered

PLC

5.91%,

05/14/2035

(e),(g)

1,600

1,625

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.45%

5.91%,

05/14/2035

(e) 700

711

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.45%

6.10%,

01/11/2035

(e),(g),(h)

5,025

5,179

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.10%

6.10%,

01/11/2035

(e) 1,200

1,236

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.10%

7.63%,

01/16/2032

(d),(e),(f),(g),(h)

5,775

5,680

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

$

43,834

Building

Materials

-

.72

%

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

4,825

4,729

Chemicals

-

.21

%

Sasol

Financing

USA

LLC

8.75%,

05/03/2029

(g) 1,100

1,042

8.75%,

05/03/2029

$

1,350

Commercial

Services

-

.35

%

Mersin

Uluslararasi

Liman

Isletmeciligi

AS

8.25%,

11/15/2028

2,225

2,283

Distribution

&

Wholesale

-

.34

%

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(g) 2,250

2,230

Diversified

Financial

Services

-

.36

%

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

DAC

7.23%,

03/17/2026

2,400

2,368

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

-

.55

%

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

$

2,457

$

2,156

Energo-Pro

AS

8.50%,

02/04/2027

2,726

2,736

8.50%,

02/04/2027

(g) 1,950

1,957

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(g) 4,598

4,562

Lamar

Funding

Ltd

3.96%,

05/07/2025

5,175

5,175

Saavi

Energia

Sarl

8.88%,

02/10/2035

(g) 6,600

6,633

$

23,219

Energy

-

Alternate

Sources

-

.92

%

FS

Luxembourg

Sarl

8.88%,

02/12/2031

(g) 4,950

4,976

8.88%,

02/12/2031

1,055

1,061

$

6,037

Engineering

&

Construction

-

.83

%

Aeropuertos

Dominicanos

Siglo

XXI

SA

7.00%,

06/30/2034

(g) 2,600

2,641

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(g),(h)

5,925

5,908

HTA

Group

Ltd/Mauritius

7.50%,

06/04/2029

(g) 3,725

3,735

7.50%,

06/04/2029

1,375

1,379

IHS

Holding

Ltd

7.88%,

05/29/2030

(g) 4,225

4,073

7.88%,

05/29/2030

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

4,245

4,244

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(g) 3,675

3,633

Sitios

Latinoamerica

SAB

de

CV

6.00%,

11/25/2029

(g) 5,650

5,669

$

31,619

Forest

Products

&

Paper

-

.57

%

LD

Celulose

International

GmbH

7.95%,

01/26/2032

(g) 3,600

3,699

Iron

&

Steel

-

.34

%

CSN

Inova

Ventures

6.75%,

01/28/2028

(h) 2,100

1,954

Samarco

Mineracao

SA

9.00%,

PIK

9.00%;

06/30/2031

(i),(j)

Samarco

Mineracao

SA

Escrow

Shares

0.00%,

10/24/2023

(k),(l)

—

$

2,213

Mining

-

.80

%

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(g) 7,375

7,194

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(g) 4,700

4,319

10.88%,

09/17/2029

1,040

1,009

WE

Soda

Investments

Holding

PLC

9.50%,

10/06/2028

(g) 3,675

3,759

9.50%,

10/06/2028

2,000

2,046

$

18,327

Oil

&

Gas

-

.32

%

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(g) 7,375

7,109

Energean

Israel

Finance

Ltd

4.88%,

03/30/2026

(g) 650

640

5.38%,

03/30/2028

(g) 4,300

4,048

8.50%,

09/30/2033

(g),(h)

4,965

4,972

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(g) 5,125

5,038

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

ORLEN

SA

6.00%,

01/30/2035

(g) $

6,425

$

6,493

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(k) 35,600

4,130

0.00%,

11/15/2026

(k) 8,500

986

Petroleos

Mexicanos

5.35%,

02/12/2028

3,475

3,212

5.95%,

01/28/2031

2,225

1,841

6.50%,

03/13/2027

4,025

3,933

6.84%,

01/23/2030

3,080

2,743

Puma

International

Financing

SA

7.75%,

04/25/2029

(g) 6,400

6,352

Raizen

Fuels

Finance

SA

6.70%,

02/25/2037

(g) 4,575

4,476

Tengizchevroil

Finance

Co

International

Ltd

3.25%,

08/15/2030

4,350

3,792

4.00%,

08/15/2026

3,115

3,054

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(m) 4,675

4,675

$

67,494

Oil

&

Gas

Services

-

.59

%

Yinson

Boronia

Production

BV

8.95%,

07/31/2042

3,742

3,835

Pipelines

-

.08

%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

4,682

4,703

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

(g) 2,488

2,191

2.16%,

03/31/2034

1,898

1,669

Greensaif

Pipelines

Bidco

Sarl

6.13%,

02/23/2038

(g) 1,025

1,047

6.13%,

02/23/2038

1,450

1,479

Southern

Gas

Corridor

CJSC

6.88%,

03/24/2026

2,475

2,500

$

13,589

Real

Estate

-

.79

%

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(d),(e)

1,075

1,105

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.89%

NWD

Finance

BVI

Ltd

4.13%,

03/10/2028

(d),(e)

950

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.86%

NWD

MTN

Ltd

4.13%,

07/18/2029

(h) 3,875

2,350

4.50%,

05/19/2030

(h) 1,400

814

8.63%,

02/08/2028

750

574

$

5,190

Regional

Authority

-

.79

%

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(i) 7,668

5,138

Sovereign

-

.02

%

Abu

Dhabi

Government

International

Bond

3.13%,

05/03/2026

4,000

3,960

Argentine

Republic

Government

International

Bond

4.12%,

07/09/2035

(i) 10,250

6,836

Benin

Government

International

Bond

7.96%,

02/13/2038

3,425

3,082

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2027

BRL

115,854

19,324

Brazilian

Government

International

Bond

6.00%,

10/20/2033

$

6,325

6,230

Chile

Government

International

Bond

2.75%,

01/31/2027

7,000

6,790

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Colombia

Government

International

Bond

3.00%,

01/30/2030

$

2,075

$

1,752

7.38%,

04/25/2030

3,425

3,473

7.50%,

02/02/2034

2,775

2,701

Colombian

TES

12.75%,

11/28/2040

COP

25,875,000

6,093

13.25%,

02/09/2033

25,037,000

6,321

Dominican

Republic

International

Bond

4.50%,

01/30/2030

$

6,500

6,044

Ecuador

Government

International

Bond

5.00%,

07/31/2040

(i) 3,200

1,668

5.50%,

07/31/2035

(i) 12,163

7,294

6.90%,

07/31/2030

(i) 1,975

1,476

Egypt

Government

Bond

24.46%,

10/01/2027

EGP

155,400

3,113

25.32%,

08/13/2027

140,200

2,845

Egypt

Government

International

Bond

7.05%,

01/15/2032

$

3,175

2,651

7.63%,

05/29/2032

2,575

2,192

7.90%,

02/21/2048

1,275

878

8.15%,

11/20/2059

775

542

8.63%,

02/04/2030

(g) 1,650

1,574

Egypt

Treasury

Bills

20.72%,

09/16/2025

(n) EGP

143,600

2,562

21.12%,

12/16/2025

(n) 68,100

1,151

21.80%,

10/07/2025

(n) 143,900

2,536

Gabon

Government

International

Bond

6.63%,

02/06/2031

$

2,925

2,081

7.00%,

11/24/2031

Ghana

Government

International

Bond

0.00%,

01/03/2030

(g),(k)

3,771

2,866

0.00%,

01/03/2030

(k) 2,861

2,175

5.00%,

07/03/2029

(g),(i)

5,525

4,716

Guatemala

Government

Bond

7.05%,

10/04/2032

2,300

2,412

Israel

Government

International

Bond

5.50%,

03/12/2034

1,125

1,115

5.63%,

02/19/2035

9,175

9,114

Ivory

Coast

Government

International

Bond

4.88%,

01/30/2032

EUR

6,825

6,680

5.88%,

10/17/2031

1,425

1,471

8.08%,

04/01/2036

(g) $

6,650

6,147

Lebanon

Government

International

Bond

0.00%,

03/09/2020

(k) 2,750

0.00%,

06/19/2020

(k) 8,075

1,379

0.00%,

05/27/2022

(k) 1,900

0.00%,

10/04/2022

(k) 900

0.00%,

03/23/2027

(k) 3,075

527

0.00%,

11/29/2027

(k) 1,325

0.00%,

03/23/2032

(k) 6,275

1,076

Letra

Del

Tesoro

Nacional

Capitalizable

En

Pesos

62.76%,

07/31/2025

ARS

2,492,100

2,201

Mexican

Bonos

7.75%,

11/13/2042

MXN

131,000

5,484

8.50%,

11/18/2038

175,000

8,127

Nigeria

Government

International

Bond

6.13%,

09/28/2028

$

6,650

5,983

7.14%,

02/23/2030

4,175

3,662

Pakistan

Government

International

Bond

6.88%,

12/05/2027

8,550

7,509

Peru

Government

Bond

5.40%,

08/12/2034

PEN

31,975

8,033

Peruvian

Government

International

Bond

6.90%,

08/12/2037

13,725

3,698

Qatar

Government

International

Bond

4.00%,

03/14/2029

$

5,600

5,579

4.50%,

04/23/2028

5,000

5,068

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

41,806

$

9,987

5.00%,

10/25/2034

24,800

6,461

Republic

of

Poland

Government

International

Bond

5.50%,

11/16/2027

$

5,000

5,153

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

345,350

14,376

8.88%,

02/28/2035

214,300

10,331

Republic

of

Uzbekistan

International

Bond

6.90%,

02/28/2032

(g) $

4,775

4,775

Romanian

Government

International

Bond

5.13%,

09/24/2031

(g) EUR

4,450

4,824

Senegal

Government

International

Bond

4.75%,

03/13/2028

7,325

7,000

5.38%,

06/08/2037

1,425

1,031

6.75%,

03/13/2048

$

3,450

2,112

Ukraine

Government

International

Bond

1.75%,

02/01/2029

(g),(i)

800

1.75%,

02/01/2029

(i) 1,305

815

1.75%,

02/01/2034

(g),(i)

2,771

1,381

1.75%,

02/01/2034

(i) 5,490

2,770

1.75%,

02/01/2035

(g),(i)

2,033

1,000

1.75%,

02/01/2035

(i) 1,338

667

Zambia

Government

International

Bond

0.50%,

12/31/2053

(g) 5,425

3,090

0.50%,

12/31/2053

6,063

3,454

$

281,281

Supranational

Bank

-

.46

%

Africa

Finance

Corp

7.50%,

01/21/2030

(d),(e),(g)

4,425

4,320

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

Asian

Development

Bank

6.72%,

02/08/2028

INR

188,200

2,245

European

Bank

for

Reconstruction

&

Development

6.75%,

01/13/2032

176,100

2,105

Inter-American

Development

Bank

7.00%,

01/25/2029

158,000

1,897

7.00%,

04/17/2033

274,000

3,326

International

Bank

for

Reconstruction

&

Development

6.50%,

04/17/2030

292,500

3,434

6.75%,

09/08/2027

101,500

1,207

6.85%,

04/24/2028

110,000

1,313

7.05%,

07/22/2029

229,000

2,753

$

22,600

Telecommunications

-

.58

%

VEON

Holdings

BV

3.38%,

11/25/2027

$

4,225

3,789

Transportation

-

.20

%

Transnet

SOC

Ltd

8.25%,

02/06/2028

7,825

7,875

Water

-

.81

%

Aegea

Finance

Sarl

9.00%,

01/20/2031

(g),(h)

3,200

3,338

9.00%,

01/20/2031

(h) 250

Georgia

Global

Utilities

JSC

8.88%,

07/25/2029

(g) 1,650

1,668

$

5,267

TOTAL

BONDS

$

557,966

CONVERTIBLE

BONDS

-

.24

%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

.24

%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

1,800

$

1,589

TOTAL

CONVERTIBLE

BONDS

$

1,589

Total

Investments

$

631,036

Other

Assets

and

Liabilities

- 3.50%

22,864

TOTAL

NET

ASSETS

-

100.00%

$

653,900

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,002

or

1.53%

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) 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.

(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

$16,719

or

2.56%

of

net

assets.

(g) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$171,278

or

26.19%

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

$9,575

or

1.46%

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

(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.

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

90,147

$

393,335

$

413,053

$

70,429

$

90,147

$

393,335

$

413,053

$

70,429

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,239

$

—

$

—

$

—

$

1,239

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Euro

Bond

Year

Bond;

June

2025

Long

$

34,336

$

524

US

Year

Note;

June

2025

Long

1,132

123,609

Total

$

630

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Citigroup

Inc

05/14/2025

EUR

$

$

—

$

(2)

Citigroup

Inc

05/14/2025

$

1,994

EUR

1,747

—

Citigroup

Inc

05/30/2025

EUR

39,540

$

45,544

—

(678)

Citigroup

Inc

05/30/2025

PLN

16,393

$

4,398

—

(63)

Citigroup

Inc

05/30/2025

KRW

9,352,900

$

6,533

—

Citigroup

Inc

05/30/2025

$

18,159

INR

1,550,000

—

(128)

Citigroup

Inc

06/02/2025

TWD

307,600

$

9,535

—

Citigroup

Inc

07/24/2025

TRY

231,100

$

5,460

—

Goldman

Sachs

&

Co

05/30/2025

CZK

321,000

$

14,752

—

(160)

Goldman

Sachs

&

Co

05/30/2025

$

24,913

ZAR

465,225

—

(53)

HSBC

Securities

Inc

05/14/2025

EUR

$

—

(1)

HSBC

Securities

Inc

05/14/2025

$

25,370

EUR

22,331

—

HSBC

Securities

Inc

05/30/2025

BRL

43,150

$

7,377

—

HSBC

Securities

Inc

05/30/2025

CNH

128,200

$

17,634

—

HSBC

Securities

Inc

05/30/2025

ILS

36,015

$

9,692

—

HSBC

Securities

Inc

05/30/2025

KRW

13,453,200

$

9,466

—

HSBC

Securities

Inc

05/30/2025

$

11,704

PEN

43,300

—

(103)

HSBC

Securities

Inc

05/30/2025

$

13,645

MXN

269,075

—

(26)

HSBC

Securities

Inc

05/30/2025

$

43,003

CNH

313,785

—

(270)

HSBC

Securities

Inc

05/30/2025

$

12,972

COP

55,317,663

—

(72)

JPMorgan

Chase

05/30/2025

ZAR

116,050

$

6,177

—

JPMorgan

Chase

07/25/2025

TRY

634,352

$

15,273

—

(237)

JPMorgan

Chase

07/25/2025

$

3,330

TRY

143,125

—

(62)

Total

$

763

$

(1,855)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

Bank

of

China

Ltd/Hong

Kong,

1.25%,

06/24/2025

0.38%

(1.00)%

Quarterly

12/20/2026

$

20,400

$

(203)

$

—

$

—

$

(203)

Goldman

Sachs

&

Co

Bank

of

China

Ltd/Hong

Kong,

1.25%,

06/24/2025

0.38%

(1.00)%

Quarterly

12/20/2026

3,300

(33)

—

—

(33)

Goldman

Sachs

&

Co

China

Construction

Bank

/London,

3.125%,

05/17/2025

0.32%

(1.00)%

Quarterly

12/20/2026

20,400

(202)

(22)

—

(224)

Goldman

Sachs

&

Co

China

Construction

Bank

/London,

3.125%,

05/17/2025

0.32%

(1.00)%

Quarterly

12/20/2026

3,300

(32)

(4)

—

(36)

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.32%

(1.00)%

Quarterly

12/20/2026

16,400

(163)

(4)

—

(167)

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Credit

Default

Swaps

(continued)

Buy

Protection

(continued)

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.32%

(1.00)%

Quarterly

12/20/2026

$

2,600

$

(25)

$

(1)

$

—

$

(26)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/

Hong

Kong,

1.625%,

10/28/2026

0.33%

(1.00)%

Quarterly

12/20/2026

20,400

(201)

(18)

—

(219)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/

Hong

Kong,

1.625%,

10/28/2026

0.33%

(1.00)%

Quarterly

12/20/2026

3,300

(33)

(3)

—

(36)

Total

$

(892)

$

(52)

$

—

$

(944)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.EM.43

N/A

(1.00)%

Quarterly

06/20/2030

$

14,200

$

591

$

$

629

CDX.NA.HY.44

N/A

(5.00)%

Quarterly

06/20/2030

26,100

(950)

(904)

ITRX.XOVER.43

N/A

(5.00)%

Quarterly

06/20/2030

EUR

28,300

(1,967)

(100)

(2,067)

Total

$

(2,326)

$

(16)

$

(2,342)

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

Payments/(Receipts)

Fair

Value

Day

MXN

TIIE

Banxico

Receive

0.00%

Monthly

Monthly

N/A

12/24/2025

MXN

1,725,000

$

4,700

$

$

4,978

Day

MXN

TIIE

Banxico

Pay

0.00%

Monthly

Monthly

N/A

12/24/2025

1,725,000

(4,769)

(281)

(5,050)

Month

KRW

Certificate

of

Deposit

Pay

2.27%

Quarterly

Quarterly

N/A

06/18/2027

KRW

92,200,000

$

—

Month

KRW

Certificate

of

Deposit

Receive

2.45%

Quarterly

Quarterly

N/A

06/18/2035

19,900,000

(100)

—

(100)

Month

KRW

Certificate

of

Deposit

Receive

2.45%

Quarterly

Quarterly

N/A

06/18/2035

9,300,000

(47)

—

(47)

Month

KRW

Certificate

of

Deposit

Pay

2.27%

Quarterly

Quarterly

N/A

06/18/2027

43,000,000

(3)

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

3.86%

Quarterly

Annual

N/A

06/18/2030

ILS

99,400

$

(3)

Month

Tel

AVIV

Inter-Bank

Offered

Rate

Pay

3.86%

Quarterly

Annual

N/A

06/18/2030

13,300

(14)

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

CZK

355,300

$

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

157,200

(4)

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

157,200

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

78,600

(3)

Month

Prague

Interbank

Offered

Rate

Pay

3.65%

Semiannual

Annual

N/A

03/11/2030

353,363

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2025

(unaudited)

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

Payments/(Receipts)

Fair

Value

Brazil

Cetip

DI

Interbank

Deposit

Rate

Pay

14.90%

Maturity

Maturity

N/A

01/04/2027

BRL

821,352

$

2,015

$

—

$

2,015

Total

$

2,789

$

$

2,831

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

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

OMO

Bill,

0.00%,

01/06/2026

Maturity

01/08/2026

NGN

3,547,145

$

—

$

—

$

(68)

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

OMO

Bill,

0.00%,

09/30/2025

Maturity

10/03/2025

3,300,000

—

—

(125)

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

OMO

Bill,

0.00%,

10/07/2025

Maturity

10/09/2025

2,777,075

—

—

(50)

HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Maturity

12/20/2027

ZMW

41,050

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.60%

Egypt

Treasury

Bill,

0.00%,

12/16/2025

Maturity

12/16/2025

EGP

143,150

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

12/09/2025

Maturity

12/09/2025

NGN

3,036,000

—

—

Total

$

—

$

$

(243)

Amounts

in

thousands.

Schedule

of

Investments

Global

Emerging

Markets

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.90

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.90

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

806,922

$

807

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

73,026,717

73,027

$

73,834

TOTAL

INVESTMENT

COMPANIES

$

73,834

COMMON

STOCKS

-

.05

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.35

%

Korea

Aerospace

Industries

Ltd

314,599

$

18,414

LIG

Nex1

Co

Ltd

70,736

15,980

$

34,394

Automobile

Manufacturers

-

.09

%

BYD

Co

Ltd

743,000

35,290

Mahindra

&

Mahindra

Ltd

515,036

17,844

$

53,134

Automobile

Parts

&

Equipment

-

.97

%

Hyundai

Mobis

Co

Ltd

106,942

20,074

Weichai

Power

Co

Ltd

2,354,000

4,592

$

24,666

Banks

-

.66

%

Banco

do

Brasil

SA

2,626,300

13,346

Bank

Negara

Indonesia

Persero

Tbk

PT

63,824,000

16,084

Bank

Polska

Kasa

Opieki

SA

775,127

38,851

Bank

Rakyat

Indonesia

Persero

Tbk

PT

94,864,182

21,972

Grupo

Financiero

Banorte

SAB

de

CV

894,100

7,666

HDFC

Bank

Ltd

2,205,303

50,091

ICICI

Bank

Ltd

3,413,673

57,381

Kotak

Mahindra

Bank

Ltd

2,164,182

56,563

National

Bank

of

Greece

SA

5,155,574

54,719

Piraeus

Financial

Holdings

SA

5,766,792

32,386

PT

Bank

Central

Asia

Tbk

40,727,100

21,654

Saudi

National

Bank/The

3,866,054

36,836

Vietnam

Technological

&

Commercial

Joint

Stock

Bank

15,642,400

15,887

$

423,436

Beverages

-

.56

%

Arca

Continental

SAB

de

CV

914,600

9,632

Ichitan

Group

PCL

21,822,400

7,837

Varun

Beverages

Ltd

3,603,637

22,248

$

39,717

Biotechnology

-

.67

%

Zai

Lab

Ltd

ADR

(d) 267,883

8,489

Zai

Lab

Ltd

(d) 2,678,820

8,533

$

17,022

Building

Materials

-

.02

%

Cemex

SAB

de

CV

56,094,414

34,697

Voltas

Ltd

1,129,708

16,558

$

51,255

Chemicals

-

.22

%

Orbia

Advance

Corp

SAB

de

CV

8,220,800

5,550

Commercial

Services

-

.41

%

GPS

Participacoes

e

Empreendimentos

SA

(e) 2,610,807

6,942

Humansoft

Holding

Co

KSC

491,897

3,810

JSW

Infrastructure

Ltd

7,193,121

25,005

$

35,757

Computers

-

.20

%

Elm

Co

22,376

6,192

Globant

SA

(d) 115,129

13,536

WNS

Holdings

Ltd

(d) 175,862

10,643

$

30,371

Distribution

&

Wholesale

-

.11

%

AKR

Corporindo

Tbk

PT

37,902,800

2,877

Diversified

Financial

Services

-

.52

%

Bajaj

Finance

Ltd

184,439

18,819

Banco

BTG

Pactual

SA

1,509,350

10,178

Fubon

Financial

Holding

Co

Ltd

6,921,345

18,345

Intercorp

Financial

Services

Inc

343,483

11,634

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

KB

Financial

Group

Inc

484,248

$

30,604

$

89,580

Electric

-

.37

%

Adani

Energy

Solutions

Ltd

(d) 3,019,549

32,011

Emirates

Central

Cooling

Systems

Corp

6,262,800

2,752

$

34,763

Electrical

Components

&

Equipment

-

.70

%

Delta

Electronics

Inc

4,124,000

43,212

Electronics

-

.34

%

Avalon

Technologies

Ltd

(d),(e)

727,742

7,438

E

Ink

Holdings

Inc

2,264,000

15,815

Voltronic

Power

Technology

Corp

232,000

10,879

$

34,132

Engineering

&

Construction

-

.28

%

Cury

Construtora

e

Incorporadora

SA

3,539,900

17,097

L&T

Technology

Services

Ltd

(e) 157,849

7,931

Samsung

E&A

Co

Ltd

562,100

7,600

$

32,628

Food

-

.91

%

Bid

Corp

Ltd

549,161

13,800

Indofood

Sukses

Makmur

Tbk

PT

18,183,200

8,771

LT

Foods

Ltd

2,124,700

8,723

Nestle

India

Ltd

344,521

9,738

SM

Investments

Corp

213,765

3,328

WH

Group

Ltd

(e) 33,119,000

29,615

$

73,975

Forest

Products

&

Paper

-

.40

%

Suzano

SA

4,018,300

35,473

Healthcare

-

Products

-

.21

%

Pegavision

Corp

309,000

3,371

Universal

Vision

Biotechnology

Co

Ltd

348,000

1,947

$

5,318

Healthcare

-

Services

-

.52

%

Bangkok

Dusit

Medical

Services

PCL

11,102,800

7,883

Hygeia

Healthcare

Holdings

Co

Ltd

(d),(e),(f)

3,006,200

5,421

$

13,304

Home

Furnishings

-

.41

%

Anker

Innovations

Technology

Co

Ltd

839,679

10,296

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

—

$

10,296

Insurance

-

.72

%

AIA

Group

Ltd

6,008,000

45,018

China

Pacific

Insurance

Group

Co

Ltd

11,267,800

30,657

Max

Financial

Services

Ltd

(d) 920,206

14,197

PICC

Property

&

Casualty

Co

Ltd

2,558,000

4,710

$

94,582

Internet

-

.68

%

Alibaba

Group

Holding

Ltd

5,625,224

83,985

Grab

Holdings

Ltd

(d) 4,409,538

21,519

JD.com

Inc

2,155,600

35,096

Meituan

(d),(e)

1,765,100

29,225

MercadoLibre

Inc

(d) 19,046

44,393

Tencent

Holdings

Ltd

2,733,200

167,411

Tencent

Music

Entertainment

Group

ADR

132,401

1,777

Tencent

Music

Entertainment

Group

264,800

1,788

Trip.com

Group

Ltd

ADR

111,674

6,588

Trip.com

Group

Ltd

111,674

6,727

$

398,509

Iron

&

Steel

-

.09

%

Severstal

PAO

(d) 31,471

—

Ternium

SA

ADR

83,046

2,397

$

2,397

Leisure

Products

&

Services

-

.25

%

Bajaj

Auto

Ltd

242,919

23,079

Yadea

Group

Holdings

Ltd

(e) 4,766,000

8,602

$

31,681

Schedule

of

Investments

Global

Emerging

Markets

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Lodging

-

.87

%

Atour

Lifestyle

Holdings

Ltd

ADR

905,182

$

22,123

Machinery

-

Diversified

-

.55

%

WEG

SA

1,754,700

13,923

Metal

Fabrication

&

Hardware

-

.34

%

APL

Apollo

Tubes

Ltd

450,393

8,609

Mining

-

.19

%

Aluminum

Corp

of

China

Ltd

5,316,000

2,853

Anglogold

Ashanti

Plc

426,810

17,769

Capstone

Copper

Corp

(d) 1,947,900

9,382

Impala

Platinum

Holdings

Ltd

(d) 1,844,168

10,967

Ivanhoe

Mines

Ltd

(d) 961,200

8,534

Polyus

PJSC

(d) 3,430

—

Shandong

Gold

Mining

Co

Ltd

(e),(f)

2,084,750

6,142

$

55,647

Miscellaneous

Manufacturers

-

.70

%

Escorts

Kubota

Ltd

341,995

13,192

Zhuzhou

CRRC

Times

Electric

Co

Ltd

1,160,400

4,658

$

17,850

Oil

&

Gas

-

.67

%

ADNOC

Drilling

Co

PJSC

4,742,994

6,328

Geopark

Ltd

(f) 312,265

2,099

HD

Hyundai

Co

Ltd

198,317

10,968

PRIO

SA/Brazil

(d) 481,500

2,860

Reliance

Industries

Ltd

922,831

15,323

Saudi

Arabian

Oil

Co

(e) 712,963

4,820

$

42,398

Pharmaceuticals

-

.52

%

Caplin

Point

Laboratories

Ltd

529,180

11,768

Hansoh

Pharmaceutical

Group

Co

Ltd

(e) 6,032,000

18,693

Richter

Gedeon

Nyrt

146,795

4,452

Simcere

Pharmaceutical

Group

Ltd

(e) 3,348,000

3,785

$

38,698

Pipelines

-

.44

%

Gaztransport

Et

Technigaz

SA

69,201

11,280

Real

Estate

-

.66

%

China

Overseas

Land

&

Investment

Ltd

841,000

1,492

China

Resources

Land

Ltd

3,100,000

10,430

Sun

Hung

Kai

Properties

Ltd

509,500

4,834

$

16,756

Retail

-

.29

%

El

Puerto

de

Liverpool

SAB

de

CV

584,958

2,694

Jumbo

SA

213,467

6,740

Wal-Mart

de

Mexico

SAB

de

CV

3,989,000

12,638

Yum

China

Holdings

Inc

230,800

10,782

$

32,854

Semiconductors

-

.51

%

Alchip

Technologies

Ltd

141,000

9,422

ASE

Technology

Holding

Co

Ltd

1,758,000

7,491

ASML

Holding

NV

-

NY

Reg

Shares

8,985

6,003

ASPEED

Technology

Inc

90,000

8,467

MediaTek

Inc

879,000

37,351

Samsung

Electronics

Co

Ltd

1,805,141

70,432

SK

Hynix

Inc

236,851

29,553

Taiwan

Semiconductor

Manufacturing

Co

Ltd

9,751,685

276,310

$

445,029

Software

-

.92

%

NetEase

Inc

1,091,825

23,470

Telecommunications

-

.75

%

Accton

Technology

Corp

992,000

18,477

Xiaomi

Corp

(d),(e)

8,040,200

51,475

$

69,952

Textiles

-

.19

%

SLC

Agricola

SA

1,400,406

4,864

Transportation

-

.36

%

Blue

Dart

Express

Ltd

29,260

2,151

JD

Logistics

Inc

(d),(e)

4,463,700

7,001

$

9,152

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Water

-

.43

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

542,300

$

10,846

TOTAL

COMMON

STOCKS

$

2,441,480

PREFERRED

STOCKS

-

.08

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.52

%

Hyundai

Motor

Co

12,600.00%

123,183

$

13,223

Oil

&

Gas

-

.56

%

Petroleo

Brasileiro

SA

1.47%

2,669,000

14,128

TOTAL

PREFERRED

STOCKS

$

27,351

Total

Investments

$

2,542,665

Other

Assets

and

Liabilities

- (0.03)%

(833)

TOTAL

NET

ASSETS

-

100.00%

$

2,541,832

(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

$7,717

or

0.30%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$187,090

or

7.36%

of

net

assets.

(f) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,171

or

0.28%

of

net

assets.

Schedule

of

Investments

Global

Emerging

Markets

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

105,493

$

348,505

$

380,971

$

73,027

$

105,493

$

348,505

$

380,971

$

73,027

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,308

$

—

$

—

$

—

$

1,308

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.09

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.09

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

18,509,009

$

18,509

TOTAL

INVESTMENT

COMPANIES

$

18,509

COMMON

STOCKS

-

.67

%

Shares

Held

Value

(000's)

Engineering

&

Construction

-

.89

%

Cellnex

Telecom

SA

-

Rights

(c),(d)

375,102

$

15,180

Real

Estate

-

.18

%

Fastighets

AB

Balder

(c) 2,523,138

18,137

Mitsubishi

Estate

Co

Ltd

1,435,900

25,223

Mitsui

Fudosan

Co

Ltd

4,168,679

41,314

Sun

Hung

Kai

Properties

Ltd

2,060,000

19,542

Swire

Properties

Ltd

4,427,400

9,785

Vonovia

SE

1,056,228

35,035

Wharf

Real

Estate

Investment

Co

Ltd

2,486,000

5,945

Wihlborgs

Fastigheter

AB

1,704,860

17,684

$

172,665

REITs

-

.82

%

Advance

Residence

Investment

Corp

6,774

6,980

Allied

Properties

Real

Estate

Investment

Trust

830,494

9,241

American

Healthcare

REIT

Inc

570,886

18,428

American

Homes

Rent

1,149,796

42,991

American

Tower

Corp

115,691

26,078

Americold

Realty

Trust

Inc

1,041,516

20,143

AvalonBay

Communities

Inc

295,648

62,080

Broadstone

Net

Lease

Inc

940,513

15,218

Canadian

Apartment

Properties

REIT

437,171

13,350

COPT

Defense

Properties

271,548

7,090

Cousins

Properties

Inc

601,431

16,563

Daiwa

House

REIT

Investment

Corp

6,413

10,742

Digital

Realty

Trust

Inc

219,571

35,250

EastGroup

Properties

Inc

81,667

13,346

Equinix

Inc

122,019

105,028

Equity

LifeStyle

Properties

Inc

370,945

24,030

Equity

Residential

462,096

32,467

Essex

Property

Trust

Inc

94,938

26,502

Extra

Space

Storage

Inc

413,203

60,543

Gaming

and

Leisure

Properties

Inc

447,601

21,422

Gecina

SA

120,495

12,370

GLP

J-Reit

11,727

10,115

Goodman

Group

2,922,267

55,943

Healthpeak

Properties

Inc

1,235,270

22,037

InterRent

Real

Estate

Investment

Trust

799,275

6,546

Invincible

Investment

Corp

17,256

7,132

Invitation

Homes

Inc

1,387,450

47,437

Iron

Mountain

Inc

158,082

14,175

Japan

Real

Estate

Investment

Corp

7,469

5,928

Keppel

DC

REIT

10,139,392

16,775

Kilroy

Realty

Corp

318,127

10,024

Klepierre

SA

1,175,411

43,024

Mapletree

Industrial

Trust

6,939,000

10,734

Mapletree

Logistics

Trust

11,629,511

10,008

Mirvac

Group

12,363,677

18,034

National

Storage

REIT

6,517,692

9,584

Nippon

Accommodations

Fund

Inc

5,885

4,801

Nippon

Building

Fund

Inc

17,782

16,505

Nippon

Prologis

REIT

Inc

7,050

11,659

Prologis

Inc

677,662

69,257

Prologis

Property

Mexico

SA

de

CV

1,101,293

3,908

Regency

Centers

Corp

528,873

38,174

Rexford

Industrial

Realty

Inc

704,974

23,335

Ryman

Hospitality

Properties

Inc

265,857

23,382

Sabra

Health

Care

REIT

Inc

1,360,150

24,279

Safestore

Holdings

PLC

1,275,381

10,734

Saul

Centers

Inc

61,964

2,026

Segro

PLC

3,011,896

27,398

Sekisui

House

Reit

Inc

20,028

10,805

Simon

Property

Group

Inc

162,756

25,615

Stockland

8,131,275

28,575

Unibail-Rodamco-Westfield

235,263

19,916

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

UNITE

Group

PLC/The

1,617,945

$

18,589

Ventas

Inc

1,050,021

73,585

VICI

Properties

Inc

1,535,368

49,162

Vornado

Realty

Trust

381,045

13,443

Welltower

Inc

724,729

110,586

$

1,473,092

Telecommunications

-

.78

%

NEXTDC

Ltd

(c) 1,746,274

13,259

TOTAL

COMMON

STOCKS

$

1,674,196

Total

Investments

$

1,692,705

Other

Assets

and

Liabilities

- 0.24%

3,994

TOTAL

NET

ASSETS

-

100.00%

$

1,696,699

(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

$15,180

or

0.89%

of

net

assets.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

26,078

$

189,006

$

196,575

$

18,509

$

26,078

$

189,006

$

196,575

$

18,509

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

602

$

—

$

—

$

—

$

602

$

—

$

—

$

—

Amounts

in

thousands.

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.62

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.62

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

4,005,499

$

4,006

TOTAL

INVESTMENT

COMPANIES

$

4,006

BONDS

-

.36

%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

.85

%

Ally

Auto

Receivables

Trust

2024-2

4.46%,

07/15/2027

$

3,377

$

3,375

AmeriCredit

Automobile

Receivables

Trust

2023-2

6.19%,

04/19/2027

1,017

1,019

AmeriCredit

Automobile

Receivables

Trust

2024-1

4.95%,

02/18/2028

4,522

4,518

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.60%

5.75%,

02/18/2028

1,482

1,486

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

3,801

3,810

BofA

Auto

Trust

2024-1

5.57%,

12/15/2026

(c) 2,160

2,164

Carmax

Auto

Owner

Trust

2024-3

5.21%,

09/15/2027

4,012

4,022

Chase

Auto

Owner

Trust

2024-1

5.48%,

04/26/2027

(c) 1,672

1,675

Chase

Auto

Owner

Trust

2024-4

5.25%,

09/27/2027

(c) 3,643

3,650

GM

Financial

Automobile

Leasing

Trust

2024-1

5.18%,

06/22/2026

1,700

1,702

GM

Financial

Automobile

Leasing

Trust

2024-3

4.82%,

01/20/2027

6,376

6,369

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.47%

Mercedes-Benz

Auto

Lease

Trust

2024-A

5.44%,

02/16/2027

3,331

3,340

Santander

Drive

Auto

Receivables

Trust

2024-1

5.25%,

04/17/2028

4,220

4,227

5.71%,

02/16/2027

Santander

Drive

Auto

Receivables

Trust

2024-2

5.80%,

09/15/2027

957

958

Santander

Drive

Auto

Receivables

Trust

2024-3

5.91%,

06/15/2027

1,631

1,634

Santander

Drive

Auto

Receivables

Trust

2024-4

5.41%,

07/15/2027

3,882

3,886

Santander

Drive

Auto

Receivables

Trust

2025-1

4.76%,

08/16/2027

4,120

4,120

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

5,625

5,628

SBNA

Auto

Lease

Trust

2024-B

5.67%,

11/20/2026

(c) 2,847

2,852

Tesla

Electric

Vehicle

Trust

2023-1

5.54%,

12/21/2026

(c) 1,889

1,893

Toyota

Auto

Receivables

2023-C

Owner

Trust

5.60%,

08/17/2026

Wheels

Fleet

Lease

Funding

LLC

4.99%,

01/18/2040

(c) 7,080

7,049

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

69,960

Credit

Card

Asset

Backed

Securities

-

.85

%

American

Express

Credit

Account

Master

Trust

3.39%,

05/15/2027

6,600

6,597

BA

Credit

Card

Trust

3.53%,

11/15/2027

5,000

4,993

5.00%,

04/15/2028

6,175

6,190

Capital

One

Multi-Asset

Execution

Trust

3.49%,

05/15/2027

6,701

6,698

Citibank

Credit

Card

Issuance

Trust

5.23%,

12/08/2027

4,250

4,267

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Credit

Card

Asset

Backed

Securities

(continued)

Discover

Card

Execution

Note

Trust

3.32%,

05/15/2027

$

5,931

$

5,928

3.56%,

07/15/2027

7,050

7,034

4.31%,

03/15/2028

8,087

8,084

5.03%,

10/15/2027

7,265

7,280

$

57,071

Mortgage

Backed

Securities

-

.53

%

Citigroup

Mortgage

Loan

Trust

2015-PS1

5.25%,

09/25/2042

(c),(d)

2,584

2,582

CSMC

Trust

2015-1

3.89%,

01/25/2045

(c),(d)

2,309

2,229

Fannie

Mae

Interest

Strip

3.50%,

12/25/2043

(d),(e)

1,278

Fannie

Mae

REMICS

1.53%,

09/25/2046

(e) 10,103

1,190

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.53%,

10/25/2049

(e) 10,737

1,433

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.53%,

05/25/2050

(e) 11,861

1,558

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

1.58%,

08/25/2049

(e) 17,046

2,042

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.58%,

09/25/2049

(e) 4,863

641

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.58%,

11/25/2049

(e) 8,023

973

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.60%,

06/25/2050

(e) 7,036

917

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.96%

1.68%,

09/25/2047

(e) 15,267

1,877

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

2.23%,

12/25/2042

(e) 6,061

913

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.59%

2.23%,

06/25/2045

(e) 3,518

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.00%

2.50%,

02/25/2028

(e) 1,323

3.00%,

07/25/2032

(e) 2,594

3.00%,

10/25/2040

(e) 715

3.00%,

04/25/2042

3.00%,

05/25/2048

697

613

3.00%,

01/25/2051

(e) 10,833

1,782

3.50%,

02/25/2036

(e) 1,855

3.50%,

02/25/2043

(e) 506

3.50%,

02/25/2043

3.50%,

07/25/2043

(e) 2,735

3.50%,

08/25/2045

5.07%,

04/25/2027

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.71%

7.00%,

04/25/2032

Freddie

Mac

REMICS

1.58%,

09/25/2049

(e) 15,337

1,916

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.58%,

10/25/2049

(e) 12,203

1,396

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Freddie

Mac

REMICS

(continued)

1.58%,

11/25/2049

(e) $

5,375

$

647

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.58%,

03/25/2050

(e) 9,063

1,165

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

1.63%,

08/25/2050

(e) 7,441

1,020

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

3.00%,

04/15/2046

752

703

4.00%,

11/15/2042

(e) 1,115

6.50%,

08/15/2027

Ginnie

Mae

1.67%,

03/20/2044

(e) 3,911

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.67%,

06/20/2046

(e) 1,811

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.67%,

08/20/2047

(e) 9,633

1,239

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

1.77%,

10/20/2045

(e) 4,098

522

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.77%,

11/20/2047

(e) 2,980

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

1.87%,

08/20/2050

(e) 10,613

1,596

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.87%,

07/20/2051

(e) 7,617

1,110

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.87%,

08/20/2051

(e) 8,909

1,352

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

1.90%,

09/20/2050

(e) 6,765

997

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

3.00%,

07/20/2050

(e) 6,141

985

3.00%,

11/20/2050

(e) 10,966

1,884

3.00%,

11/20/2050

(e) 16,861

2,884

3.00%,

12/20/2050

(e) 6,941

1,153

3.50%,

10/20/2049

(e) 10,167

1,950

4.00%,

04/20/2044

(e) 1,123

4.00%,

01/20/2046

(e) 931

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(c),(d)

570

515

New

Residential

Mortgage

Loan

Trust

2015-2

5.30%,

08/25/2055

(c),(d)

2,551

2,540

NRP

Mortgage

Trust

2013-1

3.28%,

07/25/2043

(c),(d)

1,516

1,108

Sequoia

Mortgage

Trust

2013-2

3.64%,

02/25/2043

(d) 712

696

Sequoia

Mortgage

Trust

2017-3

3.76%,

04/25/2047

(c),(d)

1,692

1,591

Sequoia

Mortgage

Trust

2017-5

3.50%,

08/25/2047

(c),(d)

Sequoia

Mortgage

Trust

2024-5

6.00%,

06/25/2054

(c),(d)

3,717

3,729

$

54,963

Other

Asset

Backed

Securities

-

.13

%

MMAF

Equipment

Finance

LLC

2019-B

2.07%,

07/13/2026

(c) 847

844

TOTAL

BONDS

$

182,838

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.92

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.85

%

3.00%,

04/01/2035

$

587

$

564

3.00%,

03/01/2037

1,422

1,341

3.00%,

05/01/2043

921

838

3.00%,

07/01/2045

2,385

2,141

3.00%,

10/01/2046

3,516

3,160

3.50%,

11/01/2026

3.50%,

02/01/2032

855

842

3.50%,

04/01/2032

827

814

3.50%,

04/01/2042

2,222

2,083

3.50%,

07/01/2042

2,772

2,599

3.50%,

08/01/2043

1,787

1,676

3.50%,

02/01/2044

1,904

1,773

3.50%,

11/01/2046

1,659

1,531

4.00%,

12/01/2041

1,565

1,513

4.00%,

07/01/2042

1,329

1,284

4.00%,

09/15/2042

4.00%,

10/01/2045

2,794

2,668

4.50%,

04/01/2041

1,569

1,557

5.00%,

10/01/2025

5.00%,

12/01/2032

5.00%,

02/01/2033

5.00%,

01/01/2034

989

1,004

5.00%,

05/01/2034

5.00%,

07/01/2035

5.00%,

10/01/2035

5.00%,

11/01/2035

5.00%,

07/01/2044

778

786

5.00%,

03/01/2048

1,586

1,593

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

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

$

31,259

Federal

National

Mortgage

Association

(FNMA)

-

.07

%

5.50%,

05/01/2033

6.00%,

01/01/2032

6.00%,

04/01/2033

6.00%,

09/01/2034

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)

(continued)

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

7.50%,

02/01/2030

$

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.84

%

2.00%,

11/01/2051

9,395

7,568

2.00%,

11/01/2051

3,667

2,917

2.00%,

12/01/2051

12,028

9,643

2.00%,

12/01/2051

16,078

12,963

2.00%,

01/01/2052

10,717

8,656

2.00%,

01/01/2052

13,550

10,884

2.00%,

02/01/2052

10,159

8,282

2.00%,

03/01/2052

11,538

9,222

2.50%,

02/01/2051

7,098

6,028

2.50%,

07/01/2051

10,596

8,928

2.50%,

10/01/2051

11,087

9,237

2.50%,

11/01/2051

5,277

4,478

2.50%,

12/01/2051

11,830

10,094

2.50%,

01/01/2052

11,508

9,779

3.00%,

08/01/2031

1,884

1,838

3.00%,

10/01/2036

2,161

2,037

3.00%,

01/01/2046

2,213

1,983

3.00%,

07/01/2046

2,397

2,132

3.00%,

10/01/2046

2,861

2,547

3.00%,

12/01/2046

3,094

2,750

3.00%,

07/01/2050

5,008

4,397

3.00%,

08/01/2050

3,906

3,430

3.00%,

09/01/2050

6,343

5,574

3.50%,

08/01/2031

1,051

1,038

3.50%,

06/01/2039

1,084

1,040

3.50%,

06/01/2042

894

837

3.50%,

11/01/2042

1,666

1,560

3.50%,

02/01/2043

809

758

3.50%,

05/01/2043

1,169

1,095

3.50%,

03/01/2045

1,768

1,642

3.50%,

09/01/2045

1,757

1,627

3.50%,

11/01/2048

5,688

5,286

3.50%,

12/01/2049

921

850

4.00%,

01/01/2034

4.00%,

10/01/2037

1,393

1,377

4.00%,

09/01/2040

755

730

4.00%,

02/01/2042

724

699

4.00%,

03/01/2043

1,022

986

4.00%,

08/01/2044

1,371

1,320

4.00%,

11/01/2044

1,129

1,082

4.00%,

07/01/2045

1,839

1,752

4.00%,

08/01/2045

2,005

1,916

4.00%,

08/01/2046

3,225

3,060

4.00%,

07/01/2047

2,990

2,849

4.00%,

02/01/2048

2,610

2,478

4.00%,

07/01/2052

2,518

2,351

4.50%,

09/01/2025

4.50%,

08/01/2039

918

912

4.50%,

10/01/2044

1,286

1,247

4.50%,

12/01/2044

2,684

2,634

4.50%,

05/01/2045

1,222

1,198

4.50%,

09/01/2045

1,618

1,586

4.50%,

10/01/2045

2,342

2,302

4.50%,

11/01/2045

3,305

3,234

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.50%,

06/01/2052

$

4,682

$

4,516

4.50%,

08/01/2052

4,719

4,538

4.50%,

10/01/2052

3,318

3,179

4.50%,

01/01/2054

4,621

4,453

5.00%,

01/01/2026

5.00%,

04/01/2035

5.00%,

05/01/2035

5.00%,

07/01/2035

5.00%,

02/01/2038

699

707

5.00%,

03/01/2038

5.00%,

02/01/2040

2,076

2,115

5.00%,

05/01/2040

800

807

5.00%,

07/01/2040

5.00%,

07/01/2041

2,185

2,205

5.00%,

02/01/2044

1,083

1,088

5.00%,

06/01/2044

928

937

5.00%,

05/01/2048

1,729

1,734

5.00%,

09/01/2052

4,254

4,206

5.00%,

11/01/2054

5,494

5,409

5.00%,

02/01/2055

3,044

2,997

5.00%,

05/01/2055

(f) 21,900

21,436

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

5,277

5,312

5.50%,

07/01/2053

5,505

5,616

5.50%,

11/01/2053

6,012

6,059

5.50%,

11/01/2053

5,870

5,906

5.50%,

05/01/2054

4,770

4,788

5.50%,

10/01/2054

7,614

7,665

5.50%,

02/01/2055

4,850

4,868

5.50%,

05/01/2055

(f) 25,400

25,346

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

4,983

5,111

6.00%,

05/01/2054

4,911

5,026

6.00%,

06/01/2054

3,484

3,573

6.00%,

09/01/2054

3,472

3,553

6.00%,

05/01/2055

(f) 26,040

26,416

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%,

05/01/2054

3,646

3,786

6.50%,

05/01/2055

(f) 8,610

8,866

7.00%,

11/01/2031

7.50%,

08/01/2032

$

379,396

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

-

.95

%

2.00%,

08/20/2050

$

3,575

$

2,917

2.00%,

02/20/2051

8,916

7,276

2.50%,

06/20/2050

14,187

12,144

3.00%,

02/15/2043

2,025

1,838

3.00%,

09/20/2046

2,807

2,483

3.00%,

02/20/2047

2,419

2,170

3.50%,

05/15/2043

2,475

2,309

3.50%,

06/20/2043

1,790

1,639

3.50%,

02/20/2047

980

903

3.50%,

10/20/2047

1,566

1,443

4.00%,

08/15/2041

1,035

988

4.00%,

09/15/2041

2,126

2,028

4.00%,

03/15/2044

1,363

1,300

4.50%,

08/20/2048

1,286

1,248

4.50%,

05/20/2052

4,739

4,565

4.50%,

09/20/2052

5,647

5,439

4.50%,

06/20/2053

10,517

10,100

5.00%,

12/20/2052

7,808

7,703

5.00%,

04/20/2053

12,809

12,620

5.00%,

10/20/2053

4,973

4,893

5.00%,

05/20/2055

(f) 18,125

17,778

5.50%,

07/20/2033

5.50%,

03/20/2034

5.50%,

05/20/2035

5.50%,

03/20/2053

6,221

6,239

5.50%,

08/20/2053

12,526

12,548

5.50%,

05/20/2055

(f) 24,100

24,087

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%,

05/20/2055

(f) 25,620

25,912

6.50%,

03/15/2026

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

$

173,791

U.S.

Treasury

Bill

-

.21

%

4.19%,

06/24/2025

(g) 2,795

2,777

4.21%,

07/17/2025

(g) 18,115

17,953

$

20,730

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

605,634

Total

Investments

$

792,478

Other

Assets

and

Liabilities

- (22.90)%

(147,640)

TOTAL

NET

ASSETS

-

100.00%

$

644,838

(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

$34,584

or

5.36%

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) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

3,266

$

141,012

$

140,272

$

4,006

$

3,266

$

141,012

$

140,272

$

4,006

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Note;

June

2025

Long

$

17,955

$

US

Year

Note;

June

2025

Short

22,480

(117)

US

Year

Note;

June

2025

Short

32,104

(495)

US

Long

Bond;

June

2025

Long

14,345

Total

$

(288)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Government

Money

Market

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.08

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.08

%

DWS

Government

Money

Market

Series

-

Institutional

Class

4.31%

(a) 92,700,000

$

92,700

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Class

4.25%

(a) 18,000,000

18,000

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

4.29%

(a) 78,300,000

78,300

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.26%

(a) 56,700,000

56,700

$

245,700

TOTAL

INVESTMENT

COMPANIES

$

245,700

BONDS

-

.28

%

Principal

Amount

(000's)

Value

(000's)

Federal

&

Federally

Sponsored

Credit

-

.93

%

Federal

Farm

Credit

Banks

Funding

Corp

0.00%,

02/01/2027

(b),(c)

$

45,000

$

45,000

Secured

Overnight

Financing

Rate

+

0.11%

Finance

-

Mortgage

Loan/Banker

-

.35

%

Federal

Farm

Credit

Discount

Notes

4.20%,

05/14/2025

40,000

39,939

Federal

Home

Loan

Bank

Discount

Notes

4.19%,

06/20/2025

60,000

59,651

4.19%,

06/25/2025

60,000

59,616

4.19%,

07/23/2025

42,700

42,288

4.20%,

06/18/2025

64,707

64,343

4.20%,

07/07/2025

24,000

23,813

4.20%,

07/25/2025

72,000

71,289

4.20%,

07/30/2025

60,000

59,370

4.21%,

05/23/2025

50,000

49,871

4.21%,

06/13/2025

60,000

59,698

4.21%,

06/27/2025

45,000

44,700

4.21%,

07/01/2025

52,041

51,671

4.21%,

07/02/2025

50,000

49,638

4.21%,

07/09/2025

62,150

61,650

4.21%,

07/16/2025

60,000

59,466

4.22%,

05/09/2025

65,000

64,939

4.22%,

05/16/2025

60,000

59,895

4.22%,

05/28/2025

44,000

43,861

4.23%,

05/21/2025

60,000

59,859

4.23%,

06/03/2025

60,000

59,768

4.24%,

06/11/2025

60,000

59,711

4.25%,

05/02/2025

61,124

61,117

4.25%,

05/07/2025

72,450

72,399

4.25%,

05/30/2025

60,000

59,797

4.25%,

06/02/2025

50,000

49,811

4.25%,

06/06/2025

67,000

66,716

4.25%,

06/10/2025

60,000

59,717

4.26%,

06/04/2025

85,000

84,661

Freddie

Mac

Discount

Notes

4.22%,

07/22/2025

30,000

29,712

4.22%,

07/24/2025

9,383

9,291

4.23%,

05/19/2025

90,000

89,810

4.25%,

05/14/2025

9,475

9,460

4.25%,

05/16/2025

20,000

19,965

$

1,757,492

TOTAL

BONDS

$

1,802,492

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.40

%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

-

.40

%

4.16%,

07/08/2025

$

60,000

$

59,529

4.17%,

07/01/2025

60,000

59,577

4.18%,

07/15/2025

60,000

59,478

4.19%,

05/29/2025

60,000

59,804

4.19%,

07/22/2025

60,000

59,427

4.20%,

06/12/2025

60,000

59,706

4.21%,

06/17/2025

50,000

49,725

4.22%,

05/08/2025

60,000

59,951

4.22%,

05/15/2025

50,000

49,918

4.23%,

05/01/2025

60,000

60,000

4.23%,

05/27/2025

60,000

59,817

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

(continued)

4.23%,

08/14/2025

$

60,000

$

59,261

$

696,193

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

696,193

REPURCHASE

AGREEMENTS

-

.46

%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

.46

%

Bank

of

Montreal

Repurchase

Agreement;

4.34%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Securities;

$153,000,074;

0.00%-4.625%;

dated

07/15/2025-02/15/2041)

$

150,018

$

150,000

Bank

of

New

York

Mellon

Repurchase

Agreement;

4.36%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Security;

$204,000,053;

3.875%;

dated

04/30/2030)

200,024

200,000

Barclays

Capital

Repurchase

Agreement;

4.36%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Security;

$132,600,019;

3.75%;

dated

12/31/2030)

130,016

130,000

BNP

Paribas

Securities

Corp

Repurchase

Agreement;

4.36%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Securities;

$142,800,000;

0.00%-4.375%;

dated

05/15/2025-05/15/2049)

140,017

140,000

Federal

Reserve

Bank

of

New

York

Repurchase

Agreement;

4.25%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Securities;

$1,100,129,875;

0.625%-2.375%;

dated

01/31/2027-02/15/2041)

1,100,130

1,100,000

Goldman

Sachs

Repurchase

Agreement;

4.34%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Securities;

$122,400,011;

0.00%-2.875%;

dated

05/15/2025-05/15/2049)

120,014

120,000

HSBC

Bank

USA

Repurchase

Agreement;

4.34%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Securities;

$163,200,001;

0.00%-4.50%;

dated

05/15/2027-05/15/2044)

160,019

160,000

Merrill

Lynch

Repurchase

Agreement;

4.35%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Security;

$153,000,013;

4.00%;

dated

01/31/2031)

150,018

150,000

$

2,150,000

TOTAL

REPURCHASE

AGREEMENTS

$

2,150,000

Total

Investments

$

4,894,385

Other

Assets

and

Liabilities

- (1.22)%

(59,216)

TOTAL

NET

ASSETS

-

100.00%

$

4,835,169

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

purchased

on

a

when-issued

basis.

(c) Non-income

producing

security

Schedule

of

Investments

High

Yield

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.83

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.83

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

8,575,965

$

8,576

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

468,197,640

468,198

$

476,774

TOTAL

INVESTMENT

COMPANIES

$

476,774

COMMON

STOCKS

-

.04

%

Shares

Held

Value

(000's)

Distribution

&

Wholesale

-

.00

%

ATD

New

Holdings

Inc

(d),(e),(f)

101,514

$

—

Diversified

Financial

Services

-

.00

%

Avation

PLC

-

Warrants

(d) 103,250

Electric

-

.00

%

Vistra

Energy

Corp

-

Rights

(d),(e)

164,087

—

Healthcare

-

Services

-

.01

%

Sound

Inpatient

Physicians

Inc

-

Class

A

(d),(e)

3,870,585

532

Sound

Inpatient

Physicians

Inc

-

Class

A2

(d),(e)

173,273

$

705

Mining

-

.01

%

Arctic

Canadian

Diamond

Co

Ltd

(d),(e),(g)

5,247

Burgundy

Diamond

Mines

Ltd

(d) 6,531,458

$

588

Oil

&

Gas

-

.02

%

Mesquite

Energy

Inc

(d),(e)

15,341

1,087

Sabine

Oil

&

Gas

Holdings

Inc

(d),(e)

—

$

1,087

Retail

-

.00

%

Claire's

Holdings

LLC

(d),(e)

4,036

—

Telecommunications

-

.00

%

Goodman

Networks

Inc

(d),(e)

15,207

—

TOTAL

COMMON

STOCKS

$

2,424

PREFERRED

STOCKS

-

.00

%

Shares

Held

Value

(000's)

Telecommunications

-

.00

%

Goodman

Networks

Inc

0.00%

(d),(e)

18,092

$

—

TOTAL

PREFERRED

STOCKS

$

—

BONDS

-

.85

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.00

%

Bombardier

Inc

7.00%,

06/01/2032

(h),(i)

$

11,804

$

11,943

7.25%,

07/01/2031

(i) 13,761

14,089

7.50%,

02/01/2029

(i) 2,660

2,740

8.75%,

11/15/2030

(i) 20,773

22,259

TransDigm

Inc

4.88%,

05/01/2029

3,280

3,165

6.00%,

01/15/2033

(i) 30,745

30,681

6.38%,

03/01/2029

(i) 14,100

14,364

6.63%,

03/01/2032

(i) 6,872

7,039

7.13%,

12/01/2031

(i) 1,400

1,455

Triumph

Group

Inc

9.00%,

03/15/2028

(i) 13,448

14,107

$

121,842

Airlines

-

.88

%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

2,678

2,507

American

Airlines

Inc

7.25%,

02/15/2028

(h),(i)

8.50%,

05/15/2029

(h),(i)

1,535

1,564

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(i) 8,871

8,604

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(h),(i)

10,300

9,530

OneSky

Flight

LLC

8.88%,

12/15/2029

(i) 7,648

7,720

United

Airlines

2016-1

Class

B

Pass

Through

Trust

3.65%,

07/07/2027

2,716

2,677

United

Airlines

2016-2

Class

A

Pass

Through

Trust

3.10%,

04/07/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

United

Airlines

Inc

4.38%,

04/15/2026

(i) $

$

4.63%,

04/15/2029

(i) 21,835

20,510

$

53,412

Apparel

-

.42

%

S&S

Holdings

LLC

8.38%,

10/01/2031

(i) 27,427

25,774

Automobile

Manufacturers

-

.05

%

Ford

Motor

Co

3.25%,

02/12/2032

4,134

3,378

Automobile

Parts

&

Equipment

-

.39

%

American

Axle

&

Manufacturing

Inc

6.50%,

04/01/2027

6.88%,

07/01/2028

(h) 20,870

20,086

Dana

Inc

4.25%,

09/01/2030

(h) 13,495

12,448

4.50%,

02/15/2032

3,500

3,150

5.38%,

11/15/2027

7,280

7,231

5.63%,

06/15/2028

(h) 6,745

6,689

IHO

Verwaltungs

GmbH

7.75%,

PIK

0.00%;

11/15/2030

(i),(j),(k)

7,950

7,761

8.00%,

PIK

8.75%;

11/15/2032

(i),(j),(k)

1,375

1,317

Phinia

Inc

6.63%,

10/15/2032

(i) 9,460

9,282

6.75%,

04/15/2029

(i) 1,274

1,288

Tenneco

Inc

8.00%,

11/17/2028

(i) 13,280

12,686

ZF

North

America

Capital

Inc

6.75%,

04/23/2030

(i) 50

6.88%,

04/14/2028

(i) 2,805

2,678

6.88%,

04/23/2032

(i) 40

$

84,782

Banks

-

.54

%

Barclays

PLC

5.09%,

06/20/2030

(l) 26,300

26,093

Month

USD

LIBOR

+

3.05%

7.63%,

03/15/2035

(h),(l),(m),(n)

11,725

11,217

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

(l),(m),(n)

21,085

21,541

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

JPMorgan

Chase

&

Co

6.50%,

04/01/2030

(l),(m)

35,370

35,343

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

UBS

Group

AG

7.00%,

02/10/2030

(i),(l),(m),(n)

21,475

20,751

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

9.25%,

11/13/2028

(i),(l),(m),(n)

36,900

39,870

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.75%

$

154,815

Building

Materials

-

.22

%

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028

(h),(i)

27,570

28,401

Miter

Brands

Acquisition

Holdco

Inc

/

MIWD

Borrower

LLC

6.75%,

04/01/2032

(i) 14,060

14,070

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp

5.50%,

02/01/2030

(i) 15,495

13,964

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(i) 22,255

22,381

6.75%,

03/01/2033

(i) 7,865

7,894

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(i) 49,622

48,480

$

135,190

Schedule

of

Investments

High

Yield

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

.17

%

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(i) $

19,485

$

15,164

6.50%,

05/15/2026

(i) 15,740

15,172

12.00%,

02/15/2031

(h),(i)

10,556

9,516

Element

Solutions

Inc

3.88%,

09/01/2028

(i) 25,703

24,299

Kobe

US

Midco

Inc

9.25%,

PIK

10.00%;

11/01/2026

(i),(j),(k)

9,595

8,216

Olin

Corp

6.63%,

04/01/2033

(i) 8,575

8,137

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(i) 1,155

1,067

6.25%,

10/01/2029

(i) 43,405

39,868

7.13%,

10/01/2027

(i) 3,439

3,448

7.25%,

06/15/2031

(h),(i)

12,185

12,185

9.75%,

11/15/2028

(i) 3,584

3,734

Tronox

Inc

4.63%,

03/15/2029

(i) 32,703

26,472

Vibrantz

Technologies

Inc

9.00%,

02/15/2030

(i) 33,845

25,637

$

192,915

Commercial

Services

-

.94

%

ADT

Security

Corp/The

4.13%,

08/01/2029

(i) 14,460

13,645

Albion

Financing

SARL

/

Aggreko

Holdings

Inc

6.13%,

10/15/2026

(i) 5,940

5,917

Albion

Financing

Sarl

8.75%,

04/15/2027

(i) 18,538

18,712

Block

Inc

6.50%,

05/15/2032

(i) 2,210

2,255

EquipmentShare.com

Inc

8.00%,

03/15/2033

(h),(i)

15,345

15,146

8.63%,

05/15/2032

(i) 12,030

12,282

9.00%,

05/15/2028

(i) 1,000

1,018

Garda

World

Security

Corp

4.63%,

02/15/2027

(i) 107

6.00%,

06/01/2029

(i) 18,173

16,998

7.75%,

02/15/2028

(i) 27

8.25%,

08/01/2032

(i) 150

8.38%,

11/15/2032

(i) 20,170

19,896

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

3.38%,

08/31/2027

(i) 284

5.75%,

04/15/2026

(i) 164

6.25%,

01/15/2028

(h),(i)

30,650

30,625

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub

Inc

6.75%,

08/15/2032

(i) 2,630

2,667

United

Rentals

North

America

Inc

3.88%,

02/15/2031

11,480

10,484

4.88%,

01/15/2028

4,136

4,077

5.25%,

01/15/2030

8,650

8,554

Veritiv

Operating

Co

10.50%,

11/30/2030

(h),(i)

34,653

36,197

WASH

Multifamily

Acquisition

Inc

5.75%,

04/15/2026

(i) 31,000

30,689

ZipRecruiter

Inc

5.00%,

01/15/2030

(i) 12,006

10,015

$

239,892

Computers

-

.86

%

McAfee

Corp

7.38%,

02/15/2030

(i) 40,110

34,646

NCR

Atleos

Corp

9.50%,

04/01/2029

(i) 26,470

28,478

Seagate

HDD

Cayman

5.75%,

12/01/2034

9,660

9,321

8.50%,

07/15/2031

3,920

4,193

9.63%,

12/01/2032

15,075

17,014

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

Vericast

Corp

12.50%,

12/15/2027

(i) $

800

$

852

Virtusa

Corp

7.13%,

12/15/2028

(i) 20,062

19,126

$

113,630

Consumer

Products

-

.27

%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(i) 9,075

7,500

10.75%,

06/30/2032

(h),(i)

15,075

9,033

$

16,533

Cosmetics

&

Personal

Care

-

.48

%

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

(d),(e),(g)

4,938

—

Perrigo

Finance

Unlimited

Co

6.13%,

09/30/2032

(h) 29,270

29,055

$

29,055

Distribution

&

Wholesale

-

.08

%

H&E

Equipment

Services

Inc

3.88%,

12/15/2028

(i) 4,885

4,864

Diversified

Financial

Services

-

.69

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.95%,

03/10/2055

(l) 27,625

27,740

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Credit

Acceptance

Corp

6.63%,

03/15/2030

(i) 8,650

8,487

9.25%,

12/15/2028

(i) 28,443

30,059

Freedom

Mortgage

Holdings

LLC

9.13%,

05/15/2031

(i) 44,315

44,806

Global

Aircraft

Leasing

Co

Ltd

8.75%,

09/01/2027

(i) 42,755

42,600

Jane

Street

Group

/

JSG

Finance

Inc

6.13%,

11/01/2032

(i) 31,170

30,636

6.75%,

05/01/2033

(i) 7,350

7,385

Macquarie

Airfinance

Holdings

Ltd

5.15%,

03/17/2030

(i) 5,250

5,152

8.13%,

03/30/2029

(i) 6,885

7,200

Midcap

Financial

Issuer

Trust

5.63%,

01/15/2030

(i) 4,500

3,938

OneMain

Finance

Corp

3.50%,

01/15/2027

4,210

4,031

4.00%,

09/15/2030

7,638

6,773

6.63%,

01/15/2028

2,675

2,694

6.63%,

05/15/2029

11,314

11,347

7.13%,

11/15/2031

(h) 27,370

27,483

7.50%,

05/15/2031

7,760

7,869

Rfna

LP

7.88%,

02/15/2030

(i) 9,790

9,630

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(i) 7,595

7,758

$

285,588

Electric

-

.51

%

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(i) 29,495

28,977

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(i) 43,120

38,389

Lightning

Power

LLC

7.25%,

08/15/2032

(i) 44,485

46,088

NextEra

Energy

Capital

Holdings

Inc

6.70%,

09/01/2054

(l) 29,835

30,077

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

NRG

Energy

Inc

3.63%,

02/15/2031

(i) 10,995

9,882

3.88%,

02/15/2032

(i) 6,181

5,529

6.25%,

11/01/2034

(i) 4,110

4,104

Schedule

of

Investments

High

Yield

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

NRG

Energy

Inc

(continued)

10.25%,

03/15/2028

(i),(l),(m)

$

12,125

$

13,283

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.92%

Vistra

Corp

7.00%,

12/15/2026

(i),(l),(m)

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

(i) 21,107

20,296

$

213,681

Electronics

-

.22

%

Imola

Merger

Corp

4.75%,

05/15/2029

(i) 14,282

13,638

Engineering

&

Construction

-

.39

%

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(i) 25,003

23,777

Entertainment

-

.60

%

Allwyn

Entertainment

Financing

UK

PLC

7.88%,

04/30/2029

(i) 19,815

20,509

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(i) 3,450

3,185

6.00%,

10/15/2032

(h),(i)

15,010

14,151

6.50%,

02/15/2032

(i) 30,505

30,665

7.00%,

02/15/2030

(i) 7,311

7,484

8.13%,

07/01/2027

(i) 115

CCM

Merger

Inc

6.38%,

05/01/2026

(i) 11,939

11,953

Churchill

Downs

Inc

4.75%,

01/15/2028

(i) 240

5.75%,

04/01/2030

(i) 28,560

27,931

6.75%,

05/01/2031

(i) 210

Cinemark

USA

Inc

5.25%,

07/15/2028

(h),(i)

18,440

18,107

7.00%,

08/01/2032

(i) 40,555

41,470

Starz

Capital

Holdings

LLC

5.50%,

04/15/2029

(h),(i)

13,195

10,121

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(i) 104

6.25%,

03/15/2033

(i) 17,075

16,505

7.13%,

02/15/2031

(i) 15,966

16,470

$

219,211

Environmental

Control

-

.50

%

Madison

IAQ

LLC

4.13%,

06/30/2028

(i) 18,265

17,438

Waste

Pro

USA

Inc

7.00%,

02/01/2033

(i) 12,610

12,866

$

30,304

Food

-

.63

%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

3.50%,

03/15/2029

(i) 11,785

10,992

4.63%,

01/15/2027

(i) 8,270

8,176

6.25%,

03/15/2033

(i) 4,740

4,809

B&G

Foods

Inc

5.25%,

09/15/2027

11,625

10,896

8.00%,

09/15/2028

(i) 17,105

16,971

Chobani

Holdco

II

LLC

8.75%,

PIK

9.50%;

10/01/2029

(i),(j),(k)

5,481

5,808

Chobani

LLC

/

Chobani

Finance

Corp

Inc

4.63%,

11/15/2028

(i) 13,095

12,875

7.63%,

07/01/2029

(i) 12,484

13,076

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(i) 3,744

3,922

9.63%,

09/15/2032

(i) 24,490

25,608

Ingles

Markets

Inc

4.00%,

06/15/2031

(i) 20,752

18,780

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

3.63%,

01/15/2032

$

27,275

$

24,677

Pilgrim's

Pride

Corp

3.50%,

03/01/2032

14,595

12,950

4.25%,

04/15/2031

15,060

14,238

Post

Holdings

Inc

4.63%,

04/15/2030

(i) 28,739

27,090

6.25%,

10/15/2034

(i) 2,870

2,846

Viking

Baked

Goods

Acquisition

Corp

8.63%,

11/01/2031

(i) 7,595

7,214

$

220,928

Forest

Products

&

Paper

-

.47

%

Mercer

International

Inc

5.13%,

02/01/2029

21,090

17,348

12.88%,

10/01/2028

(i) 5,860

5,988

Sappi

Papier

Holding

GmbH

7.50%,

06/15/2032

(i) 5,381

5,591

$

28,927

Gas

-

.14

%

Venture

Global

Plaquemines

LNG

LLC

7.75%,

05/01/2035

(i) 8,655

8,888

Healthcare

-

Products

-

.45

%

Medline

Borrower

LP

3.88%,

04/01/2029

(i) 26,645

24,855

5.25%,

10/01/2029

(i) 3,085

2,930

$

27,785

Healthcare

-

Services

-

.10

%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(i) 41,537

39,267

7.38%,

03/15/2033

(i) 3,775

3,772

Centene

Corp

2.50%,

03/01/2031

16,540

14,025

3.00%,

10/15/2030

1,820

1,598

3.38%,

02/15/2030

16,070

14,637

CHS/Community

Health

Systems

Inc

6.00%,

01/15/2029

(i) 29,751

27,715

Concentra

Health

Services

Inc

6.88%,

07/15/2032

(i) 22,130

22,657

LifePoint

Health

Inc

8.38%,

02/15/2032

(i) 18,520

18,889

Molina

Healthcare

Inc

3.88%,

05/15/2032

(i) 10,385

9,151

4.38%,

06/15/2028

(i) 14,923

14,344

6.25%,

01/15/2033

(i) 6,742

6,691

Star

Parent

Inc

9.00%,

10/01/2030

(i) 27,425

27,749

Tenet

Healthcare

Corp

6.13%,

06/15/2030

30,511

30,616

6.75%,

05/15/2031

18,165

18,621

$

249,732

Holding

Companies

-

Diversified

-

.18

%

Clue

Opco

LLC

9.50%,

10/15/2031

(h),(i)

11,510

11,000

Home

Builders

-

.39

%

Adams

Homes

Inc

9.25%,

10/15/2028

(i) 23,814

23,925

Century

Communities

Inc

3.88%,

08/15/2029

(i) 18,585

16,578

6.75%,

06/01/2027

Dream

Finders

Homes

Inc

8.25%,

08/15/2028

(i) 16,133

16,565

Forestar

Group

Inc

6.50%,

03/15/2033

(i) 11,530

11,213

Schedule

of

Investments

High

Yield

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Home

Builders

(continued)

LGI

Homes

Inc

4.00%,

07/15/2029

(i) $

$

7.00%,

11/15/2032

(i) 17,201

15,868

$

84,475

Insurance

-

.30

%

Acrisure

LLC

/

Acrisure

Finance

Inc

4.25%,

02/15/2029

(i) 12,465

11,649

6.00%,

08/01/2029

(i) 7,080

6,707

$

18,356

Investment

Companies

-

.48

%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

35,170

29,325

Iron

&

Steel

-

.12

%

Cleveland-Cliffs

Inc

4.63%,

03/01/2029

(i) 10,100

9,208

4.88%,

03/01/2031

(i) 60

6.75%,

04/15/2030

(i) 80

6.88%,

11/01/2029

(i) 60

7.00%,

03/15/2032

(h),(i)

5,880

5,524

7.38%,

05/01/2033

(i) 22,715

21,354

Specialty

Steel

14.44%,

11/15/2026

(e),(g)

8,096

8,096

TMS

International

Corp/DE

6.25%,

04/15/2029

(i) 25,550

23,639

$

68,007

Leisure

Products

&

Services

-

.03

%

Carnival

Corp

4.00%,

08/01/2028

(i) 2,220

2,117

5.75%,

03/01/2027

(i) 9,535

9,501

6.00%,

05/01/2029

(i) 11,900

11,830

6.13%,

02/15/2033

(i) 7,330

7,268

Life

Time

Inc

6.00%,

11/15/2031

(i) 20,461

20,397

NCL

Corp

Ltd

5.88%,

03/15/2026

(i) 47

5.88%,

02/15/2027

(i) 7,520

7,485

6.25%,

03/01/2030

(i) 19,980

19,490

6.75%,

02/01/2032

(i) 5,000

4,882

7.75%,

02/15/2029

(h),(i)

8.13%,

01/15/2029

(i) 123

NCL

Finance

Ltd

6.13%,

03/15/2028

(i) 13,170

13,074

Royal

Caribbean

Cruises

Ltd

5.38%,

07/15/2027

(i) 15,890

15,871

5.50%,

08/31/2026

(i) 170

5.50%,

04/01/2028

(i) 240

5.63%,

09/30/2031

(i) 10,480

10,399

6.00%,

02/01/2033

(i) 291

6.25%,

03/15/2032

(i) 220

7.50%,

10/15/2027

$

123,590

Lodging

-

.62

%

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.63%,

01/15/2032

(i) 31,150

30,522

Station

Casinos

LLC

4.50%,

02/15/2028

(i) 100

4.63%,

12/01/2031

(i) 1,425

1,288

6.63%,

03/15/2032

(i) 35,673

35,466

Wynn

Macau

Ltd

5.13%,

12/15/2029

(i) 73

5.50%,

10/01/2027

(i) 40

5.63%,

08/26/2028

(i) 32,585

31,103

$

98,581

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Construction

&

Mining

-

.19

%

Terex

Corp

6.25%,

10/15/2032

(i) $

12,270

$

11,743

Machinery

-

Diversified

-

.50

%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(i) 30,973

30,586

Media

-

.26

%

AMC

Networks

Inc

10.25%,

01/15/2029

(i) 28,990

29,785

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(i) 16,800

15,600

4.75%,

03/01/2030

(i) 10,475

9,889

4.75%,

02/01/2032

(i) 34,462

31,187

5.00%,

02/01/2028

(i) 1,325

1,293

5.13%,

05/01/2027

(i) 6,625

6,534

CSC

Holdings

LLC

4.50%,

11/15/2031

(i) 30,900

21,012

5.50%,

04/15/2027

(i) 2,450

2,276

6.50%,

02/01/2029

(i) 22,355

18,283

11.25%,

05/15/2028

(i) 12,641

12,357

Directv

Financing

LLC

8.88%,

02/01/2030

(i) 28,976

27,648

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(i) 9,927

9,594

10.00%,

02/15/2031

(i) 9,645

9,134

DISH

DBS

Corp

5.25%,

12/01/2026

(i) 17,388

15,823

DISH

Network

Corp

11.75%,

11/15/2027

(i) 26,135

27,467

iHeartCommunications

Inc

4.75%,

01/15/2028

(i) 5,599

4,103

LCPR

Senior

Secured

Financing

DAC

5.13%,

07/15/2029

(h),(i)

20,934

15,528

6.75%,

10/15/2027

(i) 21,057

17,307

McGraw-Hill

Education

Inc

7.38%,

09/01/2031

(i) 12,415

12,685

Scripps

Escrow

II

Inc

3.88%,

01/15/2029

(i) 20,410

15,552

Sinclair

Television

Group

Inc

8.13%,

02/15/2033

(i) 19,925

19,723

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(i) 8,741

7,663

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

07/15/2028

(i) 22,925

22,172

Ziggo

BV

4.88%,

01/15/2030

(i) 31,155

28,683

$

381,298

Mining

-

.00

%

ACN

874

712

Pty

Ltd

0.00%,

02/15/2018

(d),(i)

10,457

Arsenal

AIC

Parent

LLC

8.00%,

10/01/2030

(i) 400

11.50%,

10/01/2031

(i) 725

796

First

Quantum

Minerals

Ltd

6.88%,

10/15/2027

(h),(i)

6,345

6,267

8.00%,

03/01/2033

(i) 9,110

9,013

8.63%,

06/01/2031

(i) 17,095

17,327

Hudbay

Minerals

Inc

6.13%,

04/01/2029

(i) 8,405

8,368

IAMGOLD

Corp

5.75%,

10/15/2028

(i) 19,263

19,082

New

Gold

Inc

6.88%,

04/01/2032

(i) 16,140

16,507

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(d),(i)

15,820

—

Taseko

Mines

Ltd

8.25%,

05/01/2030

(i) 43,832

44,258

$

122,043

Schedule

of

Investments

High

Yield

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

-

.32

%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(i) $

28,032

$

28,145

APA

Corp

5.25%,

02/01/2042

(i) 4,094

3,258

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

6.63%,

10/15/2032

(i) 34,165

33,807

9.00%,

11/01/2027

(i) 9,300

10,910

Borr

IHC

Ltd

/

Borr

Finance

LLC

10.00%,

11/15/2028

(i) 13,833

11,765

Chord

Energy

Corp

6.75%,

03/15/2033

(i) 14,240

13,861

EQT

Corp

4.75%,

01/15/2031

(i) 8,925

8,619

6.38%,

04/01/2029

(i) 6,440

6,590

7.50%,

06/01/2027

(i) 160

7.50%,

06/01/2030

(i) 55

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

5.75%,

02/01/2029

(i) 7,158

6,702

6.00%,

02/01/2031

(i) 4,645

4,169

6.25%,

04/15/2032

(i) 1,550

1,348

6.88%,

05/15/2034

(i) 13,400

11,387

7.25%,

02/15/2035

(i) 6,650

5,794

Matador

Resources

Co

6.25%,

04/15/2033

(i) 31,120

29,374

Permian

Resources

Operating

LLC

6.25%,

02/01/2033

(i) 28,655

28,022

Puma

International

Financing

SA

5.00%,

01/24/2026

(i) 95

Sunoco

LP

/

Sunoco

Finance

Corp

4.50%,

04/30/2030

31,585

29,724

Transocean

Inc

8.50%,

05/15/2031

(i) 37,475

28,970

Vital

Energy

Inc

9.75%,

10/15/2030

$

262,979

Oil

&

Gas

Services

-

.17

%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.25%,

04/01/2028

(i) 44,261

44,186

Enerflex

Ltd

9.00%,

10/15/2027

(i) 26,276

26,874

$

71,060

Packaging

&

Containers

-

.64

%

Canpack

SA

/

Canpack

US

LLC

3.13%,

11/01/2025

(i) 9,640

9,443

Cascades

Inc/Cascades

USA

Inc

5.38%,

01/15/2028

(i) 16,537

16,120

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(i) 2,205

2,221

6.75%,

04/15/2032

(i) 13,515

13,819

6.88%,

01/15/2030

(i) 14,990

15,231

8.75%,

04/15/2030

(i) 20,469

21,090

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

14,495

14,907

LABL

Inc

5.88%,

11/01/2028

(i) 10,046

8,308

8.63%,

10/01/2031

(i) 23,035

18,831

9.50%,

11/01/2028

(i) 8,927

7,800

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2027

(i) 12,255

12,287

9.25%,

04/15/2027

(i) 22,570

20,708

$

160,765

Pharmaceuticals

-

.83

%

1261229

BC

Ltd

10.00%,

04/15/2032

(i) 31,845

31,182

Medical

Inc

3.88%,

10/15/2029

(i) 26,920

25,210

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

AdaptHealth

LLC

5.13%,

03/01/2030

(i) $

31,501

$

28,159

BellRing

Brands

Inc

7.00%,

03/15/2030

(i) 28,390

29,456

Endo

Finance

Holdings

Inc

8.50%,

04/15/2031

(h),(i)

34,096

35,451

Jazz

Securities

DAC

4.38%,

01/15/2029

(i) 47,640

45,211

Owens

&

Minor

Inc

4.50%,

03/31/2029

(h),(i)

31,142

25,238

10.00%,

04/15/2030

(i) 12,835

13,247

$

233,154

Pipelines

-

.12

%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

06/15/2029

(i) 17,110

16,698

5.75%,

03/01/2027

(i) 13,570

13,521

6.63%,

02/01/2032

(i) 92

DT

Midstream

Inc

4.13%,

06/15/2029

(i) 24,650

23,135

4.30%,

04/15/2032

(i) 5,900

5,422

Harvest

Midstream

I

LP

7.50%,

05/15/2032

(i) 28,683

29,191

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(i) 46,590

43,734

Venture

Global

LNG

Inc

7.00%,

01/15/2030

(i) 1,450

1,366

8.38%,

06/01/2031

(i) 26,805

25,848

9.50%,

02/01/2029

(i) 29,790

30,869

$

189,877

Private

Equity

-

.22

%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(i) 9,195

8,920

3.75%,

09/15/2030

(h),(i)

5,288

4,647

$

13,567

REITs

-

.59

%

Blackstone

Mortgage

Trust

Inc

7.75%,

12/01/2029

(i) 5,685

5,904

Iron

Mountain

Inc

4.50%,

02/15/2031

(i) 32,606

30,207

4.88%,

09/15/2027

(i) 160

4.88%,

09/15/2029

(i) 230

5.00%,

07/15/2028

(i) 100

5.25%,

03/15/2028

(i) 190

5.25%,

07/15/2030

(i) 6,345

6,149

5.63%,

07/15/2032

(i) 144

6.25%,

01/15/2033

(i) 6,481

6,469

7.00%,

02/15/2029

(i) 200

Iron

Mountain

Information

Management

Services

Inc

5.00%,

07/15/2032

(i) 150

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(i) 39,082

37,410

7.00%,

07/15/2031

(i) 18,850

19,368

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

3.50%,

03/15/2031

22,150

14,681

8.50%,

02/15/2032

(i) 6,340

6,441

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.88%,

05/15/2029

(i) 14,103

13,203

5.88%,

10/01/2028

(i) 60

7.00%,

02/01/2030

(i) 14,275

14,288

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

6.00%,

01/15/2030

(i) 36,090

32,275

Schedule

of

Investments

High

Yield

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

XHR

LP

4.88%,

06/01/2029

(i) $

30,553

$

28,719

6.63%,

05/15/2030

(i) 2,634

2,595

$

218,917

Retail

-

.76

%

Academy

Ltd

6.00%,

11/15/2027

(i) 12,535

12,512

Bath

&

Body

Works

Inc

6.63%,

10/01/2030

(i) 17,275

17,579

6.75%,

07/01/2036

11,370

11,186

6.88%,

11/01/2035

6.95%,

03/01/2033

2,750

2,723

Carvana

Co

0.00%,

PIK

14.00%;

06/01/2031

(i),(j),(k)

9.00%,

PIK

12.00%;

12/01/2028

(i),(j),(k)

11.00%,

PIK

13.00%;

06/01/2030

(i),(j),(k)

29,415

31,146

Doman

Building

Materials

Group

Ltd

5.25%,

05/15/2026

(i) CAD

8,370

6,041

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(i) $

45,420

42,076

6.75%,

01/15/2030

(i) 16,123

14,106

Gap

Inc/The

3.63%,

10/01/2029

(i) 24,530

22,178

3.88%,

10/01/2031

(i) 8,076

6,919

Macy's

Retail

Holdings

LLC

5.88%,

03/15/2030

(i) 63

6.13%,

03/15/2032

(i) 20,053

18,056

6.38%,

03/15/2037

6.70%,

07/15/2034

(i) 130

Park

River

Holdings

Inc

5.63%,

02/01/2029

(i) 18,563

14,523

Patrick

Industries

Inc

4.75%,

05/01/2029

(i) 10,718

10,066

6.38%,

11/01/2032

(i) 12,870

12,495

PetSmart

Inc

/

PetSmart

Finance

Corp

4.75%,

02/15/2028

(i) 13,490

12,893

7.75%,

02/15/2029

(i) 2,980

2,775

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp

7.75%,

10/15/2029

(i) 9,080

8,532

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(h),(i)

42,900

43,536

$

290,176

Savings

&

Loans

-

.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

-

.53

%

ams-OSRAM

AG

12.25%,

03/30/2029

(i) 31,639

32,059

Software

-

.30

%

Central

Parent

Inc

/

CDK

Global

Inc

7.25%,

06/15/2029

(i) 1,000

857

Central

Parent

LLC

/

CDK

Global

II

LLC

/

CDK

Financing

Co

Inc

8.00%,

06/15/2029

(i) 1,050

930

Cloud

Software

Group

Inc

6.50%,

03/31/2029

(i) 440

9.00%,

09/30/2029

(i) 32,680

32,923

Open

Text

Corp

3.88%,

02/15/2028

(i) 156

3.88%,

12/01/2029

(i) 33,265

30,650

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Open

Text

Holdings

Inc

4.13%,

02/15/2030

(i) $

$

4.13%,

12/01/2031

(i) 14,960

13,379

$

79,467

Telecommunications

-

.49

%

Altice

Financing

SA

5.00%,

01/15/2028

(i) 24,088

18,499

Altice

France

SA

8.13%,

02/01/2027

(i) 28,862

26,418

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.00%,

09/15/2029

(i) 22,820

21,347

EchoStar

Corp

10.75%,

11/30/2029

13,795

14,589

Frontier

Communications

Holdings

LLC

5.88%,

11/01/2029

10,710

10,715

Level

Financing

Inc

4.00%,

04/15/2031

(i) 3,000

2,341

10.00%,

10/15/2032

(i) 15,830

15,790

10.50%,

05/15/2030

(i) 19,280

20,843

10.75%,

12/15/2030

(i) 14,645

16,214

Sunrise

HoldCo

IV

BV

5.50%,

01/15/2028

(i) 25,285

24,778

Viavi

Solutions

Inc

3.75%,

10/01/2029

(i) 27,375

25,082

Vmed

O2

UK

Financing

I

PLC

4.75%,

07/15/2031

(i) 625

549

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp

8.25%,

10/01/2031

(i) 6,950

7,115

Zayo

Group

Holdings

Inc

4.00%,

03/01/2027

(i) 6,530

6,014

6.13%,

03/01/2028

(h),(i)

3,050

2,480

$

212,774

Textiles

-

.24

%

Eagle

Intermediate

Global

Holding

BV/Eagle

US

Finance

LLC

0.00%,

PIK

7.50%;

07/18/2025

(i),(j),(k)

7,500

5,662

Linx

Capital

Ltd

15.20%,

06/30/2025

(i),(j)

EUR

8,032

8,736

$

14,398

Transportation

-

.57

%

Brightline

East

LLC

11.00%,

01/31/2030

(h),(i)

$

19,771

16,113

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(d),(e)

18,905

SFL

Corp

Ltd

7.25%,

05/12/2026

(i) 8,200

8,096

7.75%,

01/29/2030

(i) 23,600

23,009

8.25%,

04/19/2028

10,200

10,493

8.88%,

02/01/2027

8,700

8,744

Watco

Cos

LLC

/

Watco

Finance

Corp

7.13%,

08/01/2032

(i) 29,290

29,219

$

95,769

TOTAL

BONDS

$

5,352,507

CONVERTIBLE

BONDS

-

.00

%

Principal

Amount

(000's)

Value

(000's)

Food

-

.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

$

—

Schedule

of

Investments

High

Yield

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

-

.37

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.02

%

TransDigm

Inc

Term

Loan

J

6.80%,

02/28/2031

(o) $

1,204

$

1,191

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

.49

%

AAdvantage

Loyalty

IP

Ltd

Term

Loan

B

6.52%,

04/20/2028

(o) 14,852

14,518

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

SkyMiles

IP

Ltd

Term

Loan

B

8.02%,

09/16/2027

(o) 1,250

1,259

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

United

Airlines

Inc

Term

Loan

B

6.28%,

02/22/2031

(o) 4,106

4,090

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

WestJet

Loyalty

LP

Term

Loan

B

7.55%,

02/14/2031

(o) 10,863

10,293

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

30,160

Automobile

Parts

&

Equipment

-

.03

%

Tenneco

Inc

Term

Loan

B

9.42%,

11/17/2028

(o) 1,800

1,699

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Building

Materials

-

.17

%

MITER

Brands

Acquisition

Holdco

Inc

Term

Loan

B2

7.76%,

03/28/2031

(o) 2,407

2,364

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Quikrete

Holdings

Inc

Term

Loan

B3

7.01%,

01/31/2032

(o) 8,150

7,980

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

10,344

Chemicals

-

.49

%

Advancion

Holdings

LLC

Term

Loan

12.61%,

11/24/2028

(o) 25,457

23,637

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Consolidated

Energy

Finance

SA

Term

Loan

B

8.25%,

11/15/2030

(o) 6,484

5,931

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

29,568

Commercial

Services

-

.31

%

Aggreko

Holdings

Inc

Term

Loan

B

7.29%,

08/16/2029

(o) 5,985

5,970

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Garda

World

Security

Corp

Term

Loan

B

7.64%,

02/01/2029

(o) 1,995

1,972

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Veritiv

Operating

Co

Term

Loan

B

8.30%,

11/30/2030

(o) 10,783

10,677

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

18,619

Consumer

Products

-

.05

%

Kronos

Acquisition

Holdings

Inc

Term

Loan

B

8.30%,

06/27/2031

(o) 3,925

3,145

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

-

.05

%

Russell

Investments

US

Institutional

Holdco

Inc

PIK

Term

Loan

B

9.28%,

PIK

0.00%,

05/30/2027

(k),(o)

$

3,621

$

3,358

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Food

-

.22

%

Fiesta

Purchaser

Inc

Term

Loan

B

7.57%,

02/12/2031

(o) 13,568

13,434

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Forest

Products

&

Paper

-

.14

%

Spectrum

Group

Buyer

Inc

Term

Loan

B

10.78%,

PIK

0.00%,

05/19/2028

(k),(o)

9,591

8,632

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

Healthcare

-

Services

-

.34

%

LifePoint

Health

Inc

Term

Loan

B

8.01%,

05/16/2031

(o) 21,052

20,611

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Insurance

-

.04

%

Asurion

LLC

Term

Loan

B4

10.12%,

01/20/2029

(o) 2,500

2,288

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Investment

Companies

-

.04

%

Teide

Ltd

PIK

Term

Loan

0.00%,

PIK

10.00%,

08/01/2026

(k),(o)

EUR

15,123

2,570

Iron

&

Steel

-

.16

%

TMS

International

Corp/DE

Term

Loan

B7

7.82%,

03/02/2030

(o) $

9,895

9,846

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Lodging

-

.07

%

Fertitta

Entertainment

LLC/NV

Term

Loan

B

7.82%,

01/27/2029

(o) 4,189

4,077

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Machinery

-

Diversified

-

.18

%

TK

Elevator

US

Newco

Inc

Term

Loan

B

0.00%,

04/30/2030

(o),(p)

10,840

10,786

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

.51

%

Directv

Financing

LLC

Term

Loan

B

0.00%,

02/15/2031

(o),(p)

10,246

9,472

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Gray

Media

Inc

Term

Loan

F

9.57%,

05/23/2029

(o) 6,089

5,869

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

iHeartCommunications

Inc

Term

Loan

6.49%,

05/01/2029

(o) 16,439

12,630

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

SportsNet

New

York

10.25%,

04/10/2026

(e),(o)

4,254

3,174

$

31,145

Mining

-

.47

%

Arctic

Canadian

Diamond

Co

Ltd

9.89%,

06/30/2026

(e),(o)

3,592

3,247

Arsenal

AIC

Parent

LLC

Term

Loan

B

7.07%,

08/18/2030

(o) 26,108

25,697

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

28,944

Schedule

of

Investments

High

Yield

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Packaging

&

Containers

-

.16

%

Clydesdale

Acquisition

Holdings

Inc

Term

Loan

B

0.00%,

03/26/2032

(o),(p)

$

6,609

$

6,551

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Mauser

Packaging

Solutions

Holding

Co

Term

Loan

B1

7.32%,

04/15/2027

(o) 3,308

3,254

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

9,805

Pharmaceuticals

-

.35

%

1261229

BC

Ltd

Term

Loan

B

10.53%,

09/25/2030

(o) 13,775

12,977

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

Inc

Term

Loan

B

8.32%,

04/23/2031

(o) 8,945

8,653

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

21,630

Retail

-

.30

%

IRB

Holding

Corp

Term

Loan

B

6.82%,

12/15/2027

(o) 15,750

15,618

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Victra

Holdings

LLC

Term

Loan

B

8.55%,

03/31/2029

(o) 2,469

2,398

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

$

18,016

Software

-

.16

%

Central

Parent

LLC

Term

Loan

B

0.00%,

07/06/2029

(o),(p)

11,725

9,743

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Telecommunications

-

.62

%

Altice

France

SA

Term

Loan

B11

0.00%,

07/31/2025

(o),(p)

8,000

6,948

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CommScope

LLC

Term

Loan

0.00%,

12/17/2029

(o),(p)

14,690

14,401

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Zayo

Group

Holdings

Inc

Term

Loan

B

7.44%,

03/09/2027

(o) 17,495

16,230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

37,579

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

327,190

Total

Investments

$

6,158,895

Other

Assets

and

Liabilities

- (1.09)%

(66,472)

TOTAL

NET

ASSETS

-

100.00%

$

6,092,423

(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

$81,876

or

1.34%

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) 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

$0.

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) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$78,148

or

1.28%

of

net

assets.

(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

$4,680,686

or

76.83%

of

net

assets.

(j) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(k) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(l) 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.

(m) 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.

(n) 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

$93,379

or

1.53%

of

net

assets.

(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

April

30,

2025,

at

which

time

the

interest

rate

will

be

determined.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

329,982

$

2,024,491

$

1,886,275

$

468,198

$

329,982

$

2,024,491

$

1,886,275

$

468,198

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

4,580

$

—

$

—

$

—

$

4,580

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

High

Yield

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Arctic

Canadian

Diamond

Co

Ltd

03/03/2025

$

—

$

0.01%

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

03/03/2025

4,576

—

0.00%

Specialty

Steel

14.44%,

11/15/2026

03/03/2025

8,096

8,096

0.13%

Total

$

8,533

0.14%

Amounts

in

thousands.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

JPMorgan

Chase

05/23/2025

AUD

$

$

—

$

—

JPMorgan

Chase

05/23/2025

$

GBP

—

—

JPMorgan

Chase

05/23/2025

$

11,882

EUR

10,440

—

JPMorgan

Chase

05/23/2025

$

6,041

CAD

8,358

—

(29)

JPMorgan

Chase

05/23/2025

$

AUD

—

(1)

Total

$

$

(30)

Amounts

in

thousands.

Schedule

of

Investments

Inflation

Protection

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

2.07%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.07%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

47,716,963

$

47,717

TOTAL

INVESTMENT

COMPANIES

$

47,717

BONDS

-

5.92%

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

1.12%

ARES

Commercial

Mortgage

Trust

2024-IND

6.01%,

07/15/2041

(c) $

2,145

$

2,145

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BAHA

Trust

2024-MAR

6.17%,

12/10/2041

(c),(d)

2,130

2,199

BAMLL

Trust

2024-BHP

6.67%,

08/15/2039

(c) 1,310

1,310

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

BFLD

2024-VICT

Mortgage

Trust

6.21%,

07/15/2041

(c) 570

569

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.89%

BHMS

2018-ATLS

5.87%,

07/15/2035

(c) 900

899

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

BX

Commercial

Mortgage

Trust

2024-AIRC

6.01%,

08/15/2039

(c) 728

728

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-GPA3

5.61%,

12/15/2039

(c) 619

617

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

BX

Commercial

Mortgage

Trust

2024-KING

5.86%,

05/15/2034

(c) 1,895

1,894

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BX

Commercial

Mortgage

Trust

2024-MDHS

5.96%,

05/15/2041

(c) 1,259

1,258

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

BX

Commercial

Mortgage

Trust

2024-XL4

7.46%,

02/15/2039

(c) 710

709

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.14%

BX

Trust

2024-VLT4

5.81%,

07/15/2029

(c) 1,702

1,689

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

COMM

2024-WCL1

MORTGAGE

TRUST

6.16%,

06/15/2041

(c) 840

837

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

CONE

Trust

2024-DFW1

5.96%,

08/15/2041

(c) 320

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

DBGS

2024-SBL

6.20%,

08/15/2034

(c) 1,545

1,538

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.88%

DBSG

2024-ALTA

Mortgage

Trust

6.14%,

06/10/2037

(c),(d)

ELM

Trust

2024-ELM

5.99%,

06/10/2039

(c),(d)

680

684

5.99%,

06/10/2039

(c),(d)

680

690

Ginnie

Mae

1.60%,

03/16/2047

(d),(e)

—

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

GS

Mortgage

Securities

Corp

Trust

2021-DM

5.32%,

11/15/2036

(c) $

1,250

$

1,234

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

GWT

2024-WLF2

6.01%,

05/15/2041

(c) 1,480

1,480

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

HIH

Trust

2024-61P

6.16%,

10/15/2041

(c) 2,475

2,469

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.84%

HILT

Commercial

Mortgage

Trust

2024-ORL

5.86%,

05/15/2037

(c) 745

742

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

HONO

2021-LULU

Mortgage

Trust

5.59%,

10/15/2036

(c) 220

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

LBA

Trust

2024-BOLT

5.91%,

06/15/2039

(c) 1,270

1,270

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

$

25,830

Home

Equity

Asset

Backed

Securities

-

0.00%

Argent

Securities

Trust

2006-W3

4.68%,

04/25/2036

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.35%

Countrywide

Asset-Backed

Certificates

5.57%,

12/25/2032

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.24%

Long

Beach

Mortgage

Loan

Trust

2004-2

5.24%,

06/25/2034

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

Option

One

Mortgage

Loan

Trust

2005-1

5.94%,

02/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.61%

$

Mortgage

Backed

Securities

-

2.14%

A&D

Mortgage

Trust

2024-NQM5

5.70%,

11/25/2069

(c) 2,038

2,049

ACRA

Trust

2024-NQM1

5.61%,

10/25/2064

(c),(d)

1,021

1,022

Alternative

Loan

Trust

2006-OA6

4.96%,

07/25/2046

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.63%

Angel

Oak

Mortgage

Trust

2025-2

5.64%,

02/25/2070

(c),(d)

2,245

2,252

BRAVO

Residential

Funding

Trust

2023-NQM3

4.85%,

09/25/2062

(c),(d)

1,471

1,463

Chase

Mortgage

Finance

Trust

Series

2007-A2

7.35%,

06/25/2035

(d) 4

COLT

2024-6

Mortgage

Loan

Trust

5.39%,

11/25/2069

(c),(d)

1,416

1,420

Cross

2024-H7

Mortgage

Trust

5.59%,

11/25/2069

(c),(d)

1,936

1,941

Cross

2025-H1

Mortgage

Trust

5.74%,

02/25/2070

(c),(d)

2,556

2,570

CSMC

2022-NQM4

Trust

4.82%,

06/25/2067

(c),(d)

1,183

1,177

CSMC

2022-NQM5

Trust

5.17%,

05/25/2067

(c),(d)

2,244

2,232

Schedule

of

Investments

Inflation

Protection

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Deephaven

Residential

Mortgage

Trust

2024-1

5.74%,

07/25/2069

(c),(d)

$

1,091

$

1,094

Ellington

Financial

Mortgage

Trust

2021-3

1.24%,

09/25/2066

(c),(d)

1,845

1,530

Fannie

Mae

REMIC

Trust

2004-W5

4.92%,

02/25/2047

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.56%

Freddie

Mac

REMICS

5.80%,

12/25/2054

15,644

15,701

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.45%

GCAT

2021-NQM4

Trust

1.09%,

08/25/2066

(c),(d)

2,184

1,821

HOMES

2025-AFC1

Trust

5.73%,

01/25/2060

(c),(d)

1,374

1,378

Impac

CMB

Trust

Series

2004-5

6.77%,

10/25/2034

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.44%

Impac

CMB

Trust

Series

2004-6

5.42%,

10/25/2034

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.09%

Impac

CMB

Trust

Series

2005-1

5.06%,

04/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.73%

Impac

CMB

Trust

Series

2005-5

5.21%,

08/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.62%

J.P.

Morgan

Mortgage

Trust

2023-DSC1

4.62%,

07/25/2063

(c),(d)

809

786

Merrill

Lynch

Alternative

Note

Asset

Trust

Series

2007-A3

4.86%,

04/25/2037

1,223

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)

1,340

1,349

NYMT

Loan

Trust

2024-INV1

5.38%,

06/25/2069

(c),(d)

2,210

2,217

PRKCM

2022-AFC2

Trust

5.33%,

08/25/2057

(c),(d)

PRPM

2025-NQM1

Trust

5.80%,

11/25/2069

(c),(d)

2,214

2,232

SG

Residential

Mortgage

Trust

2021-1

1.16%,

07/25/2061

(c),(d)

2,168

1,788

SG

Residential

Mortgage

Trust

2022-2

5.35%,

08/25/2062

(c),(d)

563

561

Verus

Securitization

Trust

2022-7

5.15%,

07/25/2067

(c),(d)

1,539

1,544

Verus

Securitization

Trust

2022-INV2

6.79%,

10/25/2067

(c),(d)

518

518

WaMu

Mortgage

Pass-Through

Certificates

Series

2005-AR2

Trust

5.18%,

01/25/2045

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

$

49,519

Other

Asset

Backed

Securities

-

0.51%

AMSR

2022-SFR3

Trust

4.00%,

10/17/2039

(c) 2,091

2,029

AMSR

2023-SFR2

Trust

3.95%,

06/17/2040

(c) 750

718

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

New

Residential

Mortgage

Loan

Trust

2022-SFR2

4.00%,

09/04/2039

(c) $

2,035

$

1,977

Progress

Residential

2022-SFR6

Trust

6.04%,

07/20/2039

(c) 1,990

2,020

Progress

Residential

2022-SFR7

Trust

5.50%,

10/27/2039

(c) 3,320

3,278

Tricon

Residential

2024-SFR2

Trust

6.00%,

06/17/2040

(c) 1,805

1,813

$

11,835

Sovereign

-

2.15%

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2029

BRL

8,500

1,350

9.76%,

01/01/2035

19,532

2,740

Bundesrepublik

Deutschland

Bundesanleihe

2.50%,

08/15/2054

EUR

3,392

3,550

European

Union

2.50%,

10/04/2052

1,175

1,056

3.00%,

03/04/2053

12,744

12,676

Israel

Government

International

Bond

5.75%,

03/12/2054

$

Japan

Government

Thirty

Year

Bond

2.30%,

12/20/2054

JPY

673,750

4,378

2.40%,

03/20/2055

390,950

2,597

Kingdom

of

Belgium

Government

Bond

3.30%,

06/22/2054

(c) EUR

3,432

3,556

Mexico

Government

International

Bond

3.50%,

02/12/2034

$

1,527

1,248

4.88%,

05/19/2033

6.35%,

02/09/2035

5,315

5,277

6.88%,

05/13/2037

2,582

2,607

United

Kingdom

Gilt

4.38%,

07/31/2054

GBP

6,740

7,852

$

49,609

TOTAL

BONDS

$

136,831

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

98.28%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

5.69%

5.00%,

05/01/2055

(f) $

12,703

$

12,434

5.50%,

05/01/2055

(f) 62,879

62,743

6.00%,

05/01/2055

(f) 55,454

56,253

$

131,430

U.S.

Treasury

-

0.18%

3.00%,

02/15/2049

5,540

4,123

U.S.

Treasury

Inflation-Indexed

Obligations

-

92.41%

0.13%,

07/15/2026

63,478

63,303

0.13%,

10/15/2026

42,440

42,209

0.13%,

04/15/2027

50,256

49,544

0.13%,

01/15/2030

64,552

60,945

0.13%,

07/15/2030

73,582

69,092

0.13%,

01/15/2031

73,300

67,753

0.13%,

07/15/2031

75,818

69,570

0.13%,

01/15/2032

83,873

75,717

0.13%,

02/15/2051

26,987

14,831

0.13%,

02/15/2052

32,519

17,550

0.25%,

07/15/2029

57,550

55,365

0.25%,

02/15/2050

27,466

16,038

0.38%,

07/15/2027

64,379

63,943

0.50%,

01/15/2028

45,810

45,230

0.63%,

07/15/2032

89,828

83,488

0.63%,

02/15/2043

28,180

21,075

0.75%,

07/15/2028

54,473

54,076

0.75%,

02/15/2042

35,333

27,595

0.75%,

02/15/2045

43,136

31,694

0.88%,

01/15/2029

48,800

48,222

0.88%,

02/15/2047

26,985

19,687

1.00%,

02/15/2046

21,002

15,994

1.00%,

02/15/2048

18,885

13,986

Schedule

of

Investments

Inflation

Protection

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Inflation-Indexed

Obligations

(continued)

1.00%,

02/15/2049

$

14,329

$

10,477

1.13%,

01/15/2033

84,769

80,775

1.25%,

04/15/2028

66,375

66,682

1.38%,

07/15/2033

81,891

79,349

1.38%,

02/15/2044

39,023

32,989

1.50%,

02/15/2053

30,287

24,205

1.63%,

10/15/2027

69,115

70,529

1.63%,

10/15/2029

92,092

93,599

1.63%,

04/15/2030

43,342

43,769

1.75%,

01/15/2028

27,560

28,123

1.75%,

01/15/2034

86,421

85,578

1.88%,

07/15/2034

92,217

92,315

2.13%,

04/15/2029

75,776

78,239

2.13%,

01/15/2035

66,281

67,449

2.13%,

02/15/2040

15,414

15,318

2.13%,

02/15/2041

21,782

21,454

2.13%,

02/15/2054

30,057

27,703

2.38%,

10/15/2028

67,667

70,705

2.38%,

02/15/2055

15,588

15,173

2.50%,

01/15/2029

25,330

26,519

3.38%,

04/15/2032

11,668

12,998

3.63%,

04/15/2028

25,794

27,694

3.88%,

04/15/2029

32,623

35,913

$

2,134,462

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

2,270,015

TOTAL

PURCHASED

OPTIONS

-

0.03%

$

659

TOTAL

PURCHASED

INTEREST

RATE

SWAPTIONS

-

0.01%

$

Total

Investments

$

2,455,590

Other

Assets

and

Liabilities

- (6.31)%

(145,772)

TOTAL

NET

ASSETS

-

100.00%

$

2,309,818

(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

$74,574

or

3.23%

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.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

20,980

$

312,867

$

286,130

$

47,717

$

20,980

$

312,867

$

286,130

$

47,717

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Payout

at

expiry

if

USD-SOFR

ICESWAP>=5.2

and

difference

of

US

10-Year

swap

and

US

2-Year

swap

>=.401

Citigroup

Inc

$

367,326

$

0.40 08/19/2025

$

$

659

$

Total

$

$

659

$

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Payout

at

expiry

if

USD-SOFR

ICESWAP>=6.0

and

difference

of

US

10-Year

swap

and

US

2-Year

swap

>=.801

Citigroup

Inc

$

367,326

$

0.80 08/19/2025

$

(22) $

(168) $

(146) Total

$

(22) $

(168) $

(146) Amounts

in

thousands

except

contracts/shares.

Schedule

of

Investments

Inflation

Protection

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Interest

Rate

Swaptions

Purchased

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Rate/Reference&nbsp;&nbsp;&nbsp;&nbsp;Frequency

Received

by

the

Fund

Rate/Reference Frequency

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Year

Interest

Rate

Swap

Citigroup

Inc

Secured

Overnight

Financing

Rate

Annual

3.74%

Annual

$

174,760

3.74%

05/16/2025

$

$

$

(165) Call

-

Year

Interest

Rate

Swap

Citigroup

Inc

Secured

Overnight

Financing

Rate

Annual

3.74%

Annual

86,266

3.74%

05/16/2025

(67) Call

-

Year

Interest

Rate

Swap

Citigroup

Inc

Secured

Overnight

Financing

Rate

Annual

3.74%

Annual

43,133

3.74%

05/16/2025

(41) Total

$

641

$

$

(273) 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

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Year

Interest

Rate

Swap

Citigroup

Inc

2.94%

Annual

Secured

Overnight

Financing

Rate

Annual

$

174,760

2.94%

05/16/2025

$

(102) $

(2) $

Call

-

Year

Interest

Rate

Swap

Citigroup

Inc

2.94%

Annual

Secured

Overnight

Financing

Rate

Annual

86,266

2.94%

05/16/2025

(38) (1) 37

Call

-

Year

Interest

Rate

Swap

Citigroup

Inc

2.94%

Annual

Secured

Overnight

Financing

Rate

Annual

43,133

2.94%

05/16/2025

(21) —

Total

$

(161) $

(3) $

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Month

Secured

Overnight

Financing

Rate;

December

2026

Long

$

16,012

$

Day

Federal

Funds;

July

2025

Long

23,566

Canada

Year

Bond;

June

2025

Short

12,558

Euro

Buxl

Year

Bond;

June

2025

Short

4,358

(108) UK

Year

Gilt;

June

2025

Short

2,368

(11) US

Year

Note;

June

2025

Short

22,332

(191) US

Year

Ultra

Note;

June

2025

Short

866

99,360

(953) US

Year

Note;

June

2025

Long

1,198

249,362

US

Year

Note;

June

2025

Long

501

54,707

US

Long

Bond;

June

2025

Short

9,447

(21) US

Ultra

Bond;

June

2025

Short

15,734

(40) Total

$

(449) Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

05/02/2025

CAD

$

$

—

$

—

Bank

of

America

NA

05/02/2025

$

CAD

620

—

—

Bank

of

America

NA

05/02/2025

$

572

EUR

—

Bank

of

America

NA

05/02/2025

$

3,995

JPY

599,895

—

(201) Bank

of

America

NA

06/03/2025

$

CAD

—

—

Barclays

Bank

PLC

05/02/2025

$

19,210

EUR

17,784

—

(937) BNP

Paribas

05/02/2025

EUR

18,362

$

20,931

—

(130) BNP

Paribas

05/02/2025

$

AUD

—

(4) BNP

Paribas

05/02/2025

$

1,579

GBP

1,187

—

(2) BNP

Paribas

06/03/2025

$

20,971

EUR

18,362

—

Citigroup

Inc

06/18/2025

$

2,941

BRL

17,335

—

(78) Deutsche

Bank

AG

05/02/2025

JPY

629,427

$

4,408

—

(5) Deutsche

Bank

AG

05/02/2025

$

EUR

—

(5) Deutsche

Bank

AG

06/03/2025

$

4,424

JPY

629,427

—

HSBC

Securities

Inc

05/02/2025

GBP

2,485

$

3,220

—

HSBC

Securities

Inc

06/18/2025

MXN

2,713

$

—

JPMorgan

Chase

05/02/2025

GBP

5,844

$

7,824

—

(35) JPMorgan

Chase

06/03/2025

$

7,824

GBP

5,844

—

Morgan

Stanley

&

Co

05/02/2025

$

JPY

32,715

—

Morgan

Stanley

&

Co

05/02/2025

$

EUR

—

(5) Royal

Bank

of

Scotland

05/02/2025

$

1,108

GBP

832

—

(1) Schedule

of

Investments

Inflation

Protection

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Royal

Bank

of

Scotland

07/22/2025

$

1,425

JPY

198,239

$

$

—

Standard

Chartered

Bank,

Hong

Kong

05/02/2025

$

8,158

GBP

6,311

—

(253) Total

$

$

(1,656)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Sell

Protection

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2025

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

(c) CDX.NA.HY.44

N/A

5.00%

Quarterly

06/20/2030

$

36,747

$

1,965

$

(693) $

1,272

Total

$

1,965

$

(693) $

1,272

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

$36,747.

(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

Payments/

(Receipts)

Fair

Value

Month

Euro

Interbank

Offered

Rate

Receive

2.43%

Annual

Semiannual

N/A

06/19/2054

EUR

$

(1) $

$

Month

Euro

Interbank

Offered

Rate

Receive

2.25%

Annual

Semiannual

N/A

10/02/2054

3,100

Month

Euro

Interbank

Offered

Rate

Receive

2.24%

Annual

Semiannual

N/A

09/19/2054

1,550

Month

Euro

Interbank

Offered

Rate

Receive

2.14%

Annual

Semiannual

N/A

01/06/2055

1,000

Month

Euro

Interbank

Offered

Rate

Pay

2.44%

Semiannual

Annual

N/A

06/24/2054

(1) —

Month

Euro

Interbank

Offered

Rate

Receive

2.43%

Annual

Semiannual

N/A

06/20/2054

(1) 2

Month

Euro

Interbank

Offered

Rate

Pay

2.18%

Semiannual

Annual

N/A

11/07/2054

(15) (1) (16) 6

Month

Euro

Interbank

Offered

Rate

Receive

2.54%

Annual

Semiannual

N/A

04/22/2054

1,325

(34) 1

(33) 6

Month

Euro

Interbank

Offered

Rate

Receive

2.27%

Annual

Semiannual

N/A

10/17/2054

1,800

Month

Euro

Interbank

Offered

Rate

Receive

2.46%

Annual

Semiannual

N/A

03/22/2054

(3) 2

(1) 6

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

03/01/2054

815

(16) 3

(13) 6

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

02/20/2054

3,392

(69) 12

(57) 6

Month

Euro

Interbank

Offered

Rate

Receive

2.51%

Annual

Semiannual

N/A

02/20/2054

1,605

(30) 6

(24) 6

Month

Euro

Interbank

Offered

Rate

Receive

2.49%

Annual

Semiannual

N/A

02/19/2054

1,605

(24) 6

(18) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

$

2,190

(8) —

(8) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.84%

Maturity

Maturity

N/A

04/15/2028

2,737

(6) —

(6) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.84%

Maturity

Maturity

N/A

04/15/2028

2,737

(6) —

(6) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.68%

Maturity

Maturity

N/A

04/15/2029

2,190

(8) —

(8) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2029

4,380

(17) —

(17) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.72%

Maturity

Maturity

N/A

04/15/2029

4,380

(24) —

(24) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.96%

Maturity

Maturity

N/A

03/18/2026

11,770

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.83%

Maturity

Maturity

N/A

04/15/2028

5,475

(12) —

(12) 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

2.83%

Maturity

Maturity

N/A

04/15/2028

3,782

(8) —

(8) Schedule

of

Investments

Inflation

Protection

Fund

April

30,

2025

(unaudited)

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

Payments/

(Receipts)

Fair

Value

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.67%

Maturity

Maturity

N/A

04/15/2029

$

2,867

$

(8) $

—

$

(8) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.55%

Maturity

Maturity

N/A

03/18/2028

12,105

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Pay

2.54%

Maturity

Maturity

N/A

04/03/2030

11,130

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.46%

Maturity

Maturity

N/A

04/03/2035

11,130

(59) —

(59) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.65%

Maturity

Maturity

N/A

04/15/2029

2,921

(5) —

(5) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.78%

Maturity

Maturity

N/A

04/08/2027

9,500

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.37%

Maturity

Maturity

N/A

04/09/2029

12,110

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Pay

2.73%

Maturity

Maturity

N/A

04/09/2027

12,110

(34) —

(34) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.40%

Maturity

Maturity

N/A

04/09/2029

6,620

(1) 34

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.87%

Maturity

Maturity

N/A

04/15/2028

5,475

(22) —

(22) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Pay

2.70%

Maturity

Maturity

N/A

03/18/2027

23,870

(117) —

(117) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.69%

Maturity

Maturity

N/A

04/15/2028

2,735

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.59%

Maturity

Maturity

N/A

01/29/2027

46,595

—

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

2.32%

Maturity

Maturity

N/A

11/21/2026

5,015

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.51%

Maturity

Maturity

N/A

03/25/2029

3,135

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.55%

Maturity

Maturity

N/A

05/07/2049

(11) —

(11) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.47%

Maturity

Maturity

N/A

07/15/2049

(7) —

(7) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.18%

Maturity

Maturity

N/A

08/07/2028

3,805

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.31%

Maturity

Maturity

N/A

08/23/2049

—

—

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.05%

Maturity

Maturity

N/A

09/13/2026

8,165

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.20%

Maturity

Maturity

N/A

10/02/2026

10,865

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.33%

Maturity

Maturity

N/A

10/08/2026

10,080

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.51%

Maturity

Maturity

N/A

11/08/2054

980

(36) —

(36) Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.48%

Maturity

Maturity

N/A

02/10/2050

1,735

(46) —

(46) 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

Pay

2.33%

Maturity

Maturity

N/A

04/28/2055

2,078

—

Consumer

Price

All

Urban

Non-Seasonally

Adjusted

Index

Receive

2.72%

Maturity

Maturity

N/A

03/07/2027

13,800

—

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

2.69%

Maturity

Maturity

N/A

04/15/2028

2,735

EUR

-

France

Consumer

Price

Index

Ex

Tobacco

Pay

2.02%

Maturity

Maturity

N/A

03/15/2035

EUR

2,750

(12) 39

Schedule

of

Investments

Inflation

Protection

Fund

April

30,

2025

(unaudited)

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

Payments/

(Receipts)

Fair

Value

Eurostat

Eurozone

HICP

ex

Tobacco

Receive

2.06%

Maturity

Maturity

N/A

03/15/2035

EUR

2,750

$

(50) $

$

(41) Secured

Overnight

Financing

Rate

Pay

3.90%

Annual

Annual

N/A

05/16/2026

$

23,570

—

Secured

Overnight

Financing

Rate

Pay

3.80%

Annual

Annual

N/A

05/16/2026

30,713

—

Secured

Overnight

Financing

Rate

Receive

3.79%

Annual

Annual

N/A

05/16/2026

30,713

(31) —

(31) Secured

Overnight

Financing

Rate

Pay

3.78%

Annual

Annual

N/A

05/16/2026

131,713

—

Secured

Overnight

Financing

Rate

Receive

3.81%

Annual

Annual

N/A

05/16/2026

23,570

(44) 16

(28) Tokyo

Overnight

Average

Rate

Receive

1.03%

Annual

Annual

N/A

03/12/2027

JPY

5,462,039

(118) (5) (123) Tokyo

Overnight

Average

Rate

Receive

1.00%

Annual

Annual

N/A

03/12/2027

2,231,967

(44) (2) (46) Tokyo

Overnight

Average

Rate

Receive

0.68%

Annual

Annual

N/A

04/21/2027

2,141,418

—

Tokyo

Overnight

Average

Rate

Receive

0.69%

Annual

Annual

N/A

04/21/2027

2,166,453

—

Tokyo

Overnight

Average

Rate

Receive

1.02%

Annual

Annual

N/A

03/12/2027

5,060,093

(107) (4) (111) United

Kingdom

Retail

Prices

Index

Receive

3.01%

Maturity

Maturity

N/A

04/15/2055

GBP

1,494

(10) —

(10) Total

$

1,775

$

$

1,849

Amounts

in

thousands.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Forward

swap.

Schedule

of

Investments

International

Equity

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.94

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.94

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

214,565,757

$

214,566

TOTAL

INVESTMENT

COMPANIES

$

214,566

COMMON

STOCKS

-

.64

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.47

%

Airbus

SE

861,544

$

146,196

BAE

Systems

PLC

8,909,132

206,536

$

352,732

Apparel

-

.05

%

PRADA

SpA

11,631,200

72,624

Samsonite

Group

SA

(c) 21,715,800

38,909

$

111,533

Automobile

Manufacturers

-

.75

%

Daimler

Truck

Holding

AG

2,291,220

92,053

Toyota

Motor

Corp

5,874,600

112,202

$

204,255

Automobile

Parts

&

Equipment

-

.35

%

Toyota

Industries

Corp

627,500

73,590

Banks

-

.43

%

AIB

Group

PLC

24,347,366

163,640

Erste

Group

Bank

AG

2,373,884

160,763

National

Bank

of

Greece

SA

9,620,650

102,109

NatWest

Group

PLC

14,892,793

95,794

Sberbank

of

Russia

PJSC

ADR

(d) 194,243

—

UniCredit

SpA

1,727,818

100,526

$

622,832

Biotechnology

-

.35

%

Zai

Lab

Ltd

ADR

(d) 397,817

12,607

Zai

Lab

Ltd

(d) 1,959,400

6,241

$

18,848

Building

Materials

-

.55

%

CRH

PLC

1,175,298

111,477

CRH

PLC

290,760

27,744

$

139,221

Computers

-

.92

%

Fujitsu

Ltd

4,709,900

104,633

Cosmetics

&

Personal

Care

-

.77

%

Haleon

PLC

14,672,026

73,827

Unilever

PLC

3,775,178

240,364

$

314,191

Engineering

&

Construction

-

.09

%

Technip

Energies

NV

1,735,499

59,222

Entertainment

-

.23

%

Entain

PLC

7,876,048

67,331

Food

-

.00

%

Magnit

PJSC

24,200

—

Healthcare

-

Products

-

.17

%

Smith

&

Nephew

PLC

8,412,722

118,388

Insurance

-

.03

%

AIA

Group

Ltd

22,737,200

170,368

AXA

SA

1,277,768

60,433

Hannover

Rueck

SE

496,285

159,307

Sompo

Holdings

Inc

4,772,800

156,410

$

546,518

Internet

-

.04

%

JD.com

Inc

8,127,000

132,319

Tencent

Holdings

Ltd

2,321,500

142,194

$

274,513

Iron

&

Steel

-

.00

%

Evraz

PLC

(d) 204,000

—

Machinery

-

Construction

&

Mining

-

.77

%

Weir

Group

PLC/The

3,199,171

96,434

Media

-

.37

%

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 1,454,180

128,942

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

-

.39

%

Sandfire

Resources

Ltd

(d) 5,712,322

$

36,381

Teck

Resources

Ltd

2,770,006

94,135

$

130,516

Oil

&

Gas

-

.64

%

Gazprom

PJSC

(d) 288,000

—

LUKOIL

PJSC

20,000

—

Novatek

PJSC

67,000

—

Suncor

Energy

Inc

4,078,616

144,050

$

144,050

Pharmaceuticals

-

.17

%

AstraZeneca

PLC

1,141,111

163,483

Novo

Nordisk

A/S

668,860

44,721

Sanofi

SA

2,165,249

236,860

$

445,064

Retail

-

.75

%

Dollarama

Inc

1,380,154

170,292

Yum

China

Holdings

Inc

2,227,044

96,453

Yum

China

Holdings

Inc

992,323

46,359

$

313,104

Semiconductors

-

.71

%

ASML

Holding

NV

209,907

140,520

Samsung

Electronics

Co

Ltd

3,206,497

125,110

Taiwan

Semiconductor

Manufacturing

Co

Ltd

314,000

8,897

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

875,275

145,900

$

420,427

Software

-

.89

%

Constellation

Software

Inc/Canada

-

Warrants

(d),(e)

500

—

Nemetschek

SE

364,802

48,477

$

48,477

Telecommunications

-

.03

%

Deutsche

Telekom

AG

7,631,557

274,107

Toys,

Games

&

Hobbies

-

.72

%

Nintendo

Co

Ltd

2,438,800

202,469

TOTAL

COMMON

STOCKS

$

5,211,397

Total

Investments

$

5,425,963

Other

Assets

and

Liabilities

- 0.42%

23,051

TOTAL

NET

ASSETS

-

100.00%

$

5,449,014

(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

$38,909

or

0.71%

of

net

assets.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Schedule

of

Investments

International

Equity

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

907

$

723,150

$

509,491

$

214,566

$

907

$

723,150

$

509,491

$

214,566

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,076

$

—

$

—

$

—

$

1,076

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

LargeCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.69

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.38

%

iShares

Russell

1000

Growth

ETF

85,900

$

31,507

Money

Market

Funds

-

.31

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

128,400

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(c)

110,131,299

110,131

$

110,259

TOTAL

INVESTMENT

COMPANIES

$

141,766

CONVERTIBLE

PREFERRED

STOCKS

-

.16

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.06

%

Waymo

LLC

Series

0.00%

(d),(e),(f)

48,770

$

5,167

Chemicals

-

.02

%

Sila

Nano

Series

F

0.00%

(d),(e),(f)

103,620

2,026

Software

-

.08

%

Nuro

-

Series

C

0.00%

(d),(e),(f)

353,308

4,523

Rappi

Inc

-

Series

E

0.00%

(d),(e),(f)

103,387

2,255

$

6,778

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

13,971

COMMON

STOCKS

-

.33

%

Shares

Held

Value

(000's)

Advertising

-

.80

%

Trade

Desk

Inc/The

(d) 1,259,488

$

67,546

Aerospace

&

Defense

-

.37

%

Boeing

Co/The

(d) 192,824

35,333

General

Electric

Co

11,875

2,394

HEICO

Corp

2,302

577

HEICO

Corp

-

Class

A

4,156

835

Howmet

Aerospace

Inc

333,921

46,275

Loar

Holdings

Inc

(d) 1,430

Lockheed

Martin

Corp

3,460

1,653

Spirit

AeroSystems

Holdings

Inc

(d) 1,057

Standardaero

Inc

(d) 1,133

TransDigm

Group

Inc

78,905

111,498

$

198,769

Airlines

-

.00

%

American

Airlines

Group

Inc

(d) 3,438

Apparel

-

.04

%

Crocs

Inc

(d) 537

Deckers

Outdoor

Corp

(d) 7,843

869

NIKE

Inc

37,497

2,115

Skechers

USA

Inc

(d) 846

$

3,076

Automobile

Manufacturers

-

.48

%

Tesla

Inc

(d) 142,676

40,257

Automobile

Parts

&

Equipment

-

.05

%

Aurora

Innovation

Inc

(d) 603,090

4,366

Banks

-

.06

%

Goldman

Sachs

Group

Inc/The

4,162

2,279

Morgan

Stanley

3,501

NU

Holdings

Ltd/Cayman

Islands

(d) 166,020

2,063

Popular

Inc

$

4,793

Beverages

-

.21

%

Boston

Beer

Co

Inc/The

(d) 131

Celsius

Holdings

Inc

(d) 9,199

Coca-Cola

Co/The

114,187

8,284

Monster

Beverage

Corp

(d) 29,005

1,744

PepsiCo

Inc

55,752

7,559

$

17,941

Biotechnology

-

.53

%

Alnylam

Pharmaceuticals

Inc

(d) 5,865

1,544

Amgen

Inc

21,442

6,238

Apellis

Pharmaceuticals

Inc

(d) 5,455

Argenx

SE

ADR

(d) 45,559

29,392

Exelixis

Inc

(d) 11,808

Incyte

Corp

(d) 684

Ionis

Pharmaceuticals

Inc

(d) 7,600

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Legend

Biotech

Corp

ADR

(d) 61,555

$

2,151

Regeneron

Pharmaceuticals

Inc

Sarepta

Therapeutics

Inc

(d) 4,646

Ultragenyx

Pharmaceutical

Inc

(d) 4,638

Vertex

Pharmaceuticals

Inc

(d) 6,632

3,379

Viking

Therapeutics

Inc

(d) 5,551

$

44,447

Building

Materials

-

.01

%

AAON

Inc

3,454

Armstrong

World

Industries

Inc

765

AZEK

Co

Inc/The

(d) 5,086

Builders

FirstSource

Inc

(d) 525

Eagle

Materials

Inc

1,316

Lennox

International

Inc

1,641

897

Louisiana-Pacific

Corp

2,239

Martin

Marietta

Materials

Inc

Simpson

Manufacturing

Co

Inc

Trane

Technologies

PLC

213,240

81,737

Trex

Co

Inc

(d) 5,478

Vulcan

Materials

Co

1,712

$

84,764

Chemicals

-

.08

%

Celanese

Corp

1,424

Chemours

Co/The

530

Ecolab

Inc

11,118

2,795

RPM

International

Inc

1,501

Sherwin-Williams

Co/The

10,962

3,869

$

6,894

Commercial

Services

-

.56

%

Affirm

Holdings

Inc

(d) 242,536

12,069

Automatic

Data

Processing

Inc

19,578

5,885

Avis

Budget

Group

Inc

(d) 492

Block

Inc

(d) 1,066,122

62,336

Booz

Allen

Hamilton

Holding

Corp

6,593

791

Bright

Horizons

Family

Solutions

Inc

(d) 452

Cintas

Corp

533,162

112,860

Corpay

Inc

(d) 3,458

1,125

Equifax

Inc

137,982

35,893

Grand

Canyon

Education

Inc

(d) 471

H&R

Block

Inc

1,361

Moody's

Corp

8,106

3,673

Morningstar

Inc

1,338

Paylocity

Holding

Corp

(d) 2,197

Quanta

Services

Inc

2,248

658

Rollins

Inc

14,461

826

S&P

Global

Inc

115,068

57,540

Shift4

Payments

Inc

(d) 3,201

Toast

Inc

(d) 23,623

840

TransUnion

564

U-Haul

Holding

Co

(d) 129

U-Haul

Holding

Co

-

Non

Voting

Shares

2,225

United

Rentals

Inc

791

Valvoline

Inc

(d) 6,746

Verisk

Analytics

Inc

7,227

2,142

WEX

Inc

(d) 252

WillScot

Holdings

Corp

2,697

$

298,980

Computers

-

.00

%

Apple

Inc

2,309,340

490,734

Crowdstrike

Holdings

Inc

(d) 11,807

5,064

Dell

Technologies

Inc

2,244

EPAM

Systems

Inc

(d) 255

Fortinet

Inc

(d) 26,425

2,742

Gartner

Inc

(d) 3,863

1,627

Globant

SA

(d) 1,652

HP

Inc

11,633

KBR

Inc

771

NetApp

Inc

4,522

Okta

Inc

(d) 3,605

Schedule

of

Investments

LargeCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Pure

Storage

Inc

(d) 13,907

$

631

Super

Micro

Computer

Inc

(d) 25,715

819

Zscaler

Inc

(d) 4,788

1,083

$

504,288

Consumer

Products

-

.03

%

Avery

Dennison

Corp

1,547

Clorox

Co/The

6,388

909

Kimberly-Clark

Corp

6,986

920

$

2,094

Cosmetics

&

Personal

Care

-

.08

%

Colgate-Palmolive

Co

22,937

2,114

elf

Beauty

Inc

(d) 2,808

Estee

Lauder

Cos

Inc/The

4,348

Procter

&

Gamble

Co/The

27,009

4,391

$

6,940

Distribution

&

Wholesale

-

.09

%

Copart

Inc

(d) 41,712

2,546

Core

&

Main

Inc

(d) 6,584

Fastenal

Co

24,756

2,004

Pool

Corp

1,900

557

SiteOne

Landscape

Supply

Inc

(d) 860

WW

Grainger

Inc

1,937

1,984

$

7,537

Diversified

Financial

Services

-

.89

%

Ally

Financial

Inc

1,912

American

Express

Co

10,663

2,841

Ameriprise

Financial

Inc

4,498

2,119

Apollo

Global

Management

Inc

20,025

2,733

Ares

Management

Corp

135,090

20,606

Blue

Owl

Capital

Inc

26,952

Charles

Schwab

Corp/The

186,053

15,145

Coinbase

Global

Inc

(d) 8,729

1,771

Credit

Acceptance

Corp

(d),(g)

Houlihan

Lokey

Inc

Jefferies

Financial

Group

Inc

2,571

Lazard

Inc

5,351

LPL

Financial

Holdings

Inc

4,060

1,298

Mastercard

Inc

538,374

295,062

SoFi

Technologies

Inc

(d) 8,727

TPG

Inc

1,089

Tradeweb

Markets

Inc

144,144

19,935

UWM

Holdings

Corp

4,692

Visa

Inc

380,974

131,626

Western

Union

Co/The

3,944

XP

Inc

2,869

$

494,469

Electric

-

.04

%

Constellation

Energy

Corp

2,539

567

NRG

Energy

Inc

4,156

Vistra

Corp

17,406

2,256

$

3,279

Electrical

Components

&

Equipment

-

.46

%

Generac

Holdings

Inc

(d) 333,666

38,165

Universal

Display

Corp

1,228

$

38,319

Electronics

-

.96

%

Amphenol

Corp

1,036,809

79,782

Honeywell

International

Inc

5,189

1,092

Ingram

Micro

Holding

Corp

756

Jabil

Inc

$

80,953

Energy

-

Alternate

Sources

-

.00

%

Enphase

Energy

Inc

(d) 6,772

Engineering

&

Construction

-

.01

%

Comfort

Systems

USA

Inc

1,788

711

EMCOR

Group

Inc

891

TopBuild

Corp

(d) 118

$

1,103

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Entertainment

-

.03

%

Churchill

Downs

Inc

3,521

$

DraftKings

Inc

(d) 23,582

785

Light

&

Wonder

Inc

(d) 4,421

Live

Nation

Entertainment

Inc

(d) 8,146

1,079

Madison

Square

Garden

Sports

Corp

(d) 64

TKO

Group

Holdings

Inc

551

Vail

Resorts

Inc

1,612

$

2,886

Environmental

Control

-

.79

%

Tetra

Tech

Inc

2,936

Veralto

Corp

642,545

61,620

Waste

Management

Inc

20,578

4,802

$

66,514

Food

-

.02

%

Hershey

Co/The

1,058

Lamb

Weston

Holdings

Inc

2,383

Performance

Food

Group

Co

(d) 1,142

Pilgrim's

Pride

Corp

Sysco

Corp

15,657

1,118

$

1,530

Hand

&

Machine

Tools

-

.00

%

Lincoln

Electric

Holdings

Inc

805

Healthcare

-

Products

-

.83

%

10X

Genomics

Inc

(d) 3,689

Align

Technology

Inc

(d) 2,223

Bruker

Corp

3,616

Danaher

Corp

112,319

22,389

Edwards

Lifesciences

Corp

(d) 5,618

Exact

Sciences

Corp

(d) 3,764

GE

HealthCare

Technologies

Inc

2,355

IDEXX

Laboratories

Inc

(d) 4,167

1,803

Inspire

Medical

Systems

Inc

(d) 1,530

Insulet

Corp

(d) 3,579

903

Intuitive

Surgical

Inc

(d) 415,022

214,068

Masimo

Corp

(d) 1,179

Natera

Inc

(d) 162,299

24,495

Penumbra

Inc

(d) 1,874

549

Repligen

Corp

(d) 501

ResMed

Inc

2,003

Sonova

Holding

AG

ADR

321,658

19,714

Stryker

Corp

136,616

51,083

Waters

Corp

(d) 1,877

653

West

Pharmaceutical

Services

Inc

320,337

67,684

$

405,639

Healthcare

-

Services

-

.47

%

Chemed

Corp

Cigna

Group/The

145,146

49,356

DaVita

Inc

(d) 2,382

Elevance

Health

Inc

1,897

798

Fortrea

Holdings

Inc

(d) 505

HCA

Healthcare

Inc

2,369

818

IQVIA

Holdings

Inc

(d) 1,064

Medpace

Holdings

Inc

(d) 1,278

Molina

Healthcare

Inc

(d) 1,811

592

UnitedHealth

Group

Inc

172,891

71,134

$

123,640

Home

Furnishings

-

.01

%

SharkNinja

Inc

(d) 685

Somnigroup

International

Inc

8,658

529

$

584

Insurance

-

.58

%

Allstate

Corp/The

2,071

Arthur

J

Gallagher

&

Co

867

Brown

&

Brown

Inc

5,403

597

Equitable

Holdings

Inc

15,760

779

Everest

Group

Ltd

Kinsale

Capital

Group

Inc

1,116

Markel

Group

Inc

(d) 154

Schedule

of

Investments

LargeCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Marsh

&

McLennan

Cos

Inc

3,455

$

779

Progressive

Corp/The

457,906

129,011

RLI

Corp

Ryan

Specialty

Holdings

Inc

5,105

$

133,102

Internet

-

.90

%

Airbnb

Inc

(d) 21,967

2,678

Alphabet

Inc

-

A

Shares

1,650,005

262,021

Alphabet

Inc

-

C

Shares

900,454

144,874

Amazon.com

Inc

(d) 2,757,598

508,556

Booking

Holdings

Inc

14,307

72,955

CDW

Corp/DE

3,454

555

Coupang

Inc

(d) 1,567,773

36,639

DoorDash

Inc

-

Class

A

(d) 15,833

3,054

Etsy

Inc

(d) 3,799

Expedia

Group

Inc

6,273

985

GoDaddy

Inc

(d) 7,231

1,362

Lyft

Inc

(d) 13,225

MercadoLibre

Inc

(d) 13,711

31,958

Meta

Platforms

Inc

581,532

319,261

Netflix

Inc

(d) 227,156

257,077

Palo

Alto

Networks

Inc

(d) 33,207

6,207

Pinterest

Inc

(d) 30,027

760

Roku

Inc

(d) 969

Shopify

Inc

(d) 416,501

39,568

Spotify

Technology

SA

(d) 7,539

4,629

TripAdvisor

Inc

(d) 683

Trump

Media

&

Technology

Group

Corp

(d) 2,931

Uber

Technologies

Inc

(d) 1,803,697

146,117

VeriSign

Inc

$

1,839,810

Iron

&

Steel

-

.00

%

Cleveland-Cliffs

Inc

(d) 8,062

Leisure

Products

&

Services

-

.02

%

Norwegian

Cruise

Line

Holdings

Ltd

(d) 21,858

Planet

Fitness

Inc

(d) 2,397

Royal

Caribbean

Cruises

Ltd

4,216

906

YETI

Holdings

Inc

(d) 1,299

$

1,520

Lodging

-

.48

%

Choice

Hotels

International

Inc

1,277

Hilton

Worldwide

Holdings

Inc

546,589

123,245

Hyatt

Hotels

Corp

Las

Vegas

Sands

Corp

18,150

666

Wyndham

Hotels

&

Resorts

Inc

Wynn

Resorts

Ltd

559

$

124,206

Machinery

-

Construction

&

Mining

-

.03

%

BWX

Technologies

Inc

972

Caterpillar

Inc

3,514

1,087

Vertiv

Holdings

Co

18,366

1,568

$

2,761

Machinery

-

Diversified

-

.33

%

Cognex

Corp

Ingersoll

Rand

Inc

365,694

27,584

Rockwell

Automation

Inc

551

$

27,731

Media

-

.01

%

FactSet

Research

Systems

Inc

704

Liberty

Broadband

Corp

-

A

Shares

(d) 148

Liberty

Broadband

Corp

-

C

Shares

(d) 1,413

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 602

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 3,900

Nexstar

Media

Group

Inc

623

$

933

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

.00

%

Advanced

Drainage

Systems

Inc

1,388

$

Mining

-

.01

%

Southern

Copper

Corp

4,488

Miscellaneous

Manufacturers

-

.05

%

3M

Co

5,284

734

Axon

Enterprise

Inc

(d) 3,750

2,300

Carlisle

Cos

Inc

Illinois

Tool

Works

Inc

5,629

1,350

$

4,505

Office

&

Business

Equipment

-

.00

%

Zebra

Technologies

Corp

(d) 572

Oil

&

Gas

-

.04

%

Civitas

Resources

Inc

1,411

EQT

Corp

1,872

Hess

Corp

9,337

1,205

Matador

Resources

Co

672

Permian

Resources

Corp

7,138

Texas

Pacific

Land

Corp

960

1,237

Viper

Energy

Inc

1,887

Weatherford

International

PLC

3,769

$

2,916

Oil

&

Gas

Services

-

.21

%

Schlumberger

NV

520,297

17,300

Packaging

&

Containers

-

.00

%

Sealed

Air

Corp

Pharmaceuticals

-

.29

%

AbbVie

Inc

39,287

7,665

Becton

Dickinson

&

Co

66,792

13,832

Cardinal

Health

Inc

7,460

1,054

Cencora

Inc

8,885

2,600

Dexcom

Inc

(d) 20,016

1,429

Eli

Lilly

&

Co

152,490

137,081

McKesson

Corp

2,805

1,999

Merck

&

Co

Inc

130,168

11,090

Neurocrine

Biosciences

Inc

(d) 5,121

552

Zoetis

Inc

634,404

99,221

$

276,523

Pipelines

-

.04

%

Antero

Midstream

Corp

6,763

Cheniere

Energy

Inc

5,889

1,361

New

Fortress

Energy

Inc

3,175

Targa

Resources

Corp

11,096

1,897

$

3,387

Private

Equity

-

.07

%

Blackstone

Inc

37,034

4,878

KKR

&

Co

Inc

10,024

1,145

$

6,023

Real

Estate

-

.03

%

CoStar

Group

Inc

(d) 1,169,061

86,709

Jones

Lang

LaSalle

Inc

(d) 765

$

86,883

REITs

-

.09

%

American

Tower

Corp

23,960

5,401

Equinix

Inc

Iron

Mountain

Inc

8,582

770

Lamar

Advertising

Co

1,123

Public

Storage

1,279

Simon

Property

Group

Inc

4,245

668

$

7,585

Retail

-

.24

%

AutoZone

Inc

(d) 787

2,961

Burlington

Stores

Inc

(d) 3,311

745

CarMax

Inc

(d) 766

Carvana

Co

(d) 1,895

Casey's

General

Stores

Inc

Cava

Group

Inc

(d) 3,859

Chipotle

Mexican

Grill

Inc

(d) 782,342

39,524

Costco

Wholesale

Corp

175,947

174,979

Schedule

of

Investments

LargeCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Darden

Restaurants

Inc

3,203

$

643

Dick's

Sporting

Goods

Inc

Domino's

Pizza

Inc

634

Dutch

Bros

Inc

(d) 2,255

Ferguson

Enterprises

Inc

709

Five

Below

Inc

(d) 2,260

Floor

&

Decor

Holdings

Inc

(d) 2,002

Freshpet

Inc

(d) 933

Home

Depot

Inc/The

40,630

14,647

Lululemon

Athletica

Inc

(d) 66,365

17,969

McDonald's

Corp

2,409

770

Murphy

USA

Inc

934

O'Reilly

Automotive

Inc

(d) 2,733

3,868

RH

(d) 153

Ross

Stores

Inc

3,895

541

Starbucks

Corp

45,130

3,613

Texas

Roadhouse

Inc

3,405

565

TJX

Cos

Inc/The

34,374

4,423

Tractor

Supply

Co

27,387

1,386

Ulta

Beauty

Inc

(d) 2,021

800

Wendy's

Co/The

4,433

Williams-Sonoma

Inc

3,617

559

Wingstop

Inc

1,538

Yum!

Brands

Inc

5,565

837

$

271,815

Semiconductors

-

.41

%

Advanced

Micro

Devices

Inc

(d) 54,538

5,309

Applied

Materials

Inc

38,386

5,785

ASML

Holding

NV

-

NY

Reg

Shares

17,008

11,363

Astera

Labs

Inc

(d) 409

Broadcom

Inc

721,185

138,806

Entegris

Inc

487,461

38,569

KLA

Corp

6,820

4,792

Lam

Research

Corp

65,980

4,729

Lattice

Semiconductor

Corp

(d) 230,360

11,271

Marvell

Technology

Inc

1,537,739

89,758

MKS

Instruments

Inc

Monolithic

Power

Systems

Inc

2,406

1,427

NVIDIA

Corp

5,328,435

580,374

NXP

Semiconductors

NV

305,849

56,371

Onto

Innovation

Inc

(d) 642

QUALCOMM

Inc

53,769

7,983

Teradyne

Inc

7,350

545

Texas

Instruments

Inc

5,669

907

$

958,105

Software

-

.46

%

Adobe

Inc

(d) 22,341

8,377

Appfolio

Inc

(d) 1,159

AppLovin

Corp

(d) 112,454

30,285

Atlassian

Corp

(d) 8,317

1,899

Autodesk

Inc

(d) 391,176

107,280

Bentley

Systems

Inc

7,319

BILL

Holdings

Inc

(d) 1,311

Broadridge

Financial

Solutions

Inc

5,481

1,329

Cadence

Design

Systems

Inc

(d) 313,855

93,447

Cloudflare

Inc

(d) 15,666

1,892

Confluent

Inc

(d) 12,933

Datadog

Inc

(d) 646,758

66,073

Dayforce

Inc

(d) 150,365

8,701

Docusign

Inc

(d) 10,281

841

DoubleVerify

Holdings

Inc

(d) 5,135

Doximity

Inc

(d) 703

Dropbox

Inc

-

A

Shares

(d) 3,770

Duolingo

Inc

(d) 1,895

738

Dynatrace

Inc

(d) 300,228

14,102

Elastic

NV

(d) 4,470

Fair

Isaac

Corp

(d) 50,007

99,497

Fiserv

Inc

(d) 401,325

74,072

Five9

Inc

(d) 3,874

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Gitlab

Inc

(d) 6,298

$

Guidewire

Software

Inc

(d) 1,881

HubSpot

Inc

(d) 60,100

36,752

Intuit

Inc

399,258

250,523

Magic

Leap

Inc

(d),(e),(f)

10,706

—

Manhattan

Associates

Inc

(d) 3,123

554

Microsoft

Corp

1,882,758

744,179

MicroStrategy

Inc

(d) 742

MongoDB

Inc

(d) 3,661

630

MSCI

Inc

2,255

1,229

nCino

Inc

(d) 2,645

Nutanix

Inc

(d) 3,643

Oracle

Corp

82,152

11,560

Palantir

Technologies

Inc

(d) 105,673

12,516

Paychex

Inc

5,945

875

Paycom

Software

Inc

1,643

Pegasystems

Inc

2,329

Procore

Technologies

Inc

(d) 5,411

PTC

Inc

(d) 3,672

569

RingCentral

Inc

(d) 4,092

ROBLOX

Corp

(d) 26,944

1,807

Salesforce

Inc

40,226

10,809

SentinelOne

Inc

(d) 2,346

ServiceNow

Inc

(d) 226,133

215,959

Snowflake

Inc

-

Class

A

(d) 16,022

2,555

Stripe

Inc

-

Class

B

(d),(e),(f)

114,126

4,052

Synopsys

Inc

(d) 7,911

3,631

Teradata

Corp

(d) 4,986

Twilio

Inc

(d) 1,583

Tyler

Technologies

Inc

(d) 1,845

1,002

UiPath

Inc

(d) 19,143

Unity

Software

Inc

(d) 7,006

Veeva

Systems

Inc

(d) 223,029

52,120

Workday

Inc

(d) 432,708

106,014

$

1,970,479

Telecommunications

-

.07

%

Arista

Networks

Inc

(d) 52,880

4,351

Iridium

Communications

Inc

Motorola

Solutions

Inc

4,022

1,771

Ubiquiti

Inc

$

6,163

Toys,

Games

&

Hobbies

-

.00

%

Hasbro

Inc

6,069

Transportation

-

.07

%

Expeditors

International

of

Washington

Inc

1,202

Old

Dominion

Freight

Line

Inc

9,922

1,521

Saia

Inc

(d) 808

Union

Pacific

Corp

14,997

3,234

XPO

Inc

(d) 5,880

624

$

5,708

TOTAL

COMMON

STOCKS

$

8,260,695

Total

Investments

$

8,416,432

Other

Assets

and

Liabilities

- (0.18)%

(15,538)

TOTAL

NET

ASSETS

-

100.00%

$

8,400,894

(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

$128

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) 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

LargeCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

(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

$123

or

0.00%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

229,346

$

1,623,202

$

1,742,417

$

110,131

$

229,346

$

1,623,202

$

1,742,417

$

110,131

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

4,217

$

—

$

—

$

—

$

4,217

$

—

$

—

$

—

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

4,523

0.05%

Rappi

Inc

-

Series

E

0.00%

09/08/2020

6,177

2,255

0.03%

Sila

Nano

Series

F

0.00%

01/07/2021

4,277

2,026

0.02%

Stripe

Inc

-

Class

B

12/17/2019

1,791

4,052

0.05%

Waymo

LLC

Series

0.00%

05/08/2020

4,188

5,167

0.06%

Total

$

18,023

0.21%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

June

2025

Long

$

15,644

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.31

%

iShares

Core

S&P

500

ETF

47,300

$

26,392

Money

Market

Funds

-

.70

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

329,323

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

144,502,795

144,503

$

144,832

TOTAL

INVESTMENT

COMPANIES

$

171,224

COMMON

STOCKS

-

.90

%

Shares

Held

Value

(000's)

Advertising

-

.05

%

Interpublic

Group

of

Cos

Inc/The

65,630

$

1,649

Omnicom

Group

Inc

34,616

2,636

$

4,285

Aerospace

&

Defense

-

.94

%

Boeing

Co/The

(d) 132,147

24,214

General

Dynamics

Corp

44,707

12,166

General

Electric

Co

189,093

38,110

Howmet

Aerospace

Inc

71,358

9,889

L3Harris

Technologies

Inc

33,179

7,300

Lockheed

Martin

Corp

36,909

17,633

Northrop

Grumman

Corp

23,973

11,663

RTX

Corp

234,692

29,602

TransDigm

Group

Inc

9,881

13,962

$

164,539

Agriculture

-

.83

%

Altria

Group

Inc

298,592

17,662

Archer-Daniels-Midland

Co

84,307

4,026

Bunge

Global

SA

23,517

1,851

Philip

Morris

International

Inc

273,935

46,941

$

70,480

Airlines

-

.14

%

Delta

Air

Lines

Inc

113,043

4,706

Southwest

Airlines

Co

104,416

2,919

United

Airlines

Holdings

Inc

(d) 57,942

3,988

$

11,613

Apparel

-

.22

%

Deckers

Outdoor

Corp

(d) 26,741

2,964

NIKE

Inc

208,112

11,737

Ralph

Lauren

Corp

7,027

1,581

Tapestry

Inc

36,473

2,577

$

18,859

Automobile

Manufacturers

-

.99

%

Cummins

Inc

24,221

7,117

Ford

Motor

Co

685,798

6,865

General

Motors

Co

175,301

7,931

PACCAR

Inc

92,390

8,334

Tesla

Inc

(d) 493,015

139,109

$

169,356

Automobile

Parts

&

Equipment

-

.03

%

Aptiv

PLC

(d) 40,425

2,307

Banks

-

.20

%

Bank

of

America

Corp

1,166,565

46,523

Bank

of

New

York

Mellon

Corp/The

126,442

10,167

Citigroup

Inc

330,708

22,614

Citizens

Financial

Group

Inc

77,016

2,841

Fifth

Third

Bancorp

118,016

4,241

Goldman

Sachs

Group

Inc/The

54,975

30,102

Huntington

Bancshares

Inc/OH

256,122

3,721

JPMorgan

Chase

&

Co

492,618

120,504

KeyCorp

175,494

2,604

M&T

Bank

Corp

29,233

4,963

Morgan

Stanley

218,004

25,162

Northern

Trust

Corp

34,528

3,245

PNC

Financial

Services

Group

Inc/The

69,758

11,209

Regions

Financial

Corp

160,149

3,269

State

Street

Corp

50,824

4,478

Truist

Financial

Corp

231,843

8,889

US

Bancorp

274,841

11,087

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

579,438

$

41,146

$

356,765

Beverages

-

.23

%

Brown-Forman

Corp

-

B

Shares

32,087

1,118

Coca-Cola

Co/The

682,134

49,489

Constellation

Brands

Inc

27,380

5,135

Keurig

Dr

Pepper

Inc

210,348

7,276

Molson

Coors

Beverage

Co

30,334

1,745

Monster

Beverage

Corp

(d) 123,365

7,417

PepsiCo

Inc

241,632

32,760

$

104,940

Biotechnology

-

.17

%

Amgen

Inc

94,646

27,535

Biogen

Inc

(d) 25,788

3,122

Corteva

Inc

120,783

7,487

Gilead

Sciences

Inc

219,569

23,393

Incyte

Corp

(d) 28,298

1,773

Moderna

Inc

(d) 59,663

1,703

Regeneron

Pharmaceuticals

Inc

18,535

11,098

Vertex

Pharmaceuticals

Inc

(d) 45,242

23,051

$

99,162

Building

Materials

-

.64

%

Builders

FirstSource

Inc

(d) 20,277

2,426

Carrier

Global

Corp

142,277

8,898

Johnson

Controls

International

plc

116,305

9,758

Lennox

International

Inc

5,642

3,085

Martin

Marietta

Materials

Inc

10,768

5,642

Masco

Corp

37,349

2,264

Mohawk

Industries

Inc

(d) 9,231

982

Trane

Technologies

PLC

39,516

15,147

Vulcan

Materials

Co

23,267

6,103

$

54,305

Chemicals

-

.18

%

Air

Products

and

Chemicals

Inc

39,194

10,625

Albemarle

Corp

20,715

1,213

CF

Industries

Holdings

Inc

30,660

2,403

Dow

Inc

124,000

3,793

DuPont

de

Nemours

Inc

73,653

4,860

Eastman

Chemical

Co

20,291

1,562

Ecolab

Inc

44,401

11,164

International

Flavors

&

Fragrances

Inc

45,047

3,534

Linde

PLC

83,890

38,022

LyondellBasell

Industries

NV

45,667

2,658

Mosaic

Co/The

55,964

1,701

PPG

Industries

Inc

40,875

4,450

Sherwin-Williams

Co/The

40,822

14,407

$

100,392

Commercial

Services

-

.48

%

Automatic

Data

Processing

Inc

71,684

21,548

Cintas

Corp

60,431

12,792

Corpay

Inc

(d) 12,282

3,996

Equifax

Inc

21,844

5,683

Global

Payments

Inc

43,626

3,329

MarketAxess

Holdings

Inc

6,644

1,472

Moody's

Corp

27,273

12,358

PayPal

Holdings

Inc

(d) 174,285

11,475

Quanta

Services

Inc

26,007

7,612

Rollins

Inc

49,481

2,827

S&P

Global

Inc

55,497

27,751

United

Rentals

Inc

11,505

7,265

Verisk

Analytics

Inc

24,880

7,375

$

125,483

Computers

-

.33

%

Accenture

PLC

-

Class

A

110,196

32,965

Apple

Inc

2,646,581

562,398

Cognizant

Technology

Solutions

Corp

87,142

6,411

Crowdstrike

Holdings

Inc

(d) 43,393

18,610

Dell

Technologies

Inc

54,960

5,043

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

EPAM

Systems

Inc

(d) 9,994

$

1,568

Fortinet

Inc

(d) 112,079

11,629

Gartner

Inc

(d) 13,534

5,699

Hewlett

Packard

Enterprise

Co

231,397

3,753

HP

Inc

165,222

4,225

International

Business

Machines

Corp

162,905

39,394

Leidos

Holdings

Inc

23,110

3,401

NetApp

Inc

35,819

3,215

Seagate

Technology

Holdings

PLC

37,298

3,395

Super

Micro

Computer

Inc

(d) 88,723

2,827

Western

Digital

Corp

61,279

2,688

$

707,221

Consumer

Products

-

.21

%

Avery

Dennison

Corp

14,156

2,422

Church

&

Dwight

Co

Inc

43,334

4,305

Clorox

Co/The

21,704

3,088

Kimberly-Clark

Corp

58,437

7,701

$

17,516

Cosmetics

&

Personal

Care

-

.07

%

Colgate-Palmolive

Co

142,977

13,181

Estee

Lauder

Cos

Inc/The

41,255

2,474

Kenvue

Inc

337,783

7,972

Procter

&

Gamble

Co/The

413,117

67,160

$

90,787

Distribution

&

Wholesale

-

.34

%

Copart

Inc

(d) 154,477

9,428

Fastenal

Co

101,024

8,180

LKQ

Corp

45,801

1,750

Pool

Corp

6,705

1,965

WW

Grainger

Inc

7,808

7,998

$

29,321

Diversified

Financial

Services

-

.17

%

American

Express

Co

97,781

26,050

Ameriprise

Financial

Inc

16,949

7,983

Apollo

Global

Management

Inc

78,753

10,748

Blackrock

Inc

25,650

23,451

Capital

One

Financial

Corp

67,161

12,106

Cboe

Global

Markets

Inc

18,445

4,091

Charles

Schwab

Corp/The

300,231

24,439

CME

Group

Inc

63,489

17,592

Discover

Financial

Services

44,222

8,078

Franklin

Resources

Inc

54,612

1,025

Intercontinental

Exchange

Inc

101,226

17,003

Invesco

Ltd

78,931

1,100

Mastercard

Inc

143,482

78,637

Nasdaq

Inc

72,909

5,556

Raymond

James

Financial

Inc

32,490

4,452

Synchrony

Financial

68,491

3,558

T

Rowe

Price

Group

Inc

39,223

3,473

Visa

Inc

303,621

104,901

$

354,243

Electric

-

.36

%

AES

Corp/The

125,271

1,253

Alliant

Energy

Corp

45,209

2,760

Ameren

Corp

47,550

4,719

American

Electric

Power

Co

Inc

93,940

10,177

CenterPoint

Energy

Inc

114,821

4,453

CMS

Energy

Corp

52,643

3,877

Consolidated

Edison

Inc

61,040

6,882

Constellation

Energy

Corp

55,117

12,315

Dominion

Energy

Inc

147,994

8,048

DTE

Energy

Co

36,511

5,002

Duke

Energy

Corp

136,715

16,682

Edison

International

68,209

3,650

Entergy

Corp

75,550

6,283

Evergy

Inc

40,518

2,800

Eversource

Energy

64,619

3,844

Exelon

Corp

177,098

8,306

FirstEnergy

Corp

90,368

3,875

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

NextEra

Energy

Inc

362,298

$

24,230

NRG

Energy

Inc

35,689

3,911

PG&E

Corp

386,462

6,384

Pinnacle

West

Capital

Corp

20,033

1,907

PPL

Corp

130,072

4,748

Public

Service

Enterprise

Group

Inc

87,778

7,016

Sempra

111,593

8,288

Southern

Co/The

193,039

17,738

Vistra

Corp

59,942

7,770

WEC

Energy

Group

Inc

55,968

6,130

Xcel

Energy

Inc

101,171

7,153

$

200,201

Electrical

Components

&

Equipment

-

.46

%

AMETEK

Inc

40,752

6,911

Eaton

Corp

PLC

69,627

20,496

Emerson

Electric

Co

99,349

10,443

Generac

Holdings

Inc

(d) 10,501

1,201

$

39,051

Electronics

-

.91

%

Allegion

plc

15,316

2,132

Amphenol

Corp

213,367

16,419

Fortive

Corp

60,114

4,189

Garmin

Ltd

27,066

5,058

Honeywell

International

Inc

114,562

24,115

Hubbell

Inc

9,456

3,434

Jabil

Inc

19,298

2,828

Keysight

Technologies

Inc

(d) 30,464

4,430

Mettler-Toledo

International

Inc

(d) 3,685

3,945

TE

Connectivity

PLC

52,564

7,694

Trimble

Inc

(d) 43,303

2,691

$

76,935

Energy

-

Alternate

Sources

-

.04

%

Enphase

Energy

Inc

(d) 23,340

1,041

First

Solar

Inc

(d) 18,863

2,373

$

3,414

Engineering

&

Construction

-

.03

%

Jacobs

Solutions

Inc

21,591

2,673

Entertainment

-

.08

%

Caesars

Entertainment

Inc

(d) 37,435

1,013

Live

Nation

Entertainment

Inc

(d) 27,627

3,659

TKO

Group

Holdings

Inc

11,730

1,911

$

6,583

Environmental

Control

-

.36

%

Pentair

PLC

29,112

2,641

Republic

Services

Inc

35,763

8,968

Veralto

Corp

43,571

4,178

Waste

Management

Inc

64,350

15,017

$

30,804

Food

-

.74

%

Conagra

Brands

Inc

84,095

2,078

General

Mills

Inc

97,117

5,511

Hershey

Co/The

26,030

4,352

Hormel

Foods

Corp

51,264

1,533

J

M

Smucker

Co/The

18,750

2,180

Kellanova

47,370

3,921

Kraft

Heinz

Co/The

153,691

4,472

Kroger

Co/The

117,287

8,469

Lamb

Weston

Holdings

Inc

25,132

1,327

McCormick

&

Co

Inc/MD

44,488

3,411

Mondelez

International

Inc

227,894

15,526

Sysco

Corp

86,194

6,154

The

Campbell's

Company

34,663

1,264

Tyson

Foods

Inc

50,419

3,088

$

63,286

Forest

Products

&

Paper

-

.05

%

International

Paper

Co

92,891

4,243

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Gas

-

.09

%

Atmos

Energy

Corp

27,964

$

4,492

NiSource

Inc

82,793

3,238

$

7,730

Hand

&

Machine

Tools

-

.05

%

Snap-on

Inc

9,230

2,897

Stanley

Black

&

Decker

Inc

27,162

1,630

$

4,527

Healthcare

-

Products

-

.01

%

Abbott

Laboratories

305,577

39,954

Agilent

Technologies

Inc

50,264

5,408

Align

Technology

Inc

(d) 12,365

2,143

Baxter

International

Inc

89,956

2,804

Bio-Techne

Corp

27,853

1,402

Boston

Scientific

Corp

(d) 259,659

26,711

Cooper

Cos

Inc/The

(d) 35,161

2,872

Danaher

Corp

112,756

22,476

Edwards

Lifesciences

Corp

(d) 103,912

7,844

GE

HealthCare

Technologies

Inc

80,566

5,666

Hologic

Inc

(d) 39,534

2,301

IDEXX

Laboratories

Inc

(d) 14,427

6,242

Insulet

Corp

(d) 12,359

3,118

Intuitive

Surgical

Inc

(d) 62,834

32,410

Medtronic

PLC

225,915

19,149

ResMed

Inc

25,874

6,122

Revvity

Inc

21,442

2,003

Solventum

Corp

(d) 24,350

1,610

STERIS

PLC

17,311

3,890

Stryker

Corp

60,502

22,623

Thermo

Fisher

Scientific

Inc

67,388

28,909

Waters

Corp

(d) 10,461

3,638

West

Pharmaceutical

Services

Inc

12,760

2,696

Zimmer

Biomet

Holdings

Inc

35,073

3,614

$

255,605

Healthcare

-

Services

-

.66

%

Centene

Corp

(d) 87,370

5,229

Charles

River

Laboratories

International

Inc

(d) 9,010

1,069

Cigna

Group/The

48,236

16,402

DaVita

Inc

(d) 7,753

1,097

Elevance

Health

Inc

40,861

17,185

HCA

Healthcare

Inc

31,502

10,871

Humana

Inc

21,253

5,573

IQVIA

Holdings

Inc

(d) 29,475

4,571

Labcorp

Holdings

Inc

14,695

3,542

Molina

Healthcare

Inc

(d) 9,778

3,198

Quest

Diagnostics

Inc

19,557

3,485

UnitedHealth

Group

Inc

162,136

66,709

Universal

Health

Services

Inc

10,345

1,832

$

140,763

Home

Builders

-

.21

%

DR

Horton

Inc

49,968

6,313

Lennar

Corp

-

A

Shares

41,141

4,469

NVR

Inc

(d) 527

3,755

PulteGroup

Inc

35,670

3,659

$

18,196

Insurance

-

.27

%

Aflac

Inc

87,205

9,477

Allstate

Corp/The

46,686

9,262

American

International

Group

Inc

104,535

8,522

Aon

PLC

38,102

13,518

Arch

Capital

Group

Ltd

66,045

5,989

Arthur

J

Gallagher

&

Co

44,810

14,370

Assurant

Inc

9,036

1,742

Berkshire

Hathaway

Inc

-

Class

B

(d) 322,928

172,201

Brown

&

Brown

Inc

41,812

4,624

Chubb

Ltd

65,655

18,783

Cincinnati

Financial

Corp

27,554

3,836

Erie

Indemnity

Co

4,394

1,576

Everest

Group

Ltd

7,572

2,717

Globe

Life

Inc

14,791

1,824

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Hartford

Insurance

Group

Inc/The

50,671

$

6,216

Loews

Corp

31,128

2,703

Marsh

&

McLennan

Cos

Inc

86,528

19,509

MetLife

Inc

101,997

7,688

Principal

Financial

Group

Inc

37,074

2,749

Progressive

Corp/The

103,209

29,078

Prudential

Financial

Inc

62,369

6,406

Travelers

Cos

Inc/The

39,945

10,551

W

R

Berkley

Corp

52,899

3,792

Willis

Towers

Watson

PLC

17,583

5,412

$

362,545

Internet

-

.14

%

Airbnb

Inc

(d) 76,265

9,298

Alphabet

Inc

-

A

Shares

1,027,656

163,192

Alphabet

Inc

-

C

Shares

832,875

134,001

Amazon.com

Inc

(d) 1,661,720

306,454

Booking

Holdings

Inc

5,832

29,739

CDW

Corp/DE

23,480

3,770

DoorDash

Inc

-

Class

A

(d) 59,770

11,529

eBay

Inc

84,392

5,752

Expedia

Group

Inc

21,728

3,410

F5

Inc

(d) 10,159

2,690

Gen

Digital

Inc

95,552

2,472

GoDaddy

Inc

(d) 24,878

4,685

Match

Group

Inc

44,239

1,312

Meta

Platforms

Inc

385,814

211,812

Netflix

Inc

(d) 75,360

85,287

Palo

Alto

Networks

Inc

(d) 116,648

21,805

Uber

Technologies

Inc

(d) 368,042

29,815

VeriSign

Inc

14,335

4,044

$

1,031,067

Iron

&

Steel

-

.10

%

Nucor

Corp

41,371

4,938

Steel

Dynamics

Inc

24,946

3,236

$

8,174

Leisure

Products

&

Services

-

.16

%

Carnival

Corp

(d) 184,598

3,386

Norwegian

Cruise

Line

Holdings

Ltd

(d) 77,470

1,242

Royal

Caribbean

Cruises

Ltd

43,620

9,374

$

14,002

Lodging

-

.28

%

Hilton

Worldwide

Holdings

Inc

42,390

9,558

Las

Vegas

Sands

Corp

60,543

2,220

Marriott

International

Inc/MD

40,316

9,619

MGM

Resorts

International

(d) 39,417

1,240

Wynn

Resorts

Ltd

15,783

1,267

$

23,904

Machinery

-

Construction

&

Mining

-

.52

%

Caterpillar

Inc

84,202

26,041

GE

Vernova

Inc

48,607

18,025

$

44,066

Machinery

-

Diversified

-

.67

%

Deere

&

Co

44,624

20,686

Dover

Corp

24,178

4,126

IDEX

Corp

13,342

2,321

Ingersoll

Rand

Inc

70,981

5,354

Nordson

Corp

9,556

1,811

Otis

Worldwide

Corp

69,860

6,725

Rockwell

Automation

Inc

19,920

4,934

Westinghouse

Air

Brake

Technologies

Corp

30,101

5,561

Xylem

Inc/NY

42,803

5,161

$

56,679

Media

-

.84

%

Charter

Communications

Inc

(d) 17,006

6,664

Comcast

Corp

-

Class

A

664,476

22,725

FactSet

Research

Systems

Inc

6,698

2,895

Fox

Corp

-

A

Shares

38,381

1,911

Fox

Corp

-

B

Shares

23,244

1,075

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

News

Corp

-

A

Shares

66,607

$

1,806

News

Corp

-

B

Shares

19,682

618

Paramount

Global

-

Class

B

(e) 104,822

1,231

Walt

Disney

Co/The

318,497

28,967

Warner

Bros

Discovery

Inc

(d) 393,302

3,410

$

71,302

Mining

-

.23

%

Freeport-McMoRan

Inc

253,183

9,122

Newmont

Corp

200,574

10,566

$

19,688

Miscellaneous

Manufacturers

-

.63

%

3M

Co

95,649

13,287

A

O

Smith

Corp

20,805

1,412

Axon

Enterprise

Inc

(d) 12,762

7,827

Illinois

Tool

Works

Inc

47,056

11,289

Parker-Hannifin

Corp

22,684

13,725

Teledyne

Technologies

Inc

(d) 8,210

3,826

Textron

Inc

32,167

2,263

$

53,629

Office

&

Business

Equipment

-

.03

%

Zebra

Technologies

Corp

(d) 9,053

2,266

Oil

&

Gas

-

.47

%

APA

Corp

65,179

1,013

Chevron

Corp

294,448

40,063

ConocoPhillips

224,783

20,033

Coterra

Energy

Inc

129,748

3,187

Devon

Energy

Corp

115,733

3,519

Diamondback

Energy

Inc

32,925

4,346

EOG

Resources

Inc

99,093

10,933

EQT

Corp

105,125

5,197

Expand

Energy

Corp

37,050

3,849

Exxon

Mobil

Corp

766,910

81,009

Hess

Corp

48,695

6,284

Marathon

Petroleum

Corp

55,674

7,650

Occidental

Petroleum

Corp

119,030

4,691

Phillips

72,761

7,572

Texas

Pacific

Land

Corp

3,320

4,279

Valero

Energy

Corp

55,777

6,475

$

210,100

Oil

&

Gas

Services

-

.20

%

Baker

Hughes

Co

174,437

6,175

Halliburton

Co

152,942

3,032

Schlumberger

NV

246,802

8,206

$

17,413

Packaging

&

Containers

-

.15

%

Amcor

PLC

(e) 402,485

3,703

Ball

Corp

52,578

2,731

Packaging

Corp

of

America

15,711

2,916

Smurfit

WestRock

PLC

87,107

3,660

$

13,010

Pharmaceuticals

-

.81

%

AbbVie

Inc

311,020

60,680

Becton

Dickinson

&

Co

50,588

10,476

Bristol-Myers

Squibb

Co

357,523

17,948

Cardinal

Health

Inc

42,560

6,013

Cencora

Inc

30,408

8,900

CVS

Health

Corp

222,126

14,818

Dexcom

Inc

(d) 68,837

4,914

Eli

Lilly

&

Co

138,818

124,790

Henry

Schein

Inc

(d) 21,968

1,427

Johnson

&

Johnson

424,174

66,303

McKesson

Corp

22,080

15,738

Merck

&

Co

Inc

445,672

37,971

Pfizer

Inc

998,408

24,371

Viatris

Inc

210,291

1,771

Zoetis

Inc

78,893

12,339

$

408,459

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

-

.44

%

Kinder

Morgan

Inc

340,575

$

8,957

ONEOK

Inc

109,310

8,981

Targa

Resources

Corp

38,419

6,566

Williams

Cos

Inc/The

214,765

12,579

$

37,083

Private

Equity

-

.36

%

Blackstone

Inc

128,949

16,984

KKR

&

Co

Inc

118,932

13,590

$

30,574

Real

Estate

-

.14

%

CBRE

Group

Inc

(d) 52,077

6,363

CoStar

Group

Inc

(d) 74,247

5,507

$

11,870

REITs

-

.07

%

Alexandria

Real

Estate

Equities

Inc

27,142

1,972

American

Tower

Corp

82,328

18,558

AvalonBay

Communities

Inc

25,031

5,256

BXP

Inc

25,637

1,634

Camden

Property

Trust

18,797

2,139

Crown

Castle

Inc

76,568

8,098

Digital

Realty

Trust

Inc

55,749

8,950

Equinix

Inc

17,146

14,758

Equity

Residential

60,205

4,230

Essex

Property

Trust

Inc

11,324

3,161

Extra

Space

Storage

Inc

37,349

5,472

Federal

Realty

Investment

Trust

13,585

1,277

Healthpeak

Properties

Inc

123,251

2,199

Host

Hotels

&

Resorts

Inc

123,157

1,739

Invitation

Homes

Inc

100,375

3,432

Iron

Mountain

Inc

51,750

4,640

Kimco

Realty

Corp

119,713

2,392

Mid-America

Apartment

Communities

Inc

20,596

3,288

Prologis

Inc

163,294

16,689

Public

Storage

27,766

8,342

Realty

Income

Corp

154,196

8,922

Regency

Centers

Corp

28,759

2,076

SBA

Communications

Corp

18,944

4,611

Simon

Property

Group

Inc

54,035

8,504

UDR

Inc

53,044

2,222

Ventas

Inc

77,014

5,397

VICI

Properties

Inc

185,725

5,947

Welltower

Inc

107,335

16,378

Weyerhaeuser

Co

127,833

3,312

$

175,595

Retail

-

.93

%

AutoZone

Inc

(d) 2,956

11,122

Best

Buy

Co

Inc

34,278

2,286

CarMax

Inc

(d) 27,098

1,752

Chipotle

Mexican

Grill

Inc

(d) 238,784

12,063

Costco

Wholesale

Corp

78,205

77,775

Darden

Restaurants

Inc

20,640

4,141

Dollar

General

Corp

38,747

3,630

Dollar

Tree

Inc

(d) 35,617

2,912

Domino's

Pizza

Inc

6,084

2,983

Genuine

Parts

Co

24,496

2,880

Home

Depot

Inc/The

175,011

63,090

Lowe's

Cos

Inc

99,481

22,240

Lululemon

Athletica

Inc

(d) 19,740

5,345

McDonald's

Corp

126,254

40,357

O'Reilly

Automotive

Inc

(d) 10,127

14,332

Ross

Stores

Inc

58,128

8,080

Starbucks

Corp

200,122

16,020

Target

Corp

80,729

7,807

TJX

Cos

Inc/The

198,055

25,486

Tractor

Supply

Co

94,115

4,764

Ulta

Beauty

Inc

(d) 8,170

3,232

Walgreens

Boots

Alliance

Inc

126,367

1,386

Walmart

Inc

764,272

74,326

Williams-Sonoma

Inc

21,687

3,350

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Yum!

Brands

Inc

49,168

$

7,397

$

418,756

Semiconductors

-

.86

%

Advanced

Micro

Devices

Inc

(d) 285,496

27,793

Analog

Devices

Inc

87,406

17,037

Applied

Materials

Inc

143,183

21,579

Broadcom

Inc

825,815

158,945

Intel

Corp

762,856

15,333

KLA

Corp

23,412

16,451

Lam

Research

Corp

226,157

16,209

Microchip

Technology

Inc

94,752

4,366

Micron

Technology

Inc

196,294

15,105

Monolithic

Power

Systems

Inc

8,425

4,997

NVIDIA

Corp

4,314,634

469,950

NXP

Semiconductors

NV

44,779

8,253

ON

Semiconductor

Corp

(d) 74,247

2,948

QUALCOMM

Inc

194,856

28,928

Skyworks

Solutions

Inc

28,318

1,820

Teradyne

Inc

28,693

2,129

Texas

Instruments

Inc

160,384

25,670

$

837,513

Shipbuilding

-

.02

%

Huntington

Ingalls

Industries

Inc

6,895

1,588

Software

-

.43

%

Adobe

Inc

(d) 76,693

28,758

Akamai

Technologies

Inc

(d) 26,468

2,133

ANSYS

Inc

(d) 15,407

4,959

Autodesk

Inc

(d) 37,880

10,389

Broadridge

Financial

Solutions

Inc

20,616

4,997

Cadence

Design

Systems

Inc

(d) 48,321

14,387

Dayforce

Inc

(d) 28,013

1,621

Electronic

Arts

Inc

41,784

6,063

Fair

Isaac

Corp

(d) 4,300

8,556

Fidelity

National

Information

Services

Inc

93,322

7,361

Fiserv

Inc

(d) 100,233

18,500

Intuit

Inc

49,316

30,944

Jack

Henry

&

Associates

Inc

12,844

2,228

Microsoft

Corp

1,309,714

517,678

MSCI

Inc

13,681

7,458

Oracle

Corp

285,803

40,218

Palantir

Technologies

Inc

(d) 361,136

42,773

Paychex

Inc

56,457

8,306

Paycom

Software

Inc

8,297

1,878

PTC

Inc

(d) 21,197

3,285

Roper

Technologies

Inc

18,891

10,581

Salesforce

Inc

168,603

45,305

ServiceNow

Inc

(d) 36,293

34,660

Synopsys

Inc

(d) 27,231

12,499

Take-Two

Interactive

Software

Inc

(d) 28,918

6,747

Tyler

Technologies

Inc

(d) 7,541

4,097

Workday

Inc

(d) 37,702

9,237

$

885,618

Telecommunications

-

.94

%

Arista

Networks

Inc

(d) 181,996

14,973

AT&T

Inc

1,264,647

35,031

Cisco

Systems

Inc

701,682

40,508

Corning

Inc

135,818

6,027

Juniper

Networks

Inc

58,332

2,119

Motorola

Solutions

Inc

29,443

12,966

T-Mobile

US

Inc

84,486

20,864

Verizon

Communications

Inc

741,664

32,678

$

165,166

Toys,

Games

&

Hobbies

-

.02

%

Hasbro

Inc

23,103

1,430

Transportation

-

.86

%

CH

Robinson

Worldwide

Inc

20,913

1,866

CSX

Corp

339,749

9,537

Expeditors

International

of

Washington

Inc

24,662

2,710

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

(continued)

FedEx

Corp

39,039

$

8,211

JB

Hunt

Transport

Services

Inc

13,996

1,827

Norfolk

Southern

Corp

39,892

8,938

Old

Dominion

Freight

Line

Inc

33,101

5,074

Union

Pacific

Corp

106,464

22,960

United

Parcel

Service

Inc

128,853

12,280

$

73,403

Water

-

.06

%

American

Water

Works

Co

Inc

34,338

5,048

TOTAL

COMMON

STOCKS

$

8,315,533

Total

Investments

$

8,486,757

Other

Assets

and

Liabilities

- 0.09%

7,510

TOTAL

NET

ASSETS

-

100.00%

$

8,494,267

(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

$3,099

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) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,947

or

0.03%

of

net

assets.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

280,734

$

383,343

$

519,574

$

144,503

$

280,734

$

383,343

$

519,574

$

144,503

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

6,348

$

—

$

—

$

—

$

6,348

$

—

$

—

$

—

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;

June

2025

Long

537

$

150,011

$

5,937

Total

$

5,937

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.05

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.92

%

Invesco

Exchange-Traded

Fund

Trust

-

Invesco

S&P

500

Pure

Value

ETF

1,146,183

$

101,403

Money

Market

Funds

-

.13

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

845,568

846

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(c)

107,881,391

107,881

$

108,727

TOTAL

INVESTMENT

COMPANIES

$

210,130

COMMON

STOCKS

-

.17

%

Shares

Held

Value

(000's)

Advertising

-

.02

%

Interpublic

Group

of

Cos

Inc/The

8,745

$

Omnicom

Group

Inc

4,739

$

581

Aerospace

&

Defense

-

.32

%

Boeing

Co/The

(d) 15,256

2,796

Curtiss-Wright

Corp

914

General

Dynamics

Corp

100,364

27,311

General

Electric

Co

20,589

4,149

Hexcel

Corp

1,985

Howmet

Aerospace

Inc

9,322

1,292

L3Harris

Technologies

Inc

4,653

1,024

Loar

Holdings

Inc

(d) 123

Lockheed

Martin

Corp

3,500

1,672

Northrop

Grumman

Corp

3,331

1,621

RTX

Corp

32,402

4,087

Spirit

AeroSystems

Holdings

Inc

(d) 2,279

Standardaero

Inc

(d) 1,674

TransDigm

Group

Inc

1,061

1,499

$

46,001

Agriculture

-

.92

%

Altria

Group

Inc

41,378

2,447

Archer-Daniels-Midland

Co

11,646

556

Bunge

Global

SA

3,286

Darling

Ingredients

Inc

(d) 3,867

Philip

Morris

International

Inc

368,951

63,224

$

66,610

Airlines

-

.05

%

Alaska

Air

Group

Inc

(d) 2,905

American

Airlines

Group

Inc

(d) 14,496

Delta

Air

Lines

Inc

15,674

652

Southwest

Airlines

Co

14,532

United

Airlines

Holdings

Inc

(d) 8,002

551

$

1,882

Apparel

-

.05

%

Birkenstock

Holding

Plc

(d) 835

Capri

Holdings

Ltd

(d) 2,717

Carter's

Inc

844

Columbia

Sportswear

Co

735

Crocs

Inc

(d) 1,143

NIKE

Inc

11,062

624

PVH

Corp

1,353

Ralph

Lauren

Corp

948

Skechers

USA

Inc

(d) 2,788

Tapestry

Inc

5,677

Under

Armour

Inc

-

Class

A

(d) 4,009

Under

Armour

Inc

-

Class

C

(d) 4,285

VF

Corp

8,535

$

1,881

Automobile

Manufacturers

-

.13

%

Cummins

Inc

3,333

979

Ford

Motor

Co

95,892

960

General

Motors

Co

24,224

1,096

Lucid

Group

Inc

(d),(e)

21,071

PACCAR

Inc

12,585

1,135

Rivian

Automotive

Inc

(d),(e)

20,693

$

4,506

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

-

.98

%

Allison

Transmission

Holdings

Inc

2,108

$

Aptiv

PLC

(d) 585,471

33,407

BorgWarner

Inc

5,126

Gentex

Corp

5,545

Lear

Corp

1,317

QuantumScape

Corp

(d) 7,663

$

34,011

Banks

-

.91

%

Bank

of

America

Corp

1,954,435

77,942

Bank

of

New

York

Mellon

Corp/The

17,603

1,415

Bank

of

Nova

Scotia/The

479,278

23,954

Bank

OZK

2,387

BOK

Financial

Corp

509

Citigroup

Inc

46,117

3,154

Citizens

Financial

Group

Inc

10,921

Columbia

Banking

System

Inc

5,085

Comerica

Inc

3,122

Commerce

Bancshares

Inc/MO

2,944

Cullen/Frost

Bankers

Inc

1,359

East

West

Bancorp

Inc

3,410

Fifth

Third

Bancorp

16,642

598

First

Citizens

BancShares

Inc/NC

502

First

Hawaiian

Inc

2,860

First

Horizon

Corp

12,773

FNB

Corp/PA

8,674

Goldman

Sachs

Group

Inc/The

47,646

26,088

Huntington

Bancshares

Inc/OH

35,232

512

JPMorgan

Chase

&

Co

241,003

58,954

KeyCorp

22,570

M&T

Bank

Corp

4,097

696

Morgan

Stanley

26,323

3,038

Northern

Trust

Corp

4,786

Pinnacle

Financial

Partners

Inc

1,768

PNC

Financial

Services

Group

Inc/The

9,707

1,560

Popular

Inc

1,514

Prosperity

Bancshares

Inc

2,123

Regions

Financial

Corp

22,407

SouthState

Corp

262,470

22,777

State

Street

Corp

7,153

630

Synovus

Financial

Corp

3,318

Truist

Financial

Corp

32,526

1,247

US

Bancorp

38,075

1,536

Webster

Financial

Corp

4,043

Wells

Fargo

&

Co

762,355

54,135

Western

Alliance

Bancorp

380,970

26,558

Wintrust

Financial

Corp

1,500

Zions

Bancorp

NA

3,406

$

309,532

Beverages

-

.11

%

Boston

Beer

Co

Inc/The

(d) 155

Brown-Forman

Corp

-

A

Shares

1,034

Brown-Forman

Corp

-

B

Shares

4,058

Coca-Cola

Co/The

40,395

2,931

Coca-Cola

Consolidated

Inc

Constellation

Brands

Inc

3,840

720

Keurig

Dr

Pepper

Inc

1,608,942

55,653

Molson

Coors

Beverage

Co

4,216

Monster

Beverage

Corp

(d) 3,360

PepsiCo

Inc

96,948

13,144

$

73,302

Biotechnology

-

.02

%

Alnylam

Pharmaceuticals

Inc

(d) 354

Amgen

Inc

2,894

842

Biogen

Inc

(d) 3,580

BioMarin

Pharmaceutical

Inc

(d) 4,625

Bio-Rad

Laboratories

Inc

(d) 424

Certara

Inc

(d) 2,556

Corteva

Inc

16,852

1,045

Exelixis

Inc

(d) 991

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Gilead

Sciences

Inc

30,413

$

3,240

GRAIL

Inc

(d) 529

Illumina

Inc

(d) 3,913

Incyte

Corp

(d) 3,614

Ionis

Pharmaceuticals

Inc

(d) 280

Moderna

Inc

(d) 7,881

Regeneron

Pharmaceuticals

Inc

2,336

1,399

Roivant

Sciences

Ltd

(d) 10,220

Royalty

Pharma

PLC

9,504

United

Therapeutics

Corp

(d) 1,034

Vertex

Pharmaceuticals

Inc

(d) 51,713

26,347

$

35,398

Building

Materials

-

.28

%

Armstrong

World

Industries

Inc

647

AZEK

Co

Inc/The

(d) 960

Boise

Cascade

Co

237,264

22,132

Builders

FirstSource

Inc

(d) 2,522

Carrier

Global

Corp

20,459

1,280

CRH

PLC

447,321

42,683

Eagle

Materials

Inc

Fortune

Brands

Innovations

Inc

2,830

Hayward

Holdings

Inc

(d) 3,030

Johnson

Controls

International

plc

518,572

43,508

Louisiana-Pacific

Corp

Martin

Marietta

Materials

Inc

1,413

740

Masco

Corp

5,320

Mohawk

Industries

Inc

(d) 1,249

Owens

Corning

2,119

Simpson

Manufacturing

Co

Inc

920

Trane

Technologies

PLC

3,640

1,395

Vulcan

Materials

Co

2,417

634

$

113,991

Chemicals

-

.31

%

Air

Products

and

Chemicals

Inc

158,583

42,991

Albemarle

Corp

2,744

Ashland

Inc

1,093

Axalta

Coating

Systems

Ltd

(d) 827,198

26,884

Celanese

Corp

1,826

CF

Industries

Holdings

Inc

4,235

Chemours

Co/The

2,934

Dow

Inc

17,104

523

DuPont

de

Nemours

Inc

10,258

677

Eastman

Chemical

Co

2,813

Ecolab

Inc

799

Element

Solutions

Inc

5,457

FMC

Corp

3,038

Huntsman

Corp

3,483

International

Flavors

&

Fragrances

Inc

6,254

Linde

PLC

11,720

5,312

LyondellBasell

Industries

NV

6,400

Mosaic

Co/The

7,824

NewMarket

Corp

Olin

Corp

2,492

PPG

Industries

Inc

5,652

615

RPM

International

Inc

2,371

Sherwin-Williams

Co/The

Westlake

Corp

818

$

80,124

Commercial

Services

-

.35

%

ADT

Inc

9,061

Affirm

Holdings

Inc

(d) 6,324

API

Group

Corp

(d) 5,641

Aramark

6,385

Automatic

Data

Processing

Inc

711

Avis

Budget

Group

Inc

(d) 287

Block

Inc

(d) 7,788

Bright

Horizons

Family

Solutions

Inc

(d) 1,162

Cintas

Corp

Clarivate

PLC

(d) 8,673

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Dun

&

Bradstreet

Holdings

Inc

6,798

$

Equifax

Inc

2,419

629

Euronet

Worldwide

Inc

(d) 1,010

FTI

Consulting

Inc

(d) 844

Global

Payments

Inc

6,258

Grand

Canyon

Education

Inc

(d) 440

GXO

Logistics

Inc

(d) 2,863

H&R

Block

Inc

2,592

ManpowerGroup

Inc

992

MarketAxess

Holdings

Inc

882

PayPal

Holdings

Inc

(d) 24,433

1,609

Quanta

Services

Inc

2,472

724

RB

Global

Inc

4,481

Robert

Half

Inc

2,467

S&P

Global

Inc

7,635

3,818

Service

Corp

International/US

3,433

TransUnion

4,510

U-Haul

Holding

Co

(d),(e)

U-Haul

Holding

Co

-

Non

Voting

Shares

1,388

United

Rentals

Inc

1,212

765

Vestis

Corp

2,434

WEX

Inc

(d) 877

WillScot

Holdings

Corp

3,082

$

12,191

Computers

-

.52

%

Accenture

PLC

-

Class

A

94,990

28,416

Amdocs

Ltd

2,761

Amentum

Holdings

Inc

(d) 3,614

CACI

International

Inc

(d) 66,548

30,470

Cognizant

Technology

Solutions

Corp

248,919

18,313

Crane

NXT

Co

1,048

Dell

Technologies

Inc

5,700

523

DXC

Technology

Co

(d) 3,825

EPAM

Systems

Inc

(d) 1,230

Fortinet

Inc

(d) 2,820

Genpact

Ltd

4,047

Globant

SA

(d) 234

Hewlett

Packard

Enterprise

Co

32,129

521

HP

Inc

17,405

International

Business

Machines

Corp

22,377

5,411

KBR

Inc

2,872

Kyndryl

Holdings

Inc

(d) 5,309

Leidos

Holdings

Inc

3,243

Lumentum

Holdings

Inc

(d) 1,658

NetApp

Inc

2,778

Okta

Inc

(d) 2,249

Parsons

Corp

(d) 1,116

Pure

Storage

Inc

(d) 836

Sandisk

Corp/DE

(d) 2,810

Science

Applications

International

Corp

1,188

Western

Digital

Corp

8,452

$

87,366

Consumer

Products

-

.64

%

Avery

Dennison

Corp

1,196

Church

&

Dwight

Co

Inc

215,899

21,448

Kimberly-Clark

Corp

4,810

634

Reynolds

Consumer

Products

Inc

1,156

Spectrum

Brands

Holdings

Inc

609

$

22,351

Cosmetics

&

Personal

Care

-

.27

%

Colgate-Palmolive

Co

8,978

828

Coty

Inc

(d) 9,035

Estee

Lauder

Cos

Inc/The

3,446

Kenvue

Inc

46,693

1,102

Perrigo

Co

PLC

3,304

Procter

&

Gamble

Co/The

44,720

7,270

$

9,537

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Distribution

&

Wholesale

-

.04

%

Copart

Inc

(d) 1,332

$

Core

&

Main

Inc

(d) 1,479

Fastenal

Co

2,108

LKQ

Corp

6,377

SiteOne

Landscape

Supply

Inc

(d) 632

Watsco

Inc

845

WESCO

International

Inc

988

WW

Grainger

Inc

$

1,333

Diversified

Financial

Services

-

.28

%

Affiliated

Managers

Group

Inc

728

Air

Lease

Corp

2,544

Ally

Financial

Inc

5,537

American

Express

Co

115,057

30,653

Ameriprise

Financial

Inc

Apollo

Global

Management

Inc

3,230

Blackrock

Inc

3,603

3,294

Capital

One

Financial

Corp

9,263

1,670

Cboe

Global

Markets

Inc

2,591

575

Charles

Schwab

Corp/The

36,418

2,964

CME

Group

Inc

8,768

2,429

Coinbase

Global

Inc

(d) 793

Credit

Acceptance

Corp

(d),(e)

Discover

Financial

Services

6,101

1,114

Evercore

Inc

-

Class

A

858

Franklin

Resources

Inc

7,273

Houlihan

Lokey

Inc

1,146

Interactive

Brokers

Group

Inc

-

A

Shares

2,610

Intercontinental

Exchange

Inc

196,204

32,957

Invesco

Ltd

8,911

Janus

Henderson

Group

PLC

3,108

Jefferies

Financial

Group

Inc

2,902

Lazard

Inc

Nasdaq

Inc

10,067

767

OneMain

Holdings

Inc

2,753

Raymond

James

Financial

Inc

4,990

684

Rocket

Cos

Inc

(e) 2,942

SEI

Investments

Co

2,366

SLM

Corp

19,417

561

SoFi

Technologies

Inc

(d) 21,838

Stifel

Financial

Corp

2,399

Synchrony

Financial

9,549

T

Rowe

Price

Group

Inc

5,397

TPG

Inc

1,419

Tradeweb

Markets

Inc

1,719

UWM

Holdings

Corp

1,732

Virtu

Financial

Inc

1,797

Visa

Inc

90,867

31,395

Voya

Financial

Inc

2,274

Western

Union

Co/The

6,255

XP

Inc

8,944

$

114,047

Electric

-

.66

%

AES

Corp/The

16,617

Alliant

Energy

Corp

6,268

Ameren

Corp

6,511

646

American

Electric

Power

Co

Inc

13,060

1,415

Brookfield

Renewable

Corp

3,343

CenterPoint

Energy

Inc

15,761

611

Clearway

Energy

Inc

-

Class

A

742

Clearway

Energy

Inc

-

Class

C

1,749

CMS

Energy

Corp

7,276

536

Consolidated

Edison

Inc

8,500

958

Constellation

Energy

Corp

6,473

1,446

Dominion

Energy

Inc

20,408

1,110

DTE

Energy

Co

5,077

696

Duke

Energy

Corp

18,801

2,294

Edison

International

9,246

Entergy

Corp

736,010

61,214

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Evergy

Inc

5,429

$

Eversource

Energy

9,006

536

Exelon

Corp

24,416

1,145

FirstEnergy

Corp

13,996

600

IDACORP

Inc

1,259

NextEra

Energy

Inc

373,903

25,007

NRG

Energy

Inc

2,920

OGE

Energy

Corp

4,729

PG&E

Corp

53,405

882

Pinnacle

West

Capital

Corp

380,460

36,212

PPL

Corp

18,001

657

Public

Service

Enterprise

Group

Inc

12,223

977

Sempra

15,468

1,149

Southern

Co/The

282,512

25,960

WEC

Energy

Group

Inc

225,381

24,683

Xcel

Energy

Inc

571,084

40,376

$

231,379

Electrical

Components

&

Equipment

-

.16

%

Acuity

Inc

740

AMETEK

Inc

5,639

956

Eaton

Corp

PLC

9,648

2,840

Emerson

Electric

Co

13,979

1,469

Generac

Holdings

Inc

(d) 674

Littelfuse

Inc

595

Universal

Display

Corp

$

5,693

Electronics

-

.48

%

Allegion

plc

2,099

Amphenol

Corp

11,978

922

Arrow

Electronics

Inc

(d) 1,280

Avnet

Inc

2,098

Coherent

Corp

(d) 3,042

Fortive

Corp

226,696

15,798

Garmin

Ltd

3,812

712

Honeywell

International

Inc

13,431

2,827

Hubbell

Inc

75,796

27,528

Ingram

Micro

Holding

Corp

Jabil

Inc

2,337

Keysight

Technologies

Inc

(d) 4,276

622

Mettler-Toledo

International

Inc

(d) 509

545

nVent

Electric

PLC

4,027

Sensata

Technologies

Holding

PLC

3,358

TD

SYNNEX

Corp

1,783

Trimble

Inc

(d) 5,957

Vontier

Corp

3,657

Woodward

Inc

1,413

$

51,274

Energy

-

Alternate

Sources

-

.01

%

First

Solar

Inc

(d) 2,614

Engineering

&

Construction

-

.12

%

AECOM

3,258

EMCOR

Group

Inc

662

Everus

Construction

Group

Inc

(d) 1,140

Jacobs

Solutions

Inc

111,741

13,834

MasTec

Inc

(d) 1,528

TopBuild

Corp

(d) 81,685

24,160

$

38,820

Entertainment

-

.02

%

Caesars

Entertainment

Inc

(d) 5,150

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(d) 417

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(d) 1,042

Madison

Square

Garden

Sports

Corp

(d) 418

Marriott

Vacations

Worldwide

Corp

781

Penn

Entertainment

Inc

(d) 3,385

TKO

Group

Holdings

Inc

1,667

Vail

Resorts

Inc

$

713

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Environmental

Control

-

.83

%

Clean

Harbors

Inc

(d) 1,228

$

Pentair

PLC

4,073

Republic

Services

Inc

5,006

1,255

Tetra

Tech

Inc

4,911

Veralto

Corp

3,345

Waste

Management

Inc

113,110

26,395

$

28,757

Food

-

.98

%

Albertsons

Cos

Inc

9,778

Conagra

Brands

Inc

11,594

Flowers

Foods

Inc

4,570

General

Mills

Inc

13,537

768

Grocery

Outlet

Holding

Corp

(d) 2,132

Hershey

Co/The

149,318

24,964

Hormel

Foods

Corp

6,763

Ingredion

Inc

1,598

J

M

Smucker

Co/The

2,560

Kellanova

6,445

534

Kraft

Heinz

Co/The

21,645

630

Kroger

Co/The

16,166

1,167

Lamb

Weston

Holdings

Inc

2,281

McCormick

&

Co

Inc/MD

6,194

Mondelez

International

Inc

32,631

2,223

Performance

Food

Group

Co

(d) 3,238

Pilgrim's

Pride

Corp

795

Post

Holdings

Inc

(d) 1,241

Seaboard

Corp

Smithfield

Foods

Inc

548

Sysco

Corp

4,556

The

Campbell's

Company

4,504

Tyson

Foods

Inc

6,878

US

Foods

Holding

Corp

(d) 5,357

$

33,952

Forest

Products

&

Paper

-

.02

%

International

Paper

Co

12,793

584

Gas

-

.04

%

Atmos

Energy

Corp

3,820

614

MDU

Resources

Group

Inc

4,565

National

Fuel

Gas

Co

2,119

NiSource

Inc

11,419

UGI

Corp

5,037

$

1,466

Hand

&

Machine

Tools

-

.03

%

Lincoln

Electric

Holdings

Inc

972

MSA

Safety

Inc

903

Regal

Rexnord

Corp

1,584

Snap-on

Inc

1,263

Stanley

Black

&

Decker

Inc

3,788

$

1,105

Healthcare

-

Products

-

.46

%

10X

Genomics

Inc

(d) 941

Abbott

Laboratories

325,191

42,519

Agilent

Technologies

Inc

7,024

756

Align

Technology

Inc

(d) 759

Avantor

Inc

(d) 1,829,880

23,770

Azenta

Inc

(d) 855

Baxter

International

Inc

12,377

Bio-Techne

Corp

3,698

Boston

Scientific

Corp

(d) 35,842

3,687

Bruker

Corp

850

Cooper

Cos

Inc/The

(d) 4,809

Danaher

Corp

15,746

3,139

DENTSPLY

SIRONA

Inc

4,295

Edwards

Lifesciences

Corp

(d) 11,609

876

Enovis

Corp

(d) 1,244

Envista

Holdings

Corp

(d) 3,862

Exact

Sciences

Corp

(d) 2,692

GE

HealthCare

Technologies

Inc

10,022

705

Globus

Medical

Inc

(d) 2,629

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Hologic

Inc

(d) 5,505

$

Masimo

Corp

(d) 508

Medtronic

PLC

392,450

33,264

QIAGEN

NV

(d) 5,100

QuidelOrtho

Corp

(d) 1,322

Repligen

Corp

(d) 1,143

ResMed

Inc

2,613

618

Revvity

Inc

3,035

Solventum

Corp

(d) 3,380

STERIS

PLC

2,415

543

Stryker

Corp

6,206

2,320

Teleflex

Inc

1,124

Thermo

Fisher

Scientific

Inc

9,316

3,997

Waters

Corp

(d) 545

West

Pharmaceutical

Services

Inc

673

Zimmer

Biomet

Holdings

Inc

4,834

$

120,136

Healthcare

-

Services

-

.20

%

Acadia

Healthcare

Co

Inc

(d) 1,942

Amedisys

Inc

(d) 719

Centene

Corp

(d) 12,343

739

Charles

River

Laboratories

International

Inc

(d) 1,228

Chemed

Corp

Cigna

Group/The

5,966

2,029

Elevance

Health

Inc

70,415

29,615

Encompass

Health

Corp

2,400

Fortrea

Holdings

Inc

(d) 2,208

HCA

Healthcare

Inc

3,409

1,176

Humana

Inc

2,966

778

IQVIA

Holdings

Inc

(d) 3,944

612

Labcorp

Holdings

Inc

2,084

502

Molina

Healthcare

Inc

(d) 506

Quest

Diagnostics

Inc

2,732

Sotera

Health

Co

(d) 3,576

Tenet

Healthcare

Corp

(d) 2,361

UnitedHealth

Group

Inc

179,426

73,823

Universal

Health

Services

Inc

1,371

$

111,282

Home

Builders

-

.71

%

DR

Horton

Inc

6,976

881

Lennar

Corp

-

A

Shares

207,580

22,545

Lennar

Corp

-

B

Shares

NVR

Inc

(d) 70

PulteGroup

Inc

4,991

512

Thor

Industries

Inc

1,141

Toll

Brothers

Inc

2,420

$

24,788

Home

Furnishings

-

.01

%

Dolby

Laboratories

Inc

1,468

Leggett

&

Platt

Inc

2,826

SharkNinja

Inc

(d) 1,294

Whirlpool

Corp

1,291

$

Housewares

-

.00

%

Newell

Brands

Inc

9,325

Scotts

Miracle-Gro

Co/The

1,009

$

Insurance

-

.82

%

Aflac

Inc

13,533

1,471

Allstate

Corp/The

5,444

1,080

American

Financial

Group

Inc/OH

1,713

American

International

Group

Inc

424,952

34,642

Aon

PLC

4,786

1,698

Arch

Capital

Group

Ltd

8,854

803

Arthur

J

Gallagher

&

Co

83,309

26,717

Assurant

Inc

1,232

Assured

Guaranty

Ltd

1,186

Axis

Capital

Holdings

Ltd

1,817

Berkshire

Hathaway

Inc

-

Class

B

(d) 89,768

47,869

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Brighthouse

Financial

Inc

(d) 1,348

$

Brown

&

Brown

Inc

3,297

Chubb

Ltd

9,869

2,823

Cincinnati

Financial

Corp

3,760

523

CNA

Financial

Corp

Corebridge

Financial

Inc

6,678

Everest

Group

Ltd

46,634

16,734

Fidelity

National

Financial

Inc

6,292

First

American

Financial

Corp

2,361

Globe

Life

Inc

2,063

Hanover

Insurance

Group

Inc/The

850

Hartford

Insurance

Group

Inc/The

7,052

865

Kemper

Corp

1,479

Lincoln

National

Corp

3,996

Loews

Corp

4,385

Markel

Group

Inc

(d) 238

Marsh

&

McLennan

Cos

Inc

10,369

2,338

MetLife

Inc

14,188

1,069

MGIC

Investment

Corp

6,037

Old

Republic

International

Corp

5,512

Primerica

Inc

800

Progressive

Corp/The

111,691

31,468

Prudential

Financial

Inc

8,822

906

Reinsurance

Group

of

America

Inc

1,611

RenaissanceRe

Holdings

Ltd

1,243

RLI

Corp

1,837

Travelers

Cos

Inc/The

5,515

1,457

Unum

Group

4,433

W

R

Berkley

Corp

7,220

518

White

Mountains

Insurance

Group

Ltd

Willis

Towers

Watson

PLC

78,749

24,239

$

202,334

Internet

-

.72

%

Alphabet

Inc

-

A

Shares

346,116

54,963

Angi

Inc

(d) 876

Booking

Holdings

Inc

CDW

Corp/DE

1,597

DoorDash

Inc

-

Class

A

(d) 1,097

eBay

Inc

11,707

798

Etsy

Inc

(d) 826

F5

Inc

(d) 1,410

Gen

Digital

Inc

13,199

IAC

Inc

(d) 1,670

Lyft

Inc

(d) 2,475

Maplebear

Inc

(d) 3,918

Match

Group

Inc

5,997

Robinhood

Markets

Inc

(d) 16,410

806

Roku

Inc

(d) 2,525

TripAdvisor

Inc

(d) 2,426

Trump

Media

&

Technology

Group

Corp

(d) 591

VeriSign

Inc

1,911

539

Wayfair

Inc

(d) 2,368

Zillow

Group

Inc

-

A

Shares

(d) 1,129

Zillow

Group

Inc

-

C

Shares

(d),(e)

3,848

$

59,630

Iron

&

Steel

-

.06

%

ATI

Inc

(d) 2,891

Cleveland-Cliffs

Inc

(d) 7,289

Nucor

Corp

5,720

683

Reliance

Inc

1,334

Steel

Dynamics

Inc

3,494

United

States

Steel

Corp

5,473

$

1,977

Leisure

Products

&

Services

-

.38

%

Amer

Sports

Inc

(d) 1,307

Brunswick

Corp/DE

1,602

Carnival

Corp

(d) 2,557,200

46,899

Harley-Davidson

Inc

2,660

Planet

Fitness

Inc

(d) 942

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Leisure

Products

&

Services

(continued)

Polaris

Inc

1,095

$

Royal

Caribbean

Cruises

Ltd

3,800

817

YETI

Holdings

Inc

(d) 1,343

$

48,045

Lodging

-

.46

%

Boyd

Gaming

Corp

1,548

Choice

Hotels

International

Inc

Hilton

Worldwide

Holdings

Inc

2,880

649

Hyatt

Hotels

Corp

856

Las

Vegas

Sands

Corp

711,366

26,086

Marriott

International

Inc/MD

5,523

1,318

MGM

Resorts

International

(d) 5,369

Travel

+

Leisure

Co

1,398

Wyndham

Hotels

&

Resorts

Inc

1,623

Wynn

Resorts

Ltd

274,627

22,055

$

50,695

Machinery

-

Construction

&

Mining

-

.97

%

BWX

Technologies

Inc

251,980

27,496

Caterpillar

Inc

10,103

3,125

GE

Vernova

Inc

6,645

2,464

Oshkosh

Corp

1,549

Vertiv

Holdings

Co

413,601

35,313

$

68,528

Machinery

-

Diversified

-

.27

%

AGCO

Corp

1,519

CNH

Industrial

NV

21,265

Cognex

Corp

3,966

Crane

Co

1,162

Deere

&

Co

6,080

2,818

Dover

Corp

3,363

574

Esab

Corp

1,345

Flowserve

Corp

3,097

Gates

Industrial

Corp

PLC

(d) 5,770

Graco

Inc

4,126

IDEX

Corp

1,863

Ingersoll

Rand

Inc

9,902

747

Middleby

Corp/The

(d) 1,288

Nordson

Corp

1,429

Otis

Worldwide

Corp

9,813

945

Rockwell

Automation

Inc

2,504

620

Toro

Co/The

2,372

Westinghouse

Air

Brake

Technologies

Corp

4,154

767

Xylem

Inc/NY

5,928

715

$

9,533

Media

-

.93

%

Charter

Communications

Inc

(d) 2,257

884

Comcast

Corp

-

Class

A

840,430

28,743

FactSet

Research

Systems

Inc

620

Fox

Corp

-

A

Shares

5,384

Fox

Corp

-

B

Shares

3,107

Liberty

Broadband

Corp

-

A

Shares

(d) 265

Liberty

Broadband

Corp

-

C

Shares

(d) 1,965

Liberty

Global

Ltd

-

A

Shares

(d) 3,728

Liberty

Global

Ltd

-

C

Shares

(d) 3,251

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 323

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 3,288

New

York

Times

Co/The

3,920

News

Corp

-

A

Shares

9,246

News

Corp

-

B

Shares

(e) 2,554

Nexstar

Media

Group

Inc

Paramount

Global

-

Class

B

(e) 13,870

Sirius

XM

Holdings

Inc

5,246

Walt

Disney

Co/The

383,323

34,863

Warner

Bros

Discovery

Inc

(d) 58,956

511

$

67,146

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

.02

%

Advanced

Drainage

Systems

Inc

1,063

$

RBC

Bearings

Inc

(d) 683

Timken

Co/The

1,451

Valmont

Industries

Inc

$

583

Mining

-

.09

%

Alcoa

Corp

5,767

Freeport-McMoRan

Inc

34,891

1,257

MP

Materials

Corp

(d),(e)

2,940

Newmont

Corp

27,859

1,468

Royal

Gold

Inc

1,583

$

3,227

Miscellaneous

Manufacturers

-

.18

%

3M

Co

10,806

1,501

A

O

Smith

Corp

2,892

Carlisle

Cos

Inc

975

Donaldson

Co

Inc

2,930

Illinois

Tool

Works

Inc

4,463

1,071

ITT

Inc

1,977

Parker-Hannifin

Corp

3,121

1,888

Teledyne

Technologies

Inc

(d) 1,130

527

Textron

Inc

4,588

$

6,339

Office

&

Business

Equipment

-

.01

%

Zebra

Technologies

Corp

(d) 1,013

Oil

&

Gas

-

.80

%

Antero

Resources

Corp

(d) 7,085

APA

Corp

8,464

Chevron

Corp

203,799

27,729

Chord

Energy

Corp

1,455

Civitas

Resources

Inc

1,491

ConocoPhillips

31,618

2,818

Coterra

Energy

Inc

18,084

Devon

Energy

Corp

15,329

Diamondback

Energy

Inc

4,601

607

EOG

Resources

Inc

109,528

12,084

EQT

Corp

13,496

667

Expand

Energy

Corp

5,635

585

Exxon

Mobil

Corp

802,819

84,802

Hess

Corp

143,876

18,567

HF

Sinclair

Corp

3,770

Marathon

Petroleum

Corp

7,892

1,084

Matador

Resources

Co

2,649

Occidental

Petroleum

Corp

16,681

657

Ovintiv

Inc

6,127

Permian

Resources

Corp

1,469,521

17,341

Phillips

302,238

31,451

Range

Resources

Corp

5,635

Valero

Energy

Corp

7,716

896

Viper

Energy

Inc

2,201

$

201,453

Oil

&

Gas

Services

-

.84

%

Baker

Hughes

Co

24,348

862

Halliburton

Co

1,353,428

26,825

NOV

Inc

9,449

Schlumberger

NV

34,564

1,149

TechnipFMC

PLC

10,418

$

29,239

Packaging

&

Containers

-

.08

%

Amcor

PLC

(e) 55,349

509

AptarGroup

Inc

1,664

Ardagh

Group

SA

(d),(f)

—

Ball

Corp

7,204

Crown

Holdings

Inc

2,819

Graphic

Packaging

Holding

Co

6,901

Packaging

Corp

of

America

2,198

Sealed

Air

Corp

3,090

Silgan

Holdings

Inc

2,021

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Packaging

&

Containers

(continued)

Smurfit

WestRock

PLC

12,546

$

527

Sonoco

Products

Co

2,200

$

2,794

Pharmaceuticals

-

.48

%

AbbVie

Inc

24,523

4,785

Becton

Dickinson

&

Co

7,089

1,468

BellRing

Brands

Inc

(d) 3,127

Bristol-Myers

Squibb

Co

49,455

2,483

Cardinal

Health

Inc

2,379

CVS

Health

Corp

30,793

2,054

Elanco

Animal

Health

Inc

(d) 12,010

Henry

Schein

Inc

(d) 2,944

Jazz

Pharmaceuticals

PLC

(d) 1,416

Johnson

&

Johnson

209,893

32,808

McKesson

Corp

1,763

1,257

Merck

&

Co

Inc

400,813

34,149

Organon

&

Co

6,275

Pfizer

Inc

138,257

3,375

Premier

Inc

2,052

Sanofi

SA

ADR

667,320

36,669

Viatris

Inc

28,931

Zoetis

Inc

1,971

$

120,771

Pipelines

-

.15

%

Antero

Midstream

Corp

4,708

Cheniere

Energy

Inc

2,699

624

DT

Midstream

Inc

2,502

Kinder

Morgan

Inc

47,274

1,243

New

Fortress

Energy

Inc

840

ONEOK

Inc

15,191

1,248

Williams

Cos

Inc/The

29,778

1,744

$

5,185

Private

Equity

-

.05

%

Carlyle

Group

Inc/The

5,339

KKR

&

Co

Inc

11,728

1,340

$

1,546

Real

Estate

-

.06

%

CBRE

Group

Inc

(d) 7,496

916

CoStar

Group

Inc

(d) 10,165

754

Howard

Hughes

Holdings

Inc

(d) 695

Jones

Lang

LaSalle

Inc

(d) 785

Seaport

Entertainment

Group

Inc

(d) 212

$

1,899

REITs

-

.82

%

AGNC

Investment

Corp

20,318

Agree

Realty

Corp

313,043

24,295

Alexandria

Real

Estate

Equities

Inc

4,256

American

Homes

Rent

8,189

American

Tower

Corp

53,455

12,049

Americold

Realty

Trust

Inc

6,684

Annaly

Capital

Management

Inc

13,730

AvalonBay

Communities

Inc

3,497

734

Brixmor

Property

Group

Inc

7,020

BXP

Inc

3,850

Camden

Property

Trust

2,568

Cousins

Properties

Inc

4,072

Crown

Castle

Inc

10,661

1,128

CubeSmart

5,455

Digital

Realty

Trust

Inc

8,093

1,299

EastGroup

Properties

Inc

1,142

EPR

Properties

1,678

Equinix

Inc

2,227

1,917

Equity

LifeStyle

Properties

Inc

4,591

Equity

Residential

9,230

649

Essex

Property

Trust

Inc

1,558

Extra

Space

Storage

Inc

5,131

752

Federal

Realty

Investment

Trust

2,059

First

Industrial

Realty

Trust

Inc

3,095

Gaming

and

Leisure

Properties

Inc

6,304

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Healthcare

Realty

Trust

Inc

8,281

$

Healthpeak

Properties

Inc

16,955

Highwoods

Properties

Inc

2,341

Host

Hotels

&

Resorts

Inc

16,980

Invitation

Homes

Inc

14,880

509

Iron

Mountain

Inc

3,092

Kilroy

Realty

Corp

2,850

Kimco

Realty

Corp

16,027

Lamar

Advertising

Co

1,510

Lineage

Inc

1,385

Medical

Properties

Trust

Inc

14,495

Mid-America

Apartment

Communities

Inc

2,860

Millrose

Properties

Inc

3,004

National

Storage

Affiliates

Trust

1,570

NNN

REIT

Inc

4,376

Omega

Healthcare

Investors

Inc

6,577

Park

Hotels

&

Resorts

Inc

4,575

Prologis

Inc

414,414

42,352

Public

Storage

98,386

29,558

Rayonier

Inc

3,759

Realty

Income

Corp

21,361

1,236

Regency

Centers

Corp

4,443

Rexford

Industrial

Realty

Inc

5,136

Rithm

Capital

Corp

12,157

SBA

Communications

Corp

2,651

645

Simon

Property

Group

Inc

5,878

925

STAG

Industrial

Inc

4,250

Starwood

Property

Trust

Inc

7,337

Sun

Communities

Inc

3,118

UDR

Inc

7,958

Ventas

Inc

10,241

718

VICI

Properties

Inc

1,154,712

36,974

Vornado

Realty

Trust

4,111

Welltower

Inc

15,052

2,297

Weyerhaeuser

Co

17,737

WP

Carey

Inc

5,302

$

167,394

Retail

-

.59

%

Advance

Auto

Parts

Inc

1,337

AutoNation

Inc

(d) 571

AutoZone

Inc

(d) 36

Bath

&

Body

Works

Inc

5,217

Best

Buy

Co

Inc

5,200

BJ's

Wholesale

Club

Holdings

Inc

(d) 3,248

CarMax

Inc

(d) 3,511

Carvana

Co

(d) 1,740

Casey's

General

Stores

Inc

742

Darden

Restaurants

Inc

134,720

27,030

Dick's

Sporting

Goods

Inc

66,918

12,563

Dillard's

Inc

Dollar

General

Corp

5,407

507

Dollar

Tree

Inc

(d) 4,981

Domino's

Pizza

Inc

556

Dutch

Bros

Inc

(d) 1,485

Ferguson

Enterprises

Inc

4,552

772

Five

Below

Inc

(d) 304

Floor

&

Decor

Holdings

Inc

(d) 1,627

Freshpet

Inc

(d) 679

GameStop

Corp

(d) 9,575

Gap

Inc/The

4,560

Genuine

Parts

Co

3,428

Home

Depot

Inc/The

4,884

1,761

Kohl's

Corp

(e) 2,347

Lithia

Motors

Inc

648

Lowe's

Cos

Inc

13,782

3,081

Macy's

Inc

6,681

McDonald's

Corp

16,452

5,259

MSC

Industrial

Direct

Co

Inc

1,119

Nordstrom

Inc

2,245

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Ollie's

Bargain

Outlet

Holdings

Inc

(d) 1,449

$

O'Reilly

Automotive

Inc

(d) 16,451

23,281

Penske

Automotive

Group

Inc

RH

(d) 269

Ross

Stores

Inc

6,123

851

Starbucks

Corp

6,228

Target

Corp

11,311

1,094

TJX

Cos

Inc/The

11,351

1,461

Ulta

Beauty

Inc

(d) 142

Walgreens

Boots

Alliance

Inc

16,753

Walmart

Inc

421,428

40,983

Wendy's

Co/The

1,902

Williams-Sonoma

Inc

1,186

Yum!

Brands

Inc

4,268

642

$

124,839

Savings

&

Loans

-

.00

%

TFS

Financial

Corp

1,454

Semiconductors

-

.76

%

Advanced

Micro

Devices

Inc

(d) 13,385

1,303

Allegro

MicroSystems

Inc

(d) 2,497

Amkor

Technology

Inc

2,533

Analog

Devices

Inc

12,120

2,362

Applied

Materials

Inc

1,652

Astera

Labs

Inc

(d) 2,514

Cirrus

Logic

Inc

(d) 1,293

Entegris

Inc

157,547

12,465

GLOBALFOUNDRIES

Inc

(d) 2,209

Intel

Corp

105,997

2,131

IPG

Photonics

Corp

(d) 575

Lattice

Semiconductor

Corp

(d) 393

MACOM

Technology

Solutions

Holdings

Inc

(d) 1,479

Marvell

Technology

Inc

353,861

20,655

Microchip

Technology

Inc

445,856

20,545

Micron

Technology

Inc

26,953

2,074

MKS

Instruments

Inc

1,534

ON

Semiconductor

Corp

(d) 10,430

Onto

Innovation

Inc

(d) 888

Qorvo

Inc

(d) 2,208

QUALCOMM

Inc

266,027

39,494

Skyworks

Solutions

Inc

3,936

Teradyne

Inc

Texas

Instruments

Inc

173,257

27,729

Wolfspeed

Inc

(d),(e)

3,604

$

130,749

Shipbuilding

-

.01

%

Huntington

Ingalls

Industries

Inc

952

Software

-

.33

%

Akamai

Technologies

Inc

(d) 3,625

ANSYS

Inc

(d) 2,130

686

BILL

Holdings

Inc

(d) 1,848

Broadridge

Financial

Solutions

Inc

CCC

Intelligent

Solutions

Holdings

Inc

(d) 11,754

Concentrix

Corp

1,000

Dayforce

Inc

(d) 3,149

DoubleVerify

Holdings

Inc

(d) 1,329

Doximity

Inc

(d) 2,835

Dropbox

Inc

-

A

Shares

(d) 3,495

Electronic

Arts

Inc

149,406

21,678

Fair

Isaac

Corp

(d) 87

Fidelity

National

Information

Services

Inc

624,558

49,265

Fiserv

Inc

(d) 9,445

1,743

Guidewire

Software

Inc

(d) 1,085

Informatica

Inc

(d) 1,723

Jack

Henry

&

Associates

Inc

1,737

Microsoft

Corp

117,924

46,611

MicroStrategy

Inc

(d) 5,280

2,007

MSCI

Inc

782

nCino

Inc

(d) 864

Nutanix

Inc

(d) 4,365

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Oracle

Corp

217,814

$

30,651

Paychex

Inc

5,060

744

Paycom

Software

Inc

Playtika

Holding

Corp

1,928

PTC

Inc

(d) 1,088

Roper

Technologies

Inc

2,605

1,459

Salesforce

Inc

92,900

24,963

SentinelOne

Inc

(d) 5,787

SS&C

Technologies

Holdings

Inc

5,290

Take-Two

Interactive

Software

Inc

(d) 4,201

980

Twilio

Inc

(d) 2,984

Tyler

Technologies

Inc

(d) 156

UiPath

Inc

(d) 1,506

Unity

Software

Inc

(d) 4,158

Zoom

Communications

Inc

(d) 6,435

ZoomInfo

Technologies

Inc

(d) 6,414

$

185,129

Telecommunications

-

.48

%

AT&T

Inc

175,242

4,854

Ciena

Corp

(d) 3,563

Cisco

Systems

Inc

97,355

5,620

Corning

Inc

18,657

828

Frontier

Communications

Parent

Inc

(d) 5,839

Iridium

Communications

Inc

2,294

Juniper

Networks

Inc

7,996

Motorola

Solutions

Inc

2,108

928

T-Mobile

US

Inc

137,617

33,984

Ubiquiti

Inc

Verizon

Communications

Inc

102,786

4,529

$

51,561

Toys,

Games

&

Hobbies

-

.00

%

Hasbro

Inc

Mattel

Inc

(d) 7,936

$

Transportation

-

.85

%

CH

Robinson

Worldwide

Inc

2,821

CSX

Corp

47,104

1,322

Expeditors

International

of

Washington

Inc

2,916

FedEx

Corp

5,404

1,137

JB

Hunt

Transport

Services

Inc

151,617

19,798

Kirby

Corp

(d) 1,389

Knight-Swift

Transportation

Holdings

Inc

3,638

Landstar

System

Inc

858

Norfolk

Southern

Corp

5,512

1,235

Ryder

System

Inc

994

Saia

Inc

(d) 248

Schneider

National

Inc

1,226

Union

Pacific

Corp

176,174

37,993

United

Parcel

Service

Inc

17,838

1,700

$

64,373

Water

-

.03

%

American

Water

Works

Co

Inc

4,794

705

Essential

Utilities

Inc

6,115

$

956

TOTAL

COMMON

STOCKS

$

3,271,926

Total

Investments

$

3,482,056

Other

Assets

and

Liabilities

- (0.22)%

(7,651)

TOTAL

NET

ASSETS

-

100.00%

$

3,474,405

(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

$846

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

$818

or

0.02%

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.

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

90,344

$

754,250

$

736,713

$

107,881

$

90,344

$

754,250

$

736,713

$

107,881

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

2,072

$

—

$

—

$

—

$

2,072

$

—

$

—

$

—

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;

June

2025

Long

$

51,680

$

1,007

Total

$

1,007

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.01

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

403,548

$

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

3,333,955

3,334

$

3,738

TOTAL

INVESTMENT

COMPANIES

$

3,738

COMMON

STOCKS

-

.90

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.02

%

HEICO

Corp

-

Class

A

7,037,133

$

1,413,971

TransDigm

Group

Inc

1,090,248

1,540,597

$

2,954,568

Building

Materials

-

.51

%

Martin

Marietta

Materials

Inc

1,458,046

763,987

Vulcan

Materials

Co

4,408,565

1,156,499

$

1,920,486

Chemicals

-

.43

%

Air

Products

and

Chemicals

Inc

851,689

230,884

Perimeter

Solutions

Inc

(c),(d)

8,056,257

81,610

Sherwin-Williams

Co/The

309,174

109,114

$

421,608

Commercial

Services

-

.54

%

Moody's

Corp

195,617

88,638

Toast

Inc

(d) 4,249,838

151,209

Verisk

Analytics

Inc

726,240

215,280

$

455,127

Computers

-

.81

%

Gartner

Inc

(d) 1,268,146

533,991

Distribution

&

Wholesale

-

.26

%

Copart

Inc

(d) 24,510,861

1,495,898

Fastenal

Co

4,338,208

351,265

$

1,847,163

Diversified

Financial

Services

-

.33

%

Ares

Management

Corp

2,608,750

397,913

Brookfield

Asset

Management

Ltd

4,911,103

261,909

Brookfield

Wealth

Solutions

Ltd

(d),(e)

156,328

8,388

LPL

Financial

Holdings

Inc

987,045

315,647

$

983,857

Electric

-

.38

%

Brookfield

Infrastructure

Partners

LP

25,058,456

752,004

Brookfield

Renewable

Corp

2,480,242

70,588

Brookfield

Renewable

Partners

LP

7,549,017

173,929

$

996,521

Electrical

Components

&

Equipment

-

.72

%

AMETEK

Inc

1,258,117

213,351

Electronics

-

.82

%

Mettler-Toledo

International

Inc

(d) 225,854

241,792

Entertainment

-

.17

%

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(d) 21,874

1,531

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(d) 157,552

11,266

Live

Nation

Entertainment

Inc

(d) 5,714,072

756,829

Vail

Resorts

Inc

1,196,643

166,573

$

936,199

Environmental

Control

-

.19

%

Veralto

Corp

605,003

58,020

Waste

Connections

Inc

1,478,688

292,233

$

350,253

Healthcare

-

Products

-

.41

%

IDEXX

Laboratories

Inc

(d) 568,615

246,011

Waters

Corp

(d) 492,482

171,251

$

417,262

Home

Builders

-

.89

%

Lennar

Corp

-

A

Shares

2,107,882

228,937

Lennar

Corp

-

B

Shares

38,636

3,994

NVR

Inc

(d) 45,507

324,271

$

557,202

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

-

.55

%

Arch

Capital

Group

Ltd

5,796,560

$

525,632

Arthur

J

Gallagher

&

Co

1,119,818

359,114

Brown

&

Brown

Inc

9,486,637

1,049,222

Markel

Group

Inc

(d) 411,265

747,927

Progressive

Corp/The

1,138,297

320,704

Ryan

Specialty

Holdings

Inc

2,343,043

153,493

W

R

Berkley

Corp

3,488,575

250,096

$

3,406,188

Internet

-

.41

%

VeriSign

Inc

7,218

2,036

Wix.com

Ltd

(d) 706,664

119,843

$

121,879

Lodging

-

.18

%

Hilton

Worldwide

Holdings

Inc

5,700,641

1,285,381

Hyatt

Hotels

Corp

2,163,511

243,784

$

1,529,165

Machinery

-

Diversified

-

.41

%

Graco

Inc

1,486,505

121,314

Media

-

.79

%

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 505,651

40,730

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 5,498,162

487,522

$

528,252

Private

Equity

-

.81

%

Brookfield

Corp

27,843,947

1,494,385

KKR

&

Co

Inc

9,668,671

1,104,839

$

2,599,224

Real

Estate

-

.32

%

CBRE

Group

Inc

(d) 6,189,731

756,261

CoStar

Group

Inc

(d) 10,945,165

811,803

Seaport

Entertainment

Group

Inc

(d),(e)

16,812

$

1,568,386

REITs

-

.09

%

Millrose

Properties

Inc

1,020,102

25,543

Retail

-

.74

%

CarMax

Inc

(d) 3,874,474

250,562

Domino's

Pizza

Inc

1,189,822

583,453

Floor

&

Decor

Holdings

Inc

(d) 2,368,217

169,185

O'Reilly

Automotive

Inc

(d) 988,655

1,399,145

Ross

Stores

Inc

1,264,337

175,743

$

2,578,088

Semiconductors

-

.94

%

Entegris

Inc

3,504,905

277,308

Software

-

.18

%

ANSYS

Inc

(d) 347,962

112,002

Appfolio

Inc

(d) 405,481

83,740

CCC

Intelligent

Solutions

Holdings

Inc

(d) 20,804,380

192,649

Constellation

Software

Inc/Canada

166,481

599,194

Constellation

Software

Inc/Canada

-

Warrants

(d),(f)

143,533

—

Fair

Isaac

Corp

(d) 224,388

446,460

Jack

Henry

&

Associates

Inc

191,711

33,249

Lumine

Group

Inc

(d) 329,031

10,674

MSCI

Inc

1,018,451

555,168

Procore

Technologies

Inc

(d) 2,132,580

136,677

Roper

Technologies

Inc

1,270,285

711,461

Tyler

Technologies

Inc

(d) 896,442

487,037

Veeva

Systems

Inc

(d) 2,223,466

519,602

$

3,887,913

TOTAL

COMMON

STOCKS

$

29,472,640

Total

Investments

$

29,476,378

Other

Assets

and

Liabilities

- 0.09%

25,227

TOTAL

NET

ASSETS

-

100.00%

$

29,501,605

Schedule

of

Investments

MidCap

Fund

April

30,

2025

(unaudited)

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

$3,734

or

0.01%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,671

or

0.01%

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

(\*)

April

30,

2025

Value

Cost

Proceeds

Value

Perimeter

Solutions

Inc

$

—

$

85,201

$

(1)

$

81,610

Perimeter

Solutions

SA

105,909

8,651

93,853

—

Principal

Government

Money

Market

Fund

-

Class

4.19%

28,530

1,715,868

1,741,064

3,334

$

134,439

$

1,809,720

$

1,834,916

$

84,944

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Perimeter

Solutions

Inc

$

—

$

—

$

—

$

(3,592)

Perimeter

Solutions

SA

—

—

—

(20,707)

Principal

Government

Money

Market

Fund

-

Class

4.19%

562

—

—

—

$

562

$

—

$

—

$

(24,299)

Amounts

in

thousands.

(\*)

Perimeter

Solutions

Inc

was

involved

in

a

cusip

and

name

change

effective

11/21/24.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

Growth

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.86

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.86

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

1,675,109

$

1,675

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(c)

4,887,078

4,887

$

6,562

TOTAL

INVESTMENT

COMPANIES

$

6,562

COMMON

STOCKS

-

.05

%

Shares

Held

Value

(000's)

Advertising

-

.86

%

Trade

Desk

Inc/The

(d) 27,345

$

1,467

Apparel

-

.55

%

Deckers

Outdoor

Corp

(d) 23,711

2,628

Biotechnology

-

.01

%

Alnylam

Pharmaceuticals

Inc

(d) 8,461

2,227

Guardant

Health

Inc

(d) 60,973

2,880

$

5,107

Building

Materials

-

.19

%

Johnson

Controls

International

plc

64,532

5,414

Commercial

Services

-

.29

%

Paylocity

Holding

Corp

(d) 11,725

2,252

United

Rentals

Inc

2,576

1,627

$

3,879

Distribution

&

Wholesale

-

.14

%

Fastenal

Co

44,941

3,639

Diversified

Financial

Services

-

.40

%

Ameriprise

Financial

Inc

5,643

2,658

Evercore

Inc

-

Class

A

18,816

3,863

Interactive

Brokers

Group

Inc

-

A

Shares

26,135

4,491

Invesco

Ltd

192,036

2,675

Rocket

Cos

Inc

(e) 128,186

1,655

Tradeweb

Markets

Inc

29,062

4,019

$

19,361

Electronics

-

.76

%

Trimble

Inc

(d) 48,133

2,991

Engineering

&

Construction

-

.97

%

Jacobs

Solutions

Inc

13,321

1,649

Entertainment

-

.62

%

DraftKings

Inc

(d) 44,657

1,487

TKO

Group

Holdings

Inc

28,544

4,650

$

6,137

Healthcare

-

Products

-

.00

%

Natera

Inc

(d) 12,529

1,891

Penumbra

Inc

(d) 5,475

1,603

Repligen

Corp

(d) 11,580

1,598

$

5,092

Home

Furnishings

-

.15

%

Somnigroup

International

Inc

31,921

1,949

Insurance

-

.60

%

Fidelity

National

Financial

Inc

42,363

2,713

Internet

-

.50

%

Chewy

Inc

(d) 60,150

2,256

DoorDash

Inc

-

Class

A

(d) 19,354

3,733

Sea

Ltd

ADR

(d) 24,910

3,339

$

9,328

Leisure

Products

&

Services

-

.01

%

Norwegian

Cruise

Line

Holdings

Ltd

(d) 106,351

1,705

Machinery

-

Construction

&

Mining

-

.51

%

GE

Vernova

Inc

6,931

2,570

Machinery

-

Diversified

-

.66

%

Rockwell

Automation

Inc

11,381

2,819

Miscellaneous

Manufacturers

-

.18

%

Axon

Enterprise

Inc

(d) 3,267

2,004

Oil

&

Gas

-

.11

%

Expand

Energy

Corp

49,702

5,164

Matador

Resources

Co

45,927

1,816

$

6,980

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

-

.96

%

Dexcom

Inc

(d) 22,910

$

1,635

Private

Equity

-

.47

%

KKR

&

Co

Inc

36,757

4,200

Real

Estate

-

.16

%

Jones

Lang

LaSalle

Inc

(d) 16,142

3,671

Retail

-

.03

%

BJ's

Wholesale

Club

Holdings

Inc

(d) 37,136

4,366

Cava

Group

Inc

(d) 34,379

3,178

Dick's

Sporting

Goods

Inc

14,341

2,692

$

10,236

Semiconductors

-

.94

%

Lattice

Semiconductor

Corp

(d) 32,438

1,587

Software

-

.46

%

AppLovin

Corp

(d) 15,355

4,135

Atlassian

Corp

(d) 12,895

2,944

Confluent

Inc

(d) 91,239

2,172

Datadog

Inc

(d) 18,035

1,842

Dayforce

Inc

(d) 27,136

1,570

Fair

Isaac

Corp

(d) 1,245

2,477

HubSpot

Inc

(d) 5,800

3,547

MicroStrategy

Inc

(d) 11,885

4,518

Palantir

Technologies

Inc

(d) 82,976

9,828

ROBLOX

Corp

(d) 43,619

2,925

Snowflake

Inc

-

Class

A

(d) 20,887

3,331

Twilio

Inc

(d) 35,415

3,425

Veeva

Systems

Inc

(d) 16,649

3,891

Zoom

Communications

Inc

(d) 43,973

3,410

$

50,015

Transportation

-

.52

%

Knight-Swift

Transportation

Holdings

Inc

52,488

2,056

XPO

Inc

(d) 20,969

2,225

$

4,281

TOTAL

COMMON

STOCKS

$

163,057

Total

Investments

$

169,619

Other

Assets

and

Liabilities

- 0.09%

TOTAL

NET

ASSETS

-

100.00%

$

169,771

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,675

or

0.99%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,638

or

0.97%

of

net

assets.

Schedule

of

Investments

MidCap

Growth

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

4,872

$

90,034

$

90,019

$

4,887

$

4,872

$

90,034

$

90,019

$

4,887

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

Growth

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.67

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.28

%

iShares

Russell

Mid-Cap

Growth

ETF

5,300

$

643

Money

Market

Funds

-

.39

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

215,944

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(c)

5,220,318

5,220

$

5,436

TOTAL

INVESTMENT

COMPANIES

$

6,079

COMMON

STOCKS

-

.24

%

Shares

Held

Value

(000's)

Advertising

-

.29

%

Trade

Desk

Inc/The

(d) 12,274

$

658

Aerospace

&

Defense

-

.31

%

HEICO

Corp

(e) 7,393

1,854

HEICO

Corp

-

Class

A

869

Howmet

Aerospace

Inc

Loar

Holdings

Inc

(d) 338

Spirit

AeroSystems

Holdings

Inc

(d) 177

Standardaero

Inc

(d) 32,841

887

$

2,990

Airlines

-

.00

%

American

Airlines

Group

Inc

(d) 573

Apparel

-

.49

%

Crocs

Inc

(d) 110

Deckers

Outdoor

Corp

(d) 9,931

1,101

Skechers

USA

Inc

(d) 140

$

1,118

Automobile

Manufacturers

-

.31

%

Cummins

Inc

2,374

698

Banks

-

.19

%

NU

Holdings

Ltd/Cayman

Islands

(d) 34,670

Popular

Inc

$

Beverages

-

.43

%

Boston

Beer

Co

Inc/The

(d) 20

Celsius

Holdings

Inc

(d) 27,575

964

$

969

Biotechnology

-

.78

%

Alnylam

Pharmaceuticals

Inc

(d) 4,598

1,210

Apellis

Pharmaceuticals

Inc

(d) 1,136

Corteva

Inc

15,557

964

Exelixis

Inc

(d) 2,505

Illumina

Inc

(d) 16,706

1,296

Incyte

Corp

(d) 114

Ionis

Pharmaceuticals

Inc

(d) 1,559

Sarepta

Therapeutics

Inc

(d) 5,600

Ultragenyx

Pharmaceutical

Inc

(d) 949

Viking

Therapeutics

Inc

(d) 1,134

$

4,065

Building

Materials

-

.00

%

AAON

Inc

15,926

1,454

Armstrong

World

Industries

Inc

AZEK

Co

Inc/The

(d) 1,061

Builders

FirstSource

Inc

(d) 117

Eagle

Materials

Inc

Lennox

International

Inc

3,846

2,103

Louisiana-Pacific

Corp

Martin

Marietta

Materials

Inc

2,941

1,541

Simpson

Manufacturing

Co

Inc

Trex

Co

Inc

(d) 25,021

1,447

Vulcan

Materials

Co

$

6,838

Chemicals

-

.02

%

Celanese

Corp

Chemours

Co/The

RPM

International

Inc

$

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

-

.53

%

Avis

Budget

Group

Inc

(d) 80

$

Block

Inc

(d) 14,078

823

Booz

Allen

Hamilton

Holding

Corp

7,878

946

Bright

Horizons

Family

Solutions

Inc

(d) 93

Corpay

Inc

(d) 6,185

2,013

Equifax

Inc

9,269

2,411

Grand

Canyon

Education

Inc

(d) 98

H&R

Block

Inc

MarketAxess

Holdings

Inc

9,079

2,012

Moody's

Corp

2,317

1,050

Morningstar

Inc

Paylocity

Holding

Corp

(d) 464

Quanta

Services

Inc

4,297

1,258

RB

Global

Inc

26,996

2,718

Rollins

Inc

41,325

2,361

Shift4

Payments

Inc

(d) 34,127

2,791

Toast

Inc

(d) 4,950

TransUnion

U-Haul

Holding

Co

(d),(e)

U-Haul

Holding

Co

-

Non

Voting

Shares

United

Rentals

Inc

Valvoline

Inc

(d) 1,366

Verisk

Analytics

Inc

1,507

WEX

Inc

(d) 45

WillScot

Holdings

Corp

595

$

19,442

Computers

-

.43

%

Crowdstrike

Holdings

Inc

(d) 2,301

987

EPAM

Systems

Inc

(d) 9,295

1,459

Gartner

Inc

(d) 7,382

3,108

Globant

SA

(d) 12,648

1,487

HP

Inc

2,423

KBR

Inc

NetApp

Inc

972

Okta

Inc

(d) 774

Pure

Storage

Inc

(d) 2,862

Super

Micro

Computer

Inc

(d) 5,300

Zscaler

Inc

(d) 996

$

7,808

Consumer

Products

-

.11

%

Avery

Dennison

Corp

Clorox

Co/The

1,327

$

Cosmetics

&

Personal

Care

-

.02

%

elf

Beauty

Inc

(d) 573

Distribution

&

Wholesale

-

.99

%

Copart

Inc

(d) 36,405

2,222

Core

&

Main

Inc

(d) 20,302

1,069

Fastenal

Co

36,603

2,964

Pool

Corp

SiteOne

Landscape

Supply

Inc

(d) 172

WW

Grainger

Inc

$

6,805

Diversified

Financial

Services

-

.76

%

Ally

Financial

Inc

Ameriprise

Financial

Inc

937

Ares

Management

Corp

20,344

3,103

Blue

Owl

Capital

Inc

5,596

Coinbase

Global

Inc

(d) 6,169

1,252

Credit

Acceptance

Corp

(d),(e)

Houlihan

Lokey

Inc

9,011

1,460

Jefferies

Financial

Group

Inc

525

Lazard

Inc

1,095

LPL

Financial

Holdings

Inc

7,353

2,352

Raymond

James

Financial

Inc

13,990

1,917

SoFi

Technologies

Inc

(d) 1,752

TPG

Inc

Tradeweb

Markets

Inc

UWM

Holdings

Corp

787

Schedule

of

Investments

MidCap

Growth

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Western

Union

Co/The

723

$

XP

Inc

501

$

10,855

Electric

-

.92

%

NRG

Energy

Inc

881

Vistra

Corp

15,463

2,005

$

2,101

Electrical

Components

&

Equipment

-

.03

%

Generac

Holdings

Inc

(d) 300

Universal

Display

Corp

$

Electronics

-

.22

%

Ingram

Micro

Holding

Corp

Jabil

Inc

Trimble

Inc

(d) 7,736

$

Energy

-

Alternate

Sources

-

.03

%

Enphase

Energy

Inc

(d) 1,410

Engineering

&

Construction

-

.10

%

Comfort

Systems

USA

Inc

EMCOR

Group

Inc

TopBuild

Corp

(d) 25

$

Entertainment

-

.27

%

Churchill

Downs

Inc

23,420

2,117

DraftKings

Inc

(d) 92,063

3,064

Light

&

Wonder

Inc

(d) 947

Live

Nation

Entertainment

Inc

(d) 15,987

2,118

Madison

Square

Garden

Sports

Corp

(d) 18

TKO

Group

Holdings

Inc

Vail

Resorts

Inc

$

7,449

Environmental

Control

-

.03

%

Tetra

Tech

Inc

611

Veralto

Corp

1,189

Waste

Connections

Inc

11,147

2,203

$

2,336

Food

-

.63

%

Hershey

Co/The

Lamb

Weston

Holdings

Inc

21,642

1,143

Performance

Food

Group

Co

(d) 228

Pilgrim's

Pride

Corp

Sysco

Corp

3,265

$

1,433

Hand

&

Machine

Tools

-

.11

%

Lincoln

Electric

Holdings

Inc

1,482

Healthcare

-

Products

-

.81

%

10X

Genomics

Inc

(d) 756

Align

Technology

Inc

(d) 1,556

Bio-Techne

Corp

17,000

856

Bruker

Corp

738

Exact

Sciences

Corp

(d) 769

GE

HealthCare

Technologies

Inc

IDEXX

Laboratories

Inc

(d) 2,217

960

Inspire

Medical

Systems

Inc

(d) 3,558

563

Insulet

Corp

(d) 12,464

3,144

Masimo

Corp

(d) 241

Natera

Inc

(d) 11,598

1,751

Penumbra

Inc

(d) 8,542

2,501

Repligen

Corp

(d) 13,657

1,885

ResMed

Inc

7,867

1,861

Waters

Corp

(d) 384

West

Pharmaceutical

Services

Inc

6,909

1,459

$

15,526

Healthcare

-

Services

-

.38

%

Chemed

Corp

DaVita

Inc

(d) 504

Encompass

Health

Corp

4,586

537

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

(continued)

Fortrea

Holdings

Inc

(d) 120

$

IQVIA

Holdings

Inc

(d) 216

Medpace

Holdings

Inc

(d) 272

Molina

Healthcare

Inc

(d) 382

$

861

Home

Furnishings

-

.05

%

SharkNinja

Inc

(d) 141

Somnigroup

International

Inc

1,795

$

Insurance

-

.68

%

Allstate

Corp/The

Arthur

J

Gallagher

&

Co

Brown

&

Brown

Inc

1,124

Equitable

Holdings

Inc

41,501

2,052

Everest

Group

Ltd

Kinsale

Capital

Group

Inc

Markel

Group

Inc

(d) 32

RLI

Corp

Ryan

Specialty

Holdings

Inc

20,004

1,311

$

3,823

Internet

-

.76

%

CDW

Corp/DE

14,240

2,286

Chewy

Inc

(d) 31,717

1,189

Coupang

Inc

(d) 12,386

DoorDash

Inc

-

Class

A

(d) 5,262

1,015

Etsy

Inc

(d) 777

Expedia

Group

Inc

1,308

GoDaddy

Inc

(d) 1,496

Lyft

Inc

(d) 2,709

Pinterest

Inc

(d) 35,667

903

Roku

Inc

(d) 203

TripAdvisor

Inc

(d) 77

Trump

Media

&

Technology

Group

Corp

(d) 542

VeriSign

Inc

$

6,282

Iron

&

Steel

-

.23

%

Carpenter

Technology

Corp

2,639

516

Cleveland-Cliffs

Inc

(d) 1,687

$

530

Leisure

Products

&

Services

-

.00

%

Norwegian

Cruise

Line

Holdings

Ltd

(d) 4,689

Planet

Fitness

Inc

(d) 489

Royal

Caribbean

Cruises

Ltd

10,030

2,156

YETI

Holdings

Inc

(d) 272

$

2,285

Lodging

-

.88

%

Choice

Hotels

International

Inc

Hilton

Worldwide

Holdings

Inc

1,314

Hyatt

Hotels

Corp

5,455

615

Las

Vegas

Sands

Corp

3,727

Wyndham

Hotels

&

Resorts

Inc

Wynn

Resorts

Ltd

11,515

924

$

2,010

Machinery

-

Construction

&

Mining

-

.27

%

BWX

Technologies

Inc

17,541

1,914

GE

Vernova

Inc

2,278

845

Vertiv

Holdings

Co

28,247

2,411

$

5,170

Machinery

-

Diversified

-

.97

%

Cognex

Corp

Graco

Inc

22,544

1,840

Rockwell

Automation

Inc

Westinghouse

Air

Brake

Technologies

Corp

14,210

2,625

$

4,496

Media

-

.08

%

FactSet

Research

Systems

Inc

Liberty

Broadband

Corp

-

A

Shares

(d) 49

Liberty

Broadband

Corp

-

C

Shares

(d) 285

Schedule

of

Investments

MidCap

Growth

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 101

$

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 798

Nexstar

Media

Group

Inc

$

Metal

Fabrication

&

Hardware

-

.01

%

Advanced

Drainage

Systems

Inc

Miscellaneous

Manufacturers

-

.58

%

Axon

Enterprise

Inc

(d) 4,616

2,831

Carlisle

Cos

Inc

ITT

Inc

5,516

756

$

3,611

Office

&

Business

Equipment

-

.64

%

Zebra

Technologies

Corp

(d) 5,779

1,447

Oil

&

Gas

-

.84

%

Antero

Resources

Corp

(d) 27,226

948

Civitas

Resources

Inc

Diamondback

Energy

Inc

12,317

1,626

EQT

Corp

Hess

Corp

1,933

Matador

Resources

Co

Permian

Resources

Corp

87,035

1,027

Texas

Pacific

Land

Corp

Viper

Energy

Inc

Weatherford

International

PLC

772

$

4,189

Oil

&

Gas

Services

-

.53

%

Baker

Hughes

Co

34,239

1,212

Packaging

&

Containers

-

.00

%

Sealed

Air

Corp

Pharmaceuticals

-

.45

%

BellRing

Brands

Inc

(d) 21,134

1,630

Cardinal

Health

Inc

1,548

Cencora

Inc

13,341

3,904

Dexcom

Inc

(d) 48,216

3,442

Neurocrine

Biosciences

Inc

(d) 8,844

953

$

10,148

Pipelines

-

.31

%

Antero

Midstream

Corp

1,363

Cheniere

Energy

Inc

1,222

New

Fortress

Energy

Inc

541

Targa

Resources

Corp

2,315

$

704

Real

Estate

-

.04

%

CoStar

Group

Inc

(d) 28,238

2,094

Jones

Lang

LaSalle

Inc

(d) 1,190

$

2,365

REITs

-

.42

%

EastGroup

Properties

Inc

3,916

640

Iron

Mountain

Inc

1,777

Lamar

Advertising

Co

Simon

Property

Group

Inc

887

$

965

Retail

-

.05

%

BJ's

Wholesale

Club

Holdings

Inc

(d) 17,651

2,075

Burlington

Stores

Inc

(d) 9,138

2,057

CarMax

Inc

(d) 130

Carvana

Co

(d) 2,884

705

Casey's

General

Stores

Inc

9,818

4,541

Cava

Group

Inc

(d) 5,911

547

Darden

Restaurants

Inc

661

Dick's

Sporting

Goods

Inc

Domino's

Pizza

Inc

Dutch

Bros

Inc

(d) 41,426

2,475

Ferguson

Enterprises

Inc

14,072

2,387

Five

Below

Inc

(d) 461

Floor

&

Decor

Holdings

Inc

(d) 21,987

1,571

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Freshpet

Inc

(d) 6,163

$

Murphy

USA

Inc

RH

(d) 36

Ross

Stores

Inc

14,418

2,004

Texas

Roadhouse

Inc

11,422

1,895

Tractor

Supply

Co

5,711

Ulta

Beauty

Inc

(d) 428

Wendy's

Co/The

909

Williams-Sonoma

Inc

772

Wingstop

Inc

4,053

1,070

Yum!

Brands

Inc

1,158

$

22,896

Semiconductors

-

.78

%

Astera

Labs

Inc

(d) 66

Entegris

Inc

12,127

959

Lattice

Semiconductor

Corp

(d) 1,262

Marvell

Technology

Inc

17,364

1,014

Microchip

Technology

Inc

19,553

901

MKS

Instruments

Inc

Monolithic

Power

Systems

Inc

4,802

2,848

Onto

Innovation

Inc

(d) 140

Teradyne

Inc

7,034

522

$

6,331

Software

-

.52

%

Appfolio

Inc

(d) 242

AppLovin

Corp

(d) 11,810

3,181

Bentley

Systems

Inc

1,500

BILL

Holdings

Inc

(d) 269

Broadridge

Financial

Solutions

Inc

12,502

3,030

Cloudflare

Inc

(d) 14,519

1,753

Confluent

Inc

(d) 2,647

Datadog

Inc

(d) 31,395

3,208

Dayforce

Inc

(d) 171

Descartes

Systems

Group

Inc/The

(d) 13,491

1,422

Docusign

Inc

(d) 2,144

DoubleVerify

Holdings

Inc

(d) 863

Doximity

Inc

(d) 5,380

Dropbox

Inc

-

A

Shares

(d) 723

Duolingo

Inc

(d) 401

Dynatrace

Inc

(d) 23,420

1,100

Elastic

NV

(d) 931

Fair

Isaac

Corp

(d) 1,156

2,300

Five9

Inc

(d) 789

Gitlab

Inc

(d) 1,347

Guidewire

Software

Inc

(d) 397

HubSpot

Inc

(d) 5,963

3,646

Manhattan

Associates

Inc

(d) 649

MicroStrategy

Inc

(d) 154

MongoDB

Inc

(d) 4,399

758

MSCI

Inc

5,720

3,118

nCino

Inc

(d) 554

Nutanix

Inc

(d) 17,228

1,183

Palantir

Technologies

Inc

(d) 60,221

7,131

Paychex

Inc

1,236

Paycom

Software

Inc

Pegasystems

Inc

Procore

Technologies

Inc

(d) 1,146

PTC

Inc

(d) 20,677

3,204

RingCentral

Inc

(d) 846

ROBLOX

Corp

(d) 5,619

SentinelOne

Inc

(d) 489

Take-Two

Interactive

Software

Inc

(d) 4,447

1,038

Teradata

Corp

(d) 1,012

Twilio

Inc

(d) 323

Tyler

Technologies

Inc

(d) 7,496

4,072

UiPath

Inc

(d) 3,868

Unity

Software

Inc

(d) 1,445

Veeva

Systems

Inc

(d) 13,288

3,105

Schedule

of

Investments

MidCap

Growth

Fund

III

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Zoom

Communications

Inc

(d) 16,752

$

1,299

$

46,763

Telecommunications

-

.00

%

Iridium

Communications

Inc

Ubiquiti

Inc

$

Toys,

Games

&

Hobbies

-

.04

%

Hasbro

Inc

1,301

Transportation

-

.92

%

Expeditors

International

of

Washington

Inc

Old

Dominion

Freight

Line

Inc

7,615

1,167

Saia

Inc

(d) 165

XPO

Inc

(d) 8,060

856

$

2,089

TOTAL

COMMON

STOCKS

$

221,593

Total

Investments

$

227,672

Other

Assets

and

Liabilities

- 0.09%

TOTAL

NET

ASSETS

-

100.00%

$

227,867

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$216

or

0.09%

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) 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

$212

or

0.09%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

5,823

$

75,066

$

75,669

$

5,220

$

5,823

$

75,066

$

75,669

$

5,220

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

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;

June

2025

Long

$

2,000

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.33

%

iShares

Core

S&P

Mid-Cap

ETF

67,600

$

3,847

Money

Market

Funds

-

.69

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

42,711,548

42,712

TOTAL

INVESTMENT

COMPANIES

$

46,559

COMMON

STOCKS

-

.51

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.61

%

Curtiss-Wright

Corp

15,676

$

5,406

Hexcel

Corp

33,773

1,637

$

7,043

Agriculture

-

.18

%

Darling

Ingredients

Inc

(c) 66,209

2,131

Airlines

-

.43

%

Alaska

Air

Group

Inc

(c) 51,236

2,268

American

Airlines

Group

Inc

(c) 273,735

2,724

$

4,992

Apparel

-

.90

%

Capri

Holdings

Ltd

(c) 49,084

738

Columbia

Sportswear

Co

13,333

829

Crocs

Inc

(c) 23,337

2,250

PVH

Corp

23,158

1,597

Skechers

USA

Inc

(c) 54,779

2,631

Under

Armour

Inc

-

Class

A

(c) 78,604

Under

Armour

Inc

-

Class

C

(c) 53,320

VF

Corp

137,847

1,638

$

10,423

Automobile

Parts

&

Equipment

-

.77

%

Autoliv

Inc

29,764

2,775

Gentex

Corp

94,676

2,062

Goodyear

Tire

&

Rubber

Co/The

(c) 118,630

1,291

Lear

Corp

22,330

1,915

Visteon

Corp

(c) 11,497

910

$

8,953

Banks

-

.17

%

Associated

Banc-Corp

68,244

1,506

Bank

OZK

43,921

1,871

Cadence

Bank

76,401

2,236

Columbia

Banking

System

Inc

87,226

1,956

Comerica

Inc

54,704

2,940

Commerce

Bancshares

Inc/MO

50,819

3,087

Cullen/Frost

Bankers

Inc

26,740

3,114

East

West

Bancorp

Inc

57,708

4,937

First

Financial

Bankshares

Inc

53,541

1,794

First

Horizon

Corp

218,136

3,944

FNB

Corp/PA

149,703

1,960

Glacier

Bancorp

Inc

47,207

1,924

Hancock

Whitney

Corp

35,825

1,866

Home

BancShares

Inc/AR

76,963

2,136

International

Bancshares

Corp

22,268

1,359

Old

National

Bancorp/IN

132,788

2,734

Pinnacle

Financial

Partners

Inc

31,857

3,193

Prosperity

Bancshares

Inc

39,661

2,693

SouthState

Corp

40,870

3,547

Synovus

Financial

Corp

58,764

2,546

Texas

Capital

Bancshares

Inc

(c) 19,154

1,305

UMB

Financial

Corp

28,330

2,679

United

Bankshares

Inc/WV

59,429

2,038

Valley

National

Bancorp

197,722

1,700

Webster

Financial

Corp

71,347

3,375

Western

Alliance

Bancorp

45,403

3,165

Wintrust

Financial

Corp

27,680

3,077

Zions

Bancorp

NA

61,555

2,768

$

71,450

Beverages

-

.56

%

Boston

Beer

Co

Inc/The

(c) 3,582

880

Celsius

Holdings

Inc

(c) 65,553

2,292

Coca-Cola

Consolidated

Inc

2,454

3,327

$

6,499

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

-

.78

%

BioMarin

Pharmaceutical

Inc

(c) 79,337

$

5,053

Bio-Rad

Laboratories

Inc

(c) 8,022

1,958

Cytokinetics

Inc

(c) 49,128

2,105

Exelixis

Inc

(c) 116,512

4,561

Halozyme

Therapeutics

Inc

(c) 52,962

3,253

Illumina

Inc

(c) 65,938

5,117

Roivant

Sciences

Ltd

(c) 175,255

2,036

Sarepta

Therapeutics

Inc

(c) 39,763

2,481

United

Therapeutics

Corp

(c) 18,584

5,633

$

32,197

Building

Materials

-

.24

%

AAON

Inc

28,084

2,563

Eagle

Materials

Inc

13,857

3,137

Fortune

Brands

Innovations

Inc

51,712

2,783

Knife

River

Corp

(c) 23,566

2,201

Louisiana-Pacific

Corp

26,022

2,246

Owens

Corning

35,710

5,193

Simpson

Manufacturing

Co

Inc

17,552

2,697

Trex

Co

Inc

(c) 44,602

2,579

UFP

Industries

Inc

25,278

2,499

$

25,898

Chemicals

-

.47

%

Ashland

Inc

19,643

1,068

Avient

Corp

38,034

1,267

Axalta

Coating

Systems

Ltd

(c) 90,809

2,951

Cabot

Corp

22,573

1,773

NewMarket

Corp

3,172

1,952

Olin

Corp

48,163

1,041

RPM

International

Inc

53,520

5,713

Westlake

Corp

13,930

1,288

$

17,053

Commercial

Services

-

.95

%

Aramark

110,359

3,689

Avis

Budget

Group

Inc

(c) 7,022

650

Brink's

Co/The

18,168

1,621

Euronet

Worldwide

Inc

(c) 17,190

1,704

FTI

Consulting

Inc

(c) 14,704

2,445

Graham

Holdings

Co

1,402

1,290

Grand

Canyon

Education

Inc

(c) 11,965

2,134

GXO

Logistics

Inc

(c) 49,743

1,803

H&R

Block

Inc

55,720

3,364

Insperity

Inc

14,723

957

ManpowerGroup

Inc

19,538

841

Morningstar

Inc

11,246

3,202

Paylocity

Holding

Corp

(c) 18,146

3,486

RB

Global

Inc

76,769

7,731

Service

Corp

International/US

60,032

4,797

Shift4

Payments

Inc

(c) 28,583

2,338

Valvoline

Inc

(c) 52,911

1,813

WEX

Inc

(c) 14,538

1,895

$

45,760

Computers

-

.56

%

ASGN

Inc

(c) 18,400

927

CACI

International

Inc

(c) 9,334

4,274

Crane

NXT

Co

20,470

960

ExlService

Holdings

Inc

(c) 66,972

3,247

Genpact

Ltd

66,893

3,362

KBR

Inc

55,466

2,929

Kyndryl

Holdings

Inc

(c) 96,867

3,140

Lumentum

Holdings

Inc

(c) 28,806

1,701

Maximus

Inc

23,563

1,578

Okta

Inc

(c) 67,840

7,609

Parsons

Corp

(c) 19,450

1,300

Pure

Storage

Inc

(c) 129,017

5,852

Qualys

Inc

(c) 15,231

1,915

Science

Applications

International

Corp

20,350

2,463

$

41,257

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Cosmetics

&

Personal

Care

-

.32

%

Coty

Inc

(c) 152,459

$

770

elf

Beauty

Inc

(c) 23,477

1,452

Perrigo

Co

PLC

56,792

1,461

$

3,683

Distribution

&

Wholesale

-

.20

%

Core

&

Main

Inc

(c) 79,175

4,171

Watsco

Inc

14,499

6,667

WESCO

International

Inc

18,484

3,012

$

13,850

Diversified

Financial

Services

-

.65

%

Affiliated

Managers

Group

Inc

12,181

2,018

Ally

Financial

Inc

114,415

3,737

Evercore

Inc

-

Class

A

14,738

3,026

Federated

Hermes

Inc

32,435

1,317

Hamilton

Lane

Inc

18,040

2,787

Houlihan

Lokey

Inc

22,490

3,645

Interactive

Brokers

Group

Inc

-

A

Shares

45,324

7,789

Janus

Henderson

Group

PLC

52,949

1,758

Jefferies

Financial

Group

Inc

67,776

3,167

SEI

Investments

Co

40,130

3,142

SLM

Corp

87,583

2,532

Stifel

Financial

Corp

42,531

3,644

Voya

Financial

Inc

40,053

2,371

Western

Union

Co/The

140,663

1,394

$

42,327

Electric

-

.46

%

ALLETE

Inc

24,104

1,579

Black

Hills

Corp

29,813

1,816

IDACORP

Inc

22,175

2,619

Northwestern

Energy

Group

Inc

25,529

1,486

OGE

Energy

Corp

83,651

3,796

Ormat

Technologies

Inc

23,923

1,737

Portland

General

Electric

Co

45,519

1,917

TXNM

Energy

Inc

37,548

1,997

$

16,947

Electrical

Components

&

Equipment

-

.06

%

Acuity

Inc

12,763

3,109

Belden

Inc

16,764

1,729

EnerSys

16,415

1,422

Littelfuse

Inc

10,330

1,883

Novanta

Inc

(c) 14,953

1,777

Universal

Display

Corp

18,374

2,308

$

12,228

Electronics

-

.71

%

Arrow

Electronics

Inc

(c) 21,719

2,419

Avnet

Inc

36,011

1,692

Coherent

Corp

(c) 64,510

4,149

Flex

Ltd

(c) 159,482

5,477

NEXTracker

Inc

(c) 59,823

2,430

nVent

Electric

PLC

68,609

3,767

Sensata

Technologies

Holding

PLC

62,261

1,332

TD

SYNNEX

Corp

31,362

3,475

Vontier

Corp

61,903

1,969

Woodward

Inc

24,710

4,635

$

31,345

Engineering

&

Construction

-

.59

%

AECOM

55,238

5,449

Comfort

Systems

USA

Inc

14,770

5,872

EMCOR

Group

Inc

19,149

7,673

Exponent

Inc

21,132

1,663

Fluor

Corp

(c) 71,399

2,491

MasTec

Inc

(c) 25,628

3,263

TopBuild

Corp

(c) 12,205

3,610

$

30,021

Entertainment

-

.92

%

Churchill

Downs

Inc

30,596

2,766

Light

&

Wonder

Inc

(c) 36,760

3,139

Marriott

Vacations

Worldwide

Corp

13,370

733

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Entertainment

(continued)

Vail

Resorts

Inc

15,584

$

2,169

Warner

Music

Group

Corp

60,352

1,838

$

10,645

Environmental

Control

-

.69

%

Clean

Harbors

Inc

(c) 21,091

4,512

Tetra

Tech

Inc

111,579

3,480

$

7,992

Food

-

.74

%

Albertsons

Cos

Inc

168,831

3,711

Flowers

Foods

Inc

81,532

1,434

Ingredion

Inc

26,852

3,566

Lancaster

Colony

Corp

8,034

1,308

Performance

Food

Group

Co

(c) 65,029

5,245

Pilgrim's

Pride

Corp

16,780

916

Post

Holdings

Inc

(c) 19,047

2,156

Sprouts

Farmers

Market

Inc

(c) 41,624

7,118

US

Foods

Holding

Corp

(c) 95,905

6,297

$

31,751

Gas

-

.16

%

National

Fuel

Gas

Co

37,695

2,894

New

Jersey

Resources

Corp

41,748

2,043

ONE

Gas

Inc

23,584

1,852

Southwest

Gas

Holdings

Inc

25,087

1,812

Spire

Inc

24,288

1,859

UGI

Corp

89,423

2,932

$

13,392

Hand

&

Machine

Tools

-

.83

%

Lincoln

Electric

Holdings

Inc

23,489

4,139

MSA

Safety

Inc

16,339

2,572

Regal

Rexnord

Corp

27,569

2,918

$

9,629

Healthcare

-

Products

-

.33

%

Avantor

Inc

(c) 283,451

3,682

Bruker

Corp

46,069

1,845

DENTSPLY

SIRONA

Inc

82,749

1,150

Envista

Holdings

Corp

(c) 71,679

1,153

Globus

Medical

Inc

(c) 47,346

3,398

Haemonetics

Corp

(c) 20,912

1,318

Lantheus

Holdings

Inc

(c) 28,942

3,020

LivaNova

PLC

(c) 22,604

836

Masimo

Corp

(c) 18,499

2,978

Penumbra

Inc

(c) 15,976

4,678

Repligen

Corp

(c) 21,690

2,993

$

27,051

Healthcare

-

Services

-

.29

%

Acadia

Healthcare

Co

Inc

(c) 38,667

905

Amedisys

Inc

(c) 13,634

1,294

Chemed

Corp

6,238

3,627

Encompass

Health

Corp

41,940

4,907

Ensign

Group

Inc/The

23,736

3,062

HealthEquity

Inc

(c) 36,076

3,092

Medpace

Holdings

Inc

(c) 10,401

3,208

Sotera

Health

Co

(c) 63,670

732

Tenet

Healthcare

Corp

(c) 39,587

5,659

$

26,486

Home

Builders

-

.85

%

KB

Home

28,891

1,561

Taylor

Morrison

Home

Corp

(c) 43,075

2,470

Thor

Industries

Inc

22,154

1,604

Toll

Brothers

Inc

41,583

4,195

$

9,830

Home

Furnishings

-

.74

%

Dolby

Laboratories

Inc

25,478

1,956

Somnigroup

International

Inc

79,604

4,861

Whirlpool

Corp

23,054

1,759

$

8,576

Housewares

-

.08

%

Scotts

Miracle-Gro

Co/The

17,943

904

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

-

.71

%

American

Financial

Group

Inc/OH

30,065

$

3,808

Brighthouse

Financial

Inc

(c) 24,408

1,421

CNO

Financial

Group

Inc

42,304

1,605

Equitable

Holdings

Inc

129,008

6,380

Essent

Group

Ltd

43,717

2,489

Fidelity

National

Financial

Inc

108,216

6,931

First

American

Financial

Corp

42,878

2,607

Hanover

Insurance

Group

Inc/The

14,999

2,491

Kemper

Corp

25,004

1,478

Kinsale

Capital

Group

Inc

9,209

4,008

MGIC

Investment

Corp

103,427

2,576

Old

Republic

International

Corp

97,107

3,651

Primerica

Inc

13,891

3,641

Reinsurance

Group

of

America

Inc

27,421

5,136

RenaissanceRe

Holdings

Ltd

20,504

4,961

RLI

Corp

34,715

2,569

Ryan

Specialty

Holdings

Inc

44,290

2,902

Selective

Insurance

Group

Inc

25,311

2,208

Unum

Group

68,402

5,312

$

66,174

Internet

-

.68

%

Chewy

Inc

(c) 68,957

2,586

Hims

&

Hers

Health

Inc

(c) 79,590

2,634

Maplebear

Inc

(c) 67,372

2,688

$

7,908

Iron

&

Steel

-

.87

%

ATI

Inc

(c) 59,380

3,229

Carpenter

Technology

Corp

20,793

4,067

Cleveland-Cliffs

Inc

(c) 201,509

1,661

Commercial

Metals

Co

47,308

2,107

Reliance

Inc

22,529

6,494

United

States

Steel

Corp

93,735

4,097

$

21,655

Leisure

Products

&

Services

-

.64

%

Brunswick

Corp/DE

27,468

1,265

Harley-Davidson

Inc

47,703

1,069

Planet

Fitness

Inc

(c) 35,042

3,315

Polaris

Inc

21,823

741

YETI

Holdings

Inc

(c) 35,311

1,008

$

7,398

Lodging

-

.86

%

Boyd

Gaming

Corp

27,597

1,908

Choice

Hotels

International

Inc

9,300

1,173

Hilton

Grand

Vacations

Inc

(c) 25,829

868

Hyatt

Hotels

Corp

17,752

2,000

Travel

+

Leisure

Co

28,475

1,251

Wyndham

Hotels

&

Resorts

Inc

32,364

2,761

$

9,961

Machinery

-

Construction

&

Mining

-

.64

%

BWX

Technologies

Inc

38,067

4,154

Oshkosh

Corp

27,085

2,268

Terex

Corp

27,641

973

$

7,395

Machinery

-

Diversified

-

.20

%

AGCO

Corp

25,791

2,188

Applied

Industrial

Technologies

Inc

15,976

3,887

Chart

Industries

Inc

(c) 17,505

2,363

CNH

Industrial

NV

363,954

4,211

Cognex

Corp

70,715

1,930

Crane

Co

20,251

3,260

Esab

Corp

23,653

2,841

Flowserve

Corp

54,689

2,474

Graco

Inc

70,290

5,736

Middleby

Corp/The

(c) 22,393

2,986

Toro

Co/The

41,890

2,860

Watts

Water

Technologies

Inc

11,392

2,367

$

37,103

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

-

.46

%

New

York

Times

Co/The

67,926

$

3,536

Nexstar

Media

Group

Inc

12,139

1,817

$

5,353

Metal

Fabrication

&

Hardware

-

.32

%

Advanced

Drainage

Systems

Inc

29,387

3,335

Mueller

Industries

Inc

47,345

3,483

RBC

Bearings

Inc

(c) 13,017

4,277

Timken

Co/The

26,561

1,707

Valmont

Industries

Inc

8,340

2,445

$

15,247

Mining

-

.66

%

Alcoa

Corp

107,549

2,638

Royal

Gold

Inc

27,374

5,002

$

7,640

Miscellaneous

Manufacturers

-

.55

%

Carlisle

Cos

Inc

18,509

7,024

Donaldson

Co

Inc

49,714

3,267

Fabrinet

(c) 14,981

3,072

ITT

Inc

33,885

4,643

$

18,006

Oil

&

Gas

-

.56

%

Antero

Resources

Corp

(c) 121,767

4,241

Chord

Energy

Corp

25,448

2,296

Civitas

Resources

Inc

36,963

1,007

CNX

Resources

Corp

(c) 61,961

1,824

HF

Sinclair

Corp

66,575

2,002

Matador

Resources

Co

48,304

1,910

Murphy

Oil

Corp

57,069

1,172

Ovintiv

Inc

108,369

3,639

PBF

Energy

Inc

40,802

701

Permian

Resources

Corp

266,293

3,142

Range

Resources

Corp

100,453

3,408

Valaris

Ltd

(c) 27,236

880

Viper

Energy

Inc

54,663

2,205

Weatherford

International

PLC

30,324

1,255

$

29,682

Oil

&

Gas

Services

-

.32

%

ChampionX

Corp

79,427

1,917

NOV

Inc

158,532

1,840

$

3,757

Packaging

&

Containers

-

.66

%

Amcor

PLC

349,494

3,215

AptarGroup

Inc

27,681

4,151

Crown

Holdings

Inc

48,731

4,694

Graphic

Packaging

Holding

Co

124,974

3,163

Greif

Inc

-

Class

A

10,760

565

Silgan

Holdings

Inc

33,787

1,745

Sonoco

Products

Co

40,903

1,677

$

19,210

Pharmaceuticals

-

.19

%

BellRing

Brands

Inc

(c) 53,402

4,120

Jazz

Pharmaceuticals

PLC

(c) 25,166

2,943

Neurocrine

Biosciences

Inc

(c) 41,506

4,470

Option

Care

Health

Inc

(c) 70,844

2,289

$

13,822

Pipelines

-

.55

%

Antero

Midstream

Corp

139,466

2,308

DT

Midstream

Inc

42,179

4,100

$

6,408

Private

Equity

-

.29

%

Carlyle

Group

Inc/The

87,849

3,394

Real

Estate

-

.39

%

Jones

Lang

LaSalle

Inc

(c) 19,750

4,491

REITs

-

.23

%

Agree

Realty

Corp

44,556

3,458

American

Homes

Rent

132,057

4,938

Annaly

Capital

Management

Inc

240,762

4,719

Brixmor

Property

Group

Inc

127,354

3,172

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

COPT

Defense

Properties

46,821

$

1,223

Cousins

Properties

Inc

69,794

1,922

CubeSmart

94,144

3,829

EastGroup

Properties

Inc

21,621

3,533

EPR

Properties

31,525

1,560

Equity

LifeStyle

Properties

Inc

79,534

5,152

First

Industrial

Realty

Trust

Inc

55,112

2,622

Gaming

and

Leisure

Properties

Inc

114,225

5,467

Healthcare

Realty

Trust

Inc

147,527

2,291

Independence

Realty

Trust

Inc

95,940

1,864

Kilroy

Realty

Corp

44,260

1,395

Kite

Realty

Group

Trust

91,444

1,980

Lamar

Advertising

Co

36,606

4,166

National

Storage

Affiliates

Trust

29,191

1,086

NNN

REIT

Inc

78,075

3,210

Omega

Healthcare

Investors

Inc

117,324

4,582

Park

Hotels

&

Resorts

Inc

85,923

854

PotlatchDeltic

Corp

29,846

1,146

Rayonier

Inc

58,497

1,431

Rexford

Industrial

Realty

Inc

94,724

3,135

Sabra

Health

Care

REIT

Inc

98,487

1,758

STAG

Industrial

Inc

77,664

2,565

Starwood

Property

Trust

Inc

133,336

2,559

Vornado

Realty

Trust

69,118

2,438

WP

Carey

Inc

91,103

5,688

$

83,743

Retail

-

.18

%

Abercrombie

&

Fitch

Co

(c) 20,971

1,456

AutoNation

Inc

(c) 10,732

1,869

Bath

&

Body

Works

Inc

90,160

2,751

BJ's

Wholesale

Club

Holdings

Inc

(c) 54,989

6,465

Burlington

Stores

Inc

(c) 26,146

5,884

Casey's

General

Stores

Inc

15,452

7,148

Cava

Group

Inc

(c) 33,779

3,122

Dick's

Sporting

Goods

Inc

24,104

4,525

FirstCash

Holdings

Inc

16,210

2,171

Five

Below

Inc

(c) 22,899

1,738

Floor

&

Decor

Holdings

Inc

(c) 44,638

3,189

GameStop

Corp

(c) 169,257

4,715

Gap

Inc/The

92,624

2,028

Lithia

Motors

Inc

11,088

3,246

Macy's

Inc

115,575

1,320

MSC

Industrial

Direct

Co

Inc

18,602

1,423

Murphy

USA

Inc

7,584

3,781

Nordstrom

Inc

40,536

979

Ollie's

Bargain

Outlet

Holdings

Inc

(c) 25,508

2,707

Penske

Automotive

Group

Inc

7,782

1,211

RH

(c) 6,272

1,154

Texas

Roadhouse

Inc

27,771

4,609

Wendy's

Co/The

71,276

891

Wingstop

Inc

12,160

3,209

$

71,591

Savings

&

Loans

-

.13

%

Flagstar

Financial

Inc

126,148

1,477

Semiconductors

-

.16

%

Allegro

MicroSystems

Inc

(c) 54,420

1,038

Amkor

Technology

Inc

47,228

824

Cirrus

Logic

Inc

(c) 22,124

2,125

Entegris

Inc

62,911

4,977

IPG

Photonics

Corp

(c) 10,983

658

Lattice

Semiconductor

Corp

(c) 57,434

2,810

MACOM

Technology

Solutions

Holdings

Inc

(c) 24,757

2,568

MKS

Instruments

Inc

28,015

1,965

Onto

Innovation

Inc

(c) 20,560

2,508

Power

Integrations

Inc

23,700

1,164

Rambus

Inc

(c) 44,365

2,165

Silicon

Laboratories

Inc

(c) 13,511

1,375

Synaptics

Inc

(c) 16,314

908

$

25,085

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

-

.97

%

Appfolio

Inc

(c) 9,676

$

1,998

BILL

Holdings

Inc

(c) 39,045

1,779

Blackbaud

Inc

(c) 15,835

959

Commvault

Systems

Inc

(c) 18,316

3,061

Concentrix

Corp

19,284

985

Docusign

Inc

(c) 84,099

6,875

Doximity

Inc

(c) 55,574

3,161

Dropbox

Inc

-

A

Shares

(c) 90,104

2,572

Duolingo

Inc

(c) 15,775

6,144

Dynatrace

Inc

(c) 124,614

5,853

Guidewire

Software

Inc

(c) 34,767

7,119

Manhattan

Associates

Inc

(c) 25,444

4,514

ZoomInfo

Technologies

Inc

(c) 112,922

967

$

45,987

Telecommunications

-

.82

%

Ciena

Corp

(c) 59,162

3,973

EchoStar

Corp

(c) 50,297

1,131

Frontier

Communications

Parent

Inc

(c) 92,258

3,345

Iridium

Communications

Inc

45,309

1,093

$

9,542

Toys,

Games

&

Hobbies

-

.19

%

Mattel

Inc

(c) 140,247

2,229

Transportation

-

.48

%

Kirby

Corp

(c) 23,894

2,303

Knight-Swift

Transportation

Holdings

Inc

67,393

2,640

Landstar

System

Inc

14,701

1,972

Ryder

System

Inc

17,519

2,412

Saia

Inc

(c) 11,071

2,701

XPO

Inc

(c) 48,806

5,179

$

17,207

Trucking

&

Leasing

-

.19

%

GATX

Corp

14,794

2,159

Water

-

.37

%

Essential

Utilities

Inc

105,171

4,326

TOTAL

COMMON

STOCKS

$

1,118,263

Total

Investments

$

1,164,822

Other

Assets

and

Liabilities

- (0.53)%

(6,195)

TOTAL

NET

ASSETS

-

100.00%

$

1,158,627

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

17,344

$

166,558

$

141,190

$

42,712

$

17,344

$

166,558

$

141,190

$

42,712

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

645

$

—

$

—

$

—

$

645

$

—

$

—

$

—

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;

June

2025

Long

$

37,723

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.83

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.23

%

iShares

Russell

Mid-Cap

Value

ETF

43,500

$

5,340

Money

Market

Funds

-

.60

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

809,469

809

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(c)

83,313,019

83,313

$

84,122

TOTAL

INVESTMENT

COMPANIES

$

89,462

COMMON

STOCKS

-

.26

%

Shares

Held

Value

(000's)

Advertising

-

.03

%

Interpublic

Group

of

Cos

Inc/The

10,998

$

Omnicom

Group

Inc

5,715

$

712

Aerospace

&

Defense

-

.52

%

Curtiss-Wright

Corp

1,118

Hexcel

Corp

2,398

Howmet

Aerospace

Inc

54,842

7,600

L3Harris

Technologies

Inc

5,590

1,230

Loar

Holdings

Inc

(d) 53

Spirit

AeroSystems

Holdings

Inc

(d) 3,229

Standardaero

Inc

(d) 101,773

2,750

$

12,203

Agriculture

-

.05

%

Archer-Daniels-Midland

Co

14,100

673

Bunge

Global

SA

3,922

Darling

Ingredients

Inc

(d) 4,749

$

1,135

Airlines

-

.10

%

Alaska

Air

Group

Inc

(d) 3,625

American

Airlines

Group

Inc

(d) 17,944

Delta

Air

Lines

Inc

19,050

793

Southwest

Airlines

Co

17,666

United

Airlines

Holdings

Inc

(d) 9,679

666

$

2,292

Apparel

-

.80

%

Birkenstock

Holding

Plc

(d) 56,475

2,904

Capri

Holdings

Ltd

(d) 3,848

Carter's

Inc

1,258

Columbia

Sportswear

Co

1,023

Crocs

Inc

(d) 1,376

PVH

Corp

1,637

Ralph

Lauren

Corp

64,658

14,544

Skechers

USA

Inc

(d) 3,552

Tapestry

Inc

6,862

Under

Armour

Inc

-

Class

A

(d) 6,025

Under

Armour

Inc

-

Class

C

(d) 6,093

VF

Corp

10,631

$

18,707

Automobile

Manufacturers

-

.07

%

Cummins

Inc

4,036

1,186

Lucid

Group

Inc

(d),(e)

31,563

Rivian

Automotive

Inc

(d) 24,956

$

1,606

Automobile

Parts

&

Equipment

-

.31

%

Allison

Transmission

Holdings

Inc

23,847

2,200

Aptiv

PLC

(d) 187,932

10,724

BorgWarner

Inc

612,412

17,380

Gentex

Corp

6,710

Lear

Corp

1,590

QuantumScape

Corp

(d) 10,569

$

30,627

Banks

-

.07

%

Bank

of

New

York

Mellon

Corp/The

21,263

1,710

Bank

OZK

3,143

BOK

Financial

Corp

725

Citizens

Financial

Group

Inc

12,987

Columbia

Banking

System

Inc

6,173

Comerica

Inc

3,916

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Commerce

Bancshares

Inc/MO

3,643

$

Cullen/Frost

Bankers

Inc

1,732

East

West

Bancorp

Inc

4,076

Fifth

Third

Bancorp

19,980

718

First

Citizens

BancShares

Inc/NC

603

First

Hawaiian

Inc

4,062

First

Horizon

Corp

15,406

FNB

Corp/PA

10,535

Huntington

Bancshares

Inc/OH

1,556,107

22,610

KeyCorp

27,375

M&T

Bank

Corp

14,711

2,497

Northern

Trust

Corp

5,720

538

Pinnacle

Financial

Partners

Inc

2,235

Popular

Inc

1,833

Prosperity

Bancshares

Inc

252,249

17,128

Regions

Financial

Corp

26,877

549

State

Street

Corp

8,656

763

Synovus

Financial

Corp

4,158

Truist

Financial

Corp

534,000

20,474

Webster

Financial

Corp

5,034

Western

Alliance

Bancorp

3,170

Wintrust

Financial

Corp

1,910

Zions

Bancorp

NA

4,273

$

71,748

Beverages

-

.55

%

Boston

Beer

Co

Inc/The

(d) 220

Brown-Forman

Corp

-

A

Shares

1,427

Brown-Forman

Corp

-

B

Shares

5,083

Coca-Cola

Consolidated

Inc

Molson

Coors

Beverage

Co

5,041

Primo

Brands

Corp

372,700

12,176

$

12,988

Biotechnology

-

.79

%

Alnylam

Pharmaceuticals

Inc

(d) 19,546

5,145

Biogen

Inc

(d) 4,305

521

BioMarin

Pharmaceutical

Inc

(d) 69,994

4,458

Bio-Rad

Laboratories

Inc

(d) 545

Certara

Inc

(d) 3,554

Corteva

Inc

20,349

1,261

Exelixis

Inc

(d) 234,385

9,176

GRAIL

Inc

(d) 876

Illumina

Inc

(d) 4,701

Incyte

Corp

(d) 4,423

Ionis

Pharmaceuticals

Inc

(d) 265

Roivant

Sciences

Ltd

(d) 12,368

Royalty

Pharma

PLC

293,229

9,624

United

Therapeutics

Corp

(d) 35,119

10,645

$

41,836

Building

Materials

-

.54

%

Armstrong

World

Industries

Inc

86,689

12,572

AZEK

Co

Inc/The

(d) 1,345

Builders

FirstSource

Inc

(d) 3,037

Carrier

Global

Corp

318,000

19,888

Eagle

Materials

Inc

Fortune

Brands

Innovations

Inc

3,638

Hayward

Holdings

Inc

(d) 4,547

Louisiana-Pacific

Corp

606

Martin

Marietta

Materials

Inc

1,701

891

Masco

Corp

6,363

Mohawk

Industries

Inc

(d) 1,549

Owens

Corning

2,519

Simpson

Manufacturing

Co

Inc

1,124

Vulcan

Materials

Co

2,896

760

$

35,997

Chemicals

-

.04

%

Albemarle

Corp

3,464

Ashland

Inc

1,502

Axalta

Coating

Systems

Ltd

(d) 704,544

22,897

Celanese

Corp

2,585

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

(continued)

CF

Industries

Holdings

Inc

274,820

$

21,537

Chemours

Co/The

4,402

Dow

Inc

20,819

637

DuPont

de

Nemours

Inc

12,362

816

Eastman

Chemical

Co

3,404

Element

Solutions

Inc

6,721

FMC

Corp

3,678

Huntsman

Corp

4,828

International

Flavors

&

Fragrances

Inc

7,554

593

LyondellBasell

Industries

NV

7,691

Mosaic

Co/The

9,350

NewMarket

Corp

Olin

Corp

3,412

PPG

Industries

Inc

6,830

744

RPM

International

Inc

190,804

20,368

Westlake

Corp

268,965

24,861

$

94,460

Commercial

Services

-

.46

%

ADT

Inc

11,689

Affirm

Holdings

Inc

(d) 7,657

API

Group

Corp

(d) 6,830

Aramark

7,735

Avis

Budget

Group

Inc

(d) 271

Block

Inc

(d) 9,493

555

Bright

Horizons

Family

Solutions

Inc

(d) 1,447

Cintas

Corp

21,886

4,633

Clarivate

PLC

(d) 12,789

Dun

&

Bradstreet

Holdings

Inc

9,645

Equifax

Inc

2,895

753

Euronet

Worldwide

Inc

(d) 95,065

9,421

FTI

Consulting

Inc

(d) 107,730

17,913

Global

Payments

Inc

7,521

574

Grand

Canyon

Education

Inc

(d) 69,947

12,476

GXO

Logistics

Inc

(d) 3,467

H&R

Block

Inc

98,292

5,934

ManpowerGroup

Inc

1,562

MarketAxess

Holdings

Inc

26,295

5,827

Quanta

Services

Inc

2,974

870

RB

Global

Inc

5,404

544

Robert

Half

Inc

2,991

Service

Corp

International/US

4,156

TransUnion

218,900

18,160

U-Haul

Holding

Co

(d),(e)

U-Haul

Holding

Co

1,808

United

Rentals

Inc

1,457

920

Vestis

Corp

3,844

WEX

Inc

(d) 1,052

WillScot

Holdings

Corp

4,031

$

80,955

Computers

-

.61

%

Amdocs

Ltd

3,275

Amentum

Holdings

Inc

(d) 4,784

CACI

International

Inc

(d) 638

Check

Point

Software

Technologies

Ltd

(d) 93,600

20,551

Cognizant

Technology

Solutions

Corp

14,721

1,083

Crane

NXT

Co

1,565

DXC

Technology

Co

(d) 5,682

EPAM

Systems

Inc

(d) 1,503

Genpact

Ltd

859,583

43,203

Globant

SA

(d) 125,335

14,735

Hewlett

Packard

Enterprise

Co

38,836

630

HP

Inc

21,020

538

KBR

Inc

3,598

Kyndryl

Holdings

Inc

(d) 6,712

Leidos

Holdings

Inc

3,932

579

Lumentum

Holdings

Inc

(d) 2,162

NetApp

Inc

3,310

Okta

Inc

(d) 2,643

Parsons

Corp

(d) 1,352

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Pure

Storage

Inc

(d) 1,256

$

Sandisk

Corp/DE

(d) 3,404

Science

Applications

International

Corp

1,431

Western

Digital

Corp

10,216

$

84,409

Consumer

Products

-

.79

%

Avery

Dennison

Corp

93,465

15,993

Church

&

Dwight

Co

Inc

7,209

716

Reynolds

Consumer

Products

Inc

78,536

1,806

Spectrum

Brands

Holdings

Inc

846

$

18,569

Cosmetics

&

Personal

Care

-

.06

%

Coty

Inc

(d) 12,813

Kenvue

Inc

56,657

1,337

Perrigo

Co

PLC

4,316

$

1,513

Distribution

&

Wholesale

-

.07

%

Core

&

Main

Inc

(d) 2,070

Fastenal

Co

2,677

LKQ

Corp

7,659

SiteOne

Landscape

Supply

Inc

(d) 894

Watsco

Inc

1,016

WESCO

International

Inc

1,234

WW

Grainger

Inc

$

1,561

Diversified

Financial

Services

-

.42

%

Affiliated

Managers

Group

Inc

23,607

3,910

Air

Lease

Corp

3,076

Ally

Financial

Inc

7,003

Ameriprise

Financial

Inc

Cboe

Global

Markets

Inc

63,690

14,126

Coinbase

Global

Inc

(d) 948

Credit

Acceptance

Corp

(d),(e)

Discover

Financial

Services

7,389

1,350

Evercore

Inc

-

Class

A

1,038

Franklin

Resources

Inc

9,148

Houlihan

Lokey

Inc

1,411

Interactive

Brokers

Group

Inc

-

A

Shares

3,118

536

Invesco

Ltd

10,981

Janus

Henderson

Group

PLC

3,770

Jefferies

Financial

Group

Inc

3,701

Lazard

Inc

Nasdaq

Inc

12,176

928

OneMain

Holdings

Inc

3,370

Raymond

James

Financial

Inc

168,087

23,035

Rocket

Cos

Inc

(e) 4,415

SEI

Investments

Co

37,406

2,928

SLM

Corp

6,329

SoFi

Technologies

Inc

(d) 26,598

Stifel

Financial

Corp

29,012

2,486

Synchrony

Financial

11,491

597

T

Rowe

Price

Group

Inc

6,477

573

TPG

Inc

1,890

Tradeweb

Markets

Inc

82,998

11,478

UWM

Holdings

Corp

766

Virtu

Financial

Inc

321,657

12,593

Voya

Financial

Inc

2,839

Western

Union

Co/The

263,627

2,613

XP

Inc

10,769

$

80,086

Electric

-

.49

%

AES

Corp/The

20,964

Alliant

Energy

Corp

701,468

42,818

Ameren

Corp

7,862

780

Brookfield

Renewable

Corp

4,049

CenterPoint

Energy

Inc

19,086

740

Clearway

Energy

Inc

-

Class

A

1,107

Clearway

Energy

Inc

-

Class

C

2,614

CMS

Energy

Corp

8,799

648

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Consolidated

Edison

Inc

34,328

$

3,871

DTE

Energy

Co

6,105

836

Edison

International

127,226

6,808

Entergy

Corp

12,605

1,048

Evergy

Inc

102,377

7,074

Eversource

Energy

10,853

646

Exelon

Corp

222,678

10,444

FirstEnergy

Corp

17,023

730

IDACORP

Inc

1,567

NRG

Energy

Inc

102,485

11,230

OGE

Energy

Corp

222,999

10,120

PG&E

Corp

64,605

1,067

Pinnacle

West

Capital

Corp

3,353

PPL

Corp

21,848

797

Public

Service

Enterprise

Group

Inc

45,866

3,666

WEC

Energy

Group

Inc

66,176

7,247

Xcel

Energy

Inc

240,696

17,018

$

128,524

Electrical

Components

&

Equipment

-

.07

%

Acuity

Inc

897

AMETEK

Inc

6,819

1,156

Generac

Holdings

Inc

(d) 941

Littelfuse

Inc

710

Universal

Display

Corp

735

$

1,704

Electronics

-

.01

%

Allegion

plc

2,580

Arrow

Electronics

Inc

(d) 1,547

Avnet

Inc

2,532

Coherent

Corp

(d) 3,683

Fortive

Corp

10,257

715

Garmin

Ltd

33,297

6,222

Hubbell

Inc

46,774

16,988

Ingram

Micro

Holding

Corp

Jabil

Inc

2,891

Keysight

Technologies

Inc

(d) 140,543

20,435

Mettler-Toledo

International

Inc

(d) 615

658

nVent

Electric

PLC

4,874

Sensata

Technologies

Holding

PLC

4,759

TD

SYNNEX

Corp

2,221

Trimble

Inc

(d) 369,193

22,942

Vontier

Corp

4,495

Woodward

Inc

1,732

$

70,358

Energy

-

Alternate

Sources

-

.02

%

First

Solar

Inc

(d) 3,150

Engineering

&

Construction

-

.84

%

AECOM

111,416

10,992

EMCOR

Group

Inc

19,324

7,743

Everus

Construction

Group

Inc

(d) 1,621

Jacobs

Solutions

Inc

3,643

MasTec

Inc

(d) 1,845

TopBuild

Corp

(d) 789

$

19,719

Entertainment

-

.04

%

Caesars

Entertainment

Inc

(d) 6,201

Liberty

Media

Corp-Liberty

Live

-

A

Shares

(d) 696

Liberty

Media

Corp-Liberty

Live

-

C

Shares

(d) 1,372

Madison

Square

Garden

Sports

Corp

(d) 541

Marriott

Vacations

Worldwide

Corp

1,112

Penn

Entertainment

Inc

(d) 4,805

TKO

Group

Holdings

Inc

2,005

Vail

Resorts

Inc

$

902

Environmental

Control

-

.63

%

Clean

Harbors

Inc

(d) 1,495

Pentair

PLC

4,872

Republic

Services

Inc

53,400

13,390

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Environmental

Control

(continued)

Tetra

Tech

Inc

6,174

$

Veralto

Corp

4,014

$

14,729

Food

-

.07

%

Albertsons

Cos

Inc

12,350

Conagra

Brands

Inc

14,091

Flowers

Foods

Inc

5,957

General

Mills

Inc

124,078

7,040

Grocery

Outlet

Holding

Corp

(d) 2,804

Hershey

Co/The

3,705

619

Hormel

Foods

Corp

8,567

Ingredion

Inc

1,931

J

M

Smucker

Co/The

3,046

Kellanova

7,749

641

Kroger

Co/The

19,623

1,417

Lamb

Weston

Holdings

Inc

2,847

McCormick

&

Co

Inc/MD

7,442

571

Performance

Food

Group

Co

(d) 353,870

28,543

Pilgrim's

Pride

Corp

1,194

Post

Holdings

Inc

(d) 1,557

Seaboard

Corp

Smithfield

Foods

Inc

717

Sysco

Corp

46,241

3,302

The

Campbell's

Company

5,669

Tyson

Foods

Inc

192,099

11,764

US

Foods

Holding

Corp

(d) 594,221

39,017

$

95,187

Forest

Products

&

Paper

-

.03

%

International

Paper

Co

15,481

707

Gas

-

.49

%

Atmos

Energy

Corp

4,577

735

MDU

Resources

Group

Inc

6,457

National

Fuel

Gas

Co

129,371

9,933

NiSource

Inc

13,810

540

UGI

Corp

6,449

$

11,531

Hand

&

Machine

Tools

-

.44

%

Lincoln

Electric

Holdings

Inc

92,970

16,381

MSA

Safety

Inc

1,084

Regal

Rexnord

Corp

154,054

16,305

Snap-on

Inc

1,518

Stanley

Black

&

Decker

Inc

4,543

$

33,606

Healthcare

-

Products

-

.74

%

10X

Genomics

Inc

(d) 1,146

Agilent

Technologies

Inc

8,488

913

Align

Technology

Inc

(d) 907

Avantor

Inc

(d) 20,056

Azenta

Inc

(d) 1,346

Baxter

International

Inc

15,059

Bio-Techne

Corp

4,630

Bruker

Corp

1,276

Cooper

Cos

Inc/The

(d) 313,863

25,634

DENTSPLY

SIRONA

Inc

5,855

Enovis

Corp

(d) 1,800

Envista

Holdings

Corp

(d) 5,481

Exact

Sciences

Corp

(d) 3,294

GE

HealthCare

Technologies

Inc

12,178

857

Globus

Medical

Inc

(d) 3,306

Hologic

Inc

(d) 452,763

26,351

Masimo

Corp

(d) 667

QIAGEN

NV

(d) 6,412

QuidelOrtho

Corp

(d) 2,203

Repligen

Corp

(d) 1,409

ResMed

Inc

23,019

5,446

Revvity

Inc

3,580

Solventum

Corp

(d) 4,096

STERIS

PLC

2,909

654

Teleflex

Inc

1,391

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Waters

Corp

(d) 667

$

West

Pharmaceutical

Services

Inc

837

Zimmer

Biomet

Holdings

Inc

5,849

603

$

64,134

Healthcare

-

Services

-

.15

%

Acadia

Healthcare

Co

Inc

(d) 3,011

Amedisys

Inc

(d) 1,023

Centene

Corp

(d) 14,927

893

Charles

River

Laboratories

International

Inc

(d) 1,502

Chemed

Corp

Encompass

Health

Corp

36,286

4,245

Fortrea

Holdings

Inc

(d) 2,610

Humana

Inc

3,561

934

IQVIA

Holdings

Inc

(d) 4,717

732

Labcorp

Holdings

Inc

61,978

14,937

Molina

Healthcare

Inc

(d) 14,215

4,649

Quest

Diagnostics

Inc

182,178

32,468

Sotera

Health

Co

(d) 4,420

Tenet

Healthcare

Corp

(d) 62,663

8,957

Universal

Health

Services

Inc

29,950

5,303

$

73,756

Home

Builders

-

.15

%

DR

Horton

Inc

8,388

1,060

Lennar

Corp

-

A

Shares

6,793

738

Lennar

Corp

-

B

Shares

NVR

Inc

(d) 82

584

PulteGroup

Inc

6,022

618

Thor

Industries

Inc

1,597

Toll

Brothers

Inc

2,935

$

3,450

Home

Furnishings

-

.02

%

Dolby

Laboratories

Inc

1,772

Leggett

&

Platt

Inc

4,246

SharkNinja

Inc

(d) 1,568

Whirlpool

Corp

1,556

$

Housewares

-

.00

%

Newell

Brands

Inc

13,823

Scotts

Miracle-Gro

Co/The

1,368

$

Insurance

-

.15

%

Aflac

Inc

16,336

1,775

Allstate

Corp/The

6,546

1,299

American

Financial

Group

Inc/OH

134,815

17,076

Arch

Capital

Group

Ltd

10,669

967

Arthur

J

Gallagher

&

Co

6,756

2,167

Assurant

Inc

1,505

Assured

Guaranty

Ltd

1,428

Axis

Capital

Holdings

Ltd

124,937

12,034

Brighthouse

Financial

Inc

(d) 1,841

Brown

&

Brown

Inc

29,952

3,313

Cincinnati

Financial

Corp

4,527

630

CNA

Financial

Corp

702

Corebridge

Financial

Inc

8,394

Everest

Group

Ltd

1,042

Fidelity

National

Financial

Inc

505,567

32,382

First

American

Financial

Corp

2,978

Globe

Life

Inc

2,443

Hanover

Insurance

Group

Inc/The

18,202

3,023

Hartford

Insurance

Group

Inc/The

301,656

37,005

Kemper

Corp

1,928

Lincoln

National

Corp

5,100

Loews

Corp

5,284

Markel

Group

Inc

(d) 285

518

MGIC

Investment

Corp

143,237

3,568

Old

Republic

International

Corp

727,049

27,336

Primerica

Inc

28,999

7,600

Prudential

Financial

Inc

10,632

1,092

Reinsurance

Group

of

America

Inc

1,932

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

RenaissanceRe

Holdings

Ltd

1,507

$

RLI

Corp

47,120

3,487

Unum

Group

5,360

W

R

Berkley

Corp

8,685

623

White

Mountains

Insurance

Group

Ltd

Willis

Towers

Watson

PLC

101,470

31,232

$

190,794

Internet

-

.27

%

Angi

Inc

(d) 1,126

CDW

Corp/DE

1,966

eBay

Inc

263,456

17,957

Etsy

Inc

(d) 1,241

Expedia

Group

Inc

185,400

29,095

F5

Inc

(d) 1,698

Gen

Digital

Inc

16,079

IAC

Inc

(d) 2,374

Lyft

Inc

(d) 3,688

Maplebear

Inc

(d) 538,898

21,496

Match

Group

Inc

7,393

Robinhood

Markets

Inc

(d) 19,872

976

Roku

Inc

(d) 3,171

TripAdvisor

Inc

(d) 3,260

Trump

Media

&

Technology

Group

Corp

(d) 971

VeriSign

Inc

2,294

647

Wayfair

Inc

(d) 135,788

4,095

Zillow

Group

Inc

-

A

Shares

(d) 1,469

Zillow

Group

Inc

-

C

Shares

(d) 4,587

$

76,549

Iron

&

Steel

-

.82

%

ATI

Inc

(d) 3,624

Cleveland-Cliffs

Inc

(d) 9,582

Nucor

Corp

6,929

827

Reliance

Inc

1,582

Steel

Dynamics

Inc

134,534

17,450

United

States

Steel

Corp

6,578

$

19,297

Leisure

Products

&

Services

-

.08

%

Amer

Sports

Inc

(d) 2,008

Brunswick

Corp/DE

2,092

Carnival

Corp

(d) 30,355

557

Harley-Davidson

Inc

3,654

Planet

Fitness

Inc

(d) 1,137

Polaris

Inc

1,735

Royal

Caribbean

Cruises

Ltd

4,576

983

YETI

Holdings

Inc

(d) 1,911

$

1,988

Lodging

-

.57

%

Boyd

Gaming

Corp

1,865

Choice

Hotels

International

Inc

Hilton

Worldwide

Holdings

Inc

54,444

12,276

Hyatt

Hotels

Corp

1,103

MGM

Resorts

International

(d) 6,765

Travel

+

Leisure

Co

2,097

Wyndham

Hotels

&

Resorts

Inc

2,041

Wynn

Resorts

Ltd

2,733

$

13,246

Machinery

-

Construction

&

Mining

-

.02

%

BWX

Technologies

Inc

2,139

Oshkosh

Corp

1,921

$

Machinery

-

Diversified

-

.82

%

AGCO

Corp

225,445

19,124

CNH

Industrial

NV

25,813

Cognex

Corp

4,795

Crane

Co

1,443

Dover

Corp

4,052

691

Esab

Corp

1,664

Flowserve

Corp

3,879

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

(continued)

Gates

Industrial

Corp

PLC

(d) 7,008

$

Graco

Inc

4,937

IDEX

Corp

2,231

Ingersoll

Rand

Inc

11,930

900

Middleby

Corp/The

(d) 153,962

20,531

Nordson

Corp

1,668

Otis

Worldwide

Corp

11,799

1,136

Rockwell

Automation

Inc

3,028

750

Toro

Co/The

2,987

Westinghouse

Air

Brake

Technologies

Corp

5,031

929

Xylem

Inc/NY

161,338

19,453

$

65,995

Media

-

.51

%

Charter

Communications

Inc

(d) 2,728

1,069

FactSet

Research

Systems

Inc

713

Fox

Corp

-

A

Shares

6,530

Fox

Corp

-

B

Shares

3,956

Liberty

Broadband

Corp

-

A

Shares

(d) 416

Liberty

Broadband

Corp

-

C

Shares

(d) 2,480

Liberty

Global

Ltd

-

A

Shares

(d) 5,292

Liberty

Global

Ltd

-

C

Shares

(d) 5,057

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 502

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 3,991

New

York

Times

Co/The

149,767

7,797

News

Corp

-

A

Shares

11,256

News

Corp

-

B

Shares

(e) 3,620

Nexstar

Media

Group

Inc

528

Paramount

Global

-

Class

B

(e) 17,801

Sirius

XM

Holdings

Inc

6,372

Warner

Bros

Discovery

Inc

(d) 71,804

623

$

11,919

Metal

Fabrication

&

Hardware

-

.03

%

Advanced

Drainage

Systems

Inc

1,277

RBC

Bearings

Inc

(d) 830

Timken

Co/The

1,899

Valmont

Industries

Inc

590

$

713

Mining

-

.18

%

Alcoa

Corp

7,286

Franco-Nevada

Corp

156,500

26,884

MP

Materials

Corp

(d) 4,108

Royal

Gold

Inc

1,933

$

27,516

Miscellaneous

Manufacturers

-

.96

%

A

O

Smith

Corp

3,498

Carlisle

Cos

Inc

1,142

Donaldson

Co

Inc

3,546

ITT

Inc

2,431

Teledyne

Technologies

Inc

(d) 1,357

633

Textron

Inc

293,716

20,669

$

22,538

Office

&

Business

Equipment

-

.80

%

Zebra

Technologies

Corp

(d) 74,477

18,643

Oil

&

Gas

-

.70

%

Antero

Resources

Corp

(d) 8,571

APA

Corp

10,697

Chord

Energy

Corp

201,787

18,207

Civitas

Resources

Inc

2,230

Coterra

Energy

Inc

1,035,396

25,429

Devon

Energy

Corp

504,919

15,354

Diamondback

Energy

Inc

5,568

735

EQT

Corp

16,352

808

Expand

Energy

Corp

6,814

708

Hess

Corp

2,911

HF

Sinclair

Corp

4,631

Matador

Resources

Co

3,241

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Ovintiv

Inc

7,670

$

Permian

Resources

Corp

15,226

Range

Resources

Corp

7,001

Viper

Energy

Inc

2,662

$

63,193

Oil

&

Gas

Services

-

.65

%

Baker

Hughes

Co

754,260

26,701

Halliburton

Co

26,079

517

NOV

Inc

11,398

TechnipFMC

PLC

399,210

11,246

$

38,596

Packaging

&

Containers

-

.13

%

Amcor

PLC

(e) 67,034

617

AptarGroup

Inc

158,343

23,743

Ardagh

Group

SA

(d),(f)

901

—

Ball

Corp

8,724

Crown

Holdings

Inc

355,155

34,212

Graphic

Packaging

Holding

Co

768,779

19,458

Packaging

Corp

of

America

92,515

17,171

Sealed

Air

Corp

4,066

Silgan

Holdings

Inc

2,443

Smurfit

WestRock

PLC

15,289

643

Sonoco

Products

Co

2,890

$

96,654

Pharmaceuticals

-

.07

%

BellRing

Brands

Inc

(d) 3,798

Cardinal

Health

Inc

2,918

Elanco

Animal

Health

Inc

(d) 14,582

Henry

Schein

Inc

(d) 3,646

Jazz

Pharmaceuticals

PLC

(d) 1,737

Organon

&

Co

8,179

Premier

Inc

3,208

Viatris

Inc

35,067

$

1,750

Pipelines

-

.05

%

Antero

Midstream

Corp

510,300

8,445

Cheniere

Energy

Inc

46,565

10,761

DT

Midstream

Inc

2,968

Kinder

Morgan

Inc

57,357

1,509

New

Fortress

Energy

Inc

1,310

ONEOK

Inc

18,322

1,505

Williams

Cos

Inc/The

36,006

2,109

$

24,625

Private

Equity

-

.01

%

Carlyle

Group

Inc/The

6,461

Real

Estate

-

.10

%

CBRE

Group

Inc

(d) 9,044

1,105

CoStar

Group

Inc

(d) 12,274

910

Howard

Hughes

Holdings

Inc

(d) 990

Jones

Lang

LaSalle

Inc

(d) 951

Seaport

Entertainment

Group

Inc

(d) 141

$

2,300

REITs

-

.39

%

AGNC

Investment

Corp

25,385

Agree

Realty

Corp

3,005

Alexandria

Real

Estate

Equities

Inc

5,057

American

Homes

Rent

9,981

Americold

Realty

Trust

Inc

8,384

Annaly

Capital

Management

Inc

16,577

AvalonBay

Communities

Inc

4,190

880

Brixmor

Property

Group

Inc

8,857

BXP

Inc

4,631

Camden

Property

Trust

251,753

28,649

Cousins

Properties

Inc

4,926

Crown

Castle

Inc

12,855

1,360

CubeSmart

6,606

Digital

Realty

Trust

Inc

9,801

1,573

EastGroup

Properties

Inc

1,443

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

EPR

Properties

2,202

$

Equity

LifeStyle

Properties

Inc

376,463

24,387

Equity

Residential

99,304

6,977

Essex

Property

Trust

Inc

1,878

524

Extra

Space

Storage

Inc

6,175

905

Federal

Realty

Investment

Trust

2,491

First

Industrial

Realty

Trust

Inc

49,264

2,344

Gaming

and

Leisure

Properties

Inc

7,695

Healthcare

Realty

Trust

Inc

10,615

Healthpeak

Properties

Inc

20,661

Highwoods

Properties

Inc

3,327

Host

Hotels

&

Resorts

Inc

20,608

Invitation

Homes

Inc

18,094

619

Iron

Mountain

Inc

3,690

Kilroy

Realty

Corp

3,451

Kimco

Realty

Corp

19,480

Lamar

Advertising

Co

227,619

25,905

Lineage

Inc

1,961

Medical

Properties

Trust

Inc

18,849

Mid-America

Apartment

Communities

Inc

3,430

548

Millrose

Properties

Inc

3,913

National

Storage

Affiliates

Trust

2,066

NNN

REIT

Inc

712,018

29,271

Omega

Healthcare

Investors

Inc

106,866

4,173

Park

Hotels

&

Resorts

Inc

6,495

Rayonier

Inc

4,557

Realty

Income

Corp

25,783

1,492

Regency

Centers

Corp

5,327

Rexford

Industrial

Realty

Inc

6,499

Rithm

Capital

Corp

15,596

SBA

Communications

Corp

136,267

33,168

Simon

Property

Group

Inc

90,701

14,274

STAG

Industrial

Inc

5,427

Starwood

Property

Trust

Inc

9,431

Sun

Communities

Inc

3,723

UDR

Inc

9,705

Ventas

Inc

39,904

2,797

VICI

Properties

Inc

232,537

7,446

Vornado

Realty

Trust

5,266

Weyerhaeuser

Co

21,565

559

WP

Carey

Inc

6,396

$

196,289

Retail

-

.45

%

Advance

Auto

Parts

Inc

1,976

AutoNation

Inc

(d) 730

Bath

&

Body

Works

Inc

622,396

18,989

Best

Buy

Co

Inc

6,286

BJ's

Wholesale

Club

Holdings

Inc

(d) 3,897

CarMax

Inc

(d) 4,254

Carvana

Co

(d) 2,070

506

Casey's

General

Stores

Inc

904

Darden

Restaurants

Inc

1,630

Dick's

Sporting

Goods

Inc

1,495

Dillard's

Inc

Dollar

General

Corp

97,021

9,090

Dollar

Tree

Inc

(d) 38,743

3,168

Domino's

Pizza

Inc

659

Dutch

Bros

Inc

(d) 1,944

Ferguson

Enterprises

Inc

5,511

935

Five

Below

Inc

(d) 31,178

2,366

Floor

&

Decor

Holdings

Inc

(d) 1,980

Freshpet

Inc

(d) 937

GameStop

Corp

(d) 11,599

Gap

Inc/The

132,946

2,912

Genuine

Parts

Co

4,110

Kohl's

Corp

(e) 2,918

Lithia

Motors

Inc

763

Macy's

Inc

8,708

MSC

Industrial

Direct

Co

Inc

1,460

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Nordstrom

Inc

3,227

$

Ollie's

Bargain

Outlet

Holdings

Inc

(d) 1,805

Penske

Automotive

Group

Inc

591

RH

(d) 391

Ross

Stores

Inc

243,774

33,884

Ulta

Beauty

Inc

(d) 184

Walgreens

Boots

Alliance

Inc

276,334

3,031

Wendy's

Co/The

2,797

Williams-Sonoma

Inc

1,462

Yum!

Brands

Inc

5,123

771

$

80,733

Savings

&

Loans

-

.00

%

TFS

Financial

Corp

1,656

Semiconductors

-

.95

%

Allegro

MicroSystems

Inc

(d) 3,736

Amkor

Technology

Inc

3,596

Astera

Labs

Inc

(d) 3,099

Cirrus

Logic

Inc

(d) 1,590

GLOBALFOUNDRIES

Inc

(d) 3,130

IPG

Photonics

Corp

(d) 864

Lattice

Semiconductor

Corp

(d) 76,255

3,731

MACOM

Technology

Solutions

Holdings

Inc

(d) 1,835

Microchip

Technology

Inc

15,686

723

MKS

Instruments

Inc

223,957

15,708

ON

Semiconductor

Corp

(d) 12,561

Onto

Innovation

Inc

(d) 1,067

Qorvo

Inc

(d) 2,750

Skyworks

Solutions

Inc

4,738

Teradyne

Inc

Wolfspeed

Inc

(d),(e)

4,332

$

22,182

Shipbuilding

-

.01

%

Huntington

Ingalls

Industries

Inc

1,152

Software

-

.62

%

Akamai

Technologies

Inc

(d) 244,101

19,670

ANSYS

Inc

(d) 2,572

828

BILL

Holdings

Inc

(d) 2,409

Broadridge

Financial

Solutions

Inc

CCC

Intelligent

Solutions

Holdings

Inc

(d) 14,267

Concentrix

Corp

1,480

Dayforce

Inc

(d) 3,977

DoubleVerify

Holdings

Inc

(d) 1,644

Doximity

Inc

(d) 47,173

2,683

Dropbox

Inc

-

A

Shares

(d) 4,571

Electronic

Arts

Inc

78,634

11,409

Fair

Isaac

Corp

(d) 107

Fidelity

National

Information

Services

Inc

15,943

1,258

Guidewire

Software

Inc

(d) 1,309

Informatica

Inc

(d) 2,718

Jack

Henry

&

Associates

Inc

2,136

MicroStrategy

Inc

(d) 15,687

5,963

MSCI

Inc

946

516

nCino

Inc

(d) 840

Nutanix

Inc

(d) 48,952

3,363

Paychex

Inc

6,088

896

Paycom

Software

Inc

544

Playtika

Holding

Corp

2,338

PTC

Inc

(d) 1,366

SentinelOne

Inc

(d) 7,030

SS&C

Technologies

Holdings

Inc

6,345

Take-Two

Interactive

Software

Inc

(d) 5,087

1,187

Twilio

Inc

(d) 3,625

Tyler

Technologies

Inc

(d) 17,751

9,644

UiPath

Inc

(d) 1,502

Unity

Software

Inc

(d) 5,038

Zoom

Communications

Inc

(d) 7,791

604

ZoomInfo

Technologies

Inc

(d) 8,384

$

61,224

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Telecommunications

-

.55

%

Ciena

Corp

(d) 4,180

$

Corning

Inc

266,391

11,822

Frontier

Communications

Parent

Inc

(d) 7,251

Iridium

Communications

Inc

3,258

Juniper

Networks

Inc

9,628

Ubiquiti

Inc

$

12,815

Toys,

Games

&

Hobbies

-

.01

%

Hasbro

Inc

568

Mattel

Inc

(d) 10,003

$

Transportation

-

.40

%

CH

Robinson

Worldwide

Inc

3,429

Expeditors

International

of

Washington

Inc

3,443

JB

Hunt

Transport

Services

Inc

141,190

18,436

Kirby

Corp

(d) 1,719

Knight-Swift

Transportation

Holdings

Inc

546,816

21,419

Landstar

System

Inc

113,027

15,163

Ryder

System

Inc

1,219

Saia

Inc

(d) 345

Schneider

National

Inc

1,482

$

56,152

Water

-

.49

%

American

Water

Works

Co

Inc

235,074

34,558

Essential

Utilities

Inc

7,438

$

34,864

TOTAL

COMMON

STOCKS

$

2,252,363

Total

Investments

$

2,341,825

Other

Assets

and

Liabilities

- (0.09)%

(2,021)

TOTAL

NET

ASSETS

-

100.00%

$

2,339,804

(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

$809

or

0.03%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$774

or

0.03%

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

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

51,595

$

736,732

$

705,014

$

83,313

$

51,595

$

736,732

$

705,014

$

83,313

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,374

$

—

$

—

$

—

$

1,374

$

—

$

—

$

—

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;

June

2025

Long

$

12,289

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Money

Market

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.66

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.66

%

DWS

Government

Money

Market

Series

-

Institutional

Class

4.31%

(a) 12,830,000

$

12,830

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Class

4.25%

(a) 8,300,000

8,300

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

4.29%

(a) 11,790,000

11,790

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.26%

(a) 8,800,000

8,800

$

41,720

TOTAL

INVESTMENT

COMPANIES

$

41,720

BONDS

-

.77

%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

.42

%

ARI

Fleet

Lease

Trust

2025-A

4.51%,

02/17/2026

(b) $

4,611

$

4,611

CarMax

Select

Receivables

Trust

2025-A

4.56%,

04/15/2026

5,356

5,356

Enterprise

Fleet

Financing

2024-4

LLC

4.72%,

10/21/2025

(b) 1,787

1,787

Enterprise

Fleet

Financing

2025-2

LLC

4.56%,

05/20/2026

(b),(c)

6,500

6,500

Ford

Credit

Auto

Owner

Trust

2024-D

4.60%,

12/15/2025

2,623

2,623

M&T

Bank

Auto

Receivables

Trust

2025-1

4.51%,

02/17/2026

(b) 3,275

3,275

Westlake

Automobile

Receivables

Trust

2025-1

4.57%,

01/15/2026

(b) 3,422

3,422

$

27,574

Insurance

-

.49

%

Met

Life

4.81%,

08/18/2025

9,000

9,000

New

York

Life

4.68%,

07/22/2025

8,000

8,000

$

17,000

Other

Asset

Backed

Securities

-

.86

%

DLLMT

2024-1

LLC

5.35%,

08/20/2025

(b) 35

GreatAmerica

Leasing

Receivables

Funding

LLC

4.46%,

03/16/2026

(b) 4,357

4,357

GreatAmerica

Leasing

Receivables

Funding

LLC

Series

2024-2

5.46%,

08/15/2025

(b) 203

M&T

Equipment

2024-LEAF1

Notes

5.39%,

08/18/2025

(b) 167

PEAC

Solutions

Receivables

2024-2

LLC

4.81%,

10/20/2025

(b) 377

SCF

Equipment

Trust

2016-1

LLC

4.52%,

02/20/2026

(b) 3,939

3,939

Volvo

Financial

Equipment

LLC

Series

2024-1

5.07%,

09/15/2025

(b) 755

755

$

9,833

TOTAL

BONDS

$

54,407

MUNICIPAL

BONDS

-

.67

%

Principal

Amount

(000's)

Value

(000's)

Colorado

-

.21

%

Colorado

Housing

and

Finance

Authority

(credit

support

from

Federal

Home

Loan

Bank)

4.38%,

05/07/2025

(d),(e)

$

2,340

$

2,340

Georgia

-

.66

%

Development

Authority

Of

Greene

County

(credit

support

from

US

Bank)

4.37%,

05/07/2025

(d),(e)

3,000

3,000

Valdosta-Lowndes

County

Industrial

Development

Authority

(credit

support

from

Wells

Fargo)

4.35%,

05/07/2025

(d),(e)

4,555

4,555

$

7,555

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Maryland

-

.67

%

City

of

Baltimore

MD

(credit

support

from

Toronto

Dominion

Bank)

4.35%,

05/07/2025

(d),(e)

$

7,660

$

7,660

New

York

-

.38

%

New

York

City

Housing

Development

Corp

(credit

support

from

Fannie

Mae)

4.34%,

05/07/2025

(d),(e)

3,700

3,700

4.39%,

05/07/2025

(d),(e)

600

600

$

4,300

Virginia

-

.21

%

Newport

News

Economic

Development

Authority

(credit

support

from

JPMorgan

Chase

&

Co)

4.38%,

05/07/2025

(d),(e)

2,430

2,430

Washington

-

.54

%

Washington

State

Housing

Finance

Commission

(credit

support

from

Federal

Home

Loan

Bank)

4.40%,

05/07/2025

(d),(e)

4,600

4,600

4.40%,

05/07/2025

(d),(e)

1,545

1,545

$

6,145

TOTAL

MUNICIPAL

BONDS

$

30,430

COMMERCIAL

PAPER

-

.88

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.62

%

General

Dynamics

Corp

4.35%,

05/28/2025

(b) $

6,500

$

6,479

4.35%,

06/04/2025

(b) 6,000

5,975

4.38%,

05/19/2025

(b) 6,000

5,987

$

18,441

Agriculture

-

.38

%

Philip

Morris

International

Inc

4.35%,

05/02/2025

(b) 6,500

6,499

4.37%,

05/12/2025

(b) 4,197

4,192

4.44%,

06/02/2025

(b) 5,000

4,980

$

15,671

Automobile

Manufacturers

-

.70

%

Cummins

Inc

4.35%,

05/07/2025

(b) 3,200

3,198

4.39%,

05/05/2025

(b) 5,000

4,998

4.39%,

05/08/2025

(b) 6,000

5,995

4.39%,

05/14/2025

(b) 5,500

5,491

4.41%,

05/30/2025

(b) 6,000

5,979

PACCAR

Financial

Corp

(credit

support

from

Paccar

Inc)

4.42%,

05/20/2025

(d) 6,000

5,986

Toyota

Credit

Canada

Inc

(credit

support

from

Toyota

Financial

Services)

4.45%,

05/06/2025

(d) 5,000

4,997

Toyota

Credit

de

Puerto

Rico

Corp

(credit

support

from

Toyota

Financial

Services)

4.41%,

07/28/2025

(d) 6,000

5,935

4.49%,

07/01/2025

(d) 6,000

5,954

Volvo

Treasury

North

America

LP

(credit

support

from

AB

Volvo)

4.35%,

05/05/2025

(b),(d)

6,500

6,497

4.36%,

05/06/2025

(b),(d)

5,000

4,997

4.40%,

05/13/2025

(b),(d)

5,500

5,492

4.41%,

05/01/2025

(b),(d)

4,900

4,900

4.41%,

05/14/2025

(b),(d)

6,000

5,990

$

76,409

Banks

-

.82

%

Barclays

Bank

PLC

4.40%,

06/06/2025

(b) 6,000

5,974

CAFCO

LLC

4.34%,

05/08/2025

(b) 6,000

5,995

Schedule

of

Investments

Money

Market

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Credit

Agricole

Corporate

and

Investment

Bank/

New

York

4.40%,

07/31/2025

$

5,000

$

4,944

DBS

Bank

Ltd

4.35%,

05/01/2025

(b),(f)

6,000

6,000

4.35%,

05/02/2025

(b),(f)

6,000

5,999

HSBC

USA

Inc

4.40%,

05/01/2025

(b) 2,200

2,200

4.45%,

05/09/2025

(b) 2,000

1,998

4.45%,

05/27/2025

(b) 4,000

3,987

4.50%,

08/13/2025

(b) 6,600

6,514

ING

US

Funding

LLC

(credit

support

from

ING

Bank)

4.35%,

07/01/2025

(b),(d)

6,000

5,956

Mizuho

Bank

Ltd/New

York

NY

4.34%,

06/25/2025

(b) 5,000

4,967

4.37%,

06/05/2025

(b) 2,000

1,992

Oversea-Chinese

Banking

Corp

Ltd

4.38%,

05/08/2025

(b),(f)

1,200

1,199

Sheffield

Receivables

Co

LLC

4.36%,

05/28/2025

(b) 5,000

4,984

4.36%,

06/04/2025

(b) 5,000

4,979

4.37%,

05/01/2025

(b) 5,000

5,000

4.38%,

05/12/2025

(b) 4,500

4,494

4.41%,

06/13/2025

(b) 6,000

5,968

United

Overseas

Bank

Ltd

4.36%,

06/23/2025

(b),(f)

6,000

5,962

$

89,112

Beverages

-

.11

%

Brown-Forman

Corp

4.47%,

05/29/2025

(b) 6,100

6,079

4.50%,

05/21/2025

(b) 6,000

5,985

4.55%,

05/08/2025

(b) 6,000

5,995

4.62%,

05/16/2025

(b) 6,000

5,988

$

24,047

Chemicals

-

.67

%

Air

Products

and

Chemicals

Inc

4.35%,

05/05/2025

(b) 6,500

6,495

4.42%,

05/20/2025

(b) 7,000

6,984

Chevron

Phillips

Chemical

Co

LLC

4.66%,

05/13/2025

(b) 5,900

5,891

4.66%,

05/21/2025

(b) 6,000

5,984

4.72%,

05/16/2025

(b) 5,000

4,990

$

30,344

Commercial

Services

-

.00

%

Experian

Finance

PLC

(credit

support

from

Experian

PLC)

4.60%,

05/01/2025

(b),(d)

6,000

6,000

4.62%,

05/12/2025

(b),(d)

5,700

5,692

4.65%,

05/07/2025

(b),(d)

5,450

5,446

4.69%,

05/09/2025

(b),(d)

5,700

5,694

$

22,832

Diversified

Financial

Services

-

.66

%

AllianceBernstein

LP

4.35%,

06/02/2025

(b) 6,000

5,977

4.42%,

06/04/2025

(b) 5,500

5,477

Anglesea

Funding

LLC

4.34%,

05/01/2025

(b) 6,500

6,500

4.35%,

05/02/2025

(b) 6,500

6,499

BofA

Securities

Inc

4.35%,

05/29/2025

6,000

5,980

4.42%,

07/03/2025

5,080

5,041

Cabot

Trail

Funding

LLC

4.35%,

05/06/2025

(b) 5,500

5,497

4.35%,

07/14/2025

(b) 6,000

5,946

4.40%,

07/23/2025

(b) 5,000

4,949

Chesham

Finance

Ltd

/

Chesham

Finance

LLC

4.34%,

05/01/2025

(b) 23,000

23,000

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

DCAT

LLC

4.37%,

05/01/2025

$

6,500

$

6,500

4.37%,

05/02/2025

6,000

5,999

4.40%,

05/22/2025

10,500

10,473

4.47%,

06/09/2025

4,300

4,279

Equitable

Short

Term

Funding

LLC

4.40%,

05/13/2025

(b) 6,000

5,991

4.42%,

06/09/2025

(b) 5,000

4,976

4.42%,

07/07/2025

(b) 5,750

5,703

Glencove

Funding

LLC

4.37%,

05/02/2025

(b) 6,000

5,999

4.41%,

07/31/2025

(b) 5,000

4,944

4.42%,

07/24/2025

(b) 5,000

4,949

Gotham

Funding

Corp

4.36%,

05/01/2025

(b) 4,000

4,000

4.43%,

07/09/2025

(b) 900

892

Great

Bear

Funding

LLC

4.35%,

05/02/2025

(b) 6,000

5,999

4.35%,

05/06/2025

(b) 6,000

5,996

4.35%,

05/07/2025

(b) 6,500

6,495

Lion

Bay

Funding

LLC

4.35%,

05/07/2025

(b) 6,000

5,996

Longship

Funding

LLC

4.36%,

05/28/2025

(b) 6,000

5,980

LSEGA

Financing

PLC

(credit

support

from

London

Stock

Exchange

Group

PLC)

4.43%,

05/06/2025

(b),(d)

5,000

4,997

4.44%,

05/07/2025

(b),(d)

6,000

5,996

4.45%,

06/30/2025

(b),(d)

4,620

4,586

4.53%,

05/19/2025

(b),(d)

5,000

4,989

Manhattan

Asset

Funding

Co

LLC

4.41%,

07/15/2025

(b) 5,500

5,450

Nieuw

Amsterdam

Receivables

Corp

BV

4.41%,

06/18/2025

(b) 2,455

2,441

Podium

Funding

Trust

4.37%,

05/06/2025

5,300

5,297

4.38%,

05/15/2025

6,000

5,990

4.42%,

07/15/2025

5,630

5,578

4.55%,

05/20/2025

5,000

4,988

Prudential

International

Treasury

Ltd

(credit

support

from

Prudential

PLC)

4.35%,

05/19/2025

(b),(d)

5,000

4,989

4.40%,

05/06/2025

(b),(d)

6,000

5,996

Starbird

Funding

Corp

4.33%,

05/01/2025

(b) 15,470

15,470

$

246,804

Electric

-

.42

%

National

Rural

Utilities

Cooperative

Finance

Corp

4.40%,

05/01/2025

5,360

5,360

4.48%,

05/09/2025

5,000

4,995

4.50%,

05/08/2025

6,000

5,995

4.50%,

05/21/2025

5,800

5,785

4.50%,

05/23/2025

5,500

5,485

$

27,620

Electrical

Components

&

Equipment

-

.12

%

Emerson

Electric

Co

4.34%,

07/14/2025

(b) 1,400

1,388

Food

-

.57

%

Mars

Inc

4.40%,

06/26/2025

(b) 6,000

5,959

4.42%,

05/15/2025

(b) 6,000

5,990

Unilever

Capital

Corp

(credit

support

from

Unilever

PLC)

4.37%,

05/12/2025

(b),(d)

6,000

5,992

$

17,941

Schedule

of

Investments

Money

Market

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

-

.62

%

UnitedHealth

Group

Inc

4.37%,

05/07/2025

(b) $

6,000

$

5,996

4.40%,

05/01/2025

(b) 6,000

6,000

4.40%,

05/02/2025

(b) 6,500

6,499

$

18,495

Holding

Companies

-

Diversified

-

.05

%

Koch

Cos

LLC

4.34%,

05/05/2025

12,000

11,994

Insurance

-

.72

%

New

York

Life

Capital

Corp

(credit

support

from

New

York

Life

Insurance)

4.42%,

05/12/2025

(b),(d)

6,600

6,591

Prudential

Financial

Inc

4.35%,

05/05/2025

(b) 7,000

6,997

4.40%,

05/16/2025

(b) 6,000

5,989

$

19,577

Internet

-

.58

%

Alphabet

Inc

4.40%,

05/14/2025

(b) 6,600

6,590

Machinery

-

Diversified

-

.96

%

John

Deere

Financial

Inc

(credit

support

from

John

Deere

Capital)

4.43%,

07/08/2025

(b),(d)

5,000

4,958

4.44%,

06/04/2025

(b),(d)

6,000

5,975

$

10,933

Media

-

.05

%

Walt

Disney

Co/The

(credit

support

from

TWDC

Enteprises)

4.36%,

07/07/2025

(b),(d)

6,000

5,951

4.37%,

06/09/2025

(b),(d)

6,000

5,972

$

11,923

Mining

-

.62

%

Rio

Tinto

Finance

USA

PLC

(credit

support

from

Rio

Tinto

PLC)

4.36%,

05/09/2025

(b),(d)

6,000

5,994

4.36%,

06/03/2025

(b),(d)

5,430

5,409

4.36%,

06/23/2025

(b),(d)

6,500

6,458

4.36%,

06/26/2025

(b),(d)

560

556

$

18,417

Oil

&

Gas

-

.90

%

BP

Capital

Markets

PLC

(credit

support

from

BP

PLC)

4.40%,

05/05/2025

(b),(d)

7,000

6,997

4.41%,

05/01/2025

(b),(d)

6,500

6,500

4.42%,

05/06/2025

(b),(d)

6,000

5,996

4.42%,

05/07/2025

(b),(d)

6,500

6,495

TotalEnergies

Capital

SA

(credit

support

from

Total

SA)

4.37%,

05/01/2025

(b),(d)

6,000

6,000

4.37%,

05/02/2025

(b),(d)

6,500

6,499

4.37%,

05/07/2025

(b),(d)

6,000

5,996

$

44,483

Oil

&

Gas

Services

-

.75

%

Schlumberger

Investment

SA

(credit

support

from

Schlumberger

NV)

4.35%,

05/01/2025

(b),(d)

20,000

20,000

Pharmaceuticals

-

.53

%

Novartis

Finance

Corp

(credit

support

from

Novartis

AG)

4.31%,

05/05/2025

(b),(d)

6,000

5,997

Private

Equity

-

.39

%

Brookfield

Corporate

Treasury

Ltd

(credit

support

from

Brookfield

Corp)

4.80%,

05/07/2025

(b),(d)

4,500

4,496

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

-

.10

%

Analog

Devices

Inc

4.39%,

05/02/2025

(b) $

6,000

$

5,999

4.40%,

05/08/2025

(b) 6,000

5,995

4.42%,

05/22/2025

(b) 6,000

5,984

4.43%,

05/15/2025

(b) 6,000

5,990

$

23,968

Supranational

Bank

-

.54

%

Corp

Andina

de

Fomento

4.33%,

05/05/2025

(b) 6,100

6,097

Telecommunications

-

.30

%

Telstra

Group

Ltd

(credit

support

from

Telstra

Corporation)

4.45%,

05/22/2025

(b),(d)

5,920

5,905

4.50%,

06/27/2025

(b),(d)

4,500

4,468

4.54%,

06/26/2025

(b),(d)

5,000

4,965

4.54%,

07/03/2025

(b),(d)

5,000

4,960

4.55%,

06/18/2025

(b),(d)

6,000

5,963

$

26,261

Transportation

-

.53

%

United

Parcel

Service

Inc

4.35%,

05/06/2025

(b) 6,000

5,996

Water

-

.17

%

American

Water

Capital

Corp

(credit

support

from

American

Water

Works)

4.56%,

05/12/2025

(b),(d)

6,000

5,992

4.57%,

05/06/2025

(b),(d)

6,300

6,296

4.57%,

05/09/2025

(b),(d)

6,500

6,493

4.58%,

05/07/2025

(b),(d)

6,000

5,995

$

24,776

TOTAL

COMMERCIAL

PAPER

$

830,612

REPURCHASE

AGREEMENTS

-

.67

%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

.67

%

Bank

of

New

York

Mellon

Repurchase

Agreement;

4.36%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Security;

$40,800,091;

3.875%;

dated

04/30/2030)

$

40,005

$

40,000

Barclays

Capital

Repurchase

Agreement;

4.36%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Securities;

$40,800,002;

3.875%-4.00%;

dated

08/15/2033-02/15/2034)

40,005

40,000

Goldman

Sachs

Repurchase

Agreement;

4.34%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Securities;

$30,600,001;

0.00%-2.375%;

dated

02/15/2035-05/15/2051)

30,004

30,000

HSBC

Bank

USA

Repurchase

Agreement;

4.34%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Securities;

$40,800,000;

2.00%-6.00%;

dated

04/01/2030-01/01/2053)

40,005

40,000

Merrill

Lynch

Repurchase

Agreement;

4.35%

traded

04/30/2025

maturing

05/01/2025

(collateralized

by

US

Government

Security;

$40,800,037;

4.00%;

dated

01/31/2031)

40,005

40,000

$

190,000

TOTAL

REPURCHASE

AGREEMENTS

$

190,000

Total

Investments

$

1,147,169

Other

Assets

and

Liabilities

- (0.65)%

(7,453)

TOTAL

NET

ASSETS

-

100.00%

$

1,139,716

Schedule

of

Investments

Money

Market

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

(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

$732,485

or

64.27%

of

net

assets.

(c) Security

purchased

on

a

when-issued

basis.

(d) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(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

issued

by

foreign

bank

and

denominated

in

USD.

Schedule

of

Investments

Overseas

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.30

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.19

%

iShares

MSCI

EAFE

Value

ETF

(a) 39,100

$

2,384

Money

Market

Funds

-

.11

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(b),(c)

3,250,169

3,250

Principal

Government

Money

Market

Fund

-

Class

4.19%

(b),(c),(d)

46,987,164

46,987

$

50,237

TOTAL

INVESTMENT

COMPANIES

$

52,621

COMMON

STOCKS

-

.24

%

Shares

Held

Value

(000's)

Advertising

-

.50

%

Publicis

Groupe

SA

2,684

$

WPP

PLC

758,007

5,877

$

6,150

Aerospace

&

Defense

-

.13

%

Dassault

Aviation

SA

Elbit

Systems

Ltd

MTU

Aero

Engines

AG

Rheinmetall

AG

10,679

18,187

Rolls-Royce

Holdings

PLC

2,108,805

21,346

Singapore

Technologies

Engineering

Ltd

6,400

Thales

SA

38,374

10,749

$

50,480

Agriculture

-

.65

%

British

American

Tobacco

PLC

161,175

7,021

Imperial

Brands

PLC

9,297

Japan

Tobacco

Inc

14,100

Wilmar

International

Ltd

22,300

$

7,889

Airlines

-

.01

%

Deutsche

Lufthansa

AG

7,432

Japan

Airlines

Co

Ltd

1,800

Singapore

Airlines

Ltd

11,400

$

Apparel

-

.79

%

Kering

SA

107,435

21,858

Automobile

Manufacturers

-

.40

%

Bayerische

Motoren

Werke

AG

3,400

Daimler

Truck

Holding

AG

5,570

Honda

Motor

Co

Ltd

52,600

535

Isuzu

Motors

Ltd

6,500

Mercedes-Benz

Group

AG

8,465

506

Nissan

Motor

Co

Ltd

27,200

Renault

SA

2,254

Stellantis

NV

23,758

Subaru

Corp

6,800

Suzuki

Motor

Corp

12,000

Toyota

Motor

Corp

111,050

2,121

Volvo

AB

-

B

Shares

18,618

506

$

4,941

Automobile

Parts

&

Equipment

-

.93

%

Aisin

Corp

6,000

Bridgestone

Corp

6,700

Cie

Generale

des

Etablissements

Michelin

SCA

7,860

Continental

AG

131,658

10,293

Denso

Corp

7,600

Sumitomo

Electric

Industries

Ltd

8,400

Toyota

Industries

Corp

1,900

$

11,392

Banks

-

.64

%

ABN

AMRO

Bank

NV

(e) 460,643

9,546

AIB

Group

PLC

24,557

ANZ

Group

Holdings

Ltd

34,921

668

Banco

Bilbao

Vizcaya

Argentaria

SA

67,544

927

Banco

BPM

SpA

15,091

Banco

de

Sabadell

SA

63,752

Banco

Santander

SA

177,577

1,250

Bank

Hapoalim

BM

14,753

Bank

Leumi

Le-Israel

BM

17,609

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Bank

of

Ireland

Group

PLC

11,760

$

Bank

of

Nova

Scotia/The

204,100

10,212

Banque

Cantonale

Vaudoise

Barclays

PLC

5,140,672

20,478

BNP

Paribas

SA

351,552

29,787

BOC

Hong

Kong

Holdings

Ltd

42,800

BPER

Banca

SPA

11,658

CaixaBank

SA

46,243

Chiba

Bank

Ltd/The

7,000

Commerzbank

AG

7,221

Concordia

Financial

Group

Ltd

12,200

Credit

Agricole

SA

12,473

Danske

Bank

A/S

8,085

DBS

Group

Holdings

Ltd

8,200

Deutsche

Bank

AG

250,330

6,564

DNB

Bank

ASA

10,496

Erste

Group

Bank

AG

3,611

FinecoBank

Banca

Fineco

SpA

7,161

Hang

Seng

Bank

Ltd

8,700

HSBC

Holdings

PLC

209,466

2,335

ING

Groep

NV

412,707

8,014

Intesa

Sanpaolo

SpA

177,352

947

Israel

Discount

Bank

Ltd

14,444

Japan

Post

Bank

Co

Ltd

21,200

KBC

Group

NV

2,694

Lloyds

Banking

Group

PLC

710,403

698

Mediobanca

Banca

di

Credito

Finanziario

SpA

5,859

Mitsubishi

UFJ

Financial

Group

Inc

134,300

1,692

Mizrahi

Tefahot

Bank

Ltd

1,820

Mizuho

Financial

Group

Inc

28,300

708

National

Australia

Bank

Ltd

36,043

832

NatWest

Group

PLC

417,515

2,686

Nordea

Bank

Abp

871,617

12,071

Oversea-Chinese

Banking

Corp

Ltd

39,700

Resona

Holdings

Inc

24,400

Shinhan

Financial

Group

Co

Ltd

108,641

3,926

Skandinaviska

Enskilda

Banken

AB

18,596

Societe

Generale

SA

121,171

6,318

Standard

Chartered

PLC

1,434,984

20,668

Sumitomo

Mitsui

Financial

Group

Inc

43,700

1,043

Sumitomo

Mitsui

Trust

Group

Inc

7,614

Svenska

Handelsbanken

AB

17,091

Swedbank

AB

9,951

UniCredit

SpA

219,230

12,755

United

Overseas

Bank

Ltd

216,600

5,753

Westpac

Banking

Corp

40,231

844

$

166,833

Beverages

-

.25

%

Anheuser-Busch

InBev

SA/NV

181,169

11,941

Carlsberg

AS

62,692

8,542

Coca-Cola

Europacific

Partners

PLC

2,430

Coca-Cola

HBC

AG

(f) 1,274

Diageo

PLC

409,939

11,511

Heineken

NV

79,075

7,078

JDE

Peet's

NV

2,003

Kirin

Holdings

Co

Ltd

9,000

Pernod

Ricard

SA

2,367

$

39,800

Building

Materials

-

.96

%

AGC

Inc

2,300

Cie

de

Saint-Gobain

SA

117,318

12,755

Geberit

AG

Heidelberg

Materials

AG

1,601

Holcim

AG

(f) 6,112

683

Svenska

Cellulosa

AB

SCA

7,110

TOTO

Ltd

375,900

9,912

$

23,929

Schedule

of

Investments

Overseas

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

-

.36

%

Akzo

Nobel

NV

(a) 380,657

$

24,033

Arkema

SA

93,607

7,117

Asahi

Kasei

Corp

14,500

BASF

SE

228,299

11,659

Croda

International

PLC

1,010

DSM-Firmenich

AG

2,182

EMS-Chemie

Holding

AG

Evonik

Industries

AG

3,006

ICL

Group

Ltd

9,072

Mitsubishi

Chemical

Group

Corp

15,800

Syensqo

SA

46,034

3,293

Toray

Industries

Inc

16,200

Tosoh

Corp

461,100

6,500

$

53,308

Commercial

Services

-

.72

%

Dai

Nippon

Printing

Co

Ltd

4,500

Intertek

Group

PLC

662

Nexi

SpA

(e),(f)

5,766

Persol

Holdings

Co

Ltd

4,057,700

7,350

Randstad

NV

174,227

6,993

RELX

PLC

113,052

6,154

Secom

Co

Ltd

4,900

Securitas

AB

5,764

SGS

SA

889

TOPPAN

Holdings

Inc

2,900

$

21,074

Computers

-

.29

%

Capgemini

SE

42,504

6,786

Fujitsu

Ltd

396,000

8,797

NEC

Corp

5,100

Otsuka

Corp

1,400

SCSK

Corp

900

Teleperformance

SE

633

$

15,831

Consumer

Products

-

.53

%

Henkel

AG

&

Co

KGaA

1,219

Reckitt

Benckiser

Group

PLC

289,322

18,675

$

18,761

Cosmetics

&

Personal

Care

-

.07

%

Kao

Corp

3,600

Shiseido

Co

Ltd

1,700

Unilever

PLC

10,168

648

$

830

Distribution

&

Wholesale

-

.18

%

Bunzl

PLC

1,435

Marubeni

Corp

16,600

Mitsubishi

Corp

40,100

761

Mitsui

&

Co

Ltd

29,600

599

Rexel

SA

2,623

Sumitomo

Corp

12,700

Toyota

Tsusho

Corp

7,500

$

2,231

Diversified

Financial

Services

-

.90

%

AerCap

Holdings

NV

2,277

Amundi

SA

(e) 722

ASX

Ltd

1,201

Azimut

Holding

SpA

413,169

11,482

Daiwa

Securities

Group

Inc

15,600

Euronext

NV

(e) 46,842

7,830

Japan

Exchange

Group

Inc

4,100

Julius

Baer

Group

Ltd

271,096

17,580

Mitsubishi

HC

Capital

Inc

10,400

Nomura

Holdings

Inc

35,200

ORIX

Corp

13,600

SBI

Holdings

Inc

3,200

Schroders

PLC

9,408

St

James's

Place

PLC

767,144

9,670

$

47,730

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

-

.52

%

Chubu

Electric

Power

Co

Inc

7,500

$

CLP

Holdings

Ltd

19,500

Contact

Energy

Ltd

9,350

E.ON

SE

317,963

5,561

EDP

SA

36,773

Endesa

SA

3,724

Enel

SpA

2,596,000

22,504

Engie

SA

21,405

Fortum

Oyj

632,329

10,602

Iberdrola

SA

68,286

1,231

Kansai

Electric

Power

Co

Inc/The

7,200

Korea

Electric

Power

Corp

25,305

Meridian

Energy

Ltd

16,147

National

Grid

PLC

57,336

828

Origin

Energy

Ltd

10,092

Power

Assets

Holdings

Ltd

16,000

Redeia

Corp

SA

4,756

RWE

AG

7,413

Terna

-

Rete

Elettrica

Nazionale

16,488

$

43,062

Electrical

Components

&

Equipment

-

.01

%

Legrand

SA

1,077

Electronics

-

.08

%

Kyocera

Corp

15,000

MINEBEA

MITSUMI

Inc

413,300

6,057

Murata

Manufacturing

Co

Ltd

935,786

13,332

Spectris

PLC

221,261

5,923

$

25,490

Energy

-

Alternate

Sources

-

.00

%

Vestas

Wind

Systems

A/S

4,143

Engineering

&

Construction

-

.78

%

Acciona

SA

ACS

Actividades

de

Construccion

y

Servicios

SA

2,089

Aeroports

de

Paris

SA

Auckland

International

Airport

Ltd

19,707

Bouygues

SA

2,222

Eiffage

SA

805

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(f) 115,443

7,651

Kajima

Corp

4,700

Keppel

Ltd

17,200

Obayashi

Corp

7,500

Skanska

AB

3,990

Taisei

Corp

1,900

Vinci

SA

5,800

815

$

9,495

Entertainment

-

.01

%

Entain

PLC

7,116

Genting

Singapore

Ltd

70,900

Toho

Co

Ltd/Tokyo

800

$

Food

-

.38

%

Carrefour

SA

6,356

CK

Hutchison

Holdings

Ltd

31,500

Coles

Group

Ltd

10,210

Danone

SA

7,570

651

J

Sainsbury

PLC

20,555

Kesko

Oyj

3,203

Koninklijke

Ahold

Delhaize

NV

10,792

MEIJI

Holdings

Co

Ltd

2,900

Nestle

SA

19,964

2,125

Orkla

ASA

8,213

Salmar

ASA

575

Tesco

PLC

78,995

WH

Group

Ltd

(e) 96,000

Woolworths

Group

Ltd

9,305

Yakult

Honsha

Co

Ltd

2,100

$

4,679

Schedule

of

Investments

Overseas

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Food

Service

-

.04

%

Compass

Group

PLC

7,203

$

Sodexo

SA

3,579

$

Forest

Products

&

Paper

-

.73

%

Holmen

AB

893

Mondi

PLC

578,998

8,789

UPM-Kymmene

Oyj

6,256

$

8,990

Gas

-

.94

%

Centrica

PLC

5,140,126

11,005

Osaka

Gas

Co

Ltd

4,300

Snam

SpA

2,195,381

12,601

$

23,715

Hand

&

Machine

Tools

-

.72

%

Makita

Corp

295,746

8,649

Schindler

Holding

AG

-

PC

Schindler

Holding

AG

-

REG

$

8,759

Healthcare

-

Products

-

.93

%

Elekta

AB

1,145,574

5,833

EssilorLuxottica

SA

1,220

FUJIFILM

Holdings

Corp

8,500

Getinge

AB

415,272

8,026

Koninklijke

Philips

NV

(f) 411,295

10,438

Olympus

Corp

592,627

7,765

Smith

&

Nephew

PLC

1,101,674

15,504

$

48,092

Healthcare

-

Services

-

.03

%

Fresenius

Medical

Care

AG

2,409

Fresenius

SE

&

Co

KGaA

4,953

$

Holding

Companies

-

Diversified

-

.51

%

Jardine

Matheson

Holdings

Ltd

140,318

6,235

Swire

Pacific

Ltd

4,500

Wharf

Holdings

Ltd/The

8,000

$

6,294

Home

Builders

-

.26

%

Barratt

Redrow

PLC

16,153

Berkeley

Group

Holdings

PLC

90,229

5,029

Daiwa

House

Industry

Co

Ltd

6,600

Persimmon

PLC

572,581

9,909

Sekisui

Chemical

Co

Ltd

4,400

$

15,355

Home

Furnishings

-

.03

%

Hoshizaki

Corp

Panasonic

Holdings

Corp

27,200

$

Insurance

-

.25

%

Admiral

Group

PLC

1,527

Aegon

Ltd

15,492

Ageas

SA/NV

1,761

AIA

Group

Ltd

1,174,600

8,801

Allianz

SE

4,529

1,873

ASR

Nederland

NV

1,857

Aviva

PLC

31,377

AXA

SA

186,742

8,832

Baloise

Holding

AG

Dai-ichi

Life

Holdings

Inc

42,400

Generali

11,037

Helvetia

Holding

AG

Insurance

Australia

Group

Ltd

27,719

Japan

Post

Holdings

Co

Ltd

22,500

Japan

Post

Insurance

Co

Ltd

2,400

Legal

&

General

Group

PLC

4,091,391

12,884

M&G

PLC

3,345,702

9,284

Medibank

Pvt

Ltd

32,269

MS&AD

Insurance

Group

Holdings

Inc

5,200

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

1,570

$

1,075

NN

Group

NV

3,155

Phoenix

Group

Holdings

PLC

8,226

Prudential

PLC

1,070,261

11,380

QBE

Insurance

Group

Ltd

11,468

Sampo

Oyj

28,374

Samsung

Fire

&

Marine

Insurance

Co

Ltd

6,800

1,794

SCOR

SE

370,072

11,661

Sompo

Holdings

Inc

99,500

3,260

Suncorp

Group

Ltd

12,689

Swiss

Life

Holding

AG

Swiss

Re

AG

3,539

635

T&D

Holdings

Inc

5,800

Talanx

AG

757

Tryg

A/S

3,974

Unipol

Assicurazioni

SpA

4,203

Zurich

Insurance

Group

AG

1,715

1,216

$

76,449

Internet

-

.60

%

LY

Corp

33,200

Prosus

NV

(f) 8,018

Rakuten

Group

Inc

(f) 6,200

Tencent

Holdings

Ltd

111,300

6,817

$

7,355

Investment

Companies

-

.04

%

Eurazeo

SE

EXOR

NV

1,036

Groupe

Bruxelles

Lambert

NV

975

Industrivarden

AB

-

A

Shares

1,398

Industrivarden

AB

-

C

Shares

1,815

Infratil

Ltd

5,389

L

E

Lundbergforetagen

AB

892

Sofina

SA

Washington

H

Soul

Pattinson

&

Co

Ltd

(a) 2,803

$

525

Iron

&

Steel

-

.68

%

ArcelorMittal

SA

260,324

7,698

BlueScope

Steel

Ltd

5,141

Fortescue

Ltd

19,844

JFE

Holdings

Inc

6,800

Nippon

Steel

Corp

11,400

$

8,301

Leisure

Products

&

Services

-

.66

%

Carnival

Corp

(f) 434,254

7,964

Yamaha

Motor

Co

Ltd

10,800

$

8,049

Lodging

-

.01

%

Whitbread

PLC

2,068

Machinery

-

Construction

&

Mining

-

.71

%

Komatsu

Ltd

270,947

7,836

Mitsubishi

Electric

Corp

22,300

Sandvik

AB

8,122

Siemens

Energy

AG

(f) 2,625

$

8,637

Machinery

-

Diversified

-

.77

%

FANUC

Corp

440,300

11,175

Kone

Oyj

2,590

Kubota

Corp

11,400

Nabtesco

Corp

424,258

6,368

Omron

Corp

175,779

5,218

SMC

Corp

33,400

10,810

Spirax

Group

PLC

$

33,888

Schedule

of

Investments

Overseas

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

-

.03

%

Bollore

SE

8,353

$

Informa

PLC

15,586

Pearson

PLC

7,027

$

Metal

Fabrication

&

Hardware

-

.46

%

MISUMI

Group

Inc

391,969

5,491

SKF

AB

3,998

Tenaris

SA

4,844

$

5,650

Mining

-

.22

%

Anglo

American

PLC

14,894

Barrick

Gold

Corp

196,900

3,755

BHP

Group

Ltd

59,467

1,417

Boliden

AB

(f) 253,075

7,754

Glencore

PLC

(f) 121,533

Rio

Tinto

Ltd

4,352

Rio

Tinto

PLC

13,218

788

South32

Ltd

18,670

Sumitomo

Metal

Mining

Co

Ltd

2,800

$

14,939

Miscellaneous

Manufacturers

-

.19

%

Alstom

SA

(f) 1,020,477

24,644

Siemens

AG

5,794

1,334

Smiths

Group

PLC

33,088

824

$

26,802

Office

&

Business

Equipment

-

.01

%

Ricoh

Co

Ltd

6,300

Seiko

Epson

Corp

3,400

$

Oil

&

Gas

-

.36

%

Aker

BP

ASA

412,993

8,866

BP

PLC

2,770,114

12,790

DCC

PLC

(f) 1,161

ENEOS

Holdings

Inc

31,810

Eni

SpA

25,020

Equinor

ASA

302,019

6,836

Idemitsu

Kosan

Co

Ltd

6,900

Inpex

Corp

10,200

Neste

Oyj

4,959

OMV

AG

1,727

Repsol

SA

13,563

Santos

Ltd

38,057

Shell

PLC

71,425

2,305

Suncor

Energy

Inc

207,432

7,326

TotalEnergies

SE

25,293

1,441

Woodside

Energy

Group

Ltd

22,253

$

41,065

Oil

&

Gas

Services

-

.49

%

Saipem

SpA

2,617,360

6,046

Packaging

&

Containers

-

.68

%

SIG

Group

AG

(f) 1,792

Smurfit

WestRock

PLC

93,944

3,948

Stora

Enso

Oyj

470,104

4,366

$

8,349

Pharmaceuticals

-

.06

%

Astellas

Pharma

Inc

20,900

AstraZeneca

PLC

111,829

16,021

Bayer

AG

11,515

Eisai

Co

Ltd

3,100

GSK

PLC

535,226

10,588

Hikma

Pharmaceuticals

PLC

1,952

Ipsen

SA

Kyowa

Kirin

Co

Ltd

2,900

Novartis

AG

11,555

1,318

Novo

Nordisk

A/S

72,608

4,855

Ono

Pharmaceutical

Co

Ltd

4,400

Orion

Oyj

827

Roche

Holding

AG

50,668

16,568

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

(continued)

Sandoz

Group

AG

4,901

$

Sanofi

SA

210,355

23,011

Shionogi

&

Co

Ltd

8,800

Takeda

Pharmaceutical

Co

Ltd

12,100

Teva

Pharmaceutical

Industries

Ltd

ADR

(f) 13,130

Zealand

Pharma

A/S

(f) 248

$

74,160

Pipelines

-

.73

%

APA

Group

15,174

Enbridge

Inc

188,003

8,792

$

8,872

Private

Equity

-

.06

%

3i

Group

PLC

11,411

647

CapitaLand

Investment

Ltd/Singapore

28,500

$

707

Real

Estate

-

.17

%

Azrieli

Group

Ltd

CK

Asset

Holdings

Ltd

22,000

Daito

Trust

Construction

Co

Ltd

700

Fastighets

AB

Balder

(f) 8,411

Henderson

Land

Development

Co

Ltd

16,438

Hongkong

Land

Holdings

Ltd

12,901

Hulic

Co

Ltd

5,300

LEG

Immobilien

SE

875

Mitsubishi

Estate

Co

Ltd

12,500

Mitsui

Fudosan

Co

Ltd

31,000

Sagax

AB

1,287

Sekisui

House

Ltd

7,000

Sino

Land

Co

Ltd

48,000

Sumitomo

Realty

&

Development

Co

Ltd

3,600

Sun

Hung

Kai

Properties

Ltd

16,883

Swiss

Prime

Site

AG

906

Vonovia

SE

8,679

Wharf

Real

Estate

Investment

Co

Ltd

19,000

$

2,026

REITs

-

.15

%

CapitaLand

Ascendas

REIT

43,200

CapitaLand

Integrated

Commercial

Trust

67,715

Covivio

SA/France

654

Gecina

SA

542

Goodman

Group

8,330

GPT

Group/The

22,446

Klepierre

SA

2,523

Land

Securities

Group

PLC

8,290

Link

REIT

30,380

LondonMetric

Property

PLC

2,933,931

7,528

Nippon

Building

Fund

Inc

Scentre

Group

60,958

Segro

PLC

578,039

5,258

Stockland

27,972

Unibail-Rodamco-Westfield

1,422

Vicinity

Ltd

45,339

$

14,116

Retail

-

.11

%

Associated

British

Foods

PLC

3,844

Kingfisher

PLC

1,245,159

4,786

MatsukiyoCocokara

&

Co

3,900

Swatch

Group

AG/The

-

BR

(a) 340

Tokyo

Gas

Co

Ltd

4,100

Welcia

Holdings

Co

Ltd

(a) 475,854

8,390

$

13,548

Semiconductors

-

.41

%

ASMPT

Ltd

736,754

4,957

Infineon

Technologies

AG

600,774

19,899

Renesas

Electronics

Corp

1,422,700

16,696

Samsung

Electronics

Co

Ltd

507,528

19,802

SK

Hynix

Inc

38,558

4,811

$

66,165

Schedule

of

Investments

Overseas

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

-

.61

%

SAP

SE

25,405

$

7,433

Temenos

AG

TIS

Inc

900

$

7,486

Telecommunications

-

.19

%

BT

Group

PLC

75,841

Deutsche

Telekom

AG

289,027

10,381

Elisa

Oyj

1,668

HKT

Trust

&

HKT

Ltd

45,000

KDDI

Corp

36,000

638

Koninklijke

KPN

NV

45,571

Nippon

Telegraph

&

Telephone

Corp

350,100

Nokia

OYJ

62,411

Orange

SA

21,823

SoftBank

Corp

335,100

507

Swisscom

AG

(f) 304

Tele2

AB

6,405

Telecom

Italia

SpA/Milano

(f) 117,738

Telefonaktiebolaget

LM

Ericsson

32,552

Telefonica

SA

46,513

Telenor

ASA

7,217

Telia

Co

AB

27,646

Telstra

Group

Ltd

47,390

Vodafone

Group

PLC

238,301

$

14,503

Toys,

Games

&

Hobbies

-

.57

%

Bandai

Namco

Holdings

Inc

4,500

Nintendo

Co

Ltd

82,800

6,874

$

7,030

Transportation

-

.70

%

AP

Moller

-

Maersk

A/S

-

A

AP

Moller

-

Maersk

A/S

-

B

Canadian

Pacific

Kansas

City

Ltd

209,425

15,211

Central

Japan

Railway

Co

9,000

Deutsche

Post

AG

187,924

8,030

East

Japan

Railway

Co

10,600

Getlink

SE

2,306

Hankyu

Hanshin

Holdings

Inc

2,700

Kawasaki

Kisen

Kaisha

Ltd

4,300

Kuehne

+

Nagel

International

AG

567

Mitsui

OSK

Lines

Ltd

4,000

Nippon

Express

Holdings

Inc

463,600

8,279

Nippon

Yusen

KK

5,100

Poste

Italiane

SpA

(e) 5,358

SG

Holdings

Co

Ltd

4,000

Tokyu

Corp

6,300

West

Japan

Railway

Co

5,200

$

33,040

Water

-

.04

%

Severn

Trent

PLC

3,168

United

Utilities

Group

PLC

7,992

Veolia

Environnement

SA

8,247

$

539

TOTAL

COMMON

STOCKS

$

1,177,339

PREFERRED

STOCKS

-

.84

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.83

%

Bayerische

Motoren

Werke

AG

4.32%

657

$

Dr

Ing

hc

F

Porsche

AG

2.31%

(e) 193,925

9,749

Porsche

Automobil

Holding

SE

1.91%

1,797

Volkswagen

AG

6.36%

2,419

$

10,139

Consumer

Products

-

.01

%

Henkel

AG

&

Co

KGaA

2.04%

1,986

TOTAL

PREFERRED

STOCKS

$

10,293

Total

Investments

$

1,240,253

Other

Assets

and

Liabilities

- (1.38)%

(16,910)

TOTAL

NET

ASSETS

-

100.00%

$

1,223,343

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$29,604

or

2.42%

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

$31,030

or

2.54%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Security

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

$27,411

or

2.24%

of

net

assets.

(f) Non-income

producing

security

Schedule

of

Investments

Overseas

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

11,503

$

392,279

$

356,795

$

46,987

$

11,503

$

392,279

$

356,795

$

46,987

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

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;

June

2025

Long

$

3,493

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.58

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.58

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

25,461,996

$

25,462

TOTAL

INVESTMENT

COMPANIES

$

25,462

COMMON

STOCKS

-

.40

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.62

%

RTX

Corp

215,926

$

27,235

Apparel

-

.45

%

Birkenstock

Holding

Plc

(c) 615,960

31,679

Deckers

Outdoor

Corp

(c) 290,874

32,237

$

63,916

Automobile

Manufacturers

-

.33

%

Cummins

Inc

78,850

23,169

PACCAR

Inc

263,463

23,767

Tesla

Inc

(c) 41,410

11,684

$

58,620

Banks

-

.75

%

East

West

Bancorp

Inc

194,643

16,652

JPMorgan

Chase

&

Co

564,504

138,089

Morgan

Stanley

222,557

25,687

PNC

Financial

Services

Group

Inc/The

126,845

20,383

Wintrust

Financial

Corp

80,262

8,923

$

209,734

Biotechnology

-

.64

%

Corteva

Inc

529,276

32,810

Vertex

Pharmaceuticals

Inc

(c) 77,969

39,725

$

72,535

Building

Materials

-

.39

%

CRH

PLC

375,334

35,814

Trane

Technologies

PLC

66,358

25,436

$

61,250

Chemicals

-

.95

%

Linde

PLC

92,203

41,789

Commercial

Services

-

.51

%

Service

Corp

International/US

281,973

22,530

Computers

-

.84

%

Accenture

PLC

-

Class

A

66,068

19,764

Apple

Inc

1,119,933

237,986

$

257,750

Consumer

Products

-

.15

%

Church

&

Dwight

Co

Inc

509,870

50,650

Cosmetics

&

Personal

Care

-

.69

%

Procter

&

Gamble

Co/The

460,458

74,857

Diversified

Financial

Services

-

.03

%

Ameriprise

Financial

Inc

97,053

45,714

Nasdaq

Inc

571,073

43,521

Visa

Inc

384,759

132,934

$

222,169

Electric

-

.25

%

Constellation

Energy

Corp

168,395

37,626

NextEra

Energy

Inc

264,218

17,671

$

55,297

Electronics

-

.25

%

NEXTracker

Inc

(c) 276,901

11,245

Environmental

Control

-

.68

%

Republic

Services

Inc

295,409

74,074

Gas

-

.50

%

Atmos

Energy

Corp

136,564

21,936

Healthcare

-

Products

-

.12

%

Abbott

Laboratories

245,437

32,091

GE

HealthCare

Technologies

Inc

341,210

23,997

Thermo

Fisher

Scientific

Inc

87,483

37,530

$

93,618

Healthcare

-

Services

-

.46

%

Chemed

Corp

37,385

21,740

HCA

Healthcare

Inc

136,105

46,967

UnitedHealth

Group

Inc

97,343

40,051

$

108,758

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Home

Builders

-

.30

%

DR

Horton

Inc

103,496

$

13,076

Insurance

-

.52

%

Berkshire

Hathaway

Inc

-

Class

B

(c) 133,147

71,001

Marsh

&

McLennan

Cos

Inc

170,961

38,546

Progressive

Corp/The

163,451

46,051

$

155,598

Internet

-

.23

%

Alphabet

Inc

-

A

Shares

954,195

151,526

Amazon.com

Inc

(c) 779,636

143,781

Meta

Platforms

Inc

200,050

109,827

Netflix

Inc

(c) 21,306

24,112

Palo

Alto

Networks

Inc

(c) 224,164

41,903

Shopify

Inc

(c) 258,344

24,543

$

495,692

Machinery

-

Construction

&

Mining

-

.05

%

Caterpillar

Inc

33,036

10,217

GE

Vernova

Inc

96,957

35,954

$

46,171

Machinery

-

Diversified

-

.90

%

Deere

&

Co

85,945

39,841

Mining

-

.44

%

Cameco

Corp

433,041

19,552

Miscellaneous

Manufacturers

-

.87

%

Parker-Hannifin

Corp

63,352

38,332

Oil

&

Gas

-

.60

%

Exxon

Mobil

Corp

616,857

65,159

Marathon

Petroleum

Corp

261,787

35,972

Permian

Resources

Corp

1,148,168

13,548

$

114,679

Pharmaceuticals

-

.72

%

AbbVie

Inc

182,398

35,586

Eli

Lilly

&

Co

68,398

61,486

McKesson

Corp

102,357

72,959

Merck

&

Co

Inc

324,953

27,686

Novartis

AG

ADR

484,848

55,026

$

252,743

Pipelines

-

.92

%

Kinder

Morgan

Inc

1,545,054

40,635

Private

Equity

-

.63

%

KKR

&

Co

Inc

243,396

27,813

REITs

-

.09

%

Equinix

Inc

42,532

36,609

Extra

Space

Storage

Inc

272,581

39,938

Prologis

Inc

173,139

17,695

Regency

Centers

Corp

586,932

42,365

$

136,607

Retail

-

.94

%

Casey's

General

Stores

Inc

140,752

65,110

Chipotle

Mexican

Grill

Inc

(c) 426,109

21,527

Costco

Wholesale

Corp

70,560

70,172

Domino's

Pizza

Inc

63,737

31,255

Lululemon

Athletica

Inc

(c) 39,320

10,647

O'Reilly

Automotive

Inc

(c) 43,486

61,541

TJX

Cos

Inc/The

543,947

69,995

Tractor

Supply

Co

404,950

20,499

$

350,746

Semiconductors

-

.82

%

Broadcom

Inc

496,622

95,585

KLA

Corp

38,333

26,936

Lam

Research

Corp

550,433

39,450

NVIDIA

Corp

1,815,948

197,793

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

179,226

29,875

$

389,639

Software

-

.76

%

Adobe

Inc

(c) 40,885

15,331

Broadridge

Financial

Solutions

Inc

198,941

48,223

Datadog

Inc

(c) 94,577

9,662

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Fair

Isaac

Corp

(c) 24,149

$

48,049

Fiserv

Inc

(c) 173,500

32,023

Microsoft

Corp

672,819

265,938

Salesforce

Inc

217,220

58,369

ServiceNow

Inc

(c) 40,213

38,404

Twilio

Inc

(c) 167,854

16,233

Workday

Inc

(c) 127,346

31,200

$

563,432

Telecommunications

-

.45

%

Arista

Networks

Inc

(c) 184,701

15,195

Motorola

Solutions

Inc

64,537

28,421

T-Mobile

US

Inc

262,457

64,814

$

108,430

Transportation

-

.47

%

Old

Dominion

Freight

Line

Inc

135,856

20,824

Water

-

.08

%

American

Water

Works

Co

Inc

323,195

47,513

TOTAL

COMMON

STOCKS

$

4,389,286

Total

Investments

$

4,414,748

Other

Assets

and

Liabilities

- 0.02%

982

TOTAL

NET

ASSETS

-

100.00%

$

4,415,730

(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.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

24,066

$

627,343

$

625,947

$

25,462

$

24,066

$

627,343

$

625,947

$

25,462

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,052

$

—

$

—

$

—

$

1,052

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

LifeTime

2015

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.04

%

Blue

Chip

Fund

(a) 186,624

$

8,404

Core

Fixed

Income

Fund

(a) 8,687,550

74,626

Diversified

Real

Asset

Fund

(a) 73,243

839

Global

Emerging

Markets

Fund

(a) 69,990

1,879

High

Yield

Fund

(a) 2,047,476

13,513

International

Equity

Fund

(a) 1,325,376

18,237

International

Small

Company

Fund

(a) 81,259

893

LargeCap

Growth

Fund

I

(a) 544,433

8,455

MidCap

Fund

(a) 43,522

1,924

Real

Estate

Securities

Fund

(a) 131,529

3,772

SmallCap

Fund

(a) 104,733

2,698

SmallCap

S&P

600

Index

Fund

(a) 33,140

743

Small-MidCap

Dividend

Income

Fund

(a) 110,923

1,919

$

137,902

Principal

Funds,

Inc.

Institutional

Class

-

.97

%

Equity

Income

Fund

(a) 216,965

8,234

Inflation

Protection

Fund

(a) 1,589,111

12,443

LargeCap

S&P

500

Index

Fund

(a) 335,553

9,026

LargeCap

Value

Fund

III

(a) 445,993

8,184

Short-Term

Income

Fund

(a) 2,997,987

36,246

$

74,133

TOTAL

INVESTMENT

COMPANIES

$

212,035

Total

Investments

$

212,035

Other

Assets

and

Liabilities

- (0.01)%

(19)

TOTAL

NET

ASSETS

-

100.00%

$

212,016

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

9,912

$

719

$

2,032

$

8,404

Core

Fixed

Income

Fund

79,079

7,695

12,434

74,626

Diversified

International

Fund

18,969

1,270

20,155

—

Diversified

Real

Asset

Fund

976

839

Equity

Income

Fund

9,245

1,347

1,279

8,234

Global

Emerging

Markets

Fund

2,009

1,879

High

Income

Fund

1,855

2,224

—

High

Yield

Fund

15,974

3,232

5,009

13,513

High

Yield

Fund

-

Institutional

Class

—

2,150

2,150

—

Inflation

Protection

Fund

13,640

1,208

2,312

12,443

International

Equity

Fund

—

18,903

695

18,237

International

Small

Company

Fund

1,842

1,212

893

LargeCap

Growth

Fund

I

9,895

2,679

1,603

8,455

LargeCap

S&P

500

Index

Fund

10,329

555

1,442

9,026

LargeCap

Value

Fund

III

9,272

1,210

1,279

8,184

MidCap

Fund

2,415

588

1,924

Real

Estate

Securities

Fund

4,387

701

3,772

Short-Term

Income

Fund

41,120

2,719

7,924

36,246

SmallCap

Fund

3,277

560

2,698

SmallCap

S&P

600

Index

Fund

—

909

—

743

Small-MidCap

Dividend

Income

Fund

2,137

1,919

$

236,333

$

46,192

$

64,457

$

212,035

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

842

$

$

(1,037)

Core

Fixed

Income

Fund

1,382

(871)

—

1,157

Diversified

International

Fund

6,633

509

(6,717)

Diversified

Real

Asset

Fund

—

(12)

Equity

Income

Fund

760

(1,262)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(8)

—

High

Yield

Fund

504

(36)

—

(648)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

(4)

—

(89)

International

Equity

Fund

—

(5)

—

International

Small

Company

Fund

—

(56)

LargeCap

Growth

Fund

I

2,345

(2,787)

LargeCap

S&P

500

Index

Fund

620

(1,036)

LargeCap

Value

Fund

III

563

(1,187)

MidCap

Fund

(75)

Real

Estate

Securities

Fund

(19)

(159)

Short-Term

Income

Fund

714

(31)

—

SmallCap

Fund

(313)

SmallCap

S&P

600

Index

Fund

—

(166)

Small-MidCap

Dividend

Income

Fund

—

(206)

$

4,118

$

7,823

$

4,984

$

(13,856)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.57

%

Blue

Chip

Fund

(a) 2,183,997

$

98,345

Core

Fixed

Income

Fund

(a) 80,381,879

690,480

Diversified

Real

Asset

Fund

(a) 697,340

7,985

Global

Emerging

Markets

Fund

(a) 819,791

22,011

High

Yield

Fund

(a) 18,132,875

119,677

International

Equity

Fund

(a) 15,521,792

213,580

International

Small

Company

Fund

(a) 950,465

10,446

LargeCap

Growth

Fund

I

(a) 6,371,627

98,951

MidCap

Fund

(a) 509,595

22,534

Real

Estate

Securities

Fund

(a) 1,288,856

36,965

SmallCap

Fund

(a) 1,215,733

31,317

SmallCap

S&P

600

Index

Fund

(a) 401,876

9,006

Small-MidCap

Dividend

Income

Fund

(a) 1,298,813

22,470

$

1,383,767

Principal

Funds,

Inc.

Institutional

Class

-

.44

%

Equity

Income

Fund

(a) 2,538,052

96,319

Inflation

Protection

Fund

(a) 14,079,974

110,246

LargeCap

S&P

500

Index

Fund

(a) 3,948,292

106,209

LargeCap

Value

Fund

III

(a) 5,216,768

95,728

Short-Term

Income

Fund

(a) 23,710,939

286,665

$

695,167

TOTAL

INVESTMENT

COMPANIES

$

2,078,934

Total

Investments

$

2,078,934

Other

Assets

and

Liabilities

- (0.01)%

(207)

TOTAL

NET

ASSETS

-

100.00%

$

2,078,727

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

118,173

$

5,340

$

22,678

$

98,345

Core

Fixed

Income

Fund

730,173

48,677

91,099

690,480

Diversified

International

Fund

225,830

11,553

236,379

—

Diversified

Real

Asset

Fund

9,355

1,364

7,985

Equity

Income

Fund

110,253

11,319

12,135

96,319

Global

Emerging

Markets

Fund

24,718

2,950

22,011

High

Income

Fund

16,009

19,075

—

High

Yield

Fund

139,663

25,085

39,196

119,677

High

Yield

Fund

-

Institutional

Class

—

18,437

18,437

—

Inflation

Protection

Fund

119,610

7,556

16,093

110,246

International

Equity

Fund

—

221,724

8,406

213,580

International

Small

Company

Fund

21,833

2,420

13,804

10,446

LargeCap

Growth

Fund

I

117,961

29,053

17,518

98,951

LargeCap

S&P

500

Index

Fund

123,994

3,368

16,066

106,209

LargeCap

Value

Fund

III

110,572

9,652

12,134

95,728

MidCap

Fund

28,767

922

6,354

22,534

Real

Estate

Securities

Fund

43,093

1,105

5,453

36,965

Short-Term

Income

Fund

318,699

15,673

50,294

286,665

SmallCap

Fund

41,006

793

6,588

31,317

SmallCap

S&P

600

Index

Fund

—

11,023

—

9,006

Small-MidCap

Dividend

Income

Fund

25,451

3,211

3,680

22,470

$

2,325,160

$

427,498

$

599,703

$

2,078,934

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

10,632

$

5,180

$

(13,122)

Core

Fixed

Income

Fund

12,868

(7,604)

—

10,333

Diversified

International

Fund

5,381

1,536

6,157

(2,540)

Diversified

Real

Asset

Fund

(247)

—

Equity

Income

Fund

1,005

9,233

(13,480)

Global

Emerging

Markets

Fund

(5)

—

High

Income

Fund

(68)

—

2,704

High

Yield

Fund

4,467

(351)

—

(5,524)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

3,794

(1,383)

—

556

International

Equity

Fund

—

(168)

—

International

Small

Company

Fund

592

(6)

—

LargeCap

Growth

Fund

I

665

854

28,380

(31,399)

LargeCap

S&P

500

Index

Fund

1,751

7,961

1,610

(13,048)

LargeCap

Value

Fund

III

1,545

1,229

6,827

(13,591)

MidCap

Fund

862

(869)

Real

Estate

Securities

Fund

(222)

640

(1,558)

Short-Term

Income

Fund

5,569

(246)

—

2,833

SmallCap

Fund

(57)

(3,837)

SmallCap

S&P

600

Index

Fund

—

(2,017)

Small-MidCap

Dividend

Income

Fund

(44)

707

(2,468)

$

39,584

$

12,241

$

60,281

$

(86,262)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.11

%

Blue

Chip

Fund

(a) 1,753,994

$

78,982

Core

Fixed

Income

Fund

(a) 53,235,536

457,294

Diversified

Real

Asset

Fund

(a) 498,436

5,707

Global

Emerging

Markets

Fund

(a) 654,620

17,577

High

Yield

Fund

(a) 10,941,128

72,211

International

Equity

Fund

(a) 12,394,617

170,550

International

Small

Company

Fund

(a) 758,685

8,338

LargeCap

Growth

Fund

I

(a) 5,117,234

79,471

MidCap

Fund

(a) 406,920

17,994

Real

Estate

Securities

Fund

(a) 878,073

25,183

SmallCap

Fund

(a) 979,623

25,235

SmallCap

S&P

600

Index

Fund

(a) 309,543

6,937

Small-MidCap

Dividend

Income

Fund

(a) 1,037,123

17,942

$

983,421

Principal

Funds,

Inc.

Institutional

Class

-

.89

%

Equity

Income

Fund

(a) 2,038,822

77,373

Inflation

Protection

Fund

(a) 8,500,815

66,562

LargeCap

S&P

500

Index

Fund

(a) 3,082,494

82,919

LargeCap

Value

Fund

III

(a) 4,190,647

76,898

Short-Term

Income

Fund

(a) 11,240,513

135,898

$

439,650

TOTAL

INVESTMENT

COMPANIES

$

1,423,071

Total

Investments

$

1,423,071

Other

Assets

and

Liabilities

- 0.00%

(69)

TOTAL

NET

ASSETS

-

100.00%

$

1,423,002

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

92,702

$

4,992

$

16,711

$

78,982

Core

Fixed

Income

Fund

476,339

33,413

54,264

457,294

Diversified

International

Fund

176,852

9,758

185,791

—

Diversified

Real

Asset

Fund

6,469

835

5,707

Equity

Income

Fund

86,711

9,831

8,765

77,373

Global

Emerging

Markets

Fund

19,452

2,251

17,577

High

Income

Fund

9,415

11,320

—

High

Yield

Fund

81,871

15,825

21,888

72,211

High

Yield

Fund

-

Institutional

Class

—

10,944

10,944

—

Inflation

Protection

Fund

70,562

5,167

8,684

66,562

International

Equity

Fund

—

175,849

5,477

170,550

International

Small

Company

Fund

16,814

1,987

10,471

8,338

LargeCap

Growth

Fund

I

92,591

23,717

12,670

79,471

LargeCap

S&P

500

Index

Fund

94,480

3,353

10,946

82,919

LargeCap

Value

Fund

III

86,937

8,569

8,764

76,898

MidCap

Fund

22,690

972

5,018

17,994

Real

Estate

Securities

Fund

28,672

1,050

3,339

25,183

Short-Term

Income

Fund

146,617

11,327

23,241

135,898

SmallCap

Fund

31,006

1,414

4,172

25,235

SmallCap

S&P

600

Index

Fund

—

8,490

—

6,937

Small-MidCap

Dividend

Income

Fund

19,960

2,658

2,671

17,942

$

1,560,140

$

329,955

$

408,222

$

1,423,071

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

6,089

$

4,059

$

(8,090)

Core

Fixed

Income

Fund

8,443

(270)

—

2,076

Diversified

International

Fund

4,243

30,316

4,850

(31,135)

Diversified

Real

Asset

Fund

—

(84)

Equity

Income

Fund

798

7,254

(10,428)

Global

Emerging

Markets

Fund

(6)

—

High

Income

Fund

(42)

—

1,694

High

Yield

Fund

2,651

(200)

—

(3,397)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

2,251

(435)

—

(48)

International

Equity

Fund

—

(166)

—

International

Small

Company

Fund

(29)

—

LargeCap

Growth

Fund

I

525

(224)

22,380

(23,943)

LargeCap

S&P

500

Index

Fund

1,339

1,038

1,232

(5,006)

LargeCap

Value

Fund

III

1,220

5,397

(10,124)

MidCap

Fund

680

(707)

Real

Estate

Securities

Fund

(129)

(1,071)

Short-Term

Income

Fund

2,560

(26)

—

1,221

SmallCap

Fund

(10)

(3,003)

SmallCap

S&P

600

Index

Fund

—

(1,553)

Small-MidCap

Dividend

Income

Fund

(27)

553

(1,978)

$

25,872

$

36,266

$

47,358

$

(95,068)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.30

%

Blue

Chip

Fund

(a) 7,480,661

$

336,854

Core

Fixed

Income

Fund

(a) 170,477,522

1,464,402

Diversified

Real

Asset

Fund

(a) 2,139,922

24,502

Global

Emerging

Markets

Fund

(a) 2,782,951

74,722

High

Yield

Fund

(a) 34,849,309

230,006

International

Equity

Fund

(a) 52,701,484

725,173

International

Small

Company

Fund

(a) 3,235,160

35,554

LargeCap

Growth

Fund

I

(a) 21,824,625

338,937

MidCap

Fund

(a) 1,731,756

76,578

Real

Estate

Securities

Fund

(a) 3,212,663

92,139

SmallCap

Fund

(a) 4,205,411

108,331

SmallCap

S&P

600

Index

Fund

(a) 1,270,737

28,477

Small-MidCap

Dividend

Income

Fund

(a) 4,414,334

76,368

$

3,612,043

Principal

Funds,

Inc.

Institutional

Class

-

.71

%

Equity

Income

Fund

(a) 8,696,932

330,049

Inflation

Protection

Fund

(a) 25,131,409

196,779

LargeCap

S&P

500

Index

Fund

(a) 12,944,094

348,196

LargeCap

Value

Fund

III

(a) 17,875,860

328,022

Short-Term

Income

Fund

(a) 20,766,478

251,067

$

1,454,113

TOTAL

INVESTMENT

COMPANIES

$

5,066,156

Total

Investments

$

5,066,156

Other

Assets

and

Liabilities

- (0.01)%

(455)

TOTAL

NET

ASSETS

-

100.00%

$

5,065,701

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

389,421

$

18,307

$

62,396

$

336,854

Core

Fixed

Income

Fund

1,483,949

111,121

136,604

1,464,402

Diversified

International

Fund

746,648

39,369

782,697

—

Diversified

Real

Asset

Fund

26,793

2,336

24,502

Equity

Income

Fund

365,327

38,301

29,415

330,049

Global

Emerging

Markets

Fund

79,804

1,383

7,004

74,722

High

Income

Fund

29,338

788

35,377

—

High

Yield

Fund

252,490

46,650

57,760

230,006

High

Yield

Fund

-

Institutional

Class

—

34,208

34,208

—

Inflation

Protection

Fund

211,704

12,527

26,102

196,779

International

Equity

Fund

—

740,325

16,174

725,173

International

Small

Company

Fund

68,575

8,063

41,209

35,554

LargeCap

Growth

Fund

I

389,076

97,001

45,397

338,937

LargeCap

S&P

500

Index

Fund

393,887

11,363

40,458

348,196

LargeCap

Value

Fund

III

366,230

32,852

29,417

328,022

MidCap

Fund

96,172

3,294

20,110

76,578

Real

Estate

Securities

Fund

102,880

2,872

9,340

92,139

Short-Term

Income

Fund

267,128

32,297

50,453

251,067

SmallCap

Fund

130,201

5,372

14,476

108,331

SmallCap

S&P

600

Index

Fund

—

34,853

—

28,477

Small-MidCap

Dividend

Income

Fund

84,376

9,446

8,872

76,368

$

5,483,999

$

1,280,668

$

1,449,805

$

5,066,156

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

506

$

5,637

$

17,153

$

(14,115)

Core

Fixed

Income

Fund

26,640

(7,668)

—

13,604

Diversified

International

Fund

17,917

41,380

20,582

(44,700)

Diversified

Real

Asset

Fund

(50)

—

(181)

Equity

Income

Fund

3,379

30,761

(44,585)

Global

Emerging

Markets

Fund

(15)

—

554

High

Income

Fund

788

(135)

—

5,386

High

Yield

Fund

8,309

(538)

—

(10,836)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

6,488

(50)

—

(1,300)

International

Equity

Fund

—

(446)

—

1,468

International

Small

Company

Fund

1,876

1,104

—

(979)

LargeCap

Growth

Fund

I

2,207

(1,015)

94,147

(100,728)

LargeCap

S&P

500

Index

Fund

5,591

2,449

5,139

(19,045)

LargeCap

Value

Fund

III

5,150

685

22,760

(42,328)

MidCap

Fund

2,901

(2,997)

Real

Estate

Securities

Fund

1,125

(1,121)

1,541

(3,152)

Short-Term

Income

Fund

4,475

(34)

—

2,129

SmallCap

Fund

1,251

1,273

(12,793)

SmallCap

S&P

600

Index

Fund

—

908

(6,376)

Small-MidCap

Dividend

Income

Fund

790

(62)

2,360

(8,520)

$

87,372

$

40,788

$

199,525

$

(289,494)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.06

%

Blue

Chip

Fund

(a) 3,248,154

$

146,264

Core

Fixed

Income

Fund

(a) 66,099,627

567,796

Global

Emerging

Markets

Fund

(a) 1,214,395

32,606

High

Yield

Fund

(a) 12,536,902

82,744

International

Equity

Fund

(a) 22,996,268

316,429

International

Small

Company

Fund

(a) 1,414,659

15,547

LargeCap

Growth

Fund

I

(a) 9,476,630

147,172

MidCap

Fund

(a) 755,647

33,415

Real

Estate

Securities

Fund

(a) 1,544,274

44,290

SmallCap

Fund

(a) 1,828,348

47,098

SmallCap

S&P

600

Index

Fund

(a) 564,475

12,650

Small-MidCap

Dividend

Income

Fund

(a) 1,926,362

33,326

$

1,479,337

Principal

Funds,

Inc.

Institutional

Class

-

.94

%

Equity

Income

Fund

(a) 3,777,467

143,355

LargeCap

S&P

500

Index

Fund

(a) 5,747,335

154,603

LargeCap

Value

Fund

III

(a) 7,764,296

142,475

$

440,433

TOTAL

INVESTMENT

COMPANIES

$

1,919,770

Total

Investments

$

1,919,770

Other

Assets

and

Liabilities

- 0.00%

(83)

TOTAL

NET

ASSETS

-

100.00%

$

1,919,687

(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) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

161,293

$

10,805

$

22,104

$

146,264

Core

Fixed

Income

Fund

552,431

49,797

36,720

567,796

Diversified

International

Fund

309,490

19,817

328,020

—

Equity

Income

Fund

151,781

19,360

8,978

143,355

Global

Emerging

Markets

Fund

32,871

1,588

2,091

32,606

High

Income

Fund

9,586

12,213

—

High

Yield

Fund

85,397

17,677

15,804

82,744

High

Yield

Fund

-

Institutional

Class

—

11,832

11,832

—

International

Equity

Fund

—

321,014

5,016

316,429

International

Small

Company

Fund

30,327

2,388

17,323

15,547

LargeCap

Growth

Fund

I

161,264

43,915

14,966

147,172

LargeCap

S&P

500

Index

Fund

164,862

7,896

10,839

154,603

LargeCap

Value

Fund

III

152,101

17,171

8,977

142,475

MidCap

Fund

40,003

2,335

7,689

33,415

Real

Estate

Securities

Fund

46,930

2,425

3,074

44,290

SmallCap

Fund

54,844

2,733

4,774

47,098

SmallCap

S&P

600

Index

Fund

—

15,482

—

12,650

Small-MidCap

Dividend

Income

Fund

35,005

4,767

2,706

33,326

$

1,988,185

$

551,259

$

513,126

$

1,919,770

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

(61)

$

7,157

$

(3,669)

Core

Fixed

Income

Fund

9,977

(8)

—

2,296

Diversified

International

Fund

7,570

28,629

8,718

(29,916)

Equity

Income

Fund

1,440

12,882

(18,882)

Global

Emerging

Markets

Fund

(9)

—

High

Income

Fund

(46)

—

2,416

High

Yield

Fund

2,875

(133)

—

(4,393)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(220)

—

651

International

Small

Company

Fund

857

—

LargeCap

Growth

Fund

I

927

(346)

39,552

(42,695)

LargeCap

S&P

500

Index

Fund

2,374

2,180

(7,441)

LargeCap

Value

Fund

III

2,174

9,594

(17,916)

MidCap

Fund

1,218

(1,330)

Real

Estate

Securities

Fund

530

(4)

718

(1,987)

SmallCap

Fund

538

(40)

547

(5,665)

SmallCap

S&P

600

Index

Fund

—

(2,832)

Small-MidCap

Dividend

Income

Fund

(19)

989

(3,721)

$

30,351

$

28,264

$

83,958

$

(134,812)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.78

%

Blue

Chip

Fund

(a) 9,040,726

$

407,103

Core

Fixed

Income

Fund

(a) 97,604,649

838,424

Global

Emerging

Markets

Fund

(a) 3,370,754

90,505

High

Yield

Fund

(a) 21,613,123

142,647

International

Equity

Fund

(a) 63,840,241

878,442

International

Small

Company

Fund

(a) 3,927,546

43,164

LargeCap

Growth

Fund

I

(a) 26,376,460

409,626

MidCap

Fund

(a) 2,098,311

92,787

Real

Estate

Securities

Fund

(a) 3,568,174

102,335

SmallCap

Fund

(a) 5,072,339

130,664

SmallCap

S&P

600

Index

Fund

(a) 1,571,137

35,209

Small-MidCap

Dividend

Income

Fund

(a) 5,348,462

92,528

$

3,263,434

Principal

Funds,

Inc.

Institutional

Class

-

.23

%

Equity

Income

Fund

(a) 10,512,886

398,964

LargeCap

S&P

500

Index

Fund

(a) 15,807,425

425,220

LargeCap

Value

Fund

III

(a) 21,608,401

396,514

$

1,220,698

TOTAL

INVESTMENT

COMPANIES

$

4,484,132

Total

Investments

$

4,484,132

Other

Assets

and

Liabilities

- (0.01)%

(318)

TOTAL

NET

ASSETS

-

100.00%

$

4,483,814

(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) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

459,086

$

22,872

$

64,635

$

407,103

Core

Fixed

Income

Fund

808,049

83,978

56,882

838,424

Diversified

International

Fund

882,611

47,877

926,882

—

Equity

Income

Fund

431,826

46,762

26,962

398,964

Global

Emerging

Markets

Fund

92,626

3,502

6,316

90,505

High

Income

Fund

16,487

21,014

—

High

Yield

Fund

143,355

32,020

25,056

142,647

High

Yield

Fund

-

Institutional

Class

—

20,356

20,356

—

International

Equity

Fund

—

890,391

13,454

878,442

International

Small

Company

Fund

84,687

6,770

48,643

43,164

LargeCap

Growth

Fund

I

458,919

116,160

44,532

409,626

LargeCap

S&P

500

Index

Fund

470,015

14,840

39,424

425,220

LargeCap

Value

Fund

III

432,810

40,414

26,963

396,514

MidCap

Fund

114,244

4,294

22,369

92,787

Real

Estate

Securities

Fund

111,163

3,482

7,705

102,335

SmallCap

Fund

156,294

4,003

13,867

130,664

SmallCap

S&P

600

Index

Fund

—

43,092

—

35,209

Small-MidCap

Dividend

Income

Fund

99,757

11,281

8,167

92,528

$

4,761,929

$

1,392,537

$

1,373,227

$

4,484,132

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

599

$

1,584

$

20,272

$

(11,804)

Core

Fixed

Income

Fund

14,397

(9)

—

3,288

Diversified

International

Fund

21,318

43,737

24,565

(47,343)

Equity

Income

Fund

4,035

36,459

(53,026)

Global

Emerging

Markets

Fund

(12)

—

705

High

Income

Fund

(94)

—

4,178

High

Yield

Fund

4,794

(201)

—

(7,471)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(270)

—

1,775

International

Small

Company

Fund

2,345

1,390

—

(1,040)

LargeCap

Growth

Fund

I

2,615

(1,026)

111,545

(119,895)

LargeCap

S&P

500

Index

Fund

6,702

655

6,160

(20,866)

LargeCap

Value

Fund

III

6,118

585

27,033

(50,332)

MidCap

Fund

3,458

(3,717)

Real

Estate

Securities

Fund

1,232

1,678

(4,627)

SmallCap

Fund

1,514

(13)

1,540

(15,753)

SmallCap

S&P

600

Index

Fund

—

1,123

(7,883)

Small-MidCap

Dividend

Income

Fund

944

(21)

2,799

(10,322)

$

67,842

$

47,026

$

236,632

$

(344,133)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.49

%

Blue

Chip

Fund

(a) 3,680,183

$

165,719

Core

Fixed

Income

Fund

(a) 20,095,088

172,617

Global

Emerging

Markets

Fund

(a) 1,375,997

36,945

High

Yield

Fund

(a) 5,675,852

37,461

International

Equity

Fund

(a) 26,060,069

358,587

International

Small

Company

Fund

(a) 1,597,745

17,559

LargeCap

Growth

Fund

I

(a) 10,737,030

166,746

MidCap

Fund

(a) 855,648

37,837

Real

Estate

Securities

Fund

(a) 1,305,347

37,437

SmallCap

Fund

(a) 2,089,064

53,814

SmallCap

S&P

600

Index

Fund

(a) 619,970

13,893

Small-MidCap

Dividend

Income

Fund

(a) 2,181,728

37,744

$

1,136,359

Principal

Funds,

Inc.

Institutional

Class

-

.51

%

Equity

Income

Fund

(a) 4,280,811

162,457

LargeCap

S&P

500

Index

Fund

(a) 6,510,936

175,144

LargeCap

Value

Fund

III

(a) 8,798,957

161,461

$

499,062

TOTAL

INVESTMENT

COMPANIES

$

1,635,421

Total

Investments

$

1,635,421

Other

Assets

and

Liabilities

- 0.00%

(74)

TOTAL

NET

ASSETS

-

100.00%

$

1,635,347

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

179,416

$

12,543

$

22,026

$

165,719

Core

Fixed

Income

Fund

157,787

23,525

9,358

172,617

Diversified

International

Fund

346,192

21,269

366,005

—

Equity

Income

Fund

169,141

23,152

8,757

162,457

Global

Emerging

Markets

Fund

36,901

1,848

2,066

36,945

High

Income

Fund

4,051

5,216

—

High

Yield

Fund

35,737

9,080

5,370

37,461

High

Yield

Fund

-

Institutional

Class

—

5,055

5,055

—

International

Equity

Fund

—

363,327

5,240

358,587

International

Small

Company

Fund

33,206

2,864

18,705

17,559

LargeCap

Growth

Fund

I

179,435

49,479

14,070

166,746

LargeCap

S&P

500

Index

Fund

186,411

9,496

12,375

175,144

LargeCap

Value

Fund

III

169,474

20,738

8,759

161,461

MidCap

Fund

44,877

2,794

8,428

37,837

Real

Estate

Securities

Fund

39,194

2,159

2,248

37,437

SmallCap

Fund

62,593

3,334

5,514

53,814

SmallCap

S&P

600

Index

Fund

—

17,004

—

13,893

Small-MidCap

Dividend

Income

Fund

39,405

5,247

2,650

37,744

$

1,683,820

$

573,023

$

501,842

$

1,635,421

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

$

7,968

$

(4,255)

Core

Fixed

Income

Fund

2,869

—

662

Diversified

International

Fund

8,493

20,890

9,784

(22,346)

Equity

Income

Fund

1,612

14,370

(21,145)

Global

Emerging

Markets

Fund

(11)

—

High

Income

Fund

(23)

—

1,079

High

Yield

Fund

1,218

(40)

—

(1,946)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(244)

—

744

International

Small

Company

Fund

942

—

(18)

LargeCap

Growth

Fund

I

1,034

(262)

44,108

(47,836)

LargeCap

S&P

500

Index

Fund

2,689

2,470

(8,464)

LargeCap

Value

Fund

III

2,427

10,718

(20,016)

MidCap

Fund

1,368

(1,494)

Real

Estate

Securities

Fund

(2)

601

(1,666)

SmallCap

Fund

616

(108)

627

(6,491)

SmallCap

S&P

600

Index

Fund

—

(3,111)

Small-MidCap

Dividend

Income

Fund

(15)

1,115

(4,243)

$

23,387

$

20,693

$

93,572

$

(140,273)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.86

%

Blue

Chip

Fund

(a) 7,702,963

$

346,864

Core

Fixed

Income

Fund

(a) 14,789,266

127,040

Global

Emerging

Markets

Fund

(a) 2,865,104

76,928

High

Yield

Fund

(a) 5,567,309

36,744

International

Equity

Fund

(a) 54,263,216

746,662

International

Small

Company

Fund

(a) 3,331,599

36,614

LargeCap

Growth

Fund

I

(a) 22,473,009

349,006

MidCap

Fund

(a) 1,782,923

78,841

Real

Estate

Securities

Fund

(a) 2,472,611

70,915

SmallCap

Fund

(a) 4,305,170

110,901

SmallCap

S&P

600

Index

Fund

(a) 1,340,922

30,050

Small-MidCap

Dividend

Income

Fund

(a) 4,544,880

78,626

$

2,089,191

Principal

Funds,

Inc.

Institutional

Class

-

.15

%

Equity

Income

Fund

(a) 8,959,591

340,017

LargeCap

S&P

500

Index

Fund

(a) 13,299,591

357,759

LargeCap

Value

Fund

III

(a) 18,416,256

337,938

$

1,035,714

TOTAL

INVESTMENT

COMPANIES

$

3,124,905

Total

Investments

$

3,124,905

Other

Assets

and

Liabilities

- (0.01)%

(215)

TOTAL

NET

ASSETS

-

100.00%

$

3,124,690

(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) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

387,324

$

21,595

$

53,452

$

346,864

Core

Fixed

Income

Fund

111,382

24,886

9,647

127,040

Diversified

International

Fund

744,415

41,835

782,889

—

Equity

Income

Fund

365,071

44,666

25,139

340,017

Global

Emerging

Markets

Fund

78,119

4,206

5,929

76,928

High

Income

Fund

3,683

4,855

—

High

Yield

Fund

33,723

10,263

5,309

36,744

High

Yield

Fund

-

Institutional

Class

—

4,708

4,708

—

International

Equity

Fund

—

756,899

11,300

746,662

International

Small

Company

Fund

72,023

6,487

42,122

36,614

LargeCap

Growth

Fund

I

387,302

100,354

36,637

349,006

LargeCap

S&P

500

Index

Fund

393,123

14,727

33,210

357,759

LargeCap

Value

Fund

III

365,834

39,356

25,141

337,938

MidCap

Fund

97,065

4,356

19,700

78,841

Real

Estate

Securities

Fund

77,113

2,960

5,931

70,915

SmallCap

Fund

132,352

4,541

12,688

110,901

SmallCap

S&P

600

Index

Fund

—

36,779

—

30,050

Small-MidCap

Dividend

Income

Fund

84,786

10,231

7,590

78,626

$

3,333,315

$

1,128,948

$

1,086,247

$

3,124,905

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

506

$

$

17,101

$

(8,718)

Core

Fixed

Income

Fund

1,975

—

Diversified

International

Fund

18,001

38,367

20,661

(41,728)

Equity

Income

Fund

3,410

30,820

(44,880)

Global

Emerging

Markets

Fund

(15)

—

547

High

Income

Fund

(27)

—

1,100

High

Yield

Fund

1,128

(38)

—

(1,895)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(450)

—

1,513

International

Small

Company

Fund

1,996

984

—

(758)

LargeCap

Growth

Fund

I

2,207

(529)

94,159

(101,484)

LargeCap

S&P

500

Index

Fund

5,606

567

5,152

(17,448)

LargeCap

Value

Fund

III

5,174

22,856

(42,201)

MidCap

Fund

2,937

(3,166)

Real

Estate

Securities

Fund

854

1,165

(3,234)

SmallCap

Fund

1,281

1,304

(13,341)

SmallCap

S&P

600

Index

Fund

—

958

(6,729)

Small-MidCap

Dividend

Income

Fund

803

(10)

2,379

(8,791)

$

43,707

$

39,688

$

199,492

$

(290,799)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.29

%

Blue

Chip

Fund

(a) 2,699,692

$

121,567

Core

Fixed

Income

Fund

(a) 3,560,427

30,584

Global

Emerging

Markets

Fund

(a) 1,005,899

27,008

High

Yield

Fund

(a) 1,481,383

9,777

International

Equity

Fund

(a) 19,056,654

262,220

International

Small

Company

Fund

(a) 1,162,605

12,777

LargeCap

Growth

Fund

I

(a) 7,876,323

122,319

MidCap

Fund

(a) 625,201

27,646

Real

Estate

Securities

Fund

(a) 861,385

24,705

SmallCap

Fund

(a) 1,519,991

39,155

SmallCap

S&P

600

Index

Fund

(a) 460,020

10,309

Small-MidCap

Dividend

Income

Fund

(a) 1,593,795

27,573

$

715,640

Principal

Funds,

Inc.

Institutional

Class

-

.72

%

Equity

Income

Fund

(a) 3,141,129

119,206

LargeCap

S&P

500

Index

Fund

(a) 4,696,839

126,345

LargeCap

Value

Fund

III

(a) 6,456,548

118,478

$

364,029

TOTAL

INVESTMENT

COMPANIES

$

1,079,669

Total

Investments

$

1,079,669

Other

Assets

and

Liabilities

- (0.01)%

(59)

TOTAL

NET

ASSETS

-

100.00%

$

1,079,610

(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) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

131,527

$

10,261

$

17,154

$

121,567

Core

Fixed

Income

Fund

30,671

2,646

2,850

30,584

Diversified

International

Fund

253,931

17,436

270,009

—

Equity

Income

Fund

124,436

19,268

8,966

119,206

Global

Emerging

Markets

Fund

26,939

2,035

2,138

27,008

High

Income

Fund

1,134

1,474

—

High

Yield

Fund

9,775

2,238

1,673

9,777

High

Yield

Fund

-

Institutional

Class

—

1,429

1,429

—

International

Equity

Fund

—

266,052

4,197

262,220

International

Small

Company

Fund

24,595

2,611

14,517

12,777

LargeCap

Growth

Fund

I

131,592

37,383

11,439

122,319

LargeCap

S&P

500

Index

Fund

134,266

7,890

9,842

126,345

LargeCap

Value

Fund

III

124,649

17,492

8,966

118,478

MidCap

Fund

33,436

2,376

7,109

27,646

Real

Estate

Securities

Fund

26,248

1,688

2,095

24,705

SmallCap

Fund

45,965

3,008

5,023

39,155

SmallCap

S&P

600

Index

Fund

—

12,617

—

10,309

Small-MidCap

Dividend

Income

Fund

29,200

4,234

2,722

27,573

$

1,128,364

$

410,694

$

371,603

$

1,079,669

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

(43)

$

5,859

$

(3,024)

Core

Fixed

Income

Fund

552

—

Diversified

International

Fund

6,241

10,075

7,135

(11,433)

Equity

Income

Fund

1,181

10,608

(15,554)

Global

Emerging

Markets

Fund

(9)

—

High

Income

Fund

(7)

—

High

Yield

Fund

(12)

—

(551)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(186)

—

551

International

Small

Company

Fund

700

—

LargeCap

Growth

Fund

I

759

(17)

32,396

(35,200)

LargeCap

S&P

500

Index

Fund

1,940

1,782

(6,036)

LargeCap

Value

Fund

III

1,788

7,895

(14,715)

MidCap

Fund

1,023

(1,138)

Real

Estate

Securities

Fund

(1)

(1,135)

SmallCap

Fund

(66)

(4,729)

SmallCap

S&P

600

Index

Fund

—

(2,308)

Small-MidCap

Dividend

Income

Fund

(13)

830

(3,126)

$

14,958

$

9,985

$

68,722

$

(97,771)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.30

%

Blue

Chip

Fund

(a) 2,604,835

$

117,296

Core

Fixed

Income

Fund

(a) 3,452,209

29,655

Global

Emerging

Markets

Fund

(a) 970,319

26,053

High

Yield

Fund

(a) 1,436,447

9,481

International

Equity

Fund

(a) 18,381,195

252,924

International

Small

Company

Fund

(a) 1,122,966

12,341

LargeCap

Growth

Fund

I

(a) 7,599,542

118,021

MidCap

Fund

(a) 603,249

26,676

Real

Estate

Securities

Fund

(a) 834,526

23,934

SmallCap

Fund

(a) 1,466,241

37,770

SmallCap

S&P

600

Index

Fund

(a) 444,097

9,952

Small-MidCap

Dividend

Income

Fund

(a) 1,537,842

26,605

$

690,708

Principal

Funds,

Inc.

Institutional

Class

-

.70

%

Equity

Income

Fund

(a) 3,030,924

115,024

LargeCap

S&P

500

Index

Fund

(a) 4,525,486

121,735

LargeCap

Value

Fund

III

(a) 6,229,987

114,320

$

351,079

TOTAL

INVESTMENT

COMPANIES

$

1,041,787

Total

Investments

$

1,041,787

Other

Assets

and

Liabilities

- 0.00%

(41)

TOTAL

NET

ASSETS

-

100.00%

$

1,041,746

(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) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

126,062

$

10,443

$

16,292

$

117,296

Core

Fixed

Income

Fund

29,550

2,679

2,698

29,655

Diversified

International

Fund

243,614

17,677

260,153

—

Equity

Income

Fund

119,389

18,982

8,489

115,024

Global

Emerging

Markets

Fund

25,733

2,167

2,024

26,053

High

Income

Fund

1,110

1,406

—

High

Yield

Fund

9,322

2,203

1,535

9,481

High

Yield

Fund

-

Institutional

Class

—

1,362

1,362

—

International

Equity

Fund

—

256,714

4,194

252,924

International

Small

Company

Fund

23,689

2,505

13,973

12,341

LargeCap

Growth

Fund

I

126,137

36,330

10,793

118,021

LargeCap

S&P

500

Index

Fund

128,642

8,154

9,352

121,735

LargeCap

Value

Fund

III

119,603

17,251

8,490

114,320

MidCap

Fund

32,109

2,465

6,901

26,676

Real

Estate

Securities

Fund

25,223

1,762

1,984

23,934

SmallCap

Fund

44,030

3,183

4,843

37,770

SmallCap

S&P

600

Index

Fund

—

12,180

—

9,952

Small-MidCap

Dividend

Income

Fund

28,010

4,179

2,579

26,605

$

1,082,223

$

400,266

$

357,068

$

1,041,787

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

$

5,609

$

(2,930)

Core

Fixed

Income

Fund

533

—

Diversified

International

Fund

5,958

7,221

6,850

(8,359)

Equity

Income

Fund

1,133

10,165

(14,882)

Global

Emerging

Markets

Fund

(5)

—

High

Income

Fund

(6)

—

High

Yield

Fund

(9)

—

(500)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(122)

—

526

International

Small

Company

Fund

668

—

(155)

LargeCap

Growth

Fund

I

725

30,937

(33,711)

LargeCap

S&P

500

Index

Fund

1,852

1,701

(5,782)

LargeCap

Value

Fund

III

1,709

7,545

(14,067)

MidCap

Fund

981

(1,071)

Real

Estate

Securities

Fund

—

(1,067)

SmallCap

Fund

(46)

(4,554)

SmallCap

S&P

600

Index

Fund

—

(2,228)

Small-MidCap

Dividend

Income

Fund

(1)

795

(3,004)

$

14,301

$

7,573

$

65,725

$

(91,207)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.34

%

Blue

Chip

Fund

(a) 579,612

$

26,100

Core

Fixed

Income

Fund

(a) 776,057

6,666

Global

Emerging

Markets

Fund

(a) 215,907

5,797

High

Yield

Fund

(a) 323,002

2,132

International

Equity

Fund

(a) 4,088,211

56,254

International

Small

Company

Fund

(a) 251,559

2,765

LargeCap

Growth

Fund

I

(a) 1,691,000

26,261

MidCap

Fund

(a) 134,372

5,942

Real

Estate

Securities

Fund

(a) 186,692

5,354

SmallCap

Fund

(a) 330,122

8,504

SmallCap

S&P

600

Index

Fund

(a) 94,713

2,123

Small-MidCap

Dividend

Income

Fund

(a) 342,629

5,927

$

153,825

Principal

Funds,

Inc.

Institutional

Class

-

.67

%

Equity

Income

Fund

(a) 674,563

25,600

LargeCap

S&P

500

Index

Fund

(a) 1,004,547

27,022

LargeCap

Value

Fund

III

(a) 1,386,580

25,444

$

78,066

TOTAL

INVESTMENT

COMPANIES

$

231,891

Total

Investments

$

231,891

Other

Assets

and

Liabilities

- (0.01)%

(24)

TOTAL

NET

ASSETS

-

100.00%

$

231,867

(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) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

25,865

$

4,333

$

3,420

$

26,100

Core

Fixed

Income

Fund

6,160

1,164

687

6,666

Diversified

International

Fund

50,198

5,726

55,718

—

Equity

Income

Fund

24,645

5,942

1,790

25,600

Global

Emerging

Markets

Fund

5,334

892

5,797

High

Income

Fund

—

High

Yield

Fund

1,943

635

2,132

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

57,326

1,182

56,254

International

Small

Company

Fund

4,937

882

3,093

2,765

LargeCap

Growth

Fund

I

25,901

9,770

2,227

26,261

LargeCap

S&P

500

Index

Fund

26,374

3,875

1,934

27,022

LargeCap

Value

Fund

III

24,680

5,597

1,790

25,444

MidCap

Fund

6,701

1,093

1,626

5,942

Real

Estate

Securities

Fund

5,257

815

5,354

SmallCap

Fund

9,244

1,609

1,335

8,504

SmallCap

S&P

600

Index

Fund

—

2,597

—

2,123

Small-MidCap

Dividend

Income

Fund

5,867

1,404

681

5,927

$

223,336

$

103,928

$

77,334

$

231,891

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

$

1,169

$

(680)

Core

Fixed

Income

Fund

—

—

Diversified

International

Fund

1,266

989

1,463

(1,195)

Equity

Income

Fund

—

2,134

(3,197)

Global

Emerging

Markets

Fund

(2)

—

High

Income

Fund

(1)

—

High

Yield

Fund

(2)

—

(87)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(33)

—

International

Small

Company

Fund

—

(10)

LargeCap

Growth

Fund

I

6,509

(7,185)

LargeCap

S&P

500

Index

Fund

(1,297)

LargeCap

Value

Fund

III

1,598

(3,045)

MidCap

Fund

(231)

Real

Estate

Securities

Fund

—

(229)

SmallCap

Fund

(5)

(1,009)

SmallCap

S&P

600

Index

Fund

—

(474)

Small-MidCap

Dividend

Income

Fund

(5)

(658)

$

3,048

$

1,005

$

13,855

$

(19,044)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.99

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.35

%

Blue

Chip

Fund

(a) 153,268

$

6,902

Core

Fixed

Income

Fund

(a) 205,976

1,769

Global

Emerging

Markets

Fund

(a) 57,178

1,535

High

Yield

Fund

(a) 85,714

566

International

Equity

Fund

(a) 1,081,123

14,876

International

Small

Company

Fund

(a) 67,970

747

LargeCap

Growth

Fund

I

(a) 447,149

6,944

MidCap

Fund

(a) 35,684

1,578

Real

Estate

Securities

Fund

(a) 49,484

1,419

SmallCap

Fund

(a) 87,989

2,267

SmallCap

S&P

600

Index

Fund

(a) 24,681

553

Small-MidCap

Dividend

Income

Fund

(a) 91,084

1,576

$

40,732

Principal

Funds,

Inc.

Institutional

Class

-

.64

%

Equity

Income

Fund

(a) 178,510

6,775

LargeCap

S&P

500

Index

Fund

(a) 265,517

7,142

LargeCap

Value

Fund

III

(a) 366,960

6,734

$

20,651

TOTAL

INVESTMENT

COMPANIES

$

61,383

Total

Investments

$

61,383

Other

Assets

and

Liabilities

- 0.01%

TOTAL

NET

ASSETS

-

100.00%

$

61,387

(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) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

5,108

$

2,683

$

711

$

6,902

Core

Fixed

Income

Fund

1,248

786

1,769

Diversified

International

Fund

9,958

2,998

12,958

—

Equity

Income

Fund

4,874

3,005

6,775

Global

Emerging

Markets

Fund

1,078

574

1,535

High

Income

Fund

—

High

Yield

Fund

566

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

15,038

14,876

International

Small

Company

Fund

999

622

909

747

LargeCap

Growth

Fund

I

5,124

3,775

6,944

LargeCap

S&P

500

Index

Fund

5,200

2,666

7,142

LargeCap

Value

Fund

III

4,886

2,923

6,734

MidCap

Fund

1,338

745

1,578

Real

Estate

Securities

Fund

1,043

569

1,419

SmallCap

Fund

1,891

1,180

545

2,267

SmallCap

S&P

600

Index

Fund

—

655

—

553

Small-MidCap

Dividend

Income

Fund

1,180

748

1,576

$

44,366

$

39,309

$

18,306

$

61,383

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

(30)

$

$

(148)

Core

Fixed

Income

Fund

(2)

—

Diversified

International

Fund

(197)

Equity

Income

Fund

(5)

(711)

Global

Emerging

Markets

Fund

(1)

—

High

Income

Fund

—

—

(2)

High

Yield

Fund

(1)

—

(11)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(4)

—

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

(29)

1,314

(1,507)

LargeCap

S&P

500

Index

Fund

(3)

(336)

LargeCap

Value

Fund

III

(4)

(682)

MidCap

Fund

(19)

(36)

Real

Estate

Securities

Fund

(4)

(40)

SmallCap

Fund

(35)

(224)

SmallCap

S&P

600

Index

Fund

—

(102)

Small-MidCap

Dividend

Income

Fund

(2)

(162)

$

635

$

$

2,822

$

(4,049)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.77

%

Diversified

Real

Asset

Fund

(a) 136,425

$

1,562

Global

Emerging

Markets

Fund

(a) 120,980

3,248

High

Yield

Fund

(a) 3,620,207

23,893

International

Equity

Fund

(a) 2,289,669

31,506

International

Small

Company

Fund

(a) 141,407

1,554

MidCap

S&P

Index

Fund

(a) 330,952

6,656

Real

Estate

Securities

Fund

(a) 232,974

6,682

SmallCap

S&P

600

Index

Fund

(a) 263,865

5,913

$

81,014

Principal

Funds,

Inc.

Institutional

Class

-

.25

%

Bond

Market

Index

Fund

(a) 15,412,955

131,781

Inflation

Protection

Fund

(a) 2,827,402

22,138

LargeCap

S&P

500

Index

Fund

(a) 2,724,002

73,276

Short-Term

Income

Fund

(a) 5,289,549

63,951

$

291,146

TOTAL

INVESTMENT

COMPANIES

$

372,160

Total

Investments

$

372,160

Other

Assets

and

Liabilities

- (0.02)%

(71)

TOTAL

NET

ASSETS

-

100.00%

$

372,089

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

109,735

$

27,565

$

4,509

$

131,781

Diversified

International

Fund

25,739

3,726

29,430

—

Diversified

Real

Asset

Fund

1,629

1,562

Global

Emerging

Markets

Fund

2,780

547

3,248

High

Income

Fund

2,436

2,881

—

High

Yield

Fund

21,370

7,811

4,312

23,893

High

Yield

Fund

-

Institutional

Class

—

2,784

2,784

—

Inflation

Protection

Fund

19,179

4,354

1,331

22,138

International

Equity

Fund

—

31,856

31,506

International

Small

Company

Fund

2,610

637

1,732

1,554

LargeCap

S&P

500

Index

Fund

65,490

14,629

3,496

73,276

MidCap

S&P

Index

Fund

6,540

2,298

792

6,656

Real

Estate

Securities

Fund

5,904

1,291

6,682

Short-Term

Income

Fund

56,585

11,568

4,766

63,951

SmallCap

S&P

600

Index

Fund

4,544

2,916

5,913

$

324,541

$

112,342

$

57,509

$

372,160

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

3,990

$

—

$

—

$

(1,010)

Diversified

International

Fund

662

3,555

779

(3,590)

Diversified

Real

Asset

Fund

—

(27)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(9)

—

High

Yield

Fund

793

(31)

—

(945)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

652

—

—

(64)

International

Equity

Fund

—

(6)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

980

899

(3,351)

MidCap

S&P

Index

Fund

(1)

631

(1,389)

Real

Estate

Securities

Fund

(1)

(247)

Short-Term

Income

Fund

1,129

—

—

564

SmallCap

S&P

600

Index

Fund

—

(1,221)

$

8,758

$

3,550

$

2,773

$

(10,764)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.73

%

Diversified

Real

Asset

Fund

(a) 200,460

$

2,295

Global

Emerging

Markets

Fund

(a) 213,020

5,720

High

Yield

Fund

(a) 4,811,726

31,757

International

Equity

Fund

(a) 4,033,092

55,495

International

Small

Company

Fund

(a) 248,579

2,732

MidCap

S&P

Index

Fund

(a) 582,895

11,722

Real

Estate

Securities

Fund

(a) 338,477

9,708

SmallCap

S&P

600

Index

Fund

(a) 465,188

10,425

$

129,854

Principal

Funds,

Inc.

Institutional

Class

-

.28

%

Bond

Market

Index

Fund

(a) 21,412,201

183,074

Inflation

Protection

Fund

(a) 3,752,474

29,382

LargeCap

S&P

500

Index

Fund

(a) 4,798,329

129,075

Short-Term

Income

Fund

(a) 6,281,965

75,949

$

417,480

TOTAL

INVESTMENT

COMPANIES

$

547,334

Total

Investments

$

547,334

Other

Assets

and

Liabilities

- (0.01)%

(48)

TOTAL

NET

ASSETS

-

100.00%

$

547,286

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

170,802

$

25,193

$

11,023

$

183,074

Diversified

International

Fund

52,473

3,947

56,228

—

Diversified

Real

Asset

Fund

2,339

2,295

Global

Emerging

Markets

Fund

5,624

5,720

High

Income

Fund

3,647

4,352

—

High

Yield

Fund

31,977

8,146

6,938

31,757

High

Yield

Fund

-

Institutional

Class

—

4,206

4,206

—

Inflation

Protection

Fund

28,149

3,480

2,087

29,382

International

Equity

Fund

—

56,806

1,393

55,495

International

Small

Company

Fund

5,044

767

3,107

2,732

LargeCap

S&P

500

Index

Fund

133,703

13,009

11,490

129,075

MidCap

S&P

Index

Fund

12,725

2,776

1,238

11,722

Real

Estate

Securities

Fund

9,932

962

759

9,708

Short-Term

Income

Fund

74,272

8,520

7,504

75,949

SmallCap

S&P

600

Index

Fund

9,524

4,202

960

10,425

$

540,211

$

132,750

$

111,889

$

547,334

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

6,022

$

(5)

$

—

$

(1,893)

Diversified

International

Fund

1,300

9,043

1,505

(9,235)

Diversified

Real

Asset

Fund

—

(31)

Global

Emerging

Markets

Fund

(2)

—

High

Income

Fund

(14)

—

621

High

Yield

Fund

1,104

(65)

—

(1,363)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

925

—

(161)

International

Equity

Fund

—

(42)

—

International

Small

Company

Fund

—

(126)

LargeCap

S&P

500

Index

Fund

1,947

1,789

(6,179)

MidCap

S&P

Index

Fund

1,192

(2,550)

Real

Estate

Securities

Fund

(12)

(415)

Short-Term

Income

Fund

1,379

(4)

—

665

SmallCap

S&P

600

Index

Fund

—

745

(2,341)

$

13,671

$

9,105

$

5,385

$

(22,843)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.72

%

Diversified

Real

Asset

Fund

(a) 351,009

$

4,019

Global

Emerging

Markets

Fund

(a) 431,014

11,573

High

Yield

Fund

(a) 7,339,542

48,441

International

Equity

Fund

(a) 8,163,040

112,323

International

Small

Company

Fund

(a) 500,966

5,506

MidCap

S&P

Index

Fund

(a) 1,178,893

23,707

Real

Estate

Securities

Fund

(a) 587,382

16,846

SmallCap

S&P

600

Index

Fund

(a) 940,473

21,076

$

243,491

Principal

Funds,

Inc.

Institutional

Class

-

.29

%

Bond

Market

Index

Fund

(a) 35,847,184

306,494

Inflation

Protection

Fund

(a) 5,724,519

44,823

LargeCap

S&P

500

Index

Fund

(a) 9,709,675

261,190

Short-Term

Income

Fund

(a) 7,524,750

90,974

$

703,481

TOTAL

INVESTMENT

COMPANIES

$

946,972

Total

Investments

$

946,972

Other

Assets

and

Liabilities

- (0.01)%

(84)

TOTAL

NET

ASSETS

-

100.00%

$

946,888

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

273,319

$

46,726

$

10,779

$

306,494

Diversified

International

Fund

100,230

10,977

110,953

—

Diversified

Real

Asset

Fund

4,073

4,019

Global

Emerging

Markets

Fund

10,796

1,146

11,573

High

Income

Fund

5,325

6,346

—

High

Yield

Fund

45,543

14,073

9,066

48,441

High

Yield

Fund

-

Institutional

Class

—

6,134

6,134

—

Inflation

Protection

Fund

40,866

6,519

2,378

44,823

International

Equity

Fund

—

113,394

1,334

112,323

International

Small

Company

Fund

9,846

1,712

6,152

5,506

LargeCap

S&P

500

Index

Fund

254,566

34,407

15,459

261,190

MidCap

S&P

Index

Fund

25,032

5,977

2,129

23,707

Real

Estate

Securities

Fund

16,208

2,164

836

16,846

Short-Term

Income

Fund

83,522

13,915

7,243

90,974

SmallCap

S&P

600

Index

Fund

17,916

9,131

1,357

21,076

$

887,242

$

266,883

$

181,124

$

946,972

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,759

$

$

—

$

(2,773)

Diversified

International

Fund

2,528

10,904

2,962

(11,158)

Diversified

Real

Asset

Fund

—

(43)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(21)

—

899

High

Yield

Fund

1,640

(77)

—

(2,032)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

1,362

—

—

(184)

International

Equity

Fund

—

(8)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

3,755

(3)

3,449

(12,321)

MidCap

S&P

Index

Fund

853

2,381

(5,174)

Real

Estate

Securities

Fund

(2)

(688)

Short-Term

Income

Fund

1,589

(4)

—

784

SmallCap

S&P

600

Index

Fund

1,427

(4,615)

$

22,515

$

10,870

$

10,476

$

(36,899)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.91

%

Diversified

Real

Asset

Fund

(a) 462,858

$

5,300

Global

Emerging

Markets

Fund

(a) 594,827

15,971

High

Yield

Fund

(a) 7,620,384

50,294

International

Equity

Fund

(a) 11,258,777

154,921

International

Small

Company

Fund

(a) 698,691

7,679

MidCap

S&P

Index

Fund

(a) 1,630,721

32,794

Real

Estate

Securities

Fund

(a) 707,016

20,277

SmallCap

S&P

600

Index

Fund

(a) 1,299,566

29,123

$

316,359

Principal

Funds,

Inc.

Institutional

Class

-

.10

%

Bond

Market

Index

Fund

(a) 37,409,599

319,852

Inflation

Protection

Fund

(a) 5,523,118

43,246

LargeCap

S&P

500

Index

Fund

(a) 13,392,586

360,261

Short-Term

Income

Fund

(a) 4,521,369

54,663

$

778,022

TOTAL

INVESTMENT

COMPANIES

$

1,094,381

Total

Investments

$

1,094,381

Other

Assets

and

Liabilities

- (0.01)%

(141)

TOTAL

NET

ASSETS

-

100.00%

$

1,094,240

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

269,539

$

60,917

$

8,043

$

319,852

Diversified

International

Fund

132,651

17,808

150,244

—

Diversified

Real

Asset

Fund

4,748

722

5,300

Global

Emerging

Markets

Fund

14,205

2,081

15,971

High

Income

Fund

5,186

6,227

—

High

Yield

Fund

44,506

15,846

7,914

50,294

High

Yield

Fund

-

Institutional

Class

—

6,020

6,020

—

Inflation

Protection

Fund

37,893

8,147

2,658

43,246

International

Equity

Fund

—

155,562

1,054

154,921

International

Small

Company

Fund

13,077

2,561

8,154

7,679

LargeCap

S&P

500

Index

Fund

337,016

57,605

17,443

360,261

MidCap

S&P

Index

Fund

33,305

9,527

3,037

32,794

Real

Estate

Securities

Fund

18,855

3,240

1,031

20,277

Short-Term

Income

Fund

47,156

12,618

5,552

54,663

SmallCap

S&P

600

Index

Fund

23,981

13,127

1,686

29,123

$

982,118

$

365,920

$

219,664

$

1,094,381

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,744

$

$

—

$

(2,562)

Diversified

International

Fund

3,381

13,722

3,978

(13,937)

Diversified

Real

Asset

Fund

—

—

(32)

Global

Emerging

Markets

Fund

(1)

—

High

Income

Fund

(20)

—

922

High

Yield

Fund

1,644

(61)

—

(2,083)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

1,252

(1)

—

(135)

International

Equity

Fund

—

(23)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

5,006

(14)

4,570

(16,903)

MidCap

S&P

Index

Fund

1,140

—

3,170

(7,001)

Real

Estate

Securities

Fund

(788)

Short-Term

Income

Fund

886

(3)

—

SmallCap

S&P

600

Index

Fund

(1)

1,911

(6,298)

$

24,350

$

13,667

$

13,930

$

(47,660)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.08

%

Global

Emerging

Markets

Fund

(a) 483,405

$

12,980

High

Yield

Fund

(a) 5,086,120

33,568

International

Equity

Fund

(a) 9,150,581

125,912

International

Small

Company

Fund

(a) 568,214

6,245

MidCap

S&P

Index

Fund

(a) 1,325,329

26,652

Real

Estate

Securities

Fund

(a) 624,582

17,913

SmallCap

S&P

600

Index

Fund

(a) 1,056,582

23,678

$

246,948

Principal

Funds,

Inc.

Institutional

Class

-

.93

%

Bond

Market

Index

Fund

(a) 26,919,132

230,158

LargeCap

S&P

500

Index

Fund

(a) 10,883,643

292,770

$

522,928

TOTAL

INVESTMENT

COMPANIES

$

769,876

Total

Investments

$

769,876

Other

Assets

and

Liabilities

- (0.01)%

(92)

TOTAL

NET

ASSETS

-

100.00%

$

769,784

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

199,855

$

39,613

$

7,294

$

230,158

Diversified

International

Fund

111,116

12,609

123,419

—

Global

Emerging

Markets

Fund

11,784

1,488

12,980

High

Income

Fund

3,437

4,188

—

High

Yield

Fund

30,465

9,182

4,588

33,568

High

Yield

Fund

-

Institutional

Class

—

4,051

4,051

—

International

Equity

Fund

—

126,498

907

125,912

International

Small

Company

Fund

10,932

1,831

6,653

6,245

LargeCap

S&P

500

Index

Fund

282,174

38,950

14,532

292,770

MidCap

S&P

Index

Fund

27,507

7,049

2,184

26,652

Real

Estate

Securities

Fund

16,959

2,454

774

17,913

SmallCap

S&P

600

Index

Fund

20,051

10,213

1,399

23,678

$

714,280

$

254,030

$

170,396

$

769,876

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

7,070

$

—

$

—

$

(2,016)

Diversified

International

Fund

2,813

9,130

3,288

(9,436)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(14)

—

673

High

Yield

Fund

1,099

(33)

—

(1,458)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(1)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

4,174

(16)

3,831

(13,806)

MidCap

S&P

Index

Fund

940

2,623

(5,722)

Real

Estate

Securities

Fund

—

(726)

SmallCap

S&P

600

Index

Fund

1,598

(5,189)

$

17,126

$

9,202

$

11,609

$

(37,240)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.77

%

Global

Emerging

Markets

Fund

(a) 668,969

$

17,962

High

Yield

Fund

(a) 4,387,802

28,960

International

Equity

Fund

(a) 12,660,829

174,213

International

Small

Company

Fund

(a) 788,559

8,666

MidCap

S&P

Index

Fund

(a) 1,835,273

36,907

Real

Estate

Securities

Fund

(a) 723,430

20,748

SmallCap

S&P

600

Index

Fund

(a) 1,462,466

32,774

$

320,230

Principal

Funds,

Inc.

Institutional

Class

-

.24

%

Bond

Market

Index

Fund

(a) 19,885,431

170,020

LargeCap

S&P

500

Index

Fund

(a) 15,059,698

405,106

$

575,126

TOTAL

INVESTMENT

COMPANIES

$

895,356

Total

Investments

$

895,356

Other

Assets

and

Liabilities

- (0.01)%

(93)

TOTAL

NET

ASSETS

-

100.00%

$

895,263

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

133,659

$

40,747

$

3,112

$

170,020

Diversified

International

Fund

144,186

21,033

164,946

—

Global

Emerging

Markets

Fund

15,446

2,827

17,962

High

Income

Fund

2,703

3,291

—

High

Yield

Fund

23,419

9,788

3,048

28,960

High

Yield

Fund

-

Institutional

Class

—

3,184

3,184

—

International

Equity

Fund

—

174,299

529

174,213

International

Small

Company

Fund

14,205

3,478

9,257

8,666

LargeCap

S&P

500

Index

Fund

366,634

73,496

15,735

405,106

MidCap

S&P

Index

Fund

35,818

11,897

3,037

36,907

Real

Estate

Securities

Fund

18,377

3,907

739

20,748

SmallCap

S&P

600

Index

Fund

26,311

15,406

1,846

32,774

$

780,758

$

360,135

$

209,193

$

895,356

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

4,813

$

—

$

—

$

(1,274)

Diversified

International

Fund

3,715

11,838

4,384

(12,111)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(11)

—

526

High

Yield

Fund

877

(22)

—

(1,177)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(9)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

5,504

5,054

(19,292)

MidCap

S&P

Index

Fund

1,246

(1)

3,479

(7,770)

Real

Estate

Securities

Fund

—

(797)

SmallCap

S&P

600

Index

Fund

2,134

(7,112)

$

17,435

$

11,921

$

15,348

$

(48,265)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.53

%

Global

Emerging

Markets

Fund

(a) 433,992

$

11,653

High

Yield

Fund

(a) 1,823,067

12,032

International

Equity

Fund

(a) 8,216,262

113,056

International

Small

Company

Fund

(a) 507,721

5,580

MidCap

S&P

Index

Fund

(a) 1,189,050

23,912

Real

Estate

Securities

Fund

(a) 417,317

11,968

SmallCap

S&P

600

Index

Fund

(a) 948,467

21,255

$

199,456

Principal

Funds,

Inc.

Institutional

Class

-

.48

%

Bond

Market

Index

Fund

(a) 6,478,076

55,388

LargeCap

S&P

500

Index

Fund

(a) 9,771,237

262,846

$

318,234

TOTAL

INVESTMENT

COMPANIES

$

517,690

Total

Investments

$

517,690

Other

Assets

and

Liabilities

- (0.01)%

(65)

TOTAL

NET

ASSETS

-

100.00%

$

517,625

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

45,656

$

11,966

$

1,789

$

55,388

Diversified

International

Fund

99,185

11,982

110,928

—

Global

Emerging

Markets

Fund

10,636

1,344

11,653

High

Income

Fund

1,162

1,402

—

High

Yield

Fund

10,220

3,571

1,265

12,032

High

Yield

Fund

-

Institutional

Class

—

1,355

1,355

—

International

Equity

Fund

—

114,183

1,407

113,056

International

Small

Company

Fund

9,718

1,660

5,920

5,580

LargeCap

S&P

500

Index

Fund

252,094

35,541

12,448

262,846

MidCap

S&P

Index

Fund

24,617

6,451

2,029

23,912

Real

Estate

Securities

Fund

11,242

1,686

11,968

SmallCap

S&P

600

Index

Fund

18,266

9,272

1,568

21,255

$

482,796

$

199,042

$

141,029

$

517,690

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

1,615

$

—

$

—

$

(445)

Diversified

International

Fund

2,507

7,512

2,948

(7,751)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(5)

—

High

Yield

Fund

(7)

—

(487)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(16)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

3,726

—

3,420

(12,341)

MidCap

S&P

Index

Fund

840

2,345

(5,128)

Real

Estate

Securities

Fund

—

(476)

SmallCap

S&P

600

Index

Fund

1,452

(4,727)

$

9,886

$

7,569

$

10,343

$

(30,688)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.48

%

Global

Emerging

Markets

Fund

(a) 434,253

$

11,660

High

Yield

Fund

(a) 875,627

5,779

International

Equity

Fund

(a) 8,219,304

113,098

International

Small

Company

Fund

(a) 510,440

5,610

MidCap

S&P

Index

Fund

(a) 1,190,868

23,948

Real

Estate

Securities

Fund

(a) 382,829

10,979

SmallCap

S&P

600

Index

Fund

(a) 949,334

21,275

$

192,349

Principal

Funds,

Inc.

Institutional

Class

-

.53

%

Bond

Market

Index

Fund

(a) 2,330,915

19,929

LargeCap

S&P

500

Index

Fund

(a) 9,774,621

262,937

$

282,866

TOTAL

INVESTMENT

COMPANIES

$

475,215

Total

Investments

$

475,215

Other

Assets

and

Liabilities

- (0.01)%

(54)

TOTAL

NET

ASSETS

-

100.00%

$

475,161

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

14,620

$

5,933

$

$

19,929

Diversified

International

Fund

96,214

11,591

107,590

—

Global

Emerging

Markets

Fund

10,261

1,613

11,660

High

Income

Fund

578

—

High

Yield

Fund

4,387

2,060

5,779

High

Yield

Fund

-

Institutional

Class

—

558

558

—

International

Equity

Fund

—

113,688

900

113,098

International

Small

Company

Fund

9,497

1,913

5,941

5,610

LargeCap

S&P

500

Index

Fund

244,559

39,854

9,368

262,937

MidCap

S&P

Index

Fund

23,950

6,915

1,912

23,948

Real

Estate

Securities

Fund

10,015

1,763

10,979

SmallCap

S&P

600

Index

Fund

17,553

9,561

1,270

21,275

$

431,545

$

195,462

$

129,759

$

475,215

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

516

$

—

$

—

$

(140)

Diversified

International

Fund

2,419

7,576

2,857

(7,791)

Global

Emerging

Markets

Fund

(1)

—

High

Income

Fund

(1)

—

High

Yield

Fund

(3)

—

(199)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(17)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

3,601

(1)

3,306

(12,107)

MidCap

S&P

Index

Fund

814

(1)

2,271

(5,004)

Real

Estate

Securities

Fund

—

(423)

SmallCap

S&P

600

Index

Fund

1,392

(4,575)

$

8,280

$

7,630

$

9,984

$

(29,663)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.83

%

Global

Emerging

Markets

Fund

(a) 279,012

$

7,491

High

Yield

Fund

(a) 428,012

2,825

International

Equity

Fund

(a) 5,279,695

72,649

International

Small

Company

Fund

(a) 327,944

3,604

MidCap

S&P

Index

Fund

(a) 765,102

15,386

Real

Estate

Securities

Fund

(a) 242,817

6,964

SmallCap

S&P

600

Index

Fund

(a) 610,025

13,671

$

122,590

Principal

Funds,

Inc.

Institutional

Class

-

.18

%

Bond

Market

Index

Fund

(a) 1,032,800

8,830

LargeCap

S&P

500

Index

Fund

(a) 6,278,048

168,879

$

177,709

TOTAL

INVESTMENT

COMPANIES

$

300,299

Total

Investments

$

300,299

Other

Assets

and

Liabilities

- (0.01)%

(42)

TOTAL

NET

ASSETS

-

100.00%

$

300,257

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

7,495

$

1,721

$

$

8,830

Diversified

International

Fund

60,686

8,406

68,980

—

Global

Emerging

Markets

Fund

6,491

1,182

7,491

High

Income

Fund

—

High

Yield

Fund

2,344

886

2,825

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

73,028

553

72,649

International

Small

Company

Fund

6,010

1,354

3,851

3,604

LargeCap

S&P

500

Index

Fund

153,858

28,093

5,162

168,879

MidCap

S&P

Index

Fund

15,325

4,770

1,446

15,386

Real

Estate

Securities

Fund

6,297

1,246

6,964

SmallCap

S&P

600

Index

Fund

11,289

6,414

1,041

13,671

$

270,071

$

127,424

$

82,846

$

300,299

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

(65)

Diversified

International

Fund

1,540

4,416

1,822

(4,528)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(1)

—

High

Yield

Fund

(2)

—

(112)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(8)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

2,283

2,097

(7,914)

MidCap

S&P

Index

Fund

526

1,467

(3,264)

Real

Estate

Securities

Fund

—

(269)

SmallCap

S&P

600

Index

Fund

903

(2,994)

$

5,197

$

4,433

$

6,389

$

(18,783)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.85

%

Global

Emerging

Markets

Fund

(a) 150,282

$

4,035

High

Yield

Fund

(a) 233,066

1,538

International

Equity

Fund

(a) 2,842,511

39,113

International

Small

Company

Fund

(a) 177,749

1,953

MidCap

S&P

Index

Fund

(a) 412,686

8,299

Real

Estate

Securities

Fund

(a) 132,032

3,787

SmallCap

S&P

600

Index

Fund

(a) 328,852

7,370

$

66,095

Principal

Funds,

Inc.

Institutional

Class

-

.17

%

Bond

Market

Index

Fund

(a) 562,158

4,807

LargeCap

S&P

500

Index

Fund

(a) 3,380,199

90,927

$

95,734

TOTAL

INVESTMENT

COMPANIES

$

161,829

Total

Investments

$

161,829

Other

Assets

and

Liabilities

- (0.02)%

(28)

TOTAL

NET

ASSETS

-

100.00%

$

161,801

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

3,992

$

1,070

$

$

4,807

Diversified

International

Fund

32,148

4,928

36,998

—

Global

Emerging

Markets

Fund

3,456

717

4,035

High

Income

Fund

—

High

Yield

Fund

1,252

512

1,538

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

39,293

39,113

International

Small

Company

Fund

3,202

829

2,130

1,953

LargeCap

S&P

500

Index

Fund

81,426

17,116

3,483

90,927

MidCap

S&P

Index

Fund

8,163

2,799

921

8,299

Real

Estate

Securities

Fund

3,358

760

3,787

SmallCap

S&P

600

Index

Fund

6,023

3,632

687

7,370

$

143,166

$

71,826

$

45,605

$

161,829

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

(37)

Diversified

International

Fund

826

2,295

969

(2,373)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

—

—

High

Yield

Fund

(1)

—

(58)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

1,217

1,117

(4,135)

MidCap

S&P

Index

Fund

788

(1,743)

Real

Estate

Securities

Fund

—

(144)

SmallCap

S&P

600

Index

Fund

(1,600)

$

2,781

$

2,306

$

3,414

$

(9,864)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.03

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.85

%

Global

Emerging

Markets

Fund

(a) 55,059

$

1,478

High

Yield

Fund

(a) 85,989

568

International

Equity

Fund

(a) 1,041,777

14,335

International

Small

Company

Fund

(a) 64,760

712

MidCap

S&P

Index

Fund

(a) 151,036

3,037

Real

Estate

Securities

Fund

(a) 48,582

1,393

SmallCap

S&P

600

Index

Fund

(a) 120,408

2,698

$

24,221

Principal

Funds,

Inc.

Institutional

Class

-

.18

%

Bond

Market

Index

Fund

(a) 207,273

1,772

LargeCap

S&P

500

Index

Fund

(a) 1,238,715

33,322

$

35,094

TOTAL

INVESTMENT

COMPANIES

$

59,315

Total

Investments

$

59,315

Other

Assets

and

Liabilities

- (0.03)%

(16)

TOTAL

NET

ASSETS

-

100.00%

$

59,299

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

1,329

$

533

$

$

1,772

Diversified

International

Fund

10,531

2,488

13,019

—

Global

Emerging

Markets

Fund

1,134

1,478

High

Income

Fund

—

High

Yield

Fund

568

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

14,411

14,335

International

Small

Company

Fund

1,067

805

712

LargeCap

S&P

500

Index

Fund

26,583

8,946

639

33,322

MidCap

S&P

Index

Fund

2,759

1,293

3,037

Real

Estate

Securities

Fund

1,115

1,393

SmallCap

S&P

600

Index

Fund

2,018

1,504

2,698

$

46,999

$

30,654

$

15,595

$

59,315

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

(9)

Diversified

International

Fund

545

(545)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

—

—

High

Yield

Fund

—

—

(21)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

—

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

—

(1,568)

MidCap

S&P

Index

Fund

(1)

(617)

Real

Estate

Securities

Fund

—

(47)

SmallCap

S&P

600

Index

Fund

—

(572)

$

934

$

545

$

1,163

$

(3,288)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.77

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.59

%

Global

Emerging

Markets

Fund

(a) 6,517

$

High

Yield

Fund

(a) 10,090

International

Equity

Fund

(a) 124,013

1,706

International

Small

Company

Fund

(a) 6,989

MidCap

S&P

Index

Fund

(a) 17,583

Real

Estate

Securities

Fund

(a) 5,727

SmallCap

S&P

600

Index

Fund

(a) 14,115

$

2,859

Principal

Funds,

Inc.

Institutional

Class

-

.18

%

Bond

Market

Index

Fund

(a) 24,329

LargeCap

S&P

500

Index

Fund

(a) 147,244

3,961

$

4,169

TOTAL

INVESTMENT

COMPANIES

$

7,028

Total

Investments

$

7,028

Other

Assets

and

Liabilities

- 0.23%

TOTAL

NET

ASSETS

-

100.00%

$

7,044

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

$

$

$

Diversified

International

Fund

920

573

1,497

—

Global

Emerging

Markets

Fund

High

Income

Fund

—

—

High

Yield

Fund

High

Yield

Fund

-

Institutional

Class

—

—

International

Equity

Fund

—

1,837

1,706

International

Small

Company

Fund

LargeCap

S&P

500

Index

Fund

2,331

2,595

761

3,961

MidCap

S&P

Index

Fund

Real

Estate

Securities

Fund

SmallCap

S&P

600

Index

Fund

$

4,107

$

6,247

$

3,006

$

7,028

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

—

—

(1)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

International

Equity

Fund

—

(1)

—

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

(205)

MidCap

S&P

Index

Fund

(1)

(67)

Real

Estate

Securities

Fund

—

(5)

SmallCap

S&P

600

Index

Fund

(1)

(65)

$

$

$

$

(371)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.76

%

Diversified

Real

Asset

Fund

(a) 65,745

$

753

Global

Emerging

Markets

Fund

(a) 54,906

1,474

High

Yield

Fund

(a) 1,650,091

10,891

International

Equity

Fund

(a) 1,039,254

14,300

International

Small

Company

Fund

(a) 64,101

704

MidCap

S&P

Index

Fund

(a) 150,273

3,022

Real

Estate

Securities

Fund

(a) 105,677

3,031

SmallCap

S&P

600

Index

Fund

(a) 119,909

2,687

$

36,862

Principal

Funds,

Inc.

Institutional

Class

-

.25

%

Bond

Market

Index

Fund

(a) 7,028,344

60,092

Inflation

Protection

Fund

(a) 1,285,805

10,068

LargeCap

S&P

500

Index

Fund

(a) 1,236,023

33,249

Short-Term

Income

Fund

(a) 2,413,071

29,174

$

132,583

TOTAL

INVESTMENT

COMPANIES

$

169,445

Total

Investments

$

169,445

Other

Assets

and

Liabilities

- (0.01)%

(22)

TOTAL

NET

ASSETS

-

100.00%

$

169,423

(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) April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

54,113

$

10,789

$

4,212

$

60,092

Diversified

International

Fund

12,646

1,165

13,768

—

Diversified

Real

Asset

Fund

914

753

Global

Emerging

Markets

Fund

1,374

1,474

High

Income

Fund

1,148

1,366

—

High

Yield

Fund

10,580

3,268

2,488

10,891

High

Yield

Fund

-

Institutional

Class

—

1,320

1,320

—

Inflation

Protection

Fund

9,471

1,613

966

10,068

International

Equity

Fund

—

14,580

14,300

International

Small

Company

Fund

1,266

830

704

LargeCap

S&P

500

Index

Fund

31,985

5,289

2,500

33,249

MidCap

S&P

Index

Fund

3,228

883

3,022

Real

Estate

Securities

Fund

2,811

578

3,031

Short-Term

Income

Fund

27,876

4,315

3,273

29,174

SmallCap

S&P

600

Index

Fund

2,341

1,178

2,687

$

159,753

$

45,560

$

32,300

$

169,445

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

1,930

$

(1)

$

—

$

(597)

Diversified

International

Fund

810

(853)

Diversified

Real

Asset

Fund

—

(28)

Global

Emerging

Markets

Fund

—

—

High

Income

Fund

(4)

—

High

Yield

Fund

(19)

—

(450)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

—

—

(50)

International

Equity

Fund

—

(2)

—

International

Small

Company

Fund

—

(11)

LargeCap

S&P

500

Index

Fund

—

(1,525)

MidCap

S&P

Index

Fund

(659)

Real

Estate

Securities

Fund

—

(122)

Short-Term

Income

Fund

531

(1)

—

SmallCap

S&P

600

Index

Fund

—

(591)

$

4,205

$

827

$

1,335

$

(4,395)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.10

%

Blue

Chip

Fund

(a) 636,402

$

28,657

Core

Fixed

Income

Fund

(a) 29,644,092

254,644

Diversified

Real

Asset

Fund

(a) 256,692

2,939

Global

Emerging

Markets

Fund

(a) 237,323

6,372

High

Yield

Fund

(a) 6,985,919

46,107

International

Equity

Fund

(a) 4,495,408

61,857

International

Small

Company

Fund

(a) 274,921

3,021

LargeCap

Growth

Fund

I

(a) 1,856,531

28,832

MidCap

Fund

(a) 147,578

6,526

Real

Estate

Securities

Fund

(a) 450,349

12,916

SmallCap

Fund

(a) 355,907

9,168

SmallCap

S&P

600

Index

Fund

(a) 112,222

2,515

Small-MidCap

Dividend

Income

Fund

(a) 376,138

6,507

$

470,061

Principal

Funds,

Inc.

Institutional

Class

-

.91

%

Equity

Income

Fund

(a) 740,138

28,088

Inflation

Protection

Fund

(a) 5,422,153

42,455

LargeCap

S&P

500

Index

Fund

(a) 1,112,966

29,939

LargeCap

Value

Fund

III

(a) 1,521,393

27,918

Short-Term

Income

Fund

(a) 10,229,356

123,673

$

252,073

TOTAL

INVESTMENT

COMPANIES

$

722,134

Total

Investments

$

722,134

Other

Assets

and

Liabilities

- (0.01)%

(77)

TOTAL

NET

ASSETS

-

100.00%

$

722,057

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

(a) Sales

(a) April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

33,023

$

1,895

$

5,564

$

28,657

Core

Fixed

Income

Fund

265,468

20,230

32,072

254,644

Diversified

International

Fund

63,552

3,621

66,881

—

Diversified

Real

Asset

Fund

3,337

2,939

Equity

Income

Fund

31,023

4,072

3,299

28,088

Global

Emerging

Markets

Fund

6,637

769

6,372

High

Income

Fund

6,174

7,401

—

High

Yield

Fund

52,801

9,852

14,233

46,107

High

Yield

Fund

-

Institutional

Class

—

7,155

7,155

—

Inflation

Protection

Fund

45,872

2,858

5,963

42,455

International

Equity

Fund

—

63,772

2,007

61,857

International

Small

Company

Fund

6,070

783

3,839

3,021

LargeCap

Growth

Fund

I

32,993

8,556

4,135

28,832

LargeCap

S&P

500

Index

Fund

33,694

1,321

3,684

29,939

LargeCap

Value

Fund

III

31,095

3,623

3,298

27,918

MidCap

Fund

8,168

1,796

6,526

Real

Estate

Securities

Fund

14,733

602

1,807

12,916

Short-Term

Income

Fund

137,787

6,689

21,938

123,673

SmallCap

Fund

11,462

1,576

9,168

SmallCap

S&P

600

Index

Fund

—

3,078

—

2,515

Small-MidCap

Dividend

Income

Fund

7,192

1,028

993

6,507

$

791,081

$

140,625

$

188,862

$

722,134

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

1,405

$

1,448

$

(2,102)

Core

Fixed

Income

Fund

4,713

(2,111)

—

3,129

Diversified

International

Fund

1,524

(4,086)

1,740

3,794

Diversified

Real

Asset

Fund

—

(79)

Equity

Income

Fund

(12)

2,599

(3,696)

Global

Emerging

Markets

Fund

(2)

—

High

Income

Fund

(27)

—

1,088

High

Yield

Fund

1,719

(125)

—

(2,188)

High

Yield

Fund

-

Institutional

Class

—

—

—

—

Inflation

Protection

Fund

1,461

(26)

—

(286)

International

Equity

Fund

—

(32)

—

International

Small

Company

Fund

—

(214)

LargeCap

Growth

Fund

I

(93)

7,965

(8,489)

LargeCap

S&P

500

Index

Fund

(1,492)

LargeCap

Value

Fund

III

1,928

(3,507)

MidCap

Fund

(243)

Real

Estate

Securities

Fund

(63)

(549)

Short-Term

Income

Fund

2,438

—

1,121

SmallCap

Fund

(7)

(1,111)

SmallCap

S&P

600

Index

Fund

—

(563)

Small-MidCap

Dividend

Income

Fund

(7)

(713)

$

14,036

$

(4,782)

$

16,976

$

(15,928)

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

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.40

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.40

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

88,196,668

$

88,197

TOTAL

INVESTMENT

COMPANIES

$

88,197

COMMON

STOCKS

-

.69

%

Shares

Held

Value

(000's)

REITs

-

.69

%

American

Healthcare

REIT

Inc

3,514,363

$

113,444

American

Homes

Rent

4,826,151

180,450

American

Tower

Corp

3,063,837

690,619

Americold

Realty

Trust

Inc

5,607,296

108,445

AvalonBay

Communities

Inc

1,445,751

303,579

Broadstone

Net

Lease

Inc

3,543,916

57,341

Cousins

Properties

Inc

3,691,612

101,667

Digital

Realty

Trust

Inc

1,279,551

205,419

EastGroup

Properties

Inc

368,025

60,143

Equinix

Inc

566,324

487,463

Equity

LifeStyle

Properties

Inc

1,646,065

106,632

Equity

Residential

2,204,777

154,908

Essex

Property

Trust

Inc

431,875

120,558

Extra

Space

Storage

Inc

1,974,655

289,326

Gaming

and

Leisure

Properties

Inc

2,326,958

111,368

Healthpeak

Properties

Inc

6,447,791

115,029

InvenTrust

Properties

Corp

2,095,601

58,383

Invitation

Homes

Inc

6,205,457

212,165

Iron

Mountain

Inc

737,206

66,105

Kilroy

Realty

Corp

1,608,462

50,683

National

Health

Investors

Inc

841,545

63,680

NETSTREIT

Corp

3,966,290

64,531

Prologis

Inc

3,171,024

324,079

Regency

Centers

Corp

3,066,558

221,344

Rexford

Industrial

Realty

Inc

3,295,370

109,077

Ryman

Hospitality

Properties

Inc

1,026,419

90,273

Sabra

Health

Care

REIT

Inc

7,101,541

126,762

Saul

Centers

Inc

279,987

9,156

SBA

Communications

Corp

880,531

214,321

Simon

Property

Group

Inc

913,223

143,723

Sunstone

Hotel

Investors

Inc

3,633,749

30,305

Ventas

Inc

5,353,550

375,177

VICI

Properties

Inc

7,159,452

229,246

Vornado

Realty

Trust

1,941,563

68,498

Welltower

Inc

3,200,724

488,398

Weyerhaeuser

Co

1,706,517

44,216

$

6,196,513

TOTAL

COMMON

STOCKS

$

6,196,513

Total

Investments

$

6,284,710

Other

Assets

and

Liabilities

- (0.09)%

(5,627)

TOTAL

NET

ASSETS

-

100.00%

$

6,279,083

(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.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

142,428

$

354,401

$

408,632

$

88,197

$

142,428

$

354,401

$

408,632

$

88,197

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

2,022

$

—

$

—

$

—

$

2,022

$

—

$

—

$

—

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.62

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

27,205,067

$

27,205

Principal

Exchange-Traded

Funds

-

.06

%

Principal

International

Equity

ETF

(a) 6,205,387

165,932

Principal

U.S.

Mega-Cap

ETF

(a) 8,357,257

473,940

Principal

U.S.

Small-Cap

ETF

(a) 2,181,700

104,002

Principal

Value

ETF

(a) 1,186,000

54,935

$

798,809

Principal

Funds,

Inc.

Class

-

.29

%

Blue

Chip

Fund

(a) 3,647,893

164,265

Core

Fixed

Income

Fund

(a) 78,581,174

675,013

Diversified

Real

Asset

Fund

(a) 11,442,729

131,019

Global

Emerging

Markets

Fund

(a) 3,515,908

94,402

High

Yield

Fund

(a) 20,551,805

135,642

International

Equity

Index

Fund

(a) 1,842,898

22,723

International

Small

Company

Fund

(a) 4,028,663

44,275

LargeCap

Growth

Fund

I

(a) 8,964,575

139,220

MidCap

Fund

(a) 3,812,212

168,576

Real

Estate

Securities

Fund

(a) 1,087,817

31,199

Small-MidCap

Dividend

Income

Fund

(a) 3,576,769

61,878

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 12,473,500

113,259

$

1,781,471

Principal

Funds,

Inc.

Institutional

Class

-

.07

%

Bond

Market

Index

Fund

(a) 32,712,237

279,690

Equity

Income

Fund

(a) 8,529,296

323,687

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 9,602,600

86,423

Government

&

High

Quality

Bond

Fund

(a) 6,050,952

54,580

Inflation

Protection

Fund

(a) 15,520,180

121,523

LargeCap

S&P

500

Index

Fund

(a) 3,357,933

90,328

LargeCap

Value

Fund

III

(a) 12,687,593

232,817

Overseas

Fund

(a) 15,005,796

155,460

Principal

Capital

Appreciation

Fund

(a) 5,064,903

392,176

Short-Term

Income

Fund

(a) 6,548,970

79,177

$

1,815,861

TOTAL

INVESTMENT

COMPANIES

$

4,423,346

Total

Investments

$

4,423,346

Other

Assets

and

Liabilities

- (0.04)%

(1,865)

TOTAL

NET

ASSETS

-

100.00%

$

4,421,481

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

231,165

$

10,805

$

74,897

$

164,265

Bond

Market

Index

Fund

203,829

91,530

13,920

279,690

Core

Fixed

Income

Fund

756,946

14,661

99,409

675,013

Diversified

International

Fund

162,466

8,774

171,474

—

Diversified

Real

Asset

Fund

140,588

1,236

9,642

131,019

Equity

Income

Fund

337,857

85,711

63,820

323,687

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

86,486

3,306

4,048

86,423

Global

Emerging

Markets

Fund

90,341

9,384

6,076

94,402

Government

&

High

Quality

Bond

Fund

58,511

1,146

5,752

54,580

High

Yield

Fund

121,904

24,267

7,168

135,642

Inflation

Protection

Fund

92,013

35,088

5,855

121,523

International

Equity

Index

Fund

21,577

1,026

820

22,723

International

Small

Company

Fund

43,821

1,735

3,523

44,275

LargeCap

Growth

Fund

I

156,758

39,473

16,575

139,220

LargeCap

S&P

500

Index

Fund

98,263

2,876

6,562

90,328

LargeCap

Value

Fund

III

258,926

20,459

16,567

232,817

MidCap

Fund

177,675

6,150

9,953

168,576

Overseas

Fund

156,968

23,191

15,269

155,460

Principal

Capital

Appreciation

Fund

431,060

32,282

39,521

392,176

Principal

Government

Money

Market

Fund

-

Class

4.19%

23,647

55,376

51,818

27,205

Principal

International

Equity

ETF

—

167,298

—

165,932

Principal

U.S.

Mega-Cap

ETF

536,245

—

67,198

473,940

Principal

U.S.

Small-Cap

ETF

127,799

—

18,122

104,002

Principal

Value

ETF

—

59,791

—

54,935

Real

Estate

Securities

Fund

33,006

964

1,426

31,199

Short-Term

Income

Fund

82,766

1,714

6,033

79,177

Small-MidCap

Dividend

Income

Fund

69,881

2,855

3,424

61,878

Spectrum

Preferred

and

Capital

Securities

Income

Fund

119,283

3,430

7,304

113,259

$

4,619,781

$

704,528

$

726,176

$

4,423,346

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

46,436

$

10,252

$

(49,244)

Bond

Market

Index

Fund

8,037

(462)

—

(1,287)

Core

Fixed

Income

Fund

13,491

(9,037)

—

11,852

Diversified

International

Fund

3,945

59,188

4,592

(58,954)

Diversified

Real

Asset

Fund

1,188

(946)

—

(217)

Equity

Income

Fund

2,952

20,293

28,348

(56,354)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

3,130

(685)

—

1,364

Global

Emerging

Markets

Fund

(213)

—

966

Government

&

High

Quality

Bond

Fund

1,020

(309)

—

984

High

Yield

Fund

4,351

(274)

—

(3,087)

Inflation

Protection

Fund

2,945

(736)

—

1,013

International

Equity

Index

Fund

723

884

International

Small

Company

Fund

1,668

—

2,083

LargeCap

Growth

Fund

I

896

(2,442)

38,211

(37,994)

LargeCap

S&P

500

Index

Fund

1,403

923

1,290

(5,172)

LargeCap

Value

Fund

III

3,675

(65)

16,253

(29,936)

MidCap

Fund

(335)

5,420

(4,961)

Overseas

Fund

11,505

(1,858)

11,376

(7,572)

Principal

Capital

Appreciation

Fund

3,008

3,655

18,940

(35,300)

Principal

Government

Money

Market

Fund

-

Class

4.19%

569

—

—

—

Principal

International

Equity

ETF

—

—

—

(1,366)

Principal

U.S.

Mega-Cap

ETF

2,411

20,380

—

(15,487)

Principal

U.S.

Small-Cap

ETF

3,614

—

(9,289)

Principal

Value

ETF

—

—

(4,856)

Real

Estate

Securities

Fund

502

(1,422)

Short-Term

Income

Fund

1,540

(11)

—

741

Small-MidCap

Dividend

Income

Fund

672

(179)

1,975

(7,255)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

3,229

(744)

—

(1,406)

$

74,371

$

136,485

$

137,386

$

(311,272)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.77

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

13,745,943

$

13,746

Principal

Exchange-Traded

Funds

-

.02

%

Principal

International

Equity

ETF

(a) 1,729,178

46,238

Principal

U.S.

Mega-Cap

ETF

(a) 2,212,648

125,479

Principal

U.S.

Small-Cap

ETF

(a) 518,700

24,727

Principal

Value

ETF

(a) 363,000

16,814

$

213,258

Principal

Funds,

Inc.

Class

-

.06

%

Blue

Chip

Fund

(a) 1,045,715

47,088

Core

Fixed

Income

Fund

(a) 55,927,675

480,419

Diversified

Real

Asset

Fund

(a) 3,666,612

41,983

Global

Emerging

Markets

Fund

(a) 952,233

25,567

High

Yield

Fund

(a) 8,286,950

54,694

International

Equity

Index

Fund

(a) 716,078

8,829

International

Small

Company

Fund

(a) 1,012,906

11,132

LargeCap

Growth

Fund

I

(a) 1,291,075

20,050

MidCap

Fund

(a) 675,069

29,852

Real

Estate

Securities

Fund

(a) 420,791

12,068

Small-MidCap

Dividend

Income

Fund

(a) 1,630,126

28,201

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 6,349,730

57,656

$

817,539

Principal

Funds,

Inc.

Institutional

Class

-

.19

%

Bond

Market

Index

Fund

(a) 21,994,862

188,056

Equity

Income

Fund

(a) 3,008,014

114,154

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 9,097,182

81,875

Government

&

High

Quality

Bond

Fund

(a) 4,658,196

42,017

Inflation

Protection

Fund

(a) 9,487,594

74,288

LargeCap

S&P

500

Index

Fund

(a) 933,571

25,113

LargeCap

Value

Fund

III

(a) 1,592,000

29,213

Overseas

Fund

(a) 2,731,515

28,298

Principal

Capital

Appreciation

Fund

(a) 1,296,585

100,395

Short-Term

Income

Fund

(a) 3,944,406

47,688

$

731,097

TOTAL

INVESTMENT

COMPANIES

$

1,775,640

Total

Investments

$

1,775,640

Other

Assets

and

Liabilities

- (0.04)%

(716)

TOTAL

NET

ASSETS

-

100.00%

$

1,774,924

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

74,185

$

3,810

$

30,152

$

47,088

Bond

Market

Index

Fund

160,210

40,804

11,501

188,056

Core

Fixed

Income

Fund

524,588

11,958

58,131

480,419

Diversified

International

Fund

45,382

2,567

48,007

—

Diversified

Real

Asset

Fund

46,769

660

5,053

41,983

Equity

Income

Fund

116,226

35,204

25,277

114,154

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

80,298

4,493

3,554

81,875

Global

Emerging

Markets

Fund

22,894

5,045

2,567

25,567

Government

&

High

Quality

Bond

Fund

42,728

1,256

2,483

42,017

High

Yield

Fund

54,125

6,048

4,117

54,694

Inflation

Protection

Fund

69,272

10,875

5,664

74,288

International

Equity

Index

Fund

8,614

562

711

8,829

International

Small

Company

Fund

10,746

599

775

11,132

LargeCap

Growth

Fund

I

22,649

5,855

2,554

20,050

LargeCap

S&P

500

Index

Fund

29,539

1,045

4,341

25,113

LargeCap

Value

Fund

III

33,586

2,844

3,443

29,213

MidCap

Fund

32,407

1,340

2,954

29,852

Overseas

Fund

29,157

4,475

3,548

28,298

Principal

Capital

Appreciation

Fund

113,188

6,727

11,402

100,395

Principal

Government

Money

Market

Fund

-

Class

4.19%

10,742

20,541

17,537

13,746

Principal

International

Equity

ETF

—

46,619

46,238

Principal

U.S.

Mega-Cap

ETF

143,917

—

19,895

125,479

Principal

U.S.

Small-Cap

ETF

29,629

—

3,505

24,727

Principal

Value

ETF

—

18,298

—

16,814

Real

Estate

Securities

Fund

13,309

1,164

12,068

Short-Term

Income

Fund

50,827

1,320

4,901

47,688

Small-MidCap

Dividend

Income

Fund

32,507

1,638

2,574

28,201

Spectrum

Preferred

and

Capital

Securities

Income

Fund

61,991

2,100

5,339

57,656

$

1,859,485

$

237,168

$

281,150

$

1,775,640

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

19,093

$

3,290

$

(19,848)

Bond

Market

Index

Fund

5,781

(493)

—

(964)

Core

Fixed

Income

Fund

9,328

(7,745)

—

9,749

Diversified

International

Fund

1,103

14,942

1,281

(14,884)

Diversified

Real

Asset

Fund

(478)

—

Equity

Income

Fund

1,003

4,178

9,747

(16,177)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

2,932

(597)

—

1,235

Global

Emerging

Markets

Fund

(87)

—

Government

&

High

Quality

Bond

Fund

764

(132)

—

648

High

Yield

Fund

1,847

(50)

—

(1,312)

Inflation

Protection

Fund

2,219

(710)

—

515

International

Equity

Index

Fund

International

Small

Company

Fund

—

537

LargeCap

Growth

Fund

I

5,491

(5,996)

LargeCap

S&P

500

Index

Fund

892

(2,022)

LargeCap

Value

Fund

III

2,087

(3,897)

MidCap

Fund

(102)

986

(839)

Overseas

Fund

2,147

(251)

2,120

(1,535)

Principal

Capital

Appreciation

Fund

783

1,243

4,914

(9,361)

Principal

Government

Money

Market

Fund

-

Class

4.19%

—

—

—

Principal

International

Equity

ETF

—

—

—

(380)

Principal

U.S.

Mega-Cap

ETF

639

6,116

—

(4,659)

Principal

U.S.

Small-Cap

ETF

746

—

(2,143)

Principal

Value

ETF

—

—

(1,484)

Real

Estate

Securities

Fund

(603)

Short-Term

Income

Fund

937

(11)

—

Small-MidCap

Dividend

Income

Fund

(123)

906

(3,247)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,660

(543)

—

(553)

$

34,348

$

36,214

$

31,491

$

(76,077)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.67

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

20,604,263

$

20,604

Principal

Exchange-Traded

Funds

-

.39

%

Principal

International

Equity

ETF

(a) 5,069,025

135,546

Principal

U.S.

Mega-Cap

ETF

(a) 6,662,445

377,827

Principal

U.S.

Small-Cap

ETF

(a) 2,101,800

100,193

Principal

Value

ETF

(a) 994,000

46,042

$

659,608

Principal

Funds,

Inc.

Class

-

.50

%

Blue

Chip

Fund

(a) 4,072,520

183,385

Core

Fixed

Income

Fund

(a) 27,937,006

239,979

Diversified

Real

Asset

Fund

(a) 9,013,075

103,200

Global

Emerging

Markets

Fund

(a) 3,690,083

99,079

International

Equity

Index

Fund

(a) 2,397,703

29,564

International

Small

Company

Fund

(a) 4,201,576

46,175

LargeCap

Growth

Fund

I

(a) 8,313,335

129,106

MidCap

Fund

(a) 3,200,918

141,545

Principal

High

Yield

Fund

(a) 6,113,597

40,350

Real

Estate

Securities

Fund

(a) 1,267,626

36,355

Small-MidCap

Dividend

Income

Fund

(a) 2,333,544

40,370

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 3,978,714

36,127

$

1,125,235

Principal

Funds,

Inc.

Institutional

Class

-

.48

%

Bond

Market

Index

Fund

(a) 10,060,931

86,021

Equity

Income

Fund

(a) 7,736,907

293,615

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 3,643,691

32,793

Government

&

High

Quality

Bond

Fund

(a) 1,668,705

15,052

Inflation

Protection

Fund

(a) 6,184,244

48,423

LargeCap

S&P

500

Index

Fund

(a) 2,680,619

72,109

LargeCap

Value

Fund

III

(a) 11,929,927

218,914

Overseas

Fund

(a) 12,637,901

130,929

Principal

Capital

Appreciation

Fund

(a) 4,921,673

381,085

$

1,278,941

TOTAL

INVESTMENT

COMPANIES

$

3,084,388

Total

Investments

$

3,084,388

Other

Assets

and

Liabilities

- (0.04)%

(1,300)

TOTAL

NET

ASSETS

-

100.00%

$

3,083,088

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

233,808

$

10,956

$

58,035

$

183,385

Bond

Market

Index

Fund

84,104

6,573

3,851

86,021

Core

Fixed

Income

Fund

252,687

5,325

19,132

239,979

Diversified

International

Fund

131,053

7,724

139,021

—

Diversified

Real

Asset

Fund

108,895

939

5,760

103,200

Equity

Income

Fund

349,172

33,454

48,467

293,615

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

32,633

1,538

1,640

32,793

Global

Emerging

Markets

Fund

85,979

17,144

4,433

99,079

Government

&

High

Quality

Bond

Fund

15,494

1,027

15,052

High

Yield

Fund

32,683

10,105

1,450

40,350

Inflation

Protection

Fund

18,288

30,281

786

48,423

International

Equity

Index

Fund

28,686

1,573

1,912

29,564

International

Small

Company

Fund

45,484

1,967

3,604

46,175

LargeCap

Growth

Fund

I

140,913

35,599

10,448

129,106

LargeCap

S&P

500

Index

Fund

78,165

2,479

5,128

72,109

LargeCap

Value

Fund

III

237,492

19,174

10,091

218,914

MidCap

Fund

144,886

7,865

6,770

141,545

Overseas

Fund

124,655

26,420

12,279

130,929

Principal

Capital

Appreciation

Fund

399,651

32,637

20,035

381,085

Principal

Government

Money

Market

Fund

-

Class

4.19%

19,881

38,599

37,876

20,604

Principal

International

Equity

ETF

—

136,661

(1)

135,546

Principal

U.S.

Mega-Cap

ETF

410,885

—

35,625

377,827

Principal

U.S.

Small-Cap

ETF

118,718

—

12,783

100,193

Principal

Value

ETF

—

50,335

—

46,042

Real

Estate

Securities

Fund

39,260

1,189

2,487

36,355

Small-MidCap

Dividend

Income

Fund

45,348

2,122

2,208

40,370

Spectrum

Preferred

and

Capital

Securities

Income

Fund

38,224

1,142

2,556

36,127

$

3,217,044

$

482,198

$

447,403

$

3,084,388

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

34,133

$

10,289

$

(37,477)

Bond

Market

Index

Fund

2,877

(108)

—

(697)

Core

Fixed

Income

Fund

4,531

(2,982)

—

4,081

Diversified

International

Fund

3,205

46,977

3,739

(46,733)

Diversified

Real

Asset

Fund

927

(553)

—

(321)

Equity

Income

Fund

3,129

9,600

29,177

(50,144)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

1,193

(272)

—

534

Global

Emerging

Markets

Fund

(227)

—

616

Government

&

High

Quality

Bond

Fund

(52)

—

High

Yield

Fund

1,222

(26)

—

(962)

Inflation

Protection

Fund

600

(68)

—

708

International

Equity

Index

Fund

963

1,106

International

Small

Company

Fund

1,721

—

2,253

LargeCap

Growth

Fund

I

799

(1,533)

34,071

(35,425)

LargeCap

S&P

500

Index

Fund

1,109

650

1,020

(4,057)

LargeCap

Value

Fund

III

3,373

14,912

(27,762)

MidCap

Fund

(252)

4,422

(4,184)

Overseas

Fund

9,708

(1,350)

9,584

(6,517)

Principal

Capital

Appreciation

Fund

2,841

1,476

17,802

(32,644)

Principal

Government

Money

Market

Fund

-

Class

4.19%

—

—

—

Principal

International

Equity

ETF

—

—

—

(1,116)

Principal

U.S.

Mega-Cap

ETF

1,922

12,026

—

(9,459)

Principal

U.S.

Small-Cap

ETF

2,549

—

(8,291)

Principal

Value

ETF

—

—

(4,293)

Real

Estate

Securities

Fund

600

(1,731)

Small-MidCap

Dividend

Income

Fund

(156)

1,283

(4,736)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,036

(255)

—

(428)

$

44,291

$

99,988

$

127,202

$

(267,439)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.71

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

15,753,325

$

15,753

Principal

Exchange-Traded

Funds

-

.41

%

Principal

Active

High

Yield

ETF

(a) 2,073,084

39,212

Principal

International

Equity

ETF

(a) 2,208,147

59,046

Principal

U.S.

Mega-Cap

ETF

(a) 2,381,095

135,032

Principal

U.S.

Small-Cap

ETF

(a) 215,000

10,249

Principal

Value

ETF

(a) 226,000

10,468

$

254,007

Principal

Funds,

Inc.

Class

-

.19

%

Core

Fixed

Income

Fund

(a) 88,846,256

763,191

Diversified

Real

Asset

Fund

(a) 1,989,048

22,775

Global

Emerging

Markets

Fund

(a) 403,210

10,826

High

Yield

Fund

(a) 5,884,725

38,839

LargeCap

Growth

Fund

I

(a) 648,755

10,075

MidCap

Fund

(a) 475,055

21,007

Real

Estate

Securities

Fund

(a) 385,189

11,047

Small-MidCap

Dividend

Income

Fund

(a) 1,984,056

34,324

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 7,894,910

71,686

$

983,770

Principal

Funds,

Inc.

Institutional

Class

-

.73

%

Bond

Market

Index

Fund

(a) 32,891,602

281,223

Equity

Income

Fund

(a) 2,183,640

82,869

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 14,273,560

128,462

Government

&

High

Quality

Bond

Fund

(a) 10,855,235

97,914

Inflation

Protection

Fund

(a) 17,128,073

134,113

LargeCap

S&P

500

Index

Fund

(a) 825,166

22,197

LargeCap

Value

Fund

III

(a) 2,529,381

46,414

Overseas

Fund

(a) 2,076,184

21,509

Principal

Capital

Appreciation

Fund

(a) 1,012,255

78,379

Short-Term

Income

Fund

(a) 6,664,134

80,570

$

973,650

TOTAL

INVESTMENT

COMPANIES

$

2,227,180

Total

Investments

$

2,227,180

Other

Assets

and

Liabilities

- (0.04)%

(914)

TOTAL

NET

ASSETS

-

100.00%

$

2,226,266

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

283,421

$

25,620

$

24,580

$

281,223

Core

Fixed

Income

Fund

820,586

18,709

79,317

763,191

Diversified

International

Fund

58,735

3,151

61,941

—

Diversified

Real

Asset

Fund

27,507

4,788

22,775

Equity

Income

Fund

77,317

31,479

18,387

82,869

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

131,306

5,866

9,740

128,462

Global

Emerging

Markets

Fund

—

11,534

10,826

Government

&

High

Quality

Bond

Fund

100,457

2,729

6,471

97,914

High

Yield

Fund

27,590

15,481

3,267

38,839

Inflation

Protection

Fund

141,231

5,401

11,667

134,113

LargeCap

Growth

Fund

I

22,620

5,707

13,457

10,075

LargeCap

S&P

500

Index

Fund

25,294

880

2,947

22,197

LargeCap

Value

Fund

III

52,816

4,331

4,791

46,414

MidCap

Fund

23,408

874

2,615

21,007

Overseas

Fund

16,335

8,571

2,075

21,509

Principal

Active

High

Yield

ETF

40,363

—

39,212

Principal

Capital

Appreciation

Fund

98,927

5,400

19,567

78,379

Principal

Government

Money

Market

Fund

-

Class

4.19%

17,105

11,813

13,165

15,753

Principal

International

Equity

ETF

—

59,532

—

59,046

Principal

U.S.

Mega-Cap

ETF

158,989

—

26,079

135,032

Principal

U.S.

Small-Cap

ETF

14,467

—

3,775

10,249

Principal

Value

ETF

—

11,632

—

10,468

Real

Estate

Securities

Fund

11,876

520

876

11,047

Short-Term

Income

Fund

84,492

2,282

6,946

80,570

Small-MidCap

Dividend

Income

Fund

41,084

1,896

4,508

34,324

Spectrum

Preferred

and

Capital

Securities

Income

Fund

77,189

2,622

6,763

71,686

$

2,353,115

$

236,317

$

328,135

$

2,227,180

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,924

$

(924)

$

—

$

(2,314)

Core

Fixed

Income

Fund

14,556

(13,013)

—

16,226

Diversified

International

Fund

1,419

6,435

1,641

(6,380)

Diversified

Real

Asset

Fund

—

(679)

Equity

Income

Fund

659

7,040

6,463

(14,580)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

4,691

(1,622)

—

2,652

Global

Emerging

Markets

Fund

—

(26)

—

(270)

Government

&

High

Quality

Bond

Fund

1,777

(807)

—

2,006

High

Yield

Fund

1,088

—

(1,014)

Inflation

Protection

Fund

4,513

(1,455)

—

603

LargeCap

Growth

Fund

I

1,278

5,489

(6,073)

LargeCap

S&P

500

Index

Fund

555

(1,585)

LargeCap

Value

Fund

III

737

3,259

(6,039)

MidCap

Fund

(83)

712

(577)

Overseas

Fund

1,588

(239)

1,568

(1,083)

Principal

Active

High

Yield

ETF

1,477

—

—

(1,150)

Principal

Capital

Appreciation

Fund

679

3,472

4,265

(9,853)

Principal

Government

Money

Market

Fund

-

Class

4.19%

—

—

—

Principal

International

Equity

ETF

—

—

—

(486)

Principal

U.S.

Mega-Cap

ETF

709

8,268

—

(6,146)

Principal

U.S.

Small-Cap

ETF

—

(886)

Principal

Value

ETF

—

—

(1,164)

Real

Estate

Securities

Fund

(524)

Short-Term

Income

Fund

1,567

(5)

—

747

Small-MidCap

Dividend

Income

Fund

(218)

1,142

(3,930)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

2,058

(682)

—

(680)

$

49,115

$

9,062

$

25,047

$

(43,179)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.81

%

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b)

17,662,025

$

17,662

Principal

Exchange-Traded

Funds

-

.23

%

Principal

International

Equity

ETF

(a) 4,992,130

133,490

Principal

U.S.

Mega-Cap

ETF

(a) 5,261,800

298,397

Principal

U.S.

Small-Cap

ETF

(a) 1,706,500

81,349

Principal

Value

ETF

(a) 1,198,000

55,491

$

568,727

Principal

Funds,

Inc.

Class

-

.21

%

Blue

Chip

Fund

(a) 2,689,752

121,119

Diversified

Real

Asset

Fund

(a) 6,605,378

75,632

Global

Emerging

Markets

Fund

(a) 3,377,278

90,680

International

Equity

Index

Fund

(a) 2,171,050

26,769

International

Small

Company

Fund

(a) 4,984,145

54,776

LargeCap

Growth

Fund

I

(a) 6,943,901

107,839

MidCap

Fund

(a) 2,545,554

112,564

Real

Estate

Securities

Fund

(a) 647,655

18,575

Small-MidCap

Dividend

Income

Fund

(a) 1,459,914

25,256

$

633,210

Principal

Funds,

Inc.

Institutional

Class

-

.79

%

Bond

Market

Index

Fund

(a) 1,948,692

16,661

Equity

Income

Fund

(a) 6,122,201

232,338

Inflation

Protection

Fund

(a) 1,462,119

11,448

LargeCap

S&P

500

Index

Fund

(a) 2,281,416

61,370

LargeCap

Value

Fund

III

(a) 10,485,587

192,411

Overseas

Fund

(a) 11,651,878

120,713

Principal

Capital

Appreciation

Fund

(a) 4,061,954

314,517

$

949,458

TOTAL

INVESTMENT

COMPANIES

$

2,169,057

Total

Investments

$

2,169,057

Other

Assets

and

Liabilities

- (0.04)%

(920)

TOTAL

NET

ASSETS

-

100.00%

$

2,168,137

(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

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

190,250

$

9,072

$

76,326

$

121,119

Bond

Market

Index

Fund

—

16,900

568

16,661

Diversified

International

Fund

128,926

8,055

137,220

—

Diversified

Real

Asset

Fund

80,693

696

5,095

75,632

Equity

Income

Fund

284,475

27,535

46,899

232,338

Global

Emerging

Markets

Fund

78,749

16,720

5,043

90,680

Inflation

Protection

Fund

—

11,730

568

11,448

International

Equity

Index

Fund

26,301

1,884

2,482

26,769

International

Small

Company

Fund

52,595

2,989

3,591

54,776

LargeCap

Growth

Fund

I

115,081

29,720

6,359

107,839

LargeCap

S&P

500

Index

Fund

65,802

2,312

3,882

61,370

LargeCap

Value

Fund

III

209,760

17,181

10,120

192,411

MidCap

Fund

117,146

4,132

5,135

112,564

Overseas

Fund

111,750

28,196

11,832

120,713

Principal

Capital

Appreciation

Fund

333,675

28,566

21,943

314,517

Principal

Government

Money

Market

Fund

-

Class

4.19%

16,448

44,375

43,161

17,662

Principal

International

Equity

ETF

—

134,589

—

133,490

Principal

U.S.

Mega-Cap

ETF

312,846

—

15,245

298,397

Principal

U.S.

Small-Cap

ETF

96,419

—

10,409

81,349

Principal

Value

ETF

—

60,607

—

55,491

Real

Estate

Securities

Fund

18,503

920

18,575

Small-MidCap

Dividend

Income

Fund

28,754

1,455

1,877

25,256

$

2,268,173

$

447,634

$

407,828

$

2,169,057

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

$

36,315

$

8,395

$

(38,192)

Bond

Market

Index

Fund

—

(2)

—

Diversified

International

Fund

3,163

42,114

3,684

(41,875)

Diversified

Real

Asset

Fund

683

(593)

—

(69)

Equity

Income

Fund

2,521

2,238

23,840

(35,011)

Global

Emerging

Markets

Fund

(315)

—

569

Inflation

Protection

Fund

—

—

International

Equity

Index

Fund

897

973

International

Small

Company

Fund

2,020

(462)

—

3,245

LargeCap

Growth

Fund

I

659

28,138

(30,802)

LargeCap

S&P

500

Index

Fund

937

862

(3,264)

LargeCap

Value

Fund

III

2,969

13,139

(24,458)

MidCap

Fund

(220)

3,577

(3,359)

Overseas

Fund

9,002

(1,506)

8,887

(5,895)

Principal

Capital

Appreciation

Fund

2,354

1,555

14,768

(27,336)

Principal

Government

Money

Market

Fund

-

Class

4.19%

—

—

—

Principal

International

Equity

ETF

—

—

—

(1,099)

Principal

U.S.

Mega-Cap

ETF

1,489

4,438

—

(3,642)

Principal

U.S.

Small-Cap

ETF

2,079

—

(6,740)

Principal

Value

ETF

—

—

(5,116)

Real

Estate

Securities

Fund

(776)

Small-MidCap

Dividend

Income

Fund

(127)

809

(2,949)

$

28,846

$

86,265

$

106,670

$

(225,187)

Amounts

in

thousands.

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.91

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.91

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

780,561

$

781

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

128,051,715

128,052

$

128,833

TOTAL

INVESTMENT

COMPANIES

$

128,833

BONDS

-

.35

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.23

%

BAE

Systems

PLC

5.13%,

03/26/2029

(d) $

8,600

$

8,781

Lockheed

Martin

Corp

4.50%,

02/15/2029

13,350

13,470

Northrop

Grumman

Corp

4.60%,

02/01/2029

10,000

10,107

RTX

Corp

5.75%,

11/08/2026

8,075

8,230

$

40,588

Agriculture

-

.62

%

Bunge

Ltd

Finance

Corp

1.63%,

08/17/2025

4,200

4,161

4.10%,

01/07/2028

5,500

5,460

4.20%,

09/17/2029

11,000

10,861

$

20,482

Airlines

-

.61

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(d) 8,414

8,414

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(d) 10,600

10,280

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.50%,

10/20/2025

(d) 1,446

1,433

$

20,127

Automobile

Asset

Backed

Securities

-

.22

%

AmeriCredit

Automobile

Receivables

Trust

2024-1

5.75%,

02/18/2028

2,469

2,476

BMW

Vehicle

Owner

Trust

2024-A

5.42%,

02/25/2027

2,807

2,814

Chase

Auto

Owner

Trust

2024-5

4.40%,

11/26/2027

(d) 8,074

8,063

Consumer

Portfolio

Services

Auto

Trust

2025-A

4.77%,

10/16/2028

(d) 7,845

7,843

CPS

Auto

Receivables

Trust

2024-A

5.71%,

09/15/2027

(d) 1,466

1,468

CPS

Auto

Receivables

Trust

2024-B

5.78%,

01/18/2028

(d) 4,877

4,887

CPS

Auto

Receivables

Trust

2024-C

5.88%,

02/15/2028

(d) 4,995

5,017

CPS

Auto

Receivables

Trust

2024-D

4.91%,

06/15/2028

(d) 7,370

7,370

Ford

Credit

Auto

Owner

Trust

2020-REV2

1.06%,

04/15/2033

(d) 11,000

10,820

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-3

5.74%,

09/16/2026

GM

Financial

Consumer

Automobile

Receivables

Trust

2023-4

5.89%,

11/16/2026

1,414

1,416

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-3

5.35%,

06/16/2027

8,762

8,785

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-4

4.53%,

10/18/2027

8,445

8,443

GM

Financial

Consumer

Automobile

Receivables

Trust

2025-1

4.44%,

01/18/2028

13,600

13,592

Honda

Auto

Receivables

2023-2

Owner

Trust

5.41%,

04/15/2026

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

$

12,000

$

11,993

OneMain

Direct

Auto

Receivables

Trust

2019-1

3.63%,

09/14/2027

(d) 3,978

3,959

Onemain

Direct

Auto

Receivables

Trust

2022-1

4.65%,

03/14/2029

(d) 4,364

4,363

Santander

Drive

Auto

Receivables

Trust

2024-5

4.88%,

09/15/2027

4,279

4,279

Toyota

Auto

Loan

Extended

Note

Trust

2020-1

1.35%,

05/25/2033

(d) 6,100

6,086

Toyota

Auto

Loan

Extended

Note

Trust

2023-1

4.93%,

06/25/2036

(d) 7,600

7,754

Toyota

Auto

Receivables

2024-D

Owner

Trust

4.55%,

08/16/2027

5,246

5,246

Westlake

Automobile

Receivables

Trust

2024-1

5.62%,

03/15/2027

(d) 2,935

2,938

Westlake

Automobile

Receivables

Trust

2024-2

5.75%,

08/16/2027

(d) 5,058

5,071

Westlake

Automobile

Receivables

Trust

2024-3

4.82%,

09/15/2027

(d) 7,257

7,258

Westlake

Automobile

Receivables

Trust

2025-1

4.66%,

01/18/2028

(d) 9,400

9,401

World

Omni

Auto

Receivables

Trust

2025-A

4.49%,

04/17/2028

12,500

12,512

World

Omni

Select

Auto

Trust

2024-A

5.37%,

02/15/2028

8,010

8,029

$

172,160

Banks

-

.42

%

Bank

of

America

Corp

1.20%,

10/24/2026

(e) 9,600

9,444

Secured

Overnight

Financing

Rate

+

1.01%

1.32%,

06/19/2026

(e) 19,400

19,309

Secured

Overnight

Financing

Rate

+

1.15%

4.98%,

01/24/2029

(e) 9,400

9,525

Secured

Overnight

Financing

Rate

+

0.83%

5.16%,

01/24/2031

(e) 9,400

9,575

Secured

Overnight

Financing

Rate

+

1.00%

Bank

of

Ireland

Group

PLC

5.60%,

03/20/2030

(d),(e)

14,100

14,436

Secured

Overnight

Financing

Rate

+

1.62%

Bank

of

Montreal

0.95%,

01/22/2027

(e) 14,700

14,321

Secured

Overnight

Financing

Rate

+

0.60%

5.00%,

01/27/2029

(e) 9,400

9,546

Secured

Overnight

Financing

Rate

+

0.67%

Bank

of

New

York

Mellon/The

4.73%,

04/20/2029

(e) 5,750

5,831

Secured

Overnight

Financing

Rate

+

1.14%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

5,300

5,088

4.40%,

09/08/2028

(e) 9,400

9,389

Secured

Overnight

Financing

Rate

+

1.00%

Barclays

PLC

2.28%,

11/24/2027

(e) 7,308

7,041

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

5.30%,

08/09/2026

(e) 7,250

7,254

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

BNP

Paribas

SA

4.79%,

05/09/2029

(d),(e),(f)

8,000

7,994

Secured

Overnight

Financing

Rate

+

1.45%

5.09%,

05/09/2031

(d),(e),(f)

10,600

10,583

Secured

Overnight

Financing

Rate

+

1.68%

5.13%,

01/13/2029

(d),(e)

8,400

8,527

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.45%

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Canadian

Imperial

Bank

of

Commerce

5.93%,

10/02/2026

$

6,900

$

7,044

5.99%,

10/03/2028

3,440

3,608

Citibank

NA

4.88%,

11/19/2027

(e) 8,000

8,055

Secured

Overnight

Financing

Rate

+

0.71%

Citigroup

Inc

1.12%,

01/28/2027

(e) 19,600

19,098

Secured

Overnight

Financing

Rate

+

0.77%

4.54%,

09/19/2030

(e) 9,500

9,403

Secured

Overnight

Financing

Rate

+

1.34%

5.17%,

02/13/2030

(e) 8,000

8,118

Secured

Overnight

Financing

Rate

+

1.36%

Deutsche

Bank

AG/New

York

NY

5.41%,

05/10/2029

6,100

6,285

6.82%,

11/20/2029

(e) 7,100

7,543

Secured

Overnight

Financing

Rate

+

2.51%

Fifth

Third

Bancorp

4.89%,

09/06/2030

(e) 3,400

3,391

Secured

Overnight

Financing

Rate

+

1.49%

Fifth

Third

Bank

NA

4.97%,

01/28/2028

(e) 2,800

2,817

Secured

Overnight

Financing

Rate

+

0.81%

Goldman

Sachs

Group

Inc/The

2.64%,

02/24/2028

(e) 8,600

8,317

Secured

Overnight

Financing

Rate

+

1.11%

4.48%,

08/23/2028

(e) 10,500

10,506

Secured

Overnight

Financing

Rate

+

1.73%

5.18%,

12/09/2026

14,700

14,698

Secured

Overnight

Financing

Rate

+

0.79%

5.21%,

01/28/2031

(e) 12,500

12,713

Secured

Overnight

Financing

Rate

+

1.08%

5.22%,

04/23/2031

(e) 12,500

12,731

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(e) 8,235

8,536

Secured

Overnight

Financing

Rate

+

1.27%

JPMorgan

Chase

&

Co

1.04%,

02/04/2027

(e) 15,800

15,393

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.70%

1.05%,

11/19/2026

(e) 19,600

19,217

Secured

Overnight

Financing

Rate

+

0.80%

4.45%,

12/05/2029

(e) 6,650

6,642

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

4.51%,

10/22/2028

(e) 8,400

8,424

Secured

Overnight

Financing

Rate

+

0.86%

4.92%,

01/24/2029

(e) 6,000

6,085

Secured

Overnight

Financing

Rate

+

0.80%

5.57%,

04/22/2028

(e) 6,200

6,340

Secured

Overnight

Financing

Rate

+

0.93%

5.58%,

04/22/2030

(e) 6,200

6,425

Secured

Overnight

Financing

Rate

+

1.16%

KeyBank

NA/Cleveland

OH

5.85%,

11/15/2027

15,900

16,329

Morgan

Stanley

1.59%,

05/04/2027

(e) 10,750

10,437

Secured

Overnight

Financing

Rate

+

0.88%

2.48%,

01/21/2028

(e) 6,000

5,797

Secured

Overnight

Financing

Rate

+

1.00%

4.65%,

10/18/2030

(e) 10,000

9,968

Secured

Overnight

Financing

Rate

+

1.10%

5.05%,

01/28/2027

(e) 10,000

10,038

Secured

Overnight

Financing

Rate

+

1.30%

5.17%,

01/16/2030

(e) 9,350

9,523

Secured

Overnight

Financing

Rate

+

1.45%

5.23%,

01/15/2031

(e) 7,500

7,647

Secured

Overnight

Financing

Rate

+

1.11%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

5.65%,

04/13/2028

(e) $

2,575

$

2,629

Secured

Overnight

Financing

Rate

+

1.01%

5.66%,

04/18/2030

(e) 6,200

6,413

Secured

Overnight

Financing

Rate

+

1.26%

Morgan

Stanley

Bank

NA

5.02%,

01/12/2029

(e) 10,500

10,658

Secured

Overnight

Financing

Rate

+

0.91%

NatWest

Group

PLC

4.96%,

08/15/2030

(e) 9,500

9,548

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.22%

5.66%,

11/15/2028

9,500

9,516

Secured

Overnight

Financing

Rate

+

1.30%

PNC

Financial

Services

Group

Inc/The

5.22%,

01/29/2031

(e) 6,400

6,544

Secured

Overnight

Financing

Rate

+

1.07%

Royal

Bank

of

Canada

0.88%,

01/20/2026

(g) 14,700

14,352

Societe

Generale

SA

5.50%,

04/13/2029

(d),(e)

12,500

12,693

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

Swedbank

AB

5.00%,

11/20/2029

(d) 8,500

8,673

Toronto-Dominion

Bank/The

0.75%,

01/06/2026

14,700

14,343

Truist

Financial

Corp

1.27%,

03/02/2027

(e) 5,230

5,082

Secured

Overnight

Financing

Rate

+

0.61%

7.16%,

10/30/2029

(e) 10,000

10,796

Secured

Overnight

Financing

Rate

+

2.45%

UBS

Group

AG

3.87%,

01/12/2029

(d),(e)

15,000

14,702

Month

USD

LIBOR

+

1.41%

US

Bancorp

5.10%,

07/23/2030

(e) 4,800

4,878

Secured

Overnight

Financing

Rate

+

1.25%

5.38%,

01/23/2030

(e) 3,675

3,763

Secured

Overnight

Financing

Rate

+

1.56%

Wells

Fargo

&

Co

5.24%,

01/24/2031

(e) 4,250

4,338

Secured

Overnight

Financing

Rate

+

1.11%

5.71%,

04/22/2028

(e) 6,200

6,337

Secured

Overnight

Financing

Rate

+

1.07%

$

574,256

Biotechnology

-

.45

%

Amgen

Inc

5.15%,

03/02/2028

9,100

9,301

Gilead

Sciences

Inc

4.80%,

11/15/2029

5,500

5,597

$

14,898

Building

Materials

-

.28

%

Vulcan

Materials

Co

4.95%,

12/01/2029

9,000

9,093

Chemicals

-

.24

%

Westlake

Corp

3.60%,

08/15/2026

7,900

7,791

Commercial

Mortgage

Backed

Securities

-

.05

%

Arbor

Multifamily

Mortgage

Securities

Trust

2022-MF4

3.27%,

02/15/2055

(d),(h)

5,857

5,740

ARES

Trust

2025-IND3

5.80%,

04/15/2042

(d) 9,200

9,125

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

BFLD

Commercial

Mortgage

Trust

2024-UNIV

5.81%,

11/15/2041

(d) $

8,900

$

8,897

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

BX

2024-PALM

5.86%,

06/15/2037

(d) 10,125

10,097

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BX

Commercial

Mortgage

Trust

2021-ACNT

5.29%,

11/15/2038

(d) 9,430

9,395

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.96%

BX

Commercial

Mortgage

Trust

2021-SOAR

5.11%,

06/15/2038

(d) 10,696

10,653

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.78%

BX

Commercial

Mortgage

Trust

2021-VOLT

5.14%,

09/15/2036

(d) 15,000

14,859

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

BX

Commercial

Mortgage

Trust

2024-AIRC

6.01%,

08/15/2039

(d) 16,502

16,502

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-GPA3

5.61%,

12/15/2039

(d) 1,782

1,775

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

BX

Trust

2021-BXMF

5.07%,

10/15/2026

(d) 9,696

9,648

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.75%

BX

Trust

2021-LGCY

4.94%,

10/15/2036

(d) 10,700

10,646

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.62%

BX

Trust

2025-DIME

5.47%,

02/15/2035

(d) 9,400

9,233

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.15%

ELP

Commercial

Mortgage

Trust

2021-ELP

5.14%,

11/15/2038

(d) 14,983

14,908

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.82%

GS

Mortgage

Securities

Corp

Trust

2023-SHIP

4.47%,

09/10/2038

(d),(h)

2,350

2,338

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2021-MHC

5.49%,

04/15/2038

(d) 12,473

12,449

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.16%

KRE

Commercial

Mortgage

Trust

2025-AIP4

5.62%,

03/15/2042

(d) 12,600

12,502

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

LBA

Trust

2024-7IND

5.76%,

10/15/2041

(d) 9,200

9,194

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

LBA

Trust

2024-BOLT

5.91%,

06/15/2039

(d) 12,750

12,750

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

Life

2022-BMR

Mortgage

Trust

5.62%,

05/15/2039

(d) 18,400

17,790

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

MED

Commercial

Mortgage

Trust

2024-MOB

5.91%,

05/15/2041

(d) $

15,000

$

14,920

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

MHC

Commercial

Mortgage

Trust

2021-MHC

5.24%,

04/15/2038

(d) 2,468

2,465

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

MHP

2021-STOR

5.14%,

07/15/2038

(d) 8,800

8,762

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

MHP

2022-MHIL

5.14%,

01/15/2039

(d) 7,484

7,437

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

PRM5

Trust

2025-PRM5

4.62%,

03/10/2033

(d),(h)

5,000

4,964

SREIT

Trust

2021-MFP

5.17%,

11/15/2038

(d) 10,989

10,941

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.85%

TEXAS

Commercial

Mortgage

Trust

2025-TWR

5.61%,

04/15/2042

(d) 7,500

7,408

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

WB

Commercial

Mortgage

Trust

2024-HQ

6.13%,

03/15/2040

(d),(h)

10,000

10,045

$

265,443

Computers

-

.58

%

Apple

Inc

1.13%,

05/11/2025

15,000

14,984

Dell

International

LLC

/

EMC

Corp

4.75%,

04/01/2028

4,000

4,032

5.00%,

04/01/2030

9,250

9,281

Hewlett

Packard

Enterprise

Co

4.40%,

09/25/2027

14,500

14,491

4.55%,

10/15/2029

9,500

9,411

$

52,199

Diversified

Financial

Services

-

.29

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.45%,

04/15/2027

9,127

9,410

Electric

-

.84

%

AES

Corp/The

1.38%,

01/15/2026

14,600

14,237

Alliant

Energy

Finance

LLC

1.40%,

03/15/2026

(d) 4,600

4,446

5.95%,

03/30/2029

(d) 8,800

9,176

Consumers

Energy

Co

4.90%,

02/15/2029

(g) 8,200

8,360

DTE

Energy

Co

1.05%,

06/01/2025

4,400

4,385

3.40%,

06/15/2029

2,000

1,903

5.10%,

03/01/2029

5,000

5,071

Duke

Energy

Corp

0.90%,

09/15/2025

9,750

9,612

Evergy

Kansas

Central

Inc

4.70%,

03/13/2028

4,100

4,144

Exelon

Corp

5.15%,

03/15/2029

6,330

6,471

Fortis

Inc/Canada

3.06%,

10/04/2026

14,594

14,275

NextEra

Energy

Capital

Holdings

Inc

4.90%,

02/28/2028

3,458

3,506

4.90%,

03/15/2029

10,000

10,129

5.75%,

09/01/2025

17,200

17,254

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

OGE

Energy

Corp

5.45%,

05/15/2029

$

10,000

$

10,315

PacifiCorp

5.10%,

02/15/2029

9,050

9,230

Public

Service

Enterprise

Group

Inc

0.80%,

08/15/2025

14,600

14,435

4.90%,

03/15/2030

(g) 4,100

4,139

5.20%,

04/01/2029

10,000

10,248

5.88%,

10/15/2028

8,000

8,356

Southern

Co/The

5.50%,

03/15/2029

10,300

10,690

Southwestern

Electric

Power

Co

1.65%,

03/15/2026

11,600

11,311

Tampa

Electric

Co

4.90%,

03/01/2029

2,340

2,378

Vistra

Operations

Co

LLC

3.70%,

01/30/2027

(d) 19,500

19,163

Wisconsin

Public

Service

Corp

4.55%,

12/01/2029

5,500

5,557

Xcel

Energy

Inc

1.75%,

03/15/2027

7,000

6,653

$

225,444

Environmental

Control

-

.28

%

Republic

Services

Inc

4.75%,

07/15/2030

9,000

9,133

Food

-

.72

%

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

5.13%,

02/01/2028

7,800

7,883

Mars

Inc

4.60%,

03/01/2028

(d) 6,300

6,368

4.80%,

03/01/2030

(d) 9,400

9,514

$

23,765

Forest

Products

&

Paper

-

.30

%

Georgia-Pacific

LLC

1.75%,

09/30/2025

(d) 10,000

9,878

Gas

-

.52

%

NiSource

Inc

0.95%,

08/15/2025

14,600

14,448

5.25%,

03/30/2028

2,700

2,759

$

17,207

Healthcare

-

Products

-

.31

%

Solventum

Corp

5.40%,

03/01/2029

10,000

10,199

Healthcare

-

Services

-

.30

%

Centene

Corp

4.25%,

12/15/2027

16,750

16,368

Cigna

Group/The

1.25%,

03/15/2026

3,534

3,437

HCA

Inc

5.25%,

06/15/2026

20,000

20,056

5.88%,

02/01/2029

3,000

3,098

$

42,959

Home

Equity

Asset

Backed

Securities

-

.54

%

JP

Morgan

Mortgage

Trust

2023-HE1

6.10%,

11/25/2053

(d) 1,507

1,517

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.75%

JP

Morgan

Mortgage

Trust

2023-HE2

6.05%,

03/20/2054

(d) 7,056

7,103

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.70%

JP

Morgan

Mortgage

Trust

2023-HE3

5.95%,

05/25/2054

(d) 5,401

5,406

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.60%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Home

Equity

Asset

Backed

Securities

(continued)

JP

Morgan

Mortgage

Trust

Series

2024-HE3

5.55%,

02/25/2055

(d) $

12,815

$

12,815

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.20%

JP

Morgan

Mortgage

Trust

Series

2025-CES2

5.59%,

06/25/2055

(d),(h)

12,027

12,076

JP

Morgan

Mortgage

Trust

Series

2025-HE1

5.50%,

07/20/2055

(d) 11,685

11,676

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

$

50,593

Insurance

-

.74

%

Aon

North

America

Inc

5.15%,

03/01/2029

14,000

14,289

Arthur

J

Gallagher

&

Co

4.85%,

12/15/2029

4,200

4,252

Guardian

Life

Global

Funding

0.88%,

12/10/2025

(d) 8,647

8,459

1.10%,

06/23/2025

(d) 17,525

17,435

Markel

Group

Inc

3.50%,

11/01/2027

4,719

4,630

New

York

Life

Global

Funding

4.60%,

12/05/2029

(d) 4,800

4,855

Northwestern

Mutual

Global

Funding

0.80%,

01/14/2026

(d) 14,500

14,152

4.96%,

01/13/2030

(d) 12,200

12,468

5.07%,

03/25/2027

(d) 9,500

9,645

$

90,185

Internet

-

.40

%

eBay

Inc

1.40%,

05/10/2026

13,530

13,106

Machinery

-

Diversified

-

.19

%

Ingersoll

Rand

Inc

5.20%,

06/15/2027

6,000

6,089

Media

-

.54

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.91%,

07/23/2025

2,236

2,233

6.10%,

06/01/2029

15,000

15,534

$

17,767

Mining

-

.33

%

Glencore

Funding

LLC

1.63%,

09/01/2025

(d) 4,750

4,697

5.19%,

04/01/2030

(d) 6,000

6,075

$

10,772

Mortgage

Backed

Securities

-

.62

%

Chase

Home

Lending

Mortgage

Trust

2025-3

5.50%,

02/25/2056

(d),(h)

9,278

9,302

Chase

Home

Lending

Mortgage

Trust

Series

2024-2

6.50%,

02/25/2055

(d),(h)

6,679

6,749

CHL

Mortgage

Pass-Through

Trust

2003-46

6.54%,

01/19/2034

(h) 107

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)

3,123

2,803

J.P.

Morgan

Mortgage

Trust

2023-8

6.00%,

02/25/2054

(d),(h)

6,749

6,805

JP

Morgan

Mortgage

Trust

2004-A3

6.76%,

07/25/2034

(h) 80

JP

Morgan

Mortgage

Trust

2004-S1

5.00%,

09/25/2034

JP

Morgan

Mortgage

Trust

2021-1

2.50%,

06/25/2051

(d),(h)

10,260

9,408

JP

Morgan

Mortgage

Trust

2023-10

6.00%,

05/25/2054

(d),(h)

754

755

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

JP

Morgan

Mortgage

Trust

2025-1

6.00%,

06/25/2055

(d),(h)

$

2,334

$

2,350

JP

Morgan

Mortgage

Trust

Series

2024-CES1

5.92%,

06/25/2054

(d),(h)

9,613

9,645

JP

Morgan

Mortgage

Trust

Series

2025-CES1

5.67%,

05/25/2055

(d),(h)

8,904

8,943

Metlife

Securitization

Trust

2019-1

3.75%,

04/25/2058

(d),(h)

955

939

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2020-1

2.50%,

12/25/2050

(d),(h)

4,091

3,724

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2025-1

5.50%,

03/25/2055

(d),(h)

9,500

9,528

Oceanview

Mortgage

Trust

2021-3

2.50%,

06/25/2051

(d),(h)

10,020

8,974

PHH

Mortgage

Trust

Series

2008-CIM1

6.69%,

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)

9,290

8,303

Sequoia

Mortgage

Trust

2020-4

2.50%,

11/25/2050

(d),(h)

6,195

5,752

Sequoia

Mortgage

Trust

2021-3

2.50%,

05/25/2051

(d),(h)

16,794

15,045

Sequoia

Mortgage

Trust

2021-4

2.50%,

06/25/2051

(d),(h)

16,871

14,974

Sequoia

Mortgage

Trust

2024-1

5.99%,

01/25/2054

(d),(h)

2,701

2,701

Sequoia

Mortgage

Trust

2024-2

6.00%,

03/25/2054

(d),(h)

3,218

3,222

Sequoia

Mortgage

Trust

2024-4

6.00%,

05/25/2054

(d),(h)

9,072

9,150

Sequoia

Mortgage

Trust

2025-1

6.00%,

01/25/2055

(d),(h)

3,195

3,221

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)

4,395

3,736

Wells

Fargo

Mortgage

Backed

Securities

2020-5

Trust

2.50%,

09/25/2050

(d),(h)

4,088

3,781

Wells

Fargo

Mortgage

Backed

Securities

2021-1

Trust

2.50%,

12/25/2050

(d),(h)

1,656

1,501

$

152,148

Office

&

Business

Equipment

-

.32

%

CDW

LLC

/

CDW

Finance

Corp

2.67%,

12/01/2026

11,000

10,635

Oil

&

Gas

-

.05

%

Canadian

Natural

Resources

Ltd

5.00%,

12/15/2029

(d) 4,800

4,784

Chevron

USA

Inc

0.69%,

08/12/2025

4,600

4,552

Diamondback

Energy

Inc

5.15%,

01/30/2030

7,500

7,611

5.20%,

04/18/2027

8,150

8,265

Occidental

Petroleum

Corp

5.20%,

08/01/2029

9,500

9,359

$

34,571

Oil

&

Gas

Services

-

.39

%

Schlumberger

Holdings

Corp

5.00%,

05/29/2027

(d) 6,400

6,486

5.00%,

11/15/2029

(d) 6,400

6,498

$

12,984

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

-

.60

%

1988

CLO

Ltd

5.49%,

04/15/2038

(d) $

9,750

$

9,642

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Capital

CLO

II

5.55%,

07/15/2034

(d) 10,000

9,987

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

720

East

CLO

V

Ltd

5.80%,

07/20/2037

(d) 5,500

5,501

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.53%

AB

BSL

CLO

Ltd

5.53%,

04/20/2038

(d) 9,500

9,459

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

AMMC

CLO

Ltd

5.64%,

01/15/2032

(d) 689

689

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.38%

Ares

LIV

CLO

Ltd

5.53%,

10/15/2032

(d) 3,150

3,149

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.27%

Bardot

CLO

Ltd

5.25%,

10/22/2032

(d) 11,876

11,834

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.98%

CCG

Receivables

Trust

2024-1

4.99%,

03/15/2032

(d) 4,352

4,379

Cerberus

Loan

Funding

XXIV

LP

5.61%,

07/15/2030

(d) 9,500

9,500

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

CF

Hippolyta

Issuer

LLC

1.53%,

03/15/2061

(d) 30,064

28,617

1.69%,

07/15/2060

(d) 13,339

13,174

CNH

Equipment

Trust

2024-B

5.42%,

10/15/2027

3,322

3,329

Dell

Equipment

Finance

Trust

2024-1

5.58%,

03/22/2030

(d) 4,240

4,250

Dewolf

Park

CLO

Ltd

5.44%,

10/15/2030

(d) 5,701

5,698

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.18%

DLLAA

2023-1

LLC

5.93%,

07/20/2026

(d) 1,281

1,283

DLLAA

2025-1

LLC

4.70%,

10/20/2027

(d) 8,600

8,618

Dllad

2024-1

LLC

5.50%,

08/20/2027

(d) 4,800

4,825

DLLST

2024-1

LLC

5.33%,

01/20/2026

(d) 2,128

2,130

Empower

CLO

2025-1

Ltd

0.00%,

04/20/2038

(d),(f),(i)

12,600

12,600

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) 5,994

6,006

KKR

CLO

Ltd

5.47%,

07/18/2030

(d) 3,227

3,224

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Kubota

Credit

Owner

Trust

2023-2

5.61%,

07/15/2026

(d) 3,195

3,200

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Lake

Shore

MM

CLO

II

Ltd

5.68%,

10/17/2031

(d) $

10,169

$

10,154

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

Madison

Park

Funding

XVIII

Ltd

5.47%,

10/21/2030

(d) 8,828

8,825

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Magnetite

XLVII

Ltd

5.80%,

01/25/2038

(d) 6,250

6,245

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

Maranon

Loan

Funding

2021-3

Ltd

6.01%,

10/15/2036

(d) 6,300

6,297

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Marathon

CLO

XIII

Ltd

5.46%,

04/15/2032

(d) 15,645

15,634

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

MVW

2021-1W

LLC

1.14%,

01/22/2041

(d) 1,555

1,482

MVW

2023-2

LLC

6.18%,

11/20/2040

(d) 6,203

6,427

MVW

2024-2

LLC

4.43%,

03/20/2042

(d) 14,823

14,664

New

Mountain

CLO

Ltd

5.66%,

10/15/2037

(d) 6,300

6,300

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

New

Mountain

CLO

Ltd

5.48%,

03/31/2038

(d) 9,500

9,428

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Oaktree

CLO

2019-4

Ltd

5.78%,

07/20/2037

(d) 19,000

19,004

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

Oaktree

CLO

2024-25

Ltd

5.82%,

04/20/2037

(d) 6,300

6,301

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

Palmer

Square

Loan

Funding

2022-1

Ltd

5.31%,

04/15/2030

(d) 1,810

1,807

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.05%

PFS

Financing

Corp

4.85%,

02/15/2030

(d) 12,550

12,696

4.95%,

02/15/2029

(d) 13,350

13,477

5.52%,

10/15/2028

(d) 4,500

4,568

Signal

Peak

CLO

Ltd

5.72%,

07/18/2037

(d) 6,250

6,245

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.45%

TCI-Flatiron

CLO

2016-1

Ltd

5.38%,

01/17/2032

(d) 916

915

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.10%

T-Mobile

US

Trust

2022-1

4.91%,

05/22/2028

(d) 2,771

2,772

Trafigura

Securitisation

Finance

PLC

5.98%,

11/15/2027

(d) 15,000

15,146

Verizon

Master

Trust

4.17%,

08/20/2030

5,500

5,500

4.35%,

08/20/2032

(d) 5,500

5,466

4.49%,

01/22/2029

16,000

15,966

4.62%,

11/20/2030

9,700

9,777

5.16%,

06/20/2029

13,800

13,937

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Voya

2012-4

Ltd

5.52%,

10/15/2030

(d) $

2,260

$

2,258

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

$

382,385

Packaging

&

Containers

-

.60

%

Graphic

Packaging

International

LLC

1.51%,

04/15/2026

(d) 9,800

9,465

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

(d) 10,000

10,142

$

19,607

Pharmaceuticals

-

.76

%

AbbVie

Inc

4.80%,

03/15/2029

10,000

10,198

Astrazeneca

Finance

LLC

4.85%,

02/26/2029

9,400

9,609

Bristol-Myers

Squibb

Co

4.90%,

02/22/2029

10,000

10,246

Eli

Lilly

&

Co

4.50%,

02/09/2029

10,000

10,162

4.55%,

02/12/2028

6,250

6,356

4.75%,

02/12/2030

4,300

4,409

Pfizer

Investment

Enterprises

Pte

Ltd

4.65%,

05/19/2025

7,000

7,000

$

57,980

Pipelines

-

.88

%

Columbia

Pipelines

Holding

Co

LLC

6.04%,

08/15/2028

(d) 11,350

11,703

6.06%,

08/15/2026

(d) 3,450

3,499

Enbridge

Inc

5.30%,

04/05/2029

3,850

3,942

5.90%,

11/15/2026

11,275

11,490

Energy

Transfer

LP

4.40%,

03/15/2027

5,250

5,237

5.55%,

02/15/2028

10,000

10,249

Kinder

Morgan

Inc

5.00%,

02/01/2029

10,000

10,102

5.10%,

08/01/2029

6,000

6,092

ONEOK

Inc

4.25%,

09/24/2027

11,700

11,633

4.40%,

10/15/2029

(g) 7,900

7,777

5.55%,

11/01/2026

6,000

6,073

Williams

Cos

Inc/The

5.40%,

03/02/2026

7,000

7,038

$

94,835

REITs

-

.11

%

American

Tower

Corp

5.00%,

01/31/2030

3,800

3,860

American

Tower

Trust

#1

3.65%,

03/15/2048

(d) 6,300

6,156

5.49%,

03/15/2053

(d) 10,500

10,683

Crown

Castle

Inc

1.35%,

07/15/2025

8,750

8,687

CubeSmart

LP

4.00%,

11/15/2025

3,275

3,261

Public

Storage

Operating

Co

5.07%,

04/16/2027

9,550

9,496

Secured

Overnight

Financing

Rate

+

0.70%

SBA

Tower

Trust

1.63%,

05/15/2051

(d) 19,400

18,468

1.88%,

07/15/2050

(d) 6,463

6,326

2.33%,

07/15/2052

(d) 2,800

2,618

$

69,555

Semiconductors

-

.38

%

Advanced

Micro

Devices

Inc

4.21%,

09/24/2026

6,300

6,326

4.32%,

03/24/2028

6,300

6,356

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Broadcom

Inc

5.05%,

07/12/2029

$

7,400

$

7,545

Micron

Technology

Inc

6.75%,

11/01/2029

9,100

9,730

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.70%,

05/01/2025

5,300

5,300

Texas

Instruments

Inc

4.60%,

02/08/2029

(g) 10,000

10,157

$

45,414

Software

-

.66

%

Oracle

Corp

4.20%,

09/27/2029

9,300

9,165

4.80%,

08/03/2028

9,400

9,522

Roper

Technologies

Inc

1.00%,

09/15/2025

10,450

10,308

4.50%,

10/15/2029

7,400

7,368

Take-Two

Interactive

Software

Inc

4.95%,

03/28/2028

10,700

10,886

5.40%,

06/12/2029

7,400

7,613

$

54,862

Student

Loan

Asset

Backed

Securities

-

.40

%

Commonbond

Student

Loan

Trust

2018-BGS

3.56%,

09/25/2045

(d) 1,724

1,658

Commonbond

Student

Loan

Trust

2018-C-GS

3.87%,

02/25/2046

(d) 2,308

2,238

Commonbond

Student

Loan

Trust

2019-A-GS

2.54%,

01/25/2047

(d) 4,282

3,910

Commonbond

Student

Loan

Trust

2020-A-GS

1.98%,

08/25/2050

(d) 1,774

1,561

Commonbond

Student

Loan

Trust

2021-A-GS

1.20%,

03/25/2052

(d) 8,156

6,813

Commonbond

Student

Loan

Trust

2021-B-GS

1.17%,

09/25/2051

(d) 2,633

2,309

EDvestinU

Private

Education

Loan

Issue

No

LLC

1.80%,

11/25/2045

(d) 5,687

5,236

ELFI

Graduate

Loan

Program

2024-A

LLC

5.56%,

08/25/2049

(d) 4,189

4,257

Laurel

Road

Prime

Student

Loan

Trust

2019-A

2.34%,

10/25/2048

(d) 64

Navient

Private

Education

Refi

Loan

Trust

2019-A

3.42%,

01/15/2043

(d) 402

Navient

Private

Education

Refi

Loan

Trust

2019-G

2.40%,

10/15/2068

(d) 2,204

2,116

Navient

Private

Education

Refi

Loan

Trust

2020-D

1.69%,

05/15/2069

(d) 3,082

2,911

Navient

Private

Education

Refi

Loan

Trust

2020-F

1.22%,

07/15/2069

(d) 2,039

1,910

Navient

Private

Education

Refi

Loan

Trust

2020-G

1.17%,

09/16/2069

(d) 2,228

2,070

Navient

Private

Education

Refi

Loan

Trust

2020-H

1.31%,

01/15/2069

(d) 2,897

2,710

Navient

Private

Education

Refi

Loan

Trust

2021-A

0.84%,

05/15/2069

(d) 3,011

2,751

Navient

Private

Education

Refi

Loan

Trust

2021-B

0.94%,

07/15/2069

(d) 6,627

6,053

Navient

Private

Education

Refi

Loan

Trust

2021-C

1.06%,

10/15/2069

(d) 6,327

5,685

Navient

Private

Education

Refi

Loan

Trust

2021-E

0.97%,

12/16/2069

(d) 9,295

8,184

Navient

Private

Education

Refi

Loan

Trust

2021-F

1.11%,

02/18/2070

(d) 3,995

3,556

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(d) 3,692

3,313

Navient

Private

Education

Refi

Loan

Trust

2023-A

5.51%,

10/15/2071

(d) 2,201

2,250

Navient

Private

Education

Refi

Loan

Trust

2024-A

5.66%,

10/15/2072

(d) 7,504

7,657

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

Nelnet

Student

Loan

Trust

2021-A

1.36%,

04/20/2062

(d) $

13,969

$

13,016

Nelnet

Student

Loan

Trust

2021-C

1.32%,

04/20/2062

(d) 4,850

4,525

Nelnet

Student

Loan

Trust

2021-D

1.63%,

04/20/2062

(d) 6,681

6,297

SLM

Private

Credit

Student

Loan

Trust

2004-A

4.96%,

06/15/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.66%

SLM

Private

Credit

Student

Loan

Trust

2006-A

4.85%,

06/15/2039

9,007

8,735

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.55%

SLM

Private

Credit

Student

Loan

Trust

2006-B

4.76%,

12/15/2039

5,182

5,029

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) 5,419

4,872

SMB

Private

Education

Loan

Trust

2021-B

1.31%,

07/17/2051

(d) 8,516

7,952

SMB

Private

Education

Loan

Trust

2021-E

1.68%,

02/15/2051

(d) 8,289

7,670

SMB

Private

Education

Loan

Trust

2022-C

4.48%,

05/16/2050

(d) 7,245

7,178

$

145,068

Telecommunications

-

.26

%

AT&T

Inc

1.70%,

03/25/2026

9,400

9,168

Cisco

Systems

Inc

4.75%,

02/24/2030

9,400

9,624

4.85%,

02/26/2029

10,000

10,255

Crown

Castle

Towers

LLC

3.66%,

05/15/2045

(d) 5,187

5,184

4.24%,

07/15/2048

(d) 1,650

1,620

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

09/20/2029

(d) 5,700

5,735

$

41,586

Transportation

-

.32

%

Ryder

System

Inc

1.75%,

09/01/2026

11,000

10,594

TOTAL

BONDS

$

2,845,768

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.59

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.00

%

6.92%,

09/01/2035

$

$

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Federal

National

Mortgage

Association

(FNMA)

-

.00

%

6.41%,

11/01/2032

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.29%

6.52%,

12/01/2032

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

6.67%,

07/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

6.69%,

02/01/2037

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%

6.75%,

01/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.75%

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)

(continued)

6.89%,

02/01/2035

$

$

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

6-Month

+

2.01%

7.18%,

10/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.68%

7.37%,

08/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.63%

7.54%,

07/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.58%

$

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.00

%

7.50%,

10/01/2029

U.S.

Treasury

-

.59

%

3.25%,

06/30/2029

109,850

108,073

3.88%,

12/31/2029

7,000

7,051

4.00%,

01/15/2027

26,600

26,745

4.50%,

07/15/2026

72,200

72,770

5.00%,

09/30/2025

133,850

134,260

$

348,899

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

348,999

Total

Investments

$

3,323,600

Other

Assets

and

Liabilities

- (0.85)%

(27,941)

TOTAL

NET

ASSETS

-

100.00%

$

3,295,659

(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

$7,401

or

0.22%

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

$1,377,079

or

41.78%

of

net

assets.

(e) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f) Security

purchased

on

a

when-issued

basis.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$7,200

or

0.22%

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

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

171,923

$

703,748

$

747,619

$

128,052

$

171,923

$

703,748

$

747,619

$

128,052

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

2,479

$

—

$

—

$

—

$

2,479

$

—

$

—

$

—

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

Note;

June

2025

Long

846

$

92,379

$

1,924

Total

$

1,924

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.43

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.43

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

1,168,515

$

1,169

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

26,331,666

26,332

$

27,501

TOTAL

INVESTMENT

COMPANIES

$

27,501

COMMON

STOCKS

-

.81

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.52

%

AAR

Corp

(d) 235,600

$

12,595

Curtiss-Wright

Corp

48,500

16,727

$

29,322

Agriculture

-

.53

%

Darling

Ingredients

Inc

(d) 419,100

13,491

Vital

Farms

Inc

(d) 463,400

15,867

$

29,358

Apparel

-

.73

%

PVH

Corp

203,100

14,010

Automobile

Parts

&

Equipment

-

.54

%

Visteon

Corp

(d) 130,700

10,350

Banks

-

.59

%

Ameris

Bancorp

341,300

20,000

First

Horizon

Corp

1,420,300

25,679

First

Merchants

Corp

290,900

10,368

FNB

Corp/PA

1,632,296

21,367

Independent

Bank

Corp/MI

235,800

7,183

National

Bank

Holdings

Corp

214,800

7,767

Pinnacle

Financial

Partners

Inc

235,600

23,617

Popular

Inc

336,600

32,118

Trustmark

Corp

170,900

5,734

UMB

Financial

Corp

325,200

30,754

Webster

Financial

Corp

189,922

8,983

Wintrust

Financial

Corp

92,400

10,272

$

203,842

Biotechnology

-

.35

%

Akero

Therapeutics

Inc

(d) 186,269

8,496

Axsome

Therapeutics

Inc

(d) 154,100

17,304

Bicycle

Therapeutics

PLC

ADR

(d) 293,300

2,510

Bridgebio

Pharma

Inc

(d) 464,900

17,833

Cytokinetics

Inc

(d) 305,900

13,105

Denali

Therapeutics

Inc

(d) 516,500

8,600

Immunocore

Holdings

PLC

ADR

(d) 220,700

6,643

Insmed

Inc

(d) 760,426

54,750

Iovance

Biotherapeutics

Inc

(d) 2,094,700

7,520

SpringWorks

Therapeutics

Inc

(d) 536,200

24,826

Structure

Therapeutics

Inc

ADR

(d) 411,900

11,121

Viking

Therapeutics

Inc

(d) 255,000

7,362

$

180,070

Building

Materials

-

.85

%

Eagle

Materials

Inc

47,718

10,803

Louisiana-Pacific

Corp

121,200

10,461

Modine

Manufacturing

Co

(d) 310,000

25,308

SPX

Technologies

Inc

(d) 80,000

10,732

Trex

Co

Inc

(d) 290,700

16,808

$

74,112

Commercial

Services

-

.56

%

Huron

Consulting

Group

Inc

(d) 116,900

15,757

Remitly

Global

Inc

(d) 266,800

5,395

Stride

Inc

(d) 225,400

32,063

Verra

Mobility

Corp

(d) 699,100

15,240

$

68,455

Computers

-

.48

%

Parsons

Corp

(d) 287,000

19,189

SailPoint

Inc

(d),(e)

243,800

4,183

Varonis

Systems

Inc

(d) 571,000

24,462

$

47,834

Consumer

Products

-

.57

%

Quanex

Building

Products

Corp

666,600

10,959

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Distribution

&

Wholesale

-

.20

%

WESCO

International

Inc

142,200

$

23,173

Diversified

Financial

Services

-

.53

%

Janus

Henderson

Group

PLC

620,600

20,610

Lazard

Inc

619,200

24,087

Marex

Group

PLC

187,000

8,293

OneMain

Holdings

Inc

270,400

12,728

Stifel

Financial

Corp

251,300

21,534

$

87,252

Electric

-

.18

%

Portland

General

Electric

Co

539,200

22,711

Electrical

Components

&

Equipment

-

.01

%

EnerSys

224,300

19,425

Electronics

-

.57

%

Advanced

Energy

Industries

Inc

200,500

19,531

TD

SYNNEX

Corp

179,077

19,842

Vishay

Intertechnology

Inc

781,300

10,149

$

49,522

Engineering

&

Construction

-

.19

%

Dycom

Industries

Inc

(d) 163,100

27,327

MYR

Group

Inc

(d) 106,700

13,052

Sterling

Infrastructure

Inc

(d) 123,200

18,410

TopBuild

Corp

(d) 8,900

2,632

$

61,421

Entertainment

-

.49

%

Caesars

Entertainment

Inc

(d) 333,900

9,035

TKO

Group

Holdings

Inc

238,700

38,887

$

47,922

Food

-

.53

%

Performance

Food

Group

Co

(d) 364,118

29,370

Gas

-

.38

%

Southwest

Gas

Holdings

Inc

367,790

26,558

Hand

&

Machine

Tools

-

.99

%

Regal

Rexnord

Corp

180,500

19,104

Healthcare

-

Products

-

.11

%

Castle

Biosciences

Inc

(d) 651,089

13,054

Exact

Sciences

Corp

(d) 336,500

15,358

Natera

Inc

(d) 208,492

31,468

$

59,880

Healthcare

-

Services

-

.45

%

Addus

HomeCare

Corp

(d) 162,300

16,969

LifeStance

Health

Group

Inc

(d) 1,415,700

9,301

RadNet

Inc

(d) 399,900

20,947

$

47,217

Home

Builders

-

.68

%

Taylor

Morrison

Home

Corp

(d) 564,600

32,380

Insurance

-

.00

%

Abacus

Global

Management

Inc

(d) 334,273

2,761

Axis

Capital

Holdings

Ltd

109,400

10,537

CNO

Financial

Group

Inc

531,566

20,168

Essent

Group

Ltd

299,300

17,039

Lincoln

National

Corp

834,000

26,580

$

77,085

Internet

-

.01

%

Lulu's

Fashion

Lounge

Holdings

Inc

(d) 390,635

Iron

&

Steel

-

.15

%

Commercial

Metals

Co

495,000

22,047

Leisure

Products

&

Services

-

.84

%

Life

Time

Group

Holdings

Inc

(d) 1,002,300

30,730

Lindblad

Expeditions

Holdings

Inc

(d) 532,900

4,711

$

35,441

Machinery

-

Diversified

-

.43

%

Chart

Industries

Inc

(d) 241,000

32,530

Mueller

Water

Products

Inc

-

Class

A

1,131,400

29,688

Zurn

Elkay

Water

Solutions

Corp

679,100

23,062

$

85,280

Miscellaneous

Manufacturers

-

.47

%

Fabrinet

(d) 43,651

8,951

Schedule

of

Investments

SmallCap

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.99

%

Chord

Energy

Corp

144,500

$

13,038

Civitas

Resources

Inc

357,700

9,747

Gulfport

Energy

Corp

(d) 46,300

7,987

Patterson-UTI

Energy

Inc

1,350,700

7,618

$

38,390

Oil

&

Gas

Services

-

.91

%

ChampionX

Corp

603,700

14,567

Helix

Energy

Solutions

Group

Inc

(d) 489,300

2,980

$

17,547

Packaging

&

Containers

-

.26

%

Graphic

Packaging

Holding

Co

958,000

24,247

Pharmaceuticals

-

.03

%

AdaptHealth

Corp

(d) 608,116

5,175

BellRing

Brands

Inc

(d) 175,200

13,515

Collegium

Pharmaceutical

Inc

(d) 575,900

15,546

Dexcom

Inc

(d) 67,300

4,804

$

39,040

Real

Estate

-

.66

%

Newmark

Group

Inc

1,161,500

12,765

REITs

-

.12

%

Agree

Realty

Corp

449,200

34,862

American

Healthcare

REIT

Inc

256,100

8,267

Cousins

Properties

Inc

616,300

16,973

First

Industrial

Realty

Trust

Inc

440,200

20,945

Ladder

Capital

Corp

721,100

7,528

Rexford

Industrial

Realty

Inc

304,400

10,076

$

98,651

Retail

-

.14

%

American

Eagle

Outfitters

Inc

514,100

5,413

BJ's

Wholesale

Club

Holdings

Inc

(d) 233,051

27,398

Caleres

Inc

(e) 553,700

8,438

$

41,249

Semiconductors

-

.96

%

Allegro

MicroSystems

Inc

(d) 631,900

12,050

Entegris

Inc

157,940

12,496

SiTime

Corp

(d) 90,000

13,218

$

37,764

Software

-

.31

%

Agilysys

Inc

(d) 124,700

9,271

Clearwater

Analytics

Holdings

Inc

(d) 557,600

12,680

DigitalOcean

Holdings

Inc

(d) 340,700

10,528

DoubleVerify

Holdings

Inc

(d) 413,000

5,476

Jamf

Holding

Corp

(d) 447,700

5,180

JFrog

Ltd

(d) 517,800

17,486

Manhattan

Associates

Inc

(d) 56,000

9,934

Privia

Health

Group

Inc

(d) 880,739

20,680

Progress

Software

Corp

239,400

14,354

ServiceTitan

Inc

(d),(e)

139,642

16,144

Sophia

Genetics

SA

(d),(e)

637,600

1,945

Sprout

Social

Inc

(d) 412,480

8,625

Vertex

Inc

(d) 211,612

8,471

$

140,774

Telecommunications

-

.68

%

Credo

Technology

Group

Holding

Ltd

(d) 302,395

13,018

Transportation

-

.31

%

Teekay

Tankers

Ltd

339,400

14,448

World

Kinect

Corp

427,500

10,726

$

25,174

Water

-

.51

%

American

States

Water

Co

120,900

9,806

TOTAL

COMMON

STOCKS

$

1,921,647

Total

Investments

$

1,949,148

Other

Assets

and

Liabilities

- (1.24)%

(23,947)

TOTAL

NET

ASSETS

-

100.00%

$

1,925,201

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,279

or

0.59%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,742

or

0.56%

of

net

assets.

Schedule

of

Investments

SmallCap

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

18,986

$

362,972

$

355,626

$

26,332

$

18,986

$

362,972

$

355,626

$

26,332

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.17

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.15

%

iShares

Russell

2000

Growth

ETF

10,600

$

2,688

Money

Market

Funds

-

.02

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

3,029,299

3,029

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

70,834,291

70,835

$

73,864

TOTAL

INVESTMENT

COMPANIES

$

76,552

COMMON

STOCKS

-

.31

%

Shares

Held

Value

(000's)

Advertising

-

.00

%

Boston

Omaha

Corp

(d) 171

$

Clear

Channel

Outdoor

Holdings

Inc

(d) 4,671

Stagwell

Inc

(d) 1,676

TechTarget

Inc

(d) 2,644

$

Aerospace

&

Defense

-

.30

%

AAR

Corp

(d) 74,295

3,972

AeroVironment

Inc

(d) 106,267

16,102

Amprius

Technologies

Inc

(d) 1,310

Archer

Aviation

Inc

(d) 30,601

Bridger

Aerospace

Group

Holdings

Inc

(d) 326

—

Curtiss-Wright

Corp

60,539

20,879

Eve

Holding

Inc

(d),(e)

5,234

Intuitive

Machines

Inc

(d) 142

Joby

Aviation

Inc

(d),(e)

43,338

Karman

Holdings

Inc

(d) 133,134

4,759

Kratos

Defense

&

Security

Solutions

Inc

(d) 336,402

11,365

Leonardo

DRS

Inc

267,427

9,884

Loar

Holdings

Inc

(d) 89,225

8,439

Moog

Inc

2,805

Redwire

Corp

(d) 617

Rocket

Lab

USA

Inc

(d) 35,397

771

Standardaero

Inc

(d) 748,015

20,212

Virgin

Galactic

Holdings

Inc

(d),(e)

VirTra

Inc

(d) 882

$

97,415

Agriculture

-

.44

%

Andersons

Inc/The

Ispire

Technology

Inc

(d) 1,928

Turning

Point

Brands

Inc

1,455

Vital

Farms

Inc

(d) 230,669

7,898

$

8,008

Airlines

-

.18

%

Allegiant

Travel

Co

68,313

3,206

Frontier

Group

Holdings

Inc

(d) 4,301

Sun

Country

Airlines

Holdings

Inc

(d) 1,844

Wheels

Up

Experience

Inc

(d),(e)

9,711

$

3,248

Apparel

-

.04

%

Hanesbrands

Inc

(d) 35,432

Kontoor

Brands

Inc

5,518

Oxford

Industries

Inc

1,022

Rocky

Brands

Inc

Steven

Madden

Ltd

7,156

Superior

Group

of

Cos

Inc

Torrid

Holdings

Inc

(d),(e)

2,030

Wolverine

World

Wide

Inc

7,961

$

818

Automobile

Manufacturers

-

.01

%

Blue

Bird

Corp

(d) 3,222

REV

Group

Inc

4,020

$

Automobile

Parts

&

Equipment

-

.06

%

Aurora

Innovation

Inc

(d) 51,988

Dorman

Products

Inc

(d) 2,590

Douglas

Dynamics

Inc

1,883

Gentherm

Inc

(d) 3,086

Holley

Inc

(d) 1,684

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

indie

Semiconductor

Inc

(d),(e)

5,652

$

Luminar

Technologies

Inc

(d),(e)

2,253

Miller

Industries

Inc/TN

SES

AI

Corp

(d),(e)

1,345

Shyft

Group

Inc/The

Visteon

Corp

(d) 2,733

XPEL

Inc

(d) 2,533

$

1,114

Banks

-

.05

%

Alerus

Financial

Corp

Ameris

Bancorp

43,123

2,527

BancFirst

Corp

Bancorp

Inc/The

(d) 141,060

6,815

Bank7

Corp

Citizens

Financial

Services

Inc

City

Holding

Co

Coastal

Financial

Corp/WA

(d) 15,307

1,257

Esquire

Financial

Holdings

Inc

596

First

BanCorp/Puerto

Rico

1,271

First

Busey

Corp

54,409

1,131

First

Business

Financial

Services

Inc

First

Financial

Bankshares

Inc

45,891

1,538

First

Foundation

Inc

1,969

First

Internet

Bancorp

Fulton

Financial

Corp

35,758

596

Lakeland

Financial

Corp

Live

Oak

Bancshares

Inc

3,023

Metrocity

Bankshares

Inc

Mid

Penn

Bancorp

Inc

Nicolet

Bankshares

Inc

Pathward

Financial

Inc

680

Peoples

Financial

Services

Corp

Prosperity

Bancshares

Inc

252,504

17,145

ServisFirst

Bancshares

Inc

1,439

Shore

Bancshares

Inc

Triumph

Financial

Inc

(d) 2,008

UMB

Financial

Corp

33,061

3,127

USCB

Financial

Holdings

Inc

Walker

&

Dunlop

Inc

2,335

WesBanco

Inc

90,898

2,707

$

37,578

Beverages

-

.40

%

BRC

Inc

(d) 5,188

Celsius

Holdings

Inc

(d) 200,000

6,992

MGP

Ingredients

Inc

1,421

National

Beverage

Corp

2,354

Primo

Brands

Corp

2,440

Vita

Coco

Co

Inc/The

(d) 3,935

Westrock

Coffee

Co

(d),(e)

3,610

$

7,381

Biotechnology

-

.26

%

4D

Molecular

Therapeutics

Inc

(d) 3,163

89bio

Inc

(d) 355,665

2,852

Absci

Corp

(d) 5,965

ACADIA

Pharmaceuticals

Inc

(d) 129,890

1,896

Achieve

Life

Sciences

Inc

(d) 2,094

Actinium

Pharmaceuticals

Inc

(d) 2,969

ADC

Therapeutics

SA

(d) 4,945

ADMA

Biologics

Inc

(d) 23,030

548

Aerovate

Therapeutics

Inc

—

Agenus

Inc

(d) 366

Akero

Therapeutics

Inc

(d) 146,389

6,677

Aldeyra

Therapeutics

Inc

(d) 438

Altimmune

Inc

(d),(e)

3,939

Alto

Neuroscience

Inc

(d) 1,437

Alumis

Inc

(d),(e)

1,232

ALX

Oncology

Holdings

Inc

(d) 3,689

Amicus

Therapeutics

Inc

(d) 29,423

AnaptysBio

Inc

(d) 2,158

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Anavex

Life

Sciences

Corp

(d),(e)

2,026

$

ANI

Pharmaceuticals

Inc

(d) 1,298

Apogee

Therapeutics

Inc

(d) 90,851

3,566

Applied

Therapeutics

Inc

(d) 5,443

Arbutus

Biopharma

Corp

(d) 13,688

Arcellx

Inc

(d) 4,381

Arcturus

Therapeutics

Holdings

Inc

(d) 2,039

Arcus

Biosciences

Inc

(d) 5,443

Arcutis

Biotherapeutics

Inc

(d) 10,778

Ardelyx

Inc

(d) 23,589

ArriVent

Biopharma

Inc

(d) 1,701

Arrowhead

Pharmaceuticals

Inc

(d) 11,944

ARS

Pharmaceuticals

Inc

(d),(e)

271,246

3,789

Artiva

Biotherapeutics

Inc

(d) 676

Astria

Therapeutics

Inc

(d) 3,725

Atossa

Therapeutics

Inc

(d) 2,938

Aurinia

Pharmaceuticals

Inc

(d) 9,853

Avidity

Biosciences

Inc

(d) 11,388

Axsome

Therapeutics

Inc

(d) 3,689

Bicara

Therapeutics

Inc

(d),(e)

1,198

BioAge

Labs

Inc

(d),(e)

598

BioCryst

Pharmaceuticals

Inc

(d) 20,720

Biohaven

Ltd

(d) 203,939

4,511

Biomea

Fusion

Inc

(d) 2,774

Black

Diamond

Therapeutics

Inc

(d) 2,327

Blueprint

Medicines

Corp

(d) 228,815

20,480

Boundless

Bio

Inc

(d) 1,134

Bridgebio

Pharma

Inc

(d) 388,997

14,922

Cabaletta

Bio

Inc

(d) 858

CAMP4

Therapeutics

Corp

(d) 406

Candel

Therapeutics

Inc

(d),(e)

3,071

Capricor

Therapeutics

Inc

(d),(e)

3,106

Cardiff

Oncology

Inc

(d) 2,416

Cargo

Therapeutics

Inc

(d) 381

Cartesian

Therapeutics

Inc

(d),(e)

1,134

Cartesian

Therapeutics

Inc

-

Contingent

Value

Rights

(d),(f)

3,555

Cassava

Sciences

Inc

(d),(e)

4,075

Celcuity

Inc

(d) 3,074

Celldex

Therapeutics

Inc

(d) 5,283

CervoMed

Inc

(d),(e)

543

CG

oncology

Inc

(d) 119,175

3,211

Chinook

Therapeutics

Inc

-

Contingent

Value

Rights

(d),(f)

1,785

Climb

Bio

Inc

(d) 143

—

Cogent

Biosciences

Inc

(d) 8,556

Conduit

Pharmaceuticals

Inc

(d) 18

—

Contineum

Therapeutics

Inc

(d) 508

Crinetics

Pharmaceuticals

Inc

(d) 9,190

Cullinan

Therapeutics

Inc

(d) 180,523

1,494

Cytokinetics

Inc

(d) 207,156

8,875

Day

One

Biopharmaceuticals

Inc

(d) 4,914

Denali

Therapeutics

Inc

(d) 216,625

3,607

Dianthus

Therapeutics

Inc

(d) 105,524

2,305

Disc

Medicine

Inc

(d) 252

Dynavax

Technologies

Corp

(d) 10,578

Dyne

Therapeutics

Inc

(d) 8,380

Edgewise

Therapeutics

Inc

(d) 7,378

Elevation

Oncology

Inc

(d) 4,277

Esperion

Therapeutics

Inc

(d) 5,158

Evolus

Inc

(d) 5,604

EyePoint

Pharmaceuticals

Inc

(d) 3,234

Fibrobiologics

Inc

(d) 3,265

Forafric

Global

PLC

(d),(e)

Geron

Corp

(d) 41,283

Greenwich

Lifesciences

Inc

(d),(e)

612

Guardant

Health

Inc

(d) 130,849

6,180

Halozyme

Therapeutics

Inc

(d) 148,586

9,126

Harvard

Bioscience

Inc

(d) 1,427

—

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

HilleVax

Inc

(d) 857

$

Humacyte

Inc

(d) 9,687

Ideaya

Biosciences

Inc

(d) 8,665

IGM

Biosciences

Inc

(d) 1,686

ImmunityBio

Inc

(d),(e)

11,492

Immunome

Inc

(d) 7,110

Immunovant

Inc

(d),(e)

5,818

Inhibrx

Biosciences

Inc

(d) 742

Inmune

Bio

Inc

(d),(e)

1,474

Innoviva

Inc

(d) 530

Insmed

Inc

(d) 374,890

26,993

Iovance

Biotherapeutics

Inc

(d),(e)

27,541

Janux

Therapeutics

Inc

(d) 3,170

Jasper

Therapeutics

Inc

(d) 977

Keros

Therapeutics

Inc

(d) 3,317

Kiniksa

Pharmaceuticals

International

Plc

(d) 3,857

Korro

Bio

Inc

(d),(e)

72,574

1,288

Krystal

Biotech

Inc

(d) 2,487

Kura

Oncology

Inc

(d) 7,421

Kymera

Therapeutics

Inc

(d) 4,707

Kyverna

Therapeutics

Inc

(d) 1,734

Larimar

Therapeutics

Inc

(d) 4,556

Legend

Biotech

Corp

ADR

(d) 101,188

3,537

Lexeo

Therapeutics

Inc

(d) 2,242

Lexicon

Pharmaceuticals

Inc

(d) 3,501

Lineage

Cell

Therapeutics

Inc

(d) 18,013

Liquidia

Corp

(d) 6,352

Lyra

Therapeutics

Inc

(d) 4,141

—

MacroGenics

Inc

(d) 5,231

Maravai

LifeSciences

Holdings

Inc

(d) 11,068

MBX

Biosciences

Inc

(d),(e)

548

MeiraGTx

Holdings

plc

(d) 3,163

Mersana

Therapeutics

Inc

(d) 7,154

Metagenomi

Inc

(d) 1,405

Metsera

Inc

(d),(e)

79,856

1,925

Mind

Medicine

MindMed

Inc

(d),(e)

7,539

Mineralys

Therapeutics

Inc

(d) 676

MoonLake

Immunotherapeutics

(d) 65,889

2,773

NeoGenomics

Inc

(d) 136,714

874

Neumora

Therapeutics

Inc

(d) 8,550

Newamsterdam

Pharma

Co

NV

(d) 153,014

2,927

Niagen

Bioscience

Inc

(d) 4,957

Novavax

Inc

(d),(e)

11,964

Nurix

Therapeutics

Inc

(d) 5,202

Nuvalent

Inc

(d) 3,521

Olema

Pharmaceuticals

Inc

(d) 956

Omeros

Corp

(d) 1,915

OmniAb

Operations

Inc

(d) 95

—

OmniAb

Operations

Inc

(d) 95

—

Oncternal

Therapeutics

Inc

(d),(f)

—

Organogenesis

Holdings

Inc

(d) 649

Ovid

therapeutics

Inc

(d) 6,540

PepGen

Inc

(d),(e)

1,274

Perspective

Therapeutics

Inc

(d) 4,415

Phathom

Pharmaceuticals

Inc

(d) 688

Praxis

Precision

Medicines

Inc

(d) 1,718

Precigen

Inc

(d) 1,350

Prime

Medicine

Inc

(d) 5,691

ProKidney

Corp

(d) 8,768

Prothena

Corp

PLC

(d) 2,480

PTC

Therapeutics

Inc

(d) 5,801

Puma

Biotechnology

Inc

(d) 1,210

Rapport

Therapeutics

Inc

(d) 117,921

1,350

Recursion

Pharmaceuticals

Inc

(d),(e)

25,212

Renovaro

Inc

(d) 5,987

Revolution

Medicines

Inc

(d) 11,130

Rigel

Pharmaceuticals

Inc

(d) 1,366

Rocket

Pharmaceuticals

Inc

(d) 7,729

Sana

Biotechnology

Inc

(d) 12,516

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Savara

Inc

(d) 717,080

$

2,294

Scholar

Rock

Holding

Corp

(d) 7,255

Scilex

Holding

Co

(d) 28

—

Septerna

Inc

(d),(e)

1,052

Shattuck

Labs

Inc

(d) 2,925

Soleno

Therapeutics

Inc

(d) 141,515

10,594

Solid

Biosciences

Inc

(d) 288

SpringWorks

Therapeutics

Inc

(d) 6,891

Stoke

Therapeutics

Inc

(d) 3,655

Summit

Therapeutics

Inc

(d),(e)

8,732

Syndax

Pharmaceuticals

Inc

(d) 8,239

Tango

Therapeutics

Inc

(d) 4,787

Tarsus

Pharmaceuticals

Inc

(d) 3,729

Taysha

Gene

Therapies

Inc

(d) 17,551

Tenaya

Therapeutics

Inc

(d) 1,325

Terns

Pharmaceuticals

Inc

(d) 413

Tevogen

Bio

Holdings

Inc

(d) 1,666

TG

Therapeutics

Inc

(d),(e)

13,997

637

Tobira

Therapeutics

Inc

-

Rights

(d),(f)

1,559

—

Travere

Therapeutics

Inc

(d) 460,898

9,591

TScan

Therapeutics

Inc

(d) 2,160

Tyra

Biosciences

Inc

(d),(e)

2,065

Ultragenyx

Pharmaceutical

Inc

(d) 178,634

6,963

Upstream

Bio

Inc

(d),(e)

80,134

742

UroGen

Pharma

Ltd

(d),(e)

2,994

Vera

Therapeutics

Inc

(d) 4,544

Verastem

Inc

(d) 3,871

Vericel

Corp

(d) 4,923

Veru

Inc

(d) 9,821

Viking

Therapeutics

Inc

(d) 50,917

1,470

Viridian

Therapeutics

Inc

(d) 218,000

2,953

WaVe

Life

Sciences

Ltd

(d) 704,862

5,442

Werewolf

Therapeutics

Inc

(d) 1,029

X4

Pharmaceuticals

Inc

(d),(e)

Xencor

Inc

(d) 3,083

Xenon

Pharmaceuticals

Inc

(d) 89,369

3,414

XOMA

Royalty

Corp

(d) 560

Zenas

Biopharma

Inc

(d),(e)

871

Zevra

Therapeutics

Inc

(d) 2,843

Zura

Bio

Ltd

(d) 5,065

$

188,324

Building

Materials

-

.24

%

AAON

Inc

68,849

6,284

American

Woodmark

Corp

(d) 91

Apogee

Enterprises

Inc

686

Armstrong

World

Industries

Inc

56,720

8,226

Aspen

Aerogels

Inc

(d) 1,479

AZEK

Co

Inc/The

(d) 128,805

6,384

Boise

Cascade

Co

1,839

Gibraltar

Industries

Inc

(d) 1,440

Griffon

Corp

3,945

JELD-WEN

Holding

Inc

(d) 2,933

Knife

River

Corp

(d) 122,815

11,469

Louisiana-Pacific

Corp

53,562

4,623

LSI

Industries

Inc

1,996

Modine

Manufacturing

Co

(d) 167,183

13,649

Northwest

Pipe

Co

(d) 154

Simpson

Manufacturing

Co

Inc

18,772

2,885

Smith-Midland

Corp

(d) 458

SPX

Technologies

Inc

(d) 144,808

19,425

Tecnoglass

Inc

2,251

Titan

America

SA

290,234

3,840

UFP

Industries

Inc

3,380

$

77,902

Chemicals

-

.84

%

Balchem

Corp

3,240

507

Cabot

Corp

5,313

Codexis

Inc

(d) 1,002

Element

Solutions

Inc

330,104

6,737

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

(continued)

Hawkins

Inc

1,940

$

HB

Fuller

Co

121,523

6,568

Ingevity

Corp

(d) 3,652

Innospec

Inc

2,132

Lightwave

Logic

Inc

(d),(e)

12,327

Northern

Technologies

International

Corp

857

Oil-Dri

Corp

of

America

Orion

SA

5,713

Quaker

Chemical

Corp

1,386

Sensient

Technologies

Corp

4,003

Stepan

Co

$

15,407

Coal

-

.01

%

Alpha

Metallurgical

Resources

Inc

(d) 1,102

Ramaco

Resources

Inc

-

A

Shares

2,609

Ramaco

Resources

Inc

-

B

Shares

546

$

Commercial

Services

-

.11

%

Adtalem

Global

Education

Inc

(d) 680

AirSculpt

Technologies

Inc

(d),(e)

1,398

Alarm.com

Holdings

Inc

(d) 4,743

Alta

Equipment

Group

Inc

2,691

American

Public

Education

Inc

(d) 109

AMN

Healthcare

Services

Inc

(d) 3,799

Arlo

Technologies

Inc

(d) 391,188

3,845

Barrett

Business

Services

Inc

2,334

Bright

Horizons

Family

Solutions

Inc

(d) 181,034

22,705

Brink's

Co/The

4,394

Cadiz

Inc

(d) 4,644

Carriage

Services

Inc

1,063

Cass

Information

Systems

Inc

1,143

CBIZ

Inc

(d) 4,802

Cimpress

PLC

(d) 1,147

CompoSecure

Inc

2,130

Coursera

Inc

(d) 13,796

CPI

Card

Group

Inc

(d) 489

CRA

International

Inc

660

Custom

Truck

One

Source

Inc

(d) 3,280

Distribution

Solutions

Group

Inc

(d) 905

DLH

Holdings

Corp

(d) 404

Driven

Brands

Holdings

Inc

(d) 6,007

European

Wax

Center

Inc

(d) 2,896

EVERTEC

Inc

6,383

First

Advantage

Corp

(d) 276,807

3,903

FiscalNote

Holdings

Inc

(d) 7,420

Flywire

Corp

(d) 12,111

Franklin

Covey

Co

(d) 1,114

FTI

Consulting

Inc

(d) 36,621

6,089

Hackett

Group

Inc/The

2,293

Herc

Holdings

Inc

2,820

HireQuest

Inc

Huron

Consulting

Group

Inc

(d) 1,762

ICF

International

Inc

1,871

Insperity

Inc

3,595

John

Wiley

&

Sons

Inc

2,055

Kforce

Inc

1,812

KinderCare

Learning

Cos

Inc

(d) 416,302

5,103

Laureate

Education

Inc

(d) 10,540

Legalzoom.com

Inc

(d) 12,645

MarketWise

Inc

Marqeta

Inc

(d) 40,576

Mister

Car

Wash

Inc

(d) 1,567,594

10,753

National

Research

Corp

1,498

Payoneer

Global

Inc

(d) 20,703

Performant

Healthcare

Inc

(d) 5,348

Priority

Technology

Holdings

Inc

(d) 2,394

PROG

Holdings

Inc

675

Progyny

Inc

(d) 7,520

Quad/Graphics

Inc

2,084

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Remitly

Global

Inc

(d) 14,969

$

Rentokil

Initial

PLC

ADR

276,807

6,350

Sezzle

Inc

(d),(e)

1,244

Shift4

Payments

Inc

(d) 125,619

10,275

SoundThinking

Inc

(d) 882

Spire

Global

Inc

(d),(e)

2,225

StoneCo

Ltd

(d) 14,927

Stride

Inc

(d) 4,265

607

Target

Hospitality

Corp

(d) 3,294

Transcat

Inc

(d) 909

TriNet

Group

Inc

3,201

Udemy

Inc

(d) 9,128

Universal

Technical

Institute

Inc

(d) 4,670

Upbound

Group

Inc

5,377

Verra

Mobility

Corp

(d) 16,525

ZipRecruiter

Inc

(d) 7,043

$

75,463

Computers

-

.12

%

ASGN

Inc

(d) 955

Cantaloupe

Inc

(d) 5,549

Corsair

Gaming

Inc

(d) 1,040

Cricut

Inc

3,813

D-Wave

Quantum

Inc

(d),(e)

9,943

Everspin

Technologies

Inc

(d) 1,427

ExlService

Holdings

Inc

(d) 15,761

764

Grid

Dynamics

Holdings

Inc

(d) 4,678

Insight

Enterprises

Inc

(d) 2,728

Integral

Ad

Science

Holding

Corp

(d) 857

Lumentum

Holdings

Inc

(d) 89,400

5,278

Maximus

Inc

5,714

Mitek

Systems

Inc

(d) 4,324

NCR

Atleos

Corp

(d) 312,295

8,719

NCR

Voyix

Corp

(d) 13,230

NextNav

Inc

(d) 8,024

OneSpan

Inc

3,453

PAR

Technology

Corp

(d) 3,173

PlayAGS

Inc

(d) 4,007

Qualys

Inc

(d) 3,719

Rapid7

Inc

(d) 6,297

Rekor

Systems

Inc

(d),(e)

5,367

Rimini

Street

Inc

(d) 607

Rubrik

Inc

(d) 104,432

7,366

System1

Inc

(d) 3,163

Tenable

Holdings

Inc

(d) 156,332

4,779

Varonis

Systems

Inc

(d) 222,289

9,523

WNS

Holdings

Ltd

(d) 4,304

$

38,877

Consumer

Products

-

.02

%

Central

Garden

&

Pet

Co

(d) 145

Central

Garden

&

Pet

Co

-

A

Shares

(d) 880

Co

1,369

$

Cosmetics

&

Personal

Care

-

.01

%

Beauty

Health

Co/The

(d) 8,056

Honest

Co

Inc/The

(d) 3,398

Interparfums

Inc

1,828

$

Distribution

&

Wholesale

-

.88

%

EVI

Industries

Inc

522

Global

Industrial

Co

1,356

H&E

Equipment

Services

Inc

2,973

Hudson

Technologies

Inc

(d) 497

OPENLANE

Inc

(d) 247,779

4,587

SiteOne

Landscape

Supply

Inc

(d) 47,820

5,490

ThredUp

Inc

(d) 1,185

VSE

Corp

50,395

5,771

$

16,167

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

.65

%

Acadian

Asset

Management

Inc

2,714

$

Artisan

Partners

Asset

Management

Inc

6,314

Atlanticus

Holdings

Corp

(d) 34

B

Riley

Financial

Inc

1,762

Cohen

&

Steers

Inc

2,753

Columbia

Financial

Inc

(d) 125

Dave

Inc

(d) 789

Diamond

Hill

Investment

Group

Inc

Federal

Agricultural

Mortgage

Corp

815

First

Western

Financial

Inc

(d) 198

FTAI

Aviation

Ltd

117,284

12,562

GCM

Grosvenor

Inc

3,757

Hamilton

Lane

Inc

3,971

613

Houlihan

Lokey

Inc

67,276

10,904

International

Money

Express

Inc

(d) 2,922

LendingTree

Inc

(d) 82,286

4,245

Marex

Group

PLC

176,120

7,811

Moelis

&

Co

106,158

5,688

Mr

Cooper

Group

Inc

(d) 2,313

NerdWallet

Inc

(d) 3,510

OppFi

Inc

2,045

Pagseguro

Digital

Ltd

(d) 9,654

Paysign

Inc

(d) 3,340

PennyMac

Financial

Services

Inc

1,474

Perella

Weinberg

Partners

96,388

1,655

Piper

Sandler

Cos

33,366

8,045

PJT

Partners

Inc

2,335

Regional

Management

Corp

Resolute

Holdings

Management

Inc

(d),(e)

StepStone

Group

Inc

144,872

7,245

Stifel

Financial

Corp

65,645

5,625

StoneX

Group

Inc

(d) 415

Upstart

Holdings

Inc

(d) 8,023

Victory

Capital

Holdings

Inc

4,119

Virtus

Investment

Partners

Inc

551

WisdomTree

Inc

13,457

World

Acceptance

Corp

(d) 323

$

67,064

Electric

-

.02

%

Ameresco

Inc

(d) 1,081

Genie

Energy

Ltd

MGE

Energy

Inc

1,564

Otter

Tail

Corp

1,854

$

Electrical

Components

&

Equipment

-

.00

%

American

Superconductor

Corp

(d) 3,505

Belden

Inc

2,171

ChargePoint

Holdings

Inc

(d) 22,584

Energizer

Holdings

Inc

7,210

EnerSys

3,619

Generac

Holdings

Inc

(d) 12,401

1,418

Graham

Corp

(d) 1,062

Insteel

Industries

Inc

834

Littelfuse

Inc

35,211

6,419

nLight

Inc

(d) 347

Novanta

Inc

(d) 20,552

2,443

Powell

Industries

Inc

937

Ultralife

Corp

(d) 163

Universal

Display

Corp

56,712

7,125

$

18,457

Electronics

-

.80

%

Advanced

Energy

Industries

Inc

3,746

Allient

Inc

Applied

Optoelectronics

Inc

(d) 145,812

1,865

Atkore

Inc

3,474

Atmus

Filtration

Technologies

Inc

8,401

Badger

Meter

Inc

2,948

651

CTS

Corp

2,348

Enovix

Corp

(d),(e)

16,492

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

(continued)

ESCO

Technologies

Inc

1,272

$

Evolv

Technologies

Holdings

Inc

(d),(e)

13,258

Itron

Inc

(d) 4,089

Mesa

Laboratories

Inc

MicroVision

Inc

(d),(e)

11,335

Mirion

Technologies

Inc

(d) 825,996

13,034

Napco

Security

Technologies

Inc

100,651

2,300

NEXTracker

Inc

(d) 10,756

NVE

Corp

OSI

Systems

Inc

(d) 1,502

Plexus

Corp

(d) 803

Standard

BioTools

Inc

(d) 6,659

TTM

Technologies

Inc

(d) 349,680

7,001

Turtle

Beach

Corp

(d) 950

Vicor

Corp

(d) 1,243

Woodward

Inc

29,291

5,494

$

33,108

Energy

-

Alternate

Sources

-

.01

%

Array

Technologies

Inc

(d) 15,318

ASP

Isotopes

Inc

(d),(e)

5,245

Fluence

Energy

Inc

(d),(e)

6,184

Montauk

Renewables

Inc

(d) 7,269

Plug

Power

Inc

(d),(e)

6,713

REX

American

Resources

Corp

(d) 363

Shoals

Technologies

Group

Inc

(d) 16,814

SolarMax

Technology

Inc

(d) 1,413

Verde

Clean

Fuels

Inc

(d) 442

$

Engineering

&

Construction

-

.15

%

908

Devices

Inc

(d),(e)

Bowman

Consulting

Group

Ltd

(d) 14,463

Centuri

Holdings

Inc

(d) 1,682

Construction

Partners

Inc

(d) 128,824

10,581

Dycom

Industries

Inc

(d) 2,845

Everus

Construction

Group

Inc

(d) 157,113

6,322

Exponent

Inc

5,065

Fluor

Corp

(d) 234,770

8,191

Frontdoor

Inc

(d) 7,721

Granite

Construction

Inc

3,636

IES

Holdings

Inc

(d) 824

Latham

Group

Inc

(d) 128,634

703

Limbach

Holdings

Inc

(d) 1,008

MYR

Group

Inc

(d) 1,604

NV5

Global

Inc

(d) 1,071

Orion

Group

Holdings

Inc

(d) 421

Primoris

Services

Corp

153,458

9,203

Sterling

Infrastructure

Inc

(d) 2,988

TopBuild

Corp

(d) 5,884

1,740

$

39,505

Entertainment

-

.77

%

Accel

Entertainment

Inc

(d) 5,376

Atlanta

Braves

Holdings

Inc

-

A

shares

(d),(e)

1,013

Atlanta

Braves

Holdings

Inc

-

C

shares

(d) 5,029

Churchill

Downs

Inc

15,391

1,391

Cinemark

Holdings

Inc

8,776

Everi

Holdings

Inc

(d) 4,407

IMAX

Corp

(d) 4,299

International

Game

Technology

PLC

1,495

Madison

Square

Garden

Entertainment

Corp

(d) 423

Monarch

Casino

&

Resort

Inc

1,286

Pursuit

Attractions

and

Hospitality

Inc

(d) 2,034

RCI

Hospitality

Holdings

Inc

Red

Rock

Resorts

Inc

2,243

Reservoir

Media

Inc

(d) 178

Rush

Street

Interactive

Inc

(d) 919,594

11,154

Six

Flags

Entertainment

Corp

6,914

Super

Group

SGHC

Ltd

15,026

United

Parks

&

Resorts

Inc

(d) 2,925

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Entertainment

(continued)

Webtoon

Entertainment

Inc

(d),(e)

688

$

$

14,081

Environmental

Control

-

.60

%

374Water

Inc

(d) 5,300

Arq

Inc

(d) 390

Casella

Waste

Systems

Inc

(d) 194,676

22,864

CECO

Environmental

Corp

(d) 2,934

Energy

Recovery

Inc

(d) 5,691

LanzaTech

Global

Inc

(d) 9,640

Montrose

Environmental

Group

Inc

(d) 3,180

Perma-Fix

Environmental

Services

Inc

(d) 1,697

PureCycle

Technologies

Inc

(d),(e)

2,326

Quest

Resource

Holding

Corp

(d) 1,504

Waste

Connections

Inc

124,941

24,692

$

47,800

Food

-

.64

%

Beyond

Meat

Inc

(d),(e)

5,982

Calavo

Growers

Inc

Cal-Maine

Foods

Inc

Chefs'

Warehouse

Inc/The

(d) 136,512

7,777

J

&

J

Snack

Foods

Corp

1,529

John

B

Sanfilippo

&

Son

Inc

888

Krispy

Kreme

Inc

8,571

Lancaster

Colony

Corp

1,960

Lifeway

Foods

Inc

(d) 452

Mama's

Creations

Inc

(d) 3,352

Mission

Produce

Inc

(d) 537

Nathan's

Famous

Inc

Natural

Grocers

by

Vitamin

Cottage

Inc

Simply

Good

Foods

Co/The

(d) 9,247

Sprouts

Farmers

Market

Inc

(d) 10,094

1,726

SunOpta

Inc

(d) 9,456

Utz

Brands

Inc

76,670

1,019

WK

Kellogg

Co

6,575

$

11,743

Forest

Products

&

Paper

-

.00

%

Sylvamo

Corp

745

Hand

&

Machine

Tools

-

.45

%

Cadre

Holdings

Inc

2,611

Enerpac

Tool

Group

Corp

5,451

Franklin

Electric

Co

Inc

4,541

MSA

Safety

Inc

48,481

7,632

$

8,314

Healthcare

-

Products

-

.81

%

Accuray

Inc

(d) 9,135

Akoya

Biosciences

Inc

(d) 2,293

Alphatec

Holdings

Inc

(d) 383,239

4,208

Anteris

Technologies

Global

Corp

(d),(e)

537

Artivion

Inc

(d) 3,032

AtriCure

Inc

(d) 249,039

7,449

Avita

Medical

Inc

(d) 2,551

Axogen

Inc

(d) 4,249

Beta

Bionics

Inc

(d),(e)

128,744

1,423

BioLife

Solutions

Inc

(d) 3,230

Bio-Techne

Corp

210,284

10,588

Bioventus

Inc

(d) 1,385

Bruker

Corp

272,610

10,921

CareDx

Inc

(d) 1,108

Castle

Biosciences

Inc

(d) 892

Ceribell

Inc

(d) 28,982

Cerus

Corp

(d) 18,084

CONMED

Corp

3,092

CVRx

Inc

(d) 80,646

591

Embecta

Corp

559

Establishment

Labs

Holdings

Inc

(d),(e)

266,010

8,073

Fractyl

Health

Inc

(d) 1,912

Glaukos

Corp

(d) 92,859

8,752

Haemonetics

Corp

(d) 4,975

InfuSystem

Holdings

Inc

(d) 2,160

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Inmode

Ltd

(d) 887

$

Integer

Holdings

Corp

(d) 10,240

1,294

iRadimed

Corp

794

iRhythm

Technologies

Inc

(d) 3,132

Kestra

Medical

Technologies

Ltd

(d) 206,998

4,980

Lantheus

Holdings

Inc

(d) 6,902

720

LeMaitre

Vascular

Inc

2,034

LivaNova

PLC

(d) 98,698

3,652

Masimo

Corp

(d) 51,315

8,260

Merit

Medical

Systems

Inc

(d) 75,356

7,118

MiMedx

Group

Inc

(d) 5,613

NeuroPace

Inc

(d) 1,415

Novocure

Ltd

(d) 112,281

2,037

OmniAb

Inc

(d) 998

Orchestra

BioMed

Holdings

Inc

(d) 839

Orthofix

Medical

Inc

(d) 191,697

2,666

OrthoPediatrics

Corp

(d) 201,419

4,193

PROCEPT

BioRobotics

Corp

(d) 148,900

8,038

Pulmonx

Corp

(d) 3,789

Pulse

Biosciences

Inc

(d),(e)

1,826

Quanterix

Corp

(d) 432

Repligen

Corp

(d) 62,215

8,585

RxSight

Inc

(d) 3,698

Sanara

Medtech

Inc

(d) 442

Semler

Scientific

Inc

(d) 658

Sera

Prognostics

Inc

(d) 3,098

SI-BONE

Inc

(d) 364,676

4,978

STAAR

Surgical

Co

(d) 4,961

Stereotaxis

Inc

(d) 5,650

Surmodics

Inc

(d) 875

Tandem

Diabetes

Care

Inc

(d) 132,328

2,230

TransMedics

Group

Inc

(d) 108,098

9,946

Treace

Medical

Concepts

Inc

(d),(e)

4,882

Twist

Bioscience

Corp

(d) 5,941

UFP

Technologies

Inc

(d) 730

West

Pharmaceutical

Services

Inc

8,062

1,703

Zynex

Inc

(d),(e)

1,408

$

125,015

Healthcare

-

Services

-

.07

%

Addus

HomeCare

Corp

(d) 680

agilon

health

Inc

(d) 30,939

Ardent

Health

Partners

Inc

(d) 1,637

Astrana

Health

Inc

(d) 4,322

Aveanna

Healthcare

Holdings

Inc

(d) 3,688

BrightSpring

Health

Services

Inc

(d) 311,630

5,463

Brookdale

Senior

Living

Inc

(d) 16,451

Community

Health

Systems

Inc

(d) 6,980

Concentra

Group

Holdings

Parent

Inc

7,619

CorVel

Corp

(d) 2,664

DocGo

Inc

(d) 1,605

Encompass

Health

Corp

123,632

14,464

Enhabit

Inc

(d) 395

Ensign

Group

Inc/The

5,562

717

GeneDx

Holdings

Corp

(d) 48,666

3,253

HealthEquity

Inc

(d) 217,114

18,611

Innovage

Holding

Corp

(d) 481

Joint

Corp/The

(d) 1,170

LifeStance

Health

Group

Inc

(d) 617,357

4,056

ModivCare

Inc

(d),(e)

707

Nano-X

Imaging

Ltd

(d),(e)

5,204

Oscar

Health

Inc

(d) 20,487

PACS

Group

Inc

(d) 3,934

Pennant

Group

Inc/The

(d) 3,270

Quipt

Home

Medical

Corp

(d) 482

RadNet

Inc

(d) 156,730

8,209

Select

Medical

Holdings

Corp

7,425

Sonida

Senior

Living

Inc

(d) 254

Teladoc

Health

Inc

(d) 2,537

US

Physical

Therapy

Inc

1,500

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

(continued)

Viemed

Healthcare

Inc

(d) 3,430

$

$

56,458

Home

Builders

-

.55

%

Cavco

Industries

Inc

(d) 805

Century

Communities

Inc

Champion

Homes

Inc

(d) 101,932

8,817

Dream

Finders

Homes

Inc

(d),(e)

2,804

Forestar

Group

Inc

(d) 194

Green

Brick

Partners

Inc

(d) 845

Hovnanian

Enterprises

Inc

(d) 30

Installed

Building

Products

Inc

2,378

KB

Home

874

Landsea

Homes

Corp

(d) 291

LCI

Industries

2,485

LGI

Homes

Inc

(d) 117

Tri

Pointe

Homes

Inc

(d) 2,709

United

Homes

Group

Inc

(d) 557

$

10,079

Home

Furnishings

-

.55

%

Arhaus

Inc

(d) 407,375

3,202

Daktronics

Inc

(d) 642

Lovesac

Co/The

(d) 806

SharkNinja

Inc

(d) 83,344

6,709

Sonos

Inc

(d) 10,842

$

10,035

Insurance

-

.94

%

American

Coastal

Insurance

Corp

1,129

AMERISAFE

Inc

809

Baldwin

Insurance

Group

Inc/The

(d) 173,918

7,238

Bowhead

Specialty

Holdings

Inc

(d) 52,992

2,130

Crawford

&

Co

1,523

F&G

Annuities

&

Life

Inc

Goosehead

Insurance

Inc

2,250

HCI

Group

Inc

823

Investors

Title

Co

Kingsway

Financial

Services

Inc

(d),(e)

1,386

Lemonade

Inc

(d),(e)

4,309

Mercury

General

Corp

NMI

Holdings

Inc

(d) 566

Palomar

Holdings

Inc

(d) 145,779

21,141

RLI

Corp

89,626

6,633

Roadzen

Inc

(d) 527

—

Root

Inc/OH

(d) 866

Selective

Insurance

Group

Inc

5,189

SiriusPoint

Ltd

(d) 821

Skyward

Specialty

Insurance

Group

Inc

(d) 187,715

9,966

Stewart

Information

Services

Corp

14,313

937

Tiptree

Inc

636

Trupanion

Inc

(d) 3,303

TWFG

Inc

(d) 146,722

4,648

Universal

Insurance

Holdings

Inc

$

54,017

Internet

-

.52

%

1-800-Flowers.com

Inc

(d),(e)

581

1stdibs.com

Inc

(d) 758

AudioEye

Inc

(d) 702

Backblaze

Inc

(d) 4,647

Bumble

Inc

(d) 780

Cardlytics

Inc

(d) 4,249

Cargurus

Inc

(d) 8,697

Cogent

Communications

Holdings

Inc

237,036

12,883

Couchbase

Inc

(d) 4,065

Despegar.com

Corp

(d) 990

Entravision

Communications

Corp

1,272

ePlus

Inc

(d) 1,756

Eventbrite

Inc

(d) 7,588

EverQuote

Inc

(d) 136,070

3,231

Figs

Inc

(d) 617

fuboTV

Inc

(d) 2,633

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Internet

(continued)

Gambling.com

Group

Ltd

(d) 1,857

$

Getty

Images

Holdings

Inc

(d),(e)

10,813

Grindr

Inc

(d) 2,453

Groupon

Inc

(d) 1,145

HealthStream

Inc

810

Hims

&

Hers

Health

Inc

(d) 19,379

641

LifeMD

Inc

(d) 2,277

Liquidity

Services

Inc

(d) 2,142

LiveOne

Inc

(d) 5,045

Magnite

Inc

(d) 11,230

MediaAlpha

Inc

(d) 2,974

Nerdy

Inc

(d) 6,202

Open

Lending

Corp

(d) 11,010

Opendoor

Technologies

Inc

(d) 3,498

OptimizeRx

Corp

(d) 1,787

Q2

Holdings

Inc

(d) 119,764

9,491

QuinStreet

Inc

(d) 5,397

RealReal

Inc/The

(d) 7,115

Revolve

Group

Inc

(d) 3,846

Shutterstock

Inc

1,878

Sprinklr

Inc

(d) 11,697

Tucows

Inc

(d) 800

Upwork

Inc

(d) 12,489

Vivid

Seats

Inc

(d) 7,727

Yelp

Inc

(d) 6,376

$

27,952

Investment

Companies

-

.28

%

Cipher

Mining

Inc

(d) 13,649

Cleanspark

Inc

(d),(e)

27,681

Core

Scientific

Inc

(d) 14,043

MARA

Holdings

Inc

(d) 158,133

2,114

Riot

Platforms

Inc

(d),(e)

4,093

Terawulf

Inc

(d),(e)

25,065

Trinity

Capital

Inc

179,519

2,608

$

5,201

Iron

&

Steel

-

.91

%

ATI

Inc

(d) 129,163

7,024

Carpenter

Technology

Corp

49,963

9,773

$

16,797

Leisure

Products

&

Services

-

.47

%

Acushnet

Holdings

Corp

2,789

Global

Business

Travel

Group

I

(d) 10,809

Life

Time

Group

Holdings

Inc

(d) 155,167

4,757

Lindblad

Expeditions

Holdings

Inc

(d) 2,531

Livewire

Group

Inc

(d) 1,486

Marine

Products

Corp

OneSpaWorld

Holdings

Ltd

199,025

3,323

Peloton

Interactive

Inc

(d) 32,809

Sabre

Corp

(d) 8,074

Xponential

Fitness

Inc

(d) 2,493

$

8,632

Lodging

-

.01

%

Hilton

Grand

Vacations

Inc

(d) 6,954

Machinery

-

Construction

&

Mining

-

.23

%

Argan

Inc

1,267

Bloom

Energy

Corp

(d) 99,110

1,816

BWX

Technologies

Inc

18,282

1,995

Hyster-Yale

Inc

686

NANO

Nuclear

Energy

Inc

(d),(e)

NuScale

Power

Corp

(d),(e)

9,067

$

4,191

Machinery

-

Diversified

-

.50

%

Alamo

Group

Inc

1,021

Albany

International

Corp

752

Applied

Industrial

Technologies

Inc

44,537

10,835

Cactus

Inc

75,829

2,877

Chart

Industries

Inc

(d) 59,852

8,079

CSW

Industrials

Inc

31,328

9,789

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

(continued)

DXP

Enterprises

Inc/TX

(d) 108

$

Esab

Corp

67,009

8,049

Gorman-Rupp

Co/The

2,087

GrafTech

International

Ltd

(d) 25,666

Ichor

Holdings

Ltd

(d) 1,024

IDEX

Corp

26,508

4,612

Kadant

Inc

17,634

5,202

Lindsay

Corp

539

Mueller

Water

Products

Inc

-

Class

A

233,464

6,126

Taylor

Devices

Inc

(d) 237

Tennant

Co

833

Thermon

Group

Holdings

Inc

(d) 382

Watts

Water

Technologies

Inc

2,748

571

Zurn

Elkay

Water

Solutions

Corp

224,422

7,621

$

64,249

Media

-

.01

%

GCI

Liberty

Inc

-

Escrow

(d),(f)

157,046

—

Sinclair

Inc

3,202

Thryv

Holdings

Inc

(d) 3,818

Townsquare

Media

Inc

1,050

Value

Line

Inc

$

Metal

Fabrication

&

Hardware

-

.78

%

AZZ

Inc

2,432

Helios

Technologies

Inc

2,277

Hillman

Solutions

Corp

(d) 3,362

Janus

International

Group

Inc

(d) 13,740

Mayville

Engineering

Co

Inc

(d) 140

Mueller

Industries

Inc

10,363

762

Omega

Flex

Inc

Standex

International

Corp

886

Valmont

Industries

Inc

43,826

12,851

Worthington

Enterprises

Inc

2,805

Xometry

Inc

(d) 4,396

$

14,397

Mining

-

.05

%

Centrus

Energy

Corp

(d) 1,016

Century

Aluminum

Co

(d) 5,293

Constellium

SE

(d) 12,984

Contango

ORE

Inc

(d),(e)

Critical

Metals

Corp

(d),(e)

902

Dakota

Gold

Corp

(d) 4,190

Encore

Energy

Corp

(d) 13,629

Ivanhoe

Electric

Inc

/

US

(d) 8,374

Kaiser

Aluminum

Corp

1,486

MAC

Copper

Ltd

(d),(e)

1,638

Perpetua

Resources

Corp

(d) 4,223

Piedmont

Lithium

Inc

(d) 443

United

States

Lime

&

Minerals

Inc

1,055

Uranium

Energy

Corp

(d) 41,292

Ur-Energy

Inc

(d) 30,627

$

894

Miscellaneous

Manufacturers

-

.29

%

Byrna

Technologies

Inc

(d) 1,689

Enpro

Inc

52,082

7,781

Fabrinet

(d) 35,736

7,328

Federal

Signal

Corp

6,029

Hillenbrand

Inc

2,349

ITT

Inc

54,712

7,497

JBT

Marel

Corp

Materion

Corp

1,945

Myers

Industries

Inc

3,713

Park

Aerospace

Corp

792

Sight

Sciences

Inc

(d) 3,064

Smith

&

Wesson

Brands

Inc

Solidion

Technology

Inc

(d) 2,466

—

Sturm

Ruger

&

Co

Inc

Trinity

Industries

Inc

7,522

$

23,647

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Office

&

Business

Equipment

-

.00

%

Pitney

Bowes

Inc

4,864

$

Office

Furnishings

-

.01

%

CompX

International

Inc

HNI

Corp

2,274

Interface

Inc

565

Virco

Mfg.

Corp

$

Oil

&

Gas

-

.22

%

Berry

Corp

2,329

BKV

Corp

(d) 317

Crescent

Energy

Co

4,270

CVR

Energy

Inc

3,065

Delek

US

Holdings

Inc

1,641

Diversified

Energy

Co

PLC

Empire

Petroleum

Corp

(d) 1,592

Evolution

Petroleum

Corp

801

Gulfport

Energy

Corp

(d) 663

Infinity

Natural

Resources

Inc

(d) 81,530

1,251

Kosmos

Energy

Ltd

(d) 46,918

Magnolia

Oil

&

Gas

Corp

16,046

Nabors

Industries

Ltd

(d),(e)

Noble

Corp

PLC

8,684

Northern

Oil

&

Gas

Inc

629

Permian

Resources

Corp

31,074

Prairie

Operating

Co

(d) 313

Riley

Exploration

Permian

Inc

Sable

Offshore

Corp

(d),(e)

67,516

1,260

Seadrill

Ltd

(d) 1,875

SM

Energy

Co

1,929

VAALCO

Energy

Inc

1,008

Valaris

Ltd

(d) 3,950

W&T

Offshore

Inc

(e) 10,871

$

3,978

Oil

&

Gas

Services

-

.63

%

Archrock

Inc

16,732

Aris

Water

Solutions

Inc

Atlas

Energy

Solutions

Inc

7,455

ChampionX

Corp

507,830

12,254

Core

Laboratories

Inc

4,704

DMC

Global

Inc

(d) 502

Drilling

Tools

International

Corp

(d) 498

Flowco

Holdings

Inc

142,805

2,759

Helix

Energy

Solutions

Group

Inc

(d) 2,600

Kodiak

Gas

Services

Inc

1,221

Liberty

Energy

Inc

970

Natural

Gas

Services

Group

Inc

(d) 197

Oceaneering

International

Inc

(d) 557,699

9,899

Solaris

Energy

Infrastructure

Inc

132,096

2,792

TechnipFMC

PLC

50,648

1,427

TETRA

Technologies

Inc

(d) 12,578

Tidewater

Inc

(d) 4,891

$

29,973

Packaging

&

Containers

-

.00

%

Ardagh

Metal

Packaging

SA

14,481

Karat

Packaging

Inc

669

$

Pharmaceuticals

-

.07

%

AdaptHealth

Corp

(d) 4,432

Akebia

Therapeutics

Inc

(d) 1,728

Alector

Inc

(d) 8,874

Alkermes

PLC

(d) 16,146

Amneal

Pharmaceuticals

Inc

(d) 13,387

Amphastar

Pharmaceuticals

Inc

(d) 3,796

Anika

Therapeutics

Inc

(d) 226

Aquestive

Therapeutics

Inc

(d) 2,028

Arvinas

Inc

(d) 6,433

Ascendis

Pharma

A/S

ADR

(d) 24,151

4,116

Avadel

Pharmaceuticals

PLC

(d) 9,269

BellRing

Brands

Inc

(d) 115,223

8,888

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

(continued)

Biote

Corp

(d) 2,772

$

Catalyst

Pharmaceuticals

Inc

(d) 11,329

Coherus

Biosciences

Inc

(d) 2,523

Collegium

Pharmaceutical

Inc

(d) 214,988

5,804

Corbus

Pharmaceuticals

Holdings

Inc

(d) 570

Corcept

Therapeutics

Inc

(d) 37,797

2,717

CorMedix

Inc

(d) 5,547

Enliven

Therapeutics

Inc

(d) 3,476

Fennec

Pharmaceuticals

Inc

(d) 566

Foghorn

Therapeutics

Inc

(d) 1,321

Fulcrum

Therapeutics

Inc

(d) 1,429

Galectin

Therapeutics

Inc

(d),(e)

1,000

Guardian

Pharmacy

Services

Inc

(d) 323

Gyre

Therapeutics

Inc

(d) 106

Harmony

Biosciences

Holdings

Inc

(d) 3,820

Harrow

Inc

(d) 3,064

Herbalife

Ltd

(d) 6,752

Heron

Therapeutics

Inc

(d) 901

Ironwood

Pharmaceuticals

Inc

(d) 4,812

KalVista

Pharmaceuticals

Inc

(d) 233,278

3,212

Madrigal

Pharmaceuticals

Inc

(d) 13,509

4,511

MannKind

Corp

(d) 20,740

Maze

Therapeutics

Inc

(d),(e)

MediWound

Ltd

(d),(e)

911

Merus

NV

(d) 81,376

3,703

Mirum

Pharmaceuticals

Inc

(d) 3,979

Nature's

Sunshine

Products

Inc

(d) 217

Neurocrine

Biosciences

Inc

(d) 96,433

10,385

Neurogene

Inc

(d),(e)

631

Ocugen

Inc

(d) 27,165

Ocular

Therapeutix

Inc

(d) 15,855

Option

Care

Health

Inc

(d) 8,069

ORIC

Pharmaceuticals

Inc

(d) 1,409

Outlook

Therapeutics

Inc

(d) 645

Owens

&

Minor

Inc

(d) 1,252

Pacira

BioSciences

Inc

(d) 293

Phibro

Animal

Health

Corp

Protagonist

Therapeutics

Inc

(d) 5,952

Regulus

Therapeutics

Inc

(d) 996

Rhythm

Pharmaceuticals

Inc

(d) 5,485

scPharmaceuticals

Inc

(d) 4,266

SIGA

Technologies

Inc

3,489

Skye

Bioscience

Inc

(d),(e)

Spyre

Therapeutics

Inc

(d) 133,711

2,036

Supernus

Pharmaceuticals

Inc

(d) 363

Telomir

Pharmaceuticals

Inc

(d),(e)

925

Trevi

Therapeutics

Inc

(d) 196,690

1,359

Vaxcyte

Inc

(d) 185,648

6,653

Verrica

Pharmaceuticals

Inc

(d) 2,559

Xeris

Biopharma

Holdings

Inc

(d) 14,062

Y-mAbs

Therapeutics

Inc

(d) 3,825

$

56,450

Pipelines

-

.10

%

Excelerate

Energy

Inc

67,902

1,737

Kinetik

Holdings

Inc

NextDecade

Corp

(d) 11,592

$

1,840

Private

Equity

-

.01

%

P10

Inc

3,499

Patria

Investments

Ltd

5,795

$

Real

Estate

-

.25

%

Compass

Inc

(d) 36,930

eXp

World

Holdings

Inc

(e) 8,217

FirstService

Corp

21,211

3,723

Maui

Land

&

Pineapple

Co

Inc

(d) 759

McGrath

RentCorp

2,445

Offerpad

Solutions

Inc

(d) 269

—

Real

Brokerage

Inc/The

(d) 10,069

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Real

Estate

(continued)

Redfin

Corp

(d) 12,203

$

Sky

Harbour

Group

Corp

(d) 1,221

St

Joe

Co/The

3,612

$

4,683

REITs

-

.66

%

AG

Mortgage

Investment

Trust

Inc

Alexander's

Inc

Angel

Oak

Mortgage

REIT

Inc

Apartment

Investment

and

Management

Co

6,692

Armada

Hoffler

Properties

Inc

CareTrust

REIT

Inc

1,555

CBL

&

Associates

Properties

Inc

1,459

Clipper

Realty

Inc

941

Community

Healthcare

Trust

Inc

EastGroup

Properties

Inc

45,183

7,384

Gladstone

Commercial

Corp

726

KKR

Real

Estate

Finance

Trust

Inc

1,575

NETSTREIT

Corp

1,571

Outfront

Media

Inc

5,677

Phillips

Edison

&

Co

Inc

1,800

Postal

Realty

Trust

Inc

911

Ryman

Hospitality

Properties

Inc

46,293

4,071

Saul

Centers

Inc

938

Strawberry

Fields

REIT

Inc

937

Tanger

Inc

4,241

UMH

Properties

Inc

1,088

Universal

Health

Realty

Income

Trust

1,058

$

12,092

Retail

-

.55

%

Abercrombie

&

Fitch

Co

(d) 4,969

Academy

Sports

&

Outdoors

Inc

1,760

American

Eagle

Outfitters

Inc

14,147

Arko

Corp

749

BJ's

Restaurants

Inc

(d) 125,034

4,162

Blink

Charging

Co

(d) 4,542

Bloomin'

Brands

Inc

4,078

Boot

Barn

Holdings

Inc

(d) 108,007

11,269

Brinker

International

Inc

(d) 3,984

535

Buckle

Inc/The

3,097

Build-A-Bear

Workshop

Inc

1,241

Caleres

Inc

1,138

Camping

World

Holdings

Inc

5,625

Casey's

General

Stores

Inc

34,463

15,942

Cheesecake

Factory

Inc/The

4,838

Cracker

Barrel

Old

Country

Store

Inc

(e) 473

Dave

&

Buster's

Entertainment

Inc

(d) 3,146

Denny's

Corp

(d) 3,923

Dine

Brands

Global

Inc

Dutch

Bros

Inc

(d) 135,736

8,109

EVgo

Inc

(d) 1,515

First

Watch

Restaurant

Group

Inc

(d) 148,269

2,619

FirstCash

Holdings

Inc

3,857

517

Freshpet

Inc

(d) 111,673

8,212

Genesco

Inc

(d) 289

GMS

Inc

(d) 3,517

GrowGeneration

Corp

(d) 565

J

Jill

Inc

603

Jack

in

the

Box

Inc

(e) 1,890

Kura

Sushi

USA

Inc

(d) 659

Leslie's

Inc

(d) 11,297

National

Vision

Holdings

Inc

(d) 312,311

3,857

Ollie's

Bargain

Outlet

Holdings

Inc

(d) 151,610

16,087

ONE

Group

Hospitality

Inc/The

(d) 2,060

Papa

John's

International

Inc

2,411

Patrick

Industries

Inc

3,243

Portillo's

Inc

(d),(e)

811,921

8,395

Potbelly

Corp

(d) 2,734

PriceSmart

Inc

1,589

QVC

Group

Inc

(d) 319

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

RH

(d) 18,970

$

3,491

Savers

Value

Village

Inc

(d) 2,326

Shake

Shack

Inc

(d) 3,809

Sonic

Automotive

Inc

Sweetgreen

Inc

(d) 10,203

Texas

Roadhouse

Inc

43,020

7,140

Tile

Shop

Holdings

Inc

(d) 1,000

Urban

Outfitters

Inc

(d) 1,767

Victoria's

Secret

&

Co

(d) 1,813

Warby

Parker

Inc

(d) 8,879

Wingstop

Inc

32,681

8,624

$

101,895

Savings

&

Loans

-

.43

%

Axos

Financial

Inc

(d) 122,828

7,797

Greene

County

Bancorp

Inc

708

$

7,813

Semiconductors

-

.46

%

ACM

Research

Inc

(d) 3,541

Aehr

Test

Systems

(d),(e)

2,679

Ambarella

Inc

(d) 2,010

Arteris

Inc

(d) 2,821

Axcelis

Technologies

Inc

(d) 3,263

CEVA

Inc

(d) 1,975

Diodes

Inc

(d) 482

Entegris

Inc

120,904

9,566

FormFactor

Inc

(d) 139,522

3,926

GCT

Semiconductor

Holding

Inc

(d),(e)

1,022

Impinj

Inc

(d) 37,358

3,442

Kulicke

&

Soffa

Industries

Inc

102,959

3,319

Lattice

Semiconductor

Corp

(d) 195,090

9,545

MACOM

Technology

Solutions

Holdings

Inc

(d) 124,798

12,948

MaxLinear

Inc

(d) 7,562

Navitas

Semiconductor

Corp

(d) 1,936

Onto

Innovation

Inc

(d) 25,850

3,153

Ouster

Inc

(d) 830

Photronics

Inc

(d) 2,099

Power

Integrations

Inc

105,267

5,171

QuickLogic

Corp

(d),(e)

1,384

Rambus

Inc

(d) 133,740

6,525

Semtech

Corp

(d) 149,968

4,687

Silicon

Laboratories

Inc

(d) 3,210

SiTime

Corp

(d) 115,124

16,907

SkyWater

Technology

Inc

(d),(e)

225,306

1,598

Synaptics

Inc

(d) 313

Ultra

Clean

Holdings

Inc

(d) 4,436

Veeco

Instruments

Inc

(d) 4,707

$

81,871

Software

-

.50

%

8x8

Inc

(d) 12,814

ACI

Worldwide

Inc

(d) 10,574

564

ACV

Auctions

Inc

(d) 595,889

8,754

Adeia

Inc

9,209

Agilysys

Inc

(d) 56,166

4,176

Airship

AI

Holdings

Inc

(d) 893

Alignment

Healthcare

Inc

(d) 10,035

Alkami

Technology

Inc

(d) 353,135

9,425

Amplitude

Inc

(d) 7,834

Appfolio

Inc

(d) 20,490

4,232

Appian

Corp

(d) 4,037

Asana

Inc

(d) 8,145

AvePoint

Inc

(d) 12,914

AvidXchange

Holdings

Inc

(d) 17,427

Bandwidth

Inc

(d) 2,234

BigBear.ai

Holdings

Inc

(d),(e)

7,328

BigCommerce

Holdings

Inc

(d) 7,151

Blackbaud

Inc

(d) 3,942

BlackLine

Inc

(d) 5,848

Blend

Labs

Inc

(d) 24,052

Box

Inc

(d) 14,122

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Braze

Inc

(d) 221,329

$

6,890

C3.ai

Inc

(d) 11,276

CCC

Intelligent

Solutions

Holdings

Inc

(d) 2,135,736

19,777

Clear

Secure

Inc

8,896

Clearwater

Analytics

Holdings

Inc

(d) 749,832

17,051

Climb

Global

Solutions

Inc

Commvault

Systems

Inc

(d) 22,873

3,823

CS

Disco

Inc

(d) 1,833

CSG

Systems

International

Inc

2,895

Daily

Journal

Corp

(d) 100

Digimarc

Corp

(d),(e)

1,426

DigitalOcean

Holdings

Inc

(d) 6,664

Domo

Inc

(d) 3,471

Donnelley

Financial

Solutions

Inc

(d) 1,793

Dynatrace

Inc

(d) 356,194

16,730

eGain

Corp

(d) 1,756

EverCommerce

Inc

(d) 1,545

Evolent

Health

Inc

(d) 11,574

Fastly

Inc

(d) 10,561

Freshworks

Inc

(d) 20,734

GigaCloud

Technology

Inc

(d) 2,343

Gitlab

Inc

(d) 98,930

4,617

Golden

Matrix

Group

Inc

(d) 1,869

Guidewire

Software

Inc

(d) 44,501

9,112

Health

Catalyst

Inc

(d) 477

I3

Verticals

Inc

(d) 120

Ibotta

Inc

(d),(e)

1,555

Innodata

Inc

(d) 2,712

Inspired

Entertainment

Inc

(d) 2,358

Intapp

Inc

(d) 193,384

10,493

IonQ

Inc

(d),(e)

20,376

559

Jamf

Holding

Corp

(d) 8,341

JFrog

Ltd

(d) 254,460

8,593

Kaltura

Inc

(d) 9,765

Klaviyo

Inc

(d) 267,369

8,139

Life360

Inc

(d) 64,040

2,748

LiveRamp

Holdings

Inc

(d) 6,441

Meridianlink

Inc

(d) 1,972

Monday.com

Ltd

(d) 29,066

8,167

N-able

Inc/US

(d) 7,263

Olo

Inc

(d) 5,179

Onestream

Inc

(d) 613,532

13,130

PagerDuty

Inc

(d) 8,699

PDF

Solutions

Inc

(d) 246,799

4,529

Phreesia

Inc

(d) 446,754

11,151

Porch

Group

Inc

(d) 7,913

Privia

Health

Group

Inc

(d) 10,344

Progress

Software

Corp

4,317

PROS

Holdings

Inc

(d) 261,724

4,470

PubMatic

Inc

(d) 3,898

Red

Violet

Inc

1,106

ReposiTrak

Inc

(e) 1,163

Sapiens

International

Corp

NV

3,087

Schrodinger

Inc/United

States

(d) 5,574

SEMrush

Holdings

Inc

(d) 3,683

SentinelOne

Inc

(d) 221,290

4,094

ServiceTitan

Inc

(d),(e)

30,371

3,511

Silvaco

Group

Inc

(d) 455

Simulations

Plus

Inc

1,583

SoundHound

AI

Inc

(d),(e)

32,469

Sprout

Social

Inc

(d) 45,407

950

SPS

Commerce

Inc

(d) 3,775

542

Take-Two

Interactive

Software

Inc

(d) 54,034

12,607

Talkspace

Inc

(d) 12,317

Tempus

AI

Inc

(d),(e)

44,393

2,294

Vertex

Inc

(d) 5,533

Viant

Technology

Inc

(d) 1,522

Waystar

Holding

Corp

(d) 5,153

Weave

Communications

Inc

(d) 4,020

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

WM

Technology

Inc

(d) 9,326

$

Workiva

Inc

(d) 45,356

3,414

Yext

Inc

(d) 10,671

Zeta

Global

Holdings

Corp

(d) 17,921

Zspace

Inc

(d),(e)

$

211,123

Telecommunications

-

.74

%

A10

Networks

Inc

7,086

Anterix

Inc

(d) 896

Applied

Digital

Corp

(d),(e)

13,769

Calix

Inc

(d) 4,402

Credo

Technology

Group

Holding

Ltd

(d) 457,503

19,695

DigitalBridge

Group

Inc

394,749

3,316

Extreme

Networks

Inc

(d) 6,915

Globalstar

Inc

(d) 4,118

Gogo

Inc

(d) 2,757

Harmonic

Inc

(d) 11,075

IDT

Corp

-

Class

B

1,085

InterDigital

Inc

40,829

8,206

Ooma

Inc

(d) 275

Preformed

Line

Products

Co

$

31,954

Transportation

-

.63

%

ArcBest

Corp

2,359

Costamare

Inc

Covenant

Logistics

Group

Inc

CryoPort

Inc

(d) 3,573

Dorian

LPG

Ltd

1,813

FLEX

LNG

Ltd

(e) 1,819

Heartland

Express

Inc

1,910

Himalaya

Shipping

Ltd

(d) 2,797

Kirby

Corp

(d) 81,960

7,898

Marten

Transport

Ltd

1,225

PAMT

CORP

(d) 98

Proficient

Auto

Logistics

Inc

(d) 63,837

530

RXO

Inc

(d) 177,827

2,505

Saia

Inc

(d) 900

SFL

Corp

Ltd

2,593

Universal

Logistics

Holdings

Inc

Werner

Enterprises

Inc

794

World

Kinect

Corp

596

$

11,509

Water

-

.02

%

American

States

Water

Co

2,133

California

Water

Service

Group

1,566

Consolidated

Water

Co

Ltd

Global

Water

Resources

Inc

1,274

Middlesex

Water

Co

York

Water

Co/The

$

TOTAL

COMMON

STOCKS

$

1,787,071

Total

Investments

$

1,863,623

Other

Assets

and

Liabilities

- (1.48)%

(27,232)

TOTAL

NET

ASSETS

-

100.00%

$

1,836,391

(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

$29,789

or

1.62%

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

$28,333

or

1.54%

of

net

assets.

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2025

(unaudited)

See

accompanying

notes.

(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

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

82,817

$

696,805

$

708,787

$

70,835

$

82,817

$

696,805

$

708,787

$

70,835

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

1,108

$

—

$

—

$

—

$

1,108

$

—

$

—

$

—

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;

June

2025

Long

$

6,402

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.54

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.12

%

iShares

Core

S&P

Small-Cap

ETF

14,744

$

1,476

Money

Market

Funds

-

.42

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

495,751

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

41,148,318

41,148

$

41,644

TOTAL

INVESTMENT

COMPANIES

$

43,120

COMMON

STOCKS

-

.58

%

Shares

Held

Value

(000's)

Advertising

-

.02

%

TechTarget

Inc

(d) 26,371

$

Aerospace

&

Defense

-

.67

%

AAR

Corp

(d) 34,266

1,832

AeroVironment

Inc

(d) 27,199

4,121

Kratos

Defense

&

Security

Solutions

Inc

(d) 148,451

5,015

Mercury

Systems

Inc

(d) 49,272

2,464

Moog

Inc

27,536

4,605

National

Presto

Industries

Inc

4,965

Triumph

Group

Inc

(d) 75,184

1,910

$

20,366

Agriculture

-

.30

%

Andersons

Inc/The

31,205

1,177

Fresh

Del

Monte

Produce

Inc

32,595

1,109

Universal

Corp/VA

23,984

1,397

$

3,683

Airlines

-

.48

%

Allegiant

Travel

Co

14,127

663

JetBlue

Airways

Corp

(d) 294,859

1,286

SkyWest

Inc

(d) 39,173

3,493

Sun

Country

Airlines

Holdings

Inc

(d) 38,207

$

5,816

Apparel

-

.72

%

Carter's

Inc

35,005

1,157

Hanesbrands

Inc

(d) 342,964

1,574

Kontoor

Brands

Inc

48,202

2,899

Oxford

Industries

Inc

14,335

697

Steven

Madden

Ltd

70,118

1,473

Wolverine

World

Wide

Inc

77,767

1,015

$

8,815

Automobile

Parts

&

Equipment

-

.39

%

Adient

PLC

(d) 81,522

1,031

American

Axle

&

Manufacturing

Holdings

Inc

(d) 114,202

BorgWarner

Inc

212,400

6,028

Dana

Inc

125,324

1,722

Dorman

Products

Inc

(d) 26,380

2,989

Fox

Factory

Holding

Corp

(d) 40,486

822

Gentherm

Inc

(d) 30,090

783

Phinia

Inc

39,643

1,592

Standard

Motor

Products

Inc

20,043

543

Titan

International

Inc

(d) 46,607

XPEL

Inc

(d) 22,020

631

$

16,919

Banks

-

.51

%

Ameris

Bancorp

62,825

3,682

Atlantic

Union

Bankshares

Corp

126,654

3,508

BancFirst

Corp

19,358

2,281

Bancorp

Inc/The

(d) 46,343

2,239

Bank

of

Hawaii

Corp

38,607

2,552

BankUnited

Inc

72,601

2,375

Banner

Corp

33,471

2,046

Cathay

General

Bancorp

69,154

2,883

Central

Pacific

Financial

Corp

26,288

675

City

Holding

Co

14,280

1,655

Community

Financial

System

Inc

51,156

2,793

Customers

Bancorp

Inc

(d) 28,316

1,416

CVB

Financial

Corp

127,536

2,364

Dime

Community

Bancshares

Inc

38,132

980

Eagle

Bancorp

Inc

29,334

527

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

FB

Financial

Corp

33,993

$

1,447

First

BanCorp/Puerto

Rico

158,159

3,106

First

Bancorp/Southern

Pines

NC

40,159

1,625

First

Commonwealth

Financial

Corp

98,526

1,509

First

Financial

Bancorp

92,752

2,147

First

Hawaiian

Inc

122,791

2,807

Fulton

Financial

Corp

176,857

2,950

Hanmi

Financial

Corp

29,138

666

Heritage

Financial

Corp/WA

33,014

753

Hilltop

Holdings

Inc

44,731

1,321

Hope

Bancorp

Inc

117,286

1,169

Independent

Bank

Corp

41,274

2,439

Lakeland

Financial

Corp

24,778

1,379

National

Bank

Holdings

Corp

36,962

1,337

NBT

Bancorp

Inc

45,818

1,940

OFG

Bancorp

44,580

1,754

Park

National

Corp

14,125

2,120

Pathward

Financial

Inc

23,161

1,838

Preferred

Bank/Los

Angeles

CA

11,913

951

Renasant

Corp

89,541

2,872

S&T

Bancorp

Inc

37,160

1,354

Seacoast

Banking

Corp

of

Florida

82,369

1,953

ServisFirst

Bancshares

Inc

48,763

3,473

Simmons

First

National

Corp

122,042

2,277

Southside

Bancshares

Inc

27,671

780

Stellar

Bancorp

Inc

46,186

1,153

Tompkins

Financial

Corp

12,199

727

Triumph

Financial

Inc

(d) 21,338

1,140

TrustCo

Bank

Corp

NY

18,474

563

Trustmark

Corp

59,256

1,988

United

Community

Banks

Inc/GA

115,935

3,201

Veritex

Holdings

Inc

52,951

1,233

Walker

&

Dunlop

Inc

31,158

2,385

Westamerica

BanCorp

25,941

1,256

$

91,589

Beverages

-

.12

%

MGP

Ingredients

Inc

13,646

National

Beverage

Corp

22,732

1,009

$

1,411

Biotechnology

-

.59

%

ACADIA

Pharmaceuticals

Inc

(d) 119,592

1,746

ADMA

Biologics

Inc

(d) 229,598

5,464

ANI

Pharmaceuticals

Inc

(d) 16,120

1,142

Arcus

Biosciences

Inc

(d) 65,361

572

Arrowhead

Pharmaceuticals

Inc

(d) 122,475

1,701

Certara

Inc

(d) 106,327

1,474

Cytek

Biosciences

Inc

(d) 101,339

Dynavax

Technologies

Corp

(d) 118,741

1,395

Innoviva

Inc

(d) 53,506

1,000

Krystal

Biotech

Inc

(d) 24,583

4,176

Ligand

Pharmaceuticals

Inc

(d) 18,352

2,016

Myriad

Genetics

Inc

(d) 88,419

655

NeoGenomics

Inc

(d) 124,673

797

OmniAb

Operations

Inc

(d) 7,689

—

OmniAb

Operations

Inc

(d) 7,689

—

TG

Therapeutics

Inc

(d) 129,638

5,900

Vericel

Corp

(d) 47,941

1,823

Vir

Biotechnology

Inc

(d) 89,621

549

Xencor

Inc

(d) 67,971

749

$

31,535

Building

Materials

-

.04

%

American

Woodmark

Corp

(d) 14,622

863

Apogee

Enterprises

Inc

21,323

846

Armstrong

World

Industries

Inc

42,337

6,140

Boise

Cascade

Co

37,303

3,479

Gibraltar

Industries

Inc

(d) 29,470

1,560

Griffon

Corp

38,318

2,610

Hayward

Holdings

Inc

(d) 138,095

1,841

Masterbrand

Inc

(d) 123,451

1,500

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Building

Materials

(continued)

SPX

Technologies

Inc

(d) 45,028

$

6,040

$

24,879

Chemicals

-

.23

%

AdvanSix

Inc

25,963

556

Balchem

Corp

31,575

4,943

Celanese

Corp

106,171

4,726

Chemours

Co/The

145,116

1,797

Element

Solutions

Inc

216,387

4,416

FMC

Corp

121,248

5,083

Hawkins

Inc

18,499

2,253

HB

Fuller

Co

53,105

2,870

Ingevity

Corp

(d) 35,306

1,164

Innospec

Inc

24,226

2,168

Koppers

Holdings

Inc

19,687

Minerals

Technologies

Inc

30,974

1,598

Quaker

Chemical

Corp

13,303

1,409

Rogers

Corp

(d) 16,494

1,019

Sensient

Technologies

Corp

41,145

3,866

Stepan

Co

20,538

1,038

$

39,399

Coal

-

.78

%

Alpha

Metallurgical

Resources

Inc

(d) 10,619

1,289

Core

Natural

Resources

Inc

49,280

3,559

Peabody

Energy

Corp

118,009

1,456

SunCoke

Energy

Inc

81,929

742

Warrior

Met

Coal

Inc

51,031

2,440

$

9,486

Commercial

Services

-

.72

%

ABM

Industries

Inc

60,417

2,945

Adtalem

Global

Education

Inc

(d) 36,195

3,844

Alarm.com

Holdings

Inc

(d) 48,010

2,573

AMN

Healthcare

Services

Inc

(d) 36,980

756

Arlo

Technologies

Inc

(d) 97,458

958

CoreCivic

Inc

(d) 106,705

2,416

Deluxe

Corp

42,999

628

EVERTEC

Inc

61,788

2,097

GEO

Group

Inc/The

(d) 132,173

4,134

Healthcare

Services

Group

Inc

(d) 71,376

1,014

Heidrick

&

Struggles

International

Inc

19,823

774

Hertz

Global

Holdings

Inc

(d),(e)

119,152

813

John

Wiley

&

Sons

Inc

39,828

1,738

Korn

Ferry

50,102

3,091

Matthews

International

Corp

30,079

615

Mister

Car

Wash

Inc

(d) 90,767

623

Monro

Inc

29,088

Payoneer

Global

Inc

(d) 249,384

1,753

Perdoceo

Education

Corp

59,998

1,507

PROG

Holdings

Inc

40,350

1,064

Progyny

Inc

(d) 71,954

1,643

Robert

Half

Inc

97,557

4,322

Strategic

Education

Inc

23,626

1,927

Stride

Inc

(d) 41,543

5,909

Upbound

Group

Inc

49,608

987

Verra

Mobility

Corp

(d) 160,069

3,490

Vestis

Corp

111,325

975

WillScot

Holdings

Corp

179,450

4,508

$

57,509

Computers

-

.54

%

Amentum

Holdings

Inc

(d) 139,391

3,041

Corsair

Gaming

Inc

(d) 43,727

DXC

Technology

Co

(d) 175,847

2,729

Grid

Dynamics

Holdings

Inc

(d) 59,911

848

Insight

Enterprises

Inc

(d) 26,545

3,671

NCR

Atleos

Corp

(d) 70,406

1,966

NCR

Voyix

Corp

(d) 141,774

1,215

NetScout

Systems

Inc

(d) 69,693

1,465

Sandisk

Corp/DE

(d) 111,925

3,594

$

18,839

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Consumer

Products

-

.50

%

Central

Garden

&

Pet

Co

(d) 8,953

$

Central

Garden

&

Pet

Co

-

A

Shares

(d) 49,076

1,451

Helen

of

Troy

Ltd

(d) 22,200

619

Quanex

Building

Products

Corp

45,852

754

Co

13,157

3,005

$

6,129

Cosmetics

&

Personal

Care

-

.59

%

Edgewell

Personal

Care

Co

46,844

1,431

Interparfums

Inc

17,422

1,903

Prestige

Consumer

Healthcare

Inc

(d) 48,115

3,908

$

7,242

Distribution

&

Wholesale

-

.74

%

G-III

Apparel

Group

Ltd

(d) 37,511

946

OPENLANE

Inc

(d) 103,774

1,921

Resideo

Technologies

Inc

(d) 142,749

2,395

Rush

Enterprises

Inc

-

Class

A

60,542

3,087

ScanSource

Inc

(d) 20,967

692

$

9,041

Diversified

Financial

Services

-

.67

%

Acadian

Asset

Management

Inc

27,184

732

Air

Lease

Corp

100,606

4,704

Artisan

Partners

Asset

Management

Inc

68,056

2,517

BGC

Group

Inc

363,543

3,294

Bread

Financial

Holdings

Inc

47,682

2,263

Cohen

&

Steers

Inc

26,027

1,986

Enact

Holdings

Inc

28,343

1,014

Encore

Capital

Group

Inc

(d) 23,011

792

Enova

International

Inc

(d) 25,067

2,301

EZCORP

Inc

(d) 50,475

826

Moelis

&

Co

68,560

3,673

Mr

Cooper

Group

Inc

(d) 61,774

7,352

Navient

Corp

72,029

892

Piper

Sandler

Cos

15,638

3,771

PJT

Partners

Inc

23,022

3,263

PRA

Group

Inc

(d) 38,294

701

Radian

Group

Inc

140,896

4,500

StepStone

Group

Inc

64,093

3,205

StoneX

Group

Inc

(d) 42,172

3,735

Virtu

Financial

Inc

78,476

3,072

Virtus

Investment

Partners

Inc

6,407

984

WisdomTree

Inc

111,143

967

World

Acceptance

Corp

(d) 3,143

$

56,950

Electric

-

.13

%

Avista

Corp

76,909

3,189

Clearway

Energy

Inc

-

Class

A

33,620

920

Clearway

Energy

Inc

-

Class

C

80,453

2,360

MGE

Energy

Inc

35,169

3,180

Otter

Tail

Corp

40,628

3,225

Unitil

Corp

15,779

926

$

13,800

Electrical

Components

&

Equipment

-

.33

%

Energizer

Holdings

Inc

63,808

1,725

Insteel

Industries

Inc

18,873

640

Powell

Industries

Inc

9,140

1,674

$

4,039

Electronics

-

.33

%

Advanced

Energy

Industries

Inc

36,592

3,565

Badger

Meter

Inc

28,567

6,308

Benchmark

Electronics

Inc

34,964

1,137

Brady

Corp

42,954

3,019

CTS

Corp

29,252

1,114

ESCO

Technologies

Inc

25,065

3,921

Itron

Inc

(d) 43,795

4,874

Knowles

Corp

(d) 85,145

1,340

Mesa

Laboratories

Inc

5,278

608

OSI

Systems

Inc

(d) 15,174

3,107

Plexus

Corp

(d) 26,264

3,216

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

(continued)

Sanmina

Corp

(d) 52,765

$

4,052

TTM

Technologies

Inc

(d) 99,039

1,983

Vicor

Corp

(d) 22,381

893

Vishay

Intertechnology

Inc

109,129

1,418

$

40,555

Energy

-

Alternate

Sources

-

.23

%

REX

American

Resources

Corp

(d) 15,015

596

SolarEdge

Technologies

Inc

(d) 56,285

689

Sunrun

Inc

(d) 217,893

1,501

$

2,786

Engineering

&

Construction

-

.99

%

Arcosa

Inc

47,376

3,793

Dycom

Industries

Inc

(d) 28,339

4,748

Everus

Construction

Group

Inc

(d) 49,517

1,993

Frontdoor

Inc

(d) 73,646

3,028

Granite

Construction

Inc

42,188

3,430

MYR

Group

Inc

(d) 15,659

1,915

NV5

Global

Inc

(d) 50,559

938

Sterling

Infrastructure

Inc

(d) 29,782

4,450

$

24,295

Entertainment

-

.12

%

Cinemark

Holdings

Inc

103,719

3,102

Golden

Entertainment

Inc

19,981

514

Madison

Square

Garden

Sports

Corp

(d) 16,272

3,134

Monarch

Casino

&

Resort

Inc

12,356

966

Penn

Entertainment

Inc

(d) 145,325

2,212

Pursuit

Attractions

and

Hospitality

Inc

(d) 20,669

605

Six

Flags

Entertainment

Corp

90,581

3,117

$

13,650

Environmental

Control

-

.04

%

Enviri

Corp

(d) 77,833

535

Food

-

.53

%

B&G

Foods

Inc

76,890

530

Cal-Maine

Foods

Inc

41,902

3,912

Chefs'

Warehouse

Inc/The

(d) 34,148

1,945

Grocery

Outlet

Holding

Corp

(d) 94,345

1,584

J

&

J

Snack

Foods

Corp

15,144

1,963

John

B

Sanfilippo

&

Son

Inc

8,781

582

Simply

Good

Foods

Co/The

(d) 89,298

3,225

SpartanNash

Co

32,782

650

Tootsie

Roll

Industries

Inc

16,465

527

TreeHouse

Foods

Inc

(d) 43,882

1,022

United

Natural

Foods

Inc

(d) 58,198

1,554

WK

Kellogg

Co

64,392

1,155

$

18,649

Forest

Products

&

Paper

-

.16

%

Sylvamo

Corp

33,125

1,975

Gas

-

.65

%

Chesapeake

Utilities

Corp

22,127

2,914

MDU

Resources

Group

Inc

198,030

3,394

Northwest

Natural

Holding

Co

38,980

1,680

$

7,988

Hand

&

Machine

Tools

-

.56

%

Enerpac

Tool

Group

Corp

52,838

2,133

Franklin

Electric

Co

Inc

38,163

3,242

Kennametal

Inc

75,137

1,464

$

6,839

Healthcare

-

Products

-

.06

%

Artivion

Inc

(d) 36,644

868

Avanos

Medical

Inc

(d) 44,636

560

Azenta

Inc

(d) 44,384

1,169

BioLife

Solutions

Inc

(d) 35,142

847

CONMED

Corp

30,004

1,474

Embecta

Corp

56,464

688

Enovis

Corp

(d) 55,226

1,910

Glaukos

Corp

(d) 53,554

5,048

ICU

Medical

Inc

(d) 23,781

3,248

Inspire

Medical

Systems

Inc

(d) 28,817

4,564

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Integer

Holdings

Corp

(d) 32,579

$

4,115

Integra

LifeSciences

Holdings

Corp

(d) 64,454

1,056

LeMaitre

Vascular

Inc

19,873

1,803

Merit

Medical

Systems

Inc

(d) 56,606

5,347

Neogen

Corp

(d) 191,745

968

Omnicell

Inc

(d) 44,987

1,406

QuidelOrtho

Corp

(d) 64,020

1,779

STAAR

Surgical

Co

(d) 47,844

874

Tandem

Diabetes

Care

Inc

(d) 63,790

1,075

Teleflex

Inc

45,108

6,182

TransMedics

Group

Inc

(d) 32,599

3,000

UFP

Technologies

Inc

(d) 7,081

1,477

$

49,458

Healthcare

-

Services

-

.41

%

Addus

HomeCare

Corp

(d) 17,417

1,821

Astrana

Health

Inc

(d) 40,374

1,258

Concentra

Group

Holdings

Parent

Inc

105,133

2,287

CorVel

Corp

(d) 26,439

2,875

Fortrea

Holdings

Inc

(d) 87,122

543

National

HealthCare

Corp

11,998

1,134

Pediatrix

Medical

Group

Inc

(d) 82,095

1,057

RadNet

Inc

(d) 63,274

3,314

Select

Medical

Holdings

Corp

101,483

1,851

US

Physical

Therapy

Inc

14,661

1,043

$

17,183

Home

Builders

-

.47

%

Cavco

Industries

Inc

(d) 7,783

3,844

Century

Communities

Inc

26,464

1,443

Champion

Homes

Inc

(d) 51,181

4,427

Dream

Finders

Homes

Inc

(d),(e)

26,612

603

Green

Brick

Partners

Inc

(d) 29,822

1,759

Installed

Building

Products

Inc

22,555

3,740

LCI

Industries

24,731

1,906

LGI

Homes

Inc

(d) 20,097

1,098

M/I

Homes

Inc

(d) 26,424

2,819

Meritage

Homes

Corp

70,281

4,789

Tri

Pointe

Homes

Inc

(d) 90,902

2,795

Winnebago

Industries

Inc

27,582

878

$

30,101

Home

Furnishings

-

.33

%

Ethan

Allen

Interiors

Inc

21,983

625

Leggett

&

Platt

Inc

130,538

1,256

MillerKnoll

Inc

66,200

1,086

Sonos

Inc

(d) 115,661

1,065

$

4,032

Housewares

-

.16

%

Newell

Brands

Inc

404,048

1,931

Insurance

-

.30

%

AMERISAFE

Inc

18,493

860

Assured

Guaranty

Ltd

46,453

4,075

Employers

Holdings

Inc

24,006

1,167

Genworth

Financial

Inc

(d) 414,762

2,845

Goosehead

Insurance

Inc

23,693

2,303

HCI

Group

Inc

8,247

1,207

Horace

Mann

Educators

Corp

39,587

1,644

Jackson

Financial

Inc

71,741

5,589

Lincoln

National

Corp

165,450

5,273

Mercury

General

Corp

25,824

1,431

NMI

Holdings

Inc

(d) 76,199

2,756

Palomar

Holdings

Inc

(d) 25,767

3,737

ProAssurance

Corp

(d) 49,686

1,153

Safety

Insurance

Group

Inc

14,412

1,103

SiriusPoint

Ltd

(d) 89,613

1,506

Stewart

Information

Services

Corp

26,967

1,766

Trupanion

Inc

(d) 32,492

1,189

United

Fire

Group

Inc

20,676

572

$

40,176

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Internet

-

.88

%

Angi

Inc

(d) 42,589

$

Cargurus

Inc

(d) 85,424

2,388

Cars.com

Inc

(d) 57,849

673

Cogent

Communications

Holdings

Inc

41,011

2,229

ePlus

Inc

(d) 25,585

1,596

Etsy

Inc

(d) 109,260

4,751

HealthStream

Inc

23,338

785

IAC

Inc

(d) 68,787

2,403

Liquidity

Services

Inc

(d) 22,008

699

QuinStreet

Inc

(d) 54,847

961

Shutterstock

Inc

23,342

Sprinklr

Inc

(d) 108,606

835

TripAdvisor

Inc

(d) 106,924

1,331

Yelp

Inc

(d) 63,928

2,243

Ziff

Davis

Inc

(d) 41,513

1,226

$

22,981

Investment

Companies

-

.78

%

Cleanspark

Inc

(d),(e)

270,011

2,206

HA

Sustainable

Infrastructure

Capital

Inc

115,543

2,886

MARA

Holdings

Inc

(d) 329,629

4,407

$

9,499

Leisure

Products

&

Services

-

.29

%

Acushnet

Holdings

Corp

26,576

1,760

Sabre

Corp

(d) 374,767

888

Topgolf

Callaway

Brands

Corp

(d) 137,478

909

$

3,557

Machinery

-

Construction

&

Mining

-

.07

%

Astec

Industries

Inc

22,147

802

Machinery

-

Diversified

-

.62

%

Alamo

Group

Inc

10,074

1,682

Albany

International

Corp

30,402

1,999

Cactus

Inc

64,741

2,456

CSW

Industrials

Inc

16,301

5,094

DXP

Enterprises

Inc/TX

(d) 12,348

1,092

Gates

Industrial

Corp

PLC

(d) 220,787

4,177

Ichor

Holdings

Ltd

(d) 32,887

651

Kadant

Inc

11,408

3,366

Lindsay

Corp

10,555

1,362

Mueller

Water

Products

Inc

-

Class

A

152,099

3,991

Tennant

Co

18,331

1,323

Zurn

Elkay

Water

Solutions

Corp

138,744

4,712

$

31,905

Media

-

.39

%

Cable

One

Inc

4,476

1,196

Scholastic

Corp

24,105

TEGNA

Inc

156,492

2,540

Thryv

Holdings

Inc

(d) 39,169

537

$

4,707

Metal

Fabrication

&

Hardware

-

.64

%

AZZ

Inc

29,024

2,518

Metallus

Inc

(d) 36,320

Proto

Labs

Inc

(d) 23,806

837

Standex

International

Corp

11,556

1,634

Worthington

Enterprises

Inc

30,137

1,526

Worthington

Steel

Inc

34,014

873

$

7,848

Mining

-

.38

%

Century

Aluminum

Co

(d) 50,474

829

Kaiser

Aluminum

Corp

15,482

998

MP

Materials

Corp

(d),(e)

117,304

2,869

$

4,696

Miscellaneous

Manufacturers

-

.50

%

Enpro

Inc

20,389

3,046

Federal

Signal

Corp

59,352

4,833

Hillenbrand

Inc

68,397

1,384

JBT

Marel

Corp

44,845

4,721

Materion

Corp

20,155

1,673

Sturm

Ruger

&

Co

Inc

16,309

663

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Miscellaneous

Manufacturers

(continued)

Trinity

Industries

Inc

79,804

$

2,003

$

18,323

Office

&

Business

Equipment

-

.15

%

Pitney

Bowes

Inc

153,538

1,333

Xerox

Holdings

Corp

112,399

$

1,828

Office

Furnishings

-

.25

%

HNI

Corp

46,431

1,964

Interface

Inc

56,629

1,065

$

3,029

Oil

&

Gas

-

.68

%

California

Resources

Corp

69,224

2,389

Comstock

Resources

Inc

(d) 87,997

1,608

Crescent

Energy

Co

177,641

1,471

CVR

Energy

Inc

33,199

626

Helmerich

&

Payne

Inc

96,524

1,823

Magnolia

Oil

&

Gas

Corp

185,548

3,809

Northern

Oil

&

Gas

Inc

96,455

2,344

Par

Pacific

Holdings

Inc

(d) 54,344

778

Patterson-UTI

Energy

Inc

341,513

1,926

SM

Energy

Co

111,131

2,533

Talos

Energy

Inc

(d) 120,605

830

Vital

Energy

Inc

(d) 26,190

$

20,508

Oil

&

Gas

Services

-

.25

%

Archrock

Inc

170,123

4,003

Atlas

Energy

Solutions

Inc

69,761

944

Bristow

Group

Inc

(d) 23,913

694

Core

Laboratories

Inc

45,481

517

DNOW

Inc

(d) 102,618

1,629

Helix

Energy

Solutions

Group

Inc

(d) 138,870

846

Innovex

International

Inc

(d) 37,617

568

Liberty

Energy

Inc

157,271

1,809

Oceaneering

International

Inc

(d) 98,156

1,742

ProPetro

Holding

Corp

(d) 76,979

RPC

Inc

80,228

Tidewater

Inc

(d) 46,755

1,692

$

15,207

Packaging

&

Containers

-

.47

%

O-I

Glass

Inc

(d) 149,642

1,894

Sealed

Air

Corp

141,507

3,900

$

5,794

Pharmaceuticals

-

.40

%

AdaptHealth

Corp

(d) 103,187

878

Alkermes

PLC

(d) 157,943

4,544

Amphastar

Pharmaceuticals

Inc

(d) 36,426

889

Catalyst

Pharmaceuticals

Inc

(d) 108,896

2,645

Collegium

Pharmaceutical

Inc

(d) 31,323

846

Corcept

Therapeutics

Inc

(d) 90,571

6,510

Harmony

Biosciences

Holdings

Inc

(d) 37,113

1,094

Organon

&

Co

250,140

3,234

Owens

&

Minor

Inc

(d) 71,784

507

Pacira

BioSciences

Inc

(d) 44,847

1,206

Phibro

Animal

Health

Corp

19,754

Premier

Inc

88,683

1,805

Protagonist

Therapeutics

Inc

(d) 57,887

2,652

Supernus

Pharmaceuticals

Inc

(d) 53,633

1,742

USANA

Health

Sciences

Inc

(d) 10,737

$

29,222

Real

Estate

-

.48

%

Cushman

&

Wakefield

PLC

(d) 222,893

2,089

eXp

World

Holdings

Inc

82,027

751

Kennedy-Wilson

Holdings

Inc

114,779

735

Marcus

&

Millichap

Inc

23,371

710

St

Joe

Co/The

36,869

1,560

$

5,845

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

.48

%

Acadia

Realty

Trust

116,220

$

2,220

Alexander

&

Baldwin

Inc

70,546

1,212

American

Assets

Trust

Inc

45,862

859

Apollo

Commercial

Real

Estate

Finance

Inc

124,091

1,163

Apple

Hospitality

REIT

Inc

216,719

2,551

Arbor

Realty

Trust

Inc

183,190

2,112

Armada

Hoffler

Properties

Inc

77,404

524

ARMOUR

Residential

REIT

Inc

74,217

1,222

Blackstone

Mortgage

Trust

Inc

166,665

3,175

Brandywine

Realty

Trust

167,705

664

CareTrust

REIT

Inc

182,271

5,335

Centerspace

16,096

972

Curbline

Properties

Corp

91,821

2,102

DiamondRock

Hospitality

Co

201,627

1,480

Douglas

Emmett

Inc

162,635

2,249

Easterly

Government

Properties

Inc

38,572

778

Ellington

Financial

Inc

88,057

1,147

Elme

Communities

85,500

1,331

Essential

Properties

Realty

Trust

Inc

182,297

5,864

Four

Corners

Property

Trust

Inc

97,098

2,714

Franklin

BSP

Realty

Trust

Inc

80,681

918

Getty

Realty

Corp

49,172

1,376

Global

Net

Lease

Inc

192,365

1,452

Highwoods

Properties

Inc

104,533

2,973

Innovative

Industrial

Properties

Inc

27,519

1,495

JBG

SMITH

Properties

82,051

1,147

KKR

Real

Estate

Finance

Trust

Inc

56,061

519

LTC

Properties

Inc

43,961

1,577

LXP

Industrial

Trust

287,231

2,266

Macerich

Co/The

241,386

3,539

Medical

Properties

Trust

Inc

583,149

3,219

Millrose

Properties

Inc

116,805

2,925

New

York

Mortgage

Trust

Inc

87,976

516

NexPoint

Residential

Trust

Inc

21,759

811

Outfront

Media

Inc

133,808

2,025

Pebblebrook

Hotel

Trust

116,254

1,052

PennyMac

Mortgage

Investment

Trust

84,366

1,083

Phillips

Edison

&

Co

Inc

121,580

4,219

Ready

Capital

Corp

163,689

728

Redwood

Trust

Inc

128,712

799

Ryman

Hospitality

Properties

Inc

58,179

5,117

Safehold

Inc

44,413

699

Saul

Centers

Inc

11,738

SITE

Centers

Corp

45,831

543

SL

Green

Realty

Corp

68,025

3,579

Summit

Hotel

Properties

Inc

105,303

Sunstone

Hotel

Investors

Inc

195,128

1,627

Tanger

Inc

107,513

3,388

Terreno

Realty

Corp

96,912

5,459

Two

Harbors

Investment

Corp

100,701

1,195

Uniti

Group

Inc

237,101

1,167

Universal

Health

Realty

Income

Trust

12,376

Urban

Edge

Properties

121,855

2,202

Veris

Residential

Inc

78,456

1,218

Whitestone

REIT

43,287

564

Xenia

Hotels

&

Resorts

Inc

98,892

1,056

$

103,413

Retail

-

.06

%

Academy

Sports

&

Outdoors

Inc

67,404

2,540

Advance

Auto

Parts

Inc

57,637

1,886

American

Eagle

Outfitters

Inc

169,791

1,788

Asbury

Automotive

Group

Inc

(d) 19,025

4,150

BJ's

Restaurants

Inc

(d) 22,162

738

Bloomin'

Brands

Inc

73,341

588

Boot

Barn

Holdings

Inc

(d) 29,715

3,100

Brinker

International

Inc

(d) 43,132

5,793

Buckle

Inc/The

29,054

1,010

Caleres

Inc

32,663

Cheesecake

Factory

Inc/The

45,608

2,297

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Cracker

Barrel

Old

Country

Store

Inc

(e) 21,620

$

923

Dave

&

Buster's

Entertainment

Inc

(d) 29,917

574

Foot

Locker

Inc

(d) 80,182

984

Freshpet

Inc

(d) 47,141

3,467

GMS

Inc

(d) 37,701

2,762

Group

Automotive

Inc

12,610

5,090

Guess?

Inc

26,488

Jack

in

the

Box

Inc

(e) 18,315

Kohl's

Corp

(e) 108,119

724

La-Z-Boy

Inc

40,290

1,591

MarineMax

Inc

(d) 19,408

National

Vision

Holdings

Inc

(d) 76,487

945

Papa

John's

International

Inc

31,705

1,095

Patrick

Industries

Inc

32,635

2,512

PC

Connection

Inc

12,001

744

PriceSmart

Inc

24,100

2,446

Sally

Beauty

Holdings

Inc

(d) 99,025

806

Shake

Shack

Inc

(d) 38,878

3,411

Shoe

Carnival

Inc

17,157

Signet

Jewelers

Ltd

42,243

2,505

Sonic

Automotive

Inc

14,206

863

Urban

Outfitters

Inc

(d) 54,673

2,886

Victoria's

Secret

&

Co

(d) 76,363

1,436

$

61,641

Savings

&

Loans

-

.52

%

Axos

Financial

Inc

(d) 52,686

3,345

Banc

of

California

Inc

133,789

1,803

Berkshire

Hills

Bancorp

Inc

44,295

1,100

Brookline

Bancorp

Inc

86,538

903

Capitol

Federal

Financial

Inc

118,653

673

Northwest

Bancshares

Inc

123,845

1,529

Pacific

Premier

Bancorp

Inc

93,671

1,905

Provident

Financial

Services

Inc

126,740

2,075

WaFd

Inc

79,209

2,260

WSFS

Financial

Corp

56,973

2,937

$

18,530

Semiconductors

-

.29

%

Alpha

&

Omega

Semiconductor

Ltd

(d) 23,428

Axcelis

Technologies

Inc

(d) 31,573

1,546

CEVA

Inc

(d) 22,949

602

Cohu

Inc

(d) 45,274

724

Diodes

Inc

(d) 45,003

1,728

FormFactor

Inc

(d) 75,227

2,117

Impinj

Inc

(d) 22,452

2,069

Kulicke

&

Soffa

Industries

Inc

51,850

1,671

MaxLinear

Inc

(d) 74,804

747

Penguin

Solutions

Inc

(d) 51,760

884

Photronics

Inc

(d) 61,516

1,124

Qorvo

Inc

(d) 90,714

6,501

Semtech

Corp

(d) 83,431

2,607

SiTime

Corp

(d) 18,566

2,727

Ultra

Clean

Holdings

Inc

(d) 43,766

819

Veeco

Instruments

Inc

(d) 56,270

1,052

Wolfspeed

Inc

(d),(e)

151,099

536

$

27,895

Software

-

.42

%

ACI

Worldwide

Inc

(d) 101,877

5,436

Adeia

Inc

106,126

1,306

Agilysys

Inc

(d) 21,805

1,621

BlackLine

Inc

(d) 50,374

2,379

Box

Inc

(d) 139,576

4,358

Clear

Secure

Inc

91,315

2,254

CSG

Systems

International

Inc

26,815

1,612

Digi

International

Inc

(d) 35,839

975

DigitalOcean

Holdings

Inc

(d) 61,846

1,911

Donnelley

Financial

Solutions

Inc

(d) 25,787

1,243

DoubleVerify

Holdings

Inc

(d) 136,373

1,808

LiveRamp

Holdings

Inc

(d) 63,872

1,671

N-able

Inc/US

(d) 68,559

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

PDF

Solutions

Inc

(d) 30,127

$

553

Privia

Health

Group

Inc

(d) 100,236

2,354

Progress

Software

Corp

42,125

2,526

Schrodinger

Inc/United

States

(d) 53,822

1,380

Simulations

Plus

Inc

15,807

543

SPS

Commerce

Inc

(d) 36,857

5,289

Teradata

Corp

(d) 92,949

1,998

$

41,701

Telecommunications

-

.83

%

A10

Networks

Inc

71,575

1,180

Calix

Inc

(d) 57,327

2,345

Extreme

Networks

Inc

(d) 128,940

1,697

Gogo

Inc

(d) 57,418

Harmonic

Inc

(d) 113,690

1,021

InterDigital

Inc

24,947

5,014

Lumen

Technologies

Inc

(d) 985,655

3,489

Shenandoah

Telecommunications

Co

44,547

Telephone

and

Data

Systems

Inc

94,719

3,551

Viasat

Inc

(d) 82,771

767

Viavi

Solutions

Inc

(d) 215,754

2,283

$

22,278

Textiles

-

.21

%

UniFirst

Corp/MA

14,576

2,601

Transportation

-

.31

%

ArcBest

Corp

22,618

1,324

Dorian

LPG

Ltd

35,338

757

Forward

Air

Corp

(d) 19,405

Heartland

Express

Inc

41,945

Hub

Group

Inc

59,003

1,864

International

Seaways

Inc

39,180

1,330

Marten

Transport

Ltd

56,178

721

Matson

Inc

32,257

3,519

RXO

Inc

(d) 137,327

1,935

Schneider

National

Inc

45,649

981

Werner

Enterprises

Inc

60,073

1,481

World

Kinect

Corp

56,409

1,415

$

15,932

Trucking

&

Leasing

-

.11

%

Greenbrier

Cos

Inc/The

30,459

1,292

Water

-

.71

%

American

States

Water

Co

36,712

2,978

California

Water

Service

Group

57,765

2,926

Middlesex

Water

Co

17,342

1,094

SJW

Group

29,393

1,668

$

8,666

TOTAL

COMMON

STOCKS

$

1,177,510

Total

Investments

$

1,220,630

Other

Assets

and

Liabilities

- (0.12)%

(1,484)

TOTAL

NET

ASSETS

-

100.00%

$

1,219,146

(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

$4,756

or

0.39%

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

$4,488

or

0.37%

of

net

assets.

Affiliated

Securities

October

31,

2024

Purchases

Sales

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

22,194

$

303,162

$

284,208

$

41,148

$

22,194

$

303,162

$

284,208

$

41,148

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

556

$

—

$

—

$

—

$

556

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

June

2025

Long

$

40,972

$

(707)

Total

$

(707)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.82

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.52

%

iShares

Russell

2000

Value

ETF

176,680

$

25,583

Money

Market

Funds

-

.30

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

4.24%

(a),(b)

285,251

Principal

Government

Money

Market

Fund

-

Class

4.19%

(a),(b),(c)

43,408,486

43,408

$

43,693

TOTAL

INVESTMENT

COMPANIES

$

69,276

COMMON

STOCKS

-

.48

%

Shares

Held

Value

(000's)

Advertising

-

.16

%

Advantage

Solutions

Inc

(d) 8,201

$

Boston

Omaha

Corp

(d),(e)

1,800

Clear

Channel

Outdoor

Holdings

Inc

(d) 23,710

National

CineMedia

Inc

88,771

509

Stagwell

Inc

(d) 182,525

1,018

$

1,589

Aerospace

&

Defense

-

.23

%

AAR

Corp

(d) 2,178

AerSale

Corp

(d) 126,644

883

Archer

Aviation

Inc

(d) 1,375

Astronics

Corp

(d) 2,307

Bridger

Aerospace

Group

Holdings

Inc

(d) 642

Ducommun

Inc

(d) 1,052

Intuitive

Machines

Inc

(d) 3,077

Kratos

Defense

&

Security

Solutions

Inc

(d) 6,372

Mercury

Systems

Inc

(d) 4,029

National

Presto

Industries

Inc

7,668

647

Redwire

Corp

(d) 1,287

Triumph

Group

Inc

(d) 5,740

Virgin

Galactic

Holdings

Inc

(d),(e)

1,668

$

2,377

Agriculture

-

.19

%

Alico

Inc

550

Andersons

Inc/The

40,923

1,543

Dole

PLC

5,902

Fresh

Del

Monte

Produce

Inc

2,619

Limoneira

Co

1,205

Tejon

Ranch

Co

(d) 1,630

Turning

Point

Brands

Inc

Universal

Corp/VA

1,880

$

1,904

Airlines

-

.10

%

Allegiant

Travel

Co

1,232

JetBlue

Airways

Corp

(d) 24,451

SkyWest

Inc

(d) 3,069

Sun

Country

Airlines

Holdings

Inc

(d) 53,618

525

$

964

Apparel

-

.04

%

Carter's

Inc

25,700

849

Gildan

Activewear

Inc

131,145

6,049

Oxford

Industries

Inc

38,149

1,854

PVH

Corp

13,400

924

Rocky

Brands

Inc

Steven

Madden

Ltd

42,700

897

Superior

Group

of

Cos

Inc

707

Weyco

Group

Inc

$

10,599

Automobile

Manufacturers

-

.27

%

Blue

Bird

Corp

(d) 28,400

990

Hyliion

Holdings

Corp

(d) 10,159

REV

Group

Inc

16,074

526

Wabash

National

Corp

177,259

1,225

$

2,756

Automobile

Parts

&

Equipment

-

.49

%

Adient

PLC

(d) 155,712

1,970

Aeva

Technologies

Inc

(d) 1,684

American

Axle

&

Manufacturing

Holdings

Inc

(d) 8,700

Aurora

Innovation

Inc

(d) 34,320

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

Commercial

Vehicle

Group

Inc

(d) 2,160

$

Cooper-Standard

Holdings

Inc

(d) 1,308

Dana

Inc

10,181

Douglas

Dynamics

Inc

62,226

1,492

Fox

Factory

Holding

Corp

(d) 68,731

1,396

Gentex

Corp

84,400

1,838

Goodyear

Tire

&

Rubber

Co/The

(d) 109,759

1,194

Holley

Inc

(d) 1,332

indie

Semiconductor

Inc

(d),(e)

9,004

Lear

Corp

22,300

1,912

Luminar

Technologies

Inc

(d),(e)

Methode

Electronics

Inc

227,066

1,424

Miller

Industries

Inc/TN

22,425

915

Phinia

Inc

24,258

974

SES

AI

Corp

(d),(e)

8,670

Shyft

Group

Inc/The

2,310

Solid

Power

Inc

(d),(e)

11,987

Standard

Motor

Products

Inc

1,652

Titan

International

Inc

(d) 3,774

Visteon

Corp

(d) 17,900

1,417

$

15,122

Banks

-

.08

%

1st

Source

Corp

32,975

1,976

ACNB

Corp

668

Alerus

Financial

Corp

1,625

Amalgamated

Financial

Corp

1,417

Amerant

Bancorp

Inc

71,335

1,201

Ameris

Bancorp

5,120

Ames

National

Corp

639

Arrow

Financial

Corp

20,460

502

Associated

Banc-Corp

89,064

1,965

Atlantic

Union

Bankshares

Corp

10,015

BancFirst

Corp

1,357

Bancorp

Inc/The

(d) 164

Bank

First

Corp

751

Bank

of

Hawaii

Corp

3,047

Bank

of

Marin

Bancorp

25,625

526

Bank

of

NT

Butterfield

&

Son

Ltd/The

3,473

Bank7

Corp

BankUnited

Inc

63,722

2,084

Bankwell

Financial

Group

Inc

Banner

Corp

2,677

Bar

Harbor

Bankshares

1,146

BayCom

Corp

17,272

BCB

Bancorp

Inc

1,156

Blue

Foundry

Bancorp

(d) 1,528

Bridgewater

Bancshares

Inc

(d) 52,239

804

Burke

&

Herbert

Financial

Services

Corp

17,267

966

Business

First

Bancshares

Inc

1,920

Byline

Bancorp

Inc

2,466

Cadence

Bank

378,041

11,062

California

BanCorp

(d) 34,705

Camden

National

Corp

29,386

1,132

Capital

Bancorp

Inc

17,212

543

Capital

City

Bank

Group

Inc

1,098

Carter

Bankshares

Inc

(d) 31,343

Cathay

General

Bancorp

27,464

1,145

Central

Pacific

Financial

Corp

56,520

1,452

Chemung

Financial

Corp

ChoiceOne

Financial

Services

Inc

645

Citizens

&

Northern

Corp

1,152

Citizens

Financial

Services

Inc

City

Holding

Co

1,037

Civista

Bancshares

Inc

22,587

509

CNB

Financial

Corp/PA

42,029

923

Coastal

Financial

Corp/WA

(d) 41

Colony

Bankcorp

Inc

1,282

Columbia

Banking

System

Inc

55,600

1,247

Comerica

Inc

210,725

11,326

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Community

Financial

System

Inc

4,072

$

Community

Trust

Bancorp

Inc

21,824

1,069

Community

West

Bancshares

1,228

ConnectOne

Bancorp

Inc

81,265

1,831

Cullen/Frost

Bankers

Inc

105,690

12,310

Customers

Bancorp

Inc

(d) 2,312

CVB

Financial

Corp

10,310

Dime

Community

Bancshares

Inc

34,325

881

Eagle

Bancorp

Inc

86,943

1,561

Eastern

Bankshares

Inc

15,024

Enterprise

Bancorp

Inc/MA

772

Enterprise

Financial

Services

Corp

28,447

1,480

Equity

Bancshares

Inc

1,265

Esquire

Financial

Holdings

Inc

Evans

Bancorp

Inc

11,900

Farmers

&

Merchants

Bancorp

Inc/Archbold

OH

933

Farmers

National

Banc

Corp

27,081

FB

Financial

Corp

2,771

Fidelity

D&D

Bancorp

Inc

Financial

Institutions

Inc

57,479

1,459

First

Bancorp

Inc/The

780

First

BanCorp/Puerto

Rico

11,612

First

Bancorp/Southern

Pines

NC

3,139

First

Bank/Hamilton

NJ

1,632

First

Busey

Corp

92,446

1,922

First

Business

Financial

Services

Inc

590

First

Commonwealth

Financial

Corp

7,876

First

Community

Bankshares

Inc

1,313

First

Financial

Bancorp

7,373

First

Financial

Corp

21,095

1,042

First

Foundation

Inc

273,312

1,372

First

Hawaiian

Inc

75,007

1,715

First

Internet

Bancorp

25,620

545

First

Interstate

BancSystem

Inc

57,286

1,501

First

Merchants

Corp

21,446

764

First

Mid

Bancshares

Inc

20,071

671

First

of

Long

Island

Corp/The

41,156

Five

Star

Bancorp

8,923

Fulton

Financial

Corp

14,137

FVCBankcorp

Inc

(d) 1,213

German

American

Bancorp

Inc

2,240

Glacier

Bancorp

Inc

8,848

Great

Southern

Bancorp

Inc

18,075

994

Guaranty

Bancshares

Inc/TX

584

Hancock

Whitney

Corp

6,743

Hanmi

Financial

Corp

87,418

2,000

HarborOne

Bancorp

Inc

2,905

HBT

Financial

Inc

946

Heritage

Commerce

Corp

211,555

1,912

Heritage

Financial

Corp/WA

41,774

953

Hilltop

Holdings

Inc

65,608

1,938

Home

BancShares

Inc/AR

14,433

HomeStreet

Inc

(d) 35,117

Hope

Bancorp

Inc

195,738

1,951

Horizon

Bancorp

Inc/IN

93,610

1,374

Independent

Bank

Corp

28,907

1,708

Independent

Bank

Corp/MI

1,595

International

Bancshares

Corp

4,188

Investar

Holding

Corp

632

John

Marshall

Bancorp

Inc

911

Kearny

Financial

Corp/MD

223,042

1,397

Lakeland

Financial

Corp

1,828

LCNB

Corp

933

LINKBANCORP

Inc

1,611

Live

Oak

Bancshares

Inc

48,691

1,273

Mercantile

Bank

Corp

23,522

995

Merchants

Bancorp/IN

54,401

1,636

Metrocity

Bankshares

Inc

1,348

Metropolitan

Bank

Holding

Corp

(d) 836

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Mid

Penn

Bancorp

Inc

(e) 18,933

$

550

Middlefield

Banc

Corp

562

Midland

States

Bancorp

Inc

52,792

860

MidWestOne

Financial

Group

Inc

33,125

918

MVB

Financial

Corp

835

National

Bank

Holdings

Corp

2,897

National

Bankshares

Inc

NB

Bancorp

Inc

(d) 89,772

1,540

NBT

Bancorp

Inc

3,566

Nicolet

Bankshares

Inc

817

Northeast

Bank

7,813

647

Northeast

Community

Bancorp

Inc

910

Northrim

BanCorp

Inc

12,061

968

Norwood

Financial

Corp

606

Oak

Valley

Bancorp

OFG

Bancorp

3,477

Old

National

Bancorp/IN

24,372

502

Old

Second

Bancorp

Inc

3,448

Orange

County

Bancorp

Inc

744

Origin

Bancorp

Inc

41,992

1,345

Orrstown

Financial

Services

Inc

1,471

Park

National

Corp

1,116

Parke

Bancorp

Inc

764

Pathward

Financial

Inc

1,364

PCB

Bancorp

794

Peapack-Gladstone

Financial

Corp

50,926

1,410

Peoples

Bancorp

Inc/OH

2,712

Peoples

Bancorp

of

North

Carolina

Inc

Peoples

Financial

Services

Corp

10,307

Pioneer

Bancorp

Inc/NY

(d) 770

Plumas

Bancorp

(e) 399

Ponce

Financial

Group

Inc

(d) 1,497

Preferred

Bank/Los

Angeles

CA

23,647

1,889

Primis

Financial

Corp

1,616

Princeton

Bancorp

Inc

Prosperity

Bancshares

Inc

157,060

10,664

Provident

Bancorp

Inc

(d) 1,141

QCR

Holdings

Inc

1,287

RBB

Bancorp

29,519

Red

River

Bancshares

Inc

Renasant

Corp

7,196

Republic

Bancorp

Inc/KY

656

S&T

Bancorp

Inc

2,989

Seacoast

Banking

Corp

of

Florida

6,565

ServisFirst

Bancshares

Inc

2,837

Shore

Bancshares

Inc

33,932

Sierra

Bancorp

17,606

Simmons

First

National

Corp

104,078

1,942

SmartFinancial

Inc

1,263

South

Plains

Financial

Inc

13,513

Southern

First

Bancshares

Inc

(d) 597

Southern

States

Bancshares

Inc

615

Southside

Bancshares

Inc

2,276

SouthState

Corp

7,576

657

Stellar

Bancorp

Inc

3,858

Stock

Yards

Bancorp

Inc

2,001

Texas

Capital

Bancshares

Inc

(d) 3,611

Third

Coast

Bancshares

Inc

(d) 881

Tompkins

Financial

Corp

17,903

1,067

Towne

Bank/Portsmouth

VA

19,189

632

TriCo

Bancshares

37,614

1,451

Triumph

Financial

Inc

(d) 129

TrustCo

Bank

Corp

NY

49,424

1,505

Trustmark

Corp

4,755

UMB

Financial

Corp

5,281

United

Bankshares

Inc/WV

10,266

United

Community

Banks

Inc/GA

9,265

Unity

Bancorp

Inc

511

Univest

Financial

Corp

52,388

1,548

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

USCB

Financial

Holdings

Inc

558

$

Valley

National

Bancorp

189,022

1,626

Veritex

Holdings

Inc

84,568

1,969

Virginia

National

Bankshares

Corp

Walker

&

Dunlop

Inc

700

Washington

Trust

Bancorp

Inc

63,829

1,761

WesBanco

Inc

69,250

2,062

West

BanCorp

Inc

1,249

Westamerica

BanCorp

2,022

Western

Alliance

Bancorp

171,495

11,955

Zions

Bancorp

NA

238,600

10,730

$

163,358

Beverages

-

.08

%

BRC

Inc

(d) 307

MGP

Ingredients

Inc

12,300

Primo

Brands

Corp

13,585

$

807

Biotechnology

-

.44

%

2seventy

bio

Inc

(d) 3,785

4D

Molecular

Therapeutics

Inc

(d) 1,142

89bio

Inc

(d) 8,728

Absci

Corp

(d),(e)

1,422

Achieve

Life

Sciences

Inc

(d) 709

Acrivon

Therapeutics

Inc

(d),(e)

699

Acumen

Pharmaceuticals

Inc

(d) 2,483

ADC

Therapeutics

SA

(d) 1,933

Adverum

Biotechnologies

Inc

(d),(e)

1,341

Agenus

Inc

(d) 1,577

Akero

Therapeutics

Inc

(d) 4,805

Aldeyra

Therapeutics

Inc

(d) 2,965

Allogene

Therapeutics

Inc

(d) 9,941

Altimmune

Inc

(d),(e)

2,358

Alto

Neuroscience

Inc

(d) 499

Alumis

Inc

(d),(e)

626

Anavex

Life

Sciences

Corp

(d),(e)

4,431

ANI

Pharmaceuticals

Inc

(d) 13,500

956

Annexon

Inc

(d) 7,111

Applied

Therapeutics

Inc

(d) 2,369

Arbutus

Biopharma

Corp

(d) 627

Arcturus

Therapeutics

Holdings

Inc

(d) 176

ArriVent

Biopharma

Inc

(d) 859

Artiva

Biotherapeutics

Inc

(d) 411

Astria

Therapeutics

Inc

(d) 446

Atea

Pharmaceuticals

Inc

(d) 5,619

Atossa

Therapeutics

Inc

(d) 6,741

Aura

Biosciences

Inc

(d) 3,592

Aurinia

Pharmaceuticals

Inc

(d) 2,786

Beam

Therapeutics

Inc

(d) 7,106

Bicara

Therapeutics

Inc

(d),(e)

651

BioAge

Labs

Inc

(d),(e)

Black

Diamond

Therapeutics

Inc

(d),(e)

895

Bluebird

Bio

Inc

(d) 565

Boundless

Bio

Inc

(d) 300

Bridgebio

Pharma

Inc

(d) 4,141

C4

Therapeutics

Inc

(d) 4,117

Cabaletta

Bio

Inc

(d) 2,245

CAMP4

Therapeutics

Corp

(d) 193

—

Capricor

Therapeutics

Inc

(d),(e)

Cardiff

Oncology

Inc

(d) 2,378

Cargo

Therapeutics

Inc

(d) 2,094

Caribou

Biosciences

Inc

(d),(e)

5,630

Cartesian

Therapeutics

Inc

-

Contingent

Value

Rights

(d),(f)

12,004

Celcuity

Inc

(d) 139

Celldex

Therapeutics

Inc

(d) 920

Century

Therapeutics

Inc

(d) 2,560

CG

oncology

Inc

(d) 1,619

Chinook

Therapeutics

Inc

-

Contingent

Value

Rights

(d),(f)

4,587

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Cibus

Inc

(d),(e)

1,173

$

Climb

Bio

Inc

(d) 1,639

Cogent

Biosciences

Inc

(d) 449

Compass

Therapeutics

Inc

(d) 7,898

Conduit

Pharmaceuticals

Inc

(d) 13

—

Contineum

Therapeutics

Inc

(d) 266

Cullinan

Therapeutics

Inc

(d) 303

Cytek

Biosciences

Inc

(d) 9,159

Cytokinetics

Inc

(d) 8,052

Day

One

Biopharmaceuticals

Inc

(d) 285

Denali

Therapeutics

Inc

(d) 4,180

Design

Therapeutics

Inc

(d) 2,431

Dianthus

Therapeutics

Inc

(d),(e)

1,747

Disc

Medicine

Inc

(d) 1,574

Dynavax

Technologies

Corp

(d) 1,897

Editas

Medicine

Inc

(d) 6,035

Elevation

Oncology

Inc

(d) 2,010

Entrada

Therapeutics

Inc

(d) 1,798

Erasca

Inc

(d) 14,234

Esperion

Therapeutics

Inc

(d) 10,654

EyePoint

Pharmaceuticals

Inc

(d) 2,584

Fate

Therapeutics

Inc

(d) 7,753

Generation

Bio

Co

(d) 2,926

Geron

Corp

(d) 13,925

Harvard

Bioscience

Inc

(d) 1,580

HilleVax

Inc

(d) 1,757

IGM

Biosciences

Inc

(d) 88

—

ImmunityBio

Inc

(d),(e)

2,267

Inhibrx

Biosciences

Inc

(d) 318

Innoviva

Inc

(d) 3,983

Inovio

Pharmaceuticals

Inc

(d) 2,391

Inozyme

Pharma

Inc

(d) 4,277

Intellia

Therapeutics

Inc

(d) 7,968

Invivyd

Inc

(d) 5,291

iTeos

Therapeutics

Inc

(d) 2,060

Kodiak

Sciences

Inc

(d) 2,262

Korro

Bio

Inc

(d),(e)

Kyverna

Therapeutics

Inc

(d) 463

LENZ

Therapeutics

Inc

(d) 1,004

Lexeo

Therapeutics

Inc

(d) 86

—

Lexicon

Pharmaceuticals

Inc

(d),(e)

4,486

Ligand

Pharmaceuticals

Inc

(d) 1,388

Lyra

Therapeutics

Inc

(d) 5,004

MacroGenics

Inc

(d) 618

MBX

Biosciences

Inc

(d),(e)

MeiraGTx

Holdings

plc

(d) 986

Mersana

Therapeutics

Inc

(d) 3,200

Metagenomi

Inc

(d),(e)

694

Metsera

Inc

(d),(e)

520

Mineralys

Therapeutics

Inc

(d) 1,733

Monte

Rosa

Therapeutics

Inc

(d) 3,007

Myriad

Genetics

Inc

(d) 7,027

Nektar

Therapeutics

(d) 13,826

NeoGenomics

Inc

(d) 9,234

Nkarta

Inc

(d) 3,622

Novavax

Inc

(d),(e)

2,698

Nurix

Therapeutics

Inc

(d) 1,805

Nuvation

Bio

Inc

(d) 14,133

Olema

Pharmaceuticals

Inc

(d) 2,129

Omeros

Corp

(d) 2,854

OmniAb

Operations

Inc

(d) 476

—

OmniAb

Operations

Inc

(d) 476

—

Organogenesis

Holdings

Inc

(d) 4,491

PepGen

Inc

(d),(e)

—

Perspective

Therapeutics

Inc

(d) 596

Phathom

Pharmaceuticals

Inc

(d) 2,276

Pliant

Therapeutics

Inc

(d) 3,693

Precigen

Inc

(d) 9,612

Prelude

Therapeutics

Inc

(d) 925

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

ProKidney

Corp

(d) 1,330

$

Prothena

Corp

PLC

(d) 1,288

PTC

Therapeutics

Inc

(d) 1,434

Puma

Biotechnology

Inc

(d) 1,759

Pyxis

Oncology

Inc

(d) 2,913

Q32

Bio

Inc

(d),(e)

Rapport

Therapeutics

Inc

(d) 486

RAPT

Therapeutics

Inc

(d) 1,570

REGENXBIO

Inc

(d) 3,643

Relay

Therapeutics

Inc

(d) 9,812

Renovaro

Inc

(d) 2,726

Replimune

Group

Inc

(d) 5,365

Revolution

Medicines

Inc

(d) 4,590

Rigel

Pharmaceuticals

Inc

(d) 304

Sage

Therapeutics

Inc

(d) 4,138

Savara

Inc

(d) 1,473

Scholar

Rock

Holding

Corp

(d) 622

Scilex

Holding

Co

(d) 91

—

Septerna

Inc

(d),(e)

574

Shattuck

Labs

Inc

(d) 902

Solid

Biosciences

Inc

(d) 1,332

Summit

Therapeutics

Inc

(d),(e)

Sutro

Biopharma

Inc

(d) 5,250

Tenaya

Therapeutics

Inc

(d) 2,089

Terns

Pharmaceuticals

Inc

(d) 4,848

Tevogen

Bio

Holdings

Inc

(d) 609

Theravance

Biopharma

Inc

(d) 2,845

Third

Harmonic

Bio

Inc

(d),(e)

1,395

Tourmaline

Bio

Inc

(d) 1,751

Travere

Therapeutics

Inc

(d) 6,574

TScan

Therapeutics

Inc

(d) 700

Upstream

Bio

Inc

(d) 503

UroGen

Pharma

Ltd

(d),(e)

563

Ventyx

Biosciences

Inc

(d) 4,261

Veracyte

Inc

(d) 6,034

Veru

Inc

(d) 2,024

Verve

Therapeutics

Inc

(d) 5,471

Vir

Biotechnology

Inc

(d) 7,037

Viridian

Therapeutics

Inc

(d) 1,537

WaVe

Life

Sciences

Ltd

(d) 937

Werewolf

Therapeutics

Inc

(d) 1,596

XBiotech

Inc

(d) 1,285

Xencor

Inc

(d) 2,757

XOMA

Royalty

Corp

(d) 193

Zenas

Biopharma

Inc

(d),(e)

Zentalis

Pharmaceuticals

Inc

(d) 3,783

Zevra

Therapeutics

Inc

(d) 1,961

Zymeworks

Inc

(d) 4,301

$

4,515

Building

Materials

-

.06

%

AAON

Inc

75,560

6,896

American

Woodmark

Corp

(d) 25,214

1,488

Apogee

Enterprises

Inc

32,354

1,284

Armstrong

World

Industries

Inc

9,900

1,436

Aspen

Aerogels

Inc

(d) 3,506

Boise

Cascade

Co

1,558

Caesarstone

Ltd

(d) 1,334

Eagle

Materials

Inc

28,275

6,401

Gibraltar

Industries

Inc

(d) 1,260

JELD-WEN

Holding

Inc

(d) 250,778

1,385

Knife

River

Corp

(d) 14,800

1,382

LSI

Industries

Inc

629

Masterbrand

Inc

(d) 9,837

Northwest

Pipe

Co

(d) 631

SmartRent

Inc

(d) 14,121

UFP

Industries

Inc

2,013

$

20,873

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

-

.65

%

AdvanSix

Inc

44,726

$

958

American

Vanguard

Corp

85,623

Avient

Corp

6,996

Cabot

Corp

10,800

848

Codexis

Inc

(d) 5,540

Danimer

Scientific

Inc

-

Warrants

(d) 3,340

—

Ecovyst

Inc

(d) 291,164

1,741

Element

Solutions

Inc

501,725

10,240

Hawkins

Inc

55,840

6,800

HB

Fuller

Co

3,065

Huntsman

Corp

100,400

1,336

Ingevity

Corp

(d) 24,200

798

Innospec

Inc

11,568

1,035

Intrepid

Potash

Inc

(d) 846

Koppers

Holdings

Inc

1,576

Kronos

Worldwide

Inc

1,585

Mativ

Holdings

Inc

3,931

Minerals

Technologies

Inc

2,475

Oil-Dri

Corp

of

America

592

Olin

Corp

80,900

1,749

Perimeter

Solutions

Inc

(d) 10,415

Rayonier

Advanced

Materials

Inc

(d) 4,958

Rogers

Corp

(d) 1,473

Sensient

Technologies

Corp

Stepan

Co

1,500

Tronox

Holdings

PLC

9,327

Valhi

Inc

$

26,894

Coal

-

.07

%

Core

Natural

Resources

Inc

4,072

Hallador

Energy

Co

(d) 1,922

NACCO

Industries

Inc

Peabody

Energy

Corp

9,527

SunCoke

Energy

Inc

6,548

Warrior

Met

Coal

Inc

4,035

$

702

Commercial

Services

-

.99

%

ABM

Industries

Inc

33,534

1,635

Acacia

Research

Corp

(d) 2,423

Adtalem

Global

Education

Inc

(d) 7,170

762

Alight

Inc

32,616

American

Public

Education

Inc

(d) 1,136

Barrett

Business

Services

Inc

BrightView

Holdings

Inc

(d) 4,677

Brink's

Co/The

21,800

1,945

Carriage

Services

Inc

Cass

Information

Systems

Inc

24,628

1,003

Chegg

Inc

(d) 6,458

Cimpress

PLC

(d) 418

CompoSecure

Inc

CoreCivic

Inc

(d) 8,493

Cross

Country

Healthcare

Inc

(d) 2,475

Custom

Truck

One

Source

Inc

(d) 1,080

Deluxe

Corp

3,497

Distribution

Solutions

Group

Inc

(d) 87

DLH

Holdings

Corp

(d) 383

Emerald

Holding

Inc

(e) 134,932

530

Ennis

Inc

27,608

Euronet

Worldwide

Inc

(d) 18,600

1,843

European

Wax

Center

Inc

(d) 175

First

Advantage

Corp

(d) 1,874

Forrester

Research

Inc

(d) 39,352

Franklin

Covey

Co

(d) 21,800

GEO

Group

Inc/The

(d) 9,859

Graham

Holdings

Co

Green

Dot

Corp

(d) 4,203

GXO

Logistics

Inc

(d) 148,270

5,373

Hackett

Group

Inc/The

Healthcare

Services

Group

Inc

(d) 199,071

2,829

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Heidrick

&

Struggles

International

Inc

36,278

$

1,416

Hertz

Global

Holdings

Inc

(d),(e)

9,505

HireQuest

Inc

Huron

Consulting

Group

Inc

(d) 6,200

836

Information

Services

Group

Inc

2,360

Insperity

Inc

22,200

1,443

John

Wiley

&

Sons

Inc

1,468

Kelly

Services

Inc

2,358

Kforce

Inc

37,400

1,429

KinderCare

Learning

Cos

Inc

(d) 1,005

Korn

Ferry

31,741

1,958

Laureate

Education

Inc

(d) 70,704

1,419

Lifecore

Biomedical

Inc

(d),(e)

1,952

Lincoln

Educational

Services

Corp

(d) 1,992

ManpowerGroup

Inc

42,800

1,843

MarketWise

Inc

Marqeta

Inc

(d) 4,932

Matthews

International

Corp

2,355

Medifast

Inc

(d) 834

Mister

Car

Wash

Inc

(d) 818

Monro

Inc

2,263

National

Research

Corp

41,300

Payoneer

Global

Inc

(d) 4,997

Paysafe

Ltd

(d) 2,566

Perdoceo

Education

Corp

5,119

Performant

Healthcare

Inc

(d) 1,496

PROG

Holdings

Inc

2,695

Quad/Graphics

Inc

757

Repay

Holdings

Corp

(d) 6,545

Resources

Connection

Inc

241,513

1,385

Sezzle

Inc

(d),(e)

SoundThinking

Inc

(d) 113

StoneCo

Ltd

(d) 10,693

Strategic

Education

Inc

1,738

TriNet

Group

Inc

75,785

5,936

TrueBlue

Inc

(d) 183,456

796

Valvoline

Inc

(d) 304,915

10,446

WEX

Inc

(d) 14,300

1,864

Willdan

Group

Inc

(d) 1,005

$

50,652

Computers

-

.65

%

3D

Systems

Corp

(d) 9,430

ASGN

Inc

(d) 31,618

1,593

Cantaloupe

Inc

(d) 177

Conduent

Inc

(d) 12,057

Corsair

Gaming

Inc

(d) 2,724

Crane

NXT

Co

38,100

1,788

Cricut

Inc

620

Diebold

Nixdorf

Inc

(d) 1,991

D-Wave

Quantum

Inc

(d),(e)

6,523

Everspin

Technologies

Inc

(d) 313

Grid

Dynamics

Holdings

Inc

(d) 1,085

Integral

Ad

Science

Holding

Corp

(d) 4,874

Maximus

Inc

26,000

1,741

NCR

Voyix

Corp

(d) 869

NetScout

Systems

Inc

(d) 5,380

OneSpan

Inc

PAR

Technology

Corp

(d) 134

Rekor

Systems

Inc

(d),(e)

838

Rigetti

Computing

Inc

(d),(e)

14,712

Rimini

Street

Inc

(d),(e)

3,118

Science

Applications

International

Corp

7,300

884

Telos

Corp

(d) 3,857

TTEC

Holdings

Inc

(d),(e)

1,158

Unisys

Corp

(d) 4,795

V2X

Inc

(d) 1,306

$

6,630

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Consumer

Products

-

.21

%

ACCO

Brands

Corp

7,031

$

Central

Garden

&

Pet

Co

(d),(e)

25,552

858

Central

Garden

&

Pet

Co

-

A

Shares

(d) 3,321

Helen

of

Troy

Ltd

(d) 40,365

1,124

Quanex

Building

Products

Corp

3,709

$

2,168

Cosmetics

&

Personal

Care

-

.19

%

Edgewell

Personal

Care

Co

33,119

1,012

Honest

Co

Inc/The

(d) 3,549

Interparfums

Inc

5,400

590

Olaplex

Holdings

Inc

(d) 10,097

Prestige

Consumer

Healthcare

Inc

(d) 3,837

Waldencast

plc

(d),(e)

1,601

$

1,948

Distribution

&

Wholesale

-

.25

%

A-Mark

Precious

Metals

Inc

1,372

EVI

Industries

Inc

G-III

Apparel

Group

Ltd

(d) 38,687

976

Global

Industrial

Co

65,961

1,694

H&E

Equipment

Services

Inc

Hudson

Technologies

Inc

(d) 2,784

MRC

Global

Inc

(d) 6,630

OPENLANE

Inc

(d) 8,267

Resideo

Technologies

Inc

(d) 128,862

2,163

Rush

Enterprises

Inc

-

Class

A

163,286

8,326

Rush

Enterprises

Inc

-

Class

B

703

ScanSource

Inc

(d) 56,334

1,858

ThredUp

Inc

(d) 4,834

Titan

Machinery

Inc

(d) 109,457

1,815

VSE

Corp

1,146

WESCO

International

Inc

33,610

5,477

$

22,804

Diversified

Financial

Services

-

.05

%

AlTi

Global

Inc

(d) 2,357

Artisan

Partners

Asset

Management

Inc

306,200

11,323

Atlanticus

Holdings

Corp

(d) 390

BGC

Group

Inc

27,626

Bread

Financial

Holdings

Inc

43,672

2,072

Brookfield

Business

Corp

2,064

Burford

Capital

Ltd

15,596

Columbia

Financial

Inc

(d) 1,966

Consumer

Portfolio

Services

Inc

(d) 535

Diamond

Hill

Investment

Group

Inc

6,533

823

Enact

Holdings

Inc

51,738

1,852

Encore

Capital

Group

Inc

(d) 1,833

Enova

International

Inc

(d) 1,975

Federal

Agricultural

Mortgage

Corp

Federated

Hermes

Inc

45,300

1,840

First

Western

Financial

Inc

(d) 423

Forge

Global

Holdings

Inc

(d),(e)

GCM

Grosvenor

Inc

International

Money

Express

Inc

(d) 105,900

1,315

LendingClub

Corp

(d) 8,706

LendingTree

Inc

(d) 49

Medallion

Financial

Corp

1,346

Mr

Cooper

Group

Inc

(d) 3,099

Navient

Corp

156,368

1,936

Nelnet

Inc

1,102

Onity

Group

Inc

(d) 498

Pagseguro

Digital

Ltd

(d) 6,865

PennyMac

Financial

Services

Inc

932

PRA

Group

Inc

(d) 3,083

Radian

Group

Inc

73,063

2,333

Regional

Management

Corp

534

Resolute

Holdings

Management

Inc

(d),(e)

—

Silvercrest

Asset

Management

Group

Inc

692

SLM

Corp

70,900

2,050

StoneX

Group

Inc

(d) 3,070

SWK

Holdings

Corp

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Velocity

Financial

Inc

(d) 655

$

Virtus

Investment

Partners

Inc

10,886

1,672

Western

Union

Co/The

182,300

1,807

World

Acceptance

Corp

(d) 19

$

31,017

Electric

-

.38

%

ALLETE

Inc

4,499

Ameresco

Inc

(d) 1,661

Avista

Corp

48,336

2,005

Black

Hills

Corp

34,990

2,130

Genie

Energy

Ltd

519

Hawaiian

Electric

Industries

Inc

(d) 13,536

MGE

Energy

Inc

1,616

Northwestern

Energy

Group

Inc

35,495

2,067

Ormat

Technologies

Inc

4,491

Otter

Tail

Corp

18,372

1,459

Portland

General

Electric

Co

52,681

2,218

TXNM

Energy

Inc

40,014

2,129

Unitil

Corp

19,154

1,123

$

14,066

Electrical

Components

&

Equipment

-

.27

%

Belden

Inc

6,064

625

ChargePoint

Holdings

Inc

(d) 13,978

Energizer

Holdings

Inc

32,500

879

EnerSys

Insteel

Industries

Inc

33,856

1,148

nLight

Inc

(d) 3,402

Ultralife

Corp

(d) 463

$

2,709

Electronics

-

.17

%

Allient

Inc

999

Applied

Optoelectronics

Inc

(d) 3,387

Arrow

Electronics

Inc

(d) 12,500

1,392

Atkore

Inc

22,300

1,424

Atmus

Filtration

Technologies

Inc

39,800

1,380

Avnet

Inc

27,300

1,283

Bel

Fuse

Inc

-

A

Shares

Bel

Fuse

Inc

-

B

Shares

801

Benchmark

Electronics

Inc

2,801

Brady

Corp

7,000

Celestica

Inc

(d) 70,730

6,037

Coherent

Corp

(d) 113,660

7,311

CTS

Corp

ESCO

Technologies

Inc

1,023

FARO

Technologies

Inc

(d) 1,511

GoPro

Inc

(d) 8,781

Itron

Inc

(d) 10,336

1,150

Kimball

Electronics

Inc

(d) 68,297

979

Knowles

Corp

(d) 6,795

Mesa

Laboratories

Inc

MicroVision

Inc

(d),(e)

6,444

Mirion

Technologies

Inc

(d) 13,994

NEXTracker

Inc

(d) 49,698

2,019

OSI

Systems

Inc

(d) 5,169

1,058

Plexus

Corp

(d) 12,056

1,476

Sanmina

Corp

(d) 16,173

1,242

Sensata

Technologies

Holding

PLC

67,900

1,453

Standard

BioTools

Inc

(d) 16,648

Stoneridge

Inc

(d) 1,751

TTM

Technologies

Inc

(d) 7,864

Turtle

Beach

Corp

(d) 415

Vicor

Corp

(d) 770

Vishay

Intertechnology

Inc

125,491

1,630

Vontier

Corp

27,200

865

$

32,218

Energy

-

Alternate

Sources

-

.20

%

Aemetis

Inc

(d),(e)

2,144

Energy

Vault

Holdings

Inc

(d) 7,164

FuelCell

Energy

Inc

(d),(e)

1,194

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Energy

-

Alternate

Sources

(continued)

FutureFuel

Corp

1,784

$

Green

Plains

Inc

(d) 4,640

Plug

Power

Inc

(d),(e)

59,052

REX

American

Resources

Corp

(d) 46,016

1,828

SolarMax

Technology

Inc

(d) 1,118

Stem

Inc

(d) 11,021

Sunnova

Energy

International

Inc

(d) 6,965

Sunrun

Inc

(d) 17,200

T1

Energy

Inc

(d) 7,671

TPI

Composites

Inc

(d),(e)

2,971

$

2,055

Engineering

&

Construction

-

.34

%

908

Devices

Inc

(d),(e)

1,448

Arcosa

Inc

3,759

Concrete

Pumping

Holdings

Inc

1,629

Fluor

Corp

(d) 55,140

1,924

Granite

Construction

Inc

617

Great

Lakes

Dredge

&

Dock

Corp

(d) 5,217

Latham

Group

Inc

(d) 2,950

Mistras

Group

Inc

(d) 1,624

NV5

Global

Inc

(d) 3,684

Orion

Group

Holdings

Inc

(d) 2,243

Primoris

Services

Corp

Southland

Holdings

Inc

(d) 703

Tutor

Perini

Corp

(d) 43,529

934

$

3,408

Entertainment

-

.79

%

Accel

Entertainment

Inc

(d) 116,400

1,199

AMC

Entertainment

Holdings

Inc

(d) 31,423

Cinemark

Holdings

Inc

1,815

Everi

Holdings

Inc

(d) 2,927

Golden

Entertainment

Inc

1,529

International

Game

Technology

PLC

114,040

1,870

Lions

Gate

Entertainment

Corp

-

A

shares

(d),(e)

4,657

Lions

Gate

Entertainment

Corp

-

B

shares

(d) 9,810

Madison

Square

Garden

Entertainment

Corp

(d) 2,811

Marriott

Vacations

Worldwide

Corp

31,500

1,727

Monarch

Casino

&

Resort

Inc

17,400

1,361

RCI

Hospitality

Holdings

Inc

Red

Rock

Resorts

Inc

228,282

9,748

Reservoir

Media

Inc

(d) 1,405

Six

Flags

Entertainment

Corp

1,865

United

Parks

&

Resorts

Inc

(d) 39,725

1,734

Webtoon

Entertainment

Inc

(d),(e)

544

$

18,159

Environmental

Control

-

.62

%

Arq

Inc

(d) 1,734

Clean

Harbors

Inc

(d) 28,975

6,199

Enviri

Corp

(d) 6,140

Pure

Cycle

Corp

(d) 1,512

PureCycle

Technologies

Inc

(d),(e)

7,874

$

6,316

Food

-

.47

%

B&G

Foods

Inc

6,109

Calavo

Growers

Inc

1,109

Cal-Maine

Foods

Inc

3,207

Hain

Celestial

Group

Inc/The

(d) 289,532

880

HF

Foods

Group

Inc

(d) 3,118

Ingles

Markets

Inc

1,140

John

B

Sanfilippo

&

Son

Inc

20,400

1,352

Mission

Produce

Inc

(d) 2,941

Nathan's

Famous

Inc

Natural

Grocers

by

Vitamin

Cottage

Inc

568

Seneca

Foods

Corp

-

Class

A

(d) 349

SpartanNash

Co

2,654

TreeHouse

Foods

Inc

(d) 3,658

United

Natural

Foods

Inc

(d) 4,605

Utz

Brands

Inc

1,623

Village

Super

Market

Inc

646

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Food

(continued)

Weis

Markets

Inc

1,275

$

WK

Kellogg

Co

89,600

1,606

$

4,802

Forest

Products

&

Paper

-

.10

%

Sylvamo

Corp

16,328

974

Gas

-

.20

%

Brookfield

Infrastructure

Corp

9,319

Chesapeake

Utilities

Corp

1,752

MDU

Resources

Group

Inc

108,300

1,856

New

Jersey

Resources

Corp

7,747

Northwest

Natural

Holding

Co

138,445

5,968

ONE

Gas

Inc

4,383

RGC

Resources

Inc

601

Southwest

Gas

Holdings

Inc

29,439

2,125

Spire

Inc

145,023

11,100

$

22,365

Hand

&

Machine

Tools

-

.80

%

Kennametal

Inc

63,352

1,234

Lincoln

Electric

Holdings

Inc

38,760

6,830

Luxfer

Holdings

PLC

2,070

$

8,086

Healthcare

-

Products

-

.51

%

Accuray

Inc

(d) 513

Adaptive

Biotechnologies

Corp

(d) 9,110

AngioDynamics

Inc

(d) 2,938

Anteris

Technologies

Global

Corp

(d),(e)

580

Artivion

Inc

(d) 690

AtriCure

Inc

(d) 1,281

Avanos

Medical

Inc

(d) 3,584

Beta

Bionics

Inc

(d),(e)

BioLife

Solutions

Inc

(d) 245

Bioventus

Inc

(d) 1,900

Bruker

Corp

138,595

5,552

CareDx

Inc

(d) 3,157

Castle

Biosciences

Inc

(d) 1,411

Ceribell

Inc

(d) 258

Embecta

Corp

4,133

Envista

Holdings

Corp

(d) 57,500

925

Fractyl

Health

Inc

(d) 937

Globus

Medical

Inc

(d) 95,965

6,887

ICU

Medical

Inc

(d) 1,661

Inmode

Ltd

(d) 120,398

1,697

Inogen

Inc

(d) 1,863

Integer

Holdings

Corp

(d) 51,168

6,463

Integra

LifeSciences

Holdings

Corp

(d) 5,295

LivaNova

PLC

(d) 51,708

1,913

MaxCyte

Inc

(d) 8,195

MiMedx

Group

Inc

(d) 4,813

Nautilus

Biotechnology

Inc

(d) 3,140

Neogen

Corp

(d) 17,086

OmniAb

Inc

(d) 6,131

Omnicell

Inc

(d) 3,535

OraSure

Technologies

Inc

(d) 5,256

Orchestra

BioMed

Holdings

Inc

(d) 905

Orthofix

Medical

Inc

(d) 2,717

OrthoPediatrics

Corp

(d) 1,280

Pacific

Biosciences

of

California

Inc

(d),(e)

21,185

Quanterix

Corp

(d) 2,252

Quantum-Si

Inc

(d),(e)

7,948

SI-BONE

Inc

(d) 519

Stereotaxis

Inc

(d) 228

Surmodics

Inc

(d) 359

Tactile

Systems

Technology

Inc

(d) 1,850

Utah

Medical

Products

Inc

16,543

857

Varex

Imaging

Corp

(d) 3,049

Zimvie

Inc

(d) 1,993

$

25,460

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

-

.14

%

Acadia

Healthcare

Co

Inc

(d) 79,500

$

1,860

Addus

HomeCare

Corp

(d) 816

Ardent

Health

Partners

Inc

(d) 488

Astrana

Health

Inc

(d) 43,400

1,353

Aveanna

Healthcare

Holdings

Inc

(d),(e)

1,047

Blade

Air

Mobility

Inc

(d) 4,278

Brookdale

Senior

Living

Inc

(d) 2,119

Community

Health

Systems

Inc

(d) 4,177

Concentra

Group

Holdings

Parent

Inc

67,292

1,464

DocGo

Inc

(d) 6,050

Enhabit

Inc

(d) 3,478

Fulgent

Genetics

Inc

(d) 1,628

GeneDx

Holdings

Corp

(d) 863

HealthEquity

Inc

(d) 56,750

4,865

Innovage

Holding

Corp

(d) 687

LifeStance

Health

Group

Inc

(d) 5,965

ModivCare

Inc

(d),(e)

—

Nano-X

Imaging

Ltd

(d),(e)

National

HealthCare

Corp

968

OPKO

Health

Inc

(d) 24,855

Pediatrix

Medical

Group

Inc

(d) 6,730

Quipt

Home

Medical

Corp

(d) 2,208

Select

Medical

Holdings

Corp

72,811

1,328

Sonida

Senior

Living

Inc

(d) 108

Surgery

Partners

Inc

(d) 5,988

Teladoc

Health

Inc

(d) 11,395

$

11,606

Home

Builders

-

.64

%

Beazer

Homes

USA

Inc

(d) 24,117

Century

Communities

Inc

16,136

880

Champion

Homes

Inc

(d) 57,835

5,003

Forestar

Group

Inc

(d) 1,299

Green

Brick

Partners

Inc

(d) 19,466

1,148

Hovnanian

Enterprises

Inc

(d) 375

Installed

Building

Products

Inc

72,100

11,956

KB

Home

23,892

1,291

Landsea

Homes

Corp

(d) 1,963

LGI

Homes

Inc

(d) 16,705

912

M/I

Homes

Inc

(d) 11,257

1,201

Meritage

Homes

Corp

5,565

Taylor

Morrison

Home

Corp

(d) 7,948

Thor

Industries

Inc

18,900

1,369

Tri

Pointe

Homes

Inc

(d) 52,481

1,614

United

Homes

Group

Inc

(d) 211

Winnebago

Industries

Inc

2,197

$

26,824

Home

Furnishings

-

.32

%

Arhaus

Inc

(d) 406

Daktronics

Inc

(d) 2,750

Ethan

Allen

Interiors

Inc

1,815

Flexsteel

Industries

Inc

Hamilton

Beach

Brands

Holding

Co

559

Hooker

Furnishings

Corp

681

iRobot

Corp

(d) 2,102

Leggett

&

Platt

Inc

123,800

1,191

Lovesac

Co/The

(d) 517

MillerKnoll

Inc

115,829

1,899

Purple

Innovation

Inc

(d) 3,968

Sleep

Number

Corp

(d) 1,669

Sonos

Inc

(d) 868

Traeger

Inc

(d) 2,024

Xperi

Inc

(d) 3,467

$

3,276

Housewares

-

.00

%

Lifetime

Brands

Inc

801

Insurance

-

.02

%

Ambac

Financial

Group

Inc

(d) 117,525

938

American

Coastal

Insurance

Corp

996

AMERISAFE

Inc

858

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Assured

Guaranty

Ltd

11,200

$

983

Bowhead

Specialty

Holdings

Inc

(d) 933

CNO

Financial

Group

Inc

53,093

2,015

Donegal

Group

Inc

1,218

Employers

Holdings

Inc

31,795

1,545

Enstar

Group

Ltd

(d) 982

Essent

Group

Ltd

39,606

2,254

F&G

Annuities

&

Life

Inc

51,863

1,805

Fidelis

Insurance

Holdings

Ltd

3,882

First

American

Financial

Corp

192,140

11,684

Genworth

Financial

Inc

(d) 32,921

GoHealth

Inc

(d) 315

Greenlight

Capital

Re

Ltd

(d) 2,104

Hamilton

Insurance

Group

Ltd

(d) 3,260

Hanover

Insurance

Group

Inc/The

68,490

11,377

Heritage

Insurance

Holdings

Inc

(d) 1,739

Hippo

Holdings

Inc

(d) 1,499

Horace

Mann

Educators

Corp

47,185

1,960

Investors

Title

Co

Jackson

Financial

Inc

5,686

James

River

Group

Holdings

Ltd

2,730

Kemper

Corp

30,400

1,797

Lemonade

Inc

(d),(e)

715

Lincoln

National

Corp

32,800

1,045

Maiden

Holdings

Ltd

(d) 5,671

MBIA

Inc

(d) 3,250

Mercury

General

Corp

9,935

551

MGIC

Investment

Corp

62,300

1,552

NI

Holdings

Inc

(d) 568

NMI

Holdings

Inc

(d) 57,328

2,074

ProAssurance

Corp

(d) 3,965

Roadzen

Inc

(d) 2,271

Safety

Insurance

Group

Inc

1,155

Selective

Insurance

Group

Inc

158,613

13,836

Selectquote

Inc

(d) 10,522

SiriusPoint

Ltd

(d) 6,671

Skyward

Specialty

Insurance

Group

Inc

(d) 2,198

Stewart

Information

Services

Corp

21,396

1,401

Tiptree

Inc

1,484

United

Fire

Group

Inc

21,678

599

Universal

Insurance

Holdings

Inc

1,474

White

Mountains

Insurance

Group

Ltd

1,040

1,838

$

61,185

Internet

-

.37

%

1-800-Flowers.com

Inc

(d),(e)

1,234

1stdibs.com

Inc

(d) 1,277

aka

Brands

Holding

Corp

(d) 44

—

BARK

Inc

(d) 9,456

Beyond

Inc

(d) 3,322

Bumble

Inc

(d) 5,782

Cars.com

Inc

(d) 5,043

Despegar.com

Corp

(d) 4,812

Entravision

Communications

Corp

3,793

ePlus

Inc

(d) 23,214

1,448

Eventbrite

Inc

(d) 695

Figs

Inc

(d) 9,673

fuboTV

Inc

(d) 23,792

Groupon

Inc

(d) 854

HealthStream

Inc

1,281

Lands'

End

Inc

(d) 1,014

LifeMD

Inc

(d) 915

LiveOne

Inc

(d) 874

Magnite

Inc

(d) 1,071

Nextdoor

Holdings

Inc

(d) 12,543

Opendoor

Technologies

Inc

(d) 47,394

RealReal

Inc/The

(d) 2,206

RumbleON

Inc

(d) 1,104

Shutterstock

Inc

103,955

1,659

Stitch

Fix

Inc

(d) 7,844

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Internet

(continued)

TrueCar

Inc

(d) 5,493

$

Ziff

Davis

Inc

(d) 3,266

$

3,725

Investment

Companies

-

.08

%

Bit

Digital

Inc

(d) 9,641

Cannae

Holdings

Inc

4,438

Cipher

Mining

Inc

(d) 5,129

Compass

Diversified

Holdings

5,218

Core

Scientific

Inc

(d) 2,792

FTAI

Infrastructure

Inc

7,628

HA

Sustainable

Infrastructure

Capital

Inc

9,163

Hut

Corp

(d) 6,372

MARA

Holdings

Inc

(d) 4,835

NewtekOne

Inc

1,803

Riot

Platforms

Inc

(d) 20,971

Terawulf

Inc

(d),(e)

1,138

$

803

Iron

&

Steel

-

.05

%

Commercial

Metals

Co

8,848

Radius

Recycling

Inc

2,086

$

Leisure

Products

&

Services

-

.64

%

Brunswick

Corp/DE

37,300

1,718

Clarus

Corp

1,958

Escalade

Inc

728

Global

Business

Travel

Group

I

(d) 1,136

Harley-Davidson

Inc

79,100

1,773

Johnson

Outdoors

Inc

36,424

831

Life

Time

Group

Holdings

Inc

(d) 6,512

Lindblad

Expeditions

Holdings

Inc

(d) 771

Malibu

Boats

Inc

(d) 1,556

Marine

Products

Corp

MasterCraft

Boat

Holdings

Inc

(d) 1,206

Peloton

Interactive

Inc

(d) 1,712

Polaris

Inc

51,800

1,759

Sabre

Corp

(d) 23,647

Topgolf

Callaway

Brands

Corp

(d) 11,181

$

6,522

Lodging

-

.36

%

Full

House

Resorts

Inc

(d) 2,302

Hilton

Grand

Vacations

Inc

(d) 51,800

1,742

Marcus

Corp/The

1,776

Travel

+

Leisure

Co

41,700

1,832

$

3,610

Machinery

-

Construction

&

Mining

-

.92

%

Astec

Industries

Inc

1,784

Bloom

Energy

Corp

(d) 1,338

BWX

Technologies

Inc

82,705

9,025

Hyster-Yale

Inc

Manitowoc

Co

Inc/The

(d) 2,509

NANO

Nuclear

Energy

Inc

(d),(e)

1,639

Net

Power

Inc

(d) 1,470

Terex

Corp

5,162

$

9,368

Machinery

-

Diversified

-

.80

%

Albany

International

Corp

28,146

1,851

Cactus

Inc

23,200

880

Columbus

McKinnon

Corp/NY

188,982

2,806

DXP

Enterprises

Inc/TX

(d) 870

Eastman

Kodak

Co

(d) 4,577

Gates

Industrial

Corp

PLC

(d) 79,300

1,500

Gencor

Industries

Inc

(d) 661

GrafTech

International

Ltd

(d) 1,352

Ichor

Holdings

Ltd

(d) 1,718

Lindsay

Corp

12,322

1,591

Tennant

Co

19,317

1,394

Thermon

Group

Holdings

Inc

(d) 77,665

2,037

Twin

Disc

Inc

661

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

(continued)

Watts

Water

Technologies

Inc

28,885

$

6,001

Zurn

Elkay

Water

Solutions

Corp

591

$

18,234

Media

-

.18

%

AMC

Networks

Inc

(d) 2,470

Cable

One

Inc

EW

Scripps

Co/The

(d) 4,189

Gannett

Co

Inc

(d) 10,997

Gray

Media

Inc

6,202

iHeartMedia

Inc

(d) 7,177

Liberty

Latin

America

Ltd

-

Class

A

(d) 2,290

Liberty

Latin

America

Ltd

-

Class

C

(d) 10,249

Scholastic

Corp

1,811

Sphere

Entertainment

Co

(d),(e)

2,150

TEGNA

Inc

90,938

1,476

Value

Line

Inc

—

WideOpenWest

Inc

(d) 3,872

$

1,858

Metal

Fabrication

&

Hardware

-

.39

%

AZZ

Inc

5,881

510

Eastern

Co/The

Helios

Technologies

Inc

816

Hillman

Solutions

Corp

(d) 12,688

Janus

International

Group

Inc

(d) 256,300

1,763

L

B

Foster

Co

(d) 27,651

552

Mayville

Engineering

Co

Inc

(d) 811

Metallus

Inc

(d) 3,262

Mueller

Industries

Inc

650

NN

Inc

(d) 2,984

Olympic

Steel

Inc

732

Park-Ohio

Holdings

Corp

671

Proto

Labs

Inc

(d) 25,705

904

Ryerson

Holding

Corp

2,137

Standex

International

Corp

Timken

Co/The

28,000

1,799

Tredegar

Corp

(d) 2,059

Valmont

Industries

Inc

23,010

6,747

Worthington

Enterprises

Inc

28,152

1,426

Worthington

Steel

Inc

2,540

$

14,122

Mining

-

.15

%

Caledonia

Mining

Corp

PLC

1,197

Centrus

Energy

Corp

(d) 303

Coeur

Mining

Inc

(d) 48,552

Compass

Minerals

International

Inc

(d) 2,625

Constellium

SE

(d) 53,800

544

Contango

ORE

Inc

(d),(e)

Dakota

Gold

Corp

(d) 1,906

Encore

Energy

Corp

(d) 3,110

Energy

Fuels

Inc/Canada

(d),(e)

14,611

Hecla

Mining

Co

46,417

Gold

Corp

(d) 23,057

Kaiser

Aluminum

Corp

Lifezone

Metals

Ltd

(d) 2,828

MAC

Copper

Ltd

(d),(e)

2,962

Novagold

Resources

Inc

(d) 18,891

Piedmont

Lithium

Inc

(d) 887

SSR

Mining

Inc

(d) 15,795

Ur-Energy

Inc

(d) 2,372

$

1,544

Miscellaneous

Manufacturers

-

.59

%

AMMO

Inc

(d) 6,947

Core

Molding

Technologies

Inc

(d) 550

Enpro

Inc

1,454

Federal

Signal

Corp

70,195

5,716

Hillenbrand

Inc

87,570

1,771

JBT

Marel

Corp

87,883

9,251

LSB

Industries

Inc

(d) 3,882

Materion

Corp

94,542

7,848

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Miscellaneous

Manufacturers

(continued)

Myers

Industries

Inc

130,800

$

1,373

NL

Industries

Inc

554

Park

Aerospace

Corp

806

Smith

&

Wesson

Brands

Inc

3,129

Solidion

Technology

Inc

(d) 98

—

Sturm

Ruger

&

Co

Inc

946

Trinity

Industries

Inc

$

26,319

Office

&

Business

Equipment

-

.01

%

Pitney

Bowes

Inc

8,968

Xerox

Holdings

Corp

9,131

$

Office

Furnishings

-

.20

%

CompX

International

Inc

HNI

Corp

1,939

Interface

Inc

27,777

522

Steelcase

Inc

143,354

1,422

Virco

Mfg.

Corp

748

$

2,035

Oil

&

Gas

-

.01

%

Amplify

Energy

Corp

(d) 2,432

Antero

Resources

Corp

(d) 271,665

9,462

Baytex

Energy

Corp

1,017,371

1,567

Berry

Corp

3,888

BKV

Corp

(d) 818

Borr

Drilling

Ltd

(d) 18,706

California

Resources

Corp

30,358

1,047

CNX

Resources

Corp

(d) 11,328

Comstock

Resources

Inc

(d) 7,200

Crescent

Energy

Co

220,545

1,826

CVR

Energy

Inc

100,096

1,888

Delek

US

Holdings

Inc

141,867

1,847

Diversified

Energy

Co

PLC

3,573

Evolution

Petroleum

Corp

1,600

Granite

Ridge

Resources

Inc

3,856

Gulfport

Energy

Corp

(d) 474

Helmerich

&

Payne

Inc

7,688

HighPeak

Energy

Inc

(e) 1,058

Infinity

Natural

Resources

Inc

(d) 768

Kosmos

Energy

Ltd

(d) 988,821

1,523

Magnolia

Oil

&

Gas

Corp

971

Matador

Resources

Co

59,095

2,337

Murphy

Oil

Corp

197,678

4,059

Nabors

Industries

Ltd

(d) 488

Noble

Corp

PLC

3,637

Northern

Oil

&

Gas

Inc

81,194

1,973

Par

Pacific

Holdings

Inc

(d) 130,291

1,865

Patterson-UTI

Energy

Inc

30,247

PBF

Energy

Inc

114,733

1,972

Permian

Resources

Corp

212,105

2,503

Prairie

Operating

Co

(d) 123

—

PrimeEnergy

Resources

Corp

(d) 50

Riley

Exploration

Permian

Inc

749

Ring

Energy

Inc

(d) 10,140

SandRidge

Energy

Inc

2,491

Seadrill

Ltd

(d) 3,617

Sitio

Royalties

Corp

6,214

SM

Energy

Co

7,426

Talos

Energy

Inc

(d) 250,394

1,722

Transocean

Ltd

(d) 56,687

VAALCO

Energy

Inc

515,977

1,687

Valaris

Ltd

(d) 1,762

Vital

Energy

Inc

(d) 118,564

1,682

Vitesse

Energy

Inc

2,045

$

40,714

Oil

&

Gas

Services

-

.42

%

Aris

Water

Solutions

Inc

2,008

Bristow

Group

Inc

(d) 1,947

Core

Laboratories

Inc

(e) 63,300

720

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

Services

(continued)

DMC

Global

Inc

(d) 934

$

DNOW

Inc

(d) 8,228

Drilling

Tools

International

Corp

(d) 560

Expro

Group

Holdings

NV

(d) 211,531

1,749

Flowco

Holdings

Inc

1,124

Forum

Energy

Technologies

Inc

(d) 853

Geospace

Technologies

Corp

(d) 832

Helix

Energy

Solutions

Group

Inc

(d) 9,164

Innovex

International

Inc

(d) 122,970

1,857

Kodiak

Gas

Services

Inc

2,582

Liberty

Energy

Inc

122,733

1,412

Mammoth

Energy

Services

Inc

(d) 1,437

Matrix

Service

Co

(d) 2,048

National

Energy

Services

Reunited

Corp

(d) 142,200

886

Natural

Gas

Services

Group

Inc

(d) 614

NOV

Inc

136,600

1,586

NPK

International

Inc

(d) 6,561

Oil

States

International

Inc

(d) 254,572

893

ProFrac

Holding

Corp

(d),(e)

185,225

769

ProPetro

Holding

Corp

(d) 264,953

1,320

Ranger

Energy

Services

Inc

1,140

RPC

Inc

278,784

1,318

SEACOR

Marine

Holdings

Inc

(d) 1,715

Select

Water

Solutions

Inc

161,967

1,380

Solaris

Energy

Infrastructure

Inc

2,423

$

14,466

Packaging

&

Containers

-

.14

%

Clearwater

Paper

Corp

(d) 1,244

Greif

Inc

-

Class

A

1,949

Greif

Inc

-

Class

B

O-I

Glass

Inc

(d) 12,068

Ranpak

Holdings

Corp

(d) 3,460

Silgan

Holdings

Inc

153,865

7,947

Sonoco

Products

Co

39,300

1,611

TriMas

Corp

69,019

1,661

$

11,542

Pharmaceuticals

-

.31

%

ACELYRIN

Inc

(d) 5,391

AdaptHealth

Corp

(d) 4,498

Agios

Pharmaceuticals

Inc

(d) 4,412

Akebia

Therapeutics

Inc

(d) 15,216

Amneal

Pharmaceuticals

Inc

(d) 1,984

Amphastar

Pharmaceuticals

Inc

(d) 54,500

1,330

Anika

Therapeutics

Inc

(d) 814

Aquestive

Therapeutics

Inc

(d) 4,187

Astrazeneca

Finance

LLC

-

Contingent

Value

Rights

(d),(f)

3,047

Biote

Corp

(d) 178

Coherus

Biosciences

Inc

(d) 5,273

Corbus

Pharmaceuticals

Holdings

Inc

(d) 273

CorMedix

Inc

(d) 340

Enanta

Pharmaceuticals

Inc

(d) 1,340

Enliven

Therapeutics

Inc

(d) 128

Fennec

Pharmaceuticals

Inc

(d) 1,184

Foghorn

Therapeutics

Inc

(d) 520

Fulcrum

Therapeutics

Inc

(d) 2,052

Galectin

Therapeutics

Inc

(d),(e)

787

Guardian

Pharmacy

Services

Inc

(d) 417

Gyre

Therapeutics

Inc

(d),(e)

Herbalife

Ltd

(d) 2,440

Heron

Therapeutics

Inc

(d) 7,745

Ironwood

Pharmaceuticals

Inc

(d) 6,001

Lyell

Immunopharma

Inc

(d) 10,997

MannKind

Corp

(d) 4,574

Maze

Therapeutics

Inc

(d) 253

Nature's

Sunshine

Products

Inc

(d) 645

Neurogene

Inc

(d),(e)

Option

Care

Health

Inc

(d) 7,057

ORIC

Pharmaceuticals

Inc

(d) 3,681

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

(continued)

Outlook

Therapeutics

Inc

(d) 304

$

Owens

&

Minor

Inc

(d) 4,913

Pacira

BioSciences

Inc

(d) 3,287

Phibro

Animal

Health

Corp

1,143

Regulus

Therapeutics

Inc

(d) 3,039

SIGA

Technologies

Inc

143,888

794

Skye

Bioscience

Inc

(d),(e)

1,078

Spyre

Therapeutics

Inc

(d) 2,860

Supernus

Pharmaceuticals

Inc

(d) 3,661

Telomir

Pharmaceuticals

Inc

(d),(e)

542

Trevi

Therapeutics

Inc

(d) 2,233

USANA

Health

Sciences

Inc

(d) 883

Vanda

Pharmaceuticals

Inc

(d) 4,414

Voyager

Therapeutics

Inc

(d) 3,143

$

3,181

Pipelines

-

.31

%

Excelerate

Energy

Inc

35,864

917

Golar

LNG

Ltd

7,688

Kinetik

Holdings

Inc

2,701

NextDecade

Corp

(d) 233,800

1,749

$

3,105

Private

Equity

-

.00

%

Chicago

Atlantic

Real

Estate

Finance

Inc

1,345

P10

Inc

$

Real

Estate

-

.73

%

American

Realty

Investors

Inc

(d) 142

Anywhere

Real

Estate

Inc

(d) 7,601

Cushman

&

Wakefield

PLC

(d) 1,369,157

12,829

Douglas

Elliman

Inc

(d) 268,400

FRP

Holdings

Inc

(d) 1,030

Kennedy-Wilson

Holdings

Inc

8,943

Legacy

Housing

Corp

(d) 40,928

995

Marcus

&

Millichap

Inc

29,718

903

Maui

Land

&

Pineapple

Co

Inc

(d) 42

McGrath

RentCorp

6,200

661

Newmark

Group

Inc

10,338

Offerpad

Solutions

Inc

(d) 630

RE/MAX

Holdings

Inc

(d) 1,386

RMR

Group

Inc/The

55,197

811

Seritage

Growth

Properties

(d) 243,649

721

Star

Holdings

(d),(e)

803

Stratus

Properties

Inc

(d) 407

Transcontinental

Realty

Investors

Inc

(d) 86

$

17,619

REITs

-

.67

%

Acadia

Realty

Trust

9,123

Advanced

Flower

Capital

Inc

1,392

AG

Mortgage

Investment

Trust

Inc

1,752

Alexander

&

Baldwin

Inc

5,720

Alexander's

Inc

4,300

888

Alpine

Income

Property

Trust

Inc

969

American

Assets

Trust

Inc

50,284

942

American

Healthcare

REIT

Inc

11,803

Angel

Oak

Mortgage

REIT

Inc

503

Apartment

Investment

and

Management

Co

5,661

Apollo

Commercial

Real

Estate

Finance

Inc

107,472

1,007

Apple

Hospitality

REIT

Inc

17,739

Arbor

Realty

Trust

Inc

14,338

Ares

Commercial

Real

Estate

Corp

189,390

771

Armada

Hoffler

Properties

Inc

5,759

ARMOUR

Residential

REIT

Inc

4,415

Blackstone

Mortgage

Trust

Inc

13,521

Braemar

Hotels

&

Resorts

Inc

4,799

Brandywine

Realty

Trust

13,385

BrightSpire

Capital

Inc

199,370

999

Broadstone

Net

Lease

Inc

14,683

BRT

Apartments

Corp

830

CareTrust

REIT

Inc

13,360

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

CBL

&

Associates

Properties

Inc

$

Centerspace

1,300

Chatham

Lodging

Trust

3,730

Chimera

Investment

Corp

6,330

City

Office

REIT

Inc

2,838

Claros

Mortgage

Trust

Inc

196,585

Clipper

Realty

Inc

Community

Healthcare

Trust

Inc

1,949

COPT

Defense

Properties

8,721

CTO

Realty

Growth

Inc

2,262

Curbline

Properties

Corp

7,417

DiamondRock

Hospitality

Co

196,822

1,445

Diversified

Healthcare

Trust

16,924

Douglas

Emmett

Inc

12,579

Dynex

Capital

Inc

6,574

Easterly

Government

Properties

Inc

3,108

Ellington

Financial

Inc

6,876

Elme

Communities

6,912

Empire

State

Realty

Trust

Inc

250,696

1,785

Essential

Properties

Realty

Trust

Inc

13,617

Farmland

Partners

Inc

3,363

Four

Corners

Property

Trust

Inc

7,473

Franklin

BSP

Realty

Trust

Inc

6,434

Franklin

Street

Properties

Corp

7,103

FrontView

REIT

Inc

1,050

Getty

Realty

Corp

3,907

Gladstone

Commercial

Corp

2,919

Gladstone

Land

Corp

2,602

Global

Medical

REIT

Inc

4,838

Global

Net

Lease

Inc

15,630

Granite

Point

Mortgage

Trust

Inc

159,772

Hudson

Pacific

Properties

Inc

10,593

Independence

Realty

Trust

Inc

17,585

Industrial

Logistics

Properties

Trust

4,754

Innovative

Industrial

Properties

Inc

2,202

InvenTrust

Properties

Corp

6,043

Invesco

Mortgage

Capital

Inc

4,740

JBG

SMITH

Properties

6,339

Kite

Realty

Group

Trust

16,820

KKR

Real

Estate

Finance

Trust

Inc

3,269

Ladder

Capital

Corp

8,914

LTC

Properties

Inc

3,497

LXP

Industrial

Trust

22,604

Macerich

Co/The

19,413

MFA

Financial

Inc

8,033

National

Health

Investors

Inc

3,411

NET

Lease

Office

Properties

(d) 1,181

NETSTREIT

Corp

5,146

New

York

Mortgage

Trust

Inc

7,126

NexPoint

Diversified

Real

Estate

Trust

2,478

Nexpoint

Real

Estate

Finance

Inc

540

NexPoint

Residential

Trust

Inc

1,734

NNN

REIT

Inc

146,685

6,030

One

Liberty

Properties

Inc

1,221

Orchid

Island

Capital

Inc

6,195

Orion

Properties

Inc

3,934

Outfront

Media

Inc

6,825

Paramount

Group

Inc

14,529

Park

Hotels

&

Resorts

Inc

183,700

1,826

Peakstone

Realty

Trust

2,774

Pebblebrook

Hotel

Trust

200,175

1,812

PennyMac

Mortgage

Investment

Trust

6,842

Phillips

Edison

&

Co

Inc

8,135

Piedmont

Office

Realty

Trust

Inc

9,694

Plymouth

Industrial

REIT

Inc

3,186

Postal

Realty

Trust

Inc

1,075

PotlatchDeltic

Corp

6,111

Ready

Capital

Corp

12,722

Redwood

Trust

Inc

10,341

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

RLJ

Lodging

Trust

11,692

$

Sabra

Health

Care

REIT

Inc

18,400

Safehold

Inc

4,095

Saul

Centers

Inc

Service

Properties

Trust

12,777

Seven

Hills

Realty

Trust

931

SITE

Centers

Corp

3,748

SL

Green

Realty

Corp

5,577

STAG

Industrial

Inc

260,145

8,593

Summit

Hotel

Properties

Inc

7,939

Sunrise

Realty

Trust

Inc

691

Sunstone

Hotel

Investors

Inc

15,615

Tanger

Inc

5,083

Terreno

Realty

Corp

7,668

TPG

RE

Finance

Trust

Inc

4,526

Two

Harbors

Investment

Corp

8,157

UMH

Properties

Inc

4,841

Uniti

Group

Inc

19,077

Universal

Health

Realty

Income

Trust

Urban

Edge

Properties

9,817

Veris

Residential

Inc

6,178

Whitestone

REIT

3,928

Xenia

Hotels

&

Resorts

Inc

8,043

$

37,326

Retail

-

.47

%

Academy

Sports

&

Outdoors

Inc

3,897

Advance

Auto

Parts

Inc

26,200

857

American

Eagle

Outfitters

Inc

2,769

America's

Car-Mart

Inc/TX

(d) 571

Arko

Corp

5,604

Asbury

Automotive

Group

Inc

(d) 5,697

1,242

Biglari

Holdings

Inc

(d) 56

BJ's

Restaurants

Inc

(d) 612

Blink

Charging

Co

(d) 3,143

Bloomin'

Brands

Inc

222,411

1,784

BlueLinx

Holdings

Inc

(d) 651

Brinker

International

Inc

(d) 335

Caleres

Inc

1,730

Citi

Trends

Inc

(d) 474

Clean

Energy

Fuels

Corp

(d) 12,431

Cracker

Barrel

Old

Country

Store

Inc

(e) 1,335

Dave

&

Buster's

Entertainment

Inc

(d) 19,500

Denny's

Corp

(d) 343,712

1,268

Designer

Brands

Inc

2,261

Destination

XL

Group

Inc

(d) 3,668

Dine

Brands

Global

Inc

956

El

Pollo

Loco

Holdings

Inc

(d) 88,779

831

EVgo

Inc

(d) 8,403

FirstCash

Holdings

Inc

92,145

12,344

Foot

Locker

Inc

(d) 6,553

Genesco

Inc

(d) 593

GMS

Inc

(d) 297

Group

Automotive

Inc

4,344

1,753

GrowGeneration

Corp

(d) 3,153

Haverty

Furniture

Cos

Inc

74,868

1,359

J

Jill

Inc

La-Z-Boy

Inc

3,233

Leslie's

Inc

(d) 4,532

MarineMax

Inc

(d) 45,038

966

Movado

Group

Inc

1,099

MSC

Industrial

Direct

Co

Inc

22,500

1,721

National

Vision

Holdings

Inc

(d) 5,714

Nu

Skin

Enterprises

Inc

3,592

ODP

Corp/The

(d) 2,218

OneWater

Marine

Inc

(d),(e)

95,070

1,427

Papa

John's

International

Inc

14,210

PC

Connection

Inc

11,715

727

Petco

Health

&

Wellness

Co

Inc

(d) 6,204

PetMed

Express

Inc

(d) 119,863

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Portillo's

Inc

(d),(e)

820

$

PriceSmart

Inc

715

Sally

Beauty

Holdings

Inc

(d) 7,961

Shoe

Carnival

Inc

1,384

Signet

Jewelers

Ltd

27,752

1,646

Sonic

Automotive

Inc

32,629

1,981

Tile

Shop

Holdings

Inc

(d) 1,360

Tilly's

Inc

(d) 811

Urban

Outfitters

Inc

(d) 3,529

Vera

Bradley

Inc

(d) 1,342

Victoria's

Secret

&

Co

(d) 4,657

Warby

Parker

Inc

(d) 159,030

2,626

Winmark

Corp

Zumiez

Inc

(d) 1,199

$

35,272

Savings

&

Loans

-

.41

%

Axos

Financial

Inc

(d) 3,780

Banc

of

California

Inc

148,573

2,003

Berkshire

Hills

Bancorp

Inc

61,587

1,529

Brookline

Bancorp

Inc

176,685

1,845

Capitol

Federal

Financial

Inc

351,969

1,995

ESSA

Bancorp

Inc

610

Flagstar

Financial

Inc

185,628

2,174

Flushing

Financial

Corp

148,314

1,776

FS

Bancorp

Inc

Hingham

Institution

For

Savings

The

(e) 6,122

1,527

Home

Bancorp

Inc

10,645

535

HomeTrust

Bancshares

Inc

1,173

Northfield

Bancorp

Inc

146,256

1,544

Northwest

Bancshares

Inc

9,895

OceanFirst

Financial

Corp

120,630

1,998

Pacific

Premier

Bancorp

Inc

97,883

1,991

Provident

Financial

Services

Inc

117,760

1,928

Southern

Missouri

Bancorp

Inc

16,865

888

Timberland

Bancorp

Inc/WA

548

WaFd

Inc

71,522

2,040

Waterstone

Financial

Inc

1,171

WSFS

Financial

Corp

4,553

$

24,471

Semiconductors

-

.06

%

ACM

Research

Inc

(d) 1,252

Alpha

&

Omega

Semiconductor

Ltd

(d) 1,911

Ambarella

Inc

(d) 1,420

CEVA

Inc

(d) 226

Cohu

Inc

(d) 3,550

Diodes

Inc

(d) 27,575

1,059

IPG

Photonics

Corp

(d) 24,700

1,479

MaxLinear

Inc

(d) 241

Navitas

Semiconductor

Corp

(d) 8,605

Onto

Innovation

Inc

(d) 52,060

6,350

Ouster

Inc

(d) 3,061

Penguin

Solutions

Inc

(d) 4,112

Photronics

Inc

(d) 75,723

1,383

Richardson

Electronics

Ltd/United

States

788

Synaptics

Inc

(d) 2,858

Veeco

Instruments

Inc

(d) 627

Vishay

Precision

Group

Inc

(d) 928

$

10,775

Shipbuilding

-

.17

%

Huntington

Ingalls

Industries

Inc

51,585

11,882

Software

-

.30

%

Adeia

Inc

111,336

1,370

Asure

Software

Inc

(d) 1,884

Bandwidth

Inc

(d) 183

BigBear.ai

Holdings

Inc

(d),(e)

1,787

Cerence

Inc

(d) 3,326

Commvault

Systems

Inc

(d) 219

Consensus

Cloud

Solutions

Inc

(d) 1,396

CS

Disco

Inc

(d) 565

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Daily

Journal

Corp

(d) 29

$

Definitive

Healthcare

Corp

(d) 4,050

Digi

International

Inc

(d) 2,814

Digimarc

Corp

(d),(e)

Digital

Turbine

Inc

(d) 7,556

Donnelley

Financial

Solutions

Inc

(d) 774

E2open

Parent

Holdings

Inc

(d) 15,531

EverCommerce

Inc

(d) 317

Fastly

Inc

(d) 1,965

Health

Catalyst

Inc

(d) 3,970

I3

Verticals

Inc

(d) 1,676

IBEX

Holdings

Ltd

(d) 623

Immersion

Corp

2,236

Life360

Inc

(d) 117

Meridianlink

Inc

(d) 943

Olo

Inc

(d) 4,221

ON24

Inc

(d) 2,136

Outbrain

Inc

(d) 2,678

Pagaya

Technologies

Ltd

(d) 2,785

Planet

Labs

PBC

(d) 17,143

Playstudios

Inc

(d) 6,166

Rackspace

Technology

Inc

(d) 4,737

Silvaco

Group

Inc

(d) 75

—

Verint

Systems

Inc

(d) 4,823

Vimeo

Inc

(d) 11,425

Waystar

Holding

Corp

(d) 2,123

ZoomInfo

Technologies

Inc

(d) 102,800

880

Zspace

Inc

(d),(e)

—

$

3,058

Supranational

Bank

-

.01

%

Banco

Latinoamericano

de

Comercio

Exterior

SA

2,152

Telecommunications

-

.83

%

ADTRAN

Holdings

Inc

(d) 6,194

Anterix

Inc

(d) 80

Applied

Digital

Corp

(d),(e)

4,451

AST

SpaceMobile

Inc

(d),(e)

10,442

ATN

International

Inc

801

Aviat

Networks

Inc

(d) 21,290

BlackSky

Technology

Inc

(d),(e)

1,868

Calix

Inc

(d) 1,208

Ciena

Corp

(d) 90,705

6,092

Clearfield

Inc

(d) 935

CommScope

Holding

Co

Inc

(d) 16,817

DigitalBridge

Group

Inc

9,194

EchoStar

Corp

(d) 9,493

Extreme

Networks

Inc

(d) 4,728

Globalstar

Inc

(d) 548

Gogo

Inc

(d) 2,765

IDT

Corp

-

Class

B

Lumen

Technologies

Inc

(d) 78,611

NETGEAR

Inc

(d) 2,207

Ooma

Inc

(d) 1,591

Powerfleet

Inc

NJ

(d) 7,807

Preformed

Line

Products

Co

Ribbon

Communications

Inc

(d) 7,089

Shenandoah

Telecommunications

Co

3,862

Spok

Holdings

Inc

1,339

Telephone

and

Data

Systems

Inc

7,663

Viasat

Inc

(d) 9,752

Viavi

Solutions

Inc

(d) 17,134

$

8,407

Textiles

-

.10

%

UniFirst

Corp/MA

5,867

1,047

Toys,

Games

&

Hobbies

-

.00

%

Funko

Inc

(d) 2,445

JAKKS

Pacific

Inc

592

$

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

-

.49

%

Ardmore

Shipping

Corp

3,249

$

Costamare

Inc

3,074

Covenant

Logistics

Group

Inc

973

CryoPort

Inc

(d) 461

DHT

Holdings

Inc

10,585

Dorian

LPG

Ltd

1,396

FLEX

LNG

Ltd

(e) 910

Forward

Air

Corp

(d) 1,901

Genco

Shipping

&

Trading

Ltd

3,286

Golden

Ocean

Group

Ltd

(e) 9,550

Heartland

Express

Inc

105,610

802

Himalaya

Shipping

Ltd

(d) 185

Hub

Group

Inc

4,683

International

Seaways

Inc

29,639

1,007

Kirby

Corp

(d) 91,695

8,837

Marten

Transport

Ltd

38,106

Matson

Inc

2,537

Nordic

American

Tankers

Ltd

(e) 16,106

PAMT

CORP

(d) 340

Pangaea

Logistics

Solutions

Ltd

2,809

Proficient

Auto

Logistics

Inc

(d),(e)

989

Radiant

Logistics

Inc

(d) 2,586

Safe

Bulkers

Inc

4,398

Schneider

National

Inc

38,800

834

Scorpio

Tankers

Inc

3,452

SFL

Corp

Ltd

8,093

Teekay

Corp

Ltd

4,161

Teekay

Tankers

Ltd

1,859

Universal

Logistics

Holdings

Inc

Werner

Enterprises

Inc

4,187

World

Kinect

Corp

74,447

1,867

$

15,164

Trucking

&

Leasing

-

.89

%

GATX

Corp

48,965

7,147

Greenbrier

Cos

Inc/The

43,324

1,838

Willis

Lease

Finance

Corp

$

9,019

Water

-

.25

%

American

States

Water

Co

1,284

California

Water

Service

Group

3,394

Consolidated

Water

Co

Ltd

835

Middlesex

Water

Co

1,214

SJW

Group

37,309

2,117

York

Water

Co/The

965

$

2,523

TOTAL

COMMON

STOCKS

$

949,601

Total

Investments

$

1,018,877

Other

Assets

and

Liabilities

- (0.30)%

(3,038)

TOTAL

NET

ASSETS

-

100.00%

$

1,015,839

(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

$4,045

or

0.40%

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

$3,786

or

0.37%

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

April

30,

2025

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

26,059

$

322,838

$

305,489

$

43,408

$

26,059

$

322,838

$

305,489

$

43,408

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Class

4.19%

$

827

$

—

$

—

$

—

$

827

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2025

(unaudited)

See

accompanying

notes.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

June

2025

Long

$

8,963

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Tax-Exempt

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.09

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.09

%

iShares

National

Muni

Bond

ETF

528

$

iShares

Short-Term

National

Muni

Bond

ETF

JPMorgan

Ultra-Short

Municipal

Income

ETF

SPDR

Nuveen

Bloomberg

High

Yield

Municipal

Bond

ETF

9,994

VanEck

High

Yield

Muni

ETF

2,363

$

TOTAL

INVESTMENT

COMPANIES

$

MUNICIPAL

BONDS

-

.77

%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

.29

%

Energy

Southeast

A

Cooperative

District

5.25%,

07/01/2054

(a) $

3,220

$

3,416

Lower

Alabama

Gas

District/The

5.00%,

09/01/2034

5,000

5,202

5.00%,

09/01/2046

3,445

3,603

Phenix

City

Industrial

Development

Board

4.13%,

05/15/2035

3,000

2,847

Southeast

Energy

Authority

A

Cooperative

District

5.00%,

01/01/2056

(a) 5,000

5,124

Tender

Option

Bond

Trust

Receipts/Certificates

2.75%,

07/01/2025

(a),(b)

720

720

Tuscaloosa

County

Industrial

Development

Authority

5.25%,

05/01/2044

(b) 997

972

$

21,884

Arizona

-

.62

%

Arizona

Industrial

Development

Authority

5.13%,

01/01/2059

575

528

Maricopa

County

Industrial

Development

Authority

4.00%,

01/01/2041

6,300

5,751

Navajo

Nation

5.50%,

12/01/2030

(b) 1,990

2,001

$

8,280

Arkansas

-

.20

%

Arkansas

Development

Finance

Authority

5.45%,

09/01/2052

1,000

1,000

California

-

.06

%

California

Community

Choice

Financing

Authority

5.00%,

07/01/2053

(a) 5,000

5,186

California

Educational

Facilities

Authority

5.00%,

05/01/2049

1,375

1,482

5.00%,

04/01/2051

1,625

1,747

California

Housing

Finance

Agency

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral)

3.75%,

03/25/2035

(c) 6,870

6,740

California

Infrastructure

&

Economic

Development

Bank

9.50%,

01/01/2065

(a),(b)

9,500

9,169

California

Municipal

Finance

Authority

4.00%,

07/15/2029

4,050

3,920

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

05/15/2031

(c) 2,240

2,359

California

Pollution

Control

Financing

Authority

4.30%,

07/01/2040

2,000

2,001

California

Public

Finance

Authority

6.50%,

06/01/2054

(b) 8,000

7,472

California

State

Public

Works

Board

5.00%,

02/01/2032

2,500

2,777

California

Statewide

Communities

Development

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

05/15/2031

(c) 2,000

2,149

Chino

Valley

Unified

School

District

5.00%,

08/01/2055

(d) 2,430

2,493

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

$

1,311

5.00%,

05/15/2037

(d) 3,824

3,946

5.00%,

05/15/2044

(d) 5,150

5,152

Los

Angeles

Department

of

Water

&

Power

3.85%,

07/01/2034

(a) 200

3.85%,

07/01/2048

(a) 2,100

2,100

3.85%,

07/01/2050

(a) 180

3.85%,

07/01/2051

(a) 2,100

2,100

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

3,882

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.00%,

05/01/2040

1,500

1,520

Southern

California

Public

Power

Authority

5.00%,

11/01/2028

2,385

2,440

$

71,667

Colorado

-

.19

%

Denver

Convention

Center

Hotel

Authority

5.00%,

12/01/2040

1,000

994

Connecticut

-

.16

%

City

of

New

Haven

CT

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

08/01/2033

(c) 1,800

1,970

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(b) 3,900

3,932

$

5,902

Florida

-

.17

%

City

of

Lakeland

FL

Department

of

Electric

Utilities

5.25%,

10/01/2036

5,010

5,560

Collier

County

Health

Facilities

Authority

5.00%,

05/01/2043

3,500

3,467

Collier

County

Industrial

Development

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

10/01/2049

(c) 1,500

1,529

County

of

Miami-Dade

FL

Aviation

Revenue

5.00%,

10/01/2049

(d) 7,000

6,963

County

of

Palm

Beach

FL

Airport

System

Revenue

5.00%,

10/01/2044

700

734

Florida

Development

Finance

Corp

3.00%,

06/01/2032

4,000

3,549

5.00%,

05/01/2029

(b) 2,000

2,010

5.50%,

07/01/2053

3,500

3,500

6.13%,

07/01/2032

(a),(b)

4,000

4,053

10.00%,

07/15/2059

(a),(b)

1,000

1,033

Florida

Development

Finance

Corp

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.25%,

07/01/2047

(c) 4,985

5,022

Greater

Orlando

Aviation

Authority

5.25%,

10/01/2049

(d) 3,000

3,086

Palm

Beach

County

Health

Facilities

Authority

7.50%,

05/15/2053

1,000

1,111

$

41,617

Georgia

-

.56

%

Atlanta

Development

Authority/The

5.00%,

04/01/2034

(b) 5,650

5,547

5.50%,

04/01/2039

(b) 4,000

4,011

City

of

Atlanta

GA

Airport

Passenger

Facility

Charge

5.00%,

07/01/2032

9,235

9,916

City

of

Atlanta

GA

Department

of

Aviation

5.00%,

07/01/2032

2,180

2,268

Schedule

of

Investments

Tax-Exempt

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Georgia

(continued)

George

L

Smith

II

Congress

Center

Authority

5.00%,

01/01/2036

(b) $

1,752

$

1,739

Georgia

Ports

Authority

5.00%,

07/01/2047

1,000

1,032

5.25%,

07/01/2043

3,585

3,812

$

28,325

Illinois

-

.26

%

Chicago

O'Hare

International

Airport

5.25%,

01/01/2036

2,000

2,043

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

5.00%,

06/01/2029

3,250

3,408

City

of

Chicago

IL

5.50%,

01/01/2049

1,000

1,001

7.46%,

02/15/2026

County

of

Cook

IL

Sales

Tax

Revenue

5.25%,

11/15/2035

1,500

1,553

Illinois

State

Toll

Highway

Authority

4.00%,

01/01/2046

(d) 600

554

5.00%,

12/01/2031

5,200

5,237

5.00%,

01/01/2040

(d) 2,000

2,004

5.25%,

01/01/2043

(d) 2,340

2,479

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

4.00%,

12/15/2042

(c) 5,000

4,480

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp)

5.50%,

06/15/2029

(c) 2,025

2,115

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

5.00%,

12/01/2028

4,000

4,086

5.00%,

12/01/2031

1,000

1,018

Sales

Tax

Securitization

Corp

5.00%,

01/01/2036

2,700

2,825

5.00%,

01/01/2040

3,000

3,048

State

of

Illinois

5.00%,

11/01/2027

2,415

2,498

5.00%,

11/01/2028

4,590

4,738

5.00%,

12/01/2032

1,380

1,416

5.50%,

10/01/2044

6,855

7,135

United

City

of

Yorkville

IL

5.75%,

03/01/2028

Village

of

Gilberts

IL

Special

Service

Area

No

5.38%,

03/01/2034

$

52,293

Indiana

-

.13

%

City

of

Whiting

IN

3.00%,

11/01/2051

1,000

675

Iowa

-

.11

%

Iowa

Finance

Authority

7.50%,

05/15/2053

500

555

Kentucky

-

.21

%

County

of

Trimble

KY

1.30%,

09/01/2044

(a) 1,000

921

Kentucky

Public

Energy

Authority

5.00%,

01/01/2055

(a) 3,000

3,141

Kentucky

Turnpike

Authority

5.00%,

07/01/2031

6,550

7,184

$

11,246

Louisiana

-

.76

%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

3.50%,

11/01/2032

7,155

6,769

4.40%,

11/01/2044

(b) 1,600

1,501

5.50%,

11/01/2039

(b) 1,715

1,758

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority

0.00%,

07/01/2039

(e) $

$

—

0.00%,

07/01/2039

(e) 659

—

Parish

of

St

James

LA

5.85%,

08/01/2041

(a),(b)

1,000

1,001

6.10%,

12/01/2040

(a),(b)

1,000

1,057

Parish

of

St

John

the

Baptist

LA

3.30%,

06/01/2037

(a) 2,000

1,966

$

14,052

Maryland

-

.57

%

Maryland

Economic

Development

Corp

5.00%,

07/01/2048

(a),(b)

3,000

2,926

Massachusetts

-

.87

%

Massachusetts

Bay

Transportation

Authority

Assessment

Revenue

5.25%,

07/01/2028

2,000

2,137

Massachusetts

Development

Finance

Agency

5.00%,

07/15/2040

10,770

12,025

5.00%,

07/01/2050

1,000

1,073

5.00%,

05/15/2055

(a) 4,000

4,477

$

19,712

Michigan

-

.48

%

City

of

Detroit

MI

5.00%,

04/01/2050

1,000

996

5.50%,

04/01/2050

1,000

1,021

Detroit

City

School

District

(credit

support

from

Qualified

School

Bond

Loan

Fund)

5.00%,

05/01/2036

(c) 1,000

1,047

5.00%,

05/01/2037

(c) 1,000

1,040

5.00%,

05/01/2038

(c) 2,000

2,065

Kentwood

Economic

Development

Corp

5.00%,

11/15/2041

1,000

957

Michigan

Finance

Authority

4.00%,

02/15/2044

3,500

3,185

Michigan

Strategic

Fund

5.00%,

06/30/2048

2,390

2,343

$

12,654

Minnesota

-

.97

%

State

of

Minnesota

4.00%,

08/01/2041

5,000

4,927

Missouri

-

.53

%

City

of

St

Louis

MO

Airport

Revenue

5.00%,

07/01/2044

1,100

1,113

City

of

St

Louis

MO

Airport

Revenue

(credit

support

from

National

Public

Finance

Guarantee

Corp)

5.50%,

07/01/2028

(c) 1,500

1,605

$

2,718

Montana

-

.52

%

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

735

Montana

Facility

Finance

Authority

4.13%,

07/01/2038

2,000

1,937

$

2,672

Nevada

-

.54

%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(d) 9,000

9,086

Las

Vegas

Redevelopment

Agency

5.00%,

06/15/2040

3,850

3,856

$

12,942

Schedule

of

Investments

Tax-Exempt

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

New

Hampshire

-

.42

%

New

Hampshire

Business

Finance

Authority

3.75%,

07/01/2045

(a),(b)

$

1,000

$

821

4.13%,

01/20/2034

4.88%,

11/01/2042

(b) 1,000

919

$

2,123

New

Jersey

-

.99

%

Casino

Reinvestment

Development

Authority

Inc

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

11/01/2042

(c) 1,000

1,042

New

Jersey

Economic

Development

Authority

5.75%,

04/01/2031

1,005

981

New

Jersey

Turnpike

Authority

5.25%,

01/01/2049

1,000

1,058

South

Jersey

Port

Corp

5.00%,

01/01/2042

5,000

5,018

State

of

New

Jersey

4.00%,

06/01/2031

5,000

5,208

5.00%,

06/01/2028

2,100

2,219

Tobacco

Settlement

Financing

Corp

4.00%,

06/01/2037

5,195

4,862

5.25%,

06/01/2046

5,000

5,019

$

25,407

New

Mexico

-

.10

%

City

of

Farmington

NM

2.15%,

04/01/2033

600

New

York

-

.43

%

Metropolitan

Transportation

Authority

4.00%,

11/15/2044

735

656

5.00%,

11/15/2025

5.00%,

11/15/2032

1,000

1,074

5.00%,

11/15/2045

3,025

3,054

New

York

City

Municipal

Water

Finance

Authority

5.25%,

06/15/2047

3,000

3,165

New

York

City

Transitional

Finance

Authority

5.50%,

05/01/2042

3,050

3,336

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

5.25%,

11/01/2038

2,835

3,095

New

York

Counties

Tobacco

Trust

VI

5.00%,

06/01/2036

740

744

New

York

State

Dormitory

Authority

4.00%,

09/01/2045

1,500

1,293

5.00%,

10/01/2038

1,000

1,028

5.00%,

10/01/2048

(d) 2,000

2,154

5.00%,

10/01/2050

(d) 5,500

5,904

New

York

State

Dormitory

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.25%,

10/01/2043

(c) 1,000

1,061

5.50%,

10/01/2054

(c) 3,000

3,163

New

York

Transportation

Development

Corp

4.00%,

10/31/2041

1,000

876

4.00%,

12/01/2042

1,000

879

5.00%,

01/01/2032

7,200

7,283

5.00%,

01/01/2034

3,200

3,226

5.00%,

10/01/2040

2,000

2,004

5.00%,

07/01/2046

3,500

3,425

5.63%,

04/01/2040

1,000

1,035

Oneida

Indian

Nation

of

New

York

6.00%,

09/01/2043

(b) 1,900

2,013

Tompkins

County

Development

Corp

0.00%,

07/01/2027

(e) 115

Westchester

County

Local

Development

Corp

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.75%,

11/01/2048

(c) 2,075

2,244

$

53,144

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

North

Carolina

-

.31

%

Raleigh

Durham

Airport

Authority

5.00%,

05/01/2033

$

1,500

$

1,568

Ohio

-

.12

%

Buckeye

Tobacco

Settlement

Financing

Authority

4.00%,

06/01/2037

1,125

1,058

4.00%,

06/01/2039

1,850

1,700

5.00%,

06/01/2055

5,000

4,363

County

of

Cuyahoga

OH

5.00%,

12/01/2049

2,655

2,729

County

of

Hamilton

OH

5.00%,

01/01/2036

1,435

1,439

5.00%,

01/01/2046

2,500

2,425

Ohio

Air

Quality

Development

Authority

4.25%,

01/15/2038

(b) 1,000

947

4.50%,

01/15/2048

(b) 850

770

Ohio

State

University/The

5.00%,

12/01/2033

5,000

5,557

$

20,988

Oregon

-

.05

%

State

of

Oregon

Department

of

Transportation

5.00%,

11/15/2034

4,750

5,359

Other

Territory

-

.03

%

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

4.07%,

03/01/2029

(a) 150

Pennsylvania

-

.55

%

Allegheny

County

Higher

Education

Building

Authority

3.00%,

12/01/2037

(a) 190

Allegheny

County

Industrial

Development

Authority

5.13%,

05/01/2030

1,630

1,679

City

of

Philadelphia

PA

5.00%,

02/01/2037

2,000

2,081

General

Authority

of

Southcentral

Pennsylvania

(credit

support

from

Assured

Guaranty

Municipal

Corp)

4.00%,

06/01/2049

(c) 3,400

2,982

Lancaster

Industrial

Development

Authority

4.00%,

07/01/2051

1,000

790

Pennsylvania

Economic

Development

Financing

Authority

5.50%,

06/30/2043

4,100

4,223

Pennsylvania

Turnpike

Commission

5.00%,

12/01/2029

2,000

2,152

5.00%,

12/01/2036

1,725

1,769

Philadelphia

Authority

for

Industrial

Development

4.00%,

07/01/2049

1,050

936

Philadelphia

Gas

Works

Co

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.25%,

08/01/2054

(c) 1,000

1,045

Sports

&

Exhibition

Authority

of

Pittsburgh

&

Allegheny

County

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

02/01/2034

(c) 5,000

5,321

$

23,168

Puerto

Rico

-

.91

%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(e) 428

0.00%,

11/01/2043

(a),(e)

1,372

820

4.00%,

07/01/2033

4.00%,

07/01/2037

4.00%,

07/01/2041

4.00%,

07/01/2046

5.63%,

07/01/2029

5.75%,

07/01/2031

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

1,850

1,766

$

4,625

Schedule

of

Investments

Tax-Exempt

Bond

Fund

April

30,

2025

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

South

Carolina

-

.38

%

South

Carolina

Jobs-Economic

Development

Authority

0.00%,

06/01/2031

(b),(e)

$

1,000

$

0.00%,

06/01/2051

(b),(e)

4,500

675

5.25%,

11/15/2047

1,830

1,759

5.25%,

11/15/2052

1,500

1,403

South

Carolina

Public

Service

Authority

5.25%,

12/01/2050

2,930

3,034

$

7,021

South

Dakota

-

.29

%

Oglala

Sioux

Tribe

5.75%,

10/01/2025

(b) 1,500

1,487

Texas

-

.52

%

Central

Texas

Regional

Mobility

Authority

5.00%,

01/01/2048

2,740

2,754

City

of

Galveston

TX

Wharves

&

Terminal

Revenue

5.50%,

08/01/2041

1,800

1,892

City

of

Houston

TX

Airport

System

Revenue

6.63%,

07/15/2038

5,770

5,783

Lower

Colorado

River

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp)

5.00%,

05/15/2044

(c) 4,055

4,238

Permanent

University

Fund

-

University

of

Texas

System

5.00%,

07/01/2036

4,510

5,116

Port

of

Beaumont

Navigation

District

3.63%,

01/01/2035

(b) 4,535

4,136

Tarrant

County

Cultural

Education

Facilities

Finance

Corp

4.13%,

12/01/2054

1,000

899

5.00%,

11/15/2037

2,060

2,063

5.00%,

12/01/2044

2,000

2,080

Texas

Municipal

Gas

Acquisition

&

Supply

Corp

V

5.00%,

01/01/2055

(a) 4,225

4,392

Texas

Municipal

Gas

Acquisition

and

Supply

Corp

I

6.25%,

12/15/2026

4,855

4,989

$

38,342

Utah

-

.01

%

Mida

Mountain

Village

Public

Infrastructure

District

6.00%,

06/15/2054

(b) 2,000

2,002

Utah

Infrastructure

Agency

5.00%,

10/15/2028

1,000

1,023

5.00%,

10/15/2032

4,385

4,470

5.00%,

10/15/2037

1,500

1,517

5.38%,

10/15/2040

1,200

1,218

$

10,230

Virginia

-

.09

%

County

of

Fairfax

VA

(credit

support

from

State

Aid

Withholding)

4.00%,

10/01/2039

(c) 5,000

4,932

Fairfax

County

Redevelopment

&

Housing

Authority

5.00%,

10/01/2039

3,000

3,059

Virginia

Small

Business

Financing

Authority

3.00%,

01/01/2041

3,480

2,682

$

10,673

Washington

-

.09

%

Port

of

Seattle

WA

5.00%,

08/01/2030

5,250

5,549

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Wisconsin

-

.28

%

Public

Finance

Authority

5.00%,

10/01/2043

(b) $

1,500

$

1,422

TOTAL

MUNICIPAL

BONDS

$

528,790

Total

Investments

$

529,257

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(5.46)%

Notes

with

interest

rates

of

3.63%

-

3.76%

at

April

30,

2025

and

contractual

maturities

of

collateral

from

2025-2045.

(f) $

(27,842)

(27,842)

Total

Net

Investments

$

501,415

Other

Assets

and

Liabilities

- 1.60%

8,155

TOTAL

NET

ASSETS

-

100.00%

$

509,570

(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

$66,244

or

13.00%

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) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

April

30,

2025. Glossary

to

the

Schedule

of

Investments

April

30,

2025

(unaudited)

See

accompanying

notes.

Currency

Abbreviations

ARS

Argentine

Peso

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

ILS

Israeli

New

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

TRY

Turkish

Lira

TWD

New

Taiwan

Dollar

USD/$

United

States

Dollar

ZAR

South

African

Rand

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.86

$

.16

($

.25)

($

.09)

($

.16)

($

.16)

$

.61

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

2020

.80

.25

.01

.26

(0

.21)

(0

.21)

.85

Class

C

shares

2025(b)

.88

.12

(0

.24)

(0

.12)

(0

.12)

(0

.12)

.64

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

2020

.82

.16

.01

.17

(0

.12)

(0

.12)

.87

Institutional

shares

2025(b)

.87

.17

(0

.25)

(0

.08)

(0

.17)

(0

.17)

.62

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

2020

.81

.28

.01

.29

(0

.24)

(0

.24)

.86

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(0

.94)

%

(c) ,(d)

$

322,914

.85

%

(e) 0

.70

%

(e) ,(f)

.31

%

(e) 56

.0

%

(e) 9

.27

(d) 323,809

.87

.71

(f) 3

.02

.9

.19

(d) 301,835

.89

.72

(f) 2

.89

.5

(13

.86)

(d) ,(g)

328,411

.78

.72

(f) 2

.42

.9

.89

(d) ,(g)

471,777

.79

.76

(f) 2

.11

.2

.44

(d) 446,357

.79

.76

(f) 2

.29

.1

(1

.24)

(c) ,(d)

17,525

.69

(e) 1

.54

(e) ,(f)

.47

(e) 56

.0

(e) 8

.34

(d) 20,508

.70

.54

(f) 2

.18

.9

.32

(d) 21,229

.73

.56

(f) 2

.05

.5

(14

.55)

(d) 26,031

.60

.54

(f) 1

.59

.9

.05

(d) 39,213

.59

.56

(f) 1

.31

.2

.61

(d) 41,166

.60

.57

(f) 1

.49

.1

(0

.82)

(c) 274,554

.61

(e) ,(h)

.46

(e) ,(f)

,(h)

.56

(e) 56

.0

(e) 9

.64

279,440

.62

(h) 0

.46

(f) ,(h)

.27

.9

.46

235,290

.63

(h) 0

.46

(f) ,(h)

.15

.5

(13

.65)

198,684

.53

(h) 0

.47

(f) ,(h)

.68

.9

.05

217,309

.54

(h) 0

.51

(f) ,(h)

.36

.2

.70

166,577

.54

(h) 0

.51

(f) ,(h)

.60

.1

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Excludes

interest

expense

and

fees

paid

through

inverse

floater

agreements.

See

"Operating

Policies"

in

notes

to

financial

statements.

(g) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

(h) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

8.53 $

0.13 $

.05

$

0.18 ($

0.14)

($

0.14)

$

8.57 2024

7.95 0.25 0.60 0.85 (0.27)

(0.27)

8.53 2023

8.19 0.22 (0.22)

–

(0.24)

(0.24)

7.95 2022

9.95 0.16 (1.72)

(1.56)

(0.20)

(0.20)

8.19 2021

.17

0.13 (0.16)

(0.03)

(0.19)

(0.19)

9.95 2020

9.78 0.18 0.43 0.61 (0.22)

(0.22)

10.17 Class

J

shares

2025(b)

8.55 0.14 0.05 0.19 (0.15)

(0.15)

8.59 2024

7.97 0.26 0.60 0.86 (0.28)

(0.28)

8.55 2023

8.21 0.23 (0.22)

0.01 (0.25)

(0.25)

7.97 2022

9.98 0.17 (1.72)

(1.55)

(0.22)

(0.22)

.21

2021

10.19 0.15 (0.15)

–

(0.21)

(0.21)

9.98 2020

9.81 0.19 0.43 0.62 (0.24)

(0.24)

10.19 Institutional

shares

2025(b)

8.56 0.14 0.05 0.19 (0.15)

(0.15)

8.60 2024

7.98 0.27 0.60 0.87 (0.29)

(0.29)

8.56 2023

8.22 0.24 (0.21)

0.03 (0.27)

(0.27)

7.98 2022

.99

0.18 (1.72)

(1.54)

(0.23)

(0.23)

8.22 2021

10.20 0.16 (0.15)

0.01 (0.22)

(0.22)

9.99 2020

9.81 0.20 0.44 0.64 (0.25)

(0.25)

10.20 R-3

shares

2025(b)

8.58 0.13 0.04 0.17 (0.13)

(0.13)

8.62 2024

8.00 0.23 0.60 0.83 (0.25)

(0.25)

8.58 2023

8.24 0.20 (0.21)

(0.01)

(0.23)

(0.23)

8.00 2022

10.01 0.14 (1.72)

(1.58)

(0.19)

(0.19)

8.24 2021

10.22 0.11 (0.15)

(0.04)

(0.17)

(0.17)

10.01 2020

9.83 0.16 0.43 0.59 (0.20)

(0.20)

10.22 R-5

shares

2025(b)

8.55 0.14 0.05 0.19 (0.15)

(0.15)

8.59 2024

7.97 0.26 0.60 0.86 (0.28)

(0.28)

8.55 2023

8.21 0.23 (0.21)

0.02 (0.26)

(0.26)

7.97 2022

9.98 0.17 (1.73)

(1.56)

(0.21)

(0.21)

8.21 2021

10.19 0.14 (0.15)

(0.01)

(0.20)

(0.20)

9.98 2020

9.81 0.19 0.42 0.61 (0.23)

(0.23)

10.19 R-6

shares

2025(b)

8.55 0.15 0.05 0.20 (0.16)

(0.16)

8.59 2024

7.97 0.28 0.60 0.88 (0.30)

(0.30)

8.55 2023

8.21 0.25 (0.21)

0.04 (0.28)

(0.28)

7.97 2022

9.98 0.19 (1.72)

(1.53)

(0.24)

(0.24)

8.21 2021

10.19 0.17 (0.15)

0.02 (0.23)

(0.23)

9.98 2020

9.80 0.21 0.44 0.65 (0.26)

(0.26)

10.19 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

2.14 %

(c),(d)

$

200,229

0.71 %

(e) –

%

3.13 %

(e) 12.3 %

(e) 10.76 (d) 207,573

0.71 –

2.94 13.9 (0.10)

(d) 201,448

0.79 –

2.57 9.9 (15.89)

(d),(f)

199,804

0.76 –

1.71 13.7 (0.18)

(d),(f)

293,606

0.78 –

1.30 15.8 6.32 (d) 337,294

0.82 –

1.77 21.0 2.20 (c),(d)

80,157

0.57 (e),(g)

0.57 (e),(h)

3.27 (e) 12.3 (e) 10.91 (d) 82,571

0.55 (g) 0.56 (h) 3.11 13.9 0.04 (d) 79,226

0.65 (g) 0.67 (h) 2.70 9.9 (15.74)

(d) 84,794

0.62 (g) 0.64 (h) 1.85 13.7 (0.05)

(d) 114,866

0.64 (g) 0.66 (h) 1.44 15.8 6.34 (d) 132,319

0.68 (g) 0.71 (h) 1.91 21.0 2.27 (c) 565,096

0.43 (e),(i)

–

3.41 (e) 12.3 (e) 11.01 542,411

0.44 (i) –

3.20 13.9 0.23 785,524

0.46 (i) –

2.90 9.9 (15.60)

636,066

0.47 (i) –

2.00 13.7 0.06 770,550

0.54 (i) –

1.55 15.8 6.56 674,265

0.58 (i) –

2.02 21.0 2.02 (c) 16,127

0.90 (e) –

2.95 (e) 12.3 (e) 10.47 9,170

0.91 –

2.74 13.9 (0.25)

9,070

0.95 –

2.40 9.9 (15.97)

10,025

0.95 –

1.52 13.7 (0.38)

12,325

0.98 –

1.10 15.8 6.07 19,911

1.02 –

1.59 21.0 2.19 (c) 22,665

0.59 (e) –

3.26 (e) 12.3 (e) 10.85 17,233

0.60 –

3.05 13.9 0.06 19,969

0.64 –

2.72 9.9 (15.76)

18,198

0.64 –

1.81 13.7 (0.07)

32,242

0.67 –

1.41 15.8 6.31 38,478

0.71 –

1.89 21.0 2.32 (c) 9,823,438

0.34 (e) –

3.51 (e) 12.3 (e) 11.14 9,972,321

0.34 –

3.31 13.9 0.32 8,552,003

0.38 –

2.97 9.9 (15.54)

8,288,998

0.38 –

2.10 13.7 0.18 9,159,603

0.41 (i) –

1.67 15.8 6.69 8,278,200

0.45 (i) –

2.15 21.0 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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.

(unaudited)

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(b)

$

9.07 $

0.20 ($

0.03)

$

0.17 ($

0.20)

$

–

($

0.20)

$

9.04 2024

8.51 0.35 0.55 0.90 (0.34)

–

(0.34)

9.07 2023

8.84 0.29 (0.35)

(0.06)

(0.27)

–

(0.27)

8.51 2022

10.99 0.20 (2.05)

(1.85)

(0.17)

(0.13)

(0

.30)

8.84 2021

11.57 0.17 (0.03)

0.14 (0.19)

(0.53)

(0.72)

10.99 2020

11.13 0.24 0.54 0

.78

(0.34)

–

(0.34)

11.57 Class

J

shares

2025(b)

9.15 0.20 (0.02)

0.18 (0.20)

–

(0.20)

9.13 2024

8.58 0.35 0.56 0.91 (0.34)

–

(0.34)

9.15 2023

8.91 0.28 (0.35)

(0.07)

(0.26)

–

(0.26)

8.58 2022

11.08 0.20 (2.07)

(1.87)

(0.17)

(0.13)

(0.30)

8.91 2021

11.66 0.18 (0.03)

.15

(0.20)

(0.53)

(0.73)

11.08 2020

11.21 0.25 0.54 0.79 (0.34)

–

(0.34)

11.66 Institutional

shares

2025(b)

9.06 0.21 (0.02)

0.19 (0.21)

–

(0.21)

9.04 2024

8.51 0.38 0.54 0.92 (0.37)

–

(0.37)

9.06 2023

8.84 0.31 (0.35)

(0.04)

(0.29)

–

(0.29)

8.51 2022

10.98 0.23 (2.04)

(1.81)

(0.20)

(0.13)

(0.33)

8.84 2021

11.57 0.21 (0.04)

0.17 (0.23)

(0.53)

(0.76)

10.98 2020

11.13 0.28 0.53 0.81 (0.37)

–

(0.37)

11.57 R-3

shares

2025(b)

8.99 0.18 (0.01)

0.17 (0.19)

–

(0.19)

8.97 2024

8.44 0.33 0.54 0.87 (0.32)

–

(0.32)

8.99 2023

8.77 0.26 (0.34)

(0.08)

(0.25)

–

(0.25)

8.44 2022

10.91 0.18 (2.04)

(1.86)

(0.15)

(0.13)

(0.28)

8.77 2021

11.49 0.15 (0.03)

0.12 (0.17)

(0.53)

(0.70)

10.91 2020

11.06 0.22 0.52 0.74 (0.31)

–

(0.31)

11.49 R-5

shares

2025(b)

9.00 0.20 (0.02)

0.18 (0.20)

–

(0.20)

8.98 2024

8.46 0.36 0.53 0.89 (0.35)

–

(0.35)

9.00 2023

8.78 0.29 (0.33)

(0

.04)

(0.28)

–

(0.28)

8.46 2022

10.92 0.21 (2.04)

(1.83)

(0.18)

(0.13)

(0.31)

8.78 2021

11.50 0.18 (0.03)

0.15 (0.20)

(0.53)

(0.73)

10.92 2020

11.07 0.25 0.53 0.78 (0.35)

–

(0.35)

11.50 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

2.02 %

(c),(d),(e)

$

64,341

0.80 %

(f),(g)

–

%

4.37 %

(f) 164.2 %

(f) 10.68 (e) 64,346

0.81 (g) –

3.83 159.6 (0.83)

(e) 65,589

0.84 (g) –

3.16 156.0 (17.03)

(e) 69,698

0.84 (g) –

2.04 160.7 1.24 (e) 94,268

0.84 (g) –

1.54 181.5 6.98 (d),(e)

100,498

0.88 (g) –

2.12 167.0 1.99 (c),(e)

94,719

0.82 (f),(h)

0.83 (f) ,(i)

4.34 (f) 164.2 (f) 10.72 (e) 95,565

0.80 (h) 0.81 (i) 3.85 159.6 (0

.93)

(e) 94,195

0.94 (h) 0.98 (i) 3.06 156.0 (17.08)

(e) 103,790

0.85 (h) 0.93 (i) 2.04 160.7 1.25 (e) 142,242

0.82 (h) 0.91 (i) 1.56 181.5 7.07 (d),(e)

155,238

0.83 (h) 0.92 (i) 2.17 167.0 2.18 (c) 341,305

0.48 (f),(g)

–

4.69 (f) 164.2 (f) 10.90 330,925

0.51 (g) –

4.14 159.6 (0.44)

(d) 330,432

0.56 (g) –

3.44 156.0 (16.89)

(d) 350,465

0.56 (g) –

2.34 160.7 1.54 (d) 398,554

0.56 (g) –

1.85 181.5 7.41 318,810

0.57 (g) –

2.44 167.0 1.93 (c) 15,968

1.01 (f) –

4.16 (f) 164.2 (f) 10.42 13,628

1.02 –

3.62 159.6 (1.06)

14,967

1.07 (g) –

2.93 156.0 (17.25)

13,893

1.07 (g) –

1.81 160.7 1

.03

20,465

1.07 (g) –

1.33 181.5 6.83 20,466

1.07 (g) –

1.93 167.0 2.08 (c) 20,396

0.70 (f) –

4.46 (f) 164.2 (f) 10.62 37,351

0.71 –

3.94 159.6 (0.64)

37,949

0.76 (g) –

3.24 156.0 (16.98)

38,423

0.76 (g) –

2.16 160.7 1.34 44,691

0.76 (g) –

1.64 181.5 7.15 49,176

0.76 (g) –

2.23 167.0 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(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) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(f) Computed

on

an

annualized

basis.

(g) Subject

to

Manager's

contractual

expense

limit.

(h) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(i) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.96

$

.36

($

.15)

$

.21

($

.36)

$

–

($

.36)

$

.81

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

2020

.72

.60

(1

.15)

(0

.55)

(0

.56)

(0

.04)

(0

.60)

.57

Class

C

shares

2025(b)

.89

.31

(0

.16)

.15

(0

.31)

–

(0

.31)

.73

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

2020

.63

.50

(1

.14)

(0

.64)

(0

.47)

(0

.03)

(0

.50)

.49

Institutional

shares

2025(b)

.89

.37

(0

.15)

.22

(0

.38)

–

(0

.38)

.73

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

2020

.66

.64

(1

.16)

(0

.52)

(0

.60)

(0

.04)

(0

.64)

.50

shares

2025(b)

.88

.37

(0

.15)

.22

(0

.38)

–

(0

.38)

.72

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

2020

.64

.64

(1

.15)

(0

.51)

(0

.60)

(0

.04)

(0

.64)

.49

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

.74

%

(c) ,(d)

$

899,221

.04

%

(e) ,(f)

.02

%

(e) 92

.7

%

(e) 13

.01

(d) 970,669

.02

(f) 6

.11

.3

.98

(d) 1,024,316

.03

(g) 5

.95

.1

(12

.68)

(d) 1,156,493

.01

(g) 4

.31

.1

.13

(d) 1,475,288

.02

(g) 4

.10

.6

(4

.01)

(d) ,(h)

1,246,664

.01

(g) 4

.69

.7

.26

(c) ,(d)

105,063

.83

(e) ,(f)

.21

(e) 92

.7

(e) 12

.25

(d) 130,856

.77

(f) 5

.38

.3

.18

(d) 168,004

.79

(g) 5

.17

.1

(13

.30)

(d) 269,493

.77

(g) 3

.50

.1

.24

(d) 469,597

.76

(g) 3

.48

.6

(4

.71)

(d) ,(h)

828,186

.77

(g) 3

.94

.7

.84

(c) 1,360,373

.69

(e) ,(f)

,(g)

.37

(e) 92

.7

(e) 13

.38

1,401,376

.69

(f) ,(g)

.43

.3

.36

1,341,117

.68

(g) 6

.30

.1

(12

.31)

1,769,364

.68

(g) 4

.63

.1

.52

2,448,424

.68

(g) 4

.48

.6

(3

.71)

2,686,381

.68

(g) 5

.03

.7

.93

(c) ,(h)

94,390

.68

(e) ,(f)

,(g)

.37

(e) 92

.7

(e) 13

.40

104,439

.68

(f) ,(g)

.41

.3

.37

104,419

.67

(g) 6

.25

.1

(12

.31)

43,433

.67

(g) 4

.49

.1

.54

101,194

.68

(g) 4

.54

.6

(3

.70)

(h) 133,451

.67

(g) 5

.04

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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.

(g) Subject

to

Manager's

contractual

expense

limit.

(h) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

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(b)

$

14.22 $

0.09 $

0.88 $

0.97 ($

0.28)

($

0.40)

($

0.68)

$

14.51 2024

11.87 0.19 2.44 2.63 (0.28)

–

(0.28)

14.22 2023

10.77 0.16 1.01 1.17 (0.07)

–

(0.07)

11.87 2022

16.33 0.21 (3.85)

(3.64)

(0.50)

(1.42)

(1.92)

10.77 2021

12.74 0.18 3.52 3.70 (0.11)

–

(0.11)

16.33 2020

12.52 0.11 0.34 0.45 (0.23)

–

(0.23)

12.74 Class

J

shares

2025(b)

14.02 0.10 0.85 0.95 (0.30)

(0.40)

(0.70)

14.27 2024

11.70 0.21 2.41 2.62 (0.30)

–

(0.30)

14.02 2023

10.62 0.17 1.00 1.17 (0.09)

–

(0.09)

11.70 2022

16.13 0.22 (3.79)

(3.57)

(0.52)

(1.42)

(1.94)

10.62 2021

12.58 0.20 3.48 3.68 (0.13)

–

(0.13)

16.13 2020

12.37 0.12 0.34 0.46 (0.25)

–

(0.25)

12.58 Institutional

shares

2025(b)

14.14 0.10 0.88 0.98 (0.32)

(0.40)

(0.72)

14.40 2024

11.81 0.23 2.43 2.66 (0.33)

–

(0.33)

14.14 2023

10.71 0.21 1.01 1.22 (0.12)

–

(0.12)

11.81 2022

16.25 0.25 (3.82)

(3.57)

(0.55)

(1.42)

(1.97)

10.71 2021

12.68 0.24 3.49 3.73 (0.16)

–

(0.16)

16.25 2020

12.47 0.15 0.34 0.49 (0.28)

–

(0.28)

12.68 R-3

shares

2025(b)

14.17 0.08 0.87 0.95 (0.27)

(0.40)

(0.67)

14.45 2024

11.84 0.18 2.43 2.61 (0.28)

–

(0.28)

14.17 2023

10.74 0.15 1.00 1.15 (0.05)

–

(0.05)

11.84 2022

16.28 0.19 (3.83)

(3.64)

(0.48)

(1.42)

(1.90)

10.74 2021

12.70 0.17 3.51 3.68 (0.10)

–

(0.10)

16.28 2020

12.49 0.10 0.33 0.43 (0.22)

–

(0.22)

12.70 R-5

shares

2025(b)

14.38 0.10 0.88 0.98 (0.31)

(0.40)

(0.71)

14.65 2024

12.00 0.22 2.47 2.69 (0.31)

–

(0.31)

14.38 2023

10.89 0.18 1.02 1.20 (0.09)

–

(0.09)

12.00 2022

16.48 0.23 (3.88)

(3.65)

(0.52)

(1.42)

(1.94)

10.89 2021

12.85 0.21 3.56 3.77 (0.14)

–

(0.14)

16.48 2020

12.64 0.14 0.33 0.47 (0.26)

–

(0.26)

12.85 R-6

shares

2025(b)

14.15 0.04 0.95 0.99 (0.34)

(0.40)

(0.74)

14.40 2024

11.82 0.25 2.43 2.68 (0.35)

–

(0.35)

.15

2023

10.73 0.22 1.00 1.22 (0.13)

–

(0.13)

11.82 2022

16.27 0.26 (3.82)

(3.56)

(0.56)

(1.42)

(1.98)

10.73 2021

12.69 0.23 3.52 3.75 (0.17)

–

(0.17)

16.27 2020

12.48 0.17 0.34 0.51 (0.30)

–

(0.30)

12.69 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

7.20 %

(c),(d)

$

225,137

1.22 %

(e),(f)

–

%

1.30 %

(e) 39.5 %

(e) 22.37 (d) 221,725

1.18 (g) –

1.40 35.0 10.89 (d) 197,169

1.29 (h) –

1.28 42.2 (25.02)

(d) 193,894

1.23 (h) –

1.65 57.0 29.16 (d) 267,701

1.18 –

1.16 48.7 3.59 (d) 209,868

1.20 (i) –

0.90 45.1 7.19 (c),(d)

157,759

1.10 (e),(f),(j)

.11

(e),(k)

1.44 (e) 39.5 (e) 22.60 (d) 151,958

1.05 (g),(j)

1.06 (k) 1.54 35.0 11.01 (d) 133,313

1.17 (h),(j)

1.19 (k) 1.41 42.2 (24.93)

(d) 125,792

1.12 (h),(j)

1.14 (k) 1.76 57.0 29.35 (d) 178,815

1.05 (j) 1.08 (k) 1.28 48.7 3.67 (d) 143,722

1.09 (j) 1.15 (k) 1.01 45

.1

7.35 (c) 143,730

0.86 (e),(f),(i)

–

1.43 (e) 39.5 (e) 22.79 197,038

0.86 (g),(i)

–

1.67 35.0 11.40 388,034

0.88 (h),(i)

–

1.70 42.2 (24.77)

402,288

0.88 (h),(i)

–

1.99 57.0 29.63 (l) 557,003

0.85 (i) –

1.50 48.7 3.86 (l) 400,116

0.85 (i) –

1.26 45.1 7.06 (c) 12,852

1.36 (e),(f)

–

1.18 (e) 39.5 (e) 22.23 10,274

1.32 (g) –

1.27 35.0 10.77 9,612

1.36 (h) –

1.19 42.2 (25.09)

9,164

1.35 (h) –

1.50 57.0 29.03 14,118

1.32 –

1.06 48.7 3.38 10,932

1.30 (i) –

0.78 45.1 7.22 (c) 22,878

1.05 (e),(f)

–

1.45 (e) 39.5 (e) 22.63 18,466

1.01 (g) –

1.57 35.0 11.10 17,975

1.05 (h) –

1.49 42.2 (24.85)

23,589

1.04 (h) –

1.76 57.0 29.41 41,789

1.01 –

1.35 48.7 3.72 32,242

0.99 (i) –

1.11 45.1 7.44 (c) 513,343

0.75 (e),(f),(i)

–

0.61 (e) 39.5 (e) 22.89 6,157,664

0.76 (g) –

1.80 35.0 11.40 3,725,314

0.79 (h),(i)

–

1.78 42.2 (24.66)

3,254,802

0.78 (h),(i)

–

2.08 57.0 29.71 4,491,999

0.74 (i) –

1.51 48.7 4.03 10,370,769

0.73 (i) –

1.38 45.1 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Includes

0.01%

of

expense

associated

with

consulting

fees.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(g) Includes

0.01%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(h) 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.

(i) Subject

to

Manager's

contractual

expense

limit.

(j) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(k) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(l) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

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(b)

$

43.04 $

0.30 ($

1.46)

($

1.16)

($

0.27)

($

3.72)

($

3.99)

$

37.89 2024

33.09 0.66 10.18 10.84 (0.63)

(0.26)

(0.89)

43.04 2023

35.30 0.69 (0.88)

(0.19)

(0.67)

(1.35)

(2.02)

33.09 2022

41.63 0.56 (4.79)

(4.23)

(0

.49)

(1.61)

(2.10)

35.30 2021

30.66 0.51 10.94 11.45 (0.48)

–

(0.48)

41.63 2020

33.25 0.55 (1.68)

(1.13)

(0.51)

(0.95)

(1.46)

30.66 Class

C

shares

2025(b)

41.64 0.14 (1.41)

(1.27)

(0.12)

(3.72)

(3.84)

36.53 2024

32.04 0.36 9.84 10.20 (0.34)

(0.26)

(0.60)

41.64 2023

34.23 0.41 (0.85)

(0.44)

(0.40)

(1.35)

(1.75)

32.04 2022

40.42 0.26 (4.63)

(4.37)

(0.21)

(1.61)

(1.82)

34.23 2021

29.78 0.22 10.62 10.84 (0.20)

–

(0.20)

40.42 2020

32.33 0.31 (1.62)

(1.31)

(0.29)

(0.95)

(1.24)

29.78 Class

J

shares

2025(b)

43.10 0.32 (1.46)

(1.14)

(0.30)

(3.72)

(4.02)

37.94 2024

33.13 0.71 10.20 10.91 (0.68)

(0.26)

(0.94)

43.10 2023

35.34 0.73 (0.89)

(0.16)

(0.70)

(1.35)

(2.05)

33.13 2022

41.68 0

.60

(4.80)

(4.20)

(0.53)

(1.61)

(2.14)

35.34 2021

30.70 0.55 10.94 11.49 (0.51)

–

(0.51)

41.68 2020

33.29 0.57 (1.69)

(1.12)

(0.52)

(0.95)

(1.47)

30.70 Institutional

shares

2025(b)

43.11 0.37 (1.47)

(1.10)

(0.34)

(3.72)

(4.06)

37.95 2024

33.14 0.80 10.20 11.00 (0.77)

(0.26)

(1.03)

43.11 2023

35.36 0.82 (0.89)

(0.07)

(0.80)

(1.35)

(2.15)

33.14 2022

41.69 0.69 (4.79)

(4.10)

(0.62)

(1.61)

(2.23)

35.36 2021

30.71 0.64 10.95 11.59 (0.61)

–

(0.61)

41.69 2020

33.31 0.66 (1.68)

(1.02)

(0.63)

(0.95)

(1.58)

30.71 R-3

shares

2025(b)

42.87 0.26 (1.46)

(1.20)

(0.23)

(3.72)

(3.95)

37.72 2024

32.97 0.57 10.14 10.71 (0.55)

(0.26)

(0.81)

42.87 2023

35.18 0.62 (0.88)

(0.26)

(0.60)

(1.35)

(1.95)

32.97 2022

41.49 0.48 (4.77)

(4.29)

(0.41)

(1.61)

(2.02)

35.18 2021

30.56 0.43 10.90 11.33 (0.40)

–

(0.40)

41.49 2020

33.14 0.49 (1.67)

(1.18)

(0.45)

(0.95)

(1.40)

30.56 R-5

shares

2025(b)

43.05 0.32 (1.46)

(1.14)

(0.30)

(3.72)

(4.02)

37.89 2024

33.10 0.71 10.17 10.88 (0.67)

(0.26)

(0.93)

43.05 2023

35.31 0.73 (0.88)

(0.15)

(0.71)

(1.35)

(2.06)

33.10 2022

41.64 0.60 (4.79)

(4.19)

(0.53)

(1.61)

(2.14)

35.31 2021

30.67 0.55 10.93 11.48 (0.51)

–

(0.51)

41.64 2020

33.26 0.58 (1.67)

(1.09)

(0.55)

(0.95)

(1.50)

30.67 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(3.23)

%

(c),(d),(e)

$

1,157,568

0.86 %

(f) –

%

1.51 %

(f) 18.6 %

(f) 33.11 (e) 1,296,060

0.85 –

1.68 16.3 (0.83)

(e) 1,078,315

0.87 –

1.96 13.3 (10.64)

(e) 1,176,246

0.86 –

1.48 16.9 37.51 (e) 1,424,668

0.86 –

1.33 22.0 (3.49)

(e) 1,049,990

0.88 –

1.79 16.9 (3.60)

(c),(e)

62,204

1.64 (f) –

0.73 (f) 18.6 (f) 32.10 (e) 74,647

1.62 –

0.94 16.3 (1.59)

(e) 72,774

1.65 –

1.20 13.3 (11.33)

(d),(e)

97,145

1.62 –

0.72 16.9 36.49 (d),(e)

125,768

1.61 –

0.61 22.0 (4.23)

(e) 120,112

1.63 –

1.05 16.9 (3.17)

(c),(e)

82,341

0.75 (f),(g)

0.76 (f),(h)

1.62 (f) 18.6 (f) 33.27 (e) 89,080

0.74 (g) 0.75 (h) 1.79 16.3 (0.75)

(e) 70,291

0.79 (g) 0.81 (h) 2.05 13.3 (10.55)

(e) 76,630

0.77 (g) 0.79 (h) 1.58 16.9 37.60 (e) 86,651

0.77 (g) 0.79 (h) 1.42 22.0 (3.44)

(e) 61,063

0.82 (g) 0.85 (h) 1.84 16.9 (3.07)

(c) 6,671,657

0.52 (f),(i)

–

1.85 (f) 18.6 (f) 33.55 7,405,320

0.52 (i) –

2.01 16.3 (0.50)

6,448,013

0.52 (i) –

2.32 13.3 (10.32)

(d) 7,731,338

0.52 (i) –

1.82 16.9 37.97 (d) 9,001,763

0.52 (i) –

1.68 22.0 (3.14)

6,372,962

0.52 (i) –

2.14 16.9 (3.33)

(c) 26,490

1.08 (f) –

1.29 (f) 18.6 (f) 32.79 29,118

1.08 –

1.46 16.3 (1.05)

25,777

1.08 –

1.77 13.3 (10.81)

30,045

1.08 –

1.27 16.9 37.21 33,754

1.07 –

1.12 22.0 (3.68)

24,058

1.08 –

1.59 16.9 (3.18)

(c) 153,066

0.77 (f) –

1.61 (f) 18.6 (f) 33.21 129,846

0.77 –

1.80 16.3 (0.73)

127,806

0.77 –

2.07 13.3 (10.54)

147,468

0.77 –

1.57 16.9 37.62 179,232

0.76 –

1.43 22.0 (3.37)

129,146

0.77 –

1.89 16.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(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) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(f) Computed

on

an

annualized

basis.

(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.

(unaudited)

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(b)

$

.93

$

.33

$

.06

$

.39

($

.32)

$

–

$

–

($

.32)

$

.00

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

2020

.51

.39

(0

.09)

.30

(0

.40)

(0

.17)

–

(0

.57)

.24

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

.49

%

(c) $

653,900

.84

%

(d) ,(e)

.52

%

(d) 127

.8

%

(d) 16

.48

660,597

.85

(e) 8

.18

.3

.97

447,683

.85

(e) 7

.02

.8

(17

.17)

378,572

.84

(e) 5

.24

.4

.47

770,197

.85

(e) 3

.69

.3

.90

226,511

.85

(e) 3

.78

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

26.87 $

0.05 $

0.21 $

0.26 $

–

$

–

$

–

$

27.13 2024

22.69 0.27 4.36 4.63 (0.45)

–

(0.45)

26.87 2023

20.06 0.28 2.59 2.87 (0.24)

–

(0.24)

22.69 2022

31.87 0.37 (10.12)

(9.75)

(0.31)

(1.75)

(2.06)

20.06 2021

26.98 0.20 4.73 4.93 (0.04)

–

(0.04)

31.87 2020

25.02 0.13 2.55 2.68 (0.44)

(0.28)

(0.72)

26.98 Class

J

shares

2025(b)

25.70 0.06 0.21 0.27 (0.02)

–

(0.02)

25.95 2024

21.72 0.30 4.17 4.47 (0.49)

–

(0.49)

25.70 2023

19.23 0.30 2.47 2.77 (0.28)

–

(0.28)

21.72 2022

30.64 0.38 (9.67)

(9.29)

(0.37)

(1.75)

(2.12)

19.23 2021

25.94 0.25 4.53 4

.78

(0.08)

–

(0.08)

30.64 2020

24.09 0.17 2.45 2.62 (0.49)

(0.28)

(0.77)

25.94 Institutional

shares

2025(b)

26.57 0.10 0.20 0.30 (0.07)

–

(0.07)

26.80 2024

22.44 0.22 4.45 4.67 (0.54)

–

(0.54)

.57

2023

19.86 0.36 2.54 2.90 (0.32)

–

(0.32)

22.44 2022

31.58 0.47 (10.01)

(9.54)

(0.43)

(1.75)

(2.18)

19.86 2021

26.72 0.32 4.66 4.98 (0.12)

–

(0.12)

31.58 2020

24.78 0.22 2.54 2.76 (0.54)

(0.28)

(0.82)

26.72 R-3

shares

2025(b)

26.49 0.04 0.21 0.25 –

–

–

26.74 2024

22.37 0.22 4.31 4.53 (0.41)

–

(0.41)

26.49 2023

19.79 0.23 2.56 2.79 (0.21)

–

(0.21)

22.37 2022

31.46 0.31 (9.96)

(9.65)

(0.27)

(1.75)

(2.02)

19.79 2021

26.64 0.17 4.65 4.82 –

–

–

31.46 2020

24.72 0.09 2.52 2.61 (0.41)

(0.28)

(0.69)

26.64 R-5

shares

2025(b)

26.72 0.08 0.22 0.30 (0.04)

–

(0.04)

26.98 2024

22.52 0.30 4.34 4.64 (0.44)

–

(0.44)

26.72 2023

19.93 0.31 2.56 2.87 (0.28)

–

(0.28)

22.52 2022

31.66 0.40 (10.02)

(9.62)

(0.36)

(1.75)

(2.11)

19.93 2021

26.79 0.26 4.69 4.95 (0.08)

–

(0.08)

31.66 2020

24.84 0.17 2.54 2.71 (0.48)

(0.28)

(0.76)

26.79 R-6

shares

2025(b)

.62

0.11 0.21 0.32 (0.09)

–

(0.09)

26.85 2024

22.47 0.14 4.56 4.70 (0.55)

–

(0.55)

26.62 2023

19.88 0.35 2.58 2.93 (0.34)

–

(0.34)

22.47 2022

31.60 0.44 (9.95)

(9.51)

(0.46)

(1.75)

(2.21)

19.88 2021

26.74 0.36 4.65 5.01 (0.15)

–

(0.15)

31.60 2020

24.79 0.26 2.52 2.78 (0.55)

(0.28)

(0.83)

26.74 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

1.00 %

(c),(d),(e)

$

64,895

1.46 %

(f),(g),(h)

–

%

0.35 %

(f) 27.6 %

(f) 20.63 (e) 67,819

1.46 (g),(i)

–

1.06 28.5 14.33 (e) 63,629

1.47 (g) –

1.20 32.4 (32.46)

(e) 60,893

1.55 (g) –

1.44 34.7 18.27 (e) 91,585

1.56 (g),(i)

–

0.63 43.9 10.84 (e),(j)

76,952

1.55 (g) –

0.55 53.9 1.04 (c),(e)

69,532

1.31 (f),(h),(k)

1.39 (f),(l)

0.50 (f) 27.6 (f) 20.84 (e) 71,586

1.31 (i),(k)

1.45 (l) 1.22 28.5 14.46 (e) 65,679

1.31 (k) 1.59 (l) 1.35 32.4 (32.31)

(e) 61,730

1.37 (k) 1.52 (l) 1.58 34.7 18.46 (e) 99,899

1.38 (i),(k)

1.48 (l) 0.80 43.9 11.01 (e),(j)

89,271

1.37 (k) 1.62 (l) 0.73 53.9 1.15 (c) 37,484

1.11 (f),(g),(h)

–

0.73 (f) 27.6 (f) 21.07 31,746

1.11 (g),(i)

–

0.89 28.5 14.66 67,145

1.12 (g) –

1.54 32.4 (32.20)

60,449

1.20 (g) –

1.90 34.7 18.66 73,485

1.21 (g),(i)

–

0.98 43.9 11.21 (d),(j)

62,738

1.20 (g) –

0.90 53.9 0.94 (c) 4,717

1.56 (f),(h)

–

0.29 (f) 27.6 (f) 20.45 3,762

1.63 (i) –

0.88 28.5 14.10 4,132

1.66 –

1.00 32.4 (32.54)

3,733

1.69 –

1.23 34.7 18.09 6,358

1.68 (i) –

0.53 43.9 10.67 (j) 5,693

1.71 (g) –

0.39 53.9 1

.11

(c) 4,352

1.25 (f),(h)

–

0.61 (f) 27.6 (f) 20.81 3,027

1.32 (i) –

1.20 28.5 14.42 4,691

1.35 –

1.32 32.4 (32.32)

4,563

1.38 –

1.60 34.7 18.48 8,234

1.37 (i) –

0.79 43.9 10.98 (d),(j)

8,537

1.40 (g) –

0.68 53.9 1.20 (c) 2,360,852

1.00 (f),(g),(h)

–

0.83 (f) 27.6 (f) 21.16 2,240,199

1.02 (g),(i)

–

0.51 28.5 14.81 3,961

1.04 (g) –

1.51 32.4 (32

.14)

(d) 2,165

1.09 (g) –

1.71 34.7 18.79 (d) 4,121

1.10 (g),(i)

–

1.12 43.9 11.31 (d),(j)

3,086

1.09 (g) –

1.07 53.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(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) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(f) Computed

on

an

annualized

basis.

(g) Subject

to

Manager's

contractual

expense

limit.

(h) Includes

0.01%

of

expense

associated

with

consulting

fees.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(i) 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.

(j) During

the

fiscal

year

ending

October

31,

2020,

the

Fund

experienced

a

significant

one

time

gain

of

approximately

$0.11/share

as

a

result

of

a

settlement

in

a

litigation

proceeding.

If

such

gain

had

not

been

recognized,

the

total

return

amounts

expressed

herein

would

have

been

lower.

(k) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(l) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.04

$

.08

($

.29)

($

.21)

($

.20)

$

–

($

.20)

$

.63

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

2020

.11

.13

(1

.83)

(1

.70)

(0

.12)

(0

.31)

(0

.43)

.98

Institutional

shares

2025(b)

.86

.10

(0

.31)

(0

.21)

(0

.23)

–

(0

.23)

.42

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

2020

.90

.17

(1

.97)

(1

.80)

(0

.15)

(0

.31)

(0

.46)

.64

shares

2025(b)

.78

.10

(0

.34)

(0

.24)

(0

.21)

–

(0

.21)

.33

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

2020

.88

.13

(1

.97)

(1

.84)

(0

.12)

(0

.31)

(0

.43)

.61

shares

2025(b)

.83

.09

(0

.31)

(0

.22)

(0

.22)

–

(0

.22)

.39

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

2020

.90

.14

(1

.95)

(1

.81)

(0

.14)

(0

.31)

(0

.45)

.64

shares

2025(b)

.87

.11

(0

.31)

(0

.20)

(0

.24)

–

(0

.24)

.43

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

2020

.90

.18

(1

.98)

(1

.80)

(0

.15)

(0

.31)

(0

.46)

.64

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(2

.27)

%

(c) ,(d)

$

50,332

.37

%

(e) 1

.81

%

(e) 19

.2

%

(e) 27

.66

(d) 58,008

.33

(f) 1

.95

.5

(4

.98)

(d) 55,011

.36

.01

.3

(27

.34)

(d) 82,943

.31

.45

.8

.76

(d) 112,900

.29

.22

.9

(17

.41)

(d) 83,680

.33

.48

.7

(2

.01)

(c) 947,602

.94

(e) ,(g)

.26

(e) 19

.2

(e) 28

.08

1,044,659

.95

(f) ,(g)

.33

.5

(4

.54)

1,090,278

.94

(g) 2

.43

.3

(27

.10)

1,422,719

.94

(g) 1

.79

.8

.21

2,394,983

.94

(g) 1

.53

.9

(17

.09)

1,587,908

.94

(g) 1

.87

.7

(2

.39)

(c) 609

.46

(e) 2

.08

(e) 19

.2

(e) 27

.53

1,846

.46

(f) 1

.62

.5

(5

.13)

724

.45

.88

.3

(27

.40)

578

.45

.27

.8

.57

544

.44

.11

.9

(17

.51)

.44

.36

.7

(2

.19)

(c) 9,441

.15

(e) 2

.00

(e) 19

.2

(e) 27

.97

8,510

.15

(f) 2

.13

.5

(4

.84)

6,431

.14

.24

.3

(27

.13)

5,935

.14

.79

.8

.91

.13

.27

.9

(17

.22)

.13

.57

.7

(1

.95)

(c) 688,715

.90

(e) 2

.29

(e) 19

.2

(e) 28

.27

(h) 721,279

.90

(f) 2

.39

.5

(4

.59)

(h) 650,870

.89

.47

.3

(27

.02)

707,703

.88

(g) 1

.84

.8

.35

1,585,562

.87

(g) 1

.59

.9

(17

.06)

1,039,109

.88

(g) 1

.92

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Includes

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(g) Subject

to

Manager's

contractual

expense

limit.

(h) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

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(b)

$

8.89 $

0.15 $

0.11 $

0.26 ($

0.15)

($

0.15)

$

9.00 2024

8.26 0.24 0.64 0.88 (0.25)

(0.25)

8.89 2023

8.62 0.20 (0.33)

(0.13)

(0.23)

(0.23)

8.26 2022

10.32 0.09 (1.66)

(1.57)

(0.13)

(0.13)

8.62 2021

10.59 0.03 (0.18)

(0.15)

(0.12)

(0.12)

10.32 2020

10.52 0.15 0.14 0.29 (0.22)

(0.22)

10.59 Class

J

shares

2025(b)

8.92 0.15 0.11 0.26 (0.15)

(0.15)

9.03 2024

8.28 0.24 0.64 0.88 (0.24)

(0.24)

.92

2023

8.64 0.20 (0.34)

(0.14)

(0.22)

(0.22)

8.28 2022

10.35 0.09 (1.68)

(1.59)

(0.12)

(0.12)

8.64 2021

10.62 0.03 (0.19)

(0.16)

(0.11)

(0.11)

10.35 2020

10.55 0

.15

0.14 0.29 (0.22)

(0.22)

10.62 Institutional

shares

2025(b)

8.91 0.16 0.11 0.27 (0.16)

(0.16)

9.02 2024

8.28 0.27 0.63 0.90 (0.27)

(0.27)

8.91 2023

8.63 0.23 (0.32)

(0.09)

(0.26)

(0.26)

8.28 2022

10.34 0.11 (1.67)

(1.56)

(0.15)

(0.15)

8.63 2021

10.61 0.06 (0.19)

(0.13)

(0.14)

(0.14)

10.34 2020

10.54 0.18 0.14 0.32 (0.25)

(0.25)

10.61 R-3

shares

2025(b)

8.92 0.14 0.10 0.24 (0.14)

(0.14)

.02

2024

8.28 0.23 0.64 0.87 (0.23)

(0.23)

8.92 2023

8.64 0.19 (0.33)

(0.14)

(0.22)

(0.22)

8.28 2022

10.34 0.07 (1.66)

(1.59)

(0.11)

(0.11)

8.64 2021

10.62 0.01 (0.19)

(0.18)

(0

.10)

(0.10)

10.34 2020

10.55 0.14 0.13 0.27 (0.20)

(0.20)

10.62 R-5

shares

2025(b)

8.92 0.15 0.11 0.26 (0.15)

(0.15)

9.03 2024

8.29 0.25 0.64 0.89 (0.26)

(0.26)

8.92 2023

8.64 0.22 (0.32)

(0.10)

(0.25)

(0.25)

8.29 2022

10.35 0.10 (1.67)

(1.57)

(0.14)

(0.14)

8.64 2021

10.62 0

.05

(0.19)

(0.14)

(0.13)

(0.13)

10.35 2020

10.55 0.17 0.14 0.31 (0.24)

(0.24)

10.62 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

2.92 %

(c),(d)

$

139,078

0.81 %

(e) –

%

3.40 %

(e) 290.1 %

(e) 10.66 (d) 141,861

0.81 –

2.72 233.7 (1.65)

(d) 145,881

0.85 –

2.30 128.0 (15.37)

(d) 172,969

0.78 –

0.94 352.1 (1.44)

(d) 229,225

0.77 –

0.32 343.7 2.82 (d) 263,721

0.80 –

1.44 84.3 2.88 (c),(d)

68,701

0.87 (e),(f)

0.87 (e),(g)

3.34 (e) 290.1 (e) 10.72 (d) 68,059

0.83 (f) 0.85 (g) 2.69 233.7 (1.71)

(d) 68,323

0.91 (f) 0.93 (g) 2.24 128.0 (15.46)

(d) 77,181

0.82 (f) 0.84 (g) 0.90 352.1 (1.47)

(d) 99,128

0.80 (f) 0.83 (g) 0.29 343.7 2.79 (d) 117,748

0.82 (f) 0.85 (g) 1.42 84.3 3.06 (c) 425,954

0.53 (e),(h)

–

3.68 (e) 290.1 (e) 10.93 444,116

0.53 (h) –

2.99 233.7 (1.22)

393,944

.53

(h) –

2.62 128.0 (15.22)

500,833

0.52 (h) –

1.18 352.1 (1.19)

770,058

0.52 (h) –

0.58 343.7 3.09 1,083,668

0.53 (h) –

1.72 84.3 2.72 (c) 3,447

0.98 (e),(h)

–

3.07 (e) 290.1 (e) 10.56 2,736

0.98 (h) –

2.54 233.7 (1.78)

3,034

0.98 (h) –

2.17 128.0 (15.51)

3,656

0.98 (h) –

0.73 352.1 (1.74)

5,493

0.98 (h) –

0.11 343.7 2.62 8,704

0.98 (h) –

1.29 84.3 2.98 (c) 7,658

0.67 (e),(h)

–

3.38 (e) 290.1 (e) 10.77 5,868

0.67 (h) –

2.86 233.7 (1.36)

8,534

0.67 (h) –

2.48 128.0 (15.33)

8,761

0.67 (h) –

1.02 352.1 (1.34)

16,336

0.67 (h) –

0.43 343.7 2.94 24,044

0.67 (h) –

1.57 84.3 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.00

$

.02

$

–

$

.02

($

.02)

($

.02)

$

.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

2020

.00

.01

–

.01

(0

.01)

(0

.01)

.00

shares

2025(b)

.00

.02

–

.02

(0

.02)

(0

.02)

.00

2024

.00

.05

–

.05

(0

.05)

(0

.05)

.00

2023(g)

.00

.04

–

.04

(0

.04)

(0

.04)

.00

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

.13

%

(c) $

507,872

.19

%

(d) ,(e)

.20

%

(d) ,(f)

.23

%

(d) 5

.25

352,741

.19

(e) 0

.21

(f) 5

.11

.71

191,888

.15

(e) 0

.16

(f) 3

.71

.81

2,979,627

.14

(e) 0

.15

(f) 0

.73

.00

3,657,679

.04

(e) 0

.16

(f) 0

.00

.60

3,077,863

.12

(e) 0

.16

(f) 0

.60

.15

(c) 4,327,297

.14

(d) ,(e)

.16

(d) ,(f)

.30

(d) 5

.31

3,389,284

.14

(e) 0

.16

(f) 5

.17

.35

(c) 2,582,939

.14

(d) ,(e)

.16

(d) ,(f)

.80

(d) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

(e) Subject

to

Manager's

contractual

and/or

voluntary

expense

limit.

(f) Excludes

expense

reimbursement

from

Manager.

(g) Period

from

December

12,

2022,

date

operations

commenced,

through

October

31,

2023. Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.83

$

.21

($

.15)

$

.06

($

.22)

($

.22)

$

.67

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

2020

.15

.36

(0

.13)

.23

(0

.37)

(0

.37)

.01

Class

C

shares

2025(b)

.93

.19

(0

.16)

.03

(0

.19)

(0

.19)

.77

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

2020

.23

.32

(0

.13)

.19

(0

.32)

(0

.32)

.10

Institutional

shares

2025(b)

.76

.22

(0

.15)

.07

(0

.23)

(0

.23)

.60

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

2020

.10

.38

(0

.13)

.25

(0

.39)

(0

.39)

.96

shares

2025(b)

.76

.22

(0

.15)

.07

(0

.23)

(0

.23)

.60

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

2020

.10

.38

(0

.12)

.26

(0

.40)

(0

.40)

.96

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

.81

%

(c) ,(d)

$

393,113

.90

%

(e) 6

.35

%

(e) 38

.0

%

(e) 15

.15

(d) 421,065

.91

.22

.1

.31

(d) 414,017

.94

.70

.0

(9

.71)

(d) 426,999

.91

.74

.1

.64

(d) 539,969

.91

.44

.0

.39

(d) 513,993

.91

.22

.7

.40

(c) ,(d)

22,290

.69

(e) 5

.56

(e) 38

.0

(e) 14

.21

(d) 24,716

.69

.44

.1

.37

(d) 29,469

.75

.88

.0

(10

.42)

(d) 39,928

.69

.94

.1

.87

(d) 62,973

.64

.74

.0

.74

(d) 118,320

.65

.51

.7

.97

(c) 1,447,978

.60

(e) ,(f)

.63

(e) 38

.0

(e) 15

.48

1,359,544

.61

(f) 6

.52

.1

.55

1,183,194

.61

(f) 6

.03

.0

(9

.50)

(g) 1,140,046

.61

(f) 5

.04

.1

.05

(g) 1,535,963

.61

(f) 4

.73

.0

.73

1,379,657

.61

(f) 5

.51

.7

.02

(c) 4,229,042

.51

(e) 6

.75

(e) 38

.0

(e) 15

.57

4,045,178

.53

.56

.1

.64

687,216

.53

.13

.0

(9

.42)

(g) 557,144

.52

.12

.1

.15

(g) 757,781

.52

(f) 4

.84

.0

.82

971,122

.52

(f) 5

.57

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(g) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

7.40 $

0.14 $

0.04 $

0.18 ($

0.23)

$

–

($

0.23)

$

7.35 2024

7.09 0.23 0.33 0.56 (0.25)

–

(0.25)

7.40 2023

7.63 0.25 (0.33)

(0.08)

(0.46)

–

(0.46)

7.09 2022

9.31 0.53 (1.56)

(1.03)

(0.36)

(0.29)

(0.65)

7.63 2021

8.83 0.28 0.24 0.52 (0.04)

–

(0.04)

9.31 2020

8.22 0

.05

0.62 0.67 (0.06)

–

(0.06)

8.83 Institutional

shares

2025(b)

7.88 0.16 0.05 0.21 (0.26)

–

(0.26)

7.83 2024

7.54 0.29 0.33 0.62 (0.28)

–

(0.28)

7.88 2023

8.09 0.30 (0.36)

(0.06)

(0.49)

–

(0.49)

7.54 2022

9.83 0.56 (1.62)

(1.06)

(0.39)

(0.29)

(0.68)

8.09 2021

9.29 0.29 0.30 0.59 (0.05)

–

(0

.05)

9.83 2020

8.63 0.10 0.66 0.76 (0.10)

–

(0.10)

9.29 R-3

shares

2025(b)

7.43 0.13 0.05 0.18 (0.22)

–

(0.22)

7.39 2024

7.13 0.22 0.31 0.53 (0.23)

–

(0.23)

7.43 2023

7.67 0.22 (0.31)

(0.09)

(0.45)

–

(0.45)

7.13 2022

9.34 0.50 (1.55)

(1.05)

(0.33)

(0.29)

(0.62)

7.67 2021

8.86 0.25 0.26 0.51 (0.03)

–

(0.03)

9.34 2020

8.25 0.05 0.62 0.67 (0.06)

–

(0.06)

8.86 R-5

shares

2025(b)

7.71 0.15 0.04 0.19 (0.24)

–

(0.24)

7.66 2024

7.35 0.25 0.34 0.59 (0.23)

–

(0.23)

7.71 2023

7.90 0.27 (0.35)

(0.08)

(0.47)

–

(0.47)

7.35 2022

9.62 0.54 (1.60)

(1.06)

(0.37)

(0.29)

(0.66)

7.90 2021

9.10 0.29 0.27 0.56 (0.04)

–

(0.04)

9.62 2020

8.46 0.07 0.65 0.72 (0.08)

–

(0.08)

9.10 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

2.55 %

(c),(d)

$

13,338

0.80 %

(e),(f)

0.80 %

(e),(g)

3.86 %

(e) 149.1 %

(e) 7.94 (d) 11,483

0.73 (f) 0.75 (g) 3.13 109.6 (1.18)

(d) 13,956

0.78 (f) 0.80 (g) 3.37 106.3 (11.90)

(d) 18,034

0.73 (f) 0.75 (g) 6.29 108.3 5.85 (d) 16,550

0.85 (f) 0.87 (g) 3.04 67.7 8.15 (d) 9,826

1.03 (f) 1.06 (g) 0.55 80.9 2.76 (c) 2,288,122

0.38 (e) –

4.24 (e) 149.1 (e) 8.29 2,218,800

0.39 –

3.68 109.6 (0.86)

1,447,786

0.40 –

3.78 106.3 (11.61)

1,616,313

0.39 –

6.34 108.3 6.33 1,471,415

0.39 –

3.03 67.7 8.83 1,745,470

0.39 –

1.11 80.9 2.48 (c) 5,153

0.95 (e) –

3.69 (e) 149.1 (e) 7.54 4,656

0.96 –

2.97 109.6 (1.31)

4,708

0.96 –

3.00 106.3 (12.09)

6,749

0.96 –

5.90 108.3 5.80 7,120

0.96 –

2.76 67.7 8.17 8,491

0.95 –

0.58 80.9 2.66 (c) 3,205

0.64 (e) –

4.05 (e) 149.1 (e) 8.15 1,719

0.65 –

3.24 109.6 (1.14)

3,492

0.65 –

3.48 106.3 (11.83)

4,251

0.65 –

6.26 108.3 6.16 4,114

0.65 –

3.06 67.7 8.56 4,592

0.64 –

0.82 80.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(g) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.60

$

.10

$

.87

$

.97

($

.47)

($

.30)

($

.77)

$

.80

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

2020

.94

.22

.41

.63

(0

.38)

–

(0

.38)

.19

shares

2025(b)

.59

.08

.86

.94

(0

.47)

(1

.30)

(1

.77)

.76

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

2020

.89

.14

.42

.56

(0

.30)

–

(0

.30)

.15

shares

2025(b)

.62

.10

.87

.97

(0

.48)

(1

.30)

(1

.78)

.81

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

2020

.91

.19

.40

.59

(0

.33)

–

(0

.33)

.17

shares

2025(b)

.60

.29

.69

.98

(0

.51)

(1

.30)

(1

.81)

.77

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

2020

.94

.23

.41

.64

(0

.39)

–

(0

.39)

.19

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

.68

%

(c) ,(d)

$

17,906

.80

%

(e) ,(f)

,(g)

.50

%

(e) 180

.1

%

(e) 25

.19

18,176

.81

(f) ,(h)

.12

.0

.06

88,447

.92

(f) ,(i)

.98

.8

(29

.86)

88,476

.87

(f) 2

.93

.5

.33

133,135

.90

(f) 2

.43

.0

.14

100,695

.90

(f) 1

.48

.4

.48

(c) ,(d)

2,330

.23

(e) ,(g)

.17

(e) 180

.1

(e) 24

.58

1,110

.29

(h) 1

.56

.0

.50

969

.40

(i) 2

.45

.8

(30

.14)

1,649

.34

.40

.5

.72

3,029

.36

.11

.0

.71

2,167

.36

(f) 0

.94

.4

.66

(c) ,(d)

2,980

.92

(e) ,(g)

.50

(e) 180

.1

(e) 25

.06

2,462

.98

(h) 1

.92

.0

.81

2,058

.09

(i) 3

.09

.8

(29

.95)

.03

.73

.5

.12

(d) 755

.05

.21

.0

.99

(d) 1,493

.05

(f) 1

.32

.4

.77

(c) ,(d)

5,425,798

.62

(e) ,(f)

,(g)

.29

(e) 180

.1

(e) 25

.30

208,314

.71

(f) ,(h)

.21

.0

.09

180,658

.82

(f) ,(i)

.09

.8

(29

.73)

181,468

.76

(f) 3

.06

.5

.47

204,338

.79

(f) 2

.51

.0

.22

173,218

.79

(f) 1

.58

.4

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(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) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(g) Includes

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(h) 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.

(i) 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.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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

LARGECAP

GROWTH

FUND

I

Class

A

shares

2025(b)

$

19.24 ($

0.03)

$

0.01 ($

0.02)

$

–

($

5.26)

($

5.26)

2024

14.77 (0.05)

5.56 5.51 –

(1.04)

(1.04)

2023

14.20 (0.05)

2.14 2.09 –

(1.52)

(1.52)

2022

23.75 (0.08)

(6.95)

(7.03)

–

(2

.52)

(2.52)

2021

18.39 (0.11)

6.91 6.80 –

(1.44)

(1.44)

2020

15.59 (0.07)

4.15 4.08 –

(1.28)

(1.28)

Class

J

shares

2025(b)

14.38 (0.01)

0.10 0.09 –

(5.26)

(5.26)

2024

11.25 (0.01)

4.18 4.17 –

(1.04)

(1.04)

2023

11.17 (0.02)

1.62 1.60 –

(1.52)

(1

.52)

2022

19.22 (0.04)

(5.49)

(5.53)

–

(2.52)

(2.52)

2021

15.10 (0.06)

5.62 5.56 –

(1.44)

(1.44)

2020

13.00 (0.03)

3.41 3.38 –

(1.28)

(1.28)

Institutional

shares

2025(b)

20.74 (0.01)

(0.01)

(0.02)

–

(5.26)

(5.26)

2024

15.82 0.01 5.95 5.96 –

(1.04)

(1.04)

2023

15.05 (0.01)

2.30 2.29 –

(1.52)

(1.52)

2022

24.95 (0.03)

(7.35)

(7.38)

–

(2.52)

(2.52)

2021

19.20 (0.05)

7.24 7.19 –

(1.44)

(1.44)

2020

16.18 (0.02)

4.32 4.30 –

(1.28)

(1.28)

shares

2025(b)

16.89 (0.04)

0.06 0.02 –

(5.26)

(5.26)

2024

13.11 (0.08)

4.90 4.82 –

(1.04)

(1.04)

2023

12.80 (0.07)

1.90 1.83 –

(1.52)

(1.52)

2022

21.70 (0.10)

(6.28)

(6.38)

–

(2.52)

(2.52)

2021

16.94 (0.14)

6.34 6.20 –

(1.44)

(1.44)

2020

14.48 (0.09)

3.83 3.74 –

(1.28)

(1.28)

shares

2025(b)

19.20 (0.02)

0.01 (0.01)

–

(5.26)

(5.26)

2024

14.73 (0.03)

5.54 5.51 –

(1.04)

(1.04)

2023

14.15 (0.03)

2.13 2.10 –

(1.52)

(1.52)

2022

23.65 (0.06)

(6.92)

(6.98)

–

(2.52)

(2.52)

2021

18.29 (0.08)

6.88 6.80 –

(1.44)

(1.44)

2020

15.50 (0.04)

4.11 4.07 –

(1.28)

(1.28)

shares

2025(b)

20.81 –

(0.02)

(0.02)

–

(5.26)

(5.26)

2024

15.85 0.01 5.99 6.00 –

(1.04)

(1.04)

2023

15.07 0.01 2.29 2.30 –

(1.52)

(1.52)

2022

24.96 (0.02)

(7.35)

(7.37)

–

(2.52)

(2.52)

2021

19.19 (0.03)

7.25 7.22 –

(1.45)

(1

.45)

2020

16.17 –

4.32 4.32 (0.03)

(1.27)

(1.30)

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

$

13.96 (1.96)

%

(c),(d)

$

489,337

0.93 %

(e),(f)

–

%

(0.37)

%

(e) 38.5 %

(e) 19.24 38.80 (d) 533,056

0.94 (f) –

(0.28)

39.6 14.77 16.90 (d),(g)

423,684

1.00 (f) –

(0.37)

26.5 14.20 (32.72)

(d) 389,907

0.96 (f) –

(0.46)

28.4 23.75 38.72 (d) 632,010

0.95 (f) –

(0.51)

23.1 18.39 27.86 (d) 487,128

0.99 (f) –

(0.43)

33.6 9.21 (1.81)

(c),(d)

387,873

0.79 (e),(h)

0.81 (e),(i)

(0.22)

(e) 38.5 (e) 14.38 39.04 (d) 424,765

0.77 (h) 0.80 (i) (0.11)

39.6 11.25 17.11 (d),(g)

319,716

0.80 (h) 0.84 (i) (0.17)

26.5 11.17 (32.65)

(d),(j)

269,806

0.79 (h) 0.83 (i) (0.29)

28.4 19.22 39.03 (d),(j)

445,587

0.78 (h) 0.82 (i) (0.34)

23.1 15.10 28.03 (d) 331,514

0.80 (h) 0

.85

(i) (0.23)

33.6 15.46 (1.79)

(c) 544,321

0.67 (e),(f)

–

(0.10)

(e) 38.5 (e) 20.74 39.08 693,756

0.67 (f) –

0.06 39.6 15.82 17.31 (g) 2,516,629

0.68 (f) –

(0.05)

26.5 15.05 (32.53)

2,371,763

0.68 (f) –

(0.18)

28.4 24.95 39.14 3,460,761

0.67 (f) –

(0.23)

23.1 19.20 28.23 2,630,670

0.68 (f) –

(0.11)

33.6 11.65 (2.02)

(c) 66,910

1.16 (e),(f)

–

(0.59)

(e) 38.5 (e) 16.89 38.43 71,500

1.16 (f) –

(0.50)

39.6 13.11 16.69 (g) 63,841

1.16 (f) –

(0.53)

26.5 12.80 (32.85)

(j) 58,977

1.16 (f) –

(0.66)

28.4 21.70 38.54 (j) 102,793

1.15 (f) –

(0.71)

23.1 16.94 27.61 89,315

1.16 (f) –

(0.58)

33.6 13.93 (1.92)

(c) 148,930

0.85 (e),(f)

–

(0.28)

(e) 38.5 (e) 19.20 38

.91

133,666

0.85 (f) –

(0.18)

39.6 14.73 17.04 (g) 148,543

0.85 (f) –

(0.21)

26.5 14.15 (32.64)

158,035

0.85 (f) –

(0.35)

28.4 23.65 38.94 364,553

0.84 (f) –

(0.40)

23.1 18.29 28.04 (j) 296,527

0.85 (f) –

(0.27)

33.6 15.53 (1.78)

(c) 6,763,523

0.59 (e),(f)

–

(0

.02)

(e) 38.5 (e) 20.81 39.27 8,162,259

0.59 (f) –

0.07 39.6 15.85 17.36 (g) 6,955,555

0.59 (f) –

0.04 26.5 15.07 (32.47)

6,257,991

0.59 (f) –

(0.09)

28.4 24.96 39.24 (j) 9,740,176

0.59 (f) –

(0.15)

23.1 19.19 28.42 (j) 7,254,770

0.59 (f) –

(0.02)

33.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(g) 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.

(h) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(i) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(j) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

28.11 $

0.16 ($

0.66)

($

0.50)

($

0.29)

($

0.43)

($

0.72)

$

26.89 2024

21.25 0.30 7.47 7.77 (0.27)

(0.64)

(0.91)

28.11 2023

19.91 0.27 1.59 1.86 (0.25)

(0.27)

(0.52)

21.25 2022

26.67 0.24 (3.75)

(3.51)

(0.20)

(3.05)

(3.25)

19.91 2021

20.14 0.24 7.88 8.12 (0.33)

(1.26)

(1.59)

26.67 2020

19.10 0.28 1.46 1

.74

(0.32)

(0.38)

(0.70)

20.14 Class

J

shares

2025(b)

27.72 0.16 (0.66)

(0.50)

(0.30)

(0.43)

(0.73)

26.49 2024

20.97 0.32 7.36 7.68 (0.29)

(0.64)

(0.93)

27.72 2023

19.65 0.29 1.56 1.85 (0.26)

(0.27)

(0.53)

20.97 2022

26.36 0.25 (3.70)

(3.45)

(0.21)

(3.05)

(3.26)

19.65 2021

19.93 0.25 7

.78

8.03 (0.34)

(1.26)

(1.60)

26.36 2020

18.91 0.29 1.44 1.73 (0.33)

(0.38)

(0.71)

19.93 Institutional

shares

2025(b)

28.15 0.19 (0.66)

(0.47)

(0.34)

(0.43)

(0.77)

26.91 2024

21.29 0.36 7.46 7.82 (0.32)

(0.64)

(0.96)

28.15 2023

19.94 0.33 1.59 1.92 (0.30)

(0.27)

(0.57)

21.29 2022

26.70 0.29 (3.75)

(3.46)

(0.25)

(3.05)

(3.30)

19.94 2021

20.16 0.30 7.88 8.18 (0.38)

(1.26)

(1.64)

26.70 2020

19.12 0

.33

1.46 1.79 (0.37)

(0.38)

(0.75)

20.16 R-3

shares

2025(b)

28.13 0.11 (0.67)

(0.56)

(0.20)

(0.43)

(0.63)

26.94 2024

21.28 0.22 7.48 7.70 (0.21)

(0.64)

(0.85)

28.13 2023

19.91 0.21 1.60 1.81 (0.17)

(0.27)

(0.44)

21.28 2022

26.67 0.17 (3.76)

(3.59)

(0.12)

(3.05)

(3.17)

19.91 2021

20.15 0.17 7.87 8.04 (0.26)

(1.26)

(1

.52)

26.67 2020

19.11 0.22 1.46 1.68 (0.26)

(0.38)

(0.64)

20.15 R-5

shares

2025(b)

28.67 0.16 (0.69)

(0

.53)

(0.29)

(0.43)

(0.72)

27.42 2024

21.66 0.30 7.62 7.92 (0.27)

(0.64)

(0.91)

28.67 2023

20.27 0.28 1.63 1.91 (0.25)

(0.27)

(0.52)

21.66 2022

27.09 0.24 (3.82)

(3.58)

(0.19)

(3.05)

(3.24)

20.27 2021

20.44 0.24 7.99 8.23 (0.32)

(1.26)

(1.58)

27.09 2020

19.38 0.29 1.47 1.76 (0.32)

(0.38)

(0.70)

20.44 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(1.91)

%

(c),(d)

$

789,673

0.32 %

(e) –

%

1.14 %

(e) 1.7 %

(e) 37.50 (d) 805,883

0.33 –

1.19 2.3 9.61 (d) 616,516

0.42 –

1.29 5.9 (14.93)

(d) 544,686

0.40 –

1.10 3.7 42.29 (d) 651,354

0.40 –

1.00 3.8 9.23 (d) 465,384

0.42 –

1.45 6.0 (1.91)

(c),(d)

1,199,902

0.27 (e),(f)

.27

(e),(g)

1.19 (e) 1.7 (e) 37.58 (d) 1,244,170

0.27 (f) 0.28 (g) 1.25 2.3 9.71 (d) 892,669

0.34 (f) 0.36 (g) 1.37 5.9 (14.87)

(d) 810,657

0.34 (f) 0.36 (g) 1.15 3.7 42.31 (d) 970,126

0.35 (f) 0.37 (g) 1.06 3.8 9.29 (d) 691,249

0.36 (f) 0.39 (g) 1.52 6.0 (1.82)

(c),(h)

5,946,873

0.10 (e) –

1.36 (e) 1.7 (e) 37.75 5,998,941

0.11 –

1.40 2.3 9.93 4,143,385

0.16 –

1.55 5.9 (14.73)

3,639,186

0.16 –

1.34 3.7 42.61 4,069,356

0.17 –

1.27 3.8 9.51 3,986,295

0.17 –

1.71 6.0 (2.08)

(c) 168,028

0.66 (e) –

0.80 (e) 1.7 (e) 37.03 169,311

0.67 –

0.85 2.3 9.32 136,914

0.71 –

1.00 5.9 (15.21)

133,978

0.72 –

0.77 3.7 41.78 192,913

0.72 –

0.70 3.8 8.92 167,324

0.72 –

1.16 6.0 (1.95)

(c) 389,791

0.35 (e) –

1.10 (e) 1.7 (e) 37.47 296,387

0.36 –

1.16 2.3 9.67 238,426

0.40 –

1.31 5.9 (14.94)

256,634

0.41 –

.08

3.7 42.22 327,673

0.41 –

0.99 3.8 9.21 244,545

.41

–

1.48 6.0 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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.

(unaudited)

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(b)

$

20.31 $

0.12 ($

0.94)

($

0.82)

($

0.23)

($

1.33)

($

1.56)

$

17.93 2024

16.27 0.25 4.33 4.58 (0.23)

(0.31)

(0.54)

20.31 2023

18.01 0.22 (0.29)

(0.07)

(0.24)

(1.43)

(1.67)

16.27 2022

20.70 0.21 (1

.16)

(0.95)

(0.14)

(1.60)

(1.74)

18.01 2021

14.67 0.15 6.10 6.25 (0.22)

–

(0.22)

20.70 2020

16.98 0.21 (1.47)

(1.26)

(0.31)

(0.74)

(1.05)

14.67 Institutional

shares

2025(b)

20.76 0.15 (0.96)

(0.81)

(0.27)

(1.33)

(1.60)

18.35 2024

16.63 0.30 4.42 4.72 (0.28)

(0.31)

(0.59)

20.76 2023

18.36 0.28 (0.29)

(0.01)

(0.29)

(1.43)

(1.72)

16.63 2022

21.07 0.26 (1.18)

(0.92)

(0.19)

(1.60)

(1.79)

18.36 2021

14.94 0.21 6.19 6.40 (0.27)

–

(0.27)

21.07 2020

17.27 0.26 (1.48)

(1.22)

(0.37)

(0.74)

(1.11)

14.94 R-3

shares

2025(b)

22.05 0.10 (1.02)

(0.92)

(0.19)

(1.33)

(1.52)

19.61 2024

17.64 0.21 4.69 4

.90

(0.18)

(0.31)

(0.49)

22.05 2023

19.36 0.19 (0.30)

(0.11)

(0.18)

(1.43)

(1.61)

17.64 2022

22.13 0.16 (1.24)

(1.08)

(0.09)

(1.60)

(1.69)

19.36 2021

15.67 0.10 6.53 6.63 (0.17)

–

(0.17)

22.13 2020

18.07 0.19 (1.58)

(1.39)

(0.27)

(0.74)

(1.01)

15.67 R-5

shares

2025(b)

20.97 0.13 (0.98)

(0.85)

(0.22)

(1.33)

(1.55)

18.57 2024

16.80 0.26 4.46 4.72 (0.24)

(0.31)

(0.55)

20.97 2023

18.52 0.23 (0.28)

(0.05)

(0.24)

(1.43)

(1.67)

16.80 2022

21.22 0.22 (1.20)

(0.98)

(0.12)

(1.60)

(1.72)

18.52 2021

15.04 0.16 6

.25

6.41 (0.23)

–

(0.23)

21.22 2020

17.38 0.23 (1.50)

(1.27)

(0.33)

(0.74)

(1.07)

15.04 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(4.26)

%

(c),(d)

$

81,208

0.92 %

(e),(f)

0.97 %

(e),(g)

1.29 %

(e) 50.2 %

(e) 28.69 (d) 88,878

0.93 (f) 1.01 (g) 1.36 41.1 (0.46)

(d) 76,888

1.00 (f) 1.09 (g) 1.31 44.9 (4.80)

(d) 82,605

0.97 (f) 1.06 (g) 1.13 42.6 42.96 (d) 84,871

0.98 (f) 1.07 (g) 0.82 46.3 (8.14)

(d) 62,003

1.04 (f) 1.14 (g) 1.39 54.6 (4.12)

(c) 3,378,006

0.67 (e),(h)

–

1.54 (e) 50.2 (e) 28.97 3,682,407

0.70 (h) –

1.57 41.1 (0.13)

2,556,406

0.72 (h) –

1.59 44.9 (4.56)

2,634,970

0.70 (h) –

.39

42.6 43.27 3,457,999

0.70 (h) –

1.07 46.3 (7.82)

1,754,898

0.72 (h) –

1.72 54.6 (4.37)

(c) 8,965

1.23 (e),(h)

–

0.97 (e) 50.2 (e) 28.19 6,886

1.26 (h) –

1.03 41.1 (0.67)

5,941

1.27 (h) –

1.04 44.9 (5.11)

6,078

1.26 (h) –

0.83 42.6 42.56 7,133

1.27 (h) –

0.52 46.3 (8.36)

4,056

1.28 (h) –

1.16 54.6 (4.25)

(c) 6,226

0.92 (e),(h)

–

1.28 (e) 50.2 (e) 28.61 5,485

0.95 (h) –

1.36 41.1 (0.34)

5,618

0.96 (h) –

1.34 44.9 (4.81)

5,432

0.95 (h) –

1.15 42.6 42.94 8,722

0.96 (h) –

0.84 46.3 (8.05)

6,935

0.97 (h) –

1.47 54.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

43.52 $

0.01 $

0.06 $

0.07 $

–

($

1.40)

($

1.40)

$

42.19 2024

31.74 0.07 12.66 12.73 –

(0.95)

(0.95)

43.52 2023

30.71 (0.10)

2.12 2.02 –

(0.99)

(0.99)

31.74 2022

42.87 (0.09)

(8.74)

(8.83)

–

(3.33)

(3.33)

30.71 2021

30.19 (0.19)

13.26 13.07 –

(0.39)

(0.39)

42.87 2020

30.15 (0.01)

1.44 1.43 (0.07)

(1.32)

(1.39)

30.19 Class

C

shares

2025(b)

36.12 (0.14)

0.07 (0.07)

–

(1.40)

(1.40)

34.65 2024

26.69 (0.21)

10.59 10.38 –

(0.95)

(0.95)

36.12 2023

26.19 (0.31)

1.80 1.49 –

(0.99)

(0.99)

26.69 2022

37.32 (0.31)

(7.49)

(7.80)

–

(3.33)

(3.33)

26.19 2021

26.51 (0.39)

11.59 11.20 –

(0.39)

(0.39)

37.32 2020

26.77 (0.19)

1.25 1.06 –

(1.32)

(1.32)

26.51 Class

J

shares

2025(b)

41.73 0.03 0.08 0.11 (0.03)

(1.40)

(1.43)

40.41 2024

30.43 0.12 12.13 12.25 –

(0.95)

(0.95)

41.73 2023

29.44 (0.05)

2.03 1.98 –

(0.99)

(0.99)

30.43 2022

41.18 (0.04)

(8.37)

(8.41)

–

(3.33)

(3.33)

29.44 2021

28.96 (0.12)

12.73 12.61 –

(0.39)

(0.39)

41.18 2020

28.99 0.03 1.38 1.41 (0.12)

(1.32)

(1.44)

28.96 Institutional

shares

2025(b)

45.49 0.06 0.06 0.12 (0.06)

(1.40)

(1.46)

44.15 2024

33.08 0.17 13.20 13.37 (0.01)

(0.95)

(0.96)

45.49 2023

31.88 (0.01)

2.20 2.19 –

(0.99)

(0.99)

33.08 2022

44.26 –

(9.05)

(9.05)

–

(3.33)

(3.33)

31.88 2021

31.08 (0.09)

13.66 13.57 –

(0.39)

(0

.39)

44.26 2020

31.00 0.06 1.49 1.55 (0.15)

(1.32)

(1.47)

31.08 R-3

shares

2025(b)

41.79 (0

.07)

0.09 0.02 (0.01)

(1.40)

(1.41)

40.40 2024

30.58 (0.03)

12.19 12.16 –

(0.95)

(0.95)

41.79 2023

29.68 (0.16)

2.05 1.89 –

(0.99)

(0.99)

30.58 2022

41.63 (0.16)

(8.46)

(8.62)

–

(3.33)

(3.33)

29.68 2021

29.38 (0.26)

12.90 12.64 –

(0.39)

(0.39)

41.63 2020

29.38 (0.06)

1.38 1.32 –

(1.32)

(1.32)

29.38 R-5

shares

2025(b)

44.34 0.02 0.07 0.09 –

(1.40)

(1.40)

43.03 2024

32.31 0.10 12.88 12.98 –

(0.95)

(0.95)

44.34 2023

31.21 (0.07)

2.16 2.09 –

(0.99)

(0.99)

32.31 2022

43.47 (0.06)

(8

.87)

(8.93)

–

(3.33)

(3.33)

31.21 2021

30.57 (0.15)

13.44 13.29 –

(0.39)

(0.39)

43.47 2020

30.53 0.03 1.44 1.47 (0.11)

(1.32)

(1.43)

30.57 R-6

shares

2025(b)

45.56 0.08 0.07 0.15 (0.09)

(1.40)

(1.49)

44.22 2024

33.13 0.21 13.21 13.42 (0.04)

(0.95)

(0.99)

45.56 2023

31.90 0.01 2.21 2.22 –

(0.99)

(0.99)

33.13 2022

44.26 0.03 (9.06)

(9.03)

–

(3.33)

(3.33)

31.90 2021

31.05 (0.06)

13.66 13.60 –

(0.39)

(0.39)

44.26 2020

30.97 0.09 1.49 1.58 (0.18)

(1.32)

(1.50)

31.05 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(0.04)

%

(c),(d)

$

1,912,740

0.90 %

(e) –

%

0.03 %

(e) 14.3 %

(e) 40.69 (d) 1,994,144

0.91 –

0.18 10.5 6.62 (d) 1,590,186

0.95 –

(0.30)

10.1 (22.25)

(d) 1,591,916

0.94 –

(0.27)

14.1 43.63 (d) 2,198,683

0.93 –

(0.50)

12.4 4.83 (d) 1,607,917

0.95 –

(0.04)

13.9 (0.45)

(c),(d)

31,557

1.72 (e) –

(0.78)

(e) 14

.3

(e) 39.55 (d) 34,593

1.72 –

(0.64)

10.5 5.71 (d) 29,926

.78

–

(1.13)

10.1 (22.84)

(d) 40,097

1.72 –

(1.06)

14.1 42.62 (d) 72,682

1.67 –

(1.21)

12.4 4.02 (d) 158,906

1.69 –

(0.74)

13.9 0.04 (c),(d)

368,899

0.76 (e),(f)

0.77 (e),(g)

0.17 (e) 14.3 (e) 40.87 (d) 385,523

0.76 (f) 0.78 (g) 0.32 10.5 6.78 (d) 293,360

0.80 (f) 0.82 (g) (0.16)

10.1 (22.13)

(d) 292,151

0.79 (f) 0.81 (g) (0.12)

14.1 43.85 (d),(h)

407,907

0.78 (f) 0.80 (g) (0.34)

12.4 4.98 (d),(h)

310,404

0.79 (f) 0.82 (g) 0.12 13.9 0.07 (c) 14,748,277

0.66 (e) –

0.26 (e) 14.3 (e) 41.00 13,863,432

0.67 –

0.41 10.5 6.92 9,079,129

0.68 –

(0.04)

10.1 (22.05)

(h) 10,110,818

0.67 (i) –

0.00 14.1 44.03 (h) 15,790,247

0.67 (i) –

(0.24)

12.4 5.08 12,106,903

0.69 (i) –

0.21 13.9 (0.16)

(c) 150,786

1.13 (e) –

(0.33)

(e) 14.3 (e) 40.36 51,069

1.14 –

(0

.07)

10.5 6.41 40,789

1.15 –

(0.51)

10.1 (22.42)

44,432

1.15 –

(0.49)

14.1 43.32 (h) 73,376

1.15 –

(0.71)

12.4 4

.61

(h) 66,616

1.15 –

(0.22)

13.9 0.02 (c) 314,801

0.82 (e) –

0.08 (e) 14.3 (e) 40.75 281,715

0.83 –

0.24 10.5 6.74 219,018

0.84 –

(0.21)

10.1 (22.16)

296,351

0.84 –

(0.17)

14.1 43.76 (h) 427,065

0.84 –

(0.40)

12.4 4.93 (h) 325,105

0.84 –

0.09 13.9 0.14 (c) 11,974,545

0.58 (e) –

0.35 (e) 14.3 (e) 41.11 11,302,031

0.59 –

0.50 10.5 7.01 6,835,701

0.60 (i) –

0.04 10.1 (21.98)

5,989,509

0.59 (i) –

0.09 14.1 44.13 5,220,374

0.59 (i) –

(0.15)

12.4 5.20 4,054,486

0.60 (i) –

0.29 13.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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.

(i) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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

MIDCAP

GROWTH

FUND

Class

J

shares

2025(b)

$

7.16 ($

0.01)

($

0.15)

($

0.16)

$

–

$

–

$

7.00 2024

5.46 (0.02)

1.72 1.70 –

–

7.16 2023

5.77 (0.02)

(0.29)

(0.31)

–

–

5.46 2022

10.74 (0.03)

(2.79)

(2.82)

(2.15)

(2.15)

5.77 2021

8.39 (0.03)

3.63 3.60 (1.25)

(1.25)

10.74 2020

6.40 (0.04)

2.39 2.35 (0.36)

(0.36)

8.39 Institutional

shares

2025(b)

10.81 –

(0.23)

(0.23)

–

–

10.58 2024

8.23 (0.02)

2.60 2.58 –

–

10.81 2023

8.69 (0.01)

(0.45)

(0.46)

–

–

8.23 2022

14.99 (0.03)

(4

.12)

(4.15)

(2.15)

(2.15)

8.69 2021

11.30 (0.03)

4.97 4.94 (1.25)

(1.25)

14.99 2020

.48

(0.04)

3.22 3.18 (0.36)

(0.36)

11.30 R-3

shares

2025(b)

9.44 (0.03)

(0.20)

(0.23)

–

–

9.21 2024

7.22 (0.06)

2.28 2.22 –

–

9.44 2023

7.66 (0.05)

(0.39)

(0.44)

–

–

7.22 2022

13.55 (0.07)

(3.67)

(3.74)

(2.15)

(2.15)

7.66 2021

10.35 (0.09)

4.54 4.45 (1.25)

(1.25)

13.55 2020

7.84 (0.07)

2.94 2.87 (0.36)

(0.36)

10.35 R-5

shares

2025(b)

11.19 (0.02)

(0.23)

(0.25)

–

–

10.94 2024

8.54 (0.03)

2.68 2.65 –

–

11.19 2023

9.02 (0.03)

(0.45)

(0.48)

–

–

8.54 2022

15.50 (0.05)

(4.28)

(4.33)

(2.15)

(2.15)

9.02 2021

11.67 (0.05)

5.13 5.08 (1.25)

(1.25)

15.50 2020

8.77 (0.05)

3.31 3.26 (0.36)

(0.36)

11.67 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(2.10)

%

(c),(d),(e)

$

72,577

0.91 %

(f),(g)

0.91 %

(f),(h)

(0.23)

%

(f) 132.7 %

(f) 30.95 (d),(e)

78,956

0.88 (g) 0.89 (h) (0.28)

149.5 (5.37)

(e) 70,897

0.93 (g) 0.95 (h) (0.33)

181.4 (31.59)

(d),(e)

81,825

0.90 (g) 0

.92

(h) (0.42)

165.5 45.43 (d),(e)

131,086

0.88 (g) 0.90 (h) (0.35)

114.5 38.55 (d),(e)

93,209

0.93 (g) 0.96 (h) (0.56)

120.6 (2.04)

(c),(d)

74,919

0.75 (f),(i)

–

(0.08)

(f) 132.7 (f) 31.23 (d) 108,171

0.75 (i) –

(0.16)

149.5 (5.29)

98,232

0.75 (i) –

(0.15)

181.4 (31.50)

(d) 125,149

0.75 (i) –

(0.26)

165.5 45.74 (d) 149,191

0.75 (i) –

(0.24)

114.5 38.77 58,852

0.75 (i) –

(0.38)

120.6 (2.23)

(c),(d)

13,906

1.24 (f) –

(0

.57)

(f) 132.7 (f) 30.61 (d) 14,421

1.24 –

(0.64)

149.5 (5.74)

15,596

1.24 –

(0.64)

181.4 (31.86)

(d) 17,879

1.23 –

(0.75)

165.5 45.01 (d) 22,672

1.23 –

(0.72)

114.5 38.08 (d) 13,555

1.24 –

(0.87)

120.6 (2.15)

(c),(d)

8,369

0.93 (f) –

(0.27)

(f) 132.7 (f) 30.91 (d) 4,771

0.93 –

(0.33)

149.5 (5.32)

4,137

0.93 –

(0.33)

181.4 (31.64)

(d) 5,778

0.92 –

(0.43)

165.5 45

.47

(d) 25,223

0.92 –

(0.39)

114.5 38.38 23,760

0.93 –

(0.55)

120.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(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) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(f) Computed

on

an

annualized

basis.

(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.

(unaudited)

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

MIDCAP

GROWTH

FUND

III

Class

J

shares

2025(b)

$

7.85 ($

0.01)

$

.01

$

–

($

4.59)

($

4.59)

$

3.26 2024

6.97 (0.03)

1.72 1.69 (0.81)

(0.81)

7.85 2023

7.29 (0.03)

(0.10)

(0.13)

(0.19)

(0.19)

6.97 2022

13.69 (0.05)

(2.92)

(2.97)

(3.43)

(3.43)

7.29 2021

10.46 (0.09)

4.12 4.03 (0.80)

(0.80)

13.69 2020

9.53 (0.06)

1.98 1.92 (0.99)

(0.99)

10.46 Institutional

shares

2025(b)

11.97 (0.01)

(0.17)

(0.18)

(4.59)

(4.59)

7.20 2024

10.25 (0.01)

2.54 2.53 (0.81)

(0.81)

11.97 2023

10.59 (0.01)

(0.14)

(0.15)

(0.19)

(0.19)

10.25 2022

18.18 (0.04)

(4.12)

(4.16)

(3.43)

(3.43)

10.59 2021

13.63 (0.08)

5.43 5.35 (0.80)

(0.80)

18.18 2020

12.10 (0.04)

2.56 2.52 (0.99)

(0.99)

13.63 R-3

shares

2025(b)

10.10 (0.02)

(0.10)

(0.12)

(4.59)

(4.59)

5.39 2024

8.80 (0.06)

2.17 2.11 (0.81)

(0.81)

10.10 2023

9.17 (0.06)

(0.12)

(0.18)

(0.19)

(0

.19)

8.80 2022

16.30 (0.10)

(3.60)

(3.70)

(3.43)

(3.43)

9.17 2021

12.36 (0.16)

4.90 4.74 (0

.80)

(0.80)

16.30 2020

11.12 (0.10)

2.33 2.23 (0.99)

(0.99)

12.36 R-5

shares

2025(b)

11.85 (0.02)

(0.17)

(0.19)

(4.59)

(4.59)

7.07 2024

10.18 (0.04)

2.52 2.48 (0.81)

(0.81)

11.85 2023

10.54 (0.04)

(0.13)

(0.17)

(0.19)

(0.19)

10.18 2022

18.15 (0.08)

(4.10)

(4.18)

(3.43)

(3.43)

10.54 2021

13.65 (0.12)

5.42 5.30 (0.80)

(0.80)

18.15 2020

12.14 (0.07)

2.57 2.50 (0.99)

(0.99)

13.65 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(4.79)

%

(c),(d)

$

38,569

1.12 %

(e),(f)

1.14 %

(e),(g)

(0.47)

%

(e) 52.0 %

(e) 25.08 (d) 41,631

1.04 (f) 1.08 (g) (0.33)

54.7 (1.76)

(d) 36,508

1.13 (f) 1.17 (g) (0.42)

49.4 (27.12)

(d) 38,816

1.14 (f) 1.18 (g) (0.65)

44.0 39.96 (d) 59,567

1.12 (f) 1.17 (g) (0.77)

34.3 21.76 (d) 45,753

1.19 (f) 1.25 (g) (0.65)

50.7 (4.60)

(c) 182,289

0.84 (e),(h)

–

(0.17)

(e) 52.0 (e) 25.26 388,247

0.80 (h) –

(0.07)

54.7 (1.40)

1,033,488

0.80 (h) –

(0.10)

49.4 (26.94)

1,120,495

0.85 (h) –

(0.35)

44.0 40.37 1,165,856

0.86 (h) –

(0.50)

34.3 22.12 1,127,871

0.87 (h) –

(0.33)

50.7 (4.92)

(c) 3,494

1.40 (e),(h)

–

(0.77)

(e) 52.0 (e) 24.61 2,754

1.37 (h) –

(0.66)

54.7 (1.95)

2,698

1.37 (h) –

(0.66)

49.4 (27.30)

3,568

1.42 (h) –

(0.93)

44.0 39.54 5,149

1.43 (h) –

(1.09)

34.3 21.41 2,643

1.44 (h) –

(0.89)

50.7 (4.78)

(c) 3,515

1.09 (e),(h)

–

(0.46)

(e) 52.0 (e) 24.92 2,658

1.06 (h) –

(0.34)

54.7 (1.60)

2,945

1.06 (h) –

(0.36)

49.4 (27.13)

2,520

1.11 (h) –

(0.61)

44.0 39.92 5,903

1.12 (h) –

(0.76)

34.3 21.87 6,505

1.13 (h) –

(0.59)

50.7 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

23.74 $

0.14 ($

1.67)

($

1.53)

($

0.29)

($

2.76)

($

3.05)

$

19.16 2024

18.60 0.27 5.65 5.92 (0.26)

(0.52)

(0.78)

23.74 2023

20.31 0.24 (0.52)

(0.28)

(0.24)

(1.19)

(1.43)

18.60 2022

25.15 0.24 (3.04)

(2.80)

(0.25)

(1.79)

(2.04)

20.31 2021

18.23 0.26 8.18 8.44 (0.21)

(1.31)

(1.52)

25.15 2020

19.65 0.20 (0.41)

(0.21)

(0.26)

(0.95)

(1.21)

18.23 Institutional

shares

2025(b)

24.79 0.16 (1.74)

(1.58)

(0.32)

(2.76)

(3.08)

20.13 2024

19.39 0.31 5.90 6.21 (0.29)

(0.52)

(0.81)

24.79 2023

21.11 0

.28

(0.54)

(0.26)

(0.27)

(1.19)

(1.46)

19.39 2022

26.06 0.28 (3.16)

(2.88)

(0.28)

(1.79)

(2.07)

21.11 2021

18.84 0.31 8.46 8.77 (0.24)

(1.31)

(1.55)

26.06 2020

20.28 0.25 (0.44)

(0.19)

(0.30)

(0.95)

(1.25)

18.84 R-3

shares

2025(b)

25.40 0.11 (1.80)

(1.69)

(0.21)

(2.76)

(2.97)

20.74 2024

19.86 0.21 6.03 6.24 (0.18)

(0.52)

(0.70)

25.40 2023

21.57 0.19 (0.54)

(0.35)

(0.17)

(1.19)

(1.36)

19.86 2022

26.57 0.18 (3.24)

(3.06)

(0.15)

(1.79)

(1.94)

21.57 2021

19.19 0.19 8.64 8.83 (0.14)

(1.31)

(1.45)

26.57 2020

20.63 0.16 (0.46)

(0.30)

(0.19)

(0.95)

(1.14)

19.19 R-5

shares

2025(b)

25.90 0.15 (1.85)

(1.70)

(0.29)

(2.76)

(3.05)

21.15 2024

20.22 0.28 6.17 6.45 (0.25)

(0.52)

(0.77)

25.90 2023

21.95 0.26 (0.57)

(0.31)

(0.23)

(1.19)

(1.42)

20.22 2022

27.00 0.25 (3.28)

(3.03)

(0.23)

(1.79)

(2.02)

21.95 2021

19.48 0.27 8.76 9.03 (0.20)

(1.31)

(1.51)

27.00 2020

20.91 0.22 (0.45)

(0.23)

(0.25)

(0.95)

(1.20)

19.48 R-6

shares

2025(b)

24.78 0

.17

(1.75)

(1.58)

(0.33)

(2.76)

(3.09)

20.11 2024

19.39 0.33 5.89 6.22 (0.31)

(0.52)

(0.83)

24.78 2023

21.11 0.30 (0.54)

(0.24)

(0.29)

(1.19)

(1.48)

19.39 2022

26.05 0.30 (3.15)

(2.85)

(0.30)

(1.79)

(2.09)

21.11 2021

18.83 0.32 8.46 8.78 (0.25)

(1.31)

(1.56)

26.05 2020

20.27 0.25 (0.43)

(0.18)

(0.31)

(0.95)

(1.26)

18.83 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(7.46)

%

(c),(d)

$

137,264

0.38 %

(e),(f)

0.39 %

(e),(g)

1.31 %

(e) 17.1 %

(e) 32.43 (d) 153,543

0.36 (f) 0.38 (g) 1.23 19.9 (1.41)

(d) 122,039

0.40 (f) 0.42 (g) 1.21 20.4 (11.85)

(d) 127,212

0.39 (f) 0.41 (g) 1.12 20.9 48.22 (d) 151,143

0.39 (f) 0.41 (g) 1.11 19.2 (1.47)

(d) 104,139

0.41 (f) 0.44 (g) 1.15 23.6 (7.42)

(c),(h)

210,694

0.25 (e) –

1.45 (e) 17.1 (e) 32.61 213,290

0.25 –

1.35 19.9 (1.25)

183,105

0.25 –

1.36 20.4 (11.73)

188,790

0.23 –

1.27 20.9 48.45 251,222

0.22 –

1.27 19.2 (1.35)

187,318

0.23 (i) –

1.34 23.6 (7.60)

(c) 59,963

0.73 (e) –

0.96 (e) 17.1 (e) 31.92 66,175

0.73 –

0.87 19.9 (1.70)

59,228

0.73 –

0.88 20.4 (12.15)

67,797

0.73 –

0.77 20.9 47.71 88,428

0.73 –

0.76 19.2 (1.83)

64,732

0.73 –

0.83 23.6 (7.50)

(c) 116,807

.42

(e) –

1.27 (e) 17.1 (e) 32.42 90,491

0.42 –

1.18 19.9 (1.45)

76,662

0.42 –

1.19 20.4 (11.87)

95,818

0.42 –

1.08 20.9 48.14 122,169

0.42 –

1.08 19.2 (1.46)

102,868

0.42 –

1.14 23.6 (7.35)

(c) 633,899

0.16 (e) –

1.53 (e) 17.1 (e) 32.67 701,967

0.16 –

1.45 19.9 (1.18)

740,171

0.16 –

1.44 20.4 (11.64)

712,153

0.16 (i) –

1.36 20.9 48.58 740,456

0.16 (i) –

1.34 19.2 (1.28)

479,248

0.16 (i) –

1.38 23.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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.

(i) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

18.40 $

0.08 ($

0.95)

($

0.87)

($

0.19)

($

2.52)

($

2.71)

$

14.82 2024

14.89 0.14 4.06 4.20 (0.15)

(0.54)

(0.69)

18.40 2023

16.23 0.15 (0.45)

(0.30)

(0.16)

(0.88)

(1.04)

14.89 2022

18.93 0.18 (0.92)

(0.74)

(0.16)

(1.80)

(1.96)

16.23 2021

12.76 0.16 6.14 6.30 (0.13)

–

(0.13)

18.93 2020

14.27 0.12 (0

.95)

(0.83)

(0.11)

(0.57)

(0.68)

12.76 Class

J

shares

2025(b)

18.19 0.09 (0.94)

(0.85)

(0.22)

(2.52)

(2.74)

14.60 2024

14.72 0.18 4.02 4.20 (0.19)

(0.54)

(0.73)

18.19 2023

16.06 0.18 (0.45)

(0.27)

(0.19)

(0.88)

(1.07)

14.72 2022

18.74 0.21 (0.90)

(0.69)

(0.19)

(1.80)

(1.99)

16.06 2021

12.65 0.19 6.08 6.27 (0.18)

–

(0.18)

18.74 2020

14.13 0.16 (0.94)

(0.78)

(0.13)

(0.57)

(0.70)

12.65 Institutional

shares

2025(b)

18.48 0.11 (0.96)

(0.85)

(0.24)

(2.52)

(2.76)

14.87 2024

14.95 0.21 4.08 4

.29

(0.22)

(0.54)

(0.76)

18.48 2023

16.29 0.22 (0.46)

(0.24)

(0.22)

(0.88)

(1.10)

14.95 2022

18.98 0.25 (0.93)

(0.68)

(0.21)

(1.80)

(2.01)

16.29 2021

12.81 0.22 6.16 6.38 (0.21)

–

(0.21)

18.98 2020

14.30 0.19 (0.95)

(0.76)

(0.16)

(0.57)

(0.73)

12.81 R-3

shares

2025(b)

18.08 0.06 (0.92)

(0.86)

(0.18)

(2.52)

(2.70)

14.52 2024

14.65 0.12 3.99 4.11 (0.14)

(0.54)

(0.68)

18.08 2023

15.98 0.13 (0.44)

(0.31)

(0.14)

(0.88)

(1.02)

14.65 2022

18.65 0.16 (0.90)

(0.74)

(0.13)

(1.80)

(1.93)

15.98 2021

12.60 0.14 6.05 6.19 (0.14)

–

(0.14)

18.65 2020

14.08 0.13 (0.94)

(0.81)

(0.10)

(0.57)

(0.67)

12.60 R-5

shares

2025(b)

18.31 0.09 (0.94)

(0.85)

(0.22)

(2.52)

(2.74)

14.72 2024

14.82 0.17 4.05 4.22 (0.19)

(0.54)

(0

.73)

18.31 2023

16.16 0.18 (0.45)

(0.27)

(0.19)

(0.88)

(1.07)

14.82 2022

18.85 0.21 (0.91)

(0.70)

(0.19)

(1.80)

(1.99)

16.16 2021

12.72 0.19 6.12 6.31 (0.18)

–

(0.18)

18.85 2020

14.20 0.17 (0.94)

(0.77)

(0.14)

(0.57)

(0.71)

12.72 R-6

shares

2025(b)

18.53 0.11 (0.95)

(0.84)

(0.25)

(2.52)

(2.77)

14.92 2024

15.00 0.22 4.08 4.30 (0.23)

(0.54)

(0.77)

18.53 2023

16.33 0.23 (0.45)

(0.22)

(0.23)

(0.88)

(1

.11)

15.00 2022

19.02 0.26 (0.92)

(0.66)

(0.23)

(1.80)

(2.03)

16.33 2021

12.84 0.24 6.16 6.40 (0.22)

–

(0.22)

19.02 2020

14.33 0.20 (0.95)

(0.75)

(0.17)

(0.57)

(0.74)

12.84 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(5.25)

%

(c),(d)

$

46,590

1.06 %

(e),(f)

–

%

0.97 %

(e) 85.5 %

(e) 28

.83

(d) 47,518

1.05 (f) –

0.83 55.3 (2.02)

(d) 40,844

1.12 (f) –

0.93 49.9 (4.18)

(d) 46,917

1.09 (f) –

1.06 51.1 49.69 (d) 42,833

1.10 (f) –

0.90 53.5 (6.32)

(d) 23,187

1.27 (f) –

0.94 65.9 (5.21)

(c),(d)

169,873

.87

(e),(g)

0.90 (e),(h)

1.15 (e) 85.5 (e) 29.20 (d) 188,451

0.84 (g) 0.88 (h) 1.04 55.3 (1.85)

(d) 162,873

0.90 (g) 0.94 (h) 1.16 49.9 (3.97)

(d) 180,636

0.88 (g) 0.92 (h) 1.27 51.1 49.98 (d) 190,633

0.89 (g) 0.93 (h) 1.11 53.5 (6.00)

(d) 129,288

0.94 (g) 0.99 (h) 1.28 65.9 (5.11)

(c) 956,915

0.69 (e),(f)

–

1.35 (e) 85.5 (e) 29.40 1,282,618

0.69 (f) –

1.20 55.3 (1.64)

1,076,199

0.69 (f) –

1.36 49.9 (3.82)

1,106,800

0.69 (f) –

1.49 51.1 50.23 349,246

0.72 (f) –

1.29 53.5 (5.82)

233,785

0.72 (f) –

1.49 65.9 (5.30)

(c) 12,025

1.20 (e),(f)

–

0.82 (e) 85.5 (e) 28.68 11,020

1.19 (f) –

0.69 55.3 (2.12)

10,065

1.19 (f) –

0.86 49.9 (4.26)

11,582

1.19 (f) –

0.95 51.1 49.47 13,975

1.20 (f) –

0.81 53.5 (6.24)

10,736

1.20 (f) –

1.01 65.9 (5.16)

(c) 32,602

0.89 (e),(f)

–

1.13 (e) 85.5 (e) 29.14 29,770

0.88 (f) –

1.01 55.3 (1.82)

28,298

0.88 (f) –

1.17 49.9 (4.00)

28,272

0.88 (f) –

1.27 51.1 50.02 29,746

0.89 (f) –

1.12 53.5 (5.96)

21,576

0.89 (f) –

1.33 65.9 (5.04)

(c) 1,121,799

0.65 (e),(f)

–

1.38 (e) 85.5 (e) 29.39 1,271,063

0.63 (f) –

1.28 55.3 (1.51)

2,089,882

0.62 (f) –

1.43 49.9 (3.78)

(i) 2,249,267

0.62 (f) –

1.53 51.1 50.41 (i) 2,312,305

0.63 (f) –

1.38 53.5 (5.73)

1,696,270

0.64 (f) –

1.58 65.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(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) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

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(b)

$

.00

$

.02

$

.02

($

.02)

($

.02)

$

.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

2020

.00

.01

.01

(0

.01)

(0

.01)

.00

Class

J

shares

2025(b)

.00

.02

.02

(0

.02)

(0

.02)

.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

2020

.00

.01

.01

(0

.01)

(0

.01)

.00

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

.05

%

(c) ,(d)

$

365,534

.47

%

(e) ,(f)

.47

%

(e) ,(g)

.09

%

(e) 5

.08

(d) 348,944

.47

(f) 0

.47

(g) 4

.96

.53

(d) 341,831

.49

(f) 0

.49

(g) 4

.43

.63

(d) 352,832

.50

(f) 0

.54

(g) 0

.67

.00

(d) 293,949

.12

(f) 0

.55

(g) 0

.00

.61

(d) 342,008

.39

(f) 0

.53

(g) 0

.54

.07

(c) ,(d)

774,182

.43

(e) ,(h)

.58

(e) ,(i)

.13

(e) 5

.12

(d) 700,884

.43

(h) 0

.58

(i) 5

.00

.58

(d) 654,501

.45

(h) 0

.60

(i) 4

.48

.64

(d) 625,829

.49

(h) 0

.64

(i) 0

.76

.00

(d) 411,033

.12

(h) 0

.66

(i) 0

.00

.58

(d) 455,689

.41

(h) 0

.68

(i) 0

.49

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

and/or

voluntary

expense

limit.

(g) Excludes

expense

reimbursement

from

Manager.

(h) Subject

to

Manager's

contractual

and

voluntary

expense

limit

and/or

Distributor's

contractual

distribution

fee

limit.

(i) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.15

$

.12

$

.68

$

.80

($

.51)

($

.08)

($

.59)

$

.36

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

2020

.69

.18

(1

.44)

(1

.26)

(0

.31)

–

(0

.31)

.12

shares

2025(b)

.97

.15

.62

.77

(0

.39)

(1

.08)

(1

.47)

.27

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

2020

.58

.13

(1

.43)

(1

.30)

(0

.26)

–

(0

.26)

.02

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

%

(c) $

1,222,624

.91

%

(d) ,(e)

.46

%

(d) 58

.1

%

(d) 18

.27

1,157,795

.90

(e) 2

.83

.0

.01

2,143,073

.97

(e) 2

.86

.3

(16

.05)

1,703,672

.97

(e) 2

.56

.2

.48

2,927,281

.94

(e) 1

.79

.8

(13

.63)

2,314,374

.96

(e) 2

.07

.6

.81

(c) 719

.46

(d) ,(e)

.97

(d) 58

.1

(d) 17

.68

.45

(e) 2

.37

.0

.27

717

.52

(e) 2

.31

.3

(16

.52)

.52

(e) 2

.01

.2

.73

604

.49

(e) 1

.29

.8

(14

.13)

.51

(e) 1

.52

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.71

$

.17

($

.29)

($

.12)

($

.37)

($

.79)

($

.16)

$

.43

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

2020

.56

.42

.45

.87

(0

.46)

(3

.67)

(4

.13)

.30

Institutional

shares

2025(b)

.89

.29

(2

.38)

(2

.09)

(0

.58)

(3

.79)

(4

.37)

.43

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

2020

.09

.61

.60

.21

(0

.63)

(3

.67)

(4

.30)

.00

shares

2025(b)

.68

.07

(2

.30)

(2

.23)

(0

.24)

(3

.79)

(4

.03)

.42

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

2020

.62

.31

.45

.76

(0

.34)

(3

.67)

(4

.01)

.37

shares

2025(b)

.68

.19

(2

.35)

(2

.16)

(0

.43)

(3

.79)

(4

.22)

.30

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

2020

.51

.47

.54

.01

(0

.50)

(3

.67)

(4

.17)

.35

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(2

.94)

%

(c) ,(d)

$

1,307,561

.74

%

(e) 0

.42

%

(e) 64

.4

%

(e) 39

.15

(d) 1,405,974

.74

.60

.4

.75

(d) 1,085,264

.78

.76

.2

(13

.77)

(d) ,(f)

1,037,510

.77

.66

.5

.26

(d) ,(f)

1,288,915

.80

.59

.9

.04

(d) ,(f)

987,963

.83

.86

.4

(2

.81)

(c) 3,023,056

.45

(e) 0

.71

(e) 64

.4

(e) 39

.55

3,171,457

.45

.88

.4

.12

2,351,308

.46

.07

.2

(13

.51)

(f) 2,022,614

.46

.97

.5

.71

(f) 961,957

.49

(g) 0

.90

.9

.42

717,175

.47

(g) 1

.21

.4

(3

.07)

(c) 43,424

.99

(e) 0

.17

(e) 64

.4

(e) 38

.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

.76

14,150

.06

.64

.4

(2

.92)

(c) 41,689

.68

(e) 0

.47

(e) 64

.4

(e) 39

.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

.11

32,567

.75

.95

.4

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.89

$

.16

($

.05)

$

.11

($

.28)

($

.31)

($

.59)

$

.41

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

2020

.26

.22

.37

.59

(0

.23)

(0

.96)

(1

.19)

.66

shares

2025(b)

.59

.13

(0

.05)

.08

(0

.23)

(0

.31)

(0

.54)

.13

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

2020

.00

.16

.36

.52

(0

.18)

(0

.96)

(1

.14)

.38

shares

2025(b)

.71

.15

(0

.05)

.10

(0

.26)

(0

.31)

(0

.57)

.24

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

2020

.11

.19

.36

.55

(0

.20)

(0

.96)

(1

.16)

.50

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

.29

%

(c) $

177,750

.03

%

(d) 3

.71

%

(d) 37

.6

%

(d) 17

.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

.20

273,028

.02

.30

.2

.00

(c) 14,519

.58

(d) 3

.16

(d) 37

.6

(d) 16

.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

.52

31,339

.58

.76

.2

.25

(c) 19,747

.27

(d) 3

.58

(d) 37

.6

(d) 16

.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

.86

28,376

.27

.08

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

13.00 $

0.20 ($

0.09)

$

0.11 ($

0.33)

($

0.53)

($

0.86)

$

12.25 2024

11.52 0.33 1.72 2.05 (0.30)

(0.27)

(0.57)

13.00 2023

12.14 0.29 0.14 0.43 (0.25)

(0.80)

(1.05)

11.52 2022

15.80 0.38 (2.74)

(2.36)

(0.33)

(0.97)

(1.30)

12.14 2021

14.07 0.23 2.30 2.53 (0.23)

(0.57)

(0.80)

15.80 2020

14.43 0.26 0.52 0

.78

(0.27)

(0.87)

(1.14)

14.07 Class

J

shares

2025(b)

12.78 0.21 (0.10)

0.11 (0.35)

(0.53)

(0.88)

12.01 2024

11.33 0.35 1.70 2.05 (0.33)

(0.27)

(0.60)

12.78 2023

11.96 0.31 0.14 0.45 (0.28)

(0.80)

(1.08)

11.33 2022

15.59 0.41 (2.72)

(2.31)

(0.35)

(0.97)

(1.32)

11.96 2021

13.89 0.25 2

.28

2.53 (0.26)

(0.57)

(0.83)

15.59 2020

14.26 0.29 0.50 0.79 (0.29)

(0.87)

(1.16)

13.89 Institutional

shares

2025(b)

12.89 0.22 (0.09)

0.13 (0.37)

(0.53)

(0.90)

12.12 2024

11.43 0.37 1.71 2.08 (0.35)

(0

.27)

(0.62)

12.89 2023

12.06 0.33 0.14 0.47 (0.30)

(0.80)

(1.10)

11.43 2022

15.70 0.44 (2.73)

(2

.29)

(0.38)

(0.97)

(1.35)

12.06 2021

13.99 0.28 2.28 2.56 (0.28)

(0.57)

(0.85)

15.70 2020

14.35 0.31 0.52 0.83 (0.32)

(0.87)

(1.19)

13.99 R-3

shares

2025(b)

12.70 0.19 (0.09)

0.10 (0.31)

(0.53)

(0.84)

11.96 2024

11.27 0.30 1.68 1.98 (0.28)

(0.27)

(0.55)

12.70 2023

11.89 0.26 0.14 0.40 (0.22)

(0.80)

(1.02)

11.27 2022

15.49 0.36 (2.70)

(2.34)

(0.29)

(0.97)

(1.26)

11.89 2021

13.82 0.19 2.25 2.44 (0.20)

(0.57)

(0.77)

15.49 2020

14.18 0.23 0.51 0.74 (0.23)

(0.87)

(1.10)

13.82 R-5

shares

2025(b)

12.79 0.21 (0.10)

0.11 (0.34)

(0.53)

(0.87)

12.03 2024

11.35 0.34 1.68 2.02 (0.31)

(0.27)

(0.58)

12.79 2023

11.97 0.31 0.13 0.44 (0.26)

(0.80)

(1.06)

11.35 2022

15.60 0.40 (2.72)

(2.32)

(0.34)

(0.97)

(1.31)

11.97 2021

13.90 0.24 2.28 2.52 (0.25)

(0.57)

(0.82)

15.60 2020

14.26 0.28 0.51 0.79 (0.28)

(0.87)

(1.15)

13.90 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

0.92 %

(c),(d)

$

81,953

0.34 %

(e) –

%

3.26 %

(e) 35.2 %

(e) 18

.15

(d) 86,973

0.33 –

2.64 27.4 3.73 (d) 81,249

0.38 –

2.44 9.8 (16.17)

(d) 88,607

0.36 (f) –

2.84 25.2 18.52 (d) 112,642

0.35 (f) –

1.50 19.6 5.58 (d) 100,919

0.36 (f) –

1.89 21.7 0.96 (c),(d)

634,496

0.17 (e),(g)

.17

(e),(h)

3.43 (e) 35.2 (e) 18.47 (d) 669,174

0.15 (g) 0.17 (h) 2.82 27.4 3.91 (d) 640,253

0.16 (g) 0.18 (h) 2.64 9.8 (16.05)

(d) 679,727

0.17 (g) 0.19 (h) 3.06 25.2 18.69 (d),(i)

910,454

0.18 (g) 0.20 (h) 1.68 19.6 5.86 (d),(i)

832,258

0.16 (g) 0.19 (h) 2.12 21.7 1.10 (c) 1,219,264

0.01 (e) –

3.61 (e) 35.2 (e) 18.57 1,401,110

0.01 –

2.98 27.4 4.07 1,427,262

0.01 –

2.82 9.8 (15.85)

1,640,911

0.01 –

3.25 25.2 18.87 2,424,308

0.01 –

1.86 19.6 5.99 2,298,787

0.01 –

2.28 21.7 0.82 (c) 61,790

0.57 (e) –

3.08 (e) 35.2 (e) 17.86 60,266

0.57 –

2.41 27.4 3

.51

62,249

0.57 –

2.26 9.8 (16.37)

(i) 77,582

0.57 –

2.69 25.2 18.24 (i) 112,088

0.57 –

1.30 19.6 5.42 110,479

0.57 –

1.74 21.7 0.96 (c) 81,224

0.26 (e) –

3.40 (e) 35.2 (e) 18.20 74,174

0.26 –

2.76 27.4 3.88 85,830

0.26 –

2.60 9.8 (16.13)

103,555

0.26 –

3.02 25.2 18.62 154,635

0.26 –

1.63 19.6 5.73 158,936

0.26 –

2.05 21.7 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(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) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

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(b)

$

.67

$

.20

($

.10)

$

.10

($

.31)

($

.38)

($

.69)

$

.08

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

2020

.75

.24

.43

.67

(0

.25)

(0

.53)

(0

.78)

.64

shares

2025(b)

.31

.16

(0

.09)

.07

(0

.25)

(0

.38)

(0

.63)

.75

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

2020

.48

.19

.40

.59

(0

.19)

(0

.53)

(0

.72)

.35

shares

2025(b)

.54

.18

(0

.09)

.09

(0

.29)

(0

.38)

(0

.67)

.96

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

2020

.66

.22

.41

.63

(0

.22)

(0

.53)

(0

.75)

.54

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

.92

%

(c) $

1,242,769

.01

%

(d) 3

.48

%

(d) 41

.1

%

(d) 20

.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

.93

1,225,564

.01

.16

.4

.64

(c) 88,712

.57

(d) 2

.91

(d) 41

.1

(d) 19

.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

.29

123,574

.57

.69

.4

.80

(c) 91,521

.26

(d) 3

.31

(d) 41

.1

(d) 19

.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

.59

109,815

.26

.97

.4

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

14.71 $

0.21 ($

0.14)

$

0.07 ($

0.32)

($

0.48)

($

0.80)

$

13.98 2024

12.50 0.31 2.43 2.74 (0.28)

(0.25)

(0.53)

14.71 2023

13.12 0.24 0.32 0.56 (0.20)

(0.98)

(1.18)

12.50 2022

17.49 0.42 (3.42)

(3.00)

(0.35)

(1

.02)

(1.37)

13.12 2021

14.76 0.22 3.45 3.67 (0.22)

(0.72)

(0.94)

17.49 2020

14.85 0.26 0

.54

0.80 (0.26)

(0.63)

(0.89)

14.76 Class

J

shares

2025(b)

14.60 0.22 (0.13)

0.09 (0.35)

(0.48)

(0.83)

13.86 2024

12.41 0.33 2.42 2.75 (0.31)

(0.25)

(0.56)

14.60 2023

13.04 0.26 0.32 0.58 (0.23)

(0

.98)

(1.21)

12.41 2022

17.39 0.44 (3.39)

(2.95)

(0.38)

(1.02)

(1.40)

13.04 2021

14.67 0.26 3.43 3.69 (0.25)

(0.72)

(0.97)

17.39 2020

14.77 0.29 0.53 0.82 (0.29)

(0.63)

(0.92)

14.67 Institutional

shares

2025(b)

14.68 0.23 (0.13)

0.10 (0.37)

(0.48)

(0.85)

13.93 2024

12.48 0.36 2.42 2.78 (0.33)

(0.25)

(0.58)

14.68 2023

13.10 0.29 0.32 0.61 (0.25)

(0.98)

(1.23)

12.48 2022

17.47 0

.46

(3.40)

(2.94)

(0.41)

(1.02)

(1.43)

13.10 2021

14.73 0.28 3.45 3.73 (0.27)

(0.72)

(0.99)

17.47 2020

14.83 0.31 0.53 0.84 (0.31)

(0.63)

(0.94)

14.73 R-3

shares

2025(b)

14.55 0.20 (0.15)

0.05 (0.29)

(0.48)

(0.77)

13.83 2024

12.37 0.28 2.41 2.69 (0.26)

(0.25)

(0.51)

14.55 2023

12.99 0.21 0.32 0.53 (0.17)

(0.98)

(1.15)

12.37 2022

17.33 0.39 (3.39)

(3.00)

(0.32)

(1.02)

(1.34)

12.99 2021

14.63 0.19 3.42 3.61 (0.19)

(0.72)

(0.91)

17.33 2020

14.73 0.23 0.52 0.75 (0.22)

(0.63)

(0.85)

14.63 R-5

shares

2025(b)

14.64 0.22 (0.14)

0.08 (0.34)

(0.48)

(0.82)

13.90 2024

12.44 0.33 2.41 2.74 (0.29)

(0.25)

(0.54)

14.64 2023

13.07 0.26 0.31 0.57 (0.22)

(0.98)

(1.20)

12.44 2022

17.43 0.43 (3.40)

(2.97)

(0.37)

(1.02)

(1.39)

13.07 2021

14.70 0.25 3.44 3.69 (0.24)

(0.72)

(0.96)

17.43 2020

14.79 0.28 0.53 0.81 (0.27)

(0.63)

(0.90)

.70

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

0.52 %

(c),(d)

$

132,764

0.33 %

(e) –

%

2.97 %

(e) 45.7 %

(e) 22.27 (d) 139,779

0.33 –

2.20 38.7 4.42 (d) 121,782

0.38 (f) –

1.84 11.2 (18.48)

(d) 129,354

0.37 (f) –

2.83 31.1 25.68 (d) 168,435

0.36 (f) –

1.34 24.0 5.48 (d) 128,178

0.38 (f) –

1.78 33.4 0.63 (c),(d)

1,069,730

0.18 (e),(g)

0.18 (e),(h)

3.14 (e) 45.7 (e) 22.52 (d) 1,133,064

0.16 (g) 0.17 (h) 2.39 38.7 4.59 (d) 1,019,722

0.17 (g) 0.19 (h) 2.05 11.2 (18.33)

(d) 1,041,206

0.18 (g) 0.20 (h) 3.02 31.1 26.00 (d) 1,388,404

0.18 (g) 0.20 (h) 1.56 24.0 5.64 (d) 1,169,328

.17

(g) 0.20 (h) 2.02 33.4 0.71 (c) 3,545,735

0.01 (e) –

3.32 (e) 45.7 (e) 22.67 3,850,068

0.01 –

2.53 38.7 4.84 3,387,912

0.01 –

2.21 11.2 (18.22)

3,437,305

0.01 –

3.15 31.1 26.21 4,530,236

0.01 –

1.71 24.0 5.79 3,592,487

0.01 –

2.16 33.4 0.41 (c) 135,323

0.57 (e) –

2.80 (e) 45.7 (e) 22.04 133,904

0.57 –

1.98 38.7 4.20 123,110

0.57 –

1.64 11.2 (18.66)

125,371

0.57 –

2.65 31.1 25.46 176,532

0.57 –

1.14 24.0 5.22 141,979

0.57 –

1.60 33.4 0.57 (c) 182,149

0.26 (e) –

3.14 (e) 45.7 (e) 22.42 157,441

0.26 –

2.34 38.7 4.49 167,033

0.26 –

1.99 11.2 (18.42)

184,436

0.26 –

2.94 31.1 25.88 242,659

0.26 –

1.49 24.0 5.60 212,626

0.26 –

1.96 33.4 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(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.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.41

$

.20

($

.16)

$

.04

($

.29)

($

.45)

($

.74)

$

.71

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

2020

.49

.24

.50

.74

(0

.26)

(0

.63)

(0

.89)

.34

shares

2025(b)

.06

.16

(0

.15)

.01

(0

.22)

(0

.45)

(0

.67)

.40

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

2020

.26

.18

.47

.65

(0

.19)

(0

.63)

(0

.82)

.09

shares

2025(b)

.29

.19

(0

.16)

.03

(0

.27)

(0

.45)

(0

.72)

.60

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

2020

.41

.23

.47

.70

(0

.22)

(0

.63)

(0

.85)

.26

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

.37

%

(c) $

1,712,170

.01

%

(d) 3

.11

%

(d) 49

.7

%

(d) 24

.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

.02

1,043,617

.01

.04

.1

.13

(c) 95,408

.57

(d) 2

.53

(d) 49

.7

(d) 23

.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

.38

85,507

.57

.56

.1

.25

(c) 112,109

.26

(d) 2

.91

(d) 49

.7

(d) 24

.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

.76

92,452

.26

.92

.1

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

16.41 $

0.20 ($

0.22)

($

0.02)

($

0.26)

($

0.81)

($

1.07)

$

15.32 2024

13.54 0.27 3.22 3.49 (0.25)

(0.37)

(0.62)

16.41 2023

13.86 0.19 0.59 0.78 (0.16)

(0.94)

(1.10)

13.54 2022

18.81 0.46 (3.88)

(3.42)

(0

.46)

(1.07)

(1.53)

13.86 2021

15.20 0.22 4.35 4.57 (0.23)

(0.73)

(0.96)

18.81 2020

15.43 0.24 0.60 0.84 (0.26)

(0.81)

(1.07)

15.20 Class

J

shares

2025(b)

16.69 0.22 (0.23)

(0.01)

(0.29)

(0.81)

(1.10)

15.58 2024

13.76 0.30 3.28 3.58 (0.28)

(0.37)

(0.65)

16.69 2023

14.07 0.22 0.60 0.82 (0.19)

(0.94)

(1.13)

13.76 2022

19.07 0.50 (3.94)

(3.44)

(0.49)

(1.07)

(1.56)

14.07 2021

15.39 0.26 4.41 4.67 (0.26)

(0.73)

(0.99)

19.07 2020

15.61 0.28 0.59 0.87 (0.28)

(0.81)

(1.09)

15.39 Institutional

shares

2025(b)

16.92 0.24 (0.23)

0.01 (0.32)

(0.81)

(1.13)

15.80 2024

13.95 0.33 3.31 3

.64

(0.30)

(0.37)

(0.67)

16.92 2023

14.24 0.24 0.62 0.86 (0.21)

(0.94)

(1.15)

13.95 2022

19.29 0.53 (3.99)

(3.46)

(0.52)

(1.07)

(1.59)

14.24 2021

15.55 0.29 4.46 4.75 (0.28)

(0.73)

(1.01)

19.29 2020

15.77 0.30 0.60 0.90 (0.31)

(0.81)

(1.12)

15.55 R-3

shares

2025(b)

16.53 0.19 (0.22)

(0.03)

(0.24)

(0.81)

(1.05)

15.45 2024

13.65 0.24 3.23 3.47 (0.22)

(0.37)

(0.59)

16.53 2023

13.95 0.16 0.61 0.77 (0.13)

(0

.94)

(1.07)

13.65 2022

18.93 0.44 (3.93)

(3.49)

(0.42)

(1.07)

(1.49)

13.95 2021

15.29 0.18 4.39 4

.57

(0.20)

(0.73)

(0.93)

18.93 2020

15.52 0.22 0.58 0.80 (0.22)

(0.81)

(1.03)

15.29 R-5

shares

2025(b)

16.78 0.22 (0.24)

(0.02)

(0.28)

(0.81)

(1.09)

15.67 2024

13.83 0.30 3.28 3.58 (0.26)

(0.37)

(0.63)

16.78 2023

14.13 0.21 0.61 0.82 (0.18)

(0.94)

(1.12)

13.83 2022

19.15 0.49 (3.97)

(3.48)

(0.47)

(1.07)

(1.54)

14.13 2021

15.45 0.25 4.42 4.67 (0.24)

(0.73)

(0.97)

19.15 2020

15.67 0.27 0.59 0.86 (0.27)

(0.81)

(1

.08)

15.45 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(0.07)

%

(c),(d)

$

118,007

0.34 %

(e),(f)

–

%

2.57 %

(e) 57.0 %

(e) 26.30 (d) 121,589

0.35 (f) –

1.74 34.8 5.96 (d) 99,851

0.38 (f) –

1.34 12.4 (19.68)

(d) 101,428

0.38 (f) –

2.94 23.8 31.00 (d) 126,454

0.38 (f) –

1.24 20.0 5.49 (d) 97,825

0.38 (f) –

1.65 32.8 (0.03)

(c),(d)

841,556

0.18 (e),(g)

0.18 (e),(h)

2.74 (e) 57.0 (e) 26.56 (d) 875,149

0.17 (g) 0.18 (h) 1.93 34.8 6.15 (d) 733,117

0.18 (g) 0.20 (h) 1.53 12.4 (19.53)

(d) 724,982

0.18 (g) 0.20 (h) 3.17 23.8 31.30 (d) 948,713

0.18 (g) 0.21 (h) 1.44 20.0 5.67 (d) 753,868

0.18 (g) 0.21 (h) 1.86 32.8 0.07 (c) 3,235,761

0.01 (e) –

2.93 (e) 57.0 (e) 26.68 3,432,790

0.01 –

2.08 34.8 6.42 2,798,971

0.01 –

1.70 12.4 (19.43)

2,684,679

0.01 –

3.30 23.8 31.56 3,429,237

0.01 –

1.61 20.0 5.79 2,615,276

0.01 –

2.02 32.8 (0.19)

(c) 120,982

0.57 (e) –

2.41 (e) 57.0 (e) 25.95 120,638

0.57 –

1.52 34.8 5.83 99,443

0.57 –

1.13 12.4 (19.88)

96,348

0.57 –

2.81 23.8 30.81 129,032

0.57 –

1.02 20.0 5.22 97,748

0.57 –

1.46 32.8 (0.07)

(c) 167,508

0.26 (e) –

2.78 (e) 57.0 (e) 26.45 146,695

.26

–

1.87 34.8 6.12 142,339

0.26 –

1.49 12.4 (19

.62)

147,107

0.26 –

3.08 23.8 31.19 187,926

0.26 –

1.39 20.0 5.56 159,934

0.26 –

1.80 32.8 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(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.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.03

$

.20

($

.22)

($

.02)

($

.25)

($

.54)

($

.79)

$

.22

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

2020

.12

.24

.48

.72

(0

.25)

(0

.64)

(0

.89)

.95

shares

2025(b)

.46

.16

(0

.22)

(0

.06)

(0

.18)

(0

.54)

(0

.72)

.68

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

2020

.76

.18

.45

.63

(0

.18)

(0

.64)

(0

.82)

.57

shares

2025(b)

.71

.19

(0

.24)

(0

.05)

(0

.22)

(0

.54)

(0

.76)

.90

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

2020

.92

.22

.46

.68

(0

.22)

(0

.64)

(0

.86)

.74

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(0

.09)

%

(c) $

1,464,253

.01

%

(d) 2

.80

%

(d) 58

.5

%

(d) 28

.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

.57

780,234

.01

.90

.5

(0

.44)

(c) 76,975

.57

(d) 2

.23

(d) 58

.5

(d) 27

.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

.00

66,042

.58

.45

.5

(0

.30)

(c) 94,119

.26

(d) 2

.64

(d) 58

.5

(d) 27

.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

.30

71,201

.27

.80

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

18.04 $

0.20 ($

0.29)

($

0.09)

($

0.21)

($

0.84)

($

1.05)

$

16.90 2024

14.54 0.22 3.92 4.14 (0.21)

(0.43)

(0.64)

18.04 2023

14.82 0.15 0.81 0.96 (0.12)

(1.12)

(1.24)

14.54 2022

20.06 0.49 (4.30)

(3.81)

(0

.49)

(0.94)

(1.43)

14.82 2021

15.63 0.21 5.06 5.27 (0.22)

(0.62)

(0.84)

20.06 2020

15.89 0.24 0.56 0.80 (0.24)

(0.82)

(1.06)

15.63 Class

J

shares

2025(b)

17.21 0.20 (0.27)

(0.07)

(0.24)

(0.84)

(1.08)

16.06 2024

13.90 0.25 3.73 3.98 (0.24)

(0.43)

(0.67)

17.21 2023

14.22 0.16 0.79 0.95 (0.15)

(1.12)

(1.27)

13.90 2022

19.30 0.51 (4.13)

(3.62)

(0.52)

(0.94)

(1.46)

14.22 2021

15.06 0.23 4.88 5.11 (0.25)

(0.62)

(0.87)

19.30 2020

15.35 0.25 0.54 0.79 (0.26)

(0.82)

(1.08)

15.06 Institutional

shares

2025(b)

17.98 0.23 (0.29)

(0.06)

(0.27)

(0.84)

(1.11)

16.81 2024

14.49 0.29 3.90 4.19 (0.27)

(0.43)

(0.70)

17.98 2023

14.78 0.20 0.81 1.01 (0.18)

(1.12)

(1.30)

14.49 2022

19.99 0.55 (4.26)

(3.71)

(0.56)

(0.94)

(1.50)

14.78 2021

15.57 0.28 5.04 5.32 (0.28)

(0.62)

(0.90)

19.99 2020

15.84 0.29 0.55 0.84 (0.29)

(0.82)

(1.11)

15.57 R-3

shares

2025(b)

17.58 0.18 (0.29)

(0.11)

(0.18)

(0.84)

(1.02)

16.45 2024

14.20 0.19 3.81 4.00 (0.19)

(0.43)

(0.62)

17.58 2023

14.50 0.11 0.80 0.91 (0.09)

(1

.12)

(1.21)

14.20 2022

19.64 0.46 (4.20)

(3.74)

(0.46)

(0.94)

(1.40)

14.50 2021

15.33 0.16 4.97 5

.13

(0.20)

(0.62)

(0.82)

19.64 2020

15.60 0.20 0.56 0.76 (0.21)

(0.82)

(1.03)

15.33 R-5

shares

2025(b)

17.85 0.22 (0.30)

(0.08)

(0.24)

(0.84)

(1.08)

16.69 2024

14.39 0.24 3.88 4.12 (0.23)

(0.43)

(0.66)

17.85 2023

14.69 0.17 0.79 0.96 (0.14)

(1.12)

(1.26)

14.39 2022

19.88 0.51 (4.25)

(3.74)

(0.51)

(0.94)

(1.45)

14.69 2021

15.49 0.23 5.02 5.25 (0.24)

(0.62)

(0.86)

19.88 2020

15.76 0.25 0.55 0.80 (0.25)

(0.82)

(1.07)

15.49 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(0.53)

%

(c),(d)

$

111,979

0.38 %

(e),(f)

–

%

2.29 %

(e) 65.8 %

(e) 29.14 (d) 113,939

0.38 (f) –

1.31 37.1 6.94 (d) 90,827

0.38 (f) –

0.97 10.6 (20.32)

(d) 87,266

0.38 (f) –

2.93 26.9 34.64 (d) 105,294

0.38 (f) –

1.11 21.0 5.06 (d) 77,925

0.38 (f) –

1.56 26.9 (0.41)

(c),(d)

284,187

0.20 (e),(g)

0.20 (e),(h)

2.48 (e) 65.8 (e) 29.33 (d) 293,958

0.19 (g) 0.20 (h) 1.51 37.1 7.14 (d) 242,027

0.23 (g) 0.25 (h) 1.12 10.6 (20.17)

(d) 235,469

0.22 (g) 0.24 (h) 3.17 26.9 34.90 (d) 312,540

0.21 (g) 0.24 (h) 1.29 21.0 5.18 (d) 237,515

0.22 (g) 0.25 (h) 1.74 26.9 (0.34)

(c) 2,506,192

0.01 (e) –

2.70 (e) 65.8 (e) 29.62 2,677,540

0.01 –

1.69 37.1 7.31 2,116,797

0.01 –

1.32 10.6 (19.96)

1,951,777

0.01 –

3.29 26.9 35.15 2,422,742

0.01 –

1.49 21.0 5.37 1,754,692

0.01 –

1.91 26.9 (0

.63)

(c) 94,766

0.57 (e) –

2.16 (e) 65.8 (e) 28.78 93,764

0.57 –

1.13 37.1 6.73 76,894

0.57 –

0.76 10.6 (20.41)

71,732

0.57 –

2.80 26.9 34.33 94,767

0.57 –

0.87 21.0 4.87 68,182

0.57 –

1.35 26.9 (0.48)

(c) 127,566

0.26 (e) –

2.55 (e) 65.8 (e) 29.30 102,140

.26

–

1.45 37.1 7.00 93,301

0.26 –

1.16 10.6 (20

.18)

99,622

0.26 –

3.12 26.9 34.84 128,805

0.26 –

1.27 21.0 5.12 104,577

0.26 –

1.66 26.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(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.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.89

$

.22

($

.28)

($

.06)

($

.26)

($

.55)

($

.81)

$

.02

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

2020

.00

.24

.47

.71

(0

.25)

(0

.59)

(0

.84)

.87

shares

2025(b)

.21

.17

(0

.27)

(0

.10)

(0

.17)

(0

.55)

(0

.72)

.39

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

2020

.60

.17

.45

.62

(0

.18)

(0

.59)

(0

.77)

.45

shares

2025(b)

.56

.20

(0

.27)

(0

.07)

(0

.23)

(0

.55)

(0

.78)

.71

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

2020

.80

.21

.46

.67

(0

.22)

(0

.59)

(0

.81)

.66

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(0

.37)

%

(c) $

970,379

.01

%

(d) 2

.69

%

(d) 66

.0

%

(d) 29

.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

.07

421,577

.02

.81

.0

(0

.60)

(c) 51,523

.58

(d) 2

.12

(d) 66

.0

(d) 28

.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

.53

32,687

.58

.34

.0

(0

.44)

(c) 57,708

.27

(d) 2

.46

(d) 66

.0

(d) 29

.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

.81

38,859

.27

.62

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

17.86 $

0.20 ($

0.29)

($

0.09)

($

0.22)

($

0.54)

($

0.76)

$

17.01 2024

14.36 0.23 3.87 4.10 (0.21)

(0.39)

(0.60)

17.86 2023

14.52 0.14 0.81 0.95 (0.12)

(0.99)

(1.11)

14.36 2022

19.13 0.48 (4.18)

(3.70)

(0.47)

(0.44)

(0.91)

14.52 2021

14.47 0.17 5.04 5.21 (0.21)

(0.34)

(0.55)

19.13 2020

14.61 0.21 0.47 0.68 (0.22)

(0.60)

(0.82)

14.47 Institutional

shares

2025(b)

18.07 0.24 (0.30)

(0.06)

(0.28)

(0.54)

(0.82)

17.19 2024

14.52 0.28 3.93 4.21 (0.27)

(0.39)

(0.66)

18.07 2023

14.68 0.19 0.82 1.01 (0.18)

(0.99)

(1.17)

14.52 2022

19.32 0.51 (4.17)

(3.66)

(0.54)

(0.44)

(0.98)

14.68 2021

14.60 0

.24

5.08 5.32 (0.26)

(0.34)

(0.60)

19.32 2020

14.72 0.25 0.49 0.74 (0.26)

(0.60)

(0.86)

14.60 R-3

shares

2025(b)

17.68 0.18 (0.29)

(0.11)

(0.19)

(0.54)

(0.73)

16.84 2024

14.24 0.18 3.84 4.02 (0.19)

(0.39)

(0.58)

17.68 2023

14.41 0.10 0.82 0.92 (0.10)

(0.99)

(1.09)

14.24 2022

19.00 0.43 (4.14)

(3.71)

(0.44)

(0.44)

(0

.88)

14.41 2021

14.38 0.13 5.01 5.14 (0.18)

(0.34)

(0.52)

19.00 2020

14.52 0.17 0.48 0.65 (0.19)

(0.60)

(0.79)

14.38 R-5

shares

2025(b)

17.87 0.21 (0.30)

(0.09)

(0.24)

(0.54)

(0.78)

17.00 2024

14.37 0.24 3.88 4.12 (0.23)

(0.39)

(0.62)

17.87 2023

14.54 0.18 0.78 0.96 (0.14)

(0.99)

(1.13)

14.37 2022

19.14 0.48 (4.15)

(3.67)

(0.49)

(0.44)

(0.93)

14.54 2021

14.48 0.20 5.02 5.22 (0.22)

(0.34)

(0.56)

19.14 2020

14.61 0.20 0.50 0.70 (0.23)

(0.60)

(0.83)

14.48 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(0.52)

%

(c),(d)

$

17,222

0.32 %

(e),(f)

0.32 %

(e),(g)

2.33 %

(e) 65.8 %

(e) 29.17 (d) 17,409

0.35 (f) 0.36 (g) 1.37 37.3 6.96 (d) 14,751

0.38 (f) 0.46 (g) 0.98 10.6 (20.23)

(d) 14,614

0.38 (f) 0.43 (g) 2.94 21.7 36.62 (d) 18,803

0.38 (f) 0.43 (g) 0.94 18.3 4.61 (d) 11,740

0.38 (f) 0.58 (g) 1.49 22.9 (0.37)

(c) 950,919

0.01 (e) –

2.68 (e) 65.8 (e) 29.64 989,955

0.01 –

1.66 37.3 7.30 726,855

0.01 –

1.28 10.6 (19.92)

594,766

0.01 –

3.13 21.7 37.12 629,044

0.02 –

1.32 18.3 5.02 385,276

0.02 –

1.75 22.9 (0.64)

(c) 34,629

0.58 (e) –

2.11 (e) 65.8 (e) 28

.83

32,512

0.58 –

1.09 37.3 6.79 24,915

0.58 –

0.71 10.6 (20.41)

19,914

0.58 –

2.67 21.7 36.38 22,111

0.58 –

0.75 18.3 4.45 14,091

0.58 –

1.23 22.9 (0.51)

(c) 38,976

0.27 (e) –

2.46 (e) 65.8 (e) 29.26 29,231

0.27 –

1.42 37.3 7.05 27,953

0.27 –

1.18 10.6 (20.10)

28,139

0.27 –

2.94 21.7 36.74 30,796

.27

–

1.13 18.3 4.76 20,854

0.27 –

1.46 22.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(g) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

.73

$

.19

($

.24)

($

.05)

($

.22)

($

.32)

($

.54)

$

.14

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

2020

.19

.14

.44

.58

(0

.19)

(0

.25)

(0

.44)

.33

shares

2025(b)

.52

.15

(0

.24)

(0

.09)

(0

.15)

(0

.32)

(0

.47)

.96

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

2020

.10

.11

.40

.51

(0

.15)

(0

.25)

(0

.40)

.21

shares

2025(b)

.61

.17

(0

.23)

(0

.06)

(0

.20)

(0

.32)

(0

.52)

.03

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

2020

.16

.06

.48

.54

(0

.18)

(0

.25)

(0

.43)

.27

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

(0

.35)

%

(c) $

211,938

.03

%

(d) 2

.65

%

(d) 66

.7

%

(d) 29

.47

204,205

.03

.53

.6

.29

126,627

.04

(e) 1

.18

.7

(19

.92)

83,762

.05

(e) 2

.96

.4

.37

73,568

.08

(e) 1

.04

.5

.15

26,561

.08

(e) 1

.28

.1

(0

.64)

(c) 9,490

.58

(d) 2

.09

(d) 66

.7

(d) 28

.87

9,360

.59

.04

.6

.65

7,872

.59

(e) 0

.63

.7

(20

.37)

4,642

.59

(e) 2

.34

.4

.70

4,115

.60

(e) 0

.49

.5

.55

1,590

.62

(e) 1

.00

.1

(0

.44)

(c) 10,439

.27

(d) 2

.44

(d) 66

.7

(d) 29

.17

6,777

.28

.34

.6

.04

4,707

.28

(e) 1

.25

.7

(20

.11)

5,055

.28

(e) 2

.57

.4

.09

3,917

.29

(e) 0

.98

.5

.81

1,898

.31

(e) 0

.52

.1

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

(e) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

12.86 $

0.12 ($

0.18)

($

0.06)

($

0.15)

($

0.18)

($

0.33)

2024

10.09 0.11 2.83 2.94 (0.17)

–

(0.17)

2023(h)

10.00 0.02 0.07 0.09 –

–

–

Institutional

shares

2025(b)

12.83 0.15 (0.19)

(0.04)

(0.18)

(0.18)

(0.36)

2024

10.06 0.13 2.81 2.94 (0.17)

–

(0.17)

2023(h)

10.00 0.03 0.03 0.06 –

–

–

shares

2025(b)

12.71 0.12 (0.20)

(0.08)

(0.14)

(0.18)

(0.32)

2024

10.02 0.06 2.80 2.86 (0.17)

–

(0.17)

2023(h)

10.00 (0.01)

0.03 0.02 –

–

–

shares

2025(b)

12.78 0.14 (0.20)

(0.06)

(0.16)

(0.18)

(0.34)

2024

10.04 0.09 2.82 2.91 (0.17)

–

(0.17)

2023(h)

10.00 0.02 0.02 0.04 –

–

–

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

$

12.47 (0.46)

%

(c),(d)

$

594

0.30 %

(e),(f)

3.96 %

(e),(g)

1.87 %

(e) 69.7 %

(e) 12

.86

29.36 (d) 330

0.30 (f) 8.13 (g) 0.89 54.0 10.09 0.90 (c),(d)

0.30 (e),(f)

62.61 (e),(g)

0.24 (e) 94.1 (e) 12.43 (0.35)

(c) 57,653

0.05 (e),(i)

–

2.42 (e) 69.7 (e) 12.83 29.45 41,700

0.05 (i) –

1.08 54.0 10.06 0.60 (c) 8,476

0.05 (e),(i)

–

0.49 (e) 94.1 (e) 12.31 (0.64)

(c) 1,253

0.62 (e),(i)

–

1.99 (e) 69.7 (e) 12.71 28.76 772

0.62 (i) –

0.45 54.0 10.02 0.20 (c) 282

0.62 (e),(i)

–

(0.14)

(e) 94.1 (e) 12.38 (0.46)

(c) 1,887

0.31 (e),(i)

–

2.30 (e) 69

.7

(e) 12.78 29.20 1,074

0.31 (i) –

0.72 54.0 10.04 0.40 (c) 136

0.31 (e),(i)

–

0.23 (e) 94.1 (e) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Period

from

March

1,

2023,

date

operations

commenced,

through

October

31,

2023. (i) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

11.64 $

0.28 ($

0.15)

$

0.13 ($

0.33)

($

0.05)

($

0.38)

$

11.39 2024

10.26 0.32 1.43 1.75 (0.32)

(0.05)

(0

.37)

11.64 2023

10.44 0.22 0.12 0.34 (0.21)

(0.31)

(0.52)

10.26 2022

12.91 0.23 (2

.00)

(1.77)

(0.28)

(0.42)

(0.70)

10.44 2021

11.75 0.39 1.34 1.73 (0.48)

(0.09)

(0.57)

12.91 2020

11.39 0.21 0.48 0.69 (0.26)

(0.07)

(0.33)

11.75 Institutional

shares

2025(b)

11.71 0.30 (0.16)

0.14 (0.34)

(0.05)

(0.39)

11.46 2024

10.32 0.38 1.39 1.77 (0.33)

(0.05)

(0.38)

11.71 2023

10.49 0.26 0.10 0.36 (0.22)

(0.31)

(0.53)

10.32 2022

12.96 0.31 (2.07)

(1.76)

(0.29)

(0.42)

(0.71)

10.49 2021

11.80 0.48 1.27 1.75 (0.50)

(0.09)

(0.59)

12.96 2020

11.42 0.28 0.45 0.73 (0.28)

(0.07)

(0.35)

11.80 R-6

shares

2025(b)

11.73 0.30 (0.15)

0.15 (0.35)

(0.05)

(0.40)

11.48 2024

10.34 0.37 1.40 1.77 (0.33)

(0.05)

(0.38)

11.73 2023

10.51 0.28 0.08 0.36 (0.22)

(0.31)

(0.53)

10.34 2022

12.98 0.32 (2.07)

(1.75)

(0.30)

(0.42)

(0.72)

10.51 2021

11.82 0.50 1.26 1.76 (0.51)

(0.09)

(0.60)

12.98 2020

11.44 0.27 0

.46

0.73 (0.28)

(0.07)

(0.35)

11.82 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

1.16 %

(c),(d)

$

321,509

0.18 %

(e),(f)

0.18 %

(e),(g)

4.87 %

(e) 29.8 %

(e) 17.29 (d) 271,360

0.16 (f) 0.18 (g) 2.89 23.8 3.27 (d) 168,885

0.17 (f) 0.19 (g) 2.07 15.8 (14.50)

(d) 96,345

0.23 (f) 0.25 (g) 2.07 18.1 15.07 (d) 55,458

0.23 (f) 0.25 (g) 3

.10

20.6 6.21 (d) 29,710

0.28 (f) 0.31 (g) 1.84 32.4 1.24 (c) 15,334

0.05 (e),(h)

–

5.16 (e) 29.8 (e) 17.39 16,141

0.05 (h) –

3.39 23.8 3.48 16,961

0.05 (h) –

2.49 15.8 (14.35)

18,704

0.05 (h) –

2.72 18.1 15.21 22,888

0.05 (h) –

3.85 20.6 6.54 19,501

0.05 (h) –

2.46 32.4 1.27 (c) 35,246

0.02 (e),(h)

–

5.26 (e) 29.8 (e) 17.39 36,979

0.02 (h) –

3.23 23.8 3.51 31,245

0.02 (h) –

2.66 15.8 (14.30)

46,216

0.02 (h) –

2.78 18.1 15.21 58,859

0.02 (h) –

3.98 20.6 6.55 56,576

0.02 (h) –

2.34 32.4 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

12.04 $

0.29 ($

0.19)

$

0.10 ($

0.34)

($

0.04)

($

0.38)

$

11.76 2024

10.46 0.34 1.62 1.96 (0.33)

(0.05)

(0

.38)

12.04 2023

10.80 0.22 0.15 0.37 (0.21)

(0.50)

(0.71)

10.46 2022

13.47 0.28 (2

.19)

(1.91)

(0.30)

(0.46)

(0.76)

10.80 2021

11.92 0.37 1.76 2.13 (0.47)

(0.11)

(0.58)

13.47 2020

11.54 0.20 0.53 0.73 (0.26)

(0.09)

(0.35)

11.92 Institutional

shares

2025(b)

12.12 0.31 (0.20)

0.11 (0.35)

(0.04)

(0.39)

11.84 2024

10.53 0.36 1.62 1.98 (0.34)

(0.05)

(0.39)

12.12 2023

10.86 0.26 0.13 0.39 (0.22)

(0.50)

(0.72)

10.53 2022

13.54 0.33 (2.24)

(1.91)

(0.31)

(0.46)

(0.77)

10.86 2021

11.97 0.45 1.71 2.16 (0.48)

(0.11)

(0.59)

13.54 2020

11.59 0.33 0.41 0.74 (0.27)

(0.09)

(0.36)

11.97 R-6

shares

2025(b)

12.12 0.30 (0.18)

0.12 (0.36)

(0.04)

(0.40)

11.84 2024

10.53 0.37 1.61 1.98 (0.34)

(0.05)

(0

.39)

12.12 2023

10.86 0.27 0.13 0.40 (0.23)

(0.50)

(0.73)

10.53 2022

13.54 0.33 (2.24)

(1.91)

(0.31)

(0.46)

(0.77)

10.86 2021

11.97 0.49 1.68 2.17 (0.49)

(0.11)

(0.60)

13.54 2020

11.59 0

.26

0.49 0.75 (0.28)

(0.09)

(0.37)

11.97 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

0.86 %

(c),(d)

$

341,011

0.17 %

(e),(f)

0.17 %

(e),(g)

4.89 %

(e) 37.9 %

(e) 19.03 (d) 341,998

0.15 (f) 0.17 (g) 2.90 25.4 3.57 (d) 265,194

0.16 (f) 0.18 (g) 2.05 18.1 (15.02)

(d) 205,008

0.18 (f) 0.20 (g) 2.38 20.4 18.31 (d) 184,994

0.19 (f) 0.21 (g) 2.87 16.2 6.38 (d) 87,239

0.20 (f) 0.23 (g) 1.71 26.7 0.95 (c) 33,016

0.05 (e),(h)

–

5.20 (e) 37.9 (e) 19.09 36,532

0.05 (h) –

3.11 25.4 3.77 38,504

0.05 (h) –

2.39 18.1 (14.95)

42,581

0.05 (h) –

2.78 20.4 18.50 58,554

0.05 (h) –

3.44 16.2 6.50 49,188

0.05 (h) –

.83

26.7 0.98 (c) 173,259

0.02 (e),(h)

–

5.03 (e) 37.9 (e) 19.13 161,618

0.02 (h) –

3.17 25.4 3.81 146,660

0.02 (h) –

2.44 18.1 (14.91)

187,400

0.02 (h) –

2.77 20.4 18.54 233,947

0.02 (h) –

3.78 16.2 6.53 212,655

0.02 (h) –

2.28 26.7 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

13.00 $

0.30 ($

0.21)

$

0.09 ($

0.35)

($

0.07)

($

0.42)

$

12.67 2024

11.15 0.33 1.93 2.26 (0.33)

(0.08)

(0

.41)

13.00 2023

11.43 0.21 0.23 0.44 (0.21)

(0.51)

(0.72)

11.15 2022

14.27 0.29 (2

.42)

(2.13)

(0.32)

(0.39)

(0.71)

11.43 2021

12.20 0.37 2.25 2.62 (0.46)

(0.09)

(0.55)

14.27 2020

11.84 0.20 0.55 0.75 (0.26)

(0.13)

(0.39)

12.20 Institutional

shares

2025(b)

13.07 0.33 (0.23)

0.10 (0.36)

(0.07)

(0.43)

12.74 2024

11.21 0.39 1.89 2.28 (0.34)

(0.08)

(0.42)

13.07 2023

11.48 0.25 0.21 0.46 (0.22)

(0.51)

(0.73)

11.21 2022

14.33 0.34 (2.47)

(2.13)

(0.33)

(0.39)

(0.72)

11.48 2021

12.24 0.45 2.20 2.65 (0.47)

(0.09)

(0.56)

14.33 2020

11.88 0.28 0.48 0.76 (0.27)

(0.13)

(0.40)

12.24 R-6

shares

2025(b)

13.08 0.31 (0.21)

0.10 (0.36)

(0.07)

(0.43)

12.75 2024

11.21 0.36 1.93 2.29 (0.34)

(0.08)

(0

.42)

13.08 2023

11.49 0.25 0.21 0.46 (0.23)

(0.51)

(0.74)

11.21 2022

14.34 0.35 (2.48)

(2.13)

(0.33)

(0.39)

(0.72)

11.49 2021

12.25 0.47 2.19 2.66 (0.48)

(0.09)

(0.57)

14.34 2020

11.89 0

.25

0.51 0.76 (0.27)

(0.13)

(0.40)

12.25 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

0.67 %

(c),(d)

$

677,741

0.16 %

(e),(f)

0.16 %

(e),(g)

4.75 %

(e) 36.5 %

(e) 20.64 (d) 627,376

0.14 (f) 0.16 (g) 2.61 22.6 4.03 (d) 421,507

0.15 (f) 0.17 (g) 1.81 12.3 (15.71)

(d) 272,529

0.18 (f) 0.20 (g) 2.30 13.6 21.94 (d) 207,361

0.19 (f) 0.21 (g) 2.69 14.2 6.36 (d) 95,483

0.20 (f) 0.23 (g) 1.70 18.6 0.74 (c) 53,241

0.05 (e),(h)

–

5.10 (e) 36.5 (e) 20.70 59,042

0.05 (h) –

3.09 22.6 4.20 61,975

0.05 (h) –

2.13 12.3 (15.63)

64,787

0.05 (h) –

2.70 13.6 22.14 75,042

0.05 (h) –

3.27 14.2 6.46 58,524

0.05 (h) –

.38

18.6 0.78 (c) 215,906

0.02 (e),(h)

–

4.89 (e) 36.5 (e) 20.83 200,740

0.02 (h) –

2.86 22.6 4.15 158,302

0.02 (h) –

2.19 12.3 (15.60)

178,008

0.02 (h) –

2.73 13.6 22.16 206,615

0.02 (h) –

3.42 14.2 6.49 161,907

0.02 (h) –

2.11 18.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

13.40 $

0.30 ($

0.24)

$

0.06 ($

0.33)

($

0.08)

($

0.41)

$

13.05 2024

11.23 0.29 2.29 2.58 (0.32)

(0.09)

(0

.41)

13.40 2023

11.63 0.16 0.31 0.47 (0.17)

(0.70)

(0.87)

11.23 2022

14.78 0.28 (2

.67)

(2.39)

(0.32)

(0.44)

(0.76)

11.63 2021

12.32 0.37 2.67 3.04 (0.45)

(0.13)

(0.58)

14.78 2020

11.99 0.19 0.57 0.76 (0.25)

(0.18)

(0.43)

12.32 Institutional

shares

2025(b)

13.51 0.33 (0.26)

0.07 (0.34)

(0.08)

(0.42)

13.16 2024

11.31 0.38 2.24 2.62 (0.33)

(0.09)

(0.42)

13.51 2023

11.71 0.19 0.30 0.49 (0.19)

(0.70)

(0.89)

11.31 2022

14.86 0.33 (2.70)

(2.37)

(0.34)

(0.44)

(0.78)

11.71 2021

12.38 0.41 2.66 3.07 (0.46)

(0.13)

(0.59)

14.86 2020

12.04 0.35 0.44 0.79 (0.27)

(0.18)

(0.45)

12.38 R-6

shares

2025(b)

13.50 0.31 (0.25)

0.06 (0.34)

(0.08)

(0.42)

13.14 2024

11.31 0.35 2.27 2.62 (0.34)

(0.09)

(0

.43)

13.50 2023

11.71 0.20 0.29 0.49 (0.19)

(0.70)

(0.89)

11.31 2022

14.86 0.33 (2.70)

(2.37)

(0.34)

(0.44)

(0.78)

11.71 2021

12.37 0.45 2.63 3.08 (0.46)

(0.13)

(0.59)

14.86 2020

12.03 0

.26

0.53 0.79 (0.27)

(0.18)

(0.45)

12.37 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

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

0.39 %

(c),(d)

$

676,012

0.17 %

(e),(f)

0.17 %

(e),(g)

4.50 %

(e) 39.8 %

(e) 23.35 (d) 599,229

0.15 (f) 0.16 (g) 2.29 28.9 4.25 (d) 317,418

0.16 (f) 0.18 (g) 1.41 11.5 (17.04)

(d) 203,444

0.19 (f) 0.21 (g) 2.17 16.7 25.23 (d) 177,896

0.20 (f) 0.22 (g) 2.61 14.9 6.42 (d) 78,987

0.22 (f) 0.25 (g) 1.60 26.7 0.46 (c) 66,880

0.05 (e),(h)

–

4.94 (e) 39.8 (e) 23.54 77,524

0.05 (h) –

2.97 28.9 4.35 83,006

0.05 (h) –

1.65 11.5 (16.87)

77,067

0.05 (h) –

2.56 16.7 25.38 92,984

0.05 (h) –

2.93 14.9 6.64 60,462

0.05 (h) –

.92

26.7 0.42 (c) 351,348

0.02 (e),(h)

–

4.74 (e) 39.8 (e) 23.49 305,260

0.02 (h) –

2.74 28.9 4.39 245,018

0.02 (h) –

1.70 11.5 (16.84)

237,340

0.02 (h) –

2.54 16.7 25.52 261,855

0.02 (h) –

3.23 14.9 6.67 194,059

0.02 (h) –

2.15 26.7 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

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(b)

$

14.33 $

0.31 ($

0.29)

$

0.02 ($

0.34)

($

0.11)

($

0.45)

$

13.90 2024

11.82 0.28 2.65 2.93 (0.31)

(0.11)

(0

.42)

14.33 2023

12.20 0.17 0.41 0.58 (0.17)

(0.79)

(0.96)

11.82 2022

15.50 0.31 (2

.88)

(2.57)

(0.34)

(0.39)

(0.73)

12.20 2021

12.56 0.33 3.14 3.47 (0.42)

(0.11)

(0.53)

15.50 2020

12.28 0.18 0.55 0.73 (0.26)

(0.19)

(0.45)

12.56 Institutional

shares

2025(b)

14.44 0.33 (0.31)

0.02 (0.35)

(0.11)

(0.46)

14.00 2024

11.90 0.36 2.61 2.97 (0.32)

(0.11)

(0.43)

14.44 2023

12.28 0.19 0.41 0.60 (0.19)

(0.79)

(0.98)

11.90 2022

15.59 0.34 (2.90)

(2.56)

(0.36)

(0.39)

(0.75)

12.28 2021

12.62 0.40 3.12 3.52 (0.44)

(0.11)

(0.55)

15.59 2020

12.33 0.28 0.47 0.75 (0.27)

(0.19)

(0.46)

12.62 R-6

shares

2025(b)

14.46 0.33 (0.30)

0.03 (0.36)

(0.11)

(0.47)

14.02 2024

11.92 0.33 2.65 2.98 (0.33)

(0.11)

(0

.44)

14.46 2023

12.30 0.20 0.40 0.60 (0.19)

(0.79)

(0.98)

11.92 2022

15.61 0.35 (2.91)

(2.56)

(0.36)

(0.39)

(0.75)

12.30 2021

12.64 0.42 3.10 3.52 (0.44)

(0.11)

(0.55)

15.61 2020

12.35 0

.25

0.51 0.76 (0.28)

(0.19)

(0.47)

12.64 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

500

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

0.12 %

(c),(d)

$

427,024

0.18 %

(e),(f)

0.18 %

(e),(g)

4.41 %

(e) 43.4 %

(e) 25.26 (d) 382,526

0.17 (f) 0.18 (g) 2.08 21.5 4.99 (d) 226,807

0.17 (f) 0.19 (g) 1.37 13.1 (17.38)

(d) 158,186

0.20 (f) 0.22 (g) 2.27 12.6 28.22 (d) 143,236

0.21 (f) 0.24 (g) 2.22 10.6 5.94 (d) 60,829

0.24 (f) 0.27 (g) 1.51 14.3 0.15 (c) 74,751

0.05 (e),(h)

–

4.68 (e) 43.4 (e) 25.44 79,917

0.05 (h) –

2.61 21.5 5.09 77,698

0.05 (h) –

1.55 13.1 (17.25)

71,210

0.05 (h) –

2.50 12.6 28.46 79,002

0.05 (h) –

2.75 10.6 6.15 54,018

0.05 (h) –

.31

14.3 0.18 (c) 268,009

0.02 (e),(h)

–

4.65 (e) 43.4 (e) 25.43 251,756

0.02 (h) –

2.40 21.5 5.12 183,007

0.02 (h) –

1.62 13.1 (17.21)

167,461

0.02 (h) –

2.55 12.6 28.45 180,539

0.02 (h) –

2.84 10.6 6.17 124,836

0.02 (h) –

2.05 14.3 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

501

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(b)

$

14.93 $

0.29 ($

0.33)

($

0.04)

($

0.32)

($

0.14)

($

0.46)

$

14.43 2024

12.05 0.25 3.04 3.29 (0.28)

(0.13)

(0.41)

14.93 2023

12.41 0.15 0.51 0.66 (0.16)

(0.86)

(1.02)

12.05 2022

15.84 0.30 (2.98)

(2.68)

(0.35)

(0.40)

(0.75)

12.41 2021

12.58 0.30 3.48 3.78 (0.38)

(0.14)

(0.52)

15.84 2020

12.34 0.19 0.51 0.70 (0.25)

(0.21)

(0.46)

12.58 Institutional

shares

2025(b)

15.06 0.32 (0.36)

(0.04)

(0.33)

(0

.14)

(0.47)

14.55 2024

12.14 0.31 3.03 3.34 (0.29)

(0.13)

(0.42)

15.06 2023

12.50 0

.18

0.50 0.68 (0.18)

(0.86)

(1.04)

12.14 2022

15.93 0.36 (3.02)

(2.66)

(0.37)

(0.40)

(0.77)

12.50 2021

12.64 0.36 3.47 3.83 (0.40)

(0.14)

(0.54)

15.93 2020

12.40 0.34 0.38 0.72 (0.27)

(0.21)

(0.48)

12.64 R-6

shares

2025(b)

15.08 0.31 (0.34)

(0.03)

(0.33)

(0.14)

(0.47)

14.58 2024

12.16 0.30 3.05 3.35 (0.30)

(0.13)

(0.43)

15.08 2023

12.52 0.19 0.49 0.68 (0.18)

(0.86)

(1.04)

12.16 2022

15.96 0.35 (3.02)

(2.67)

(0.37)

(0.40)

(0.77)

12.52 2021

12.66 0.38 3.46 3.84 (0.40)

(0.14)

(0.54)

15.96 2020

12.41 0.25 0.48 0.73 (0.27)

(0.21)

(0.48)

12.66 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

502

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0.29)

%

(c),(d)

$

494,152

0.18 %

(e),(f)

0.18 %

(e),(g)

3.98 %

(e) 48.0 %

(e) 27.74 (d) 420,423

0.16 (f) 0.18 (g) 1.79 18.7 5.74 (d) 234,630

0.18 (f) 0.20 (g) 1.21 10.8 (17.72)

(d) 138,511

0.21 (f) 0.23 (g) 2.18 13.5 30.64 (d) 115,496

0.22 (f) 0.24 (g) 1.98 12.9 5.74 (d) 49,746

0.26 (f) 0.29 (g) 1.60 22.5 (0.27)

(c) 68,955

0.05 (e),(h)

–

4.36 (e) 48.0 (e) 27.97 75,455

0.05 (h) –

2.21 18.7 5.83 67,043

0.05 (h) –

1.47 10.8 (17.53)

58,528

0.05 (h) –

2.58 13

.5

30.90 68,006

0.05 (h) –

2.42 12.9 5.86 44,657

0.05 (h) –

2.75 22.5 (0.18)

(c) 332,156

0.02 (e),(h)

–

4.13 (e) 48.0 (e) 27.95 284,795

0.02 (h) –

2.14 18.7 5.86 210,538

0.02 (h) –

1.52 10.8 (17.54)

187,431

0.02 (h) –

2.50 13.5 30.97 194,948

0.02 (h) –

2.56 12.9 5.97 137,469

0.02 (h) –

2.08 22.5 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

503

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(b)

$

15.63 $

0.29 ($

0.38)

($

0.09)

($

0.30)

($

0.18)

($

0.48)

$

15.06 2024

12.42 0.24 3.38 3.62 (0.26)

(0.15)

(0.41)

15.63 2023

12.82 0.15 0.59 0.74 (0.16)

(0.98)

(1.14)

12.42 2022

16.35 0.30 (3.09)

(2.79)

(0.37)

(0.37)

(0.74)

12.82 2021

12.71 0.28 3.83 4.11 (0.35)

(0.12)

(0.47)

16.35 2020

12.46 0.18 0.52 0.70 (0.25)

(0.20)

(0.45)

12.71 Institutional

shares

2025(b)

15.74 0.31 (0.38)

(0.07)

(0.32)

(0.18)

(0.50)

15.17 2024

12.51 0.30 3.36 3.66 (0.28)

(0.15)

(0.43)

15.74 2023

12.90 0.18 0.59 0.77 (0.18)

(0.98)

(1.16)

12.51 2022

16.44 0.36 (3.14)

(2.78)

(0.39)

(0.37)

(0.76)

12.90 2021

12.77 0.34 3.82 4.16 (0.37)

(0.12)

(0.49)

16.44 2020

12.51 0.28 0.45 0.73 (0.27)

(0.20)

(0.47)

12.77 R-6

shares

2025(b)

15.77 0.30 (0.37)

(0.07)

(0.33)

(0.18)

(0.51)

15.19 2024

12.53 0.28 3.39 3.67 (0.28)

(0.15)

(0.43)

15.77 2023

12.92 0.18 0.59 0.77 (0.18)

(0.98)

(1.16)

12.53 2022

16.46 0.36 (3.14)

(2

.78)

(0.39)

(0.37)

(0.76)

12.92 2021

12.79 0.35 3.81 4.16 (0.37)

(0.12)

(0.49)

16.46 2020

.53

0.24 0.49 0.73 (0.27)

(0.20)

(0.47)

12.79 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

504

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0.60)

%

(c),(d)

$

223,753

0.20 %

(e),(f)

0.20 %

(e),(g)

3.74 %

(e) 54.3 %

(e) 29.59 (d) 212,485

0.18 (f) 0.19 (g) 1.65 20.2 6.18 (d) 125,834

0.21 (f) 0.23 (g) 1.15 10.8 (17.90)

(d) 86,099

0.24 (f) 0.26 (g) 2.10 15.9 32.92 (d) 70,004

0.26 (f) 0.28 (g) 1.81 13.5 5.58 (d) 30,151

0.30 (f) 0.35 (g) 1.46 14.5 (0.49)

(c) 57,703

0.05 (e),(h)

–

4.01 (e) 54.3 (e) 29.69 62,223

0.05 (h) –

2.06 20.2 6.39 56,859

0.05 (h) –

1.38 10.8 (17.75)

49,445

0.05 (h) –

2.52 15.9 33.20 55,809

0.05 (h) –

2.22 13.5 5.80 36,546

0.05 (h) –

2.30 14.5 (0.52)

(c) 236,169

0.02 (e),(h)

–

3.86 (e) 54.3 (e) 29.76 208,027

0.02 (h) –

1.90 20.2 6.42 147,185

0.02 (h) –

1.39 10.8 (17.71)

119,980

0.02 (h) –

2.49 15.9 33.18 122,476

0.02 (h) –

2.30 13.5 5.81 82,272

0.02 (h) –

1.95 14.5 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

505

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(b)

$

16.10 $

0.28 ($

0.41)

($

0.13)

($

0.28)

($

0.20)

($

0.48)

$

15.49 2024

12.64 0.22 3.64 3.86 (0.24)

(0.16)

(0.40)

16.10 2023

12.98 0.14 0.64 0.78 (0.15)

(0.97)

(1.12)

12.64 2022

16.55 0.29 (3.14)

(2.85)

(0.36)

(0.36)

(0.72)

12.98 2021

12.73 0.26 4.02 4.28 (0.32)

(0.14)

(0.46)

16.55 2020

12.56 0.17 0.51 0.68 (0.25)

(0.26)

(0.51)

12.73 Institutional

shares

2025(b)

16.20 0.30 (0.41)

(0.11)

(0.31)

(0.20)

(0.51)

15.58 2024

12.71 0.27 3.64 3.91 (0.26)

(0.16)

(0.42)

16.20 2023

13.05 0.17 0.64 0.81 (0.18)

(0.97)

(1.15)

12.71 2022

16.63 0.36 (3.19)

(2.83)

(0.39)

(0.36)

(0.75)

13.05 2021

12.77 0.32 4.02 4.34 (0.34)

(0.14)

(0.48)

16.63 2020

12.59 0.36 0.34 0.70 (0.26)

(0.26)

(0.52)

12.77 R-6

shares

2025(b)

16.20 0.29 (0.39)

(0.10)

(0.31)

(0.20)

(0.51)

15.59 2024

12.72 0.26 3.64 3.90 (0.26)

(0.16)

(0.42)

16.20 2023

13.05 0.17 0.65 0.82 (0.18)

(0.97)

(1.15)

12.72 2022

16.63 0.35 (3.17)

(2.82)

(0.40)

(0.36)

(0.76)

13.05 2021

12.78 0.32 4.01 4.33 (0.34)

(0.14)

(0.48)

16.63 2020

12.59 0.23 0.49 0.72 (0.27)

(0.26)

(0.53)

12.78 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

506

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0.83)

%

(c),(d)

$

185,276

0.21 %

(e),(f)

0.22 %

(e),(g)

3.47 %

(e) 56.4 %

(e) 31.00 (d) 173,862

0.20 (f) 0.22 (g) 1.44 18.1 6.52 (d) 103,198

0.23 (f) 0.25 (g) 1.05 8.5 (18.01)

(d) 70,033

0.26 (f) 0.28 (g) 2.05 16.3 34.17 (d) 57,162

0.28 (f) 0.30 (g) 1.65 12.1 5.36 (d) 25,905

0.30 (f) 0.40 (g) 1.39 26.5 (0.76)

(c) 54,326

0.05 (e),(h)

–

3.74 (e) 56.4 (e) 31.24 56,693

0.05 (h) –

1.78 18.1 6.68 46,298

0.05 (h) –

1.32 8.5 (17.85)

39,987

0.05 (h) –

2.47 16.3 34.60 43,480

0.05 (h) –

2.04 12.1 5.58 28,345

0.05 (h) –

2.87 26.5 (0.67)

(c) 235,559

0.02 (e),(h)

–

3.61 (e) 56.4 (e) 31.17 200,935

0.02 (h) –

1.72 18.1 6.80 139,155

0.02 (h) –

1.30 8.5 (17.83)

108,293

0.02 (h) –

2.45 16.3 34.53 105,040

0.02 (h) –

2.08 12.1 5.68 64,444

0.02 (h) –

1.91 26.5 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

507

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(b)

$

16.57 $

0.27 ($

0.40)

($

0.13)

($

0.29)

($

0.20)

($

0.49)

$

15.95 2024

13.00 0.20 3.76 3.96 (0.24)

(0.15)

(0.39)

16.57 2023

13.31 0.12 0.68 0.80 (0.16)

(0.95)

(1.11)

13.00 2022

16.92 0.29 (3.22)

(2.93)

(0.37)

(0.31)

(0.68)

13.31 2021

12.86 0.21 4.28 4.49 (0.30)

(0.13)

(0.43)

16.92 2020

12.67 0.17 0.45 0.62 (0.25)

(0.18)

(0.43)

12.86 Institutional

shares

2025(b)

16.71 0.31 (0.43)

(0.12)

(0.31)

(0.20)

(0.51)

16.08 2024

13.10 0.28 3.75 4.03 (0.27)

(0.15)

(0.42)

16.71 2023

13.40 0.17 0

.66

0.83 (0.18)

(0.95)

(1.13)

13.10 2022

17.01 0.36 (3.26)

(2.90)

(0.40)

(0.31)

(0.71)

13.40 2021

12.92 0.28 4.27 4.55 (0.33)

(0.13)

(0.46)

17.01 2020

12.71 0.29 0.37 0.66 (0.27)

(0.18)

(0.45)

12.92 R-6

shares

2025(b)

16.75 0.30 (0.42)

(0.12)

(0.32)

(0.20)

(0.52)

16.11 2024

13.13 0.26 3.78 4.04 (0.27)

(0.15)

(0.42)

16.75 2023

13.43 0.17 0.67 0.84 (0.19)

(0.95)

(1.14)

13.13 2022

17.04 0.35 (3.25)

(2.90)

(0.40)

(0.31)

(0.71)

13.43 2021

12.94 0.30 4.26 4.56 (0.33)

(0.13)

(0.46)

17.04 2020

12.72 0.22 0.45 0.67 (0.27)

(0.18)

(0.45)

12.94 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

508

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0.83)

%

(c),(d)

$

119,850

0.26 %

(e),(f)

0.27 %

(e),(g)

3.35 %

(e) 56.8 %

(e) 30.91 (d) 106,439

0.26 (f) 0.27 (g) 1.30 16.8 6.44 (d) 55,536

0.30 (f) 0.35 (g) 0.91 7.3 (18.06)

(d) 32,146

0.30 (f) 0.39 (g) 1.96 13.4 35.47 (d) 24,427

0.30 (f) 0.44 (g) 1.30 9.1 4.91 (d) 9,235

0.30 (f) 0.73 (g) 1.34 14.2 (0.73)

(c) 34,223

0.05 (e),(h)

–

3.78 (e) 56.8 (e) 31.21 37,805

0.05 (h) –

1.81 16.8 6.70 30,824

0.05 (h) –

1.27 7.3 (17.82)

24,173

0.05 (h) –

2.45 13.4 35.76 25,049

0.05 (h) –

1.74 9.1 5.19 13,916

0.05 (h) –

.30

14.2 (0.76)

(c) 146,184

0.02 (e),(h)

–

3.58 (e) 56.8 (e) 31.25 125,778

0.02 (h) –

1.66 16.8 6.72 80,370

0.02 (h) –

1.24 7.3 (17.77)

55,493

0.02 (h) –

2.39 13.4 35.79 50,453

0.02 (h) –

1.92 9.1 5.26 28,721

0.02 (h) –

1.78 14.2 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

509

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(b)

$

17.08 $

0.28 ($

0.43)

($

0.15)

($

0.29)

($

0.20)

($

0.49)

$

16.44 2024

13.39 0.19 3.89 4.08 (0.25)

(0.14)

(0.39)

17.08 2023

13.56 0.12 0.70 0.82 (0.16)

(0.83)

(0.99)

13.39 2022

17.18 0.27 (3

.26)

(2.99)

(0.38)

(0.25)

(0.63)

13.56 2021

12.97 0.19 4.44 4.63 (0.30)

(0.12)

(0.42)

17.18 2020

12.81 0.14 0.49 0.63 (0.26)

(0.21)

(0.47)

12.97 Institutional

shares

2025(b)

17.30 0.34 (0.47)

(0.13)

(0.32)

(0.20)

(0.52)

16.65 2024

13.55 0.29 3.88 4.17 (0.28)

(0.14)

(0.42)

17.30 2023

13.71 0.17 0

.69

0.86 (0.19)

(0.83)

(1.02)

13.55 2022

17.33 0.35 (3.31)

(2.96)

(0.41)

(0.25)

(0.66)

13.71 2021

13.07 0.24 4.45 4.69 (0.31)

(0.12)

(0.43)

17.33 2020

12.87 0.30 0.38 0.68 (0.27)

(0.21)

(0.48)

13.07 R-6

shares

2025(b)

17.36 0.31 (0.43)

(0.12)

(0.33)

(0.20)

(0.53)

16.71 2024

13.59 0.27 3.92 4.19 (0.28)

(0.14)

(0.42)

17.36 2023

13.74 0.17 0.70 0.87 (0.19)

(0.83)

(1.02)

13.59 2022

17.37 0.35 (3.32)

(2.97)

(0.41)

(0.25)

(0.66)

13.74 2021

13.09 0.28 4.43 4.71 (0.31)

(0.12)

(0.43)

17.37 2020

12.89 0.22 0.46 0.68 (0.27)

(0.21)

(0.48)

13.09 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

510

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0.92)

%

(c),(d)

$

66,692

0.30 %

(e),(f)

0.35 %

(e),(g)

3.32 %

(e) 58.7 %

(e) 30.91 (d) 58,029

0.30 (f) 0.37 (g) 1.21 17.4 6.47 (d) 27,750

0.30 (f) 0.52 (g) 0.89 7.6 (18.08)

(d) 15,523

0.30 (f) 0.58 (g) 1.79 13.8 36.20 (d) 9,593

0.30 (f) 0.82 (g) 1

.16

12.9 4.97 (d) 3,203

0.30 (f) 1.72 (g) 1.15 31.4 (0.77)

(c) 15,926

0.05 (e),(h)

–

3.96 (e) 58.7 (e) 31.22 18,781

0.05 (h) –

1.80 17.4 6.68 14,276

0.05 (h) –

1.23 7.6 (17.80)

10,035

0.05 (h) –

2.35 13.8 36.46 9,423

0.05 (h) –

1.48 12.9 5.30 4,268

0.05 (h) –

.39

31.4 (0.74)

(c) 79,183

0.02 (e),(h)

–

3.58 (e) 58.7 (e) 31.29 66,316

0.02 (h) –

1.64 17.4 6.74 39,797

0.02 (h) –

1.20 7.6 (17.81)

24,880

0.02 (h) –

2.30 13.8 36.56 19,773

0.02 (h) –

1.70 12.9 5.29 9,905

0.02 (h) –

1.71 31.4 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

511

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(b)

$

15.47 $

0.24 ($

0.37)

($

0.13)

($

0.27)

($

0.16)

$

–

($

0.43)

$

14.91 2024

12.12 0.17 3.52 3.69 (0.23)

(0.11)

–

(0.34)

15.47 2023

12.20 0.12 0.62 0.74 (0.16)

(0.66)

–

(0.82)

12.12 2022

15.22 0.30 (2.98)

(2.68)

(0.34)

–

–

(0.34)

12.20 2021

11.36 0.17 3.95 4.12 (0.25)

–

(0.01)

(0.26)

15.22 2020

10.98 0.15 0.42 0.57 (0.19)

–

–

(0.19)

11.36 Institutional

shares

2025(b)

15.74 0.28 (0.40)

(0.12)

(0.29)

(0.16)

–

(0.45)

15.17 2024

12.31 0.23 3.56 3.79 (0.25)

(0.11)

–

(0.36)

15.74 2023

12.36 0.14 0.64 0.78 (0.17)

(0.66)

–

(0.83)

12.31 2022

15.38 0.29 (2.96)

(2.67)

(0.35)

–

–

(0

.35)

12.36 2021

11.45 0.19 4.00 4.19 (0.25)

–

(0.01)

(0.26)

15.38 2020

11.03 0.18 0.43 0.61 (0.19)

–

–

(0.19)

11.45 R-6

shares

2025(b)

15.76 0.27 (0.38)

(0.11)

(0.29)

(0.16)

–

(0.45)

15.20 2024

12.33 0.23 3.56 3.79 (0.25)

(0.11)

–

(0.36)

15.76 2023

12.37 0.13 0.66 0.79 (0.17)

(0.66)

–

(0.83)

12.33 2022

15.39 0.28 (2.95)

(2.67)

(0.35)

–

–

(0.35)

12.37 2021

11.45 0.27 3.93 4.20 (0.25)

–

(0.01)

(0.26)

15.39 2020

11.03 0.17 0.44 0.61 (0.19)

–

–

(0.19)

11.45 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

512

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0.89)

%

(c),(d)

$

26,532

0.30 %

(e),(f)

0.52 %

(e),(g)

3.19 %

(e) 57.6 %

(e) 30.91 (d) 20,034

0.30 (f) 0.62 (g) 1.17 18.7 6.37 (d) 8,800

0.30 (f) 0.87 (g) 0.96 16.3 (18.04)

(d) 5,632

0.30 (f) 0.89 (g) 2.26 28.4 36.67 (d) 5,381

0.30 (f) 1.24 (g) 1.19 31.3 5.18 (d) 1,550

0.30 (f) 3.26 (g) 1.34 65.7 (0.76)

(c) 3,924

0.05 (e),(h)

–

3.57 (e) 57.6 (e) 31.25 3,547

0.05 (h) –

1.52 18.7 6.67 1,946

0.05 (h) –

1.11 16.3 (17.81)

1,463

0.05 (h) –

2.12 28.4 37.00 1,312

0.05 (h) –

1.29 31.3 5.52 360

0.05 (h) –

1.59 65.7 (0.70)

(c) 28,843

0.02 (e),(h)

–

3.52 (e) 57.6 (e) 31.20 23,393

0.02 (h) –

1.56 18.7 6

.75

12,636

0.02 (h) –

1.04 16.3 (17.80)

5,956

0.02 (h) –

2.07 28.4 37.09 3,340

0.02 (h) –

1.91 31.3 5.52 1,013

0.02 (h) –

1.56 65.7 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

513

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(b)

$

13.10 $

0.19 ($

0.29)

($

0.10)

($

0.24)

($

0.10)

($

0.34)

$

12.66 2024

10.15 0.12 3.04 3.16 (0.20)

(0.01)

(0.21)

13.10 2023(h)

10.00 (0.01)

0.16 0.15 –

–

–

10.15 Institutional

shares

2025(b)

12.99 0.13 (0.22)

(0.09)

(0.24)

(0.10)

(0.34)

12.56 2024

10.06 0.10 3.04 3.14 (0.20)

(0.01)

(0.21)

12.99 2023(h)

10.00 0.01 0.05 0.06 –

–

–

10.06 R-6

shares

2025(b)

13.00 0.22 (0.31)

(0.09)

(0.24)

(0.10)

(0.34)

12.57 2024

10.07 0.09 3.05 3.14 (0.20)

(0.01)

(0.21)

13.00 2023(h)

10.00 0.01 0.06 0.07 –

–

–

10.07 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

514

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0.83)

%

(c),(d)

$

1,739

0.30 %

(e),(f)

2.00 %

(e),(g)

2.92 %

(e) 104.5 %

(e) 31.44 (d) 1,164

0.30 (f) 3.97 (g) 0.98 48.0 1.50 (c),(d)

0.30 (e),(f)

40.52 (e),(g)

(0.14)

(e) 130.0 (e) (0.76)

(c) 1,530

0.05 (e),(i)

–

2.05 (e) 104.5 (e) 31.53 263

0.05 (i) –

0.76 48.0 0.60 (c) 36

0.05 (e),(i)

–

0.10 (e) 130.0 (e) (0.76)

(c) 3,775

0.02 (e),(i)

–

3.47 (e) 104.5 (e) 31.50 2,667

0.02 (i) –

0.74 48.0 0.70 (c) 282

0.02 (e),(i)

–

0.16 (e) 130.0 (e) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Period

from

March

1,

2023,

date

operations

commenced,

through

October

31,

2023. (i) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

515

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(b)

$

10.54 $

0.26 ($

0.15)

$

0.11 ($

0.30)

($

0.01)

($

0.31)

$

10.34 2024

9.33 0.29 1.27 1.56 (0.31)

(0.04)

(0

.35)

10.54 2023

9.49 0.20 0.10 0.30 (0.19)

(0.27)

(0.46)

9.33 2022

11.69 0.23 (1.83)

(1.60)

(0.25)

(0.35)

(0.60)

9.49 2021

11.18 0.39 0.66 1.05 (0.50)

(0.04)

(0.54)

11.69 2020

10.84 0.19 0.45 0.64 (0.26)

(0.04)

(0.30)

11.18 Institutional

shares

2025(b)

10.60 0.29 (0.17)

0.12 (0.31)

(0.01)

(0.32)

10.40 2024

9.38 0.35 1.22 1.57 (0.31)

(0.04)

(0.35)

10.60 2023

9.54 0.25 0.07 0.32 (0.21)

(0.27)

(0.48)

9.38 2022

11.74 0.29 (1.86)

(1.57)

(0.28)

(0.35)

(0.63)

9.54 2021

11.23 0

.43

0.63 1.06 (0.51)

(0.04)

(0.55)

11.74 2020

10.88 0.27 0.40 0.67 (0.28)

(0.04)

(0.32)

11.23 R-6

shares

2025(b)

10.62 0.26 (0.13)

0.13 (0.32)

(0.01)

(0.33)

10.42 2024

9.40 0.33 1.25 1.58 (0.32)

(0.04)

(0.36)

10.62 2023

9.56 0.26 0.06 0.32 (0.21)

(0.27)

(0.48)

9.40 2022

11.76 0.27 (1.84)

(1.57)

(0.28)

(0.35)

(0.63)

9.56 2021

11.24 0.52 0.56 1.08 (0.52)

(0.04)

(0.56)

11.76 2020

10.89 0.26 0.41 0.67 (0.28)

(0.04)

(0.32)

11.24 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

516

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

1.14 %

(c),(d)

$

118,007

0.19 %

(e),(f)

0.19 %

(e),(g)

5.00 %

(e) 36.1 %

(e) 16.97 (d) 111,227

0.19 (f) 0.21 (g) 2.84 24.1 3.27 (d) 69,130

0.17 (f) 0.19 (g) 2.10 20.7 (14.39)

(d) 42,296

0.26 (f) 0.28 (g) 2.23 31.5 9.56 (d) 33,456

0.28 (f) 0.30 (g) 3.38 20.6 6.01 (d) 18,439

0.30 (f) 0.43 (g) 1.72 34.6 1.25 (c) 6,416

0.05 (e),(h)

–

5.55 (e) 36.1 (e) 17.08 8,420

0.05 (h) –

3.44 24.1 3.42 10,053

0.05 (h) –

2.54 20.7 (14.17)

11,474

0.05 (h) –

2.76 31.5 9.69 17,255

0.05 (h) –

3.74 20.6 6.27 12,454

0.05 (h) –

2.45 34.6 1.28 (c) 45,000

0.02 (e),(h)

–

5.01 (e) 36.1 (e) 17.07 40,075

0.02 (h) –

3.18 24.1 3.45 25,367

0.02 (h) –

2.65 20.7 (14.13)

33,623

0.02 (h) –

2.61 31.5 9.78 34,760

0.02 (h) –

4.48 20.6 6.27 33,148

0.02 (h) –

2.42 34.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

517

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(b)

$

11.73 $

0.19 ($

0.06)

$

0.13 ($

0.32)

($

0.16)

($

0.48)

$

11.38 2024

10.31 0.32 1.35 1.67 (0.25)

–

(0.25)

11.73 2023

10.46 0.26 0.08 0.34 (0.24)

(0.25)

(0.49)

10.31 2022

13.24 0.31 (2.18)

(1.87)

(0

.31)

(0.60)

(0.91)

10.46 2021

12.51 0.22 0.95 1.17 (0.22)

(0.22)

(0.44)

13.24 2020

12.43 0

.25

0.43 0.68 (0.27)

(0.33)

(0.60)

12.51 Class

J

shares

2025(b)

11.53 0.20 (0.06)

0.14 (0.35)

(0.16)

(0.51)

11.16 2024

10.14 0.33 1.33 1.66 (0.27)

–

(0.27)

11.53 2023

10.29 0.26 0.10 0.36 (0.26)

(0.25)

(0.51)

10.14 2022

13.04 0.32 (2.15)

(1.83)

(0.32)

(0.60)

(0.92)

10.29 2021

12.33 0.23 0.94 1.17 (0.24)

(0.22)

(0.46)

13.04 2020

12.26 0.26 0.43 0.69 (0.29)

(0.33)

(0.62)

12.33 Institutional

shares

2025(b)

11.62 0.21 (0.06)

0.15 (0.36)

(0.16)

(0.52)

11.25 2024

10.21 0.35 1.34 1.69 (0.28)

–

(0.28)

11.62 2023

10.37 0.30 0.08 0.38 (0.29)

(0.25)

(0.54)

10.21 2022

13.13 0.36 (2.17)

(1.81)

(0.35)

(0.60)

(0.95)

10.37 2021

12.41 0.26 0.94 1.20 (0.26)

(0.22)

(0.48)

13.13 2020

12.34 0.28 0.44 0.72 (0.32)

(0.33)

(0.65)

12.41 R-3

shares

2025(b)

11.48 0.18 (0.06)

0.12 (0.31)

(0.16)

(0.47)

11.13 2024

10.10 0.29 1.32 1.61 (0.23)

–

(0.23)

11.48 2023

10.25 0.23 0.09 0.32 (0.22)

(0.25)

(0.47)

10.10 2022

12.99 0.29 (2.16)

(1.87)

(0.27)

(0.60)

(0.87)

10.25 2021

12.27 0.19 0.94 1.13 (0.19)

(0.22)

(0.41)

12.99 2020

12.20 0.22 0.42 0.64 (0.24)

(0.33)

(0.57)

12.27 R-5

shares

2025(b)

11.61 0.20 (0.07)

0.13 (0.34)

(0.16)

(0.50)

11.24 2024

10.20 0.33 1.34 1.67 (0.26)

–

(0.26)

11.61 2023

10.36 0.27 0.08 0.35 (0.26)

(0.25)

(0.51)

10.20 2022

13.12 0.33 (2.18)

(1.85)

(0.31)

(0.60)

(0.91)

10.36 2021

12.39 0.24 0.94 1.18 (0.23)

(0.22)

(0.45)

13.12 2020

12.32 0.26 0.43 0.69 (0.29)

(0.33)

(0.62)

12.39 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

518

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

1.19 %

(c),(d)

$

36,444

0.37 %

(e),(f)

–

%

3.36 %

(e) 33.3 %

(e) 16.36 (d) 37,093

0.37 (f) –

2.80 26.7 3.28 (d) 35,755

0.38 (f) –

2.43 11.8 (15.14)

(d) 16,425

0.38 (f) –

2.72 33.6 9.45 (d) 19,902

0.38 (f) –

1.66 35.0 5.70 (d) 16,214

0.38 (f) –

2.01 31.0 1.25 (c),(d)

227,968

.18

(e),(g)

0.19 (e),(h)

3.54 (e) 33.3 (e) 16.54 (d) 237,493

0.16 (g) 0.18 (h) 2.98 26.7 3.53 (d) 213,892

0.19 (g) 0.21 (h) 2.51 11.8 (15.02)

(d) 58,048

0.23 (g) 0.25 (h) 2.87 33.6 9.61 (d) 71,811

0.22 (g) 0.24 (h) 1.84 35.0 5.87 (d) 65,404

0.22 (g) 0.25 (h) 2.18 31.0 1.40 (c) 415,425

0.00 (e),(f)

–

3.75 (e) 33.3 (e) 16.76 468,789

0.00 (f) –

3.16 26.7 3.64 464,413

0.02 –

2.82 11.8 (14.82)

237,065

0.02 –

3.12 33.6 9.83 337,718

0.02 –

2.04 35.0 6.06 313,363

0.02 –

2.35 31.0 1.08 (c) 21,790

0.58 (e) –

3.15 (e) 33.3 (e) 16.12 17,650

0.58 –

2.60 26.7 3.11 19,003

0.58 –

2.20 11.8 (15.36)

7,731

0.58 –

2.56 33.6 9.31 10,552

0.58 –

1.51 35.0 5.45 11,439

0.58 –

1.86 31.0 1.19 (c) 20,430

0.27 (e) –

3.54 (e) 33.3 (e) 16.54 18,000

0.27 –

2.94 26.7 3.35 20,170

0.27 –

2.58 11.8 (15.07)

10,147

0.27 –

2.90 33.6 9.64 13,279

0.27 –

1.84 35.0 5.79 16,430

0.27 –

2.14 31.0 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit.

(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.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

519

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(b)

$

29.94 $

0.26 ($

0.78)

($

0.52)

($

0.30)

($

0.45)

$

–

($

0.75)

$

28.67 2024

23.39 0.54 6.63 7.17 (0.54)

(0.08)

–

(0.62)

29.94 2023

25.62 0.53 (1.88)

(1.35)

(0.54)

(0.26)

(0.08)

(0.88)

23.39 2022

33.58 0.32 (6.82)

(6.50)

(0.35)

(1.11)

–

(1.46)

25.62 2021

23.53 0.26 10.41 10.67 (0.30)

(0.32)

–

(0.62)

33.58 2020

28.63 0.33 (4.75)

(4.42)

(0.52)

(0.16)

–

(0.68)

23.53 Class

C

shares

2025(b)

29.32 0.13 (0.77)

(0.64)

(0.16)

(0.45)

–

(0.61)

28.07 2024

22.91 0.30 6.50 6.80 (0.31)

(0.08)

–

(0.39)

29.32 2023

25.11 0.30 (1.85)

(1.55)

(0.33)

(0.26)

(0.06)

(0.65)

22.91 2022

32.93 0.08 (6.68)

(6.60)

(0.11)

(1.11)

–

(1.22)

.11

2021

23.08 0.05 10.20 10.25 (0.08)

(0.32)

–

(0.40)

32.93 2020

28.08 0.14 (4.67)

(4.53)

(0.31)

(0.16)

–

(0.47)

23.08 Class

J

shares

2025(b)

28.84 0.27 (0.76)

(0.49)

(0.31)

(0.45)

–

(0.76)

27.59 2024

22.55 0.56 6.39 6.95 (0.58)

(0.08)

–

(0.66)

28.84 2023

24.75 0.54 (1.83)

(1.29)

(0.56)

(0.26)

(0.09)

(0.91)

22.55 2022

32.49 0.35 (6.59)

(6.24)

(0.39)

(1.11)

–

(1.50)

24.75 2021

22.79 0.28 10.08 10.36 (0.34)

(0.32)

–

(0.66)

32.49 2020

27.76 0.36 (4.62)

(4.26)

(0.55)

(0.16)

–

(0.71)

22.79 Institutional

shares

2025(b)

29.96 0.31 (0.79)

(0.48)

(0.34)

(0.45)

–

(0.79)

28.69 2024

23.40 0.63 6.64 7.27 (0.63)

(0.08)

–

(0.71)

29.96 2023

25.65 0.63 (1.90)

(1.27)

(0.62)

(0.26)

(0.10)

(0.98)

23.40 2022

33.61 0.42 (6.82)

(6.40)

(0.45)

(1.11)

–

(1.56)

25.65 2021

23.55 0.32 10.46 10.78 (0.40)

(0.32)

–

(0.72)

33.61 2020

28.66 0.42 (4.77)

(4.35)

(0.60)

(0.16)

–

(0.76)

23.55 R-3

shares

2025(b)

29.02 0.20 (0.73)

(0.53)

(0.27)

(0.45)

–

(0.72)

27.77 2024

22.69 0.48 6.43 6.91 (0.50)

(0.08)

–

(0.58)

29.02 2023

24.89 0.48 (1.83)

(1.35)

(0.51)

(0.26)

(0.08)

(0.85)

22.69 2022

32.66 0.26 (6.62)

(6.36)

(0.30)

(1.11)

–

(1.41)

24.89 2021

22.91 0.17 10.17 10.34 (0.27)

(0.32)

–

(0.59)

32.66 2020

27.89 0.29 (4.63)

(4.34)

(0.48)

(0.16)

–

(0.64)

22.91 R-5

shares

2025(b)

28.69 0.22 (0.70)

(0.48)

(0.32)

(0.45)

–

(0.77)

.44

2024

22.44 0.56 6.35 6.91 (0.58)

(0.08)

–

(0.66)

28.69 2023

24.63 0.55 (1.81)

(1.26)

(0.58)

(0.26)

(0.09)

(0.93)

22.44 2022

32.34 0.35 (6.56)

(6.21)

(0.39)

(1.11)

–

(1.50)

24.63 2021

22.68 0.29 10.04 10.33 (0.35)

(0.32)

–

(0.67)

32.34 2020

27.63 0.37 (4.59)

(4.22)

(0.57)

(0.16)

–

(0.73)

22.68 R-6

shares

2025(b)

29.94 0.32 (0.78)

(0.46)

(0.35)

(0.45)

–

(0.80)

28.68 2024

23.39 0.65 6.63 7

.28

(0.65)

(0.08)

–

(0.73)

29.94 2023

25.64 0.64 (1.89)

(1.25)

(0.64)

(0.26)

(0.10)

(1.00)

23.39 2022

33.60 0.45 (6.83)

(6.38)

(0.47)

(1.11)

–

(1.58)

25.64 2021

23.55 0.40 10.39 10.79 (0.42)

(0.32)

–

(0.74)

33.60 2020

28.66 0.44 (4.76)

(4.32)

(0.63)

(0.16)

–

(0.79)

23.55 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

520

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(1.68)

%

(c),(d)

$

188,108

1.19 %

(e) –

%

1.84 %

(e) 17.5 %

(e) 30.84 (d) 203,180

1.19 –

1.98 31.2 (5.50)

(d) 182,522

1.22 –

2.06 16.1 (20.14)

(d) 283,213

1.20 –

1.05 18.7 45.87 (d) 348,715

1.21 –

0.88 31.0 (15.56)

(d) 286,896

1.24 –

1.33 35.1 (2.12)

(c),(d)

14,162

2.11 (e) –

0.91 (e) 17.5 (e) 29.76 (d) 16,854

2.05 –

1.14 31.2 (6.34)

(d) 18,401

2.10 –

1.19 16.1 (20.76)

(d) 27,677

1.99 –

0.25 18.7 44.73 (d),(f)

40,295

1.99 –

0.16 31.0 (16.21)

(d),(f)

34,198

2.02 –

0.55 35.1 (1.61)

(c),(d)

128,674

1.09 (e),(g)

1.09 (e),(h)

1.94 (e) 17.5 (e) 31.00 (d) 138,374

1.06 (g) 1.08 (h) 2.10 31.2 (5.44)

(d) 119,508

1.13 (g) 1.15 (h) 2.15 16.1 (20.04)

(d),(f)

139,555

1.07 (g) 1.09 (h) 1.18 18.7 46.09 (d),(f)

185,393

1.08 (g) 1.10 (h) 1.00 31.0 (15.45)

(d) 134,897

1.10 (g) 1.13 (h) 1.46 35.1 (1.52)

(c) 3,608,621

0.86 (e),(i)

–

.17

(e) 17.5 (e) 31.30 3,810,831

0.86 (i) –

2.30 31.2 (5.19)

2,867,558

0.86 (i) –

2.42 16.1 (19.85)

3,291,840

0.86 (i) –

1.39 18.7 46.34 3,930,727

0.89 (i) –

1.06 31.0 (15.27)

2,160,526

0.91 (i) –

1.66 35.1 (1.75)

(c) 30,987

1.37 (e) –

1.47 (e) 17.5 (e) 30.61 29,609

1.37 –

1.80 31.2 (5.65)

26,311

1.37 –

1.92 16.1 (20.26)

33,778

1.37 –

0.88 18.7 45.63 46,314

1.37 –

0.59 31.0 (15.66)

28,733

1.37 –

1.19 35.1 (1.61)

(c) 78,521

1.06 (e) –

1.58 (e) 17.5 (e) 31.00 76,319

1.06 –

2.14 31.2 (5.35)

75,824

1.06 –

2.22 16.1 (20.01)

87,270

1.06 –

1.19 18.7 46.10 114,006

1.06 –

1.04 31.0 (15.40)

105,340

1.06 –

1.51 35.1 (1.46)

(c) 2,230,010

0.81 (e) –

2.22 (e) 17.5 (e) 31.33 2,327,404

0.81 –

2.36 31.2 (5.14)

1,849,047

0.81 –

2.47 16

.1

(19.79)

1,854,169

0.80 –

1.46 18.7 46.43 2,045,827

0.80 (i) –

1.38 31.0 (15.18)

1,643,165

0.81 (i) –

1.75 35.1 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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.

(unaudited)

See

accompanying

notes.

521

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(b)

$

16.96 $

0.22 ($

0.14)

$

0.08 ($

0.22)

($

0.80)

($

1.02)

$

16.02 2024

13.81 0.29 3.13 3.42 (0.27)

–

(0.27)

16.96 2023

14.16 0.24 0.51 0.75 (0.23)

(0.87)

(1.10)

13.81 2022

18.95 0.32 (3.38)

(3.06)

(0.30)

(1.43)

(1.73)

14.16 2021

15.64 0.20 3.58 3.78 (0.19)

(0.28)

(0.47)

18.95 2020

15.73 0.25 0.25 0.50 (0.23)

(0.36)

(0.59)

15.64 Class

C

shares

2025(b)

16.51 0.15 (0.13)

0.02 (0.16)

(0.80)

(0.96)

15.57 2024

13.44 0.17 3.05 3.22 (0.15)

–

(0.15)

16.51 2023

13.81 0.13 0.48 0.61 (0.11)

(0.87)

(0.98)

13.44 2022

18.53 0.20 (3.30)

(3.10)

(0.19)

(1.43)

(1.62)

13.81 2021

15.36 0.06 3.51 3.57 (0.12)

(0.28)

(0.40)

18.53 2020

15.46 0.14 0.24 0.38 (0.12)

(0.36)

(0.48)

15.36 Class

J

shares

2025(b)

16.14 0.22 (0.13)

0.09 (0.23)

(0.80)

(1.03)

15.20 2024

13.15 0.30 2.99 3.29 (0.30)

–

(0.30)

16.14 2023

13.54 0.25 0.48 0.73 (0.25)

(0.87)

(1.12)

13.15 2022

18.20 0.32 (3.22)

(2.90)

(0.33)

(1.43)

(1.76)

13.54 2021

15.05 0.22 3.43 3.65 (0.22)

(0.28)

(0.50)

18.20 2020

15.15 0.27 0.25 0.52 (0.26)

(0.36)

(0.62)

15.05 Institutional

shares

2025(b)

16.57 0.24 (0.14)

0.10 (0.24)

(0.80)

(1.04)

15.63 2024

13.49 0.33 3.07 3.40 (0.32)

–

(0.32)

16.57 2023

13.86 0.27 0.50 0.77 (0.27)

(0.87)

(1.14)

13.49 2022

18.60 0.37 (3.32)

(2.95)

(0.36)

(1.43)

(1.79)

13.86 2021

15.36 0.25 3.52 3.77 (0.25)

(0.28)

(0.53)

18.60 2020

15.45 0.29 0.26 0.55 (0.28)

(0.36)

(0.64)

15.36 R-3

shares

2025(b)

16.48 0.20 (0.14)

0.06 (0.20)

(0.80)

(1.00)

15.54 2024

13.42 0.24 3.06 3.30 (0.24)

–

(0.24)

16.48 2023

13.80 0.19 0.49 0.68 (0.19)

(0.87)

(1.06)

13.42 2022

18.51 0.29 (3.30)

(3.01)

(0.27)

(1.43)

(1.70)

13.80 2021

15.31 0.15 3.50 3.65 (0.17)

(0.28)

(0.45)

18.51 2020

15.40 0.21 0.26 0.47 (0.20)

(0.36)

(0.56)

15.31 R-5

shares

2025(b)

16.54 0.22 (0.15)

0.07 (0.22)

(0.80)

(1.02)

15.59 2024

13.47 0.30 3.05 3.35 (0.28)

–

(0

.28)

16.54 2023

13.84 0.24 0.50 0.74 (0.24)

(0.87)

(1.11)

13.47 2022

18.56 0.32 (3.29)

(2.97)

(0.32)

(1.43)

(1.75)

13.84 2021

15.33 0.20 3.52 3.72 (0.21)

(0.28)

(0.49)

18.56 2020

15.43 0.25 0.25 0.50 (0.24)

(0.36)

(0.60)

15.33 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

522

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

0.46 %

(c),(d)

$

2,055,830

0.59 %

(e) –

%

2.68 %

(e) 35.4 %

(e) 24.93 (d) 2,156,725

0.59 –

1.79 17.3 5.44 (d) 1,897,327

0.62 –

1.66 26.1 (17.52)

(d) 1,965,970

0.60 –

1.98 50.4 24.55 (d) 2,523,065

0.59 –

1.11 31.3 3.26 (d) 2,060,672

0.61 –

1.64 17.3 0.09 (c),(d)

100,117

1.37 (e) –

.94

(e) 35.4 (e) 24.04 (d) 115,518

1.37 –

1.07 17.3 4.59 (d) 130,921

1.40 –

0.93 26.1 (18.16)

(d) 174,776

1.38 –

1.26 50.4 23.57 (d) 281,665

1.37 –

0.37 31.3 2.48 (d) 322,006

1.38 –

0.90 17.3 0.57 (c),(d)

1,561,810

0.44 (e),(f)

0.45 (e),(g)

2.82 (e) 35.4 (e) 25.20 (d) 1,594,700

0.42 (f) 0

.44

(g) 1.93 17.3 5.59 (d) 1,263,792

0.44 (f) 0.46 (g) 1.82 26.1 (17.39)

(d) 1,158,071

0.45 (f) 0.47 (g) 2.11 50.4 24.65 (d) 1,336,353

0.44 (f) 0.47 (g) 1.25 31.3 3.51 (d) 1,071,910

0.44 (f) 0.47 (g) 1.80 17.3 0.62 (c) 645,134

.30

(e) –

2.98 (e) 35.4 (e) 25.38 688,003

0.29 –

2.08 17.3 5.75 642,053

0.30 –

1.96 26.1 (17.32)

649,784

0.29 –

2.34 50.4 24.93 896,603

0.28 –

1.42 31.3 3.66 747,015

0.30 –

1.95 17.3 0.35 (c) 22,194

0.85 (e) –

2.53 (e) 35.4 (e) 24.70 23,739

0.85 –

1.51 17.3 5.12 19,264

0.85 –

1.40 26.1 (17.71)

18,236

0.85 –

1.83 50.4 24.17 27,419

0.84 –

0.84 31.3 3.08 22,790

0.85 –

1.42 17.3 0.45 (c) 36,396

0.54 (e) –

2.80 (e) 35.4 (e) 25.04 25,389

0.54 –

1.92 17.3 5.51 29,840

0.54 –

1.74 26.1 (17.45)

29,709

0.54 –

2.05 50.4 24.60 37,892

0.53 –

1.15 31.3 3.33 30,863

0.54 –

1.69 17.3 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(g) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

523

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(b)

$

12.56 $

0.20 ($

0.07)

$

0.13 ($

0.20)

($

0.14)

($

0.34)

$

12.35 2024

10.73 0.29 1.82 2.11 (0.28)

–

(0.28)

12.56 2023

10.85 0.23 0.14 0.37 (0.22)

(0.27)

(0.49)

10.73 2022

13.95 0.26 (2.41)

(2.15)

(0.25)

(0

.70)

(0.95)

10.85 2021

12.17 0.19 1.92 2.11 (0.19)

(0.14)

(0.33)

13.95 2020

12.16 0.22 0.17 0.39 (0.22)

(0.16)

(0.38)

12.17 Class

C

shares

2025(b)

12.40 0.15 (0.06)

0.09 (0.15)

(0.14)

(0.29)

12.20 2024

10.59 0.21 1.79 2.00 (0.19)

–

(0.19)

12.40 2023

10.71 0.15 0.13 0.28 (0.13)

(0.27)

(0.40)

10.59 2022

13.78 0.16 (2.38)

(2.22)

(0.15)

(0.70)

(0.85)

10.71 2021

12.03 0.09 1.90 1.99 (0.10)

(0.14)

(0.24)

13.78 2020

12.02 0.14 0.16 0.30 (0.13)

(0.16)

(0.29)

12.03 Class

J

shares

2025(b)

12.34 0.20 (0.06)

0.14 (0.21)

(0.14)

(0.35)

12.13 2024

10.54 0.30 1.81 2.11 (0.31)

–

(0.31)

12.34 2023

10.67 0.24 0.14 0.38 (0.24)

(0.27)

(0.51)

10.54 2022

13.74 0.27 (2.37)

(2.10)

(0.27)

(0.70)

(0.97)

10.67 2021

11.99 0.21 1.89 2.10 (0.21)

(0.14)

(0.35)

13.74 2020

11.99 0.24 0.16 0.40 (0.24)

(0.16)

(0.40)

11.99 Institutional

shares

2025(b)

12.39 0.21 (0.05)

0.16 (0.22)

(0.14)

(0.36)

12.19 2024

10.59 0.32 1.80 2.12 (0.32)

–

(0.32)

12.39 2023

10.71 0.26 0.15 0.41 (0.26)

(0.27)

(0.53)

10.59 2022

13.79 0.29 (2.38)

(2.09)

(0.29)

(0.70)

(0.99)

10.71 2021

12.03 0.23 1.90 2.13 (0.23)

(0.14)

(0.37)

13.79 2020

12.04 0.26 0.15 0.41 (0.26)

(0.16)

(0.42)

12.03 R-3

shares

2025(b)

12.36 0.19 (0.07)

0.12 (0.18)

(0.14)

(0.32)

12.16 2024

10.57 0.25 1.80 2.05 (0.26)

–

(0.26)

12.36 2023

10.69 0.19 0.16 0.35 (0.20)

(0.27)

(0.47)

10.57 2022

13.76 0.23 (2.38)

(2.15)

(0.22)

(0.70)

(0.92)

10.69 2021

12.01 0.16 1.89 2.05 (0.16)

(0.14)

(0.30)

13.76 2020

12.01 0.20 0.15 0.35 (0.19)

(0.16)

(0.35)

12.01 R-5

shares

2025(b)

12.38 0.20 (0.07)

0.13 (0.20)

(0.14)

(0.34)

12.17 2024

10.58 0.30 1.79 2.09 (0.29)

–

(0.29)

.38

2023

10.71 0.23 0.14 0.37 (0.23)

(0.27)

(0.50)

10.58 2022

13.78 0.25 (2.36)

(2.11)

(0.26)

(0.70)

(0.96)

10.71 2021

12.02 0.19 1.91 2.10 (0.20)

(0.14)

(0.34)

13.78 2020

12.03 0.23 0.15 0.38 (0

.23)

(0.16)

(0.39)

12.02 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

524

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

1.07 %

(c),(d)

$

495,415

0.59 %

(e) –

%

3.19 %

(e) 28.6 %

(e) 19.85 (d) 525,205

0.60 –

2.43 19.9 3.42 (d) 492,836

0.62 –

2.06 25.5 (16.39)

(d) 521,254

0.61 –

2.11 55.3 17.49 (d) 650,919

0.60 –

1.41 29.9 3.28 (d) 545,903

0.61 –

1.87 19.4 0.75 (c),(d)

32,845

1.39 (e) –

2.42 (e) 28.6 (e) 18.94 (d) 38,812

1.38 –

1.75 19.9 2.58 (d) 47,961

1.42 –

1.33 25.5 (17.06)

(d) 70,882

1.38 –

1.37 55.3 16.66 (d) 114,412

1.37 –

0.66 29.9 2.50 (d) 137,283

1.37 –

1.14 19.4 1.17 (c),(d)

1,003,488

0.44 (e),(f)

0.44 (e),(g)

3.34 (e) 28.6 (e) 20.13 (d) 1,040,737

0.43 (f) 0

.44

(g) 2.57 19.9 3.57 (d) 852,351

0.44 (f) 0.46 (g) 2.22 25.5 (16.28)

(d) 776,202

0.45 (f) 0.47 (g) 2.25 55.3 17.69 (d) 869,500

0.44 (f) 0.47 (g) 1.56 29.9 3.43 (d) 691,410

0.44 (f) 0.47 (g) 2.03 19.4 1.31 (c) 203,359

0.30 (e) –

3.47 (e) 28.6 (e) 20.17 212,509

0.30 –

2.71 19.9 3.79 186,288

0.31 –

2.37 25.5 (16.17)

206,697

0.30 –

2.43 55.3 17.89 268,505

0.29 –

1.71 29.9 3.48 239,975

0.30 –

2.20 19.4 1.04 (c) 11,934

0.85 (e) –

3.06 (e) 28.6 (e) 19.49 11,594

0.85 –

2.11 19.9 3.23 8,792

0.86 –

1.77 25.5 (16.60)

8,497

0.85 –

1.89 55.3 17.18 11,129

0.84 –

1.18 29.9 2.97 12,167

0.85 –

.69

19.4 1.13 (c) 27,883

0.54 (e) –

3.32 (e) 28.6 (e) 19.91 18,165

0.54 –

2.51 19.9 3.45 19,409

0.55 –

2.11 25.5 (16.31)

19,091

0.54 –

2.11 55.3 17.61 20,710

0.53 –

1.46 29.9 3.22 17,108

0.54 –

1.94 19.4 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(g) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

525

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(b)

$

20.30 $

0.21 ($

0.24)

($

0.03)

($

0.26)

($

1.13)

($

1.39)

$

18.88 2024

15.91 0.24 4.37 4.61 (0.22)

–

(0.22)

20.30 2023

16.64 0.19 0.87 1.06 (0.17)

(1.62)

(1.79)

15.91 2022

22.20 0.33 (4.18)

(3.85)

(0

.26)

(1.45)

(1.71)

16.64 2021

17.41 0.17 5.27 5.44 (0.24)

(0.41)

(0.65)

22.20 2020

17.55 0

.25

0.30 0.55 (0.25)

(0.44)

(0.69)

17.41 Class

C

shares

2025(b)

18.14 0.12 (0.22)

(0.10)

(0.11)

(1.13)

(1.24)

16.80 2024

14.22 0.09 3.90 3.99 (0.07)

–

(0.07)

18.14 2023

15.03 0.06 0.79 0.85 (0.04)

(1.62)

(1.66)

.22

2022

20.21 0.18 (3.82)

(3.64)

(0.09)

(1.45)

(1.54)

15.03 2021

15.91 0.01 4.81 4.82 (0.11)

(0.41)

(0.52)

20.21 2020

16.09 0.11 0.26 0.37 (0.11)

(0.44)

(0.55)

15.91 Class

J

shares

2025(b)

19.23 0.21 (0.23)

(0.02)

(0.29)

(1.13)

(1.42)

17.79 2024

15.09 0.25 4.14 4.39 (0.25)

–

(0.25)

19.23 2023

15.87 0.20 0.84 1.04 (0.20)

(1.62)

(1.82)

15.09 2022

21.26 0.34 (3.99)

(3.65)

(0.29)

(1.45)

(1.74)

15.87 2021

16.70 0.19 5.05 5.24 (0.27)

(0.41)

(0.68)

21.26 2020

16.87 0.26 0.29 0.55 (0.28)

(0.44)

(0.72)

16.70 Institutional

shares

2025(b)

19.66 0.23 (0.24)

(0.01)

(0.31)

(1.13)

(1.44)

18.21 2024

15.42 0.28 4.23 4.51 (0.27)

–

(0.27)

19.66 2023

16.18 0.23 0.85 1.08 (0.22)

(1.62)

(1.84)

15.42 2022

21.64 0.38 (4.07)

(3.69)

(0.32)

(1.45)

(1.77)

16.18 2021

16.98 0.23 5.14 5.37 (0.30)

(0.41)

(0.71)

21.64 2020

17.14 0.30 0.29 0.59 (0.31)

(0.44)

(0.75)

16.98 R-3

shares

2025(b)

19.19 0.18 (0.24)

(0.06)

(0.23)

(1.13)

(1.36)

17.77 2024

15.06 0.18 4.13 4.31 (0.18)

–

(0.18)

19.19 2023

15.82 0.15 0.83 0.98 (0.12)

(1.62)

(1.74)

15.06 2022

21.20 0.28 (4.01)

(3.73)

(0.20)

(1.45)

(1.65)

15.82 2021

16.65 0.11 5.05 5.16 (0.20)

(0.41)

(0.61)

21.20 2020

16.82 0.22 0.26 0.48 (0.21)

(0.44)

(0.65)

16.65 R-5

shares

2025(b)

19.45 0.21 (0.24)

(0.03)

(0.27)

(1.13)

(1.40)

18.02 2024

15.26 0.24 4.18 4.42 (0.23)

–

(0.23)

19.45 2023

16.03 0.19 0.84 1.03 (0.18)

(1.62)

(1.80)

15.26 2022

21.46 0.34 (4.04)

(3.70)

(0.28)

(1.45)

(1.73)

16.03 2021

16.85 0.17 5.10 5.27 (0.25)

(0.41)

(0.66)

21.46 2020

17.01 0.25 0.30 0.55 (0.27)

(0.44)

(0.71)

16.85 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

526

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0.22)

%

(c),(d)

$

1,648,140

0.59 %

(e) –

%

2.19 %

(e) 33.7 %

(e) 29.15 (d) 1,739,501

0.59 –

1.26 18.3 6.95 (d) 1,484,518

0.62 –

1.16 25.6 (18.70)

(d) 1,508,702

0.60 –

1.76 52.4 31.84 (d) 1,979,014

0.59 –

0.81 34.3 3.11 (d) 1,570,186

0.61 –

1.46 16.2 (0.62)

(c),(d)

75,128

1.39 (e) –

1.42 (e) 33.7 (e) 28.12 (d) 86,958

1.37 –

0.53 18.3 6.19 (d) 92,295

1.42 –

0.40 25.6 (19.39)

(d) 121,737

1.37 –

1.05 52.4 30.82 (d) 190,605

1.38 –

0.07 34.3 2.28 (d) 204,754

1.37 –

0.74 16.2 (0.15)

(c),(d)

894,795

0.44 (e),(f)

0.45 (e),(g)

2.33 (e) 33.7 (e) 29.32 (d) 889,283

0.43 (f) 0.44 (g) 1.40 18.3 7.19 (d) 690,996

0.45 (f) 0.47 (g) 1.32 25.6 (18.59)

(d) 636,126

0.45 (f) 0.47 (g) 1.90 52.4 32.04 (d) 778,913

0.45 (f) 0.47 (g) 0.95 34.3 3.25 (d) 575,978

0.45 (f) 0.48 (g) 1.61 16.2 (0.09)

(c) 421,190

0.30 (e) –

2.49 (e) 33.7 (e) 29.50 455,578

0.30 –

1.55 18.3 7.35 397,434

0.30 –

1.47 25.6 (18.48)

395,979

0.29 –

2.08 52.4 32.27 539,619

0.29 –

1.12 34.3 3.40 430,895

0.30 –

1.79 16.2 (0.39)

(c) 9,690

0.85 (e) –

1.98 (e) 33.7 (e) 28.76 9,881

0.85 –

1.02 18.3 6.80 7,737

0.85 –

0.98 25.6 (18.95)

10,909

0.85 –

1.58 52.4 31.58 15,823

0.84 –

0.56 34.3 2.81 13,833

0.85 –

1.35 16.2 (0.19)

(c) 34,145

0.54 (e) –

2.23 (e) 33.7 (e) 29.20 28,551

0.54 –

1.32 18.3 7.04 24,555

0.54 –

1.21 25.6 (18.66)

23,881

0.54 –

1.86 52.4 31.91 30,075

0.53 –

0.86 34.3 3.18 22,124

0.54 –

1.54 16.2 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(g) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

527

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(b)

$

12.17 $

0.22 ($

0.05)

$

0.17 ($

0.23)

$

–

($

0.23)

$

12.11 2024

10.75 0.35 1.42 1.77 (0.35)

–

(0.35)

12.17 2023

10.78 0.26 (0.03)

0.23 (0.26)

–

(0.26)

10.75 2022

13.56 0.28 (2.25)

(1.97)

(0.28)

(0.53)

(0.81)

10.78 2021

12.38 0.23 1.29 1.52 (0.23)

(0.11)

(0.34)

13.56 2020

12.40 0.25 0.03 0.28 (0

.25)

(0.05)

(0.30)

12.38 Class

C

shares

2025(b)

12.02 0.18 (0.05)

0.13 (0.18)

–

(0.18)

11.97 2024

10.62 0.27 1.38 1.65 (0.25)

–

(0.25)

12.02 2023

10.66 0.18 (0.05)

0.13 (0.17)

–

(0.17)

10.62 2022

13.41 0.19 (2.22)

(2.03)

(0.19)

(0.53)

(0.72)

10.66 2021

12.24 0.13 1.27 1.40 (0.12)

(0.11)

(0.23)

13.41 2020

12.26 0.16 0.03 0.19 (0.16)

(0.05)

(0.21)

12.24 Class

J

shares

2025(b)

12.03 0.23 (0.04)

0.19 (0.24)

–

(0.24)

11.98 2024

10.63 0.37 1.40 1.77 (0.37)

–

(0.37)

12.03 2023

10.67 0.28 (0.04)

0.24 (0.28)

–

(0.28)

10.63 2022

13.43 0.29 (2.22)

(1.93)

(0.30)

(0.53)

(0.83)

10.67 2021

12.26 0.25 1.28 1.53 (0.25)

(0.11)

(0.36)

13.43 2020

12.29 0.27 0.02 0.29 (0.27)

(0.05)

(0.32)

12.26 Institutional

shares

2025(b)

12.12 0.24 (0.05)

0.19 (0.25)

–

(0.25)

12.06 2024

10.70 0.38 1.42 1.80 (0.38)

–

(0.38)

12.12 2023

10.74 0.29 (0.04)

0.25 (0.29)

–

(0.29)

10.70 2022

13.51 0.31 (2.23)

(1.92)

(0.32)

(0.53)

(0.85)

10.74 2021

12.34 0.26 1.28 1.54 (0.26)

(0.11)

(0.37)

13.51 2020

12.36 0.28 0.03 0.31 (0.28)

(0.05)

(0.33)

12.34 R-3

shares

2025(b)

12.09 0.24 (0.09)

0.15 (0.21)

–

(0

.21)

12.03 2024

10.68 0.32 1.41 1.73 (0.32)

–

(0.32)

12.09 2023

10.71 0.24 (0.04)

0.20 (0.23)

–

(0.23)

10.68 2022

13.48 0.25 (2.24)

(1.99)

(0.25)

(0.53)

(0.78)

10.71 2021

12.31 0.19 1.28 1.47 (0.19)

(0.11)

(0.30)

13.48 2020

12.33 0.22 0.03 0.25 (0.22)

(0.05)

(0.27)

12.31 R-5

shares

2025(b)

12.09 0.23 (0.06)

0.17 (0.23)

–

(0.23)

12.03 2024

10.68 0.30 1.46 1.76 (0.35)

–

(0.35)

12.09 2023

10.72 0.26 (0.04)

0.22 (0.26)

–

(0.26)

10.68 2022

13.48 0.28 (2.22)

(1.94)

(0.29)

(0.53)

(0.82)

10.72 2021

12.31 0.23 1.28 1.51 (0.23)

(0.11)

(0.34)

13.48 2020

12.33 0.26 0.03 0.29 (0.26)

(0.05)

(0.31)

12.31 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

528

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

1.41 %

(c),(d)

$

863,921

0.59 %

(e) –

%

3.73 %

(e) 24.6 %

(e) 16.58 (d) 918,982

0.59 –

2.99 19.8 2.05 (d) 919,005

0.61 –

2.33 20.8 (15.28)

(d) 1,032,096

0.60 –

2.32 57.3 12.40 (d) 1,289,067

0.59 –

1.72 29.3 2.30 (d) 1,085,818

0.60 –

2.04 35.9 1.10 (c),(d)

58,133

1.40 (e) –

2.96 (e) 24.6 (e) 15.67 (d) 71,603

1.38 –

2.29 19.8 1.15 (d) 91,832

1.40 –

1.60 20.8 (15.90)

(d) 135,741

1.38 –

1.57 57.3 11.58 (d) 205,567

1.36 –

0.96 29.3 1.54 (d) 237,410

1.37 –

1.29 35.9 1.59 (c),(d)

1,095,548

0.44 (e),(f)

0.44 (e),(g)

3.88 (e) 24.6 (e) 16.78 (d) 1,151,699

0.42 (f) 0.44 (g) 3.13 19.8 2.16 (d) 1,064,611

0.43 (f) 0.45 (g) 2.49 20.8 (15.14)

(d) 1,086,460

0.44 (f) 0.46 (g) 2.48 57.3 12.61 (d) 1,321,469

0.44 (f) 0.46 (g) 1.88 29.3 2.42 (d) 1,132,937

0.43 (f) 0.46 (g) 2.22 35.9 1.55 (c) 185,155

0.33 (e) –

3.95 (e) 24

.6

(e) 16.98 180,539

0.32 –

3.22 19.8 2.25 164,167

0.32 –

2.60 20.8 (15.01)

173,873

0.31 –

2.62 57.3 12.68 236,379

0.31 –

2.00 29.3 2.60 200,957

0.32 –

2.33 35.9 1.28 (c) 2,409

0.85 (e) –

3.99 (e) 24.6 (e) 16.30 3,170

0.85 –

2.75 19.8 1.81 3,109

0.85 –

2.15 20.8 (15.51)

3,569

0.85 –

2.07 57.3 12.11 5,117

0.84 –

1.48 29.3 2.07 4,729

0.85 –

1.81 35.9 1.45 (c) 21,100

0.54 (e) –

3.85 (e) 24.6 (e) 16.67 20,849

0.54 –

2.58 19.8 2.03 7,888

0.54 –

2.37 20.8 (15.16)

8,059

.54

–

2.38 57.3 12.46 10,225

0.53 –

1.78 29.3 2.38 7,970

0.54 –

2.10 35.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(g) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

529

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(b)

$

23.61 $

0.22 ($

0.33)

($

0.11)

($

0.21)

($

1.38)

($

1.59)

$

21.91 2024

18.11 0.20 5.53 5.73 (0.17)

(0.06)

(0.23)

23.61 2023

18.24 0.14 1.32 1.46 (0.13)

(1.46)

(1.59)

18.11 2022

24.57 0.34 (4.93)

(4.59)

(0.34)

(1.40)

(1.74)

18.24 2021

18.57 0.17 6.67 6.84 (0.17)

(0.67)

(0.84)

24.57 2020

18.67 0.21 0.53 0.74 (0.25)

(0.59)

(0.84)

18.57 Class

C

shares

2025(b)

20.22 0.12 (0.28)

(0.16)

(0.06)

(1.38)

(1.44)

18.62 2024

15.54 0.03 4.74 4.77 (0.03)

(0.06)

(0.09)

20.22 2023

15.88 (0.01)

1.13 1.12 –

(1.46)

(1

.46)

15.54 2022

21.60 0.17 (4.33)

(4.16)

(0.16)

(1.40)

(1.56)

15.88 2021

16.43 0.01 5.87 5.88 (0.04)

(0.67)

(0.71)

21.60 2020

16.60 0.07 0.46 0.53 (0.11)

(0.59)

(0.70)

16.43 Class

J

shares

2025(b)

22.38 0.22 (0.30)

(0.08)

(0.25)

(1.38)

(1.63)

20.67 2024

17.18 0.21 5.26 5.47 (0.21)

(0.06)

(0.27)

22.38 2023

17.39 0.15 1.26 1.41 (0.16)

(1.46)

(1.62)

17.18 2022

23.51 0.35 (4.70)

(4.35)

(0.37)

(1.40)

(1.77)

17.39 2021

17.80 0.19 6.39 6.58 (0.20)

(0.67)

(0.87)

23.51 2020

17.93 0.23 0.51 0.74 (0.28)

(0.59)

(0.87)

17.80 Institutional

shares

2025(b)

22.80 0.25 (0.31)

(0.06)

(0.28)

(1.38)

(1.66)

21.08 2024

17.50 0.25 5.35 5.60 (0.24)

(0.06)

(0.30)

22.80 2023

17.69 0.19 1.27 1.46 (0.19)

(1.46)

(1.65)

17.50 2022

23.88 0.40 (4.78)

(4.38)

(0.41)

(1.40)

(1.81)

17.69 2021

18.06 0.23 6.49 6.72 (0.23)

(0.67)

(0.90)

23.88 2020

18.18 0.26 0.52 0.78 (0.31)

(0.59)

(0.90)

18.06 R-3

shares

2025(b)

22.27 0.18 (0.31)

(0.13)

(0.15)

(1.38)

(1.53)

20.61 2024

17.10 0.13 5.23 5.36 (0.13)

(0.06)

(0.19)

22.27 2023

17.31 0.09 1.25 1.34 (0.09)

(1.46)

(1.55)

17.10 2022

23.43 0.32 (4.74)

(4.42)

(0.30)

(1.40)

(1.70)

.31

2021

17.72 0.08 6.40 6.48 (0.10)

(0.67)

(0.77)

23.43 2020

17.86 0.18 0.48 0.66 (0.21)

(0.59)

(0.80)

17.72 R-5

shares

2025(b)

22.43 0.22 (0.30)

(0.08)

(0.24)

(1.38)

(1.62)

20.73 2024

17.23 0

.19

5.27 5.46 (0.20)

(0.06)

(0.26)

22.43 2023

17.43 0.14 1.26 1.40 (0.14)

(1.46)

(1.60)

17.23 2022

23.56 0.33 (4.70)

(4.37)

(0.36)

(1.40)

(1.76)

17.43 2021

17.84 0.17 6.40 6.57 (0.18)

(0.67)

(0.85)

23.56 2020

17.97 0.22 0.51 0.73 (0.27)

(0.59)

(0.86)

17.84 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

530

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0.53)

%

(c),(d)

$

1,246,202

0.59 %

(e) –

%

1.97 %

(e) 43.6 %

(e) 31.89 (d) 1,305,661

0.60 –

0.89 18.2 8.57 (d) 1,081,383

0.63 –

0.73 27.2 (19.99)

(d) 1,066,233

0.61 –

1.67 49.5 37.68 (d) 1,401,140

0.60 –

0.75 26.3 3.93 (d) 1,069,149

0.62 –

1.15 19.9 (0.87)

(c),(d)

62,872

1.39 (e) –

1.21 (e) 43.6 (e) 30.84 (d) 70,160

1.39 –

0.14 18.2 7.61 (d) 66,235

1.45 –

(0.03)

27.2 (20.59)

(d) 77,837

1.41 –

0.94 49.5 36.56 (d) 115,136

1.39 –

0.04 26.3 3.14 (d) 120,962

1.40 –

0.41 19.9 (0.43)

(c),(d)

490,205

0.46 (e),(f)

0.47 (e),(g)

2.10 (e) 43.6 (e) 32.10 (d) 493,983

0.44 (f) 0.46 (g) 1.02 18.2 8.73 (d) 372,876

0.47 (f) 0.49 (g) 0.87 27.2 (19.87)

(d) 334,032

0.47 (f) 0.49 (g) 1.78 49.5 37.88 (d) 410,297

0.46 (f) 0.48 (g) 0.88 26.3 4.11 (d) 295,433

0.46 (f) 0.49 (g) 1.31 19.9 (0.34)

(c) 330,463

0.30 (e) –

2.28 (e) 43.6 (e) 32.27 356,421

0.30 –

1.19 18.2 8.89 299,870

0.30 –

1.04 27.2 (19.73)

271,120

0.29 –

1.99 49.5 38.14 362,447

0.29 –

1.05 26.3 4.27 260,585

0.30 –

1.47 19.9 (0.64)

(c) 7,627

0.85 (e) –

1.66 (e) 43.6 (e) 31.55 7,327

0.85 –

0.62 18.2 8.33 6,746

0.85 –

0.50 27.2 (20.20)

6,564

0.85 –

1.60 49.5 37.38 9,782

0.84 –

0.36 26.3 3.66 6,440

0.85 –

1.05 19.9 (0.45)

(c) 30,768

0.54 (e) –

2.05 (e) 43.6 (e) 31.92 28,145

0.54 –

0.91 18.2 8.67 19,279

0.54 –

0.79 27.2 (19.95)

(h) 19,246

0.54 –

1.70 49.5 37.80 (h) 24,908

0.53 –

0.77 26.3 4.04 15,052

0.54 –

1.28 19.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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.

(unaudited)

See

accompanying

notes.

531

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(b)

$

11.99 $

0.22 $

0.11 $

0.33 ($

0.22)

$

–

($

0.22)

$

12.10 2024

11.57 0.41 0.42 0.83 (0.41)

–

(0.41)

11.99 2023

11.40 0.32 0.18 0.50 (0.33)

–

(0.33)

11.57 2022

12.32 0.16 (0.86)

(0.70)

(0.16)

(0.06)

(0.22)

11.40 2021

12.54 0.11 (0.13)

(0.02)

(0.11)

(0.09)

(0.20)

12.32 2020

12.32 0.20 0.22 0.42 (0.20)

–

(0.20)

12.54 Class

C

shares

2025(b)

11.99 0.16 0.11 0.27 (0.16)

–

(0.16)

12.10 2024

11.58 0.30 0.41 0.71 (0.30)

–

(0.30)

11.99 2023

11.40 0.21 0.18 0.39 (0.21)

–

(0.21)

11.58 2022

12.32 0.05 (0.86)

(0.81)

(0.05)

(0.06)

(0.11)

11.40 2021

12.55 –

(0.13)

(0.13)

(0.01)

(0.09)

(0.10)

12.32 2020

12.33 0.09 0.22 0.31 (0.09)

–

(0.09)

12.55 Class

J

shares

2025(b)

11.98 0.22 0.11 0.33 (0.22)

–

(0.22)

12.09 2024

11.56 0.42 0.42 0.84 (0.42)

–

(0.42)

11.98 2023

11.39 0.33 0.17 0

.50

(0.33)

–

(0.33)

11.56 2022

12.31 0.16 (0.86)

(0.70)

(0.16)

(0.06)

(0.22)

11.39 2021

12.53 0.12 (0.13)

(0.01)

(0.12)

(0.09)

(0.21)

12.31 2020

12.31 0.20 0.23 0.43 (0.21)

–

(0.21)

12.53 Institutional

shares

2025(b)

11.98 0.23 0.11 0.34 (0.23)

–

(0.23)

12.09 2024

11.57 0.44 0.41 0.85 (0.44)

–

(0.44)

11.98 2023

11.39 0.35 0.18 0.53 (0.35)

–

(0.35)

11.57 2022

12.31 0.18 (0.85)

(0.67)

(0.19)

(0.06)

(0.25)

11.39 2021

12.53 0.14 (0.13)

0.01 (0.14)

(0.09)

(0.23)

12.31 2020

12.31 0.23 0.22 0.45 (0.23)

–

(0.23)

12.53 R-3

shares

2025(b)

11.99 0.20 0.11 0.31 (0.20)

–

(0.20)

12.10 2024

11.57 0.37 0.42 0.79 (0.37)

–

(0.37)

11.99 2023

11.40 0.29 0.17 0.46 (0.29)

–

(0.29)

11.57 2022

12.32 0.12 (0.86)

(0.74)

(0.12)

(0.06)

(0.18)

11.40 2021

12.54 0.07 (0.12)

(0.05)

(0.08)

(0.09)

(0.17)

12.32 2020

12.32 0.16 0.22 0.38 (0.16)

–

(0.16)

12.54 R-5

shares

2025(b)

11.99 0.22 0.11 0.33 (0.22)

–

(0.22)

12.10 2024

11.58 0.41 0.41 0.82 (0.41)

–

(0.41)

11.99 2023

11.40 0.32 0

.19

0.51 (0.33)

–

(0.33)

11.58 2022

12.32 0.16 (0.86)

(0.70)

(0.16)

(0.06)

(0.22)

11.40 2021

12.54 0.11 (0.13)

(0.02)

(0.11)

(0.09)

(0.20)

12.32 2020

12.33 0.20 0.21 0.41 (0.20)

–

(0.20)

12.54 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

532

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

2.74 %

(c),(d)

$

322,299

0.61 %

(e) –

%

3.66 %

(e) 42.4 %

(e) 7.27 (d) 315,310

0.63 –

3.46 46.7 4.39 (d) 316,038

0.65 –

2.79 35.4 (5.73)

(d) 353,052

0.65 –

1.32 28.4 (0.17)

(d) 470,326

0.67 –

0.89 52.4 3.47 (d) 445,243

0.67 –

1.59 76.0 2.27 (c),(d)

14,466

1.55 (e) –

2.72 (e) 42.4 (e) 6.17 (d) 15,263

1.58 –

2.51 46.7 3.46 (d) 17,277

1.63 –

1.79 35.4 (6.61)

(d) 23,675

1.57 –

0.38 28.4 (1.09)

(d) 34,992

1.56 –

0.02 52.4 2.55 (d) 57,463

1.56 –

0.72 76.0 2.76 (c),(d)

107,456

0.57 (e),(f)

0.57 (e),(g)

3.70 (e) 42.4 (e) 7.32 (d) 109,830

0.59 (f) 0.60 (g) 3.50 46.7 4.43 (d) 115,360

0.61 (f) 0.63 (g) 2.83 35.4 (5.72)

(d) 127,563

0.62 (f) 0.64 (g) 1.36 28.4 (0.13)

(d) 154,334

0.62 (f) 0.65 (g) 0.94 52.4 3.49 (d) 168,395

0.65 (f) 0.68 (g) 1.62 76.0 2.85 (c) 2,831,387

0.40 (e) –

3.87 (e) 42.4 (e) 7.40 2,865,011

0.43 –

3.67 46.7 4.72 2,375,615

0.42 (h) –

3.02 35.4 (5.53)

2,654,929

0.43 (h) –

1.53 28.4 0.06 3,531,191

0.43 (h) –

1.14 52.4 3.72 5,210,042

0.43 (h) –

1.85 76.0 2.58 (c) 9,700

.93

(e) –

3.35 (e) 42.4 (e) 6.93 9,050

0.95 –

3.14 46.7 4.07 9,999

0.95 –

2.50 35.4 (6.03)

9,841

0.96 –

1.02 28.4 (0.48)

10,268

0.98 –

0.58 52.4 3.15 14,361

0.98 (h) –

1.30 76.0 2.74 (c) 10,351

0.62 (e) –

3.65 (e) 42.4 (e) 7.17 7,909

0.64 –

3.44 46.7 4.49 8,616

0.64 –

2.80 35.4 (5.74)

9,125

0.65 –

1.31 28.4 (0.17)

11,377

0.67 –

0.90 52.4 3.38 12,410

0.67 (h) –

1.62 76.0 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

533

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(b)

$

25.95 $

0.01 ($

2.31)

($

2.30)

($

0.02)

($

0.46)

($

0.48)

$

23.17 2024

20.93 0.05 5.70 5.75 (0.04)

(0.69)

(0.73)

25.95 2023

22.97 0.02 (2.06)

(2.04)

–

–

–

20.93 2022

30.71 (0.02)

(5.59)

(5.61)

–

(2.13)

(2.13)

22.97 2021

20.37 (0.10)

11.00 10.90 –

(0.56)

(0.56)

30.71 2020

20.79 –

0.79 0.79 –

(1.21)

(1.21)

20.37 Class

J

shares

2025(b)

24.50 0.03 (2.19)

(2.16)

(0.06)

(0.46)

(0.52)

21.82 2024

19.80 0.08 5.39 5.47 (0.08)

(0.69)

(0.77)

24.50 2023

21.72 0.05 (1.95)

(1.90)

(0.02)

–

(0.02)

19.80 2022

29.11 0.02 (5.28)

(5.26)

–

(2.13)

(2.13)

21.72 2021

19.30 (0.05)

10.42 10.37 –

(0

.56)

(0.56)

29.11 2020

19.77 0.02 0.76 0.78 (0.04)

(1.21)

(1.25)

19.30 Institutional

shares

2025(b)

28.80 0.05 (2.57)

(2.52)

(0.08)

(0.46)

(0.54)

25.74 2024

23.16 0.13 6.31 6.44 (0.11)

(0.69)

(0

.80)

28.80 2023

25.39 0.11 (2.29)

(2.18)

(0.05)

–

(0.05)

23.16 2022

33.60 0.06 (6.14)

(6.08)

–

(2.13)

(2.13)

25.39 2021

22.21 (0.03)

12.01 11.98 –

(0.59)

(0.59)

33.60 2020

22.56 0.06 0.88 0.94 (0.08)

(1.21)

(1.29)

22.21 R-3

shares

2025(b)

25.67 (0.01)

(2.29)

(2.30)

–

(0.46)

(0.46)

22.91 2024

20.72 –

5.65 5.65 (0.01)

(0.69)

(0.70)

25.67 2023

22.78 (0.01)

(2.05)

(2.06)

–

–

–

20.72 2022

30.51 (0.06)

(5.54)

(5.60)

–

(2.13)

(2.13)

22.78 2021

20.28 (0.15)

10.94 10.79 –

(0.56)

(0.56)

30.51 2020

20.72 (0.03)

0.80 0.77 –

(1.21)

(1.21)

20.28 R-5

shares

2025(b)

28.32 0.03 (2.53)

(2.50)

(0.06)

(0.46)

(0.52)

25.30 2024

22.79 0.08 6.21 6.29 (0.07)

(0.69)

(0.76)

28.32 2023

24.98 0.07 (2.25)

(2.18)

(0.01)

–

(0.01)

22.79 2022

33.14 0.02 (6.05)

(6.03)

–

(2.13)

(2.13)

24.98 2021

21.91 (0.07)

11.86 11.79 –

(0.56)

(0.56)

33.14 2020

22.28 0.03 0.86 0.89 (0.05)

(1.21)

(1.26)

21.91 R-6

shares

2025(b)

28.84 0.07 (2.58)

(2.51)

(0.11)

(0.46)

(0.57)

25.76 2024

23.19 0.15 6.33 6.48 (0.14)

(0.69)

(0.83)

28.84 2023

25.42 0.13 (2.28)

(2.15)

(0.08)

–

(0.08)

23.19 2022

33.61 0.08 (6.14)

(6.06)

–

(2.13)

(2.13)

25.42 2021

22.21 –

12.01 12.01 –

(0.61)

(0.61)

33.61 2020

22.56 0.08 0.88 0.96 (0.10)

(1.21)

(1.31)

22.21 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

534

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

(9.04)

%

(c),(d)

$

224,129

1.11 %

(e) –

%

0.10 %

(e) 22.1 %

(e) 27.75 (d) 263,797

1.11 –

0.19 41.1 (8.88)

(d) 230,211

1.19 –

0.08 28.7 (19.05)

(d) 253,893

1.14 –

(0.07)

18.7 54.21 (d) 348,066

1.12 –

(0.35)

38.0 3.71 (d) 202,896

1.18 –

(0.03)

41.6 (9.00)

(c),(d)

165,826

0.98 (e),(f)

0.98 (e),(g)

0.23 (e) 22.1 (e) 27.94 (d) 192,105

0.96 (f) 0.97 (g) 0.34 41.1 (8.75)

(d) 165,565

1.02 (f) 1.04 (g) 0.24 28.7 (18.88)

(d) 193,888

0.99 (f) 1.01 (g) 0.08 18.7 54.39 (d),(h)

259,335

0.98 (f) 1.00 (g) (0.20)

38.0 3.88 (d),(h)

175,489

1.03 (f) 1.06 (g) 0.12 41.6 (8.91)

(c) 631,087

0.85 (e),(i)

–

0.35 (e) 22.1 (e) 28.10 745,771

0.85 (i) –

0.47 41.1 (8.61)

378,571

0.85 (i) –

0.42 28.7 (18.79)

411,643

0.85 (i) –

0.21 18.7 54.64 577,259

0.85 (i) –

(0.09)

38.0 4.07 147,591

0.85 (i) –

0.28 41.6 (9.11)

(c) 13,236

1.30 (e) –

(0.09)

(e) 22.1 (e) 27.55 15,484

1.31 –

(0.01)

41.1 (9.04)

14,313

1.31 –

(0.05)

28.7 (19.15)

14,119

1.31 –

(0.24)

18.7 53.90 15,267

1.31 –

(0.54)

38.0 3.60 7,119

1.32 –

(0.17)

41.6 (8.97)

(c) 54,553

0.99 (e) –

0.23 (e) 22.1 (e) 27.87 44,708

1.00 –

0.30 41.1 (8.72)

38,705

1.00 –

0.26 28.7 (18.91)

50,244

1.00 –

0.09 18.7 54.46 44,522

1.00 –

(0.23)

38.0 3.88 26,842

1.01 –

.13

41.6 (8.87)

(c) 836,370

0.73 (e),(i)

–

0.48 (e) 22.1 (e) 28.23 986,896

0.74 (i) –

0.53 41.1 (8.49)

200,915

0.76 (i) –

0.51 28.7 (18.72)

221,952

0.75 (i) –

0.32 18.7 54.76 169,609

0.75 (i) –

0.01 38.0 4.14 75,621

0.77 (i) –

0.37 41.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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.

(i) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

535

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(b)

$

9.29 ($

0.02)

($

0.78)

($

0.80)

($

0.08)

($

1.12)

($

1.20)

$

7.29 2024

6.89 (0.04)

2.44 2.40 –

–

–

9.29 2023

7.47 (0.04)

(0.44)

(0.48)

–

(0.10)

(0.10)

6.89 2022

13.34 (0.06)

(3.36)

(3.42)

–

(2.45)

(2.45)

7.47 2021

10.37 (0.09)

3.94 3.85 –

(0.88)

(0.88)

13.34 2020

9.29 (0.07)

2.16 2.09 –

(1.01)

(1.01)

10.37 Institutional

shares

2025(b)

15.75 (0.03)

(1.42)

(1.45)

(0.08)

(1.12)

(1.20)

13.10 2024

11.66 (0.05)

4.14 4.09 –

–

–

15.75 2023

12.54 (0.04)

(0.74)

(0.78)

–

(0.10)

(0.10)

11.66 2022

20.54 (0.07)

(5.48)

(5.55)

–

(2.45)

(2.45)

12.54 2021

15.56 (0.12)

5.98 5.86 –

(0.88)

(0.88)

20.54 2020

13.45 (0.08)

3.20 3.12 –

(1.01)

(1.01)

15.56 R-3

shares

2025(b)

11.51 (0.04)

(1.00)

(1.04)

(0.05)

(1.12)

(1.17)

9.30 2024

8.56 (0.09)

3.04 2.95 –

–

–

11.51 2023

9.28 (0.07)

(0.55)

(0.62)

–

(0.10)

(0.10)

8.56 2022

15.96 (0.10)

(4.13)

(4.23)

–

(2

.45)

(2.45)

9.28 2021

12.30 (0.16)

4.70 4.54 –

(0.88)

(0.88)

15.96 2020

10.87 (0.11)

2.55 2.44 –

(1.01)

(1.01)

12.30 R-5

shares

2025(b)

14.06 (0.03)

(1.26)

(1.29)

(0.07)

(1.12)

(1.19)

11.58 2024

10.43 (0.06)

3.69 3.63 –

–

–

14.06 2023

11.24 (0.05)

(0.66)

(0.71)

–

(0.10)

(0.10)

10.43 2022

18.71 (0.08)

(4.94)

(5.02)

–

(2.45)

(2.45)

11.24 2021

14.25 (0.13)

5.47 5.34 –

(0.88)

(0.88)

18.71 2020

12.42 (0.09)

2.93 2.84 –

(1.01)

(1.01)

14.25 R-6

shares

2025(b)

15.81 (0.02)

(1.42)

(1.44)

(0.10)

(1.12)

(1.22)

13.15 2024

11.70 (0.03)

4.14 4.11 –

–

–

15.81 2023

12.57 (0.02)

(0.75)

(0.77)

–

(0.10)

(0.10)

11.70 2022

20.56 (0.05)

(5.49)

(5.54)

–

(2.45)

(2.45)

12.57 2021

15.55 (0.10)

5.99 5.89 –

(0.88)

(0.88)

20.56 2020

13.43 (0.06)

3.19 3.13 –

(1.01)

(1.01)

15.55 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

536

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

(10.18)

%

(c),(d)

$

60,216

1.12 %

(e),(f)

1.14 %

(e),(g)

(0.52)

%

(e) 67.0 %

(e) 34.83 (d) 69,270

1.09 (f) 1.13 (g) (0.49)

61.2 (6.47)

(d) 56,943

1.14 (f) 1.18 (g) (0.49)

50.3 (29.78)

(d) 63,827

1.11 (f) 1.15 (g) (0.64)

50.7 38.18 (d) 103,343

1.07 (f) 1.11 (g) (0.74)

62.1 24.24 (d) 78,084

1.16 (f) 1.22 (g) (0.75)

67.6 (10.14)

(c) 81,596

0.97 (e),(h)

–

(0.36)

(e) 67.0 (e) 35.08 114,047

0.96 (h) –

(0.35)

61.2 (6.25)

133,979

0.97 (h) –

(0.32)

50.3 (29.74)

(i) 195,117

0.94 (h) –

(0.47)

50.7 38.44 (i) 300,718

0.93 (h) –

(0.60)

62.1 24.51 (i) 222,802

0.97 (h) –

(0.57)

67.6 (10.28)

(c) 13,649

1.41 (e),(h)

–

(0.81)

(e) 67.0 (e) 34

.46

15,205

1.41 (h) –

(0.80)

61.2 (6.62)

(i) 11,855

1.41 (h) –

(0.75)

50.3 (30.07)

(i) 13,703

1.40 (h) –

(0.94)

50.7 37.78 18,489

1.40 (h) –

(1.07)

62.1 23.92 13,013

1.44 (h) –

(1.03)

67.6 (10.18)

(c) 26,854

1.10 (e),(h)

–

(0.50)

(e) 67.0 (e) 34.80 23,968

1.10 (h) –

(0.49)

61.2 (6.34)

20,970

1.10 (h) –

(0.44)

50.3 (29.79)

32,559

1.09 (h) –

(0.63)

50.7 38.24 50,285

1.09 (h) –

(0.75)

62.1 24.17 42,541

1.13 (h) –

(0.72)

67.6 (10.04)

(c) 1,654,076

0.84 (e),(h)

–

(0.24)

(e) 67.0 (e) 35.13 1,892,007

0.84 (h) –

(0.23)

61.2 (6.07)

(i) 1,786,028

0.84 (h) –

(0.19)

50.3 (29.67)

(i) 1,935,411

0.84 (h) –

(0.37)

50.7 38.60 2,780,704

0.83 (h) –

(0.50)

62.1 24.63 (i) 1,817,204

0.86 (h) –

(0.46)

67.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

(i) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

537

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(b)

$

25.21 $

0.17 ($

2.67)

($

2.50)

($

0.30)

($

2.01)

($

2.31)

$

20.40 2024

20.38 0.31 5.61 5.92 (0.34)

(0.75)

(1

.09)

25.21 2023

24.87 0.31 (2.19)

(1.88)

(0.28)

(2.33)

(2.61)

20.38 2022

31.18 0.27 (3.84)

(3.57)

(0.25)

(2.49)

(2.74)

24.87 2021

20.17 0.24 11.32 11.56 (0.24)

(0.31)

(0.55)

31.18 2020

23.55 0.21 (1.85)

(1.64)

(0.26)

(1.48)

(1.74)

20.17 Institutional

shares

2025(b)

27.51 0.21 (2.96)

(2.75)

(0

.33)

(2.01)

(2.34)

22.42 2024

22.15 0.38 6.12 6.50 (0.39)

(0.75)

(1.14)

27.51 2023

26.79 0.38 (2.36)

(1.98)

(0.33)

(2.33)

(2.66)

22.15 2022

33.36 0.34 (4.12)

(3.78)

(0.30)

(2.49)

(2.79)

26.79 2021

21.54 0.31 12.09 12.40 (0.27)

(0.31)

(0.58)

33.36 2020

25.03 0.27 (1.98)

(1.71)

(0.30)

(1.48)

(1.78)

21.54 R-3

shares

2025(b)

28.25 0.14 (3.04)

(2.90)

(0.20)

(2.01)

(2.21)

23.14 2024

22.72 0.26 6

.27

6.53 (0.25)

(0.75)

(1.00)

28.25 2023

27.39 0.26 (2.42)

(2.16)

(0.18)

(2.33)

(2.51)

22.72 2022

34.04 0.20 (4.22)

(4.02)

(0.14)

(2.49)

(2.63)

27.39 2021

21.99 0.16 12.35 12.51 (0.15)

(0.31)

(0.46)

34.04 2020

25.52 0.16 (2.02)

(1.86)

(0.19)

(1.48)

(1.67)

21.99 R-5

shares

2025(b)

28.99 0.19 (3.12)

(2.93)

(0.29)

(2.01)

(2.30)

.76

2024

23.29 0.35 6.43 6.78 (0.33)

(0.75)

(1.08)

28.99 2023

28.03 0.35 (2.49)

(2.14)

(0.27)

(2.33)

(2.60)

23.29 2022

34.76 0.29 (4.30)

(4.01)

(0.23)

(2.49)

(2.72)

28.03 2021

22.44 0.26 12.60 12.86 (0.23)

(0.31)

(0.54)

34.76 2020

26.00 0.23 (2.06)

(1.83)

(0.25)

(1.48)

(1.73)

22.44 R-6

shares

2025(b)

27.49 0.21 (2.93)

(2.72)

(0.35)

(2.01)

(2.36)

22.41 2024

22.14 0.39 6.11 6.50 (0.40)

(0.75)

(1.15)

27.49 2023

26.78 0.39 (2.36)

(1.97)

(0.34)

(2.33)

(2.67)

22.14 2022

33.35 0.35 (4.11)

(3.76)

(0.32)

(2

.49)

(2.81)

26.78 2021

21.54 0.33 12.08 12.41 (0.29)

(0.31)

(0.60)

33.35 2020

25.03 0.27 (1.96)

(1.69)

(0.32)

(1.48)

(1.80)

21.54 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

538

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

(11.09)

%

(c),(d)

$

156,520

0.39 %

(e),(f)

0.40 %

(e),(g)

1.41 %

(e) 31.7 %

(e) 29.50 (d) 183,530

0.38 (f) 0.39 (g) 1.30 22.4 (8.04)

(d) 152,416

0.42 (f) 0.44 (g) 1.35 27.5 (12.25)

(d) 175,397

0.40 (f) 0.42 (g) 1.01 15.9 57.97 (d) 209,971

0.39 (f) 0

.41

(g) 0.83 11.9 (7.93)

(d) 136,338

0.42 (f) 0.45 (g) 1.02 21.4 (11.07)

(c) 162,662

0.21 (e),(h)

–

1.60 (e) 31.7 (e) 29.76 222,349

0.21 (h) –

1.47 22.4 (7.85)

200,564

0.21 (h) –

1.56 27.5 (12.08)

229,566

0.21 (h) –

1.19 15.9 58.26 291,508

0.21 (h) –

1.01 11.9 (7.75)

218,125

0.24 (h) –

1.22 21.4 (11.26)

(c) 58,101

0.73 (e) –

1.08 (e) 31.7 (e) 29.09 66,441

0.73 –

0.96 22.4 (8.33)

64,740

0.73 –

1.04 27.5 (12.54)

79,204

0.73 –

0.67 15.9 57.42 103,119

0.73 –

.49

11.9 (8.19)

71,759

0.73 –

0.72 21.4 (11.12)

(c) 90,459

0.42 (e) –

1.39 (e) 31.7 (e) 29.49 88,918

0.42 –

1.26 22.4 (8.07)

80,736

0.42 –

1.35 27.5 (12.25)

103,304

0.42 –

0.99 15.9 57.89 128,741

0.42 –

0.80 11.9 (7.91)

92,028

0.42 –

1.04 21.4 (10.99)

(c) 751,404

0.16 (e) –

1.64 (e) 31.7 (e) 29.78 623,848

0.16 –

1.52 22.4 (7.80)

514,879

0.17 –

1.60 27.5 (12.04)

533,682

0.16 (h) –

1.24 15.9 58.33 646,055

0.16 (h) –

1.06 11.9 (7.67)

459,359

0.16 (h) –

1.28 21.4 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

539

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(b)

$

12.06 $

0.07 ($

1.23)

($

1.16)

($

0.14)

($

1.12)

($

1.26)

$

9.64 2024

9.88 0.12 2.41 2.53 (0.10)

(0.25)

(0.35)

.06

2023

11.41 0.09 (0.42)

(0.33)

(0.06)

(1.14)

(1.20)

9.88 2022

14.02 0.05 (0.75)

(0.70)

(0.06)

(1.85)

(1.91)

11.41 2021

8.63 0.04 5.39 5.43 (0.04)

–

(0.04)

14.02 2020

10.19 0.04 (1.55)

(1.51)

(0.05)

–

(0.05)

8.63 Institutional

shares

2025(b)

12.62 0.09 (1.30)

(1.21)

(0.16)

(1.12)

(1.28)

10.13 2024

10.34 0.16 2.50 2.66 (0.13)

(0.25)

(0.38)

12.62 2023

11.88 0.13 (0.44)

(0.31)

(0.09)

(1.14)

(1.23)

10.34 2022

14.50 0.09 (0.77)

(0.68)

(0.09)

(1.85)

(1.94)

11.88 2021

8.94 0.09 5.56 5.65 (0.09)

–

(0.09)

14.50 2020

10.55 0.08 (1.59)

(1.51)

(0.10)

–

(0.10)

8.94 R-3

shares

2025(b)

11.75 0.05 (1.19)

(1.14)

(0.11)

(1.12)

(1.23)

9.38 2024

9.65 0.08 2.35 2.43 (0.08)

(0.25)

(0.33)

11.75 2023

11.17 0.07 (0.41)

(0.34)

(0.04)

(1.14)

(1.18)

9.65 2022

13.76 0.02 (0.73)

(0.71)

(0

.03)

(1.85)

(1.88)

11.17 2021

8.48 0.02 5.29 5.31 (0.03)

–

(0.03)

13.76 2020

10.01 0.03 (1.52)

(1.49)

(0.04)

–

(0.04)

8.48 R-5

shares

2025(b)

12.28 0.07 (1.25)

(1.18)

(0.14)

(1.12)

(1.26)

9.84 2024

10.06 0.13 2.44 2.57 (0.10)

(0.25)

(0.35)

12.28 2023

11.59 0.10 (0.42)

(0.32)

(0.07)

(1.14)

(1.21)

10.06 2022

14.20 0.06 (0.75)

(0.69)

(0.07)

(1.85)

(1.92)

11.59 2021

8.75 0.06 5.45 5.51 (0.06)

–

(0.06)

14.20 2020

10.33 0.06 (1.57)

(1.51)

(0.07)

–

(0.07)

8.75 R-6

shares

2025(b)

12.61 0.09 (1.29)

(1.20)

(0.16)

(1.12)

(1.28)

10.13 2024

10.33 0.16 2.51 2.67 (0.14)

(0.25)

(0.39)

12.61 2023

11.87 0.13 (0.43)

(0.30)

(0.10)

(1.14)

(1.24)

10.33 2022

14.50 0.09 (0.77)

(0.68)

(0.10)

(1.85)

(1.95)

11.87 2021

8.93 0.10 5.56 5.66 (0.09)

–

(0.09)

14.50 2020

10.54 0.09 (1.60)

(1.51)

(0.10)

–

(0.10)

.93

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

540

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

(10.86)

%

(c),(d)

$

17,659

1.22 %

(e),(f)

1.24 %

(e),(g)

1.22 %

(e) 90.0 %

(e) 25.67 (d) 23,814

1.21 (f) 1.25 (g) 1.01 73.9 (2.93)

(d) 19,813

1.31 (f) 1.35 (g) 0.81 65.2 (5.41)

(d) 20,790

1.28 (f) 1.32 (g) 0.40 55.4 63.03 (d) 23,564

1.29 (f) 1.33 (g) 0.35 87.5 (14.92)

(d) 11,752

1.48 (f) 1.54 (g) 0.42 92.2 (10.74)

(c) 140,930

0.94 (e),(h)

–

1.51 (e) 90.0 (e) 25.89 171,914

0.96 (h) –

1.30 73.9 (2.58)

193,833

0.96 (h) –

1.18 65.2 (5.02)

185,308

0.96 (h) –

0.73 55.4 63.45 204,526

0.96 (h) –

0.70 87.5 (14.51)

103,672

0.98 (h) –

0.90 92.2 (10.94)

(c) 4,831

1.46 (e),(h)

–

0.99 (e) 90.0 (e) 25.27 5,036

1.49 (h) –

0.75 73.9 (3.12)

4,937

1.50 (h) –

0.63 65.2 (5.59)

5,063

1.49 (h) –

0.19 55.4 62.67 6,089

1.49 (h) –

0.14 87.5 (14.99)

3,599

1.53 (h) –

0.39 92.2 (10.78)

(c) 7,724

1.15 (e),(h)

–

.29

(e) 90.0 (e) 25.69 6,507

1.18 (h) –

1.10 73.9 (2.82)

10,587

1.19 (h) –

0.94 65.2 (5.28)

13,339

1.18 (h) –

0.51 55.4 63.22 16,754

1.18 (h) –

0.49 87.5 (14.74)

14,788

1.22 (h) –

0.69 92.2 (10.65)

(c) 844,695

0.90 (e),(h)

–

1.54 (e) 90.0 (e) 25.94 907,192

0.94 (h) –

1.29 73

.9

(2.55)

935,878

0.93 (h) –

1.19 65.2 (5.07)

895,326

0.93 (h) –

0.76 55.4 63.66 1,150,438

0.93 (h) –

0.72 87.5 (14.51)

663,938

0.96 (h) –

0.94 92.2 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) 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) Subject

to

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

541

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(b)

$

.71

$

.12

($

.18)

($

.06)

($

.12)

($

.12)

$

.53

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

2020

.43

.18

(0

.04)

.14

(0

.17)

(0

.17)

.40

Class

C

shares

2025(b)

.74

.09

(0

.19)

(0

.10)

(0

.09)

(0

.09)

.55

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

2020

.46

.12

(0

.04)

.08

(0

.11)

(0

.11)

.43

Institutional

shares

2025(b)

.72

.12

(0

.17)

(0

.05)

(0

.13)

(0

.13)

.54

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

2020

.44

.21

(0

.05)

.16

(0

.19)

(0

.19)

.41

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

542

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Expenses

to

Average

Net

Assets

(Excluding

Interest

Expense

and

Fees)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(0

.94)

%

(c) ,(d)

$

239,721

.90

%

(e) 0

.72

%

(e) ,(f)

.50

%

(e) 62

.0

%

(e) 9

.54

(d) 257,775

.87

.72

(f) 3

.38

.9

.64

(d) 261,663

.85

.73

(f) 3

.22

.9

(14

.99)

(d) 299,054

.77

.73

(f) 2

.44

.3

.19

(d) 417,381

.79

.76

(f) 2

.18

.8

.89

(d) 356,581

.81

.77

(f) 2

.50

.7

(1

.53)

(c) ,(d)

11,237

.82

(e) 1

.64

(e) ,(f)

.57

(e) 62

.0

(e) 8

.70

(d) 14,303

.77

.62

(f) 2

.46

.9

.71

(d) 16,673

.74

(g) 1

.62

(f) ,(g)

.33

.9

(15

.67)

(d) 22,134

.61

(g) 1

.57

(f) ,(g)

.59

.3

.17

(d) 35,338

.61

(g) 1

.58

(f) ,(g)

.37

.8

.05

(d) 38,229

.63

(g) 1

.59

(f) ,(g)

.69

.7

(0

.81)

(c) 258,612

.63

(e) ,(g)

.45

(e) ,(f)

,(g)

.76

(e) 62

.0

(e) 9

.82

295,345

.60

(g) 0

.45

(f) ,(g)

.66

.9

.09

266,213

.57

(g) 0

.45

(f) ,(g)

.51

.9

(14

.88)

(h) 278,642

.50

(g) 0

.46

(f) ,(g)

.72

.3

.44

(h) 345,082

.54

(g) 0

.51

(f) ,(g)

.42

.8

.14

248,148

.56

(g) 0

.52

(f) ,(g)

.85

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2025. (c) Total

return

amounts

have

not

been

annualized.

(d) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(e) Computed

on

an

annualized

basis.

(f) Excludes

interest

expense

and

fees

paid

through

inverse

floater

agreements.

See

"Operating

Policies"

in

notes

to

financial

statements.

(g) Subject

to

Manager's

contractual

expense

limit.

(h) Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

Principal

Funds,

Inc.

(unaudited)

543

Notification

of

Source

of

Distributions

Pursuant

to

Rule

19a-1

of

the

Investment

Company

Act

of

1940

As

noted

in

the

table

provided

below,

certain

of

the

Principal

Funds

made

distributions

for

the

months

of

December

2024,

January

2025,

February

2025,

March

2025,

April

2025

and

May

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:

December

2024

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

81.56 0.00 18.44 Diversified

Income

Fund

9.80 0.00 90.20 Diversified

International

Fund

30.08 30.54 39.38 Global

Emerging

Markets

Fund

14.40 0.00 85.60 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Income

Fund

0.00 0.00 100.00 High

Yield

Fund

51.40 0.00 48.60 Inflation

Protection

Fund

98.99 0.00 1.01 International

Equity

Fund

50.91 49.09 0.00 Overseas

Fund

95.77 4.23 0.00 Principal

Lifetime

2015

Fund

99.79 0.21 0.00 Principal

Lifetime

2020

Fund

99.79 0.21 0.00 Principal

Lifetime

2025

Fund

99.79 0.21 0.00 Principal

Lifetime

Hybrid

2015

Fund

99.89 0.11 0.00 Principal

Lifetime

Hybrid

2020

Fund

99.88 0.12 0.00 Principal

Lifetime

Hybrid

2025

Fund

99.95 0.05 0.00 Principal

Lifetime

Hybrid

Income

Fund

99.91 0.09 0.00 Principal

Lifetime

Strategic

Income

Fund

99.82 0.18 0.00 SAM

Flexible

Income

Portfolio

98.46 0.00 1.54 SmallCap

Growth

Fund

I

0.00 100.00 0.00 January

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

71.22 0.00 28.78 Diversified

Income

Fund

0.00 0.00 100.00 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Income

Fund

0.00 0.00 100.00 High

Yield

Fund

48.07 0.00 51.93 SAM

Flexible

Income

Portfolio

81.68 0.00 18.32 February

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

73.00 0.00 27.00 Diversified

Income

Fund

0.00 0.00 100.00 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Income

Fund

0.00 0.00 100.00 High

Yield

Fund

44.25 0.00 55.75 SAM

Flexible

Income

Portfolio

70.10 0.00 29.90 March

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Principal

Funds,

Inc.

(unaudited)

544

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.

March

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Plus

Bond

Fund

76.82 0.00 23.18 Diversified

Income

Fund

0.00 0.00 100.00 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

49.67 0.00 50.33 SAM

Flexible

Income

Portfolio

75.54 0.00 24.46 April

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

75.89 0.00 24.11 Diversified

Income

Fund

65.49 0.00 34.51 Government

&

High

Quality

Bond

Fund

3.34 0.00 96.66 High

Yield

Fund

58.36 0.00 41.64 SAM

Flexible

Income

Portfolio

75.06 0.00 24.94 May

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

79.44 0.00 20.56 Diversified

Income

Fund

61.07 0.00 38.93 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

55.83 0.00 44.17 SAM

Flexible

Income

Portfolio

72.67 0.00 27.33 Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

Principal

Funds,

Inc.

April

30,

2025

(unaudited)

545

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.

April

30,

2025

(unaudited)

546

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.

April

30,

2025

(unaudited)

547

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.

April

30,

2025

(unaudited)

548

During

the

most

recent

fiscal

half-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

\|

04/2025

\|

4452059-04/2026

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 - Not applicable to semi-annual reports.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as [Exhibit 99.CERT](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> 6/11/2025 </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> 6/11/2025 </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> 6/11/2025 </u>

## 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> 6/11/2025 </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> 6/11/2025 </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> 6/11/2025 </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> 6/11/2025 </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.