# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-26-000578
**Filing Date:** 2026-6
**Character Count:** 2666817
**Document Hash:** 05c7cefcc335e06cded4be951e69ed1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-26-000578.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0000898745-26-000578

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**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:** 261105099

**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 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           |

### 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 50392<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; Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309<br>

(Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Date of fiscal year end: <u> October 31, 2026 </u>

Date of reporting period: <u> April 30, 2026 </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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about California Municipal Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$686,835

* Total Number of Portfolio Holdings214

* Portfolio Turnover Rate (annualized)37.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 102.44% |
| Common Stocks | 0.01% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (2.46)% |
| 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 | 97.17% |
| Puerto Rico | 3.72% |
| Guam | 1.55% |
| Nevada | 0.01% |
| Other States<sup>Footnote Reference\*</sup> | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (2.46)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about California Municipal Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$686,835

* Total Number of Portfolio Holdings214

* Portfolio Turnover Rate (annualized)37.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 102.44% |
| Common Stocks | 0.01% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (2.46)% |
| 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 | 97.17% |
| Puerto Rico | 3.72% |
| Guam | 1.55% |
| Nevada | 0.01% |
| Other States<sup>Footnote Reference\*</sup> | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (2.46)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about California Municipal Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$686,835

* Total Number of Portfolio Holdings214

* Portfolio Turnover Rate (annualized)37.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 102.44% |
| Common Stocks | 0.01% |
| Investment Companies | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (2.46)% |
| 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 | 97.17% |
| Puerto Rico | 3.72% |
| Guam | 1.55% |
| Nevada | 0.01% |
| Other States<sup>Footnote Reference\*</sup> | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (2.46)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,432,610

* Total Number of Portfolio Holdings480

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 58.71% |
| U.S. Government & Government Agency Obligations | 39.34% |
| Investment Companies | 1.23% |
| Common Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 24.41% |
| Financial | 22.57% |
| Government | 14.93% |
| Utilities | 10.72% |
| Consumer, Non-cyclical | 8.59% |
| Communications | 4.77% |
| Industrial | 3.27% |
| Energy | 2.95% |
| Consumer, Cyclical | 2.92% |
| Technology | 1.78% |
| Money Market Funds | 1.23% |
| Asset Backed Securities | 0.61% |
| Basic Materials | 0.59% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,432,610

* Total Number of Portfolio Holdings480

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 58.71% |
| U.S. Government & Government Agency Obligations | 39.34% |
| Investment Companies | 1.23% |
| Common Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 24.41% |
| Financial | 22.57% |
| Government | 14.93% |
| Utilities | 10.72% |
| Consumer, Non-cyclical | 8.59% |
| Communications | 4.77% |
| Industrial | 3.27% |
| Energy | 2.95% |
| Consumer, Cyclical | 2.92% |
| Technology | 1.78% |
| Money Market Funds | 1.23% |
| Asset Backed Securities | 0.61% |
| Basic Materials | 0.59% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $21 | 0.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,432,610

* Total Number of Portfolio Holdings480

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 58.71% |
| U.S. Government & Government Agency Obligations | 39.34% |
| Investment Companies | 1.23% |
| Common Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 24.41% |
| Financial | 22.57% |
| Government | 14.93% |
| Utilities | 10.72% |
| Consumer, Non-cyclical | 8.59% |
| Communications | 4.77% |
| Industrial | 3.27% |
| Energy | 2.95% |
| Consumer, Cyclical | 2.92% |
| Technology | 1.78% |
| Money Market Funds | 1.23% |
| Asset Backed Securities | 0.61% |
| Basic Materials | 0.59% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$10,432,610

* Total Number of Portfolio Holdings480

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 58.71% |
| U.S. Government & Government Agency Obligations | 39.34% |
| Investment Companies | 1.23% |
| Common Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 24.41% |
| Financial | 22.57% |
| Government | 14.93% |
| Utilities | 10.72% |
| Consumer, Non-cyclical | 8.59% |
| Communications | 4.77% |
| Industrial | 3.27% |
| Energy | 2.95% |
| Consumer, Cyclical | 2.92% |
| Technology | 1.78% |
| Money Market Funds | 1.23% |
| Asset Backed Securities | 0.61% |
| Basic Materials | 0.59% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$10,432,610

* Total Number of Portfolio Holdings480

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 58.71% |
| U.S. Government & Government Agency Obligations | 39.34% |
| Investment Companies | 1.23% |
| Common Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 24.41% |
| Financial | 22.57% |
| Government | 14.93% |
| Utilities | 10.72% |
| Consumer, Non-cyclical | 8.59% |
| Communications | 4.77% |
| Industrial | 3.27% |
| Energy | 2.95% |
| Consumer, Cyclical | 2.92% |
| Technology | 1.78% |
| Money Market Funds | 1.23% |
| Asset Backed Securities | 0.61% |
| Basic Materials | 0.59% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Fixed Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$10,432,610

* Total Number of Portfolio Holdings480

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 58.71% |
| U.S. Government & Government Agency Obligations | 39.34% |
| Investment Companies | 1.23% |
| Common Stocks | 0.06% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 24.41% |
| Financial | 22.57% |
| Government | 14.93% |
| Utilities | 10.72% |
| Consumer, Non-cyclical | 8.59% |
| Communications | 4.77% |
| Industrial | 3.27% |
| Energy | 2.95% |
| Consumer, Cyclical | 2.92% |
| Technology | 1.78% |
| Money Market Funds | 1.23% |
| Asset Backed Securities | 0.61% |
| Basic Materials | 0.59% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.66% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$490,458

* Total Number of Portfolio Holdings773

* Portfolio Turnover Rate (annualized)98.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 62.75% |
| U.S. Government & Government Agency Obligations | 27.07% |
| Investment Companies | 11.38% |
| Senior Floating Rate Interests | 2.51% |
| Common Stocks | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 32.24% |
| Financial | 15.96% |
| Asset Backed Securities | 10.64% |
| Exchange-Traded Funds | 7.94% |
| Consumer, Non-cyclical | 5.86% |
| Consumer, Cyclical | 4.09% |
| Utilities | 4.09% |
| Government | 4.09% |
| Industrial | 3.82% |
| Technology | 3.63% |
| Communications | 3.57% |
| Money Market Funds | 3.44% |
| Energy | 2.65% |
| Basic Materials | 1.69% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$490,458

* Total Number of Portfolio Holdings773

* Portfolio Turnover Rate (annualized)98.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 62.75% |
| U.S. Government & Government Agency Obligations | 27.07% |
| Investment Companies | 11.38% |
| Senior Floating Rate Interests | 2.51% |
| Common Stocks | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 32.24% |
| Financial | 15.96% |
| Asset Backed Securities | 10.64% |
| Exchange-Traded Funds | 7.94% |
| Consumer, Non-cyclical | 5.86% |
| Consumer, Cyclical | 4.09% |
| Utilities | 4.09% |
| Government | 4.09% |
| Industrial | 3.82% |
| Technology | 3.63% |
| Communications | 3.57% |
| Money Market Funds | 3.44% |
| Energy | 2.65% |
| Basic Materials | 1.69% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$490,458

* Total Number of Portfolio Holdings773

* Portfolio Turnover Rate (annualized)98.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 62.75% |
| U.S. Government & Government Agency Obligations | 27.07% |
| Investment Companies | 11.38% |
| Senior Floating Rate Interests | 2.51% |
| Common Stocks | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 32.24% |
| Financial | 15.96% |
| Asset Backed Securities | 10.64% |
| Exchange-Traded Funds | 7.94% |
| Consumer, Non-cyclical | 5.86% |
| Consumer, Cyclical | 4.09% |
| Utilities | 4.09% |
| Government | 4.09% |
| Industrial | 3.82% |
| Technology | 3.63% |
| Communications | 3.57% |
| Money Market Funds | 3.44% |
| Energy | 2.65% |
| Basic Materials | 1.69% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $50 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$490,458

* Total Number of Portfolio Holdings773

* Portfolio Turnover Rate (annualized)98.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 62.75% |
| U.S. Government & Government Agency Obligations | 27.07% |
| Investment Companies | 11.38% |
| Senior Floating Rate Interests | 2.51% |
| Common Stocks | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 32.24% |
| Financial | 15.96% |
| Asset Backed Securities | 10.64% |
| Exchange-Traded Funds | 7.94% |
| Consumer, Non-cyclical | 5.86% |
| Consumer, Cyclical | 4.09% |
| Utilities | 4.09% |
| Government | 4.09% |
| Industrial | 3.82% |
| Technology | 3.63% |
| Communications | 3.57% |
| Money Market Funds | 3.44% |
| Energy | 2.65% |
| Basic Materials | 1.69% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Core Plus Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$490,458

* Total Number of Portfolio Holdings773

* Portfolio Turnover Rate (annualized)98.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 62.75% |
| U.S. Government & Government Agency Obligations | 27.07% |
| Investment Companies | 11.38% |
| Senior Floating Rate Interests | 2.51% |
| Common Stocks | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 32.24% |
| Financial | 15.96% |
| Asset Backed Securities | 10.64% |
| Exchange-Traded Funds | 7.94% |
| Consumer, Non-cyclical | 5.86% |
| Consumer, Cyclical | 4.09% |
| Utilities | 4.09% |
| Government | 4.09% |
| Industrial | 3.82% |
| Technology | 3.63% |
| Communications | 3.57% |
| Money Market Funds | 3.44% |
| Energy | 2.65% |
| Basic Materials | 1.69% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (3.71)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.03%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,188,539

* Total Number of Portfolio Holdings3,235

* Portfolio Turnover Rate (annualized)86.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 74.34% |
| U.S. Government & Government Agency Obligations | 8.75% |
| Investment Companies | 8.30% |
| Senior Floating Rate Interests | 7.06% |
| Preferred Stocks | 1.55% |
| Common Stocks | 0.93% |
| Repurchase Agreements | 0.53% |
| Convertible Bonds | 0.08% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (1.54)% |
| 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 | 22.96% |
| Consumer, Non-cyclical | 11.04% |
| Mortgage Securities | 9.49% |
| Government | 7.57% |
| Energy | 6.68% |
| Communications | 6.54% |
| Consumer, Cyclical | 6.41% |
| Industrial | 6.30% |
| Technology | 5.56% |
| Basic Materials | 5.02% |
| Money Market Funds | 4.98% |
| Utilities | 3.80% |
| Exchange-Traded Funds | 3.15% |
| Asset Backed Securities | 1.87% |
| Closed-End Funds | 0.17% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (1.54)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,188,539

* Total Number of Portfolio Holdings3,235

* Portfolio Turnover Rate (annualized)86.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 74.34% |
| U.S. Government & Government Agency Obligations | 8.75% |
| Investment Companies | 8.30% |
| Senior Floating Rate Interests | 7.06% |
| Preferred Stocks | 1.55% |
| Common Stocks | 0.93% |
| Repurchase Agreements | 0.53% |
| Convertible Bonds | 0.08% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (1.54)% |
| 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 | 22.96% |
| Consumer, Non-cyclical | 11.04% |
| Mortgage Securities | 9.49% |
| Government | 7.57% |
| Energy | 6.68% |
| Communications | 6.54% |
| Consumer, Cyclical | 6.41% |
| Industrial | 6.30% |
| Technology | 5.56% |
| Basic Materials | 5.02% |
| Money Market Funds | 4.98% |
| Utilities | 3.80% |
| Exchange-Traded Funds | 3.15% |
| Asset Backed Securities | 1.87% |
| Closed-End Funds | 0.17% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (1.54)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,188,539

* Total Number of Portfolio Holdings3,235

* Portfolio Turnover Rate (annualized)86.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 74.34% |
| U.S. Government & Government Agency Obligations | 8.75% |
| Investment Companies | 8.30% |
| Senior Floating Rate Interests | 7.06% |
| Preferred Stocks | 1.55% |
| Common Stocks | 0.93% |
| Repurchase Agreements | 0.53% |
| Convertible Bonds | 0.08% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (1.54)% |
| 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 | 22.96% |
| Consumer, Non-cyclical | 11.04% |
| Mortgage Securities | 9.49% |
| Government | 7.57% |
| Energy | 6.68% |
| Communications | 6.54% |
| Consumer, Cyclical | 6.41% |
| Industrial | 6.30% |
| Technology | 5.56% |
| Basic Materials | 5.02% |
| Money Market Funds | 4.98% |
| Utilities | 3.80% |
| Exchange-Traded Funds | 3.15% |
| Asset Backed Securities | 1.87% |
| Closed-End Funds | 0.17% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (1.54)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$2,188,539

* Total Number of Portfolio Holdings3,235

* Portfolio Turnover Rate (annualized)86.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 74.34% |
| U.S. Government & Government Agency Obligations | 8.75% |
| Investment Companies | 8.30% |
| Senior Floating Rate Interests | 7.06% |
| Preferred Stocks | 1.55% |
| Common Stocks | 0.93% |
| Repurchase Agreements | 0.53% |
| Convertible Bonds | 0.08% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (1.54)% |
| 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 | 22.96% |
| Consumer, Non-cyclical | 11.04% |
| Mortgage Securities | 9.49% |
| Government | 7.57% |
| Energy | 6.68% |
| Communications | 6.54% |
| Consumer, Cyclical | 6.41% |
| Industrial | 6.30% |
| Technology | 5.56% |
| Basic Materials | 5.02% |
| Money Market Funds | 4.98% |
| Utilities | 3.80% |
| Exchange-Traded Funds | 3.15% |
| Asset Backed Securities | 1.87% |
| Closed-End Funds | 0.17% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | (1.54)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $62 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,068

* Total Number of Portfolio Holdings105

* Portfolio Turnover Rate (annualized)51.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.04% |
| Investment Companies | 3.58% |
| Preferred Stocks | 0.03% |
| Other Assets and Liabilities | (1.65)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 14.76% |
| Japan | 13.48% |
| Canada | 8.29% |
| Taiwan | 6.54% |
| Netherlands | 6.46% |
| France | 4.89% |
| China | 4.32% |
| Ireland | 4.11% |
| Korea, Republic Of | 4.07% |
| Germany | 3.50% |
| Hong Kong | 3.22% |
| Brazil | 2.86% |
| Singapore | 2.56% |
| Italy | 2.34% |
| Sweden | 2.19% |
| United States | 1.67% |
| Greece | 1.62% |
| India | 1.50% |
| Israel | 1.45% |
| Austria | 1.44% |
| Other Locations<sup>Footnote Reference\*</sup> | 10.38% |
| Other Assets and Liabilities | (1.65)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $56 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,068

* Total Number of Portfolio Holdings105

* Portfolio Turnover Rate (annualized)51.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.04% |
| Investment Companies | 3.58% |
| Preferred Stocks | 0.03% |
| Other Assets and Liabilities | (1.65)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 14.76% |
| Japan | 13.48% |
| Canada | 8.29% |
| Taiwan | 6.54% |
| Netherlands | 6.46% |
| France | 4.89% |
| China | 4.32% |
| Ireland | 4.11% |
| Korea, Republic Of | 4.07% |
| Germany | 3.50% |
| Hong Kong | 3.22% |
| Brazil | 2.86% |
| Singapore | 2.56% |
| Italy | 2.34% |
| Sweden | 2.19% |
| United States | 1.67% |
| Greece | 1.62% |
| India | 1.50% |
| Israel | 1.45% |
| Austria | 1.44% |
| Other Locations<sup>Footnote Reference\*</sup> | 10.38% |
| Other Assets and Liabilities | (1.65)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,015,068

* Total Number of Portfolio Holdings105

* Portfolio Turnover Rate (annualized)51.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.04% |
| Investment Companies | 3.58% |
| Preferred Stocks | 0.03% |
| Other Assets and Liabilities | (1.65)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 14.76% |
| Japan | 13.48% |
| Canada | 8.29% |
| Taiwan | 6.54% |
| Netherlands | 6.46% |
| France | 4.89% |
| China | 4.32% |
| Ireland | 4.11% |
| Korea, Republic Of | 4.07% |
| Germany | 3.50% |
| Hong Kong | 3.22% |
| Brazil | 2.86% |
| Singapore | 2.56% |
| Italy | 2.34% |
| Sweden | 2.19% |
| United States | 1.67% |
| Greece | 1.62% |
| India | 1.50% |
| Israel | 1.45% |
| Austria | 1.44% |
| Other Locations<sup>Footnote Reference\*</sup> | 10.38% |
| Other Assets and Liabilities | (1.65)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $71 | 1.37%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,068

* Total Number of Portfolio Holdings105

* Portfolio Turnover Rate (annualized)51.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.04% |
| Investment Companies | 3.58% |
| Preferred Stocks | 0.03% |
| Other Assets and Liabilities | (1.65)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 14.76% |
| Japan | 13.48% |
| Canada | 8.29% |
| Taiwan | 6.54% |
| Netherlands | 6.46% |
| France | 4.89% |
| China | 4.32% |
| Ireland | 4.11% |
| Korea, Republic Of | 4.07% |
| Germany | 3.50% |
| Hong Kong | 3.22% |
| Brazil | 2.86% |
| Singapore | 2.56% |
| Italy | 2.34% |
| Sweden | 2.19% |
| United States | 1.67% |
| Greece | 1.62% |
| India | 1.50% |
| Israel | 1.45% |
| Austria | 1.44% |
| Other Locations<sup>Footnote Reference\*</sup> | 10.38% |
| Other Assets and Liabilities | (1.65)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $55 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,068

* Total Number of Portfolio Holdings105

* Portfolio Turnover Rate (annualized)51.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.04% |
| Investment Companies | 3.58% |
| Preferred Stocks | 0.03% |
| Other Assets and Liabilities | (1.65)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 14.76% |
| Japan | 13.48% |
| Canada | 8.29% |
| Taiwan | 6.54% |
| Netherlands | 6.46% |
| France | 4.89% |
| China | 4.32% |
| Ireland | 4.11% |
| Korea, Republic Of | 4.07% |
| Germany | 3.50% |
| Hong Kong | 3.22% |
| Brazil | 2.86% |
| Singapore | 2.56% |
| Italy | 2.34% |
| Sweden | 2.19% |
| United States | 1.67% |
| Greece | 1.62% |
| India | 1.50% |
| Israel | 1.45% |
| Austria | 1.44% |
| Other Locations<sup>Footnote Reference\*</sup> | 10.38% |
| Other Assets and Liabilities | (1.65)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Diversified International Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,015,068

* Total Number of Portfolio Holdings105

* Portfolio Turnover Rate (annualized)51.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.04% |
| Investment Companies | 3.58% |
| Preferred Stocks | 0.03% |
| Other Assets and Liabilities | (1.65)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 14.76% |
| Japan | 13.48% |
| Canada | 8.29% |
| Taiwan | 6.54% |
| Netherlands | 6.46% |
| France | 4.89% |
| China | 4.32% |
| Ireland | 4.11% |
| Korea, Republic Of | 4.07% |
| Germany | 3.50% |
| Hong Kong | 3.22% |
| Brazil | 2.86% |
| Singapore | 2.56% |
| Italy | 2.34% |
| Sweden | 2.19% |
| United States | 1.67% |
| Greece | 1.62% |
| India | 1.50% |
| Israel | 1.45% |
| Austria | 1.44% |
| Other Locations<sup>Footnote Reference\*</sup> | 10.38% |
| Other Assets and Liabilities | (1.65)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,132,957

* Total Number of Portfolio Holdings61

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.32% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.03% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.11% |
| Consumer, Non-cyclical | 16.87% |
| Consumer, Cyclical | 15.06% |
| Technology | 12.78% |
| Communications | 9.04% |
| Industrial | 8.61% |
| Energy | 7.00% |
| Utilities | 4.55% |
| Basic Materials | 2.30% |
| Money Market Funds | 0.65% |
| 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.

# FV834SARA-0

# Class C

# PEUCX

# Equity Income Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $86 | 1.63%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,132,957

* Total Number of Portfolio Holdings61

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.32% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.03% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.11% |
| Consumer, Non-cyclical | 16.87% |
| Consumer, Cyclical | 15.06% |
| Technology | 12.78% |
| Communications | 9.04% |
| Industrial | 8.61% |
| Energy | 7.00% |
| Utilities | 4.55% |
| Basic Materials | 2.30% |
| Money Market Funds | 0.65% |
| 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.

# FV834SARC-0

# Class J

# PEIJX

# Equity Income Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,132,957

* Total Number of Portfolio Holdings61

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.32% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.03% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.11% |
| Consumer, Non-cyclical | 16.87% |
| Consumer, Cyclical | 15.06% |
| Technology | 12.78% |
| Communications | 9.04% |
| Industrial | 8.61% |
| Energy | 7.00% |
| Utilities | 4.55% |
| Basic Materials | 2.30% |
| Money Market Funds | 0.65% |
| 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.

# FV834SARJ-0

# Institutional

# PEIIX

# Equity Income Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $28 | 0.52%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,132,957

* Total Number of Portfolio Holdings61

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.32% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.03% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.11% |
| Consumer, Non-cyclical | 16.87% |
| Consumer, Cyclical | 15.06% |
| Technology | 12.78% |
| Communications | 9.04% |
| Industrial | 8.61% |
| Energy | 7.00% |
| Utilities | 4.55% |
| Basic Materials | 2.30% |
| Money Market Funds | 0.65% |
| 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.

# FV834SARI-0

# R-3

# PEIOX

# Equity Income Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,132,957

* Total Number of Portfolio Holdings61

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.32% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.03% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.11% |
| Consumer, Non-cyclical | 16.87% |
| Consumer, Cyclical | 15.06% |
| Technology | 12.78% |
| Communications | 9.04% |
| Industrial | 8.61% |
| Energy | 7.00% |
| Utilities | 4.55% |
| Basic Materials | 2.30% |
| Money Market Funds | 0.65% |
| 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.

# FV834SARR3-0

# R-5

# PEIQX

# Equity Income Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Equity Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,132,957

* Total Number of Portfolio Holdings61

* Portfolio Turnover Rate (annualized)9.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.32% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.03% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.11% |
| Consumer, Non-cyclical | 16.87% |
| Consumer, Cyclical | 15.06% |
| Technology | 12.78% |
| Communications | 9.04% |
| Industrial | 8.61% |
| Energy | 7.00% |
| Utilities | 4.55% |
| Basic Materials | 2.30% |
| Money Market Funds | 0.65% |
| 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.

# FV834SARR5-0

# Institutional

# PFUMX

# Finisterre Emerging Markets Total Return Bond Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Finisterre Emerging Markets Total Return Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$994,547

* Total Number of Portfolio Holdings225

* Portfolio Turnover Rate (annualized)134.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 85.02% |
| Investment Companies | 15.01% |
| Convertible Bonds | 0.55% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.58)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Mexico | 6.98% |
| Brazil | 4.41% |
| Netherlands | 4.17% |
| United Kingdom | 4.02% |
| Luxembourg | 4.02% |
| Czech Republic | 3.89% |
| Colombia | 3.36% |
| Supranational | 3.30% |
| Peru | 3.28% |
| Cayman Islands | 3.28% |
| Romania | 3.17% |
| Hungary | 2.76% |
| Venezuela | 2.73% |
| Israel | 2.52% |
| Poland | 2.48% |
| Argentina | 2.42% |
| South Africa | 2.36% |
| Angola | 2.25% |
| Egypt | 2.24% |
| Turkey | 2.12% |
| Other Locations<sup>Footnote Reference\*</sup> | 34.82% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (0.58)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $75 | 1.40%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$7,745,053

* Total Number of Portfolio Holdings78

* Portfolio Turnover Rate (annualized)59.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.68% |
| Preferred Stocks | 1.71% |
| Convertible Preferred Stocks | 0.19% |
| Investment Companies | 0.15% |
| Other Assets and Liabilities | 0.27% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Taiwan | 21.54% |
| Korea, Republic Of | 14.37% |
| India | 14.01% |
| China | 12.79% |
| Brazil | 8.07% |
| Hong Kong | 6.59% |
| Mexico | 3.06% |
| Singapore | 2.21% |
| Saudi Arabia | 1.88% |
| United States | 1.66% |
| Poland | 1.51% |
| Greece | 1.45% |
| United Arab Emirates | 1.44% |
| Peru | 1.38% |
| Canada | 1.37% |
| Netherlands | 1.36% |
| Uruguay | 1.18% |
| Indonesia | 1.11% |
| Vietnam | 1.09% |
| Hungary | 0.64% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.02% |
| Other Assets and Liabilities | 0.27% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $69 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$7,745,053

* Total Number of Portfolio Holdings78

* Portfolio Turnover Rate (annualized)59.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.68% |
| Preferred Stocks | 1.71% |
| Convertible Preferred Stocks | 0.19% |
| Investment Companies | 0.15% |
| Other Assets and Liabilities | 0.27% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Taiwan | 21.54% |
| Korea, Republic Of | 14.37% |
| India | 14.01% |
| China | 12.79% |
| Brazil | 8.07% |
| Hong Kong | 6.59% |
| Mexico | 3.06% |
| Singapore | 2.21% |
| Saudi Arabia | 1.88% |
| United States | 1.66% |
| Poland | 1.51% |
| Greece | 1.45% |
| United Arab Emirates | 1.44% |
| Peru | 1.38% |
| Canada | 1.37% |
| Netherlands | 1.36% |
| Uruguay | 1.18% |
| Indonesia | 1.11% |
| Vietnam | 1.09% |
| Hungary | 0.64% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.02% |
| Other Assets and Liabilities | 0.27% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $59 | 1.11%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$7,745,053

* Total Number of Portfolio Holdings78

* Portfolio Turnover Rate (annualized)59.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.68% |
| Preferred Stocks | 1.71% |
| Convertible Preferred Stocks | 0.19% |
| Investment Companies | 0.15% |
| Other Assets and Liabilities | 0.27% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Taiwan | 21.54% |
| Korea, Republic Of | 14.37% |
| India | 14.01% |
| China | 12.79% |
| Brazil | 8.07% |
| Hong Kong | 6.59% |
| Mexico | 3.06% |
| Singapore | 2.21% |
| Saudi Arabia | 1.88% |
| United States | 1.66% |
| Poland | 1.51% |
| Greece | 1.45% |
| United Arab Emirates | 1.44% |
| Peru | 1.38% |
| Canada | 1.37% |
| Netherlands | 1.36% |
| Uruguay | 1.18% |
| Indonesia | 1.11% |
| Vietnam | 1.09% |
| Hungary | 0.64% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.02% |
| Other Assets and Liabilities | 0.27% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $82 | 1.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$7,745,053

* Total Number of Portfolio Holdings78

* Portfolio Turnover Rate (annualized)59.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.68% |
| Preferred Stocks | 1.71% |
| Convertible Preferred Stocks | 0.19% |
| Investment Companies | 0.15% |
| Other Assets and Liabilities | 0.27% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Taiwan | 21.54% |
| Korea, Republic Of | 14.37% |
| India | 14.01% |
| China | 12.79% |
| Brazil | 8.07% |
| Hong Kong | 6.59% |
| Mexico | 3.06% |
| Singapore | 2.21% |
| Saudi Arabia | 1.88% |
| United States | 1.66% |
| Poland | 1.51% |
| Greece | 1.45% |
| United Arab Emirates | 1.44% |
| Peru | 1.38% |
| Canada | 1.37% |
| Netherlands | 1.36% |
| Uruguay | 1.18% |
| Indonesia | 1.11% |
| Vietnam | 1.09% |
| Hungary | 0.64% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.02% |
| Other Assets and Liabilities | 0.27% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $66 | 1.23%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$7,745,053

* Total Number of Portfolio Holdings78

* Portfolio Turnover Rate (annualized)59.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.68% |
| Preferred Stocks | 1.71% |
| Convertible Preferred Stocks | 0.19% |
| Investment Companies | 0.15% |
| Other Assets and Liabilities | 0.27% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Taiwan | 21.54% |
| Korea, Republic Of | 14.37% |
| India | 14.01% |
| China | 12.79% |
| Brazil | 8.07% |
| Hong Kong | 6.59% |
| Mexico | 3.06% |
| Singapore | 2.21% |
| Saudi Arabia | 1.88% |
| United States | 1.66% |
| Poland | 1.51% |
| Greece | 1.45% |
| United Arab Emirates | 1.44% |
| Peru | 1.38% |
| Canada | 1.37% |
| Netherlands | 1.36% |
| Uruguay | 1.18% |
| Indonesia | 1.11% |
| Vietnam | 1.09% |
| Hungary | 0.64% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.02% |
| Other Assets and Liabilities | 0.27% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Emerging Markets Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $52 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$7,745,053

* Total Number of Portfolio Holdings78

* Portfolio Turnover Rate (annualized)59.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.68% |
| Preferred Stocks | 1.71% |
| Convertible Preferred Stocks | 0.19% |
| Investment Companies | 0.15% |
| Other Assets and Liabilities | 0.27% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Taiwan | 21.54% |
| Korea, Republic Of | 14.37% |
| India | 14.01% |
| China | 12.79% |
| Brazil | 8.07% |
| Hong Kong | 6.59% |
| Mexico | 3.06% |
| Singapore | 2.21% |
| Saudi Arabia | 1.88% |
| United States | 1.66% |
| Poland | 1.51% |
| Greece | 1.45% |
| United Arab Emirates | 1.44% |
| Peru | 1.38% |
| Canada | 1.37% |
| Netherlands | 1.36% |
| Uruguay | 1.18% |
| Indonesia | 1.11% |
| Vietnam | 1.09% |
| Hungary | 0.64% |
| Other Locations<sup>Footnote Reference\*</sup> | 1.02% |
| Other Assets and Liabilities | 0.27% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $71 | 1.36%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,714,656

* Total Number of Portfolio Holdings77

* Portfolio Turnover Rate (annualized)41.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.10% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.25% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.92% |
| Japan | 8.68% |
| Australia | 6.69% |
| France | 4.18% |
| Hong Kong | 3.56% |
| Singapore | 3.38% |
| United Kingdom | 2.07% |
| Sweden | 1.47% |
| Spain | 1.35% |
| Canada | 1.08% |
| Belgium | 0.98% |
| Germany | 0.92% |
| Netherlands | 0.56% |
| Mexico | 0.26% |
| Other Locations<sup>Footnote Reference\*</sup> | 0.65% |
| Other Assets and Liabilities | 0.25% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,714,656

* Total Number of Portfolio Holdings77

* Portfolio Turnover Rate (annualized)41.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.10% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.25% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.92% |
| Japan | 8.68% |
| Australia | 6.69% |
| France | 4.18% |
| Hong Kong | 3.56% |
| Singapore | 3.38% |
| United Kingdom | 2.07% |
| Sweden | 1.47% |
| Spain | 1.35% |
| Canada | 1.08% |
| Belgium | 0.98% |
| Germany | 0.92% |
| Netherlands | 0.56% |
| Mexico | 0.26% |
| Other Locations<sup>Footnote Reference\*</sup> | 0.65% |
| Other Assets and Liabilities | 0.25% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.47%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,714,656

* Total Number of Portfolio Holdings77

* Portfolio Turnover Rate (annualized)41.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.10% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.25% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.92% |
| Japan | 8.68% |
| Australia | 6.69% |
| France | 4.18% |
| Hong Kong | 3.56% |
| Singapore | 3.38% |
| United Kingdom | 2.07% |
| Sweden | 1.47% |
| Spain | 1.35% |
| Canada | 1.08% |
| Belgium | 0.98% |
| Germany | 0.92% |
| Netherlands | 0.56% |
| Mexico | 0.26% |
| Other Locations<sup>Footnote Reference\*</sup> | 0.65% |
| Other Assets and Liabilities | 0.25% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $60 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,714,656

* Total Number of Portfolio Holdings77

* Portfolio Turnover Rate (annualized)41.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.10% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.25% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.92% |
| Japan | 8.68% |
| Australia | 6.69% |
| France | 4.18% |
| Hong Kong | 3.56% |
| Singapore | 3.38% |
| United Kingdom | 2.07% |
| Sweden | 1.47% |
| Spain | 1.35% |
| Canada | 1.08% |
| Belgium | 0.98% |
| Germany | 0.92% |
| Netherlands | 0.56% |
| Mexico | 0.26% |
| Other Locations<sup>Footnote Reference\*</sup> | 0.65% |
| Other Assets and Liabilities | 0.25% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Global Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $47 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,714,656

* Total Number of Portfolio Holdings77

* Portfolio Turnover Rate (annualized)41.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.10% |
| Investment Companies | 0.65% |
| Other Assets and Liabilities | 0.25% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 63.92% |
| Japan | 8.68% |
| Australia | 6.69% |
| France | 4.18% |
| Hong Kong | 3.56% |
| Singapore | 3.38% |
| United Kingdom | 2.07% |
| Sweden | 1.47% |
| Spain | 1.35% |
| Canada | 1.08% |
| Belgium | 0.98% |
| Germany | 0.92% |
| Netherlands | 0.56% |
| Mexico | 0.26% |
| Other Locations<sup>Footnote Reference\*</sup> | 0.65% |
| Other Assets and Liabilities | 0.25% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$582,174

* Total Number of Portfolio Holdings301

* Portfolio Turnover Rate (annualized)124.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 88.45% |
| Bonds | 16.15% |
| Investment Companies | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 95.39% |
| Asset Backed Securities | 6.61% |
| Government | 2.60% |
| Money Market Funds | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $43 | 0.87%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$582,174

* Total Number of Portfolio Holdings301

* Portfolio Turnover Rate (annualized)124.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 88.45% |
| Bonds | 16.15% |
| Investment Companies | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 95.39% |
| Asset Backed Securities | 6.61% |
| Government | 2.60% |
| Money Market Funds | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $26 | 0.53%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$582,174

* Total Number of Portfolio Holdings301

* Portfolio Turnover Rate (annualized)124.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 88.45% |
| Bonds | 16.15% |
| Investment Companies | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 95.39% |
| Asset Backed Securities | 6.61% |
| Government | 2.60% |
| Money Market Funds | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$582,174

* Total Number of Portfolio Holdings301

* Portfolio Turnover Rate (annualized)124.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 88.45% |
| Bonds | 16.15% |
| Investment Companies | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 95.39% |
| Asset Backed Securities | 6.61% |
| Government | 2.60% |
| Money Market Funds | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Government & High Quality Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.67%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$582,174

* Total Number of Portfolio Holdings301

* Portfolio Turnover Rate (annualized)124.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 88.45% |
| Bonds | 16.15% |
| Investment Companies | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Mortgage Securities | 95.39% |
| Asset Backed Securities | 6.61% |
| Government | 2.60% |
| Money Market Funds | 1.34% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.94)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Government Money Market Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$4,399,443

* Total Number of Portfolio Holdings69

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 57.65% |
| Repurchase Agreements | 28.41% |
| U.S. Government & Government Agency Obligations | 8.25% |
| Investment Companies | 5.95% |
| Other Assets and Liabilities | (0.26)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 65.90% |
| Financial | 28.41% |
| Money Market Funds | 5.95% |
| Other Assets and Liabilities | (0.26)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Government Money Market Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$4,399,443

* Total Number of Portfolio Holdings69

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 57.65% |
| Repurchase Agreements | 28.41% |
| U.S. Government & Government Agency Obligations | 8.25% |
| Investment Companies | 5.95% |
| Other Assets and Liabilities | (0.26)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 65.90% |
| Financial | 28.41% |
| Money Market Funds | 5.95% |
| Other Assets and Liabilities | (0.26)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about High Yield Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,462,625

* Total Number of Portfolio Holdings454

* Portfolio Turnover Rate (annualized)34.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 90.90% |
| Senior Floating Rate Interests | 4.93% |
| Investment Companies | 1.25% |
| Common Stocks | 0.02% |
| Convertible Bonds | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 2.90% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Cyclical | 16.97% |
| Communications | 15.47% |
| Consumer, Non-cyclical | 15.27% |
| Financial | 14.70% |
| Industrial | 10.32% |
| Energy | 9.82% |
| Basic Materials | 5.75% |
| Utilities | 3.85% |
| Technology | 3.52% |
| Money Market Funds | 1.25% |
| Diversified | 0.18% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 2.90% |
| 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.

# FV841SARA-0

# Class C

# CCHIX

# High Yield Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about High Yield Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,462,625

* Total Number of Portfolio Holdings454

* Portfolio Turnover Rate (annualized)34.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 90.90% |
| Senior Floating Rate Interests | 4.93% |
| Investment Companies | 1.25% |
| Common Stocks | 0.02% |
| Convertible Bonds | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 2.90% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Cyclical | 16.97% |
| Communications | 15.47% |
| Consumer, Non-cyclical | 15.27% |
| Financial | 14.70% |
| Industrial | 10.32% |
| Energy | 9.82% |
| Basic Materials | 5.75% |
| Utilities | 3.85% |
| Technology | 3.52% |
| Money Market Funds | 1.25% |
| Diversified | 0.18% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 2.90% |
| 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.

# FV841SARC-0

# Institutional

# PHYTX

# High Yield Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about High Yield Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$6,462,625

* Total Number of Portfolio Holdings454

* Portfolio Turnover Rate (annualized)34.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 90.90% |
| Senior Floating Rate Interests | 4.93% |
| Investment Companies | 1.25% |
| Common Stocks | 0.02% |
| Convertible Bonds | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 2.90% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Cyclical | 16.97% |
| Communications | 15.47% |
| Consumer, Non-cyclical | 15.27% |
| Financial | 14.70% |
| Industrial | 10.32% |
| Energy | 9.82% |
| Basic Materials | 5.75% |
| Utilities | 3.85% |
| Technology | 3.52% |
| Money Market Funds | 1.25% |
| Diversified | 0.18% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 2.90% |
| 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.

# FV841SARI-0

# R-6

# PHYFX

# High Yield Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about High Yield Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $26 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,462,625

* Total Number of Portfolio Holdings454

* Portfolio Turnover Rate (annualized)34.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 90.90% |
| Senior Floating Rate Interests | 4.93% |
| Investment Companies | 1.25% |
| Common Stocks | 0.02% |
| Convertible Bonds | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 2.90% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Consumer, Cyclical | 16.97% |
| Communications | 15.47% |
| Consumer, Non-cyclical | 15.27% |
| Financial | 14.70% |
| Industrial | 10.32% |
| Energy | 9.82% |
| Basic Materials | 5.75% |
| Utilities | 3.85% |
| Technology | 3.52% |
| Money Market Funds | 1.25% |
| Diversified | 0.18% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 2.90% |
| 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.

# FV841SARR6-0

# Class J

# PIPJX

# Inflation Protection Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Inflation Protection Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $34 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,142,623

* Total Number of Portfolio Holdings51

* Portfolio Turnover Rate (annualized)71.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 99.83% |
| Investment Companies | 1.71% |
| Bonds | 0.00% |
| Other Assets and Liabilities | (1.54)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 99.83% |
| Money Market Funds | 1.71% |
| Mortgage Securities | 0.00% |
| Other Assets and Liabilities | (1.54)% |
| 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.

# FV843SARJ-0

# Institutional

# PIPIX

# Inflation Protection Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Inflation Protection Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$2,142,623

* Total Number of Portfolio Holdings51

* Portfolio Turnover Rate (annualized)71.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 99.83% |
| Investment Companies | 1.71% |
| Bonds | 0.00% |
| Other Assets and Liabilities | (1.54)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 99.83% |
| Money Market Funds | 1.71% |
| Mortgage Securities | 0.00% |
| Other Assets and Liabilities | (1.54)% |
| 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.

# FV843SARI-0

# R-3

# PIFPX

# Inflation Protection Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Inflation Protection Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$2,142,623

* Total Number of Portfolio Holdings51

* Portfolio Turnover Rate (annualized)71.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 99.83% |
| Investment Companies | 1.71% |
| Bonds | 0.00% |
| Other Assets and Liabilities | (1.54)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 99.83% |
| Money Market Funds | 1.71% |
| Mortgage Securities | 0.00% |
| Other Assets and Liabilities | (1.54)% |
| 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.

# FV843SARR3-0

# R-5

# PBPPX

# Inflation Protection Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Inflation Protection Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$2,142,623

* Total Number of Portfolio Holdings51

* Portfolio Turnover Rate (annualized)71.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 99.83% |
| Investment Companies | 1.71% |
| Bonds | 0.00% |
| Other Assets and Liabilities | (1.54)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 99.83% |
| Money Market Funds | 1.71% |
| Mortgage Securities | 0.00% |
| Other Assets and Liabilities | (1.54)% |
| 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.

# FV843SARR5-0

# Institutional

# PINIX

# International Equity Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about International Equity Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,653,152

* Total Number of Portfolio Holdings55

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.26% |
| Investment Companies | 0.17% |
| Other Assets and Liabilities | 0.57% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.26% |
| Japan | 14.35% |
| Canada | 8.58% |
| China | 6.60% |
| Netherlands | 6.07% |
| Korea, Republic Of | 5.67% |
| Germany | 5.63% |
| Taiwan | 5.20% |
| Ireland | 5.20% |
| Hong Kong | 4.42% |
| France | 3.96% |
| Italy | 3.39% |
| Austria | 2.57% |
| Singapore | 2.08% |
| Greece | 1.81% |
| Israel | 1.69% |
| India | 1.66% |
| Brazil | 1.48% |
| Sweden | 1.32% |
| Denmark | 0.67% |
| Other Locations<sup>Footnote Reference\*</sup> | 0.82% |
| Other Assets and Liabilities | 0.57% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about International Equity Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,653,152

* Total Number of Portfolio Holdings55

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.26% |
| Investment Companies | 0.17% |
| Other Assets and Liabilities | 0.57% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.26% |
| Japan | 14.35% |
| Canada | 8.58% |
| China | 6.60% |
| Netherlands | 6.07% |
| Korea, Republic Of | 5.67% |
| Germany | 5.63% |
| Taiwan | 5.20% |
| Ireland | 5.20% |
| Hong Kong | 4.42% |
| France | 3.96% |
| Italy | 3.39% |
| Austria | 2.57% |
| Singapore | 2.08% |
| Greece | 1.81% |
| Israel | 1.69% |
| India | 1.66% |
| Brazil | 1.48% |
| Sweden | 1.32% |
| Denmark | 0.67% |
| Other Locations<sup>Footnote Reference\*</sup> | 0.82% |
| Other Assets and Liabilities | 0.57% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about International Equity Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.87%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,653,152

* Total Number of Portfolio Holdings55

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.26% |
| Investment Companies | 0.17% |
| Other Assets and Liabilities | 0.57% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.26% |
| Japan | 14.35% |
| Canada | 8.58% |
| China | 6.60% |
| Netherlands | 6.07% |
| Korea, Republic Of | 5.67% |
| Germany | 5.63% |
| Taiwan | 5.20% |
| Ireland | 5.20% |
| Hong Kong | 4.42% |
| France | 3.96% |
| Italy | 3.39% |
| Austria | 2.57% |
| Singapore | 2.08% |
| Greece | 1.81% |
| Israel | 1.69% |
| India | 1.66% |
| Brazil | 1.48% |
| Sweden | 1.32% |
| Denmark | 0.67% |
| Other Locations<sup>Footnote Reference\*</sup> | 0.82% |
| Other Assets and Liabilities | 0.57% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about International Equity Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,653,152

* Total Number of Portfolio Holdings55

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.26% |
| Investment Companies | 0.17% |
| Other Assets and Liabilities | 0.57% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 16.26% |
| Japan | 14.35% |
| Canada | 8.58% |
| China | 6.60% |
| Netherlands | 6.07% |
| Korea, Republic Of | 5.67% |
| Germany | 5.63% |
| Taiwan | 5.20% |
| Ireland | 5.20% |
| Hong Kong | 4.42% |
| France | 3.96% |
| Italy | 3.39% |
| Austria | 2.57% |
| Singapore | 2.08% |
| Greece | 1.81% |
| Israel | 1.69% |
| India | 1.66% |
| Brazil | 1.48% |
| Sweden | 1.32% |
| Denmark | 0.67% |
| Other Locations<sup>Footnote Reference\*</sup> | 0.82% |
| Other Assets and Liabilities | 0.57% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,185,868

* Total Number of Portfolio Holdings420

* Portfolio Turnover Rate (annualized)129.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.23% |
| Investment Companies | 2.64% |
| Convertible Preferred Stocks | 0.26% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 44.87% |
| Communications | 20.60% |
| Industrial | 11.77% |
| Consumer, Non-cyclical | 10.39% |
| Financial | 5.37% |
| Consumer, Cyclical | 3.52% |
| Money Market Funds | 2.27% |
| Energy | 0.69% |
| Exchange-Traded Funds | 0.37% |
| Utilities | 0.18% |
| Basic Materials | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,185,868

* Total Number of Portfolio Holdings420

* Portfolio Turnover Rate (annualized)129.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.23% |
| Investment Companies | 2.64% |
| Convertible Preferred Stocks | 0.26% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 44.87% |
| Communications | 20.60% |
| Industrial | 11.77% |
| Consumer, Non-cyclical | 10.39% |
| Financial | 5.37% |
| Consumer, Cyclical | 3.52% |
| Money Market Funds | 2.27% |
| Energy | 0.69% |
| Exchange-Traded Funds | 0.37% |
| Utilities | 0.18% |
| Basic Materials | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,185,868

* Total Number of Portfolio Holdings420

* Portfolio Turnover Rate (annualized)129.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.23% |
| Investment Companies | 2.64% |
| Convertible Preferred Stocks | 0.26% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 44.87% |
| Communications | 20.60% |
| Industrial | 11.77% |
| Consumer, Non-cyclical | 10.39% |
| Financial | 5.37% |
| Consumer, Cyclical | 3.52% |
| Money Market Funds | 2.27% |
| Energy | 0.69% |
| Exchange-Traded Funds | 0.37% |
| Utilities | 0.18% |
| Basic Materials | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,185,868

* Total Number of Portfolio Holdings420

* Portfolio Turnover Rate (annualized)129.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.23% |
| Investment Companies | 2.64% |
| Convertible Preferred Stocks | 0.26% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 44.87% |
| Communications | 20.60% |
| Industrial | 11.77% |
| Consumer, Non-cyclical | 10.39% |
| Financial | 5.37% |
| Consumer, Cyclical | 3.52% |
| Money Market Funds | 2.27% |
| Energy | 0.69% |
| Exchange-Traded Funds | 0.37% |
| Utilities | 0.18% |
| Basic Materials | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,185,868

* Total Number of Portfolio Holdings420

* Portfolio Turnover Rate (annualized)129.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.23% |
| Investment Companies | 2.64% |
| Convertible Preferred Stocks | 0.26% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 44.87% |
| Communications | 20.60% |
| Industrial | 11.77% |
| Consumer, Non-cyclical | 10.39% |
| Financial | 5.37% |
| Consumer, Cyclical | 3.52% |
| Money Market Funds | 2.27% |
| Energy | 0.69% |
| Exchange-Traded Funds | 0.37% |
| Utilities | 0.18% |
| Basic Materials | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,185,868

* Total Number of Portfolio Holdings420

* Portfolio Turnover Rate (annualized)129.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.23% |
| Investment Companies | 2.64% |
| Convertible Preferred Stocks | 0.26% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 44.87% |
| Communications | 20.60% |
| Industrial | 11.77% |
| Consumer, Non-cyclical | 10.39% |
| Financial | 5.37% |
| Consumer, Cyclical | 3.52% |
| Money Market Funds | 2.27% |
| Energy | 0.69% |
| Exchange-Traded Funds | 0.37% |
| Utilities | 0.18% |
| Basic Materials | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$13,123,253

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)14.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.05% |
| Investment Companies | 0.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 32.42% |
| Communications | 17.65% |
| Financial | 13.01% |
| Consumer, Non-cyclical | 12.64% |
| Industrial | 8.34% |
| Consumer, Cyclical | 7.66% |
| Energy | 3.50% |
| Utilities | 2.33% |
| Basic Materials | 1.50% |
| Money Market Funds | 0.46% |
| Exchange-Traded Funds | 0.45% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$13,123,253

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)14.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.05% |
| Investment Companies | 0.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 32.42% |
| Communications | 17.65% |
| Financial | 13.01% |
| Consumer, Non-cyclical | 12.64% |
| Industrial | 8.34% |
| Consumer, Cyclical | 7.66% |
| Energy | 3.50% |
| Utilities | 2.33% |
| Basic Materials | 1.50% |
| Money Market Funds | 0.46% |
| Exchange-Traded Funds | 0.45% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.09%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$13,123,253

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)14.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.05% |
| Investment Companies | 0.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 32.42% |
| Communications | 17.65% |
| Financial | 13.01% |
| Consumer, Non-cyclical | 12.64% |
| Industrial | 8.34% |
| Consumer, Cyclical | 7.66% |
| Energy | 3.50% |
| Utilities | 2.33% |
| Basic Materials | 1.50% |
| Money Market Funds | 0.46% |
| Exchange-Traded Funds | 0.45% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $33 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$13,123,253

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)14.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.05% |
| Investment Companies | 0.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 32.42% |
| Communications | 17.65% |
| Financial | 13.01% |
| Consumer, Non-cyclical | 12.64% |
| Industrial | 8.34% |
| Consumer, Cyclical | 7.66% |
| Energy | 3.50% |
| Utilities | 2.33% |
| Basic Materials | 1.50% |
| Money Market Funds | 0.46% |
| Exchange-Traded Funds | 0.45% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap S&P 500 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.34%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$13,123,253

* Total Number of Portfolio Holdings507

* Portfolio Turnover Rate (annualized)14.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.05% |
| Investment Companies | 0.91% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 32.42% |
| Communications | 17.65% |
| Financial | 13.01% |
| Consumer, Non-cyclical | 12.64% |
| Industrial | 8.34% |
| Consumer, Cyclical | 7.66% |
| Energy | 3.50% |
| Utilities | 2.33% |
| Basic Materials | 1.50% |
| Money Market Funds | 0.46% |
| Exchange-Traded Funds | 0.45% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Value Fund III (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $48 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,254,733

* Total Number of Portfolio Holdings880

* Portfolio Turnover Rate (annualized)51.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 88.99% |
| Investment Companies | 10.93% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 19.28% |
| Consumer, Non-cyclical | 14.12% |
| Technology | 13.02% |
| Industrial | 8.94% |
| Exchange-Traded Funds | 8.08% |
| Consumer, Cyclical | 7.81% |
| Communications | 7.64% |
| Energy | 7.05% |
| Utilities | 7.03% |
| Basic Materials | 4.10% |
| Money Market Funds | 2.85% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Value Fund III (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,254,733

* Total Number of Portfolio Holdings880

* Portfolio Turnover Rate (annualized)51.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 88.99% |
| Investment Companies | 10.93% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 19.28% |
| Consumer, Non-cyclical | 14.12% |
| Technology | 13.02% |
| Industrial | 8.94% |
| Exchange-Traded Funds | 8.08% |
| Consumer, Cyclical | 7.81% |
| Communications | 7.64% |
| Energy | 7.05% |
| Utilities | 7.03% |
| Basic Materials | 4.10% |
| Money Market Funds | 2.85% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Value Fund III (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $64 | 1.24%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,254,733

* Total Number of Portfolio Holdings880

* Portfolio Turnover Rate (annualized)51.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 88.99% |
| Investment Companies | 10.93% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 19.28% |
| Consumer, Non-cyclical | 14.12% |
| Technology | 13.02% |
| Industrial | 8.94% |
| Exchange-Traded Funds | 8.08% |
| Consumer, Cyclical | 7.81% |
| Communications | 7.64% |
| Energy | 7.05% |
| Utilities | 7.03% |
| Basic Materials | 4.10% |
| Money Market Funds | 2.85% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about LargeCap Value Fund III (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $48 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,254,733

* Total Number of Portfolio Holdings880

* Portfolio Turnover Rate (annualized)51.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 88.99% |
| Investment Companies | 10.93% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 19.28% |
| Consumer, Non-cyclical | 14.12% |
| Technology | 13.02% |
| Industrial | 8.94% |
| Exchange-Traded Funds | 8.08% |
| Consumer, Cyclical | 7.81% |
| Communications | 7.64% |
| Energy | 7.05% |
| Utilities | 7.03% |
| Basic Materials | 4.10% |
| Money Market Funds | 2.85% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $43 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$25,165,709

* Total Number of Portfolio Holdings72

* Portfolio Turnover Rate (annualized)16.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.14% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.28% |
| Consumer, Cyclical | 25.58% |
| Industrial | 22.02% |
| Technology | 13.80% |
| Consumer, Non-cyclical | 5.30% |
| Utilities | 3.59% |
| Basic Materials | 1.57% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$25,165,709

* Total Number of Portfolio Holdings72

* Portfolio Turnover Rate (annualized)16.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.14% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.28% |
| Consumer, Cyclical | 25.58% |
| Industrial | 22.02% |
| Technology | 13.80% |
| Consumer, Non-cyclical | 5.30% |
| Utilities | 3.59% |
| Basic Materials | 1.57% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$25,165,709

* Total Number of Portfolio Holdings72

* Portfolio Turnover Rate (annualized)16.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.14% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.28% |
| Consumer, Cyclical | 25.58% |
| Industrial | 22.02% |
| Technology | 13.80% |
| Consumer, Non-cyclical | 5.30% |
| Utilities | 3.59% |
| Basic Materials | 1.57% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $32 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$25,165,709

* Total Number of Portfolio Holdings72

* Portfolio Turnover Rate (annualized)16.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.14% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.28% |
| Consumer, Cyclical | 25.58% |
| Industrial | 22.02% |
| Technology | 13.80% |
| Consumer, Non-cyclical | 5.30% |
| Utilities | 3.59% |
| Basic Materials | 1.57% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $54 | 1.14%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$25,165,709

* Total Number of Portfolio Holdings72

* Portfolio Turnover Rate (annualized)16.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.14% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.28% |
| Consumer, Cyclical | 25.58% |
| Industrial | 22.02% |
| Technology | 13.80% |
| Consumer, Non-cyclical | 5.30% |
| Utilities | 3.59% |
| Basic Materials | 1.57% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $40 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$25,165,709

* Total Number of Portfolio Holdings72

* Portfolio Turnover Rate (annualized)16.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.14% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.28% |
| Consumer, Cyclical | 25.58% |
| Industrial | 22.02% |
| Technology | 13.80% |
| Consumer, Non-cyclical | 5.30% |
| Utilities | 3.59% |
| Basic Materials | 1.57% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $28 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$25,165,709

* Total Number of Portfolio Holdings72

* Portfolio Turnover Rate (annualized)16.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.14% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.28% |
| Consumer, Cyclical | 25.58% |
| Industrial | 22.02% |
| Technology | 13.80% |
| Consumer, Non-cyclical | 5.30% |
| Utilities | 3.59% |
| Basic Materials | 1.57% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.16)% |
| 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

# PMFJX

# MidCap S&P 400 Index Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $20 | 0.38%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,319,153

* Total Number of Portfolio Holdings404

* Portfolio Turnover Rate (annualized)22.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.18% |
| Investment Companies | 2.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 25.91% |
| Financial | 21.04% |
| Consumer, Non-cyclical | 14.46% |
| Consumer, Cyclical | 12.23% |
| Technology | 10.20% |
| Energy | 5.73% |
| Basic Materials | 4.68% |
| Utilities | 3.27% |
| Money Market Funds | 1.69% |
| Communications | 1.66% |
| Exchange-Traded Funds | 0.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $13 | 0.24%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,319,153

* Total Number of Portfolio Holdings404

* Portfolio Turnover Rate (annualized)22.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.18% |
| Investment Companies | 2.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 25.91% |
| Financial | 21.04% |
| Consumer, Non-cyclical | 14.46% |
| Consumer, Cyclical | 12.23% |
| Technology | 10.20% |
| Energy | 5.73% |
| Basic Materials | 4.68% |
| Utilities | 3.27% |
| Money Market Funds | 1.69% |
| Communications | 1.66% |
| Exchange-Traded Funds | 0.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $38 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,319,153

* Total Number of Portfolio Holdings404

* Portfolio Turnover Rate (annualized)22.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.18% |
| Investment Companies | 2.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 25.91% |
| Financial | 21.04% |
| Consumer, Non-cyclical | 14.46% |
| Consumer, Cyclical | 12.23% |
| Technology | 10.20% |
| Energy | 5.73% |
| Basic Materials | 4.68% |
| Utilities | 3.27% |
| Money Market Funds | 1.69% |
| Communications | 1.66% |
| Exchange-Traded Funds | 0.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $22 | 0.42%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,319,153

* Total Number of Portfolio Holdings404

* Portfolio Turnover Rate (annualized)22.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.18% |
| Investment Companies | 2.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 25.91% |
| Financial | 21.04% |
| Consumer, Non-cyclical | 14.46% |
| Consumer, Cyclical | 12.23% |
| Technology | 10.20% |
| Energy | 5.73% |
| Basic Materials | 4.68% |
| Utilities | 3.27% |
| Money Market Funds | 1.69% |
| Communications | 1.66% |
| Exchange-Traded Funds | 0.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap S&P 400 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,319,153

* Total Number of Portfolio Holdings404

* Portfolio Turnover Rate (annualized)22.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.18% |
| Investment Companies | 2.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 25.91% |
| Financial | 21.04% |
| Consumer, Non-cyclical | 14.46% |
| Consumer, Cyclical | 12.23% |
| Technology | 10.20% |
| Energy | 5.73% |
| Basic Materials | 4.68% |
| Utilities | 3.27% |
| Money Market Funds | 1.69% |
| Communications | 1.66% |
| Exchange-Traded Funds | 0.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.29)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $56 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,422,008

* Total Number of Portfolio Holdings729

* Portfolio Turnover Rate (annualized)81.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.60% |
| Investment Companies | 3.19% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 24.99% |
| Financial | 16.14% |
| Consumer, Non-cyclical | 14.84% |
| Energy | 10.00% |
| Consumer, Cyclical | 9.79% |
| Utilities | 6.24% |
| Basic Materials | 5.73% |
| Technology | 5.24% |
| Communications | 3.63% |
| Money Market Funds | 3.06% |
| Exchange-Traded Funds | 0.13% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $47 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,422,008

* Total Number of Portfolio Holdings729

* Portfolio Turnover Rate (annualized)81.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.60% |
| Investment Companies | 3.19% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 24.99% |
| Financial | 16.14% |
| Consumer, Non-cyclical | 14.84% |
| Energy | 10.00% |
| Consumer, Cyclical | 9.79% |
| Utilities | 6.24% |
| Basic Materials | 5.73% |
| Technology | 5.24% |
| Communications | 3.63% |
| Money Market Funds | 3.06% |
| Exchange-Traded Funds | 0.13% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,422,008

* Total Number of Portfolio Holdings729

* Portfolio Turnover Rate (annualized)81.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.60% |
| Investment Companies | 3.19% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 24.99% |
| Financial | 16.14% |
| Consumer, Non-cyclical | 14.84% |
| Energy | 10.00% |
| Consumer, Cyclical | 9.79% |
| Utilities | 6.24% |
| Basic Materials | 5.73% |
| Technology | 5.24% |
| Communications | 3.63% |
| Money Market Funds | 3.06% |
| Exchange-Traded Funds | 0.13% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $64 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,422,008

* Total Number of Portfolio Holdings729

* Portfolio Turnover Rate (annualized)81.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.60% |
| Investment Companies | 3.19% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 24.99% |
| Financial | 16.14% |
| Consumer, Non-cyclical | 14.84% |
| Energy | 10.00% |
| Consumer, Cyclical | 9.79% |
| Utilities | 6.24% |
| Basic Materials | 5.73% |
| Technology | 5.24% |
| Communications | 3.63% |
| Money Market Funds | 3.06% |
| Exchange-Traded Funds | 0.13% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,422,008

* Total Number of Portfolio Holdings729

* Portfolio Turnover Rate (annualized)81.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.60% |
| Investment Companies | 3.19% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 24.99% |
| Financial | 16.14% |
| Consumer, Non-cyclical | 14.84% |
| Energy | 10.00% |
| Consumer, Cyclical | 9.79% |
| Utilities | 6.24% |
| Basic Materials | 5.73% |
| Technology | 5.24% |
| Communications | 3.63% |
| Money Market Funds | 3.06% |
| Exchange-Traded Funds | 0.13% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about MidCap Value Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.64%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,422,008

* Total Number of Portfolio Holdings729

* Portfolio Turnover Rate (annualized)81.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.60% |
| Investment Companies | 3.19% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 24.99% |
| Financial | 16.14% |
| Consumer, Non-cyclical | 14.84% |
| Energy | 10.00% |
| Consumer, Cyclical | 9.79% |
| Utilities | 6.24% |
| Basic Materials | 5.73% |
| Technology | 5.24% |
| Communications | 3.63% |
| Money Market Funds | 3.06% |
| Exchange-Traded Funds | 0.13% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.21% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Money Market Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,053,634

* Total Number of Portfolio Holdings162

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Commercial Paper | 71.12% |
| Repurchase Agreements | 17.08% |
| Bonds | 5.50% |
| Investment Companies | 3.79% |
| Municipal Bonds | 2.56% |
| Other Assets and Liabilities | (0.05)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 62.17% |
| Consumer, Non-cyclical | 8.03% |
| Consumer, Cyclical | 4.43% |
| Utilities | 4.08% |
| Energy | 4.05% |
| Asset Backed Securities | 3.89% |
| Money Market Funds | 3.79% |
| Communications | 2.63% |
| Insured | 2.56% |
| Basic Materials | 2.54% |
| Diversified | 1.09% |
| Industrial | 0.79% |
| Other Assets and Liabilities | (0.05)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Money Market Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,053,634

* Total Number of Portfolio Holdings162

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Commercial Paper | 71.12% |
| Repurchase Agreements | 17.08% |
| Bonds | 5.50% |
| Investment Companies | 3.79% |
| Municipal Bonds | 2.56% |
| Other Assets and Liabilities | (0.05)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 62.17% |
| Consumer, Non-cyclical | 8.03% |
| Consumer, Cyclical | 4.43% |
| Utilities | 4.08% |
| Energy | 4.05% |
| Asset Backed Securities | 3.89% |
| Money Market Funds | 3.79% |
| Communications | 2.63% |
| Insured | 2.56% |
| Basic Materials | 2.54% |
| Diversified | 1.09% |
| Industrial | 0.79% |
| Other Assets and Liabilities | (0.05)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Overseas Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $48 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,764,151

* Total Number of Portfolio Holdings467

* Portfolio Turnover Rate (annualized)56.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.21% |
| Investment Companies | 2.77% |
| Preferred Stocks | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.60)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 19.75% |
| Japan | 14.93% |
| France | 11.48% |
| Germany | 9.47% |
| Italy | 5.80% |
| Netherlands | 4.74% |
| Finland | 3.70% |
| Switzerland | 3.48% |
| Canada | 2.64% |
| Sweden | 2.60% |
| Denmark | 2.51% |
| Hong Kong | 2.32% |
| Korea, Republic Of | 2.14% |
| Norway | 2.11% |
| United States | 2.02% |
| Australia | 1.85% |
| Spain | 1.14% |
| Belgium | 1.04% |
| Mexico | 0.89% |
| Indonesia | 0.74% |
| Other Locations<sup>Footnote Reference\*</sup> | 5.25% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (0.60)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Overseas Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $77 | 1.45%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,764,151

* Total Number of Portfolio Holdings467

* Portfolio Turnover Rate (annualized)56.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.21% |
| Investment Companies | 2.77% |
| Preferred Stocks | 0.62% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.60)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United Kingdom | 19.75% |
| Japan | 14.93% |
| France | 11.48% |
| Germany | 9.47% |
| Italy | 5.80% |
| Netherlands | 4.74% |
| Finland | 3.70% |
| Switzerland | 3.48% |
| Canada | 2.64% |
| Sweden | 2.60% |
| Denmark | 2.51% |
| Hong Kong | 2.32% |
| Korea, Republic Of | 2.14% |
| Norway | 2.11% |
| United States | 2.02% |
| Australia | 1.85% |
| Spain | 1.14% |
| Belgium | 1.04% |
| Mexico | 0.89% |
| Indonesia | 0.74% |
| Other Locations<sup>Footnote Reference\*</sup> | 5.25% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (0.60)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $37 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,122,231

* Total Number of Portfolio Holdings101

* Portfolio Turnover Rate (annualized)71.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.98% |
| Investment Companies | 2.66% |
| Other Assets and Liabilities | (0.64)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 29.79% |
| Communications | 18.10% |
| Financial | 14.02% |
| Consumer, Cyclical | 10.63% |
| Consumer, Non-cyclical | 9.47% |
| Industrial | 8.45% |
| Energy | 3.72% |
| Money Market Funds | 2.66% |
| Basic Materials | 2.23% |
| Utilities | 1.57% |
| Other Assets and Liabilities | (0.64)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,122,231

* Total Number of Portfolio Holdings101

* Portfolio Turnover Rate (annualized)71.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.98% |
| Investment Companies | 2.66% |
| Other Assets and Liabilities | (0.64)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 29.79% |
| Communications | 18.10% |
| Financial | 14.02% |
| Consumer, Cyclical | 10.63% |
| Consumer, Non-cyclical | 9.47% |
| Industrial | 8.45% |
| Energy | 3.72% |
| Money Market Funds | 2.66% |
| Basic Materials | 2.23% |
| Utilities | 1.57% |
| Other Assets and Liabilities | (0.64)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $50 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,122,231

* Total Number of Portfolio Holdings101

* Portfolio Turnover Rate (annualized)71.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.98% |
| Investment Companies | 2.66% |
| Other Assets and Liabilities | (0.64)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 29.79% |
| Communications | 18.10% |
| Financial | 14.02% |
| Consumer, Cyclical | 10.63% |
| Consumer, Non-cyclical | 9.47% |
| Industrial | 8.45% |
| Energy | 3.72% |
| Money Market Funds | 2.66% |
| Basic Materials | 2.23% |
| Utilities | 1.57% |
| Other Assets and Liabilities | (0.64)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal Capital Appreciation Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,122,231

* Total Number of Portfolio Holdings101

* Portfolio Turnover Rate (annualized)71.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.98% |
| Investment Companies | 2.66% |
| Other Assets and Liabilities | (0.64)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 29.79% |
| Communications | 18.10% |
| Financial | 14.02% |
| Consumer, Cyclical | 10.63% |
| Consumer, Non-cyclical | 9.47% |
| Industrial | 8.45% |
| Energy | 3.72% |
| Money Market Funds | 2.66% |
| Basic Materials | 2.23% |
| Utilities | 1.57% |
| Other Assets and Liabilities | (0.64)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2015 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.03%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$171,932

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)25.1%

## 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 | 62.78% |
| Domestic Equity Funds | 24.21% |
| International Equity Funds | 12.29% |
| Specialty Funds | 0.73% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2015 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$171,932

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)25.1%

## 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 | 62.78% |
| Domestic Equity Funds | 24.21% |
| International Equity Funds | 12.29% |
| Specialty Funds | 0.73% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2015 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $14 | 0.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$171,932

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)25.1%

## 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 | 62.78% |
| Domestic Equity Funds | 24.21% |
| International Equity Funds | 12.29% |
| Specialty Funds | 0.73% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,789,892

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)23.6%

## 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 | 57.74% |
| Domestic Equity Funds | 27.41% |
| International Equity Funds | 14.14% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,789,892

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)23.6%

## 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 | 57.74% |
| Domestic Equity Funds | 27.41% |
| International Equity Funds | 14.14% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,789,892

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)23.6%

## 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 | 57.74% |
| Domestic Equity Funds | 27.41% |
| International Equity Funds | 14.14% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,789,892

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)23.6%

## 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 | 57.74% |
| Domestic Equity Funds | 27.41% |
| International Equity Funds | 14.14% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2020 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,789,892

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)23.6%

## 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 | 57.74% |
| Domestic Equity Funds | 27.41% |
| International Equity Funds | 14.14% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2025 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,143,846

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)27.9%

## 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 | 50.92% |
| Domestic Equity Funds | 31.84% |
| International Equity Funds | 16.53% |
| Specialty Funds | 0.72% |
| 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.

# FV858SARI-0

# R-3

# LTVPX

# Principal LifeTime 2025 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2025 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,143,846

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)27.9%

## 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 | 50.92% |
| Domestic Equity Funds | 31.84% |
| International Equity Funds | 16.53% |
| Specialty Funds | 0.72% |
| 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.

# FV858SARR3-0

# R-5

# LTPDX

# Principal LifeTime 2025 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2025 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $14 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,143,846

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)27.9%

## 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 | 50.92% |
| Domestic Equity Funds | 31.84% |
| International Equity Funds | 16.53% |
| Specialty Funds | 0.72% |
| 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.

# FV858SARR5-0

# Class A

# PTCAX

# Principal LifeTime 2030 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.33%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,735,217

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)29.6%

## 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 | 42.32% |
| Domestic Equity Funds | 37.37% |
| International Equity Funds | 19.61% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$4,735,217

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)29.6%

## 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 | 42.32% |
| Domestic Equity Funds | 37.37% |
| International Equity Funds | 19.61% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,735,217

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)29.6%

## 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 | 42.32% |
| Domestic Equity Funds | 37.37% |
| International Equity Funds | 19.61% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,735,217

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)29.6%

## 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 | 42.32% |
| Domestic Equity Funds | 37.37% |
| International Equity Funds | 19.61% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2030 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$4,735,217

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)29.6%

## 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 | 42.32% |
| Domestic Equity Funds | 37.37% |
| International Equity Funds | 19.61% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2035 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,844,588

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)36.1%

## 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** |
| Domestic Equity Funds | 43.70% |
| Fixed Income Funds | 33.65% |
| International Equity Funds | 22.65% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2035 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,844,588

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)36.1%

## 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** |
| Domestic Equity Funds | 43.70% |
| Fixed Income Funds | 33.65% |
| International Equity Funds | 22.65% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2035 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,844,588

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)36.1%

## 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** |
| Domestic Equity Funds | 43.70% |
| Fixed Income Funds | 33.65% |
| International Equity Funds | 22.65% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$4,460,037

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)38.0%

## 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 | 50.57% |
| International Equity Funds | 26.51% |
| Fixed Income Funds | 22.93% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$4,460,037

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)38.0%

## 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 | 50.57% |
| International Equity Funds | 26.51% |
| Fixed Income Funds | 22.93% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,460,037

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)38.0%

## 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 | 50.57% |
| International Equity Funds | 26.51% |
| Fixed Income Funds | 22.93% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,460,037

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)38.0%

## 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 | 50.57% |
| International Equity Funds | 26.51% |
| Fixed Income Funds | 22.93% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2040 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$4,460,037

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)38.0%

## 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 | 50.57% |
| International Equity Funds | 26.51% |
| Fixed Income Funds | 22.93% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2045 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,616,368

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)42.6%

## 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 | 56.70% |
| International Equity Funds | 29.83% |
| Fixed Income Funds | 13.47% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2045 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,616,368

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)42.6%

## 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 | 56.70% |
| International Equity Funds | 29.83% |
| Fixed Income Funds | 13.47% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2045 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,616,368

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)42.6%

## 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 | 56.70% |
| International Equity Funds | 29.83% |
| Fixed Income Funds | 13.47% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.36%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,216,096

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)43.6%

## 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** |
| Domestic Equity Funds | 61.67% |
| International Equity Funds | 32.57% |
| Fixed Income Funds | 5.77% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$3,216,096

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)43.6%

## 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** |
| Domestic Equity Funds | 61.67% |
| International Equity Funds | 32.57% |
| Fixed Income Funds | 5.77% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,216,096

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)43.6%

## 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** |
| Domestic Equity Funds | 61.67% |
| International Equity Funds | 32.57% |
| Fixed Income Funds | 5.77% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,216,096

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)43.6%

## 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** |
| Domestic Equity Funds | 61.67% |
| International Equity Funds | 32.57% |
| Fixed Income Funds | 5.77% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2050 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$3,216,096

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)43.6%

## 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** |
| Domestic Equity Funds | 61.67% |
| International Equity Funds | 32.57% |
| Fixed Income Funds | 5.77% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2055 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,148,279

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)46.3%

## 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 | 63.59% |
| International Equity Funds | 33.55% |
| Fixed Income Funds | 2.86% |
| 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.

# FV864SARI-0

# R-3

# LTFDX

# Principal LifeTime 2055 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2055 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,148,279

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)46.3%

## 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 | 63.59% |
| International Equity Funds | 33.55% |
| Fixed Income Funds | 2.86% |
| 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.

# FV864SARR3-0

# R-5

# LTFPX

# Principal LifeTime 2055 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2055 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $14 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,148,279

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)46.3%

## 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 | 63.59% |
| International Equity Funds | 33.55% |
| Fixed Income Funds | 2.86% |
| 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.

# FV864SARR5-0

# Class J

# PLTAX

# Principal LifeTime 2060 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,161,064

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)47.4%

## 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 | 63.59% |
| International Equity Funds | 33.54% |
| Fixed Income Funds | 2.87% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,161,064

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)47.4%

## 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 | 63.59% |
| International Equity Funds | 33.54% |
| Fixed Income Funds | 2.87% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,161,064

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)47.4%

## 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 | 63.59% |
| International Equity Funds | 33.54% |
| Fixed Income Funds | 2.87% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2060 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $14 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,161,064

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)47.4%

## 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 | 63.59% |
| International Equity Funds | 33.54% |
| Fixed Income Funds | 2.87% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2065 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.02%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$286,563

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)57.4%

## 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 | 63.60% |
| International Equity Funds | 33.54% |
| Fixed Income Funds | 2.87% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2065 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$286,563

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)57.4%

## 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 | 63.60% |
| International Equity Funds | 33.54% |
| Fixed Income Funds | 2.87% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2065 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $14 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$286,563

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)57.4%

## 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 | 63.60% |
| International Equity Funds | 33.54% |
| Fixed Income Funds | 2.87% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$109,916

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)49.8%

## 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 | 63.60% |
| International Equity Funds | 33.53% |
| Fixed Income Funds | 2.87% |
| 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.

# FV947SARJ-0

# Institutional

# PLTGX

# Principal LifeTime 2070 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$109,916

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)49.8%

## 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 | 63.60% |
| International Equity Funds | 33.53% |
| Fixed Income Funds | 2.87% |
| 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.

# FV947SARI-0

# R-3

# PLTDX

# Principal LifeTime 2070 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$109,916

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)49.8%

## 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 | 63.60% |
| International Equity Funds | 33.53% |
| Fixed Income Funds | 2.87% |
| 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.

# FV947SARR3-0

# R-5

# PLTFX

# Principal LifeTime 2070 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime 2070 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.29%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$109,916

* Total Number of Portfolio Holdings15

* Portfolio Turnover Rate (annualized)49.8%

## 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 | 63.60% |
| International Equity Funds | 33.53% |
| Fixed Income Funds | 2.87% |
| 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.

# FV947SARR5-0

# Class J

# PHJMX

# Principal LifeTime Hybrid 2015 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2015 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$526,276

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)10.8%

## 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 | 62.75% |
| Domestic Equity Funds | 24.32% |
| International Equity Funds | 12.22% |
| Specialty Funds | 0.72% |
| 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.

# FV867SARJ-0

# Institutional

# PHTMX

# Principal LifeTime Hybrid 2015 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2015 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$526,276

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)10.8%

## 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 | 62.75% |
| Domestic Equity Funds | 24.32% |
| International Equity Funds | 12.22% |
| Specialty Funds | 0.72% |
| 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.

# FV867SARI-0

# R-6

# PLRRX

# Principal LifeTime Hybrid 2015 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2015 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$526,276

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)10.8%

## 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 | 62.75% |
| Domestic Equity Funds | 24.32% |
| International Equity Funds | 12.22% |
| Specialty Funds | 0.72% |
| 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.

# FV867SARR6-0

# Class J

# PHJTX

# Principal LifeTime Hybrid 2020 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2020 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$670,155

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)11.9%

## 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 | 57.70% |
| Domestic Equity Funds | 27.53% |
| International Equity Funds | 14.07% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2020 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$670,155

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)11.9%

## 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 | 57.70% |
| Domestic Equity Funds | 27.53% |
| International Equity Funds | 14.07% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2020 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$670,155

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)11.9%

## 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 | 57.70% |
| Domestic Equity Funds | 27.53% |
| International Equity Funds | 14.07% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2025 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,230,900

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)11.5%

## 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 | 50.89% |
| Domestic Equity Funds | 31.96% |
| International Equity Funds | 16.45% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2025 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,230,900

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)11.5%

## 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 | 50.89% |
| Domestic Equity Funds | 31.96% |
| International Equity Funds | 16.45% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2025 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,230,900

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)11.5%

## 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 | 50.89% |
| Domestic Equity Funds | 31.96% |
| International Equity Funds | 16.45% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2030 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,641,907

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)8.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.29% |
| Domestic Equity Funds | 37.51% |
| International Equity Funds | 19.50% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2030 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,641,907

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)8.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.29% |
| Domestic Equity Funds | 37.51% |
| International Equity Funds | 19.50% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2030 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,641,907

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)8.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 42.29% |
| Domestic Equity Funds | 37.51% |
| International Equity Funds | 19.50% |
| Specialty Funds | 0.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2035 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,159,525

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)9.3%

## 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 | 43.87% |
| Fixed Income Funds | 33.61% |
| International Equity Funds | 22.53% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2035 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,159,525

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)9.3%

## 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 | 43.87% |
| Fixed Income Funds | 33.61% |
| International Equity Funds | 22.53% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2035 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,159,525

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)9.3%

## 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 | 43.87% |
| Fixed Income Funds | 33.61% |
| International Equity Funds | 22.53% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2040 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,431,587

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)9.8%

## 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 | 50.75% |
| International Equity Funds | 26.36% |
| Fixed Income Funds | 22.90% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2040 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,431,587

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)9.8%

## 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 | 50.75% |
| International Equity Funds | 26.36% |
| Fixed Income Funds | 22.90% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2040 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-6 | $1 | 0.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,431,587

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)9.8%

## 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 | 50.75% |
| International Equity Funds | 26.36% |
| Fixed Income Funds | 22.90% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2045 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$746,078

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)10.3%

## 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 | 56.89% |
| International Equity Funds | 29.66% |
| Fixed Income Funds | 13.46% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2045 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$746,078

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)10.3%

## 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 | 56.89% |
| International Equity Funds | 29.66% |
| Fixed Income Funds | 13.46% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2045 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$746,078

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)10.3%

## 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 | 56.89% |
| International Equity Funds | 29.66% |
| Fixed Income Funds | 13.46% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2050 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $11 | 0.21%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$698,438

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)8.8%

## 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 | 61.91% |
| International Equity Funds | 32.39% |
| Fixed Income Funds | 5.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2050 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$698,438

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)8.8%

## 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 | 61.91% |
| International Equity Funds | 32.39% |
| Fixed Income Funds | 5.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2050 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$698,438

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)8.8%

## 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 | 61.91% |
| International Equity Funds | 32.39% |
| Fixed Income Funds | 5.71% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2055 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.25%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$457,324

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)8.5%

## 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** |
| Domestic Equity Funds | 63.80% |
| International Equity Funds | 33.37% |
| Fixed Income Funds | 2.84% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2055 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$457,324

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)8.5%

## 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** |
| Domestic Equity Funds | 63.80% |
| International Equity Funds | 33.37% |
| Fixed Income Funds | 2.84% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2055 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$457,324

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)8.5%

## 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** |
| Domestic Equity Funds | 63.80% |
| International Equity Funds | 33.37% |
| Fixed Income Funds | 2.84% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2060 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$261,543

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)7.5%

## 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** |
| Domestic Equity Funds | 63.80% |
| International Equity Funds | 33.35% |
| Fixed Income Funds | 2.86% |
| 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.

# FV876SARJ-0

# Institutional

# PLTHX

# Principal LifeTime Hybrid 2060 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2060 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$261,543

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)7.5%

## 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** |
| Domestic Equity Funds | 63.80% |
| International Equity Funds | 33.35% |
| Fixed Income Funds | 2.86% |
| 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.

# FV876SARI-0

# R-6

# PLKTX

# Principal LifeTime Hybrid 2060 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2060 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$261,543

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)7.5%

## 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** |
| Domestic Equity Funds | 63.80% |
| International Equity Funds | 33.35% |
| Fixed Income Funds | 2.86% |
| 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.

# FV876SARR6-0

# Class J

# PHJDX

# Principal LifeTime Hybrid 2065 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2065 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$102,528

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)9.9%

## 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 | 63.80% |
| International Equity Funds | 33.35% |
| Fixed Income Funds | 2.87% |
| 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.

# FV920SARJ-0

# Institutional

# PLHHX

# Principal LifeTime Hybrid 2065 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2065 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$102,528

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)9.9%

## 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 | 63.80% |
| International Equity Funds | 33.35% |
| Fixed Income Funds | 2.87% |
| 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.

# FV920SARI-0

# R-6

# PLHRX

# Principal LifeTime Hybrid 2065 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2065 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$102,528

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)9.9%

## 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 | 63.80% |
| International Equity Funds | 33.35% |
| Fixed Income Funds | 2.87% |
| 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.

# FV920SARR6-0

# Class J

# PLKJX

# Principal LifeTime Hybrid 2070 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2070 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$17,303

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)14.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.91% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 63.73% |
| International Equity Funds | 33.32% |
| Fixed Income Funds | 2.86% |
| 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.

# FV948SARJ-0

# Institutional

# PLKSX

# Principal LifeTime Hybrid 2070 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2070 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$17,303

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)14.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.91% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 63.73% |
| International Equity Funds | 33.32% |
| Fixed Income Funds | 2.86% |
| 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.

# FV948SARI-0

# R-6

# PLKRX

# Principal LifeTime Hybrid 2070 Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid 2070 Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$17,303

* Total Number of Portfolio Holdings9

* Portfolio Turnover Rate (annualized)14.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.91% |
| Other Assets and Liabilities | 0.09% |
| Total Net Assets | 100.00% |

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 63.73% |
| International Equity Funds | 33.32% |
| Fixed Income Funds | 2.86% |
| 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.

# FV948SARR6-0

# Class J

# PHJFX

# Principal LifeTime Hybrid Income Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$205,684

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)14.1%

## 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 | 62.74% |
| Domestic Equity Funds | 24.32% |
| International Equity Funds | 12.23% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $3 | 0.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$205,684

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)14.1%

## 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 | 62.74% |
| Domestic Equity Funds | 24.32% |
| International Equity Funds | 12.23% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Hybrid Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$205,684

* Total Number of Portfolio Holdings12

* Portfolio Turnover Rate (annualized)14.1%

## 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 | 62.74% |
| Domestic Equity Funds | 24.32% |
| International Equity Funds | 12.23% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$666,784

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)21.7%

## 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 | 62.78% |
| Domestic Equity Funds | 24.22% |
| International Equity Funds | 12.29% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$666,784

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)21.7%

## 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 | 62.78% |
| Domestic Equity Funds | 24.22% |
| International Equity Funds | 12.29% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$666,784

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)21.7%

## 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 | 62.78% |
| Domestic Equity Funds | 24.22% |
| International Equity Funds | 12.29% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$666,784

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)21.7%

## 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 | 62.78% |
| Domestic Equity Funds | 24.22% |
| International Equity Funds | 12.29% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Principal LifeTime Strategic Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $14 | 0.27%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$666,784

* Total Number of Portfolio Holdings18

* Portfolio Turnover Rate (annualized)21.7%

## 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 | 62.78% |
| Domestic Equity Funds | 24.22% |
| International Equity Funds | 12.29% |
| Specialty Funds | 0.72% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $62 | 1.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,736,775

* Total Number of Portfolio Holdings43

* Portfolio Turnover Rate (annualized)25.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.67% |
| Investment Companies | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.06% |
| Consumer, Cyclical | 1.61% |
| Money Market Funds | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $115 | 2.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,736,775

* Total Number of Portfolio Holdings43

* Portfolio Turnover Rate (annualized)25.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.67% |
| Investment Companies | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.06% |
| Consumer, Cyclical | 1.61% |
| Money Market Funds | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.09%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,736,775

* Total Number of Portfolio Holdings43

* Portfolio Turnover Rate (annualized)25.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.67% |
| Investment Companies | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.06% |
| Consumer, Cyclical | 1.61% |
| Money Market Funds | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $45 | 0.86%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,736,775

* Total Number of Portfolio Holdings43

* Portfolio Turnover Rate (annualized)25.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.67% |
| Investment Companies | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.06% |
| Consumer, Cyclical | 1.61% |
| Money Market Funds | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.37%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,736,775

* Total Number of Portfolio Holdings43

* Portfolio Turnover Rate (annualized)25.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.67% |
| Investment Companies | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.06% |
| Consumer, Cyclical | 1.61% |
| Money Market Funds | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,736,775

* Total Number of Portfolio Holdings43

* Portfolio Turnover Rate (annualized)25.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.67% |
| Investment Companies | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.06% |
| Consumer, Cyclical | 1.61% |
| Money Market Funds | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Real Estate Securities Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $43 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$6,736,775

* Total Number of Portfolio Holdings43

* Portfolio Turnover Rate (annualized)25.5%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.67% |
| Investment Companies | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 98.06% |
| Consumer, Cyclical | 1.61% |
| Money Market Funds | 0.46% |
| Other Assets and Liabilities | (0.13)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,845,944

* Total Number of Portfolio Holdings35

* Portfolio Turnover Rate (annualized)32.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 44.97% |
| Fixed Income Funds | 28.68% |
| International Equity Funds | 21.70% |
| Money Market Funds | 2.08% |
| Specialty Funds | 1.49% |
| Alternative Funds | 1.09% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| 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.

# FV889SARA-0

# Class C

# SCBPX

# SAM Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.36%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,845,944

* Total Number of Portfolio Holdings35

* Portfolio Turnover Rate (annualized)32.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 44.97% |
| Fixed Income Funds | 28.68% |
| International Equity Funds | 21.70% |
| Money Market Funds | 2.08% |
| Specialty Funds | 1.49% |
| Alternative Funds | 1.09% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| 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.

# FV889SARC-0

# Class J

# PSAJX

# SAM Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$4,845,944

* Total Number of Portfolio Holdings35

* Portfolio Turnover Rate (annualized)32.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 44.97% |
| Fixed Income Funds | 28.68% |
| International Equity Funds | 21.70% |
| Money Market Funds | 2.08% |
| Specialty Funds | 1.49% |
| Alternative Funds | 1.09% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| 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.

# FV889SARJ-0

# Institutional

# PSBIX

# SAM Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.29%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,845,944

* Total Number of Portfolio Holdings35

* Portfolio Turnover Rate (annualized)32.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 44.97% |
| Fixed Income Funds | 28.68% |
| International Equity Funds | 21.70% |
| Money Market Funds | 2.08% |
| Specialty Funds | 1.49% |
| Alternative Funds | 1.09% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| 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.

# FV889SARI-0

# R-3

# PBAPX

# SAM Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,845,944

* Total Number of Portfolio Holdings35

* Portfolio Turnover Rate (annualized)32.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 44.97% |
| Fixed Income Funds | 28.68% |
| International Equity Funds | 21.70% |
| Money Market Funds | 2.08% |
| Specialty Funds | 1.49% |
| Alternative Funds | 1.09% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| 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.

# FV889SARR3-0

# R-5

# PSBFX

# SAM Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$4,845,944

* Total Number of Portfolio Holdings35

* Portfolio Turnover Rate (annualized)32.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 100.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Domestic Equity Funds | 44.97% |
| Fixed Income Funds | 28.68% |
| International Equity Funds | 21.70% |
| Money Market Funds | 2.08% |
| Specialty Funds | 1.49% |
| Alternative Funds | 1.09% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.01)% |
| 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.

# FV889SARR5-0

# Class A

# SAIPX

# SAM Conservative Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,862,077

* Total Number of Portfolio Holdings33

* Portfolio Turnover Rate (annualized)25.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.96% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.52% |
| Domestic Equity Funds | 29.29% |
| International Equity Funds | 14.24% |
| Money Market Funds | 4.58% |
| Specialty Funds | 1.22% |
| Alternative Funds | 1.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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.

# FV890SARA-0

# Class C

# SCIPX

# SAM Conservative Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $71 | 1.41%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,862,077

* Total Number of Portfolio Holdings33

* Portfolio Turnover Rate (annualized)25.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.96% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.52% |
| Domestic Equity Funds | 29.29% |
| International Equity Funds | 14.24% |
| Money Market Funds | 4.58% |
| Specialty Funds | 1.22% |
| Alternative Funds | 1.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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.

# FV890SARC-0

# Class J

# PCBJX

# SAM Conservative Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,862,077

* Total Number of Portfolio Holdings33

* Portfolio Turnover Rate (annualized)25.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.96% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.52% |
| Domestic Equity Funds | 29.29% |
| International Equity Funds | 14.24% |
| Money Market Funds | 4.58% |
| Specialty Funds | 1.22% |
| Alternative Funds | 1.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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.

# FV890SARJ-0

# Institutional

# PCCIX

# SAM Conservative Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,862,077

* Total Number of Portfolio Holdings33

* Portfolio Turnover Rate (annualized)25.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.96% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.52% |
| Domestic Equity Funds | 29.29% |
| International Equity Funds | 14.24% |
| Money Market Funds | 4.58% |
| Specialty Funds | 1.22% |
| Alternative Funds | 1.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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.

# FV890SARI-0

# R-3

# PCBPX

# SAM Conservative Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,862,077

* Total Number of Portfolio Holdings33

* Portfolio Turnover Rate (annualized)25.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.96% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.52% |
| Domestic Equity Funds | 29.29% |
| International Equity Funds | 14.24% |
| Money Market Funds | 4.58% |
| Specialty Funds | 1.22% |
| Alternative Funds | 1.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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.

# FV890SARR3-0

# R-5

# PCBFX

# SAM Conservative Balanced Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Balanced Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,862,077

* Total Number of Portfolio Holdings33

* Portfolio Turnover Rate (annualized)25.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.96% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 49.52% |
| Domestic Equity Funds | 29.29% |
| International Equity Funds | 14.24% |
| Money Market Funds | 4.58% |
| Specialty Funds | 1.22% |
| Alternative Funds | 1.11% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.04% |
| 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.

# FV890SARR5-0

# Class A

# SAGPX

# SAM Conservative Growth Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,475,401

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 55.69% |
| International Equity Funds | 28.36% |
| Fixed Income Funds | 12.64% |
| Specialty Funds | 1.79% |
| Alternative Funds | 0.81% |
| Money Market Funds | 0.75% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.37%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,475,401

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 55.69% |
| International Equity Funds | 28.36% |
| Fixed Income Funds | 12.64% |
| Specialty Funds | 1.79% |
| Alternative Funds | 0.81% |
| Money Market Funds | 0.75% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,475,401

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 55.69% |
| International Equity Funds | 28.36% |
| Fixed Income Funds | 12.64% |
| Specialty Funds | 1.79% |
| Alternative Funds | 0.81% |
| Money Market Funds | 0.75% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$3,475,401

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 55.69% |
| International Equity Funds | 28.36% |
| Fixed Income Funds | 12.64% |
| Specialty Funds | 1.79% |
| Alternative Funds | 0.81% |
| Money Market Funds | 0.75% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $44 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,475,401

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 55.69% |
| International Equity Funds | 28.36% |
| Fixed Income Funds | 12.64% |
| Specialty Funds | 1.79% |
| Alternative Funds | 0.81% |
| Money Market Funds | 0.75% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Conservative Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,475,401

* Total Number of Portfolio Holdings27

* Portfolio Turnover Rate (annualized)35.2%

## 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 | 55.69% |
| International Equity Funds | 28.36% |
| Fixed Income Funds | 12.64% |
| Specialty Funds | 1.79% |
| Alternative Funds | 0.81% |
| Money Market Funds | 0.75% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,171,684

* Total Number of Portfolio Holdings32

* Portfolio Turnover Rate (annualized)20.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 65.11% |
| Domestic Equity Funds | 17.24% |
| International Equity Funds | 8.77% |
| Money Market Funds | 6.74% |
| Alternative Funds | 1.28% |
| Specialty Funds | 0.78% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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.

# FV892SARA-0

# Class C

# SCUPX

# SAM Flexible Income Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.39%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,171,684

* Total Number of Portfolio Holdings32

* Portfolio Turnover Rate (annualized)20.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 65.11% |
| Domestic Equity Funds | 17.24% |
| International Equity Funds | 8.77% |
| Money Market Funds | 6.74% |
| Alternative Funds | 1.28% |
| Specialty Funds | 0.78% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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.

# FV892SARC-0

# Class J

# PFIJX

# SAM Flexible Income Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$2,171,684

* Total Number of Portfolio Holdings32

* Portfolio Turnover Rate (annualized)20.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 65.11% |
| Domestic Equity Funds | 17.24% |
| International Equity Funds | 8.77% |
| Money Market Funds | 6.74% |
| Alternative Funds | 1.28% |
| Specialty Funds | 0.78% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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.

# FV892SARJ-0

# Institutional

# PIFIX

# SAM Flexible Income Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.32%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,171,684

* Total Number of Portfolio Holdings32

* Portfolio Turnover Rate (annualized)20.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 65.11% |
| Domestic Equity Funds | 17.24% |
| International Equity Funds | 8.77% |
| Money Market Funds | 6.74% |
| Alternative Funds | 1.28% |
| Specialty Funds | 0.78% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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.

# FV892SARI-0

# R-3

# PFIPX

# SAM Flexible Income Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,171,684

* Total Number of Portfolio Holdings32

* Portfolio Turnover Rate (annualized)20.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 65.11% |
| Domestic Equity Funds | 17.24% |
| International Equity Funds | 8.77% |
| Money Market Funds | 6.74% |
| Alternative Funds | 1.28% |
| Specialty Funds | 0.78% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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.

# FV892SARR3-0

# R-5

# PFIFX

# SAM Flexible Income Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Flexible Income Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$2,171,684

* Total Number of Portfolio Holdings32

* Portfolio Turnover Rate (annualized)20.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 99.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| Total Net Assets | 100.00% |

---

---

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

---

### Fund Type Allocation

---

| | |
|:---|:---|
| **Fund Type** | **Percent of Net Assets** |
| Fixed Income Funds | 65.11% |
| Domestic Equity Funds | 17.24% |
| International Equity Funds | 8.77% |
| Money Market Funds | 6.74% |
| Alternative Funds | 1.28% |
| Specialty Funds | 0.78% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.08% |
| 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.

# FV892SARR5-0

# Class A

# SACAX

# SAM Strategic Growth Portfolio
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,561,907

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)39.5%

## 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 | 63.47% |
| International Equity Funds | 32.62% |
| Specialty Funds | 1.78% |
| Alternative Funds | 0.80% |
| Fixed Income Funds | 0.69% |
| Money Market Funds | 0.68% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $71 | 1.37%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,561,907

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)39.5%

## 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 | 63.47% |
| International Equity Funds | 32.62% |
| Specialty Funds | 1.78% |
| Alternative Funds | 0.80% |
| Fixed Income Funds | 0.69% |
| Money Market Funds | 0.68% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $24 | 0.46%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,561,907

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)39.5%

## 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 | 63.47% |
| International Equity Funds | 32.62% |
| Specialty Funds | 1.78% |
| Alternative Funds | 0.80% |
| Fixed Income Funds | 0.69% |
| Money Market Funds | 0.68% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,561,907

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)39.5%

## 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 | 63.47% |
| International Equity Funds | 32.62% |
| Specialty Funds | 1.78% |
| Alternative Funds | 0.80% |
| Fixed Income Funds | 0.69% |
| Money Market Funds | 0.68% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $44 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,561,907

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)39.5%

## 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 | 63.47% |
| International Equity Funds | 32.62% |
| Specialty Funds | 1.78% |
| Alternative Funds | 0.80% |
| Fixed Income Funds | 0.69% |
| Money Market Funds | 0.68% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SAM Strategic Growth Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-5 | $28 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,561,907

* Total Number of Portfolio Holdings21

* Portfolio Turnover Rate (annualized)39.5%

## 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 | 63.47% |
| International Equity Funds | 32.62% |
| Specialty Funds | 1.78% |
| Alternative Funds | 0.80% |
| Fixed Income Funds | 0.69% |
| Money Market Funds | 0.68% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,377,784

* Total Number of Portfolio Holdings443

* Portfolio Turnover Rate (annualized)45.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 89.39% |
| U.S. Government & Government Agency Obligations | 9.38% |
| Investment Companies | 1.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.62% |
| Financial | 22.58% |
| Mortgage Securities | 14.51% |
| Government | 9.38% |
| Utilities | 6.18% |
| Consumer, Non-cyclical | 6.03% |
| Technology | 5.14% |
| Energy | 4.10% |
| Industrial | 3.22% |
| Communications | 3.09% |
| Money Market Funds | 1.92% |
| Basic Materials | 1.39% |
| Consumer, Cyclical | 0.53% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 1.57%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,377,784

* Total Number of Portfolio Holdings443

* Portfolio Turnover Rate (annualized)45.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 89.39% |
| U.S. Government & Government Agency Obligations | 9.38% |
| Investment Companies | 1.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.62% |
| Financial | 22.58% |
| Mortgage Securities | 14.51% |
| Government | 9.38% |
| Utilities | 6.18% |
| Consumer, Non-cyclical | 6.03% |
| Technology | 5.14% |
| Energy | 4.10% |
| Industrial | 3.22% |
| Communications | 3.09% |
| Money Market Funds | 1.92% |
| Basic Materials | 1.39% |
| Consumer, Cyclical | 0.53% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $28 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,377,784

* Total Number of Portfolio Holdings443

* Portfolio Turnover Rate (annualized)45.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 89.39% |
| U.S. Government & Government Agency Obligations | 9.38% |
| Investment Companies | 1.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.62% |
| Financial | 22.58% |
| Mortgage Securities | 14.51% |
| Government | 9.38% |
| Utilities | 6.18% |
| Consumer, Non-cyclical | 6.03% |
| Technology | 5.14% |
| Energy | 4.10% |
| Industrial | 3.22% |
| Communications | 3.09% |
| Money Market Funds | 1.92% |
| Basic Materials | 1.39% |
| Consumer, Cyclical | 0.53% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.39%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,377,784

* Total Number of Portfolio Holdings443

* Portfolio Turnover Rate (annualized)45.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 89.39% |
| U.S. Government & Government Agency Obligations | 9.38% |
| Investment Companies | 1.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.62% |
| Financial | 22.58% |
| Mortgage Securities | 14.51% |
| Government | 9.38% |
| Utilities | 6.18% |
| Consumer, Non-cyclical | 6.03% |
| Technology | 5.14% |
| Energy | 4.10% |
| Industrial | 3.22% |
| Communications | 3.09% |
| Money Market Funds | 1.92% |
| Basic Materials | 1.39% |
| Consumer, Cyclical | 0.53% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,377,784

* Total Number of Portfolio Holdings443

* Portfolio Turnover Rate (annualized)45.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 89.39% |
| U.S. Government & Government Agency Obligations | 9.38% |
| Investment Companies | 1.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.62% |
| Financial | 22.58% |
| Mortgage Securities | 14.51% |
| Government | 9.38% |
| Utilities | 6.18% |
| Consumer, Non-cyclical | 6.03% |
| Technology | 5.14% |
| Energy | 4.10% |
| Industrial | 3.22% |
| Communications | 3.09% |
| Money Market Funds | 1.92% |
| Basic Materials | 1.39% |
| Consumer, Cyclical | 0.53% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Short-Term Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$3,377,784

* Total Number of Portfolio Holdings443

* Portfolio Turnover Rate (annualized)45.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 89.39% |
| U.S. Government & Government Agency Obligations | 9.38% |
| Investment Companies | 1.92% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Asset Backed Securities | 22.62% |
| Financial | 22.58% |
| Mortgage Securities | 14.51% |
| Government | 9.38% |
| Utilities | 6.18% |
| Consumer, Non-cyclical | 6.03% |
| Technology | 5.14% |
| Energy | 4.10% |
| Industrial | 3.22% |
| Communications | 3.09% |
| Money Market Funds | 1.92% |
| Basic Materials | 1.39% |
| Consumer, Cyclical | 0.53% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.69)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $58 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,100,327

* Total Number of Portfolio Holdings111

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.38% |
| Investment Companies | 1.60% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.01% |
| Consumer, Non-cyclical | 21.83% |
| Industrial | 20.98% |
| Technology | 9.11% |
| Consumer, Cyclical | 8.90% |
| Energy | 6.66% |
| Basic Materials | 3.79% |
| Communications | 2.56% |
| Utilities | 2.54% |
| Money Market Funds | 1.60% |
| 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.

# FV894SARA-0

# Class J

# PSBJX

# SmallCap Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $51 | 0.97%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,100,327

* Total Number of Portfolio Holdings111

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.38% |
| Investment Companies | 1.60% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.01% |
| Consumer, Non-cyclical | 21.83% |
| Industrial | 20.98% |
| Technology | 9.11% |
| Consumer, Cyclical | 8.90% |
| Energy | 6.66% |
| Basic Materials | 3.79% |
| Communications | 2.56% |
| Utilities | 2.54% |
| Money Market Funds | 1.60% |
| 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.

# FV894SARJ-0

# Institutional

# PSLIX

# SmallCap Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $45 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,100,327

* Total Number of Portfolio Holdings111

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.38% |
| Investment Companies | 1.60% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.01% |
| Consumer, Non-cyclical | 21.83% |
| Industrial | 20.98% |
| Technology | 9.11% |
| Consumer, Cyclical | 8.90% |
| Energy | 6.66% |
| Basic Materials | 3.79% |
| Communications | 2.56% |
| Utilities | 2.54% |
| Money Market Funds | 1.60% |
| 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.

# FV894SARI-0

# R-3

# PSBMX

# SmallCap Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $69 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,100,327

* Total Number of Portfolio Holdings111

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.38% |
| Investment Companies | 1.60% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.01% |
| Consumer, Non-cyclical | 21.83% |
| Industrial | 20.98% |
| Technology | 9.11% |
| Consumer, Cyclical | 8.90% |
| Energy | 6.66% |
| Basic Materials | 3.79% |
| Communications | 2.56% |
| Utilities | 2.54% |
| Money Market Funds | 1.60% |
| 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.

# FV894SARR3-0

# R-5

# PSBPX

# SmallCap Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,100,327

* Total Number of Portfolio Holdings111

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.38% |
| Investment Companies | 1.60% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.01% |
| Consumer, Non-cyclical | 21.83% |
| Industrial | 20.98% |
| Technology | 9.11% |
| Consumer, Cyclical | 8.90% |
| Energy | 6.66% |
| Basic Materials | 3.79% |
| Communications | 2.56% |
| Utilities | 2.54% |
| Money Market Funds | 1.60% |
| 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.

# FV894SARR5-0

# R-6

# PSMLX

# SmallCap Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,100,327

* Total Number of Portfolio Holdings111

* Portfolio Turnover Rate (annualized)65.4%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.38% |
| Investment Companies | 1.60% |
| Other Assets and Liabilities | 0.02% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 22.01% |
| Consumer, Non-cyclical | 21.83% |
| Industrial | 20.98% |
| Technology | 9.11% |
| Consumer, Cyclical | 8.90% |
| Energy | 6.66% |
| Basic Materials | 3.79% |
| Communications | 2.56% |
| Utilities | 2.54% |
| Money Market Funds | 1.60% |
| 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.

# FV894SARR6-0

# Class J

# PSIJX

# SmallCap Growth Fund I
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $58 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,344,791

* Total Number of Portfolio Holdings1,217

* Portfolio Turnover Rate (annualized)77.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.44% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 31.03% |
| Consumer, Non-cyclical | 24.07% |
| Technology | 14.60% |
| Consumer, Cyclical | 9.54% |
| Financial | 8.59% |
| Money Market Funds | 4.00% |
| Energy | 3.87% |
| Communications | 3.34% |
| Basic Materials | 2.11% |
| Utilities | 0.29% |
| Exchange-Traded Funds | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $50 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,344,791

* Total Number of Portfolio Holdings1,217

* Portfolio Turnover Rate (annualized)77.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.44% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 31.03% |
| Consumer, Non-cyclical | 24.07% |
| Technology | 14.60% |
| Consumer, Cyclical | 9.54% |
| Financial | 8.59% |
| Money Market Funds | 4.00% |
| Energy | 3.87% |
| Communications | 3.34% |
| Basic Materials | 2.11% |
| Utilities | 0.29% |
| Exchange-Traded Funds | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $74 | 1.41%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,344,791

* Total Number of Portfolio Holdings1,217

* Portfolio Turnover Rate (annualized)77.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.44% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 31.03% |
| Consumer, Non-cyclical | 24.07% |
| Technology | 14.60% |
| Consumer, Cyclical | 9.54% |
| Financial | 8.59% |
| Money Market Funds | 4.00% |
| Energy | 3.87% |
| Communications | 3.34% |
| Basic Materials | 2.11% |
| Utilities | 0.29% |
| Exchange-Traded Funds | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $58 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,344,791

* Total Number of Portfolio Holdings1,217

* Portfolio Turnover Rate (annualized)77.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.44% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 31.03% |
| Consumer, Non-cyclical | 24.07% |
| Technology | 14.60% |
| Consumer, Cyclical | 9.54% |
| Financial | 8.59% |
| Money Market Funds | 4.00% |
| Energy | 3.87% |
| Communications | 3.34% |
| Basic Materials | 2.11% |
| Utilities | 0.29% |
| Exchange-Traded Funds | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Growth Fund I (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,344,791

* Total Number of Portfolio Holdings1,217

* Portfolio Turnover Rate (annualized)77.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.44% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Industrial | 31.03% |
| Consumer, Non-cyclical | 24.07% |
| Technology | 14.60% |
| Consumer, Cyclical | 9.54% |
| Financial | 8.59% |
| Money Market Funds | 4.00% |
| Energy | 3.87% |
| Communications | 3.34% |
| Basic Materials | 2.11% |
| Utilities | 0.29% |
| Exchange-Traded Funds | 0.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (1.54)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class J | $21 | 0.39%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,333,154

* Total Number of Portfolio Holdings609

* Portfolio Turnover Rate (annualized)28.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.03% |
| Investment Companies | 1.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.54% |
| Industrial | 17.15% |
| Consumer, Non-cyclical | 16.99% |
| Consumer, Cyclical | 13.97% |
| Technology | 8.68% |
| Energy | 6.44% |
| Communications | 6.07% |
| Basic Materials | 4.03% |
| Utilities | 2.16% |
| Money Market Funds | 0.90% |
| Exchange-Traded Funds | 0.52% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $11 | 0.21%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,333,154

* Total Number of Portfolio Holdings609

* Portfolio Turnover Rate (annualized)28.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.03% |
| Investment Companies | 1.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.54% |
| Industrial | 17.15% |
| Consumer, Non-cyclical | 16.99% |
| Consumer, Cyclical | 13.97% |
| Technology | 8.68% |
| Energy | 6.44% |
| Communications | 6.07% |
| Basic Materials | 4.03% |
| Utilities | 2.16% |
| Money Market Funds | 0.90% |
| Exchange-Traded Funds | 0.52% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $39 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,333,154

* Total Number of Portfolio Holdings609

* Portfolio Turnover Rate (annualized)28.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.03% |
| Investment Companies | 1.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.54% |
| Industrial | 17.15% |
| Consumer, Non-cyclical | 16.99% |
| Consumer, Cyclical | 13.97% |
| Technology | 8.68% |
| Energy | 6.44% |
| Communications | 6.07% |
| Basic Materials | 4.03% |
| Utilities | 2.16% |
| Money Market Funds | 0.90% |
| Exchange-Traded Funds | 0.52% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $23 | 0.42%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,333,154

* Total Number of Portfolio Holdings609

* Portfolio Turnover Rate (annualized)28.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.03% |
| Investment Companies | 1.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.54% |
| Industrial | 17.15% |
| Consumer, Non-cyclical | 16.99% |
| Consumer, Cyclical | 13.97% |
| Technology | 8.68% |
| Energy | 6.44% |
| Communications | 6.07% |
| Basic Materials | 4.03% |
| Utilities | 2.16% |
| Money Market Funds | 0.90% |
| Exchange-Traded Funds | 0.52% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap S&P 600 Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $9 | 0.16%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,333,154

* Total Number of Portfolio Holdings609

* Portfolio Turnover Rate (annualized)28.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 99.03% |
| Investment Companies | 1.42% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 23.54% |
| Industrial | 17.15% |
| Consumer, Non-cyclical | 16.99% |
| Consumer, Cyclical | 13.97% |
| Technology | 8.68% |
| Energy | 6.44% |
| Communications | 6.07% |
| Basic Materials | 4.03% |
| Utilities | 2.16% |
| Money Market Funds | 0.90% |
| Exchange-Traded Funds | 0.52% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.45)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $64 | 1.19%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,243,248

* Total Number of Portfolio Holdings1,542

* Portfolio Turnover Rate (annualized)100.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.80% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.56% |
| Industrial | 17.48% |
| Consumer, Cyclical | 14.24% |
| Consumer, Non-cyclical | 11.48% |
| Energy | 9.62% |
| Basic Materials | 6.31% |
| Utilities | 4.97% |
| Money Market Funds | 4.02% |
| Technology | 2.86% |
| Communications | 1.28% |
| Exchange-Traded Funds | 0.08% |
| Government | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| 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.

# FV897SARJ-0

# Institutional

# PPVIX

# SmallCap Value Fund II
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $50 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,243,248

* Total Number of Portfolio Holdings1,542

* Portfolio Turnover Rate (annualized)100.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.80% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.56% |
| Industrial | 17.48% |
| Consumer, Cyclical | 14.24% |
| Consumer, Non-cyclical | 11.48% |
| Energy | 9.62% |
| Basic Materials | 6.31% |
| Utilities | 4.97% |
| Money Market Funds | 4.02% |
| Technology | 2.86% |
| Communications | 1.28% |
| Exchange-Traded Funds | 0.08% |
| Government | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| 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.

# FV897SARI-0

# R-3

# PJARX

# SmallCap Value Fund II
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $77 | 1.44%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,243,248

* Total Number of Portfolio Holdings1,542

* Portfolio Turnover Rate (annualized)100.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.80% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.56% |
| Industrial | 17.48% |
| Consumer, Cyclical | 14.24% |
| Consumer, Non-cyclical | 11.48% |
| Energy | 9.62% |
| Basic Materials | 6.31% |
| Utilities | 4.97% |
| Money Market Funds | 4.02% |
| Technology | 2.86% |
| Communications | 1.28% |
| Exchange-Traded Funds | 0.08% |
| Government | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| 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.

# FV897SARR3-0

# R-5

# PLARX

# SmallCap Value Fund II
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $61 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,243,248

* Total Number of Portfolio Holdings1,542

* Portfolio Turnover Rate (annualized)100.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.80% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.56% |
| Industrial | 17.48% |
| Consumer, Cyclical | 14.24% |
| Consumer, Non-cyclical | 11.48% |
| Energy | 9.62% |
| Basic Materials | 6.31% |
| Utilities | 4.97% |
| Money Market Funds | 4.02% |
| Technology | 2.86% |
| Communications | 1.28% |
| Exchange-Traded Funds | 0.08% |
| Government | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| 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.

# FV897SARR5-0

# R-6

# PSMVX

# SmallCap Value Fund II
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about SmallCap Value Fund II (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $47 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,243,248

* Total Number of Portfolio Holdings1,542

* Portfolio Turnover Rate (annualized)100.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 96.80% |
| Investment Companies | 4.10% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 28.56% |
| Industrial | 17.48% |
| Consumer, Cyclical | 14.24% |
| Consumer, Non-cyclical | 11.48% |
| Energy | 9.62% |
| Basic Materials | 6.31% |
| Utilities | 4.97% |
| Money Market Funds | 4.02% |
| Technology | 2.86% |
| Communications | 1.28% |
| Exchange-Traded Funds | 0.08% |
| Government | 0.00% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.90)% |
| 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.

# FV897SARR6-0

# Class A

# PTEAX

# Tax-Exempt Bond Fund
![Image](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$509,813

* Total Number of Portfolio Holdings208

* Portfolio Turnover Rate (annualized)60.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 104.57% |
| Investment Companies | 0.46% |
| Common Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.04)% |
| Total Net Assets | 100.00% |

---

---

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

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| Texas | 11.89% |
| New York | 11.27% |
| California | 10.55% |
| Illinois | 7.78% |
| Florida | 7.34% |
| Georgia | 5.84% |
| Alabama | 5.68% |
| Ohio | 4.83% |
| New Jersey | 4.39% |
| Pennsylvania | 3.87% |
| Massachusetts | 3.83% |
| Utah | 3.24% |
| Kentucky | 3.05% |
| Nevada | 2.92% |
| Virginia | 2.61% |
| South Carolina | 1.79% |
| Arizona | 1.64% |
| Maryland | 1.33% |
| Michigan | 1.23% |
| Connecticut | 1.20% |
| Other States<sup>Footnote Reference\*</sup> | 8.76% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (5.04)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $93 | 1.88%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$509,813

* Total Number of Portfolio Holdings208

* Portfolio Turnover Rate (annualized)60.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 104.57% |
| Investment Companies | 0.46% |
| Common Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.04)% |
| Total Net Assets | 100.00% |

---

---

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

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| Texas | 11.89% |
| New York | 11.27% |
| California | 10.55% |
| Illinois | 7.78% |
| Florida | 7.34% |
| Georgia | 5.84% |
| Alabama | 5.68% |
| Ohio | 4.83% |
| New Jersey | 4.39% |
| Pennsylvania | 3.87% |
| Massachusetts | 3.83% |
| Utah | 3.24% |
| Kentucky | 3.05% |
| Nevada | 2.92% |
| Virginia | 2.61% |
| South Carolina | 1.79% |
| Arizona | 1.64% |
| Maryland | 1.33% |
| Michigan | 1.23% |
| Connecticut | 1.20% |
| Other States<sup>Footnote Reference\*</sup> | 8.76% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (5.04)% |
| 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](i7e9d332d11f62be84f0936ad.jpg)

#### Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $32 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$509,813

* Total Number of Portfolio Holdings208

* Portfolio Turnover Rate (annualized)60.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 104.57% |
| Investment Companies | 0.46% |
| Common Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (5.04)% |
| Total Net Assets | 100.00% |

---

---

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

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| Texas | 11.89% |
| New York | 11.27% |
| California | 10.55% |
| Illinois | 7.78% |
| Florida | 7.34% |
| Georgia | 5.84% |
| Alabama | 5.68% |
| Ohio | 4.83% |
| New Jersey | 4.39% |
| Pennsylvania | 3.87% |
| Massachusetts | 3.83% |
| Utah | 3.24% |
| Kentucky | 3.05% |
| Nevada | 2.92% |
| Virginia | 2.61% |
| South Carolina | 1.79% |
| Arizona | 1.64% |
| Maryland | 1.33% |
| Michigan | 1.23% |
| Connecticut | 1.20% |
| Other States<sup>Footnote Reference\*</sup> | 8.76% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (5.04)% |
| 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,

2026

Table

of

Contents

#### Not

#### FDIC

#### or

#### NCUA

#### insured

#### May

#### lose

#### value
• #### Not

#### a

#### deposit
• #### No

#### bank

#### or

#### credit

#### union

#### guarantee

#### Not

#### insured

#### by

#### any

#### Federal

#### government

#### agency
Financial

Statements

(N-CSR

Item

7)

Notes

to

Financial

Statements

Schedules

of

Investments

Financial

Highlights

(includes

performance

information)

Unaudited

Supplemental

Information

522

Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

524

Proxy

Disclosures

(N-CSR

Item

9)

525

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

526

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

527

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2026

(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

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

$

699,017

$

11,133,217

$

500,457

Investment

in

affiliated

Funds--at

cost

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

$

–

$

127,684

$

16,141

Assets

Investment

in

securities--at

value

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

$

703,726

$

10,236,132

(a) $

492,515

(a) Investment

in

affiliated

Funds--at

value

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

–

127,684

16,141

Cash

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

–

–

Receivables:

Dividends

and

interest

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

10,786

86,980

3,734

Expense

reimbursement

from

Manager

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

Fund

shares

sold

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

4,659

33,926

Investment

securities

sold

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

–

–

4,113

Variation

margin

on

futures

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

–

949

Other

assets

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

–

–

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

Total

Assets

719,351

10,485,720

516,874

Liabilities

Accrued

management

and

investment

advisory

fees

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

2,797

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

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

1,986

32,479

–

Fund

shares

redeemed

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

744

8,621

Interest

expense

and

fees

payable

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

–

–

Investment

securities

purchased

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

–

–

14,899

Variation

margin

on

futures

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

8,918

10,868

Floating

rate

notes

issued

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

28,930

–

–

Total

Liabilities

32,516

53,110

26,416

Net

Assets

Applicable

to

Outstanding

Shares

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

$

686,835

$

10,432,610

$

490,458

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

735,277

$

11,705,895

$

600,355

Total

distributable

earnings

(accumulated

loss)

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

(48,442)

(1,273,285)

(109,897)

Total

Net

Assets

$

686,835

$

10,432,610

$

490,458

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

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

$

357,516

$

185,340

$

59,462

Shares

Issued

and

Outstanding

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

36,500

21,546

6,570

Net

Asset

Value

per

share

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

$

.79

(b) $

.60

(b) $

.05

(b) Maximum

Offering

Price

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

$

.17

$

.80

$

.40

Class

C

:

Net

Assets

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

$

15,168

N/A

N/A

Shares

Issued

and

Outstanding

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

1,545

Net

Asset

Value

per

share

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

$

.82

(b) Class

J

:

Net

Assets

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

N/A

$

76,194

$

90,328

Shares

Issued

and

Outstanding

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

8,834

9,886

Net

Asset

Value

per

share

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

$

.63

(b) $

.14

(b) Institutional

:

Net

Assets

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

$

314,151

$

613,558

$

305,793

Shares

Issued

and

Outstanding

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

32,045

71,064

33,809

Net

Asset

Value

per

share

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

$

.80

$

.63

$

.04

:

Net

Assets

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

N/A

$

16,708

$

14,674

Shares

Issued

and

Outstanding

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

1,930

1,636

Net

Asset

Value

per

share

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

$

.66

$

.97

:

Net

Assets

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

N/A

$

20,842

$

20,201

Shares

Issued

and

Outstanding

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

2,417

2,248

Net

Asset

Value

per

share

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

$

.62

$

.99

:

Net

Assets

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

N/A

$

9,519,968

N/A

Shares

Issued

and

Outstanding

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

1,103,884

Net

Asset

Value

per

share

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

$

.62

(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,

2026

(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

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

$

2,179,287

$

839,560

$

3,380,219

Investment

in

affiliated

Funds--at

cost

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

$

106,933

$

36,103

$

53,152

Foreign

currency--at

cost

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

$

725

$

18,089

$

–

Assets

Investment

in

securities--at

value

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

$

2,115,388

(a) $

995,690

(a) $

8,077,685

Investment

in

affiliated

Funds--at

value

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

106,933

36,103

53,152

Foreign

currency--at

value

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

728

18,125

–

Deposits

with

counterparty

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

3,656

–

–

Receivables:

Dividends

and

interest

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

27,832

7,424

13,525

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

–

–

Fund

shares

sold

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

690

629

Investment

securities

sold

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

41,942

11,553

–

OTC

swap

agreements--at

value

(premiums

paid

$

1,948

,

$

and

$

,

net)

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

2,436

–

–

Variation

margin

on

futures

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

–

–

Other

assets

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

–

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

–

Total

Assets

2,300,129

1,069,398

8,145,206

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,194

709

3,338

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

725

Accrued

directors'

expenses

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

–

Accrued

foreign

tax

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

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

993

–

Deposits

from

counterparty

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

1,650

–

–

Payables:

Foreign

currency

contracts

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

–

–

Fund

shares

redeemed

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

2,253

7,682

Investment

securities

purchased

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

69,278

48,955

–

Options

and

swaptions

contracts

written

(premiums

received

$

,

$

and

$

0)

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

–

–

Short

sales

(proceeds

received

$

4,380

,

$

and

$

0)

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

4,328

–

–

OTC

swap

agreements--at

value

(premiums

received

$

,

$

and

$

,

net)

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

–

–

Variation

margin

on

futures

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

–

–

Variation

margin

on

swaps

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

30,606

3,762

–

Total

Liabilities

111,590

54,330

12,249

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,188,539

$

1,015,068

$

8,132,957

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

3,405,703

$

809,438

$

2,633,212

Total

distributable

earnings

(accumulated

loss)

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

(1,217,164)

205,630

5,499,745

Total

Net

Assets

$

2,188,539

$

1,015,068

$

8,132,957

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2026

(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

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

$

807,358

$

237,302

$

1,344,056

Shares

Issued

and

Outstanding

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

69,400

13,448

30,208

Net

Asset

Value

per

share

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

$

.63

(b) $

.65

(b) $

.49

(b) Maximum

Offering

Price

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

$

.08

$

.68

$

.08

Class

C

:

Net

Assets

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

$

64,988

N/A

$

66,954

Shares

Issued

and

Outstanding

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

5,623

1,567

Net

Asset

Value

per

share

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

$

.56

(b) $

.73

(b) Class

J

:

Net

Assets

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

N/A

$

192,440

$

99,099

Shares

Issued

and

Outstanding

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

11,092

2,224

Net

Asset

Value

per

share

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

$

.35

(b) $

.57

(b) Institutional

:

Net

Assets

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

$

1,252,883

$

177,506

$

6,419,776

Shares

Issued

and

Outstanding

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

108,460

10,132

143,988

Net

Asset

Value

per

share

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

$

.55

$

.52

$

.59

:

Net

Assets

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

N/A

$

13,667

$

28,041

Shares

Issued

and

Outstanding

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

778

633

Net

Asset

Value

per

share

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

$

.57

$

.28

:

Net

Assets

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

N/A

$

25,924

$

175,031

Shares

Issued

and

Outstanding

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

1,454

3,933

Net

Asset

Value

per

share

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

$

.84

$

.50

:

Net

Assets

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

$

63,310

$

368,229

N/A

Shares

Issued

and

Outstanding

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

5,483

21,028

Net

Asset

Value

per

share

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

$

.55

$

.51

(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,

2026

(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

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

$

828,167

$

6,213,798

$

1,244,650

Investment

in

affiliated

Funds--at

cost

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

$

148,422

$

11,929

$

11,203

Foreign

currency--at

cost

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

$

$

–

$

–

Assets

Investment

in

securities--at

value

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

$

851,873

(a) $

7,712,471

$

1,699,181

Investment

in

affiliated

Funds--at

value

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

148,422

11,929

11,203

Foreign

currency--at

value

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

–

–

Deposits

with

counterparty

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

24,262

–

–

Receivables:

Dividends

and

interest

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

16,645

8,934

4,476

Expense

reimbursement

from

Manager

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

–

Foreign

currency

contracts

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

2,032

–

–

Foreign

tax

refund

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

–

–

Fund

shares

sold

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

550

737

847

Investment

securities

sold

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

82,623

10,995

OTC

swap

agreements--at

value

(premiums

paid

$0,

$0

and

$0,

net)

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

1,233

–

–

Variation

margin

on

swaps

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

–

–

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

Total

Assets

1,045,666

7,816,833

1,726,766

Liabilities

Accrued

management

and

investment

advisory

fees

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

609

5,811

1,205

Accrued

administrative

service

fees

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

–

–

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

–

–

Accrued

foreign

tax

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

–

Cash

overdraft

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

911

16,184

2,587

Deposits

from

counterparty

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

960

–

–

Payables:

Foreign

currency

contracts

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

2,314

–

–

Fund

shares

redeemed

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

9,554

2,004

Investment

securities

purchased

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

29,226

40,105

6,004

OTC

swap

agreements--at

value

(premiums

received

$2,152,

$0

and

$0,

net)

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

2,381

–

–

Variation

margin

on

swaps

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

–

–

Collateral

obligation

on

securities

loaned,

at

value

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

13,843

–

–

Total

Liabilities

51,119

71,780

12,110

Net

Assets

Applicable

to

Outstanding

Shares

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

$

994,547

$

7,745,053

$

1,714,656

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,050,153

$

6,073,174

$

1,315,106

Total

distributable

earnings

(accumulated

loss)

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

(55,606)

1,671,879

399,550

Total

Net

Assets

$

994,547

$

7,745,053

$

1,714,656

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2026

(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

1,025,000

1,500,000

Net

Asset

Value

Per

Share:

Class

A:

Net

Assets

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

N/A

$

99,305

$

49,383

Shares

Issued

and

Outstanding

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

2,487

5,141

Net

Asset

Value

per

share

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

$

39.94 (b) $

9.60 (b) Maximum

Offering

Price

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

$

42.26 $

10.16 Class

J:

Net

Assets

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

N/A

$

116,048

N/A

Shares

Issued

and

Outstanding

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

3,043

Net

Asset

Value

per

share

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

$

38.14 (b) Institutional:

Net

Assets

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

$

994,547

$

64,214

$

1,104,589

Shares

Issued

and

Outstanding

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

103,145

1,629

105,145

Net

Asset

Value

per

share

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

$

9.64 $

39.43 $

10.51 R-3:

Net

Assets

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

N/A

$

8,262

$

619

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

39.31 $

10.41 R-5:

Net

Assets

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

N/A

$

8,040

$

2,803

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

39.69 $

10.46 R-6

:

Net

Assets

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

N/A

$

7,449,184

$

557,262

Shares

Issued

and

Outstanding

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

188,503

53,025

Net

Asset

Value

per

share

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

$

39.52 $

10.51 (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,

2026

(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

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

$

629,771

$

3,160,941

$

6,325,336

Investment

in

affiliated

Funds--at

cost

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

$

7,789

$

–

$

80,747

Repurchase

agreements--at

cost

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

$

–

$

1,250,000

$

–

Assets

Investment

in

securities--at

value

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

$

608,940

$

3,160,941

$

6,194,182

Investment

in

affiliated

Funds--at

value

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

7,789

–

80,747

Repurchase

agreements--at

value

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

–

1,250,000

–

Cash

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

–

Deposits

with

counterparty

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

788

–

–

Receivables:

Dividends

and

interest

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

2,092

2,754

102,663

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

–

–

Fund

shares

sold

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

1,955

43,851

Interfund

lending

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

–

–

149,300

Investment

securities

sold

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

11,830

–

10,499

Variation

margin

on

futures

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

–

–

Other

assets

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

–

–

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

Total

Assets

633,437

4,414,240

6,581,477

Liabilities

Accrued

management

and

investment

advisory

fees

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

564

2,597

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

–

Accrued

transfer

agent

fees

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

564

Accrued

directors'

expenses

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

–

Accrued

professional

fees

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

Accrued

other

expenses

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

–

Payables:

Dividends

payable

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

1,881

13,148

37,577

Foreign

currency

contracts

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

–

–

Fund

shares

redeemed

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

1,017

6,280

Investment

securities

purchased

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

48,542

–

71,676

Variation

margin

on

futures

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

–

–

Total

Liabilities

51,263

14,797

118,852

Net

Assets

Applicable

to

Outstanding

Shares

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

$

582,174

$

4,399,443

$

6,462,625

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

822,507

$

4,399,467

$

7,539,551

Total

distributable

earnings

(accumulated

loss)

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

(240,333)

(24)

(1,076,926)

Total

Net

Assets

$

582,174

$

4,399,443

$

6,462,625

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

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

$

126,575

N/A

$

379,554

Shares

Issued

and

Outstanding

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

13,954

56,606

Net

Asset

Value

per

share

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

$

.07

(a) $

.71

(a) Maximum

Offering

Price

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

$

.28

$

.97

Class

C

:

Net

Assets

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

N/A

N/A

$

18,004

Shares

Issued

and

Outstanding

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

2,642

Net

Asset

Value

per

share

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

$

.81

(a) Class

J

:

Net

Assets

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

$

64,882

N/A

N/A

Shares

Issued

and

Outstanding

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

7,131

Net

Asset

Value

per

share

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

$

.10

(a) Institutional

:

Net

Assets

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

$

379,324

$

868,807

$

1,215,957

Shares

Issued

and

Outstanding

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

41,731

868,811

183,344

Net

Asset

Value

per

share

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

$

.09

$

.00

$

.63

:

Net

Assets

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

$

2,965

N/A

N/A

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.09

:

Net

Assets

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

$

8,428

N/A

N/A

Shares

Issued

and

Outstanding

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

926

Net

Asset

Value

per

share

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

$

.10

:

Net

Assets

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

N/A

$

3,530,636

$

4,849,110

Shares

Issued

and

Outstanding

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

3,530,656

731,303

Net

Asset

Value

per

share

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

$

.00

$

.63

(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,

2026

(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

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

$

2,140,924

$

5,663,552

$

4,292,652

Investment

in

affiliated

Funds--at

cost

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

$

36,726

$

11,530

$

139,674

Foreign

currency--at

cost

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

$

–

$

17,164

$

–

Assets

Investment

in

securities--at

value

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

$

2,138,988

$

6,603,588

$

6,054,220

(a) Investment

in

affiliated

Funds--at

value

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

36,726

11,530

139,674

Foreign

currency--at

value

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

–

17,504

–

Cash

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

–

Deposits

with

counterparty

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

–

–

6,713

Receivables:

Dividends

and

interest

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

5,023

39,343

1,104

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

1,622

Investment

securities

sold

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

37,892

90,619

1,582

Variation

margin

on

futures

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

–

–

1,040

Other

assets

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

–

–

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

Total

Assets

2,218,953

6,764,268

6,205,017

Liabilities

Accrued

management

and

investment

advisory

fees

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

3,311

3,013

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

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

3,775

5,178

7,621

Investment

securities

purchased

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

72,340

102,400

7,273

Collateral

obligation

on

securities

loaned,

at

value

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

–

–

695

Total

Liabilities

76,330

111,116

19,149

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,142,623

$

6,653,152

$

6,185,868

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,305,954

$

5,286,753

$

2,902,967

Total

distributable

earnings

(accumulated

loss)

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

(163,331)

1,366,399

3,282,901

Total

Net

Assets

$

2,142,623

$

6,653,152

$

6,185,868

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

850,000

1,100,000

2,045,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

N/A

$

506,260

Shares

Issued

and

Outstanding

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

35,984

Net

Asset

Value

per

share

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

$

.07

(b) Maximum

Offering

Price

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

$

.89

Class

J

:

Net

Assets

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

$

12,551

N/A

$

396,953

Shares

Issued

and

Outstanding

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

1,724

46,701

Net

Asset

Value

per

share

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

$

.28

(b) $

.50

(b) Institutional

:

Net

Assets

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

$

2,121,534

$

23,119

$

351,245

Shares

Issued

and

Outstanding

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

272,517

1,355

22,128

Net

Asset

Value

per

share

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

$

.78

$

.06

$

.87

:

Net

Assets

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

$

4,485

$

3,115

$

59,767

Shares

Issued

and

Outstanding

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

612

5,279

Net

Asset

Value

per

share

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

$

.33

$

.99

$

.32

:

Net

Assets

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

$

4,053

$

4,147

$

102,765

Shares

Issued

and

Outstanding

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

533

7,313

Net

Asset

Value

per

share

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

$

.60

$

.05

$

.05

:

Net

Assets

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

N/A

$

6,622,771

$

4,768,878

Shares

Issued

and

Outstanding

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

389,210

298,591

Net

Asset

Value

per

share

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

$

.02

$

.97

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(b) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2026

(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

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

$

6,232,145

$

1,919,840

$

15,933,272

Investment

in

affiliated

Funds--at

cost

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

$

59,053

$

64,160

$

3,983

Investment

in

affiliated

securities--at

cost

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

$

–

$

–

$

86,220

Assets

Investment

in

securities--at

value

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

$

13,058,905

(a) $

2,188,862

(a) $

24,957,628

(a) Investment

in

affiliated

Funds--at

value

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

59,053

64,160

3,983

Investment

in

affiliated

securities--at

value

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

–

–

243,525

Cash

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

–

–

Deposits

with

counterparty

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

4,226

1,908

–

Receivables:

Dividends

and

interest

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

5,550

1,041

3,444

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

5,165

513

27,229

Investment

securities

sold

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

–

2,996

150,561

Variation

margin

on

futures

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

662

–

Other

assets

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

Prepaid

directors'

expenses

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

–

–

Prepaid

transfer

agent

fees

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

–

–

Prepaid

expenses

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

Total

Assets

13,133,630

2,259,863

25,386,487

Liabilities

Accrued

management

and

investment

advisory

fees

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

769

1,272

11,954

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

3,610

Accrued

directors'

expenses

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

–

Accrued

professional

fees

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

Accrued

other

expenses

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

608

Cash

overdraft

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

–

–

Payables:

Fund

shares

redeemed

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

8,097

1,429

50,443

Interfund

borrowing

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

–

–

149,300

Collateral

obligation

on

securities

loaned,

at

value

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

696

2,322

4,258

Total

Liabilities

10,377

5,130

220,778

Net

Assets

Applicable

to

Outstanding

Shares

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

$

13,123,253

$

2,254,733

$

25,165,709

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

5,710,262

$

1,821,295

$

14,365,789

Total

distributable

earnings

(accumulated

loss)

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

7,412,991

433,438

10,799,920

Total

Net

Assets

$

13,123,253

$

2,254,733

$

25,165,709

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,150,000

520,000

3,355,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

980,486

N/A

$

1,622,336

Shares

Issued

and

Outstanding

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

28,689

43,259

Net

Asset

Value

per

share

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

$

.18

(b) $

.50

(b) Maximum

Offering

Price

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

$

.70

$

.68

Class

C

:

Net

Assets

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

N/A

N/A

$

23,932

Shares

Issued

and

Outstanding

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

794

Net

Asset

Value

per

share

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

$

.14

(b) Class

J

:

Net

Assets

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

$

1,485,930

$

90,080

$

395,084

Shares

Issued

and

Outstanding

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

44,147

5,002

11,011

Net

Asset

Value

per

share

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

$

.66

(b) $

.01

(b) $

.88

(b) Institutional

:

Net

Assets

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

$

10,042,609

$

2,151,245

$

12,109,729

Shares

Issued

and

Outstanding

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

293,604

116,128

306,964

Net

Asset

Value

per

share

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

$

.20

$

.52

$

.45

:

Net

Assets

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

$

198,199

$

7,830

$

135,599

Shares

Issued

and

Outstanding

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

5,789

3,795

Net

Asset

Value

per

share

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

$

.24

$

.07

$

.73

:

Net

Assets

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

$

416,029

$

5,578

$

180,868

Shares

Issued

and

Outstanding

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

11,930

4,717

Net

Asset

Value

per

share

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

$

.87

$

.80

$

.35

:

Net

Assets

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

N/A

N/A

$

10,698,161

Shares

Issued

and

Outstanding

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

270,485

Net

Asset

Value

per

share

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

$

.55

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

MidCap

S&P

Index

Fund

MidCap

Value

Fund

I

Money

Market

Fund

Investment

in

securities--at

cost

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

$

939,824

$

2,018,765

$

874,210

Investment

in

affiliated

Funds--at

cost

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

$

21,239

$

72,611

$

–

Repurchase

agreements--at

cost

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

$

–

$

–

$

180,000

Assets

Investment

in

securities--at

value

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

$

1,314,901

(a) $

2,344,262

(a) $

874,210

Investment

in

affiliated

Funds--at

value

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

21,239

72,611

–

Repurchase

agreements--at

value

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

–

–

180,000

Cash

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

–

–

Deposits

with

counterparty

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

608

–

Receivables:

Dividends

and

interest

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

1,362

Expense

reimbursement

from

Manager

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

–

–

Expense

reimbursement

from

Distributor

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

–

–

Fund

shares

sold

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

602

4,123

Investment

securities

sold

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

–

13,088

–

Variation

margin

on

futures

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

–

Other

assets

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

–

–

Prepaid

directors'

expenses

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

–

Prepaid

expenses

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

Total

Assets

1,337,458

2,432,509

1,058,737

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,269

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

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

–

–

2,815

Fund

shares

redeemed

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

695

2,320

1,831

Investment

securities

purchased

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

5,013

–

Collateral

obligation

on

securities

loaned,

at

value

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

17,106

1,463

–

Total

Liabilities

18,305

10,501

5,103

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,319,153

$

2,422,008

$

1,053,634

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

882,833

$

1,975,029

$

1,053,634

Total

distributable

earnings

(accumulated

loss)

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

436,320

446,979

–

Total

Net

Assets

$

1,319,153

$

2,422,008

$

1,053,634

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

525,000

925,000

6,200,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

$

45,338

$

334,398

Shares

Issued

and

Outstanding

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

2,671

334,398

Net

Asset

Value

per

share

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

$

.97

(b) $

.00

(b) Maximum

Offering

Price

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

$

.96

$

.00

Class

J

:

Net

Assets

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

$

158,894

$

183,898

$

719,236

Shares

Issued

and

Outstanding

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

7,023

11,009

719,236

Net

Asset

Value

per

share

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

$

.63

(b) $

.70

(b) $

.00

(b) Institutional

:

Net

Assets

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

$

259,053

$

945,562

N/A

Shares

Issued

and

Outstanding

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

10,850

55,513

Net

Asset

Value

per

share

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

$

.88

$

.03

:

Net

Assets

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

$

71,796

$

12,503

N/A

Shares

Issued

and

Outstanding

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

2,912

753

Net

Asset

Value

per

share

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

$

.65

$

.60

:

Net

Assets

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

$

115,597

$

30,068

N/A

Shares

Issued

and

Outstanding

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

4,587

1,785

Net

Asset

Value

per

share

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

$

.20

$

.84

:

Net

Assets

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

$

713,813

$

1,204,639

N/A

Shares

Issued

and

Outstanding

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

29,918

70,496

Net

Asset

Value

per

share

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

$

.86

$

.09

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(b) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Overseas

Fund

Principal

Capital

Appreciation

Fund

Principal

LifeTime

2015

Fund

Investment

in

securities--at

cost

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

$

1,413,172

$

2,528,665

$

–

Investment

in

affiliated

Funds--at

cost

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

$

45,164

$

135,810

$

161,152

Assets

Investment

in

securities--at

value

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

$

1,729,643

(a) $

5,018,974

(a) $

–

Investment

in

affiliated

Funds--at

value

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

45,164

135,810

171,944

Deposits

with

counterparty

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

–

–

Receivables:

Dividends

and

interest

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

11,683

1,764

Expense

reimbursement

from

Manager

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

–

–

Fund

shares

sold

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

852

Investment

securities

sold

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

18,777

–

2,211

Variation

margin

on

futures

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

–

–

Other

assets

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

–

–

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

Total

Assets

1,806,146

5,157,422

174,531

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,237

1,629

–

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

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

2,077

–

–

Payables:

Fund

shares

redeemed

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

2,274

2,222

Investment

securities

purchased

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

14,090

30,019

Collateral

obligation

on

securities

loaned,

at

value

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

24,047

533

–

Total

Liabilities

41,995

35,191

2,599

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,764,151

$

5,122,231

$

171,932

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,384,163

$

2,287,228

$

151,355

Total

distributable

earnings

(accumulated

loss)

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

379,988

2,835,003

20,577

Total

Net

Assets

$

1,764,151

$

5,122,231

$

171,932

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

725,000

850,000

400,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

$

1,502,237

N/A

Shares

Issued

and

Outstanding

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

17,306

Net

Asset

Value

per

share

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

$

.81

(b) Maximum

Offering

Price

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

$

.86

Institutional

:

Net

Assets

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

$

1,763,049

$

3,528,569

$

144,128

Shares

Issued

and

Outstanding

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

139,355

38,926

17,177

Net

Asset

Value

per

share

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

$

.65

$

.65

$

.39

:

Net

Assets

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

$

1,102

$

52,606

$

15,225

Shares

Issued

and

Outstanding

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

606

1,885

Net

Asset

Value

per

share

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

$

.51

$

.76

$

.08

:

Net

Assets

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

N/A

$

38,819

$

12,579

Shares

Issued

and

Outstanding

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

1,536

Net

Asset

Value

per

share

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

$

.21

$

.19

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2020

Fund

Principal

LifeTime

2025

Fund

Principal

LifeTime

2030

Fund

Investment

in

affiliated

Funds--at

cost

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

$

1,643,273

$

1,018,580

$

4,065,435

Assets

Investment

in

affiliated

Funds--at

value

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

$

1,790,067

$

1,143,905

$

4,735,617

Receivables:

Dividends

and

interest

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

3,291

1,879

6,327

Fund

shares

sold

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

576

Investment

securities

sold

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

2,741

3,146

5,619

Prepaid

directors'

expenses

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

–

Prepaid

expenses

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

Total

Assets

1,796,247

1,149,520

4,748,057

Liabilities

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

Accrued

professional

fees

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

Accrued

other

expenses

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

–

Payables:

Fund

shares

redeemed

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

2,881

3,722

6,097

Investment

securities

purchased

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

3,291

1,879

6,327

Total

Liabilities

6,355

5,674

12,840

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,789,892

$

1,143,846

$

4,735,217

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,535,053

$

934,292

$

3,731,741

Total

distributable

earnings

(accumulated

loss)

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

254,839

209,554

1,003,476

Total

Net

Assets

$

1,789,892

$

1,143,846

$

4,735,217

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,150,000

425,000

1,425,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

78,712

N/A

$

138,215

Shares

Issued

and

Outstanding

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

6,253

9,329

Net

Asset

Value

per

share

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

$

.59

(a) $

.82

(a) Maximum

Offering

Price

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

$

.08

$

.40

Class

J

:

Net

Assets

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

$

632,541

N/A

$

1,119,432

Shares

Issued

and

Outstanding

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

51,376

76,275

Net

Asset

Value

per

share

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

$

.31

(a) $

.68

(a) Institutional

:

Net

Assets

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

$

955,581

$

982,707

$

3,155,233

Shares

Issued

and

Outstanding

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

76,860

87,058

213,804

Net

Asset

Value

per

share

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

$

.43

$

.29

$

.76

:

Net

Assets

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

$

49,746

$

79,600

$

138,840

Shares

Issued

and

Outstanding

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

4,059

7,292

9,484

Net

Asset

Value

per

share

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

$

.26

$

.92

$

.64

:

Net

Assets

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

$

73,312

$

81,539

$

183,497

Shares

Issued

and

Outstanding

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

5,942

7,309

12,462

Net

Asset

Value

per

share

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

$

.34

$

.16

$

.72

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2035

Fund

Principal

LifeTime

2040

Fund

Principal

LifeTime

2045

Fund

Investment

in

affiliated

Funds--at

cost

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

$

1,526,050

$

3,460,972

$

1,250,874

Assets

Investment

in

affiliated

Funds--at

value

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

$

1,844,672

$

4,460,351

$

1,616,438

Receivables:

Dividends

and

interest

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

2,164

3,508

768

Fund

shares

sold

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

1,202

Investment

securities

sold

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

1,143

3,998

2,139

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

Total

Assets

1,849,199

4,468,295

1,619,653

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

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

2,344

4,420

2,428

Investment

securities

purchased

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

2,164

3,508

767

Total

Liabilities

4,611

8,258

3,285

Net

Assets

Applicable

to

Outstanding

Shares

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

$

1,844,588

$

4,460,037

$

1,616,368

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

1,412,418

$

3,127,580

$

1,142,581

Total

distributable

earnings

(accumulated

loss)

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

432,170

1,332,457

473,787

Total

Net

Assets

$

1,844,588

$

4,460,037

$

1,616,368

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

400,000

1,025,000

400,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

N/A

$

138,911

N/A

Shares

Issued

and

Outstanding

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

8,287

Net

Asset

Value

per

share

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

$

.76

(a) Maximum

Offering

Price

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

$

.74

Class

J

:

Net

Assets

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

N/A

$

942,361

N/A

Shares

Issued

and

Outstanding

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

55,164

Net

Asset

Value

per

share

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

$

.08

(a) Institutional

:

Net

Assets

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

$

1,610,739

$

3,074,046

$

1,423,714

Shares

Issued

and

Outstanding

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

117,068

177,119

89,280

Net

Asset

Value

per

share

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

$

.76

$

.36

$

.95

:

Net

Assets

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

$

104,182

$

125,502

$

82,844

Shares

Issued

and

Outstanding

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

7,781

7,414

5,420

Net

Asset

Value

per

share

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

$

.39

$

.93

$

.29

:

Net

Assets

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

$

129,667

$

179,217

$

109,810

Shares

Issued

and

Outstanding

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

9,517

10,423

7,057

Net

Asset

Value

per

share

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

$

.63

$

.19

$

.56

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2050

Fund

Principal

LifeTime

2055

Fund

Principal

LifeTime

2060

Fund

Investment

in

affiliated

Funds--at

cost

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

$

2,363,846

$

905,619

$

940,665

Assets

Investment

in

affiliated

Funds--at

value

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

$

3,216,325

$

1,148,336

$

1,161,101

Receivables:

Dividends

and

interest

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

652

Fund

shares

sold

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

898

Investment

securities

sold

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

2,506

–

990

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

Total

Assets

3,219,954

1,149,377

1,162,670

Liabilities

Accrued

administrative

service

fees

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

Accrued

distribution

fees

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

Accrued

service

fees

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

Accrued

transfer

agent

fees

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

Accrued

professional

fees

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

Accrued

other

expenses

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

–

–

Payables:

Fund

shares

redeemed

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

2,964

817

1,419

Investment

securities

purchased

............................................................

652

Total

Liabilities

3,858

1,098

1,606

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

3,216,096

$

1,148,279

$

1,161,064

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

2,131,992

$

831,466

$

869,840

Total

distributable

earnings

(accumulated

loss)

...................................................

1,084,104

316,813

291,224

Total

Net

Assets

$

3,216,096

$

1,148,279

$

1,161,064

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

800,000

400,000

425,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

................................................................................

$

133,139

N/A

N/A

Shares

Issued

and

Outstanding

..............................................................

6,968

Net

Asset

Value

per

share

...................................................................

$

.11

(a) Maximum

Offering

Price

....................................................................

$

.22

Class

J

:

Net

Assets

................................................................................

$

327,593

N/A

$

20,640

Shares

Issued

and

Outstanding

..............................................................

18,135

1,056

Net

Asset

Value

per

share

...................................................................

$

.06

(a) $

.55

(a) Institutional

:

Net

Assets

...........................................................................

$

2,502,652

$

1,017,585

$

1,045,663

Shares

Issued

and

Outstanding

..............................................................

131,721

55,374

52,851

Net

Asset

Value

per

share

...................................................................

$

.00

$

.38

$

.79

:

Net

Assets

....................................................................................

$

102,880

$

58,526

$

42,053

Shares

Issued

and

Outstanding

..............................................................

5,545

3,330

2,175

Net

Asset

Value

per

share

...................................................................

$

.55

$

.58

$

.34

:

Net

Assets

....................................................................................

$

149,832

$

72,168

$

52,708

Shares

Issued

and

Outstanding

..............................................................

7,949

4,014

2,697

Net

Asset

Value

per

share

...................................................................

$

.85

$

.98

$

.54

(a) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

2065

Fund

Principal

LifeTime

2070

Fund

Principal

LifeTime

Hybrid

2015

Fund

Investment

in

affiliated

Funds--at

cost

..........................................................

$

244,150

$

99,234

$

487,538

Assets

Investment

in

affiliated

Funds--at

value

...........................................................

$

286,587

$

109,914

$

526,353

Receivables:

Dividends

and

interest

.......................................................................

Expense

reimbursement

from

Manager

.....................................................

–

Fund

shares

sold

.............................................................................

518

Investment

securities

sold

...................................................................

–

661

Prepaid

expenses

..................................................................................

Total

Assets

287,138

110,103

527,527

Liabilities

Accrued

administrative

service

fees

..............................................................

–

–

Accrued

distribution

fees

..........................................................................

Accrued

service

fees

..............................................................................

–

Accrued

transfer

agent

fees

.......................................................................

Accrued

directors'

expenses

.......................................................................

–

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

671

Investment

securities

purchased

............................................................

Total

Liabilities

575

1,251

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

286,563

$

109,916

$

526,276

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

230,283

$

95,173

$

483,155

Total

distributable

earnings

(accumulated

loss)

...................................................

56,280

14,743

43,121

Total

Net

Assets

$

286,563

$

109,916

$

526,276

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

325,000

325,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

................................................................................

N/A

$

1,512

$

476,557

Shares

Issued

and

Outstanding

..............................................................

38,644

Net

Asset

Value

per

share

...................................................................

$

.80

(a) $

.33

(a) Institutional

:

Net

Assets

...........................................................................

$

257,539

$

102,419

$

9,354

Shares

Issued

and

Outstanding

..............................................................

15,613

6,934

754

Net

Asset

Value

per

share

...................................................................

$

.49

$

.77

$

.41

:

Net

Assets

....................................................................................

$

12,629

$

2,156

N/A

Shares

Issued

and

Outstanding

..............................................................

777

Net

Asset

Value

per

share

...................................................................

$

.25

$

.60

:

Net

Assets

....................................................................................

$

16,395

$

3,829

N/A

Shares

Issued

and

Outstanding

..............................................................

1,003

Net

Asset

Value

per

share

...................................................................

$

.34

$

.69

:

Net

Assets

....................................................................................

N/A

N/A

$

40,365

Shares

Issued

and

Outstanding

..............................................................

3,245

Net

Asset

Value

per

share

...................................................................

$

.44

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2020

Fund

Principal

LifeTime

Hybrid

2025

Fund

Principal

LifeTime

Hybrid

2030

Fund

Investment

in

affiliated

Funds--at

cost

..........................................................

$

605,079

$

1,090,305

$

1,432,646

Assets

Investment

in

affiliated

Funds--at

value

...........................................................

$

670,203

$

1,230,997

$

1,642,071

Receivables:

Dividends

and

interest

.......................................................................

524

759

715

Expense

reimbursement

from

Manager

.....................................................

–

Fund

shares

sold

.............................................................................

3,028

842

1,671

Prepaid

directors'

expenses

........................................................................

–

–

Prepaid

transfer

agent

fees

........................................................................

–

Prepaid

expenses

..................................................................................

Total

Assets

673,784

1,232,647

1,644,482

Liabilities

Accrued

distribution

fees

..........................................................................

Accrued

transfer

agent

fees

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

Investment

securities

purchased

............................................................

3,382

1,234

2,117

Total

Liabilities

3,629

1,747

2,575

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

670,155

$

1,230,900

$

1,641,907

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

599,075

$

1,078,850

$

1,417,465

Total

distributable

earnings

(accumulated

loss)

...................................................

71,080

152,050

224,442

Total

Net

Assets

$

670,155

$

1,230,900

$

1,641,907

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

600,000

600,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

................................................................................

$

450,105

$

932,566

$

1,133,910

Shares

Issued

and

Outstanding

..............................................................

35,413

66,311

76,494

Net

Asset

Value

per

share

...................................................................

$

.71

(a) $

.06

(a) $

.82

(a) Institutional

:

Net

Assets

...........................................................................

$

28,971

$

46,114

$

68,815

Shares

Issued

and

Outstanding

..............................................................

2,264

3,259

4,603

Net

Asset

Value

per

share

...................................................................

$

.80

$

.15

$

.95

:

Net

Assets

....................................................................................

$

191,079

$

252,220

$

439,182

Shares

Issued

and

Outstanding

..............................................................

14,927

17,816

29,401

Net

Asset

Value

per

share

...................................................................

$

.80

$

.16

$

.94

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2035

Fund

Principal

LifeTime

Hybrid

2040

Fund

Principal

LifeTime

Hybrid

2045

Fund

Investment

in

affiliated

Funds--at

cost

..........................................................

$

982,352

$

1,178,622

$

583,540

Assets

Investment

in

affiliated

Funds--at

value

...........................................................

$

1,159,614

$

1,431,730

$

746,132

Receivables:

Dividends

and

interest

.......................................................................

Expense

reimbursement

from

Manager

.....................................................

–

Fund

shares

sold

.............................................................................

1,055

2,016

506

Prepaid

directors'

expenses

........................................................................

–

–

Prepaid

expenses

..................................................................................

Total

Assets

1,160,980

1,434,038

746,748

Liabilities

Accrued

distribution

fees

..........................................................................

Accrued

transfer

agent

fees

.......................................................................

Accrued

professional

fees

.........................................................................

Payables:

Fund

shares

redeemed

.......................................................................

Investment

securities

purchased

............................................................

868

1,816

520

Total

Liabilities

1,455

2,451

670

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

1,159,525

$

1,431,587

$

746,078

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

970,926

$

1,161,974

$

573,874

Total

distributable

earnings

(accumulated

loss)

...................................................

188,599

269,613

172,204

Total

Net

Assets

$

1,159,525

$

1,431,587

$

746,078

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

600,000

600,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

................................................................................

$

705,408

$

906,685

$

345,376

Shares

Issued

and

Outstanding

..............................................................

43,884

52,820

18,955

Net

Asset

Value

per

share

...................................................................

$

.07

(a) $

.17

(a) $

.22

(a) Institutional

:

Net

Assets

...........................................................................

$

78,404

$

79,995

$

67,003

Shares

Issued

and

Outstanding

..............................................................

4,838

4,617

3,650

Net

Asset

Value

per

share

...................................................................

$

.20

$

.33

$

.36

:

Net

Assets

....................................................................................

$

375,713

$

444,907

$

333,699

Shares

Issued

and

Outstanding

..............................................................

23,150

25,632

18,147

Net

Asset

Value

per

share

...................................................................

$

.23

$

.36

$

.39

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2050

Fund

Principal

LifeTime

Hybrid

2055

Fund

Principal

LifeTime

Hybrid

2060

Fund

Investment

in

affiliated

Funds--at

cost

..........................................................

$

533,517

$

355,448

$

206,755

Assets

Investment

in

affiliated

Funds--at

value

...........................................................

$

698,500

$

457,388

$

261,582

Receivables:

Dividends

and

interest

.......................................................................

Expense

reimbursement

from

Manager

.....................................................

Fund

shares

sold

.............................................................................

Prepaid

expenses

..................................................................................

Total

Assets

698,820

457,607

261,787

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

..................................................

$

698,438

$

457,324

$

261,543

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

523,612

$

348,964

$

203,056

Total

distributable

earnings

(accumulated

loss)

...................................................

174,826

108,360

58,487

Total

Net

Assets

$

698,438

$

457,324

$

261,543

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

600,000

600,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

................................................................................

$

282,325

$

198,840

$

112,888

Shares

Issued

and

Outstanding

..............................................................

14,807

10,066

5,533

Net

Asset

Value

per

share

...................................................................

$

.07

(a) $

.75

(a) $

.40

(a) Institutional

:

Net

Assets

...........................................................................

$

72,235

$

39,727

$

25,644

Shares

Issued

and

Outstanding

..............................................................

3,764

1,993

1,240

Net

Asset

Value

per

share

...................................................................

$

.19

$

.93

$

.69

:

Net

Assets

....................................................................................

$

343,878

$

218,757

$

123,011

Shares

Issued

and

Outstanding

..............................................................

17,913

10,951

5,926

Net

Asset

Value

per

share

...................................................................

$

.20

$

.98

$

.76

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Hybrid

2065

Fund

Principal

LifeTime

Hybrid

2070

Fund

Principal

LifeTime

Hybrid

Income

Fund

Investment

in

affiliated

Funds--at

cost

..........................................................

$

83,877

$

14,961

$

193,777

Assets

Investment

in

affiliated

Funds--at

value

...........................................................

$

102,549

$

17,288

$

205,707

Receivables:

Dividends

and

interest

.......................................................................

–

Expense

reimbursement

from

Manager

.....................................................

Fund

shares

sold

.............................................................................

Investment

securities

sold

...................................................................

–

–

Prepaid

transfer

agent

fees

........................................................................

–

–

Prepaid

expenses

..................................................................................

Total

Assets

102,722

17,333

205,959

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

..................................................

$

102,528

$

17,303

$

205,684

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

82,455

$

14,767

$

192,168

Total

distributable

earnings

(accumulated

loss)

...................................................

20,073

2,536

13,516

Total

Net

Assets

$

102,528

$

17,303

$

205,684

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

525,000

250,000

600,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

................................................................................

$

48,994

$

4,437

$

146,454

Shares

Issued

and

Outstanding

..............................................................

2,636

13,101

Net

Asset

Value

per

share

...................................................................

$

.59

(a) $

.87

(a) $

.18

(a) Institutional

:

Net

Assets

...........................................................................

$

5,273

$

2,857

$

7,630

Shares

Issued

and

Outstanding

..............................................................

678

Net

Asset

Value

per

share

...................................................................

$

.93

$

.79

$

.25

:

Net

Assets

....................................................................................

$

48,261

$

10,009

$

51,600

Shares

Issued

and

Outstanding

..............................................................

2,544

633

4,578

Net

Asset

Value

per

share

...................................................................

$

.97

$

.81

$

.27

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Principal

LifeTime

Strategic

Income

Fund

Real

Estate

Securities

Fund

SAM

Balanced

Portfolio

Investment

in

securities--at

cost

................................................................

$

–

$

4,882,150

$

–

Investment

in

affiliated

Funds--at

cost

..........................................................

$

649,176

$

30,826

$

3,799,781

Investment

in

affiliated

securities--at

cost

......................................................

$

–

$

78,176

$

–

Assets

Investment

in

securities--at

value

................................................................

$

–

$

6,624,318

$

–

Investment

in

affiliated

Funds--at

value

...........................................................

666,846

30,826

4,846,455

Investment

in

affiliated

securities--at

value

.......................................................

–

90,392

–

Deposits

with

counterparty

........................................................................

–

–

1,109

Receivables:

Dividends

and

interest

.......................................................................

1,351

1,393

3,696

Expense

reimbursement

from

Manager

.....................................................

–

Fund

shares

sold

.............................................................................

3,809

1,069

Investment

securities

sold

...................................................................

2,373

638

Variation

margin

on

futures

.................................................................

–

–

Prepaid

directors'

expenses

........................................................................

–

–

Prepaid

expenses

..................................................................................

Total

Assets

670,609

6,751,085

4,853,211

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

–

4,275

1,066

Accrued

administrative

service

fees

..............................................................

Accrued

distribution

fees

..........................................................................

740

Accrued

service

fees

..............................................................................

Accrued

transfer

agent

fees

.......................................................................

891

Accrued

directors'

expenses

.......................................................................

–

–

Accrued

professional

fees

.........................................................................

Accrued

other

expenses

...........................................................................

Cash

overdraft

.....................................................................................

–

–

Payables:

Fund

shares

redeemed

.......................................................................

2,407

5,977

1,706

Investment

securities

purchased

............................................................

1,350

2,908

3,402

Variation

margin

on

futures

.................................................................

–

–

Total

Liabilities

3,825

14,310

7,267

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

666,784

$

6,736,775

$

4,845,944

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

625,271

$

4,986,523

$

3,653,337

Total

distributable

earnings

(accumulated

loss)

...................................................

41,513

1,750,252

1,192,607

Total

Net

Assets

$

666,784

$

6,736,775

$

4,845,944

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

800,000

925,000

1,775,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

................................................................................

$

35,606

$

182,693

$

2,203,480

Shares

Issued

and

Outstanding

..............................................................

2,965

5,890

127,580

Net

Asset

Value

per

share

...................................................................

$

.01

(a) $

.02

(a) $

.27

(a) Maximum

Offering

Price

....................................................................

$

.48

$

.83

$

.28

Class

C

:

Net

Assets

................................................................................

N/A

$

10,267

$

94,705

Shares

Issued

and

Outstanding

..............................................................

5,662

Net

Asset

Value

per

share

...................................................................

$

.37

(a) $

.73

(a) Class

J

:

Net

Assets

................................................................................

$

236,332

$

125,540

$

1,751,949

Shares

Issued

and

Outstanding

..............................................................

20,081

4,210

107,611

Net

Asset

Value

per

share

...................................................................

$

.77

(a) $

.82

(a) $

.28

(a) Institutional

:

Net

Assets

...........................................................................

$

355,097

$

3,711,951

$

736,343

Shares

Issued

and

Outstanding

..............................................................

29,929

119,602

43,829

Net

Asset

Value

per

share

...................................................................

$

.86

$

.04

$

.80

:

Net

Assets

....................................................................................

$

17,476

$

27,974

$

23,213

Shares

Issued

and

Outstanding

..............................................................

1,490

932

1,391

Net

Asset

Value

per

share

...................................................................

$

.73

$

.01

$

.69

:

Net

Assets

....................................................................................

$

22,273

$

57,161

$

36,254

Shares

Issued

and

Outstanding

..............................................................

1,878

1,928

2,163

Net

Asset

Value

per

share

...................................................................

$

.86

$

.65

$

.76

:

Net

Assets

....................................................................................

N/A

$

2,621,189

N/A

Shares

Issued

and

Outstanding

..............................................................

84,499

Net

Asset

Value

per

share

...................................................................

$

.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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

Investment

in

affiliated

Funds--at

cost

..........................................................

$

1,571,609

$

2,554,731

$

1,957,675

Assets

Investment

in

affiliated

Funds--at

value

...........................................................

$

1,861,264

$

3,476,758

$

2,169,869

Deposits

with

counterparty

........................................................................

1,145

–

2,023

Receivables:

Dividends

and

interest

.......................................................................

2,328

1,056

3,482

Fund

shares

sold

.............................................................................

2,227

4,625

Investment

securities

sold

...................................................................

–

695

Variation

margin

on

futures

.................................................................

–

Prepaid

directors'

expenses

........................................................................

–

–

Prepaid

expenses

..................................................................................

Total

Assets

1,865,467

3,480,054

2,181,127

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

760

Accrued

administrative

service

fees

..............................................................

–

Accrued

distribution

fees

..........................................................................

550

Accrued

service

fees

..............................................................................

Accrued

transfer

agent

fees

.......................................................................

Accrued

directors'

expenses

.......................................................................

–

Accrued

professional

fees

.........................................................................

Accrued

other

expenses

...........................................................................

–

Payables:

Dividends

payable

...........................................................................

–

–

4,313

Fund

shares

redeemed

.......................................................................

1,710

1,008

Investment

securities

purchased

............................................................

2,078

1,499

3,053

Variation

margin

on

futures

.................................................................

–

Total

Liabilities

3,390

4,653

9,443

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

1,862,077

$

3,475,401

$

2,171,684

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

1,558,340

$

2,380,459

$

1,980,800

Total

distributable

earnings

(accumulated

loss)

...................................................

303,737

1,094,942

190,884

Total

Net

Assets

$

1,862,077

$

3,475,401

$

2,171,684

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

1,700,000

1,675,000

1,700,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

................................................................................

$

516,157

$

1,813,234

$

843,999

Shares

Issued

and

Outstanding

..............................................................

39,557

88,198

65,493

Net

Asset

Value

per

share

...................................................................

$

.05

(a) $

.56

(a) $

.89

(a) Maximum

Offering

Price

....................................................................

$

.81

$

.76

$

.39

Class

C

:

Net

Assets

................................................................................

$

27,351

$

67,846

$

44,545

Shares

Issued

and

Outstanding

..............................................................

2,124

3,773

3,499

Net

Asset

Value

per

share

...................................................................

$

.87

(a) $

.98

(a) $

.73

(a) Class

J

:

Net

Assets

................................................................................

$

1,060,366

$

1,057,273

$

1,082,029

Shares

Issued

and

Outstanding

..............................................................

82,886

55,048

84,950

Net

Asset

Value

per

share

...................................................................

$

.79

(a) $

.21

(a) $

.74

(a) Institutional

:

Net

Assets

...........................................................................

$

217,544

$

495,476

$

191,569

Shares

Issued

and

Outstanding

..............................................................

16,918

25,109

14,930

Net

Asset

Value

per

share

...................................................................

$

.86

$

.73

$

.83

:

Net

Assets

....................................................................................

$

10,569

$

10,686

$

2,626

Shares

Issued

and

Outstanding

..............................................................

824

557

Net

Asset

Value

per

share

...................................................................

$

.82

$

.18

$

.80

:

Net

Assets

....................................................................................

$

30,090

$

30,886

$

6,916

Shares

Issued

and

Outstanding

..............................................................

2,343

1,584

540

Net

Asset

Value

per

share

...................................................................

$

.84

$

.50

$

.81

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Fund

SmallCap

Fund

Investment

in

securities--at

cost

................................................................

$

–

$

3,346,397

$

1,651,133

Investment

in

affiliated

Funds--at

cost

..........................................................

$

1,801,655

$

64,581

$

32,000

Assets

Investment

in

securities--at

value

................................................................

$

–

$

3,336,499

(a) $

2,067,956

(a) Investment

in

affiliated

Funds--at

value

...........................................................

2,562,954

64,581

32,000

Cash

...............................................................................................

–

–

Deposits

with

counterparty

........................................................................

–

1,207

–

Receivables:

Dividends

and

interest

.......................................................................

24,674

628

Expense

reimbursement

from

Manager

.....................................................

–

–

Fund

shares

sold

.............................................................................

12,401

Investment

securities

sold

...................................................................

1,258

–

33,958

Variation

margin

on

futures

.................................................................

–

–

Prepaid

directors'

expenses

........................................................................

–

–

Prepaid

expenses

..................................................................................

Total

Assets

2,564,720

3,439,580

2,134,852

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

559

958

1,206

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

...........................................................................

–

11,361

–

Fund

shares

redeemed

.......................................................................

1,695

5,962

1,556

Investment

securities

purchased

............................................................

–

38,472

4,702

Variation

margin

on

futures

.................................................................

–

–

Collateral

obligation

on

securities

loaned,

at

value

...............................................

–

4,461

26,679

Total

Liabilities

2,813

61,796

34,525

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

2,561,907

$

3,377,784

$

2,100,327

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

1,662,836

$

3,438,426

$

1,499,792

Total

distributable

earnings

(accumulated

loss)

...................................................

899,071

(60,642)

600,535

Total

Net

Assets

$

2,561,907

$

3,377,784

$

2,100,327

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

1,875,000

1,220,000

700,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

................................................................................

$

1,434,637

$

311,886

$

280,186

Shares

Issued

and

Outstanding

..............................................................

57,916

25,751

9,135

Net

Asset

Value

per

share

...................................................................

$

.77

(b) $

.11

(b) $

.67

(b) Maximum

Offering

Price

....................................................................

$

.21

$

.39

$

.46

Class

C

:

Net

Assets

................................................................................

$

67,506

$

10,252

N/A

Shares

Issued

and

Outstanding

..............................................................

3,282

846

Net

Asset

Value

per

share

...................................................................

$

.57

(b) $

.11

(b) Class

J

:

Net

Assets

................................................................................

$

610,453

$

100,359

$

207,483

Shares

Issued

and

Outstanding

..............................................................

26,326

8,294

7,205

Net

Asset

Value

per

share

...................................................................

$

.19

(b) $

.10

(b) $

.80

(b) Institutional

:

Net

Assets

...........................................................................

$

408,248

$

2,938,944

$

649,465

Shares

Issued

and

Outstanding

..............................................................

17,213

242,866

18,943

Net

Asset

Value

per

share

...................................................................

$

.72

$

.10

$

.29

:

Net

Assets

....................................................................................

$

7,795

$

6,495

$

16,780

Shares

Issued

and

Outstanding

..............................................................

536

555

Net

Asset

Value

per

share

...................................................................

$

.10

$

.11

$

.25

:

Net

Assets

....................................................................................

$

33,268

$

9,848

$

40,623

Shares

Issued

and

Outstanding

..............................................................

1,430

813

1,206

Net

Asset

Value

per

share

...................................................................

$

.27

$

.11

$

.67

:

Net

Assets

....................................................................................

N/A

N/A

$

905,790

Shares

Issued

and

Outstanding

..............................................................

26,394

Net

Asset

Value

per

share

...................................................................

$

.32

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(b) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

SmallCap

Growth

Fund

I

SmallCap

S&P

600

Index

Fund

SmallCap

Value

Fund

II

Investment

in

securities--at

cost

................................................................

$

1,712,071

$

1,042,983

$

1,056,319

Investment

in

affiliated

Funds--at

cost

..........................................................

$

91,888

$

11,725

$

49,157

Assets

Investment

in

securities--at

value

................................................................

$

2,288,969

(a) $

1,327,476

(a) $

1,205,249

(a) Investment

in

affiliated

Funds--at

value

...........................................................

91,888

11,725

49,157

Cash

...............................................................................................

–

–

Deposits

with

counterparty

........................................................................

596

Receivables:

Dividends

and

interest

.......................................................................

597

568

Expense

reimbursement

from

Manager

.....................................................

Fund

shares

sold

.............................................................................

671

Investment

securities

sold

...................................................................

2,459

1,100

3,553

Variation

margin

on

futures

.................................................................

Prepaid

directors'

expenses

........................................................................

–

Prepaid

expenses

..................................................................................

Total

Assets

2,385,213

1,341,939

1,258,913

Liabilities

Accrued

management

and

investment

advisory

fees

..............................................

1,553

871

Accrued

administrative

service

fees

..............................................................

–

Accrued

distribution

fees

..........................................................................

Accrued

service

fees

..............................................................................

Accrued

transfer

agent

fees

.......................................................................

Accrued

directors'

expenses

.......................................................................

–

–

Accrued

professional

fees

.........................................................................

Accrued

other

expenses

...........................................................................

Cash

overdraft

.....................................................................................

–

–

Payables:

Fund

shares

redeemed

.......................................................................

2,824

1,172

941

Investment

securities

purchased

............................................................

7,506

2,254

1,612

Collateral

obligation

on

securities

loaned,

at

value

...............................................

28,411

5,018

12,075

Total

Liabilities

40,422

8,785

15,665

Net

Assets

Applicable

to

Outstanding

Shares

..................................................

$

2,344,791

$

1,333,154

$

1,243,248

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.....................................................

$

1,667,848

$

973,971

$

1,040,818

Total

distributable

earnings

(accumulated

loss)

...................................................

676,943

359,183

202,430

Total

Net

Assets

$

2,344,791

$

1,333,154

$

1,243,248

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..................................................................................

870,000

425,000

700,000

Net

Asset

Value

Per

Share:

Class

J

:

Net

Assets

................................................................................

$

76,707

$

193,293

$

22,320

Shares

Issued

and

Outstanding

..............................................................

8,597

7,647

1,835

Net

Asset

Value

per

share

...................................................................

$

.92

(b) $

.28

(b) $

.16

(b) Institutional

:

Net

Assets

...........................................................................

$

94,913

$

182,173

$

161,080

Shares

Issued

and

Outstanding

..............................................................

5,476

6,484

12,548

Net

Asset

Value

per

share

...................................................................

$

.33

$

.10

$

.84

:

Net

Assets

....................................................................................

$

16,507

$

71,542

$

6,089

Shares

Issued

and

Outstanding

..............................................................

1,402

2,461

516

Net

Asset

Value

per

share

...................................................................

$

.77

$

.07

$

.80

:

Net

Assets

....................................................................................

$

32,133

$

83,452

$

8,175

Shares

Issued

and

Outstanding

..............................................................

2,127

2,786

658

Net

Asset

Value

per

share

...................................................................

$

.11

$

.95

$

.43

:

Net

Assets

....................................................................................

$

2,124,531

$

802,694

$

1,045,584

Shares

Issued

and

Outstanding

..............................................................

121,949

28,594

81,472

Net

Asset

Value

per

share

...................................................................

$

.42

$

.07

$

.83

(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,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Tax-Exempt

Bond

Fund

Investment

in

securities--at

cost

............................................................................................................................

$

537,442

Assets

Investment

in

securities--at

value

............................................................................................................................

$

535,507

Cash

...........................................................................................................................................................

Receivables:

Dividends

and

interest

...................................................................................................................................

7,252

Expense

reimbursement

from

Manager

.................................................................................................................

Fund

shares

sold

.........................................................................................................................................

1,834

Other

assets

....................................................................................................................................................

Prepaid

expenses

..............................................................................................................................................

Total

Assets

544,711

Liabilities

Accrued

management

and

investment

advisory

fees

..........................................................................................................

Accrued

distribution

fees

......................................................................................................................................

Accrued

transfer

agent

fees

...................................................................................................................................

Accrued

directors'

expenses

...................................................................................................................................

Accrued

professional

fees

.....................................................................................................................................

Payables:

Dividends

payable

.......................................................................................................................................

1,594

Fund

shares

redeemed

...................................................................................................................................

842

Interest

expense

and

fees

payable

.......................................................................................................................

Investment

securities

purchased

........................................................................................................................

3,886

Floating

rate

notes

issued

.....................................................................................................................................

28,065

Total

Liabilities

34,898

Net

Assets

Applicable

to

Outstanding

Shares

..............................................................................................................

$

509,813

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

.................................................................................................................

$

587,687

Total

distributable

earnings

(accumulated

loss)

...............................................................................................................

(77,874)

Total

Net

Assets

$

509,813

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

..............................................................................................................................................

450,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

............................................................................................................................................

$

244,039

Shares

Issued

and

Outstanding

..........................................................................................................................

36,732

Net

Asset

Value

per

share

...............................................................................................................................

$

.64

(a) Maximum

Offering

Price

................................................................................................................................

$

.90

Class

C

:

Net

Assets

............................................................................................................................................

$

9,298

Shares

Issued

and

Outstanding

..........................................................................................................................

1,394

Net

Asset

Value

per

share

...............................................................................................................................

$

.67

(a) Institutional

:

Net

Assets

.......................................................................................................................................

$

256,476

Shares

Issued

and

Outstanding

..........................................................................................................................

38,546

Net

Asset

Value

per

share

...............................................................................................................................

$

.65

(a) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

California

Municipal

Fund

Core

Fixed

Income

Fund

Core

Plus

Bond

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

–

$

2,223

$

Dividends

...............................................................................................

–

1,056

Withholding

tax

........................................................................................

–

–

(2)

Interest

..................................................................................................

14,399

206,203

12,078

Securities

lending

-

net

.................................................................................

–

Total

Income

14,400

208,504

13,373

Expenses:

Management

and

investment

advisory

fees

............................................................

1,308

17,261

1,054

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

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

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

2,492

18,478

1,691

Less:

Reimbursement

from

Manager

-

Class

A

........................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Total

Net

Expenses

2,438

18,457

1,518

Net

Investment

Income

(Loss)

11,962

190,047

11,855

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(2,442)

(1,965)

(45)

Futures

contracts

.......................................................................................

–

(3,154)

Swap

agreements

.......................................................................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(324)

(129,365)

(5,893)

Futures

contracts

.......................................................................................

–

(2,281)

(2,034)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

swap

agreements

(2,766)

(136,765)

(7,865)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

9,196

$

53,282

$

3,990

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Income

Fund

Diversified

International

Fund

Equity

Income

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

1,229

$

$

1,456

Dividends

...............................................................................................

4,830

12,965

80,330

Foreign

tax

reclaims

....................................................................................

(1,455)

–

Withholding

tax

........................................................................................

(313)

(943)

(1,084)

Interest

..................................................................................................

71,671

Securities

lending

-

net

.................................................................................

Total

Income

77,940

10,766

80,894

Expenses:

Management

and

investment

advisory

fees

............................................................

7,458

4,737

20,167

Distribution

f

ees

-

Class

A

.............................................................................

1,043

1,605

Distribution

f

ees

-

Class

C

.............................................................................

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

Distribution

f

ees

-

.................................................................................

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

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

...........................................................................

523

Transfer agent

fees

-

Class

C

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

643

1,248

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

(64)

Total

Gross

Expenses

10,260

5,873

24,623

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

630

933

Less:

Reimbursement

from

Manager

-

............................................................

N/A

Total

Net

Expenses

9,613

5,726

23,690

Net

Investment

Income

(Loss)

68,327

5,040

57,204

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

$

–

,

$

(61)

and

$

–

,

respectively)

.....................

(17,807)

75,720

746,421

Foreign

currency

contracts

.............................................................................

(892)

–

–

Foreign

currency

transactions

..........................................................................

(36)

(740)

–

Futures

contracts

.......................................................................................

–

–

Options

and

swaptions

.................................................................................

–

–

Short

sales

..............................................................................................

(24)

–

–

Swap

agreements

.......................................................................................

850

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

(net

of

foreign

taxes

of

$

(64)

,

$

and

$

–

,

respectively)

.................................

(57,357)

12,908

211,345

Foreign

currency

contracts

.............................................................................

(235)

–

–

Futures

contracts

.......................................................................................

–

–

Options

and

swaptions

.................................................................................

–

–

Short

sales

..............................................................................................

–

–

Swap

agreements

.......................................................................................

(396)

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

(32)

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

(75,615)

88,106

957,766

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(7,288)

$

93,146

$

1,014,970

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Global

Emerging

Markets

Fund

Global

Real

Estate

Securities

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

1,611

$

1,479

$

Dividends

...............................................................................................

–

48,326

22,928

Foreign

tax

reclaims

....................................................................................

–

–

1,053

Withholding

tax

........................................................................................

(881)

(5,819)

(950)

Interest

..................................................................................................

33,482

Securities

lending

-

net

.................................................................................

Total

Income

34,276

44,086

23,321

Expenses:

Management

and

investment

advisory

fees

............................................................

3,289

29,811

7,130

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

......................................................................

568

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

618

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

3,667

31,432

8,086

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

Total

Net

Expenses

3,667

31,429

7,755

Net

Investment

Income

(Loss)

30,609

12,657

15,566

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)

.......................

19,348

186,460

32,888

Foreign

currency

contracts

.............................................................................

(2,292)

–

–

Foreign

currency

transactions

..........................................................................

(2,708)

(75)

Futures

contracts

.......................................................................................

(2,930)

–

–

Swap

agreements

.......................................................................................

(2,177)

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

(net

of

foreign

taxes

of

$

(200)

,

$

10,186

and

$

–

,

respectively)

...........................

(8,189)

740,395

110,424

Foreign

currency

contracts

.............................................................................

(1,044)

–

–

Futures

contracts

.......................................................................................

–

–

Swap

agreements

.......................................................................................

(1,927)

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

(130)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

swap

agreements

1,106

924,412

143,309

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

31,715

$

937,069

$

158,875

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Government

&

High

Quality

Bond

Fund

Government

Money

Market

Fund

High

Yield

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

–

$

1,586

Dividends

...............................................................................................

–

4,825

Interest

..................................................................................................

13,312

84,259

232,575

Securities

lending

-

net

.................................................................................

–

–

Total

Income

13,396

89,084

235,077

Expenses:

Management

and

investment

advisory

fees

............................................................

1,465

3,543

16,116

Distribution

f

ees

-

Class

A

.............................................................................

N/A

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

......................................................................

722

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

2,009

3,867

17,998

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

–

Total

Net

Expenses

1,904

3,547

17,889

Net

Investment

Income

(Loss)

11,492

85,537

217,188

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

(12)

(30,618)

Foreign

currency

contracts

.............................................................................

–

–

(95)

Foreign

currency

transactions

..........................................................................

–

–

Futures

contracts

.......................................................................................

(35)

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

(6,806)

–

(49,713)

Foreign

currency

contracts

.............................................................................

–

–

(130)

Futures

contracts

.......................................................................................

845

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

(5,499)

(12)

(80,531)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

5,993

$

85,525

$

136,657

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Inflation

Protection

Fund

International

Equity

Fund

LargeCap

Growth

Fund

I

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

1,112

$

1,932

Dividends

...............................................................................................

–

75,604

16,896

Foreign

tax

reclaims

....................................................................................

–

–

Withholding

tax

........................................................................................

–

(3,581)

(2)

Interest

..................................................................................................

39,939

(2)

Securities

lending

-

net

.................................................................................

–

Total

Income

40,129

73,455

18,907

Expenses:

Management

and

investment

advisory

fees

............................................................

3,152

20,057

20,557

Distribution

f

ees

-

Class

A

.............................................................................

N/A

N/A

638

Distribution

f

ees

-

Class

J

..............................................................................

N/A

Distribution

f

ees

-

.................................................................................

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

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

–

Transfer agent

fees

-

Class

A

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

3,338

20,724

22,590

Less: Reimbursement

from

Manager

..................................................................

–

–

545

Total

Net

Expenses

3,338

20,724

22,045

Net

Investment

Income

(Loss)

36,791

52,731

(3,138)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

Net

realized

gain

(loss)

from:

Investment

transactions

(net

of

foreign

taxes

of

$

–

,

$

and

$

–

,

respectively)

........................

(13,628)

383,967

1,591,183

Foreign

currency

contracts

.............................................................................

–

–

Foreign

currency

transactions

..........................................................................

(1,074)

–

Futures

contracts

.......................................................................................

(75)

–

Options

and

swaptions

.................................................................................

–

–

Short

sales

..............................................................................................

(48)

–

–

Swap

agreements

.......................................................................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

2,341

100,519

(1,955,792)

Foreign

currency

contracts

.............................................................................

(92)

–

–

Futures

contracts

.......................................................................................

(38)

–

980

Options

and

swaptions

.................................................................................

(99)

–

–

Swap

agreements

.......................................................................................

(457)

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

(3)

907

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

(11,635)

484,319

(363,616)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

25,156

$

537,050

$

(366,754)

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

LargeCap

S&P

500

Index

Fund

LargeCap

Value

Fund

III

MidCap

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

3,488

$

1,092

$

Dividends

...............................................................................................

72,781

23,601

99,696

Withholding

tax

........................................................................................

(16)

(89)

(3,202)

Interest

..................................................................................................

Securities

lending

-

net

.................................................................................

625

Total

Income

76,613

24,729

97,272

Expenses:

Management

and

investment

advisory

fees

............................................................

4,569

8,390

81,138

Distribution

f

ees

-

Class

A

.............................................................................

710

N/A

2,196

Distribution

f

ees

-

Class

C

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

1,062

Distribution

f

ees

-

.................................................................................

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

-

......................................................................................

529

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

783

Transfer agent

fees

-

Class

C

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

7,590

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

613

Total

Gross

Expenses

8,660

8,771

95,198

Less: Reimbursement

from

Manager

..................................................................

–

–

Total

Net

Expenses

8,660

8,330

95,198

Net

Investment

Income

(Loss)

67,953

16,399

2,074

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

580,205

198,193

1,644,855

Investment

transactions

in

affiliated

securities

.........................................................

–

–

4,046

Foreign

currency

transactions

..........................................................................

–

–

(2)

Futures

contracts

.......................................................................................

1,053

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

127,785

(8,116)

(4,059,244)

Investment

in

affiliated

securities

......................................................................

–

–

53,060

Futures

contracts

.......................................................................................

(5,490)

(143)

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

702,735

190,987

(2,357,285)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

770,688

$

207,386

$

(2,355,211)

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

MidCap

S&P

Index

Fund

MidCap

Value

Fund

I

Money

Market

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

1,179

$

–

Dividends

...............................................................................................

9,013

22,473

740

Withholding

tax

........................................................................................

(6)

(62)

–

Interest

..................................................................................................

19,758

Securities

lending

-

net

.................................................................................

–

Total

Income

9,434

23,644

20,498

Expenses:

Management

and

investment

advisory

fees

............................................................

940

7,538

2,079

Distribution

f

ees

-

Class

A

.............................................................................

N/A

–

Distribution

f

ees

-

Class

J

..............................................................................

537

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

..............................................................................

Registration

fees

-

Institutional

........................................................................

N/A

Registration

fees

-

.................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

N/A

Shareholder

reports

-

..............................................................................

N/A

Transfer agent

fees

-

Class

A

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

N/A

Transfer agent

fees

-

...............................................................................

N/A

Chief

compliance

officer

expenses

.....................................................................

–

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

1,610

8,508

2,892

Less: Reimbursement

from

Manager

..................................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

N/A

Less:

Reimbursement

from

Distributor

-

Class

J

......................................................

–

–

536

Total

Net

Expenses

1,610

8,067

2,356

Net

Investment

Income

(Loss)

7,824

15,577

18,142

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

64,447

146,486

–

Futures

contracts

.......................................................................................

1,922

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

78,607

143,710

–

Futures

contracts

.......................................................................................

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

145,099

290,891

–

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

152,923

$

306,468

$

18,142

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Overseas

Fund

Principal

Capital

Appreciation

Fund

Principal

LifeTime

2015

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

$

1,230

$

4,120

Dividends

...............................................................................................

26,318

23,046

–

Foreign

tax

reclaims

....................................................................................

525

–

–

Withholding

tax

........................................................................................

(2,145)

(317)

–

Interest

..................................................................................................

–

Securities

lending

-

net

.................................................................................

–

Total

Income

25,186

24,033

4,120

Expenses:

Management

and

investment

advisory

fees

............................................................

7,514

9,874

N/A

Distribution

f

ees

-

Class

A

.............................................................................

N/A

1,824

N/A

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

–

Administrative

service

fees

-

......................................................................

N/A

Registration

fees

-

Class

A

.............................................................................

N/A

N/A

Registration

fees

-

Institutional

........................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

N/A

Shareholder

reports

-

Class

A

..........................................................................

N/A

N/A

Shareholder

reports

-

Institutional

.....................................................................

Transfer agent

fees

-

Class

A

...........................................................................

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

7,954

12,992

Less: Reimbursement

from

Manager

..................................................................

–

–

Total

Net

Expenses

7,782

12,992

Net

Investment

Income

(Loss)

17,404

11,041

4,031

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

83,876

382,241

–

Investment

transactions

in

affiliated

Funds

............................................................

–

–

5,418

Foreign

currency

transactions

..........................................................................

(134)

–

–

Futures

contracts

.......................................................................................

692

–

–

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

–

–

3,097

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

135,350

(185,388)

–

Investments

in

affiliated

Funds

.........................................................................

–

–

(6,904)

Futures

contracts

.......................................................................................

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

220,116

196,853

1,611

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

237,520

$

207,894

$

5,642

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2020

Fund

Principal

LifeTime

2025

Fund

Principal

LifeTime

2030

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

40,532

$

27,474

$

103,407

Total

Income

40,532

27,474

103,407

Expenses:

Distribution

f

ees

-

Class

A

.............................................................................

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

831

Distribution

f

ees

-

.................................................................................

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

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

Shareholder

reports

-

Institutional

.....................................................................

Transfer agent

fees

-

Class

A

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

Chief

compliance

officer

expenses

.....................................................................

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Expenses

990

1,999

Net

Investment

Income

(Loss)

39,542

27,067

101,408

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

62,822

48,525

181,394

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

36,006

29,072

130,062

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(74,944)

(58,697)

(207,239)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

23,884

18,900

104,217

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

63,426

$

45,967

$

205,625

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2035

Fund

Principal

LifeTime

2040

Fund

Principal

LifeTime

2045

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

38,524

$

89,605

$

33,473

Total

Income

38,524

89,605

33,473

Expenses:

Distribution

f

ees

-

Class

A

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

691

N/A

Distribution

f

ees

-

.................................................................................

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

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

N/A

Shareholder

reports

-

Institutional

.....................................................................

Transfer agent

fees

-

Class

A

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

N/A

Transfer agent

fees

-

Institutional

......................................................................

Chief

compliance

officer

expenses

.....................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Expenses

528

1,783

Net

Investment

Income

(Loss)

37,996

87,822

33,030

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

47,094

157,979

38,088

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

59,074

162,532

68,509

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(56,372)

(169,988)

(43,754)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

49,796

150,523

62,843

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

87,792

$

238,345

$

95,873

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2050

Fund

Principal

LifeTime

2055

Fund

Principal

LifeTime

2060

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

63,748

$

22,813

$

22,512

Total

Income

63,748

22,813

22,512

Expenses:

Distribution

f

ees

-

Class

A

.............................................................................

N/A

N/A

Distribution

f

ees

-

Class

J

..............................................................................

N/A

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

N/A

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

Registration

fees

-

Institutional

........................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

N/A

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

–

Shareholder

reports

-

Institutional

.....................................................................

Transfer agent

fees

-

Class

A

...........................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

Chief

compliance

officer

expenses

.....................................................................

–

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Expenses

1,143

Net

Investment

Income

(Loss)

62,605

22,498

22,242

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

87,293

22,443

19,516

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

143,203

52,490

51,909

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(90,284)

(24,341)

(19,783)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

140,212

50,592

51,642

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

202,817

$

73,090

$

73,884

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

2065

Fund

Principal

LifeTime

2070

Fund

Principal

LifeTime

Hybrid

2015

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

5,451

$

1,803

$

14,091

Total

Income

5,451

1,803

14,091

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

N/A

Distribution

f

ees

-

.................................................................................

N/A

Administrative

service

fees

-

......................................................................

N/A

Administrative

service

fees

-

......................................................................

–

N/A

Registration

fees

-

Class

J

..............................................................................

N/A

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

N/A

Service

fees

-

......................................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

N/A

–

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

J

...........................................................................

N/A

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

N/A

N/A

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

Less:

Reimbursement

from

Manager

-

Class

J

.........................................................

N/A

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

Less:

Reimbursement

from

Manager

-

............................................................

N/A

N/A

Total

Net

Expenses

Net

Investment

Income

(Loss)

5,367

1,768

13,672

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

1,615

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

12,539

4,173

3,052

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(1,848)

789

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

12,306

4,650

3,894

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

17,673

$

6,418

$

17,566

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2020

Fund

Principal

LifeTime

Hybrid

2025

Fund

Principal

LifeTime

Hybrid

2030

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

16,885

$

31,034

$

38,117

Total

Income

16,885

31,034

38,117

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

647

755

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

..............................................................................

–

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

747

918

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Total

Net

Expenses

741

917

Net

Investment

Income

(Loss)

16,525

30,293

37,200

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

1,028

1,078

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

4,374

9,562

14,361

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

2,591

9,499

22,434

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

7,993

20,139

36,958

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

24,518

$

50,432

$

74,158

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2035

Fund

Principal

LifeTime

Hybrid

2040

Fund

Principal

LifeTime

Hybrid

2045

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

25,566

$

29,185

$

14,357

Total

Income

25,566

29,185

14,357

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

596

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

..............................................................................

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

602

800

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Total

Net

Expenses

597

797

Net

Investment

Income

(Loss)

24,969

28,388

14,011

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

(26)

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

11,554

16,915

10,063

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

21,061

36,020

23,289

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

32,663

52,998

33,326

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

57,632

$

81,386

$

47,337

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2050

Fund

Principal

LifeTime

Hybrid

2055

Fund

Principal

LifeTime

Hybrid

2060

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

12,631

$

7,979

$

4,554

Total

Income

12,631

7,979

4,554

Expenses:

Distribution

f

ees

-

Class

J

..............................................................................

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

..............................................................................

–

–

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

Less:

Reimbursement

from

Manager

-

Class

J

.........................................................

–

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

Less:

Reimbursement

from

Manager

-

............................................................

–

Total

Net

Expenses

Net

Investment

Income

(Loss)

12,321

7,727

4,385

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

(14)

(2)

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

10,355

6,845

3,908

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

25,413

17,335

9,909

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

35,774

24,166

13,815

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

48,095

$

31,893

$

18,200

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Hybrid

2065

Fund

Principal

LifeTime

Hybrid

2070

Fund

Principal

LifeTime

Hybrid

Income

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

1,695

$

$

5,437

Total

Income

1,695

5,437

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

-

............................................................

Total

Net

Expenses

Net

Investment

Income

(Loss)

1,626

5,302

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

–

–

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

1,452

1,182

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

3,912

644

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

5,364

863

1,604

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

6,990

$

1,113

$

6,906

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Principal

LifeTime

Strategic

Income

Fund

Real

Estate

Securities

Fund

SAM

Balanced

Portfolio

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

14,974

$

665

$

86,891

Dividends

from

affiliated

securities

....................................................................

–

1,939

–

Dividends

...............................................................................................

–

91,312

–

Interest

..................................................................................................

–

Total

Income

14,974

93,961

86,901

Expenses:

Management

and

investment

advisory

fees

............................................................

N/A

24,853

6,428

Distribution

f

ees

-

Class

A

.............................................................................

2,705

Distribution

f

ees

-

Class

C

.............................................................................

N/A

Distribution

f

ees

-

Class

J

..............................................................................

1,277

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

Registration

fees

-

Class

C

.............................................................................

N/A

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

Shareholder

reports

-

Class

C

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

A

...........................................................................

634

Transfer agent

fees

-

Class

C

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

1,803

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

–

Custodian

fees

..........................................................................................

–

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

27,881

12,032

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

822

–

Total

Net

Expenses

27,059

12,032

Net

Investment

Income

(Loss)

14,598

66,902

74,869

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

–

59,412

–

Investment

transactions

in

affiliated

Funds

............................................................

8,505

–

90,300

Investment

transactions

in

affiliated

securities

.........................................................

–

(12)

–

Foreign

currency

transactions

..........................................................................

–

–

(56)

Futures

contracts

.......................................................................................

–

–

(409)

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

11,174

–

119,444

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

–

581,750

–

Investments

in

affiliated

Funds

.........................................................................

(12,943)

–

(4,377)

Investment

in

affiliated

securities

......................................................................

–

8,637

–

Futures

contracts

.......................................................................................

–

–

(1,889)

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

–

–

(8)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

6,736

649,787

203,005

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

21,334

$

716,689

$

277,874

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

38,054

$

56,016

$

48,532

Interest

..................................................................................................

Total

Income

38,064

56,018

48,551

Expenses:

Management

and

investment

advisory

fees

............................................................

2,507

4,564

2,964

Distribution

f

ees

-

Class

A

.............................................................................

640

2,213

1,063

Distribution

f

ees

-

Class

C

.............................................................................

Distribution

f

ees

-

Class

J

..............................................................................

789

758

815

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

-

......................................................................................

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

Expenses

4,485

8,744

5,557

Net

Investment

Income

(Loss)

33,579

47,274

42,994

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

in

affiliated

Funds

............................................................

18,576

83,970

13,234

Foreign

currency

transactions

..........................................................................

(58)

–

(104)

Futures

contracts

.......................................................................................

(434)

–

(761)

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

27,653

116,277

19,591

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

in

affiliated

Funds

.........................................................................

(7,630)

(9,409)

Futures

contracts

.......................................................................................

(1,947)

–

(3,445)

Translation

of

assets

and

liabilities

in

foreign

currencies

..............................................

(8)

–

(14)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies

and

futures

43,901

192,617

19,092

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

77,480

$

239,891

$

62,086

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Fund

SmallCap

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

36,516

$

2,002

$

Dividends

...............................................................................................

–

–

11,216

Withholding

tax

........................................................................................

–

(33)

(118)

Interest

..................................................................................................

–

74,117

Securities

lending

-

net

.................................................................................

–

Total

Income

36,516

76,105

11,686

Expenses:

Management

and

investment

advisory

fees

............................................................

3,335

5,861

7,832

Distribution

f

ees

-

Class

A

.............................................................................

1,732

Distribution

f

ees

-

Class

C

.............................................................................

N/A

Distribution

f

ees

-

Class

J

..............................................................................

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

Registration

fees

-

Class

A

.............................................................................

Registration

fees

-

Class

C

.............................................................................

N/A

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

N/A

N/A

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

A

..........................................................................

Shareholder

reports

-

Class

C

..........................................................................

N/A

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

N/A

N/A

Transfer agent

fees

-

Class

A

...........................................................................

Transfer agent

fees

-

Class

C

...........................................................................

N/A

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

712

Transfer agent

fees

-

...............................................................................

N/A

N/A

Chief

compliance

officer

expenses

.....................................................................

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

6,561

7,313

9,343

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

–

Total

Net

Expenses

6,561

7,313

9,215

Net

Investment

Income

(Loss)

29,955

68,792

2,471

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

–

719

193,872

Investment

transactions

in

affiliated

Funds

............................................................

54,587

–

–

Futures

contracts

.......................................................................................

–

(216)

–

Capital

gain

distributions

received

from

affiliated

Funds

..............................................

101,104

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

–

(16,045)

67,621

Investments

in

affiliated

Funds

.........................................................................

14,705

–

–

Futures

contracts

.......................................................................................

–

791

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

170,396

(14,751)

261,493

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

200,351

$

54,041

$

263,964

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

SmallCap

Growth

Fund

I

SmallCap

S&P

600

Index

Fund

SmallCap

Value

Fund

II

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

........................................................................

$

873

$

$

638

Dividends

...............................................................................................

3,614

11,309

11,766

Withholding

tax

........................................................................................

(16)

(11)

(8)

Interest

..................................................................................................

Securities

lending

-

net

.................................................................................

707

Total

Income

5,207

11,707

12,479

Expenses:

Management

and

investment

advisory

fees

............................................................

9,214

939

5,094

Distribution

f

ees

-

Class

J

..............................................................................

Distribution

f

ees

-

.................................................................................

Administrative

service

fees

-

......................................................................

Administrative

service

fees

-

......................................................................

–

Registration

fees

-

Class

J

..............................................................................

Registration

fees

-

Institutional

........................................................................

Registration

fees

-

.................................................................................

Service

fees

-

......................................................................................

Service

fees

-

......................................................................................

Shareholder

reports

-

Class

J

...........................................................................

Shareholder

reports

-

Institutional

.....................................................................

Shareholder

reports

-

..............................................................................

Transfer agent

fees

-

Class

J

...........................................................................

Transfer agent

fees

-

Institutional

......................................................................

Transfer agent

fees

-

...............................................................................

Chief

compliance

officer

expenses

.....................................................................

–

–

Custodian

fees

..........................................................................................

Directors'

expenses

.....................................................................................

Professional fees

.......................................................................................

Technology

fees

........................................................................................

Other

expenses

.........................................................................................

Total

Gross

Expenses

9,623

1,578

5,468

Less: Reimbursement

from

Manager

..................................................................

–

Less:

Reimbursement

from

Manager

-

Institutional

...................................................

–

Less:

Reimbursement

from

Manager

-

............................................................

–

Total

Net

Expenses

9,345

1,555

5,192

Net

Investment

Income

(Loss)

(4,138)

10,152

7,287

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

................................................................................

141,285

87,359

77,176

Futures

contracts

.......................................................................................

1,560

(37)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.............................................................................................

137,757

102,272

95,653

Futures

contracts

.......................................................................................

(27)

(20)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

futures

279,245

191,164

172,772

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

275,107

$

201,316

$

180,059

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

April

30,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Tax-Exempt

Bond

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

...................................................................................................................................................

$

Interest

......................................................................................................................................................

11,632

Total

Income

11,658

Expenses:

Management

and

investment

advisory

fees

................................................................................................................

1,004

Distribution

f

ees

-

Class

A

.................................................................................................................................

Distribution

f

ees

-

Class

C

.................................................................................................................................

Registration

fees

-

Class

A

.................................................................................................................................

Registration

fees

-

Class

C

.................................................................................................................................

Registration

fees

-

Institutional

............................................................................................................................

Shareholder

reports

-

Class

A

..............................................................................................................................

Shareholder

reports

-

Institutional

.........................................................................................................................

Transfer agent

fees

-

Class

A

...............................................................................................................................

Transfer agent

fees

-

Class

C

...............................................................................................................................

Transfer agent

fees

-

Institutional

..........................................................................................................................

Directors'

expenses

.........................................................................................................................................

Interest

expense

and

fees

...................................................................................................................................

502

Professional fees

...........................................................................................................................................

Technology

fees

............................................................................................................................................

Other

expenses

.............................................................................................................................................

Total

Gross

Expenses

2,133

Less:

Reimbursement

from

Manager

-

Institutional

.......................................................................................................

Total

Net

Expenses

2,028

Net

Investment

Income

(Loss)

9,630

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

....................................................................................................................................

(3,387)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.................................................................................................................................................

(507)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(3,894)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

5,736

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

California

Municipal

Fund

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

11,962

$

21,676

Net

realized

gain

(loss)

on

investments

..............................................................................................

(2,442)

(7,797)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(324)

6,716

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

9,196

20,595

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(11,772)

(21,871)

Total

Dividends

and

Distributions

(11,772)

(21,871)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

44,563

22,367

Total

Increase

(Decrease)

in

Net

Assets

41,987

21,091

Net

Assets

Beginning

of

period

..................................................................................................................

644,848

623,757

End

of

period

........................................................................................................................

$

686,835

$

644,848

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

58,441

$

831

$

59,326

Reinvested

....................................................................................

5,318

4,981

Redeemed

.....................................................................................

(40,341)

(1,825)

(42,365)

Net

Increase

(Decrease)

$

23,418

$

(797)

$

21,942

Shares:

Sold

.........................................................................................

5,941

6,030

Reinvested

....................................................................................

541

506

Redeemed

.....................................................................................

(4,105)

(185)

(4,309)

Net

Increase

(Decrease)

2,377

(81)

2,227

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

87,276

$

1,088

$

115,623

Reinvested

....................................................................................

10,134

9,111

Redeemed

.....................................................................................

(84,954)

(5,935)

(110,437)

Net

Increase

(Decrease)

$

12,456

$

(4,386)

$

14,297

Shares:

Sold

.........................................................................................

8,971

11,914

Reinvested

....................................................................................

1,042

936

Redeemed

.....................................................................................

(8,732)

(608)

(11,350)

Net

Increase

(Decrease)

1,281

(449)

1,500

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(5,908)

$

(200)

$

(5,664)

Total

Dividends

and

Distributions

$

(5,908)

$

(200)

$

(5,664)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(11,083)

$

(467)

$

(10,321)

Total

Dividends

and

Distributions

$

(11,083)

$

(467)

$

(10,321)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Core

Fixed

Income

Fund

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

190,047

$

371,782

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

(5,119)

(109,154)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(131,646)

358,727

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

53,282

621,355

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(197,720)

(394,401)

Total

Dividends

and

Distributions

(197,720)

(394,401)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(155,510)

(335,869)

Total

Increase

(Decrease)

in

Net

Assets

(299,948)

(108,915)

Net

Assets

Beginning

of

period

..................................................................................................................

10,732,558

10,841,473

End

of

period

........................................................................................................................

$

10,432,610

$

10,732,558

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

8,117

$

5,950

$

101,785

N/A

$

2,063

N/A

$

2,657

$

677,509

Reinvested

...............................

3,091

1,357

10,934

N/A

N/A

181,194

Redeemed

................................

(18,034)

(9,190)

(94,587)

N/A

(1,844)

N/A

(3,578)

(1,023,566)

Net

Increase

(Decrease)

$

(6,826)

$

(1,883)

$

18,132

N/A

$

N/A

$

(551)

$

(164,863)

Shares:

Sold

....................................

932

683

11,658

N/A

N/A

77,823

Reinvested

...............................

1,254

N/A

N/A

20,795

Redeemed

................................

(2,075)

(1,055)

(10,835)

N/A

(211)

N/A

(411)

(117,534)

Net

Increase

(Decrease)

(787)

(216)

2,077

N/A

N/A

(63)

(18,916)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

18,963

$

17,093

$

210,638

$

$

11,118

$

$

10,197

$

1,240,780

Reinvested

...............................

6,438

2,749

20,348

–

–

749

362,539

Redeemed

................................

(42,568)

(24,945)

(183,014)

(5,753)

(4,685)

(4,438)

(7,001)

(1,965,593)

Net

Increase

(Decrease)

$

(17,167)

$

(5,103)

$

47,972

$

(5,751)

$

6,898

$

(4,389)

$

3,945

$

(362,274)

Shares:

Sold

....................................

2,221

1,991

24,541

–

1,299

1,194

143,998

Reinvested

...............................

751

2,364

–

–

42,185

Redeemed

................................

(4,978)

(2,918)

(21,301)

(676)

(546)

(520)

(817)

(229,859)

Net

Increase

(Decrease)

(2,006)

(607)

5,604

(676)

807

(514)

(43,676)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(3,233)

$

(1,366)

$

(11,111)

$

N/A

$

(262)

$

N/A

$

(370)

$

(181,378)

Total

Dividends

and

Distributions

$

(3,233)

$

(1,366)

$

(11,111)

$

N/A

$

(262)

$

N/A

$

(370)

$

(181,378)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(6,726)

$

(2,782)

$

(20,784)

$

(9)

$

(465)

$

(9)

$

(750)

$

(362,876)

Total

Dividends

and

Distributions

$

(6,726)

$

(2,782)

$

(20,784)

$

(9)

$

(465)

$

(9)

$

(750)

$

(362,876)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

11,855

$

24,071

Net

realized

gain

(loss)

on

investments

,

futures

and

swap

agreements

..............................................................

(14,019)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(7,927)

21,267

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

3,990

31,319

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(11,862)

(23,850)

Total

Dividends

and

Distributions

(11,862)

(23,850)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(20,246)

(37,597)

Total

Increase

(Decrease)

in

Net

Assets

(28,118)

(30,128)

Net

Assets

Beginning

of

period

..................................................................................................................

518,576

548,704

End

of

period

........................................................................................................................

$

490,458

$

518,576

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

1,930

$

3,983

$

24,718

N/A

$

1,559

N/A

$

3,943

Reinvested

..........................................

1,352

2,091

7,585

N/A

N/A

Redeemed

...........................................

(6,544)

(8,931)

(44,578)

N/A

(3,550)

N/A

(4,590)

Net

Increase

(Decrease)

$

(3,262)

$

(2,857)

$

(12,275)

N/A

$

(1,668)

N/A

$

(184)

Shares:

Sold

...............................................

2,697

N/A

N/A

Reinvested

..........................................

830

N/A

N/A

Redeemed

...........................................

(713)

(969)

(4,862)

N/A

(391)

N/A

(504)

Net

Increase

(Decrease)

(355)

(312)

(1,335)

N/A

(183)

N/A

(19)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

5,460

$

8,399

$

60,476

$

$

5,784

$

$

10,422

Reinvested

..........................................

2,659

3,958

15,317

–

654

–

1,149

Redeemed

...........................................

(9,687)

(14,634)

(88,411)

(2,927)

(3,721)

(3,964)

(28,575)

Net

Increase

(Decrease)

$

(1,568)

$

(2,277)

$

(12,618)

$

(2,909)

$

2,717

$

(3,938)

$

(17,004)

Shares:

Sold

...............................................

603

919

6,687

647

1,163

Reinvested

..........................................

1,695

–

–

Redeemed

...........................................

(1,070)

(1,604)

(9,764)

(325)

(417)

(433)

(3,173)

Net

Increase

(Decrease)

(173)

(251)

(1,382)

(323)

(430)

(1,882)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(1,385)

$

(2,103)

$

(7,588)

$

N/A

$

(323)

$

N/A

$

(463)

Total

Dividends

and

Distributions

$

(1,385)

$

(2,103)

$

(7,588)

$

N/A

$

(323)

$

N/A

$

(463)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(2,726)

$

(3,974)

$

(15,324)

$

(10)

$

(654)

$

(13)

$

(1,149)

Total

Dividends

and

Distributions

$

(2,726)

$

(3,974)

$

(15,324)

$

(10)

$

(654)

$

(13)

$

(1,149)

(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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

68,327

$

147,166

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

....

(17,694)

(17,715)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

.....................................................................................................

(57,921)

30,750

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(7,288)

160,201

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(72,397)

(145,462)

Total

Dividends

and

Distributions

(72,397)

(145,462)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(128,576)

(225,279)

Total

Increase

(Decrease)

in

Net

Assets

(208,261)

(210,540)

Net

Assets

Beginning

of

period

..................................................................................................................

2,396,800

2,607,340

End

of

period

........................................................................................................................

$

2,188,539

$

2,396,800

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

..............................................................................

$

30,451

$

2,353

$

132,112

$

7,542

Reinvested

.........................................................................

22,904

1,888

36,452

1,959

Redeemed

..........................................................................

(97,790)

(20,075)

(232,122)

(14,250)

Net

Increase

(Decrease)

$

(44,435)

$

(15,834)

$

(63,558)

$

(4,749)

Shares:

Sold

..............................................................................

2,568

11,264

640

Reinvested

.........................................................................

1,940

3,109

Redeemed

..........................................................................

(8,255)

(1,705)

(19,756)

(1,208)

Net

Increase

(Decrease)

(3,747)

(1,345)

(5,383)

(401)

Year

Ended

October

31,

2025

Dollars:

Sold

..............................................................................

$

70,762

$

7,133

$

377,340

$

19,468

Reinvested

.........................................................................

45,573

5,043

71,356

5,300

Redeemed

..........................................................................

(211,617)

(60,160)

(496,308)

(59,169)

Net

Increase

(Decrease)

$

(95,282)

$

(47,984)

$

(47,612)

$

(34,401)

Shares:

Sold

..............................................................................

5,919

600

31,787

1,639

Reinvested

.........................................................................

3,822

6,025

Redeemed

..........................................................................

(17,721)

(5,066)

(41,848)

(4,991)

Net

Increase

(Decrease)

(7,980)

(4,040)

(4,036)

(2,904)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(25,824)

$

(1,969)

$

(42,441)

$

(2,163)

Total

Dividends

and

Distributions

$

(25,824)

$

(1,969)

$

(42,441)

$

(2,163)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(51,714)

$

(5,228)

$

(83,054)

$

(5,466)

Total

Dividends

and

Distributions

$

(51,714)

$

(5,228)

$

(83,054)

$

(5,466)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

International

Fund

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

5,040

$

26,221

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

74,980

1,099,423

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

13,126

(606,267)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

93,146

519,377

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(29,222)

(353,815)

Total

Dividends

and

Distributions

(29,222)

(353,815)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(241,286)

(5,738,019)

Total

Increase

(Decrease)

in

Net

Assets

(177,362)

(5,572,457)

Net

Assets

Beginning

of

period

..................................................................................................................

1,192,430

6,764,887

End

of

period

........................................................................................................................

$

1,015,068

$

1,192,430

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

10,257

$

12,935

$

24,417

N/A

$

1,503

N/A

$

2,795

$

71,263

Reinvested

...............................

4,936

4,281

4,310

N/A

N/A

555

13,835

Redeemed

................................

(39,798)

(17,771)

(25,909)

N/A

(3,718)

N/A

(2,942)

(302,538)

Net

Increase

(Decrease)

$

(24,605)

$

(555)

$

2,818

N/A

$

(1,912)

N/A

$

$

(217,440)

Shares:

Sold

....................................

588

750

1,403

N/A

N/A

4,107

Reinvested

...............................

N/A

N/A

822

Redeemed

................................

(2,343)

(1,041)

(1,483)

N/A

(216)

N/A

(168)

(17,220)

Net

Increase

(Decrease)

(1,464)

(35)

N/A

(111)

N/A

(12,291)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

15,093

$

23,028

$

39,114

$

$

6,489

$

$

11,267

$

157,626

Reinvested

...............................

9,467

7,525

9,377

–

557

–

1,163

323,836

Redeemed

................................

(35,467)

(26,564)

(105,147)

(1,912)

(4,788)

(5,792)

(10,795)

(6,152,162)

Net

Increase

(Decrease)

$

(10,907)

$

3,989

$

(56,656)

$

(1,895)

$

2,258

$

(5,743)

$

1,635

$

(5,670,700)

Shares:

Sold

....................................

1,018

1,550

2,684

769

11,194

Reinvested

...............................

692

560

691

–

–

23,904

Redeemed

................................

(2,386)

(1,825)

(7,351)

(137)

(324)

(407)

(705)

(436,827)

Net

Increase

(Decrease)

(676)

(3,976)

(136)

(404)

(401,729)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(5,473)

$

(4,288)

$

(4,321)

$

N/A

$

(305)

$

N/A

$

(556)

$

(14,279)

Total

Dividends

and

Distributions

$

(5,473)

$

(4,288)

$

(4,321)

$

N/A

$

(305)

$

N/A

$

(556)

$

(14,279)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(10,579)

$

(7,533)

$

(9,396)

$

–

$

(560)

$

–

$

(1,165)

$

(324,582)

Total

Dividends

and

Distributions

$

(10,579)

$

(7,533)

$

(9,396)

$

–

$

(560)

$

–

$

(1,165)

$

(324,582)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

57,204

$

133,004

Net

realized

gain

(loss)

on

investments

..............................................................................................

746,421

755,679

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

211,345

3,710

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,014,970

892,393

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(678,155)

(915,714)

Total

Dividends

and

Distributions

(678,155)

(915,714)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(671,987)

(561,887)

Total

Increase

(Decrease)

in

Net

Assets

(335,172)

(585,208)

Net

Assets

Beginning

of

period

..................................................................................................................

8,468,129

9,053,337

End

of

period

........................................................................................................................

$

8,132,957

$

8,468,129

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

28,423

$

4,999

$

5,290

$

410,517

N/A

$

2,042

N/A

$

7,172

Reinvested

...............................

105,150

5,504

7,920

533,100

N/A

2,379

N/A

14,463

Redeemed

................................

(97,900)

(11,970)

(9,238)

(1,653,433)

N/A

(6,513)

N/A

(19,892)

Net

Increase

(Decrease)

$

35,673

$

(1,467)

$

3,972

$

(709,816)

N/A

$

(2,092)

N/A

$

1,743

Shares:

Sold

....................................

670

9,625

N/A

N/A

Reinvested

...............................

2,538

12,838

N/A

N/A

Redeemed

................................

(2,301)

(293)

(217)

(38,326)

N/A

(154)

N/A

(462)

Net

Increase

(Decrease)

907

(32)

(15,863)

N/A

(48)

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

49,628

$

9,133

$

8,250

$

625,706

$

$

4,872

$

$

44,081

Reinvested

...............................

124,697

6,773

9,037

743,017

–

2,836

–

16,180

Redeemed

................................

(208,448)

(23,474)

(14,897)

(1,898,477)

(965)

(7,522)

(30,030)

(22,500)

Net

Increase

(Decrease)

$

(34,123)

$

(7,568)

$

2,390

$

(529,754)

$

(963)

$

$

(29,816)

$

37,761

Shares:

Sold

....................................

1,219

15,764

–

1,013

Reinvested

...............................

3,078

18,306

–

–

Redeemed

................................

(5,108)

(602)

(368)

(45,984)

(21)

(185)

(664)

(550)

Net

Increase

(Decrease)

(811)

(194)

(11,914)

(21)

(660)

862

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(108,693)

$

(5,672)

$

(7,937)

$

(538,985)

$

N/A

$

(2,405)

$

N/A

$

(14,463)

Total

Dividends

and

Distributions

$

(108,693)

$

(5,672)

$

(7,937)

$

(538,985)

$

N/A

$

(2,405)

$

N/A

$

(14,463)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(128,923)

$

(7,071)

$

(9,051)

$

(751,592)

$

–

$

(2,897)

$

–

$

(16,180)

Total

Dividends

and

Distributions

$

(128,923)

$

(7,071)

$

(9,051)

$

(751,592)

$

–

$

(2,897)

$

–

$

(16,180)

(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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

30,609

$

49,985

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

and

swap

agreements

.........................................

11,998

4,104

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

and

swap

agreements

..........

(10,892)

36,757

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

31,715

90,846

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(31,960)

(41,607)

Total

Dividends

and

Distributions

(31,960)

(41,607)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

184,728

100,228

Total

Increase

(Decrease)

in

Net

Assets

184,483

149,467

Net

Assets

Beginning

of

period

..................................................................................................................

810,064

660,597

End

of

period

........................................................................................................................

$

994,547

$

810,064

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

..............................................................................................................

$

231,806

Reinvested

.........................................................................................................

31,899

Redeemed

..........................................................................................................

(78,977)

Net

Increase

(Decrease)

$

184,728

Shares:

Sold

..............................................................................................................

23,816

Reinvested

.........................................................................................................

3,297

Redeemed

..........................................................................................................

(8,160)

Net

Increase

(Decrease)

18,953

Year

Ended

October

31,

2025

Dollars:

Sold

..............................................................................................................

$

242,221

Reinvested

.........................................................................................................

41,491

Redeemed

..........................................................................................................

(183,484)

Net

Increase

(Decrease)

$

100,228

Shares:

Sold

..............................................................................................................

26,029

Reinvested

.........................................................................................................

4,556

Redeemed

..........................................................................................................

(20,353)

Net

Increase

(Decrease)

10,232

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(31,960)

Total

Dividends

and

Distributions

$

(31,960)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................................................

$

(41,607)

Total

Dividends

and

Distributions

$

(41,607)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Global

Emerging

Markets

Fund

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

12,657

$

36,434

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

183,752

107,362

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

740,660

757,652

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

937,069

901,448

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(142,508)

(7,659)

Total

Dividends

and

Distributions

(142,508)

(7,659)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

1,410,525

2,224,988

Total

Increase

(Decrease)

in

Net

Assets

2,205,086

3,118,777

Net

Assets

Beginning

of

period

..................................................................................................................

5,539,967

2,421,190

End

of

period

........................................................................................................................

$

7,745,053

$

5,539,967

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

9,801

$

17,145

$

15,813

N/A

$

1,763

N/A

$

1,737

$

1,758,462

Reinvested

...............................

1,758

2,366

1,294

N/A

N/A

136,738

Redeemed

................................

(5,452)

(11,614)

(11,319)

N/A

(1,239)

N/A

(921)

(506,106)

Net

Increase

(Decrease)

$

6,107

$

7,897

$

5,788

N/A

$

673

N/A

$

966

$

1,389,094

Shares:

Sold

....................................

N/A

N/A

46,666

Reinvested

...............................

N/A

N/A

4,034

Redeemed

................................

(148)

(331)

(310)

N/A

(34)

N/A

(26)

(13,850)

Net

Increase

(Decrease)

N/A

N/A

36,850

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

5,721

$

15,483

$

23,556

$

$

2,749

$

$

2,981

$

2,553,663

Reinvested

...............................

–

–

–

–

7,507

Redeemed

................................

(11,387)

(13,841)

(16,070)

(1,223)

(1,336)

(1,786)

(1,230)

(339,969)

Net

Increase

(Decrease)

$

(5,666)

$

1,691

$

7,579

$

(1,215)

$

1,413

$

(1,772)

$

1,757

$

2,221,201

Shares:

Sold

....................................

518

812

–

78,590

Reinvested

...............................

–

–

–

–

–

Redeemed

................................

(396)

(491)

(545)

(47)

(48)

(69)

(44)

(11,397)

Net

Increase

(Decrease)

(203)

(47)

(68)

67,483

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(1,768)

$

(2,368)

$

(1,297)

$

N/A

$

(149)

$

N/A

$

(150)

$

(136,776)

Total

Dividends

and

Distributions

$

(1,768)

$

(2,368)

$

(1,297)

$

N/A

$

(149)

$

N/A

$

(150)

$

(136,776)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

–

$

(49)

$

(93)

$

–

$

–

$

–

$

(6)

$

(7,511)

Total

Dividends

and

Distributions

$

–

$

(49)

$

(93)

$

–

$

–

$

–

$

(6)

$

(7,511)

(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,

2026

Year

Ended

October

31,

2025

(a) Operations

Net

investment

income

(loss)

........................................................................................................

$

15,566

$

37,902

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

32,813

(9,153)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

110,496

(4,049)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

158,875

24,700

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(41,123)

(43,459)

Total

Dividends

and

Distributions

(41,123)

(43,459)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(3,085)

(216,247)

Total

Increase

(Decrease)

in

Net

Assets

114,667

(235,006)

Net

Assets

Beginning

of

period

..................................................................................................................

1,599,989

1,834,995

End

of

period

........................................................................................................................

$

1,714,656

$

1,599,989

Class

A

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................

$

2,161

$

102,254

$

N/A

$

881

$

29,374

Reinvested

....................................................

1,064

24,655

N/A

13,073

Redeemed

.....................................................

(5,236)

(114,096)

(80)

N/A

(9,370)

(48,188)

Net

Increase

(Decrease)

$

(2,011)

$

12,813

$

N/A

$

(8,227)

$

(5,741)

Shares:

Sold

.........................................................

10,358

N/A

2,959

Reinvested

....................................................

2,563

N/A

1,358

Redeemed

.....................................................

(575)

(11,437)

(8)

N/A

(955)

(4,804)

Net

Increase

(Decrease)

(218)

1,484

N/A

(838)

(487)

Year

Ended

October

31,

2025

(a) Dollars:

Sold

.........................................................

$

5,454

$

328,518

$

$

$

3,168

$

93,856

Reinvested

....................................................

1,152

22,293

–

17,424

Redeemed

.....................................................

(15,994)

(370,024)

(1,567)

(695)

(1,070)

(299,299)

Net

Increase

(Decrease)

$

(9,388)

$

(19,213)

$

(1,241)

$

(692)

$

2,306

$

(188,019)

Shares:

Sold

.........................................................

627

34,457

–

9,910

Reinvested

....................................................

2,444

–

1,911

Redeemed

.....................................................

(1,823)

(39,143)

(172)

(71)

(112)

(31,382)

Net

Increase

(Decrease)

(1,058)

(2,242)

(137)

(71)

(19,561)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(1,122)

$

(26,249)

$

(10)

$

N/A

$

(262)

$

(13,480)

Total

Dividends

and

Distributions

$

(1,122)

$

(26,249)

$

(10)

$

N/A

$

(262)

$

(13,480)

Year

Ended

October

31,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(1,210)

$

(24,167)

$

(40)

$

–

$

(208)

$

(17,834)

Total

Dividends

and

Distributions

$

(1,210)

$

(24,167)

$

(40)

$

–

$

(208)

$

(17,834)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

11,492

$

23,609

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

(20,409)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(5,961)

37,554

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

5,993

40,754

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(11,211)

(23,103)

Total

Dividends

and

Distributions

(11,211)

(23,103)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(37,102)

(58,166)

Total

Increase

(Decrease)

in

Net

Assets

(42,320)

(40,515)

Net

Assets

Beginning

of

period

..................................................................................................................

624,494

665,009

End

of

period

........................................................................................................................

$

582,174

$

624,494

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

3,037

$

4,168

$

31,997

N/A

$

514

N/A

$

1,377

Reinvested

..........................................

2,239

1,153

7,523

N/A

N/A

Redeemed

...........................................

(11,707)

(8,166)

(67,056)

N/A

(1,391)

N/A

(995)

Net

Increase

(Decrease)

$

(6,431)

$

(2,845)

$

(27,536)

N/A

$

(819)

N/A

$

529

Shares:

Sold

...............................................

3,466

N/A

N/A

Reinvested

..........................................

820

N/A

N/A

Redeemed

...........................................

(1,278)

(888)

(7,270)

N/A

(152)

N/A

(108)

Net

Increase

(Decrease)

(702)

(310)

(2,984)

N/A

(90)

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

8,856

$

12,523

$

46,103

$

$

1,760

$

$

4,188

Reinvested

..........................................

4,596

2,232

15,720

–

–

Redeemed

...........................................

(25,006)

(16,371)

(107,332)

(468)

(882)

(1,903)

(2,556)

Net

Increase

(Decrease)

$

(11,554)

$

(1,616)

$

(45,509)

$

(467)

$

984

$

(1,895)

$

1,891

Shares:

Sold

...............................................

988

1,391

5,148

–

Reinvested

..........................................

512

1,749

–

–

Redeemed

...........................................

(2,794)

(1,828)

(12,016)

(53)

(98)

(214)

(286)

Net

Increase

(Decrease)

(1,294)

(189)

(5,119)

(53)

(213)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(2,309)

$

(1,162)

$

(7,534)

$

N/A

$

(59)

$

N/A

$

(147)

Total

Dividends

and

Distributions

$

(2,309)

$

(1,162)

$

(7,534)

$

N/A

$

(59)

$

N/A

$

(147)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(4,748)

$

(2,248)

$

(15,736)

$

(1)

$

(107)

$

(4)

$

(259)

Total

Dividends

and

Distributions

$

(4,748)

$

(2,248)

$

(15,736)

$

(1)

$

(107)

$

(4)

$

(259)

(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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

85,537

$

167,970

Net

realized

gain

(loss)

on

investments

..............................................................................................

(12)

–

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

–

–

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

85,525

167,970

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(85,549)

(167,970)

Total

Dividends

and

Distributions

(85,549)

(167,970)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(481,306)

1,138,748

Total

Increase

(Decrease)

in

Net

Assets

(481,330)

1,138,748

Net

Assets

Beginning

of

period

..................................................................................................................

4,880,773

3,742,025

End

of

period

........................................................................................................................

$

4,399,443

$

4,880,773

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...................................................................................................

$

1,429,077

$

26,150,365

Reinvested

..............................................................................................

–

8,185

Redeemed

...............................................................................................

(1,307,052)

(26,761,881)

Net

Increase

(Decrease)

$

122,025

$

(603,331)

Shares:

Sold

...................................................................................................

1,429,077

26,150,365

Reinvested

..............................................................................................

–

8,185

Redeemed

...............................................................................................

(1,307,052)

(26,761,881)

Net

Increase

(Decrease)

122,025

(603,331)

Year

Ended

October

31,

2025

Dollars:

Sold

...................................................................................................

$

2,282,280

$

44,600,576

Reinvested

..............................................................................................

–

12,284

Redeemed

...............................................................................................

(1,888,235)

(43,868,157)

Net

Increase

(Decrease)

$

394,045

$

744,703

Shares:

Sold

...................................................................................................

2,282,280

44,600,576

Reinvested

..............................................................................................

–

12,284

Redeemed

...............................................................................................

(1,888,235)

(43,868,157)

Net

Increase

(Decrease)

394,045

744,703

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(13,876)

$

(71,673)

Total

Dividends

and

Distributions

$

(13,876)

$

(71,673)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(20,712)

$

(147,258)

Total

Dividends

and

Distributions

$

(20,712)

$

(147,258)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

High

Yield

Fund

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

217,188

$

413,767

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

(30,694)

(44,224)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

(49,837)

16,357

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

136,657

385,900

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(224,673)

(425,010)

Total

Dividends

and

Distributions

(224,673)

(425,010)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(108,753)

848,001

Total

Increase

(Decrease)

in

Net

Assets

(196,769)

808,891

Net

Assets

Beginning

of

period

..................................................................................................................

6,659,394

5,850,503

End

of

period

........................................................................................................................

$

6,462,625

$

6,659,394

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

..............................................................................

$

51,580

$

1,149

$

108,958

$

383,252

Reinvested

.........................................................................

11,353

522

45,171

163,085

Redeemed

..........................................................................

(76,813)

(3,379)

(331,111)

(462,520)

Net

Increase

(Decrease)

$

(13,880)

$

(1,708)

$

(176,982)

$

83,817

Shares:

Sold

..............................................................................

7,653

16,304

57,506

Reinvested

.........................................................................

1,684

6,773

24,457

Redeemed

..........................................................................

(11,395)

(492)

(49,987)

(69,253)

Net

Increase

(Decrease)

(2,058)

(249)

(26,910)

12,710

Year

Ended

October

31,

2025

Dollars:

Sold

..............................................................................

$

146,291

$

3,129

$

462,785

$

1,590,637

Issued

in

acquisitions

..................................................................

N/A

N/A

505,624

N/A

Reinvested

.........................................................................

23,984

1,223

92,302

297,795

Redeemed

..........................................................................

(190,628)

(9,007)

(997,588)

(1,078,546)

Net

Increase

(Decrease)

$

(20,353)

$

(4,655)

$

63,123

$

809,886

Shares:

Sold

..............................................................................

21,506

69,304

236,559

Issued

in

acquisitions

..................................................................

N/A

N/A

74,707

N/A

Reinvested

.........................................................................

3,531

13,732

44,307

Redeemed

..........................................................................

(28,061)

(1,308)

(148,652)

(160,831)

Net

Increase

(Decrease)

(3,024)

(677)

9,091

120,035

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(12,502)

$

(528)

$

(46,502)

$

(165,141)

Total

Dividends

and

Distributions

$

(12,502)

$

(528)

$

(46,502)

$

(165,141)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

..................................

$

(26,257)

$

(1,234)

$

(95,694)

$

(301,825)

Total

Dividends

and

Distributions

$

(26,257)

$

(1,234)

$

(95,694)

$

(301,825)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Inflation

Protection

Fund

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

36,791

$

99,021

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

....

(13,287)

(31,684)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

swap

agreements

...............................................................................................................

1,652

58,688

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

25,156

126,025

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(103,541)

(71,833)

Total

Dividends

and

Distributions

(103,541)

(71,833)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(163,465)

91,343

Total

Increase

(Decrease)

in

Net

Assets

(241,850)

145,535

Net

Assets

Beginning

of

period

..................................................................................................................

2,384,473

2,238,938

End

of

period

........................................................................................................................

$

2,142,623

$

2,384,473

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................

$

2,682

$

151,079

N/A

$

N/A

$

1,246

Reinvested

....................................................

521

102,695

N/A

N/A

Redeemed

.....................................................

(2,103)

(419,221)

N/A

(572)

N/A

(579)

Net

Increase

(Decrease)

$

1,100

$

(165,447)

N/A

$

N/A

$

808

Shares:

Sold

.........................................................

19,423

N/A

N/A

Reinvested

....................................................

13,372

N/A

N/A

Redeemed

.....................................................

(288)

(53,706)

N/A

(78)

N/A

(76)

Net

Increase

(Decrease)

(20,911)

N/A

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

4,520

$

467,704

$

$

1,461

$

$

2,130

Reinvested

....................................................

71,254

–

–

Redeemed

.....................................................

(4,732)

(446,812)

(510)

(1,810)

(1,851)

(682)

Net

Increase

(Decrease)

$

$

92,146

$

(508)

$

(208)

$

(1,758)

$

1,543

Shares:

Sold

.........................................................

616

59,559

–

Reinvested

....................................................

9,488

–

–

Redeemed

.....................................................

(644)

(57,090)

(71)

(243)

(244)

(89)

Net

Increase

(Decrease)

11,957

(71)

(25)

(232)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(521)

$

(102,697)

$

N/A

$

(182)

$

N/A

$

(141)

Total

Dividends

and

Distributions

$

(521)

$

(102,697)

$

N/A

$

(182)

$

N/A

$

(141)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(342)

$

(71,254)

$

–

$

(142)

$

–

$

(95)

Total

Dividends

and

Distributions

$

(342)

$

(71,254)

$

–

$

(142)

$

–

$

(95)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

52,731

$

101,164

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

382,893

162,061

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.......................................

101,426

837,195

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

537,050

1,100,420

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(254,694)

(28,168)

Total

Dividends

and

Distributions

(254,694)

(28,168)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(159,705)

5,226,549

Total

Increase

(Decrease)

in

Net

Assets

122,651

6,298,801

Net

Assets

Beginning

of

period

..................................................................................................................

6,530,501

231,700

End

of

period

........................................................................................................................

$

6,653,152

$

6,530,501

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................

$

4,707

N/A

$

N/A

$

599

$

429,923

Reinvested

....................................................

740

N/A

N/A

252,329

Redeemed

.....................................................

(3,089)

N/A

(398)

N/A

(205)

(844,936)

Net

Increase

(Decrease)

$

2,358

N/A

$

N/A

$

520

$

(162,684)

Shares:

Sold

.........................................................

N/A

N/A

25,264

Reinvested

....................................................

N/A

N/A

15,386

Redeemed

.....................................................

(180)

N/A

(24)

N/A

(12)

(50,238)

Net

Increase

(Decrease)

N/A

N/A

(9,588)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

7,123

$

$

2,073

$

$

588

$

6,352,574

Reinvested

....................................................

2,193

–

–

20,512

Redeemed

.....................................................

(9,678)

(1,329)

(932)

(297)

(329)

(1,146,600)

Net

Increase

(Decrease)

$

(362)

$

(1,317)

$

1,443

$

(296)

$

595

$

5,226,486

Shares:

Sold

.........................................................

–

457,507

Reinvested

....................................................

–

–

1,585

Redeemed

.....................................................

(691)

(93)

(66)

(21)

(23)

(74,558)

Net

Increase

(Decrease)

(29)

(92)

(21)

384,534

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(766)

$

N/A

$

(99)

$

N/A

$

(126)

$

(253,703)

Total

Dividends

and

Distributions

$

(766)

$

N/A

$

(99)

$

N/A

$

(126)

$

(253,703)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(2,387)

$

–

$

(302)

$

–

$

(336)

$

(25,143)

Total

Dividends

and

Distributions

$

(2,387)

$

–

$

(302)

$

–

$

(336)

$

(25,143)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

(3,138)

$

(14,551)

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

1,591,196

1,330,981

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(1,954,812)

395,212

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(366,754)

1,711,642

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(983,606)

(2,570,708)

Total

Dividends

and

Distributions

(983,606)

(2,570,708)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(910,531)

(766,632)

Total

Increase

(Decrease)

in

Net

Assets

(2,260,891)

(1,625,698)

Net

Assets

Beginning

of

period

..................................................................................................................

8,446,759

10,072,457

End

of

period

........................................................................................................................

$

6,185,868

$

8,446,759

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

6,752

$

13,995

$

22,593

N/A

$

2,746

N/A

$

5,696

$

82,848

Reinvested

...............................

75,182

91,693

55,736

N/A

11,726

N/A

20,671

724,350

Redeemed

................................

(44,534)

(51,919)

(133,286)

N/A

(15,551)

N/A

(49,176)

(1,730,053)

Net

Increase

(Decrease)

$

37,400

$

53,769

$

(54,957)

N/A

$

(1,079)

N/A

$

(22,809)

$

(922,855)

Shares:

Sold

....................................

1,588

1,422

N/A

N/A

5,132

Reinvested

...............................

5,366

10,838

3,530

N/A

1,040

N/A

1,478

45,614

Redeemed

................................

(3,154)

(6,000)

(8,552)

N/A

(1,346)

N/A

(3,583)

(103,977)

Net

Increase

(Decrease)

2,687

6,426

(3,600)

N/A

(67)

N/A

(1,722)

(53,231)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

15,715

$

35,494

$

341,137

$

$

19,290

$

$

59,868

$

364,314

Reinvested

...............................

141,347

153,108

229,688

–

24,850

–

46,672

1,967,013

Redeemed

................................

(76,780)

(84,726)

(638,721)

(11,147)

(27,345)

(45,583)

(66,796)

(3,214,419)

Net

Increase

(Decrease)

$

80,282

$

103,876

$

(67,896)

$

(11,094)

$

16,795

$

(45,247)

$

39,744

$

(883,092)

Shares:

Sold

....................................

1,001

3,294

15,979

1,251

3,231

21,224

Reinvested

...............................

9,436

15,512

13,862

–

1,986

–

3,122

118,210

Redeemed

................................

(4,851)

(8,066)

(37,555)

(718)

(2,124)

(2,435)

(4,279)

(179,843)

Net

Increase

(Decrease)

5,586

10,740

(7,714)

(715)

1,113

(2,417)

2,074

(40,409)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(76,090)

$

(91,810)

$

(58,452)

$

N/A

$

(11,758)

$

N/A

$

(20,671)

$

(724,825)

Total

Dividends

and

Distributions

$

(76,090)

$

(91,810)

$

(58,452)

$

N/A

$

(11,758)

$

N/A

$

(20,671)

$

(724,825)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(143,325)

$

(153,333)

$

(234,714)

$

–

$

(24,893)

$

–

$

(46,672)

$

(1,967,771)

Total

Dividends

and

Distributions

$

(143,325)

$

(153,333)

$

(234,714)

$

–

$

(24,893)

$

–

$

(46,672)

$

(1,967,771)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

67,953

$

108,293

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

580,440

275,087

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

122,295

1,428,777

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

770,688

1,812,157

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(367,892)

(236,606)

Total

Dividends

and

Distributions

(367,892)

(236,606)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

1,877,543

601,384

Total

Increase

(Decrease)

in

Net

Assets

2,280,339

2,176,935

Net

Assets

Beginning

of

period

..................................................................................................................

10,842,914

8,665,979

End

of

period

........................................................................................................................

$

13,123,253

$

10,842,914

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

54,248

$

89,880

$

3,057,475

N/A

$

16,609

N/A

$

43,068

Reinvested

..........................................

25,452

39,837

285,956

N/A

4,600

N/A

11,437

Redeemed

...........................................

(91,824)

(131,478)

(1,405,475)

N/A

(26,204)

N/A

(96,038)

Net

Increase

(Decrease)

$

(12,124)

$

(1,761)

$

1,937,956

N/A

$

(4,995)

N/A

$

(41,533)

Shares:

Sold

...............................................

1,669

2,799

93,563

N/A

510

N/A

1,287

Reinvested

..........................................

789

1,253

8,849

N/A

N/A

Redeemed

...........................................

(2,807)

(4,106)

(43,202)

N/A

(804)

N/A

(2,914)

Net

Increase

(Decrease)

(349)

(54)

59,210

N/A

(151)

N/A

(1,280)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

116,997

$

168,175

$

1,781,102

$

$

46,700

$

1,243

$

196,142

Reinvested

..........................................

20,318

33,375

167,582

–

4,155

–

10,731

Redeemed

...........................................

(128,006)

(221,407)

(1,262,619)

(15,807)

(52,776)

(143,465)

(121,166)

Net

Increase

(Decrease)

$

9,309

$

(19,857)

$

686,065

$

(15,697)

$

(1,921)

$

(142,222)

$

85,707

Shares:

Sold

...............................................

4,038

5,865

58,411

1,590

6,571

Reinvested

..........................................

712

1,187

5,867

–

–

Redeemed

...........................................

(4,380)

(7,734)

(42,959)

(541)

(1,814)

(4,861)

(4,069)

Net

Increase

(Decrease)

(682)

21,319

(537)

(79)

(4,819)

2,871

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(25,899)

$

(39,976)

$

(285,979)

$

N/A

$

(4,600)

$

N/A

$

(11,438)

Total

Dividends

and

Distributions

$

(25,899)

$

(39,976)

$

(285,979)

$

N/A

$

(4,600)

$

N/A

$

(11,438)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(20,703)

$

(33,421)

$

(167,596)

$

–

$

(4,155)

$

–

$

(10,731)

Total

Dividends

and

Distributions

$

(20,703)

$

(33,421)

$

(167,596)

$

–

$

(4,155)

$

–

$

(10,731)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

16,399

$

51,666

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

199,246

484,847

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(8,259)

(281,208)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

207,386

255,305

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(437,334)

(291,011)

Total

Dividends

and

Distributions

(437,334)

(291,011)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(384,038)

(884,061)

Total

Increase

(Decrease)

in

Net

Assets

(613,986)

(919,767)

Net

Assets

Beginning

of

period

..................................................................................................................

2,868,719

3,788,486

End

of

period

........................................................................................................................

$

2,254,733

$

2,868,719

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................

$

3,073

$

45,328

N/A

$

N/A

$

621

Reinvested

....................................................

15,965

418,983

N/A

1,482

N/A

879

Redeemed

.....................................................

(7,761)

(860,095)

N/A

(2,379)

N/A

(393)

Net

Increase

(Decrease)

$

11,277

$

(395,784)

N/A

$

(638)

N/A

$

1,107

Shares:

Sold

.........................................................

2,456

N/A

N/A

Reinvested

....................................................

937

23,898

N/A

N/A

Redeemed

.....................................................

(437)

(44,704)

N/A

(120)

N/A

(21)

Net

Increase

(Decrease)

673

(18,350)

N/A

(29)

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

4,602

$

171,364

$

$

4,714

$

$

2,123

Reinvested

....................................................

6,818

282,944

–

736

–

Redeemed

.....................................................

(12,519)

(1,334,301)

(3,911)

(2,835)

(1,164)

(3,123)

Net

Increase

(Decrease)

$

(1,099)

$

(879,993)

$

(3,893)

$

2,615

$

(1,162)

$

(529)

Shares:

Sold

.........................................................

8,841

–

Reinvested

....................................................

14,819

–

–

Redeemed

.....................................................

(652)

(66,587)

(182)

(137)

(54)

(153)

Net

Increase

(Decrease)

(47)

(42,927)

(181)

(54)

(27)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(15,968)

$

(419,005)

$

N/A

$

(1,482)

$

N/A

$

(879)

Total

Dividends

and

Distributions

$

(15,968)

$

(419,005)

$

N/A

$

(1,482)

$

N/A

$

(879)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(6,823)

$

(282,981)

$

–

$

(736)

$

–

$

(471)

Total

Dividends

and

Distributions

$

(6,823)

$

(282,981)

$

–

$

(736)

$

–

$

(471)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

2,074

$

(8,293)

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.....................................................................

1,648,899

1,904,196

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(4,006,184)

(1,220,856)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(2,355,211)

675,047

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(1,719,604)

(915,939)

Total

Dividends

and

Distributions

(1,719,604)

(915,939)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(2,285,779)

3,682,934

Total

Increase

(Decrease)

in

Net

Assets

(6,360,594)

3,442,042

Net

Assets

Beginning

of

period

..................................................................................................................

31,526,303

28,084,261

End

of

period

........................................................................................................................

$

25,165,709

$

31,526,303

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

..........................

$

81,888

$

1,030

$

1,762

$

1,704,753

N/A

$

6,162

N/A

$

10,747

$

1,340,796

Reinvested

.....................

101,126

2,027

27,677

783,139

N/A

9,689

N/A

12,896

536,811

Redeemed

......................

(204,170)

(4,479)

(43,334)

(4,064,441)

N/A

(23,027)

N/A

(49,596)

(2,517,235)

Net

Increase

(Decrease)

$

(21,156)

$

(1,422)

$

(13,895)

$

(1,576,549)

N/A

$

(7,176)

N/A

$

(25,953)

$

(639,628)

Shares:

Sold

..........................

2,045

40,499

N/A

N/A

31,706

Reinvested

.....................

2,450

701

18,053

N/A

N/A

12,349

Redeemed

......................

(5,096)

(141)

(1,126)

(98,243)

N/A

(607)

N/A

(1,208)

(61,485)

Net

Increase

(Decrease)

(601)

(48)

(380)

(39,691)

N/A

(197)

N/A

(637)

(17,430)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

..........................

$

188,899

$

4,179

$

12,524

$

4,301,092

$

752

$

135,736

$

$

104,649

$

4,087,729

Issued

in

acquisitions

..............

13,096

N/A

125,169

110,747

N/A

14,372

N/A

13,965

12,005

Reinvested

.....................

59,643

1,310

13,011

413,578

–

5,415

–

10,602

278,714

Redeemed

......................

(347,306)

(9,675)

(55,517)

(2,909,867)

(119,675)

(32,071)

(64,247)

(171,447)

(2,514,859)

Net

Increase

(Decrease)

$

(85,668)

$

(4,186)

$

95,187

$

1,915,550

$

(118,923)

$

123,452

$

(63,836)

$

(42,231)

$

1,863,589

Shares:

Sold

..........................

4,299

93,890

3,081

2,247

88,321

Issued

in

acquisitions

..............

N/A

2,868

2,321

N/A

N/A

Reinvested

.....................

1,330

8,820

–

–

5,939

Redeemed

......................

(7,883)

(267)

(1,319)

(63,165)

(2,966)

(767)

(1,347)

(3,779)

(54,646)

Net

Increase

(Decrease)

(1,966)

(116)

2,153

41,866

(2,947)

2,770

(1,338)

(999)

39,865

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(107,540)

$

(2,074)

$

(27,710)

$

(841,558)

$

N/A

$

(9,710)

$

N/A

$

(12,901)

$

(718,111)

Total

Dividends

and

Distributions

$

(107,540)

$

(2,074)

$

(27,710)

$

(841,558)

$

N/A

$

(9,710)

$

N/A

$

(12,901)

$

(718,111)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(63,300)

$

(1,316)

$

(13,023)

$

(447,180)

$

–

$

(5,427)

$

–

$

(10,605)

$

(375,088)

Total

Dividends

and

Distributions

$

(63,300)

$

(1,316)

$

(13,023)

$

(447,180)

$

–

$

(5,427)

$

–

$

(10,605)

$

(375,088)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

7,824

$

15,794

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

66,369

103,084

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

78,730

(46,526)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

152,923

72,352

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(102,706)

(159,217)

Total

Dividends

and

Distributions

(102,706)

(159,217)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

58,799

23,782

Total

Increase

(Decrease)

in

Net

Assets

109,016

(63,083)

Net

Assets

Beginning

of

period

..................................................................................................................

1,210,137

1,273,220

End

of

period

........................................................................................................................

$

1,319,153

$

1,210,137

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

8,506

$

46,683

N/A

$

16,199

N/A

$

11,292

$

69,757

Reinvested

..........................................

12,691

19,426

N/A

5,109

N/A

8,730

56,487

Redeemed

...........................................

(15,470)

(37,645)

N/A

(15,276)

N/A

(21,493)

(106,197)

Net

Increase

(Decrease)

$

5,727

$

28,464

N/A

$

6,032

N/A

$

(1,471)

$

20,047

Shares:

Sold

...............................................

2,014

N/A

668

N/A

3,073

Reinvested

..........................................

610

884

N/A

N/A

2,572

Redeemed

...........................................

(714)

(1,644)

N/A

(649)

N/A

(894)

(4,607)

Net

Increase

(Decrease)

1,254

N/A

N/A

(48)

1,038

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

13,927

$

83,377

$

$

17,717

$

$

67,750

$

153,038

Reinvested

..........................................

19,742

26,686

–

8,152

–

15,536

88,704

Redeemed

...........................................

(28,249)

(88,595)

(5,997)

(23,617)

(45,707)

(49,655)

(229,398)

Net

Increase

(Decrease)

$

5,420

$

21,468

$

(5,977)

$

2,252

$

(45,356)

$

33,631

$

12,344

Shares:

Sold

...............................................

647

3,826

730

2,592

6,833

Reinvested

..........................................

937

1,206

–

–

669

4,011

Redeemed

...........................................

(1,316)

(4,040)

(228)

(1,027)

(1,664)

(2,120)

(10,287)

Net

Increase

(Decrease)

992

(227)

(1,651)

1,141

557

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(12,710)

$

(19,651)

$

N/A

$

(5,109)

$

N/A

$

(8,730)

$

(56,506)

Total

Dividends

and

Distributions

$

(12,710)

$

(19,651)

$

N/A

$

(5,109)

$

N/A

$

(8,730)

$

(56,506)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(19,768)

$

(27,047)

$

–

$

(8,152)

$

–

$

(15,536)

$

(88,714)

Total

Dividends

and

Distributions

$

(19,768)

$

(27,047)

$

–

$

(8,152)

$

–

$

(15,536)

$

(88,714)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

15,577

$

28,621

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

146,911

169,462

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

143,980

(138,965)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

306,468

59,118

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(156,579)

(423,538)

Total

Dividends

and

Distributions

(156,579)

(423,538)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

1,332

(205,136)

Total

Increase

(Decrease)

in

Net

Assets

151,221

(569,556)

Net

Assets

Beginning

of

period

..................................................................................................................

2,270,787

2,840,343

End

of

period

........................................................................................................................

$

2,422,008

$

2,270,787

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

2,281

$

4,219

$

88,946

N/A

$

646

N/A

$

2,488

$

21,331

Reinvested

...............................

3,029

11,640

55,405

N/A

789

N/A

2,055

79,362

Redeemed

................................

(9,674)

(14,226)

(120,599)

N/A

(2,057)

N/A

(7,424)

(116,879)

Net

Increase

(Decrease)

$

(4,364)

$

1,633

$

23,752

N/A

$

(622)

N/A

$

(2,881)

$

(16,186)

Shares:

Sold

....................................

5,542

N/A

N/A

1,304

Reinvested

...............................

762

3,556

N/A

N/A

5,076

Redeemed

................................

(608)

(889)

(7,528)

N/A

(130)

N/A

(461)

(7,151)

Net

Increase

(Decrease)

(275)

1,570

N/A

(37)

N/A

(173)

(771)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

8,450

$

4,467

$

266,672

$

$

4,048

$

$

12,808

$

34,540

Reinvested

...............................

7,584

28,342

177,461

–

1,990

–

5,600

189,164

Redeemed

................................

(9,680)

(25,534)

(698,884)

(2,287)

(2,864)

(8,181)

(11,847)

(187,022)

Net

Increase

(Decrease)

$

6,354

$

7,275

$

(254,751)

$

(2,276)

$

3,174

$

(8,155)

$

6,561

$

36,682

Shares:

Sold

....................................

16,854

–

720

2,141

Reinvested

...............................

1,848

11,364

–

–

12,069

Redeemed

................................

(602)

(1,624)

(43,697)

(125)

(181)

(428)

(750)

(11,544)

Net

Increase

(Decrease)

512

(15,479)

(125)

(426)

2,666

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(3,040)

$

(11,657)

$

(59,664)

$

N/A

$

(789)

$

N/A

$

(2,058)

$

(79,371)

Total

Dividends

and

Distributions

$

(3,040)

$

(11,657)

$

(59,664)

$

N/A

$

(789)

$

N/A

$

(2,058)

$

(79,371)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(7,617)

$

(28,408)

$

(190,740)

$

–

$

(1,990)

$

–

$

(5,600)

$

(189,183)

Total

Dividends

and

Distributions

$

(7,617)

$

(28,408)

$

(190,740)

$

–

$

(1,990)

$

–

$

(5,600)

$

(189,183)

(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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

18,142

$

43,760

Net

realized

gain

(loss)

on

investments

..............................................................................................

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

–

–

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

18,142

43,760

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(18,142)

(43,760)

Total

Dividends

and

Distributions

(18,142)

(43,760)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(23,397)

27,203

Total

Increase

(Decrease)

in

Net

Assets

(23,397)

27,203

Net

Assets

Beginning

of

period

..................................................................................................................

1,077,031

1,049,828

End

of

period

........................................................................................................................

$

1,053,634

$

1,077,031

Class

A

Class

J

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...................................................................................................

$

76,546

$

117,502

Reinvested

..............................................................................................

5,613

12,085

Redeemed

...............................................................................................

(96,738)

(138,405)

Net

Increase

(Decrease)

$

(14,579)

$

(8,818)

Shares:

Sold

...................................................................................................

76,546

117,502

Reinvested

..............................................................................................

5,613

12,085

Redeemed

...............................................................................................

(96,738)

(138,405)

Net

Increase

(Decrease)

(14,579)

(8,818)

Year

Ended

October

31,

2025

Dollars:

Sold

...................................................................................................

$

185,893

$

301,745

Reinvested

..............................................................................................

14,082

29,373

Redeemed

...............................................................................................

(199,942)

(303,948)

Net

Increase

(Decrease)

$

$

27,170

Shares:

Sold

...................................................................................................

185,893

301,745

Reinvested

..............................................................................................

14,082

29,373

Redeemed

...............................................................................................

(199,942)

(303,948)

Net

Increase

(Decrease)

27,170

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(5,804)

$

(12,338)

Total

Dividends

and

Distributions

$

(5,804)

$

(12,338)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.......................................................

$

(14,238)

$

(29,522)

Total

Dividends

and

Distributions

$

(14,238)

$

(29,522)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Overseas

Fund

Period

Ended

April

30,

2026

Year

Ended

October

31,

2025

(a) Operations

Net

investment

income

(loss)

........................................................................................................

$

17,404

$

30,712

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

.............................................................

84,434

150,577

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

..............................

135,682

112,614

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

237,520

293,903

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(156,783)

(173,832)

Total

Dividends

and

Distributions

(156,783)

(173,832)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

42,654

361,615

Total

Increase

(Decrease)

in

Net

Assets

123,391

481,686

Net

Assets

Beginning

of

period

..................................................................................................................

1,640,760

1,159,074

End

of

period

........................................................................................................................

$

1,764,151

$

1,640,760

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

87,563

$

N/A

Reinvested

....................................................................................

156,698

N/A

Redeemed

.....................................................................................

(201,840)

(62)

N/A

Net

Increase

(Decrease)

$

42,421

$

N/A

Shares:

Sold

.........................................................................................

7,084

N/A

Reinvested

....................................................................................

13,341

N/A

Redeemed

.....................................................................................

(16,400)

(6)

N/A

Net

Increase

(Decrease)

4,025

N/A

Year

Ended

October

31,

2025

(a) Dollars:

Sold

.........................................................................................

$

576,572

$

683

$

Reinvested

....................................................................................

173,778

–

Redeemed

.....................................................................................

(388,196)

(281)

(981)

Net

Increase

(Decrease)

$

362,154

$

$

(980)

Shares:

Sold

.........................................................................................

49,041

–

Reinvested

....................................................................................

18,390

–

Redeemed

.....................................................................................

(35,923)

(26)

(91)

Net

Increase

(Decrease)

31,508

(91)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(156,704)

$

(79)

$

N/A

Total

Dividends

and

Distributions

$

(156,704)

$

(79)

$

N/A

Year

Ended

October

31,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(173,793)

$

(39)

$

–

Total

Dividends

and

Distributions

$

(173,793)

$

(39)

$

–

(a) Class

shares

discontinued

operations

and

converted

to

Institutional

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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

11,041

$

23,573

Net

realized

gain

(loss)

on

investments

..............................................................................................

382,241

409,437

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(185,388)

411,149

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

207,894

844,159

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(384,674)

(241,236)

Total

Dividends

and

Distributions

(384,674)

(241,236)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

116,644

(90,750)

Total

Increase

(Decrease)

in

Net

Assets

(60,136)

512,173

Net

Assets

Beginning

of

period

..................................................................................................................

5,182,367

4,670,194

End

of

period

........................................................................................................................

$

5,122,231

$

5,182,367

Class

A

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................

$

19,090

$

507,901

N/A

$

3,915

N/A

$

1,596

Reinvested

....................................................

118,410

254,993

N/A

4,065

N/A

3,365

Redeemed

.....................................................

(96,869)

(686,802)

N/A

(5,315)

N/A

(7,705)

Net

Increase

(Decrease)

$

40,631

$

76,092

N/A

$

2,665

N/A

$

(2,744)

Shares:

Sold

.........................................................

5,679

N/A

N/A

Reinvested

....................................................

1,446

2,976

N/A

N/A

Redeemed

.....................................................

(1,144)

(7,505)

N/A

(64)

N/A

(89)

Net

Increase

(Decrease)

527

1,150

N/A

N/A

(31)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

53,561

$

697,829

$

$

12,171

$

$

21,521

Reinvested

....................................................

71,750

164,162

–

2,164

–

2,318

Redeemed

.....................................................

(177,454)

(892,376)

(1,443)

(9,569)

(14,579)

(20,987)

Net

Increase

(Decrease)

$

(52,143)

$

(30,385)

$

(1,436)

$

4,766

$

(14,404)

$

2,852

Shares:

Sold

.........................................................

648

8,324

–

Reinvested

....................................................

901

1,978

–

–

Redeemed

.....................................................

(2,189)

(10,329)

(17)

(121)

(168)

(247)

Net

Increase

(Decrease)

(640)

(27)

(17)

(166)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(119,852)

$

(257,392)

$

N/A

$

(4,065)

$

N/A

$

(3,365)

Total

Dividends

and

Distributions

$

(119,852)

$

(257,392)

$

N/A

$

(4,065)

$

N/A

$

(3,365)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(72,584)

$

(164,170)

$

–

$

(2,164)

$

–

$

(2,318)

Total

Dividends

and

Distributions

$

(72,584)

$

(164,170)

$

–

$

(2,164)

$

–

$

(2,318)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

4,031

$

6,641

Net

realized

gain

(loss)

on

investments

..............................................................................................

8,515

17,992

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(6,904)

(5,181)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

5,642

19,452

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(21,683)

(14,946)

Total

Dividends

and

Distributions

(21,683)

(14,946)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(16,062)

(36,767)

Total

Increase

(Decrease)

in

Net

Assets

(32,103)

(32,261)

Net

Assets

Beginning

of

period

..................................................................................................................

204,035

236,296

End

of

period

........................................................................................................................

$

171,932

$

204,035

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................................................

$

4,589

N/A

$

3,330

N/A

$

Reinvested

...............................................................

18,170

N/A

1,422

N/A

2,091

Redeemed

................................................................

(36,464)

N/A

(2,002)

N/A

(7,621)

Net

Increase

(Decrease)

$

(13,705)

N/A

$

2,750

N/A

$

(5,107)

Shares:

Sold

....................................................................

545

N/A

N/A

Reinvested

...............................................................

2,169

N/A

N/A

Redeemed

................................................................

(4,341)

N/A

(245)

N/A

(942)

Net

Increase

(Decrease)

(1,627)

N/A

N/A

(635)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

13,029

$

$

2,917

$

$

11,599

Reinvested

...............................................................

12,585

–

975

–

1,386

Redeemed

................................................................

(56,644)

(1,579)

(5,194)

(8,660)

(7,204)

Net

Increase

(Decrease)

$

(31,030)

$

(1,572)

$

(1,302)

$

(8,644)

$

5,781

Shares:

Sold

....................................................................

1,515

1,335

Reinvested

...............................................................

1,493

–

–

Redeemed

................................................................

(6,517)

(182)

(616)

(984)

(847)

Net

Increase

(Decrease)

(3,509)

(181)

(157)

(982)

656

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(18,170)

$

N/A

$

(1,422)

$

N/A

$

(2,091)

Total

Dividends

and

Distributions

$

(18,170)

$

N/A

$

(1,422)

$

N/A

$

(2,091)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(12,585)

$

–

$

(975)

$

–

$

(1,386)

Total

Dividends

and

Distributions

$

(12,585)

$

–

$

(975)

$

–

$

(1,386)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

39,542

$

61,822

Net

realized

gain

(loss)

on

investments

..............................................................................................

98,828

139,345

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(74,944)

4,581

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

63,426

205,748

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(184,276)

(158,067)

Total

Dividends

and

Distributions

(184,276)

(158,067)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(106,241)

(355,637)

Total

Increase

(Decrease)

in

Net

Assets

(227,091)

(307,956)

Net

Assets

Beginning

of

period

..................................................................................................................

2,016,983

2,324,939

End

of

period

........................................................................................................................

$

1,789,892

$

2,016,983

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

1,311

$

3,192

$

14,497

N/A

$

2,001

N/A

$

2,682

Reinvested

..........................................

7,256

59,792

104,619

N/A

4,996

N/A

7,167

Redeemed

...........................................

(7,388)

(41,605)

(237,716)

N/A

(15,478)

N/A

(11,567)

Net

Increase

(Decrease)

$

1,179

$

21,379

$

(118,600)

N/A

$

(8,481)

N/A

$

(1,718)

Shares:

Sold

...............................................

1,148

N/A

N/A

Reinvested

..........................................

581

4,889

8,472

N/A

N/A

585

Redeemed

...........................................

(584)

(3,351)

(19,194)

N/A

(1,258)

N/A

(934)

Net

Increase

(Decrease)

1,790

(9,574)

N/A

(684)

N/A

(133)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

3,608

$

9,326

$

19,606

$

$

16,089

$

$

30,130

Reinvested

..........................................

5,727

46,318

94,963

–

4,395

–

6,420

Redeemed

...........................................

(16,311)

(91,860)

(397,754)

(11,547)

(20,245)

(22,291)

(32,353)

Net

Increase

(Decrease)

$

(6,976)

$

(36,216)

$

(283,185)

$

(11,460)

$

$

(22,236)

$

4,197

Shares:

Sold

...............................................

756

1,547

1,264

2,354

Reinvested

..........................................

3,835

7,797

–

–

531

Redeemed

...........................................

(1,289)

(7,384)

(31,612)

(892)

(1,631)

(1,723)

(2,609)

Net

Increase

(Decrease)

(535)

(2,793)

(22,268)

(885)

(2)

(1,719)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(7,280)

$

(59,876)

$

(104,688)

$

N/A

$

(5,243)

$

N/A

$

(7,189)

Total

Dividends

and

Distributions

$

(7,280)

$

(59,876)

$

(104,688)

$

N/A

$

(5,243)

$

N/A

$

(7,189)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(5,741)

$

(46,359)

$

(94,970)

$

–

$

(4,558)

$

–

$

(6,439)

Total

Dividends

and

Distributions

$

(5,741)

$

(46,359)

$

(94,970)

$

–

$

(4,558)

$

–

$

(6,439)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

27,067

$

39,822

Net

realized

gain

(loss)

on

investments

..............................................................................................

77,597

127,191

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(58,697)

(16,779)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

45,967

150,234

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(151,827)

(90,413)

Total

Dividends

and

Distributions

(151,827)

(90,413)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(131,426)

(238,725)

Total

Increase

(Decrease)

in

Net

Assets

(237,286)

(178,904)

Net

Assets

Beginning

of

period

..................................................................................................................

1,381,132

1,560,036

End

of

period

........................................................................................................................

$

1,143,846

$

1,381,132

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................................................

$

20,495

N/A

$

1,771

N/A

$

3,592

Reinvested

...............................................................

131,839

N/A

9,572

N/A

10,179

Redeemed

................................................................

(275,812)

N/A

(15,808)

N/A

(17,254)

Net

Increase

(Decrease)

$

(123,478)

N/A

$

(4,465)

N/A

$

(3,483)

Shares:

Sold

....................................................................

1,810

N/A

N/A

Reinvested

...............................................................

11,796

N/A

886

N/A

922

Redeemed

................................................................

(24,752)

N/A

(1,444)

N/A

(1,566)

Net

Increase

(Decrease)

(11,146)

N/A

(395)

N/A

(325)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

47,342

$

$

13,569

$

$

41,710

Reinvested

...............................................................

79,326

–

5,164

–

5,841

Redeemed

................................................................

(337,772)

(6,280)

(23,262)

(32,367)

(32,224)

Net

Increase

(Decrease)

$

(211,104)

$

(6,254)

$

(4,529)

$

(32,165)

$

15,327

Shares:

Sold

....................................................................

4,116

1,193

3,578

Reinvested

...............................................................

7,127

–

–

530

Redeemed

................................................................

(29,380)

(548)

(2,070)

(2,771)

(2,821)

Net

Increase

(Decrease)

(18,137)

(546)

(399)

(2,754)

1,287

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(131,953)

$

N/A

$

(9,695)

$

N/A

$

(10,179)

Total

Dividends

and

Distributions

$

(131,953)

$

N/A

$

(9,695)

$

N/A

$

(10,179)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(79,346)

$

–

$

(5,226)

$

–

$

(5,841)

Total

Dividends

and

Distributions

$

(79,346)

$

–

$

(5,226)

$

–

$

(5,841)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

101,408

$

129,633

Net

realized

gain

(loss)

on

investments

..............................................................................................

311,456

367,697

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(207,239)

99,854

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

205,625

597,184

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(463,715)

(308,738)

Total

Dividends

and

Distributions

(463,715)

(308,738)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(219,227)

(559,474)

Total

Increase

(Decrease)

in

Net

Assets

(477,317)

(271,028)

Net

Assets

Beginning

of

period

..................................................................................................................

5,212,534

5,483,562

End

of

period

........................................................................................................................

$

4,735,217

$

5,212,534

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

5,732

$

8,098

$

46,739

N/A

$

6,128

N/A

$

11,749

Reinvested

..........................................

12,129

99,892

322,404

N/A

12,459

N/A

16,671

Redeemed

...........................................

(14,238)

(62,861)

(641,764)

N/A

(18,130)

N/A

(24,235)

Net

Increase

(Decrease)

$

3,623

$

45,129

$

(272,621)

N/A

$

N/A

$

4,185

Shares:

Sold

...............................................

558

3,163

N/A

N/A

801

Reinvested

..........................................

833

6,925

22,226

N/A

866

N/A

1,152

Redeemed

...........................................

(959)

(4,286)

(44,167)

N/A

(1,253)

N/A

(1,659)

Net

Increase

(Decrease)

3,197

(18,778)

N/A

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

9,675

$

22,738

$

105,601

$

$

35,407

$

$

75,609

Reinvested

..........................................

7,565

63,819

217,675

–

7,952

–

11,617

Redeemed

...........................................

(23,718)

(154,330)

(763,813)

(19,641)

(39,393)

(51,582)

(65,230)

Net

Increase

(Decrease)

$

(6,478)

$

(67,773)

$

(440,537)

$

(19,518)

$

3,966

$

(51,130)

$

21,996

Shares:

Sold

...............................................

667

1,583

7,207

2,409

5,102

Reinvested

..........................................

537

4,571

15,516

–

571

–

830

Redeemed

...........................................

(1,633)

(10,661)

(52,347)

(1,331)

(2,729)

(3,297)

(4,516)

Net

Increase

(Decrease)

(429)

(4,507)

(29,624)

(1,323)

(3,268)

1,416

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(12,182)

$

(99,918)

$

(322,446)

$

N/A

$

(12,498)

$

N/A

$

(16,671)

Total

Dividends

and

Distributions

$

(12,182)

$

(99,918)

$

(322,446)

$

N/A

$

(12,498)

$

N/A

$

(16,671)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(7,597)

$

(63,844)

$

(217,708)

$

–

$

(7,972)

$

–

$

(11,617)

Total

Dividends

and

Distributions

$

(7,597)

$

(63,844)

$

(217,708)

$

–

$

(7,972)

$

–

$

(11,617)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

37,996

$

45,208

Net

realized

gain

(loss)

on

investments

..............................................................................................

106,168

133,824

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(56,372)

65,274

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

87,792

244,306

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(171,402)

(109,967)

Total

Dividends

and

Distributions

(171,402)

(109,967)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(103,803)

(90,404)

Total

Increase

(Decrease)

in

Net

Assets

(187,413)

43,935

Net

Assets

Beginning

of

period

..................................................................................................................

2,032,001

1,988,066

End

of

period

........................................................................................................................

$

1,844,588

$

2,032,001

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................................................

$

61,536

N/A

$

7,006

N/A

$

7,232

Reinvested

...............................................................

152,274

N/A

8,213

N/A

10,751

Redeemed

................................................................

(330,668)

N/A

(8,844)

N/A

(11,303)

Net

Increase

(Decrease)

$

(116,858)

N/A

$

6,375

N/A

$

6,680

Shares:

Sold

....................................................................

4,507

N/A

526

N/A

535

Reinvested

...............................................................

11,321

N/A

628

N/A

807

Redeemed

................................................................

(24,581)

N/A

(662)

N/A

(838)

Net

Increase

(Decrease)

(8,753)

N/A

N/A

504

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

117,874

$

$

17,591

$

$

55,614

Reinvested

...............................................................

98,408

–

5,109

–

6,388

Redeemed

................................................................

(298,089)

(7,201)

(25,233)

(38,739)

(22,375)

Net

Increase

(Decrease)

$

(81,807)

$

(7,170)

$

(2,533)

$

(38,521)

$

39,627

Shares:

Sold

....................................................................

8,820

1,336

4,116

Reinvested

...............................................................

7,670

–

–

502

Redeemed

................................................................

(22,342)

(542)

(1,922)

(2,865)

(1,682)

Net

Increase

(Decrease)

(5,852)

(540)

(178)

(2,849)

2,936

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(152,381)

$

N/A

$

(8,270)

$

N/A

$

(10,751)

Total

Dividends

and

Distributions

$

(152,381)

$

N/A

$

(8,270)

$

N/A

$

(10,751)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(98,450)

$

–

$

(5,129)

$

–

$

(6,388)

Total

Dividends

and

Distributions

$

(98,450)

$

–

$

(5,129)

$

–

$

(6,388)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

87,822

$

91,117

Net

realized

gain

(loss)

on

investments

..............................................................................................

320,511

359,528

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(169,988)

183,532

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

238,345

634,177

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(430,382)

(314,209)

Total

Dividends

and

Distributions

(430,382)

(314,209)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(105,759)

(323,695)

Total

Increase

(Decrease)

in

Net

Assets

(297,796)

(3,727)

Net

Assets

Beginning

of

period

..................................................................................................................

4,757,833

4,761,560

End

of

period

........................................................................................................................

$

4,460,037

$

4,757,833

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

5,504

$

8,903

$

60,518

N/A

$

4,884

N/A

$

9,378

Reinvested

..........................................

12,242

84,453

306,375

N/A

11,202

N/A

15,956

Redeemed

...........................................

(7,679)

(44,497)

(541,583)

N/A

(13,607)

N/A

(17,808)

Net

Increase

(Decrease)

$

10,067

$

48,859

$

(174,690)

N/A

$

2,479

N/A

$

7,526

Shares:

Sold

...............................................

530

3,530

N/A

N/A

556

Reinvested

..........................................

753

5,093

18,182

N/A

683

N/A

956

Redeemed

...........................................

(462)

(2,628)

(31,936)

N/A

(813)

N/A

(1,054)

Net

Increase

(Decrease)

619

2,995

(10,224)

N/A

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

10,043

$

15,325

$

114,482

$

$

28,079

$

559

$

69,780

Reinvested

..........................................

7,996

58,251

226,403

–

8,509

–

12,968

Redeemed

...........................................

(14,141)

(80,577)

(616,891)

(15,613)

(37,076)

(51,544)

(60,427)

Net

Increase

(Decrease)

$

3,898

$

(7,001)

$

(276,006)

$

(15,434)

$

(488)

$

(50,985)

$

22,321

Shares:

Sold

...............................................

615

934

6,866

1,680

4,095

Reinvested

..........................................

515

3,688

14,128

–

544

–

816

Redeemed

...........................................

(872)

(4,899)

(36,507)

(914)

(2,266)

(3,022)

(3,690)

Net

Increase

(Decrease)

(277)

(15,513)

(904)

(42)

(2,989)

1,221

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(12,340)

$

(84,474)

$

(306,410)

$

N/A

$

(11,202)

$

N/A

$

(15,956)

Total

Dividends

and

Distributions

$

(12,340)

$

(84,474)

$

(306,410)

$

N/A

$

(11,202)

$

N/A

$

(15,956)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(8,025)

$

(58,284)

$

(226,423)

$

–

$

(8,509)

$

–

$

(12,968)

Total

Dividends

and

Distributions

$

(8,025)

$

(58,284)

$

(226,423)

$

–

$

(8,509)

$

–

$

(12,968)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

33,030

$

29,431

Net

realized

gain

(loss)

on

investments

..............................................................................................

106,597

128,862

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(43,754)

90,238

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

95,873

248,531

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(154,363)

(89,205)

Total

Dividends

and

Distributions

(154,363)

(89,205)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(116,495)

(51,690)

Total

Increase

(Decrease)

in

Net

Assets

(174,985)

107,636

Net

Assets

Beginning

of

period

..................................................................................................................

1,791,353

1,683,717

End

of

period

........................................................................................................................

$

1,616,368

$

1,791,353

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................................................

$

42,531

N/A

$

4,014

N/A

$

5,325

Reinvested

...............................................................

137,570

N/A

7,105

N/A

9,621

Redeemed

................................................................

(301,655)

N/A

(8,992)

N/A

(12,014)

Net

Increase

(Decrease)

$

(121,554)

N/A

$

2,127

N/A

$

2,932

Shares:

Sold

....................................................................

2,718

N/A

N/A

Reinvested

...............................................................

8,945

N/A

N/A

641

Redeemed

................................................................

(19,500)

N/A

(599)

N/A

(788)

Net

Increase

(Decrease)

(7,837)

N/A

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

110,267

$

$

13,528

$

$

40,183

Reinvested

...............................................................

79,968

–

4,050

–

5,153

Redeemed

................................................................

(237,084)

(4,030)

(21,149)

(26,172)

(16,508)

Net

Increase

(Decrease)

$

(46,849)

$

(4,009)

$

(3,571)

$

(26,089)

$

28,828

Shares:

Sold

....................................................................

7,332

916

2,670

Reinvested

...............................................................

5,544

–

–

Redeemed

................................................................

(15,687)

(273)

(1,443)

(1,731)

(1,111)

Net

Increase

(Decrease)

(2,811)

(272)

(235)

(1,725)

1,924

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(137,625)

$

N/A

$

(7,107)

$

N/A

$

(9,631)

Total

Dividends

and

Distributions

$

(137,625)

$

N/A

$

(7,107)

$

N/A

$

(9,631)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(79,995)

$

–

$

(4,052)

$

–

$

(5,158)

Total

Dividends

and

Distributions

$

(79,995)

$

–

$

(4,052)

$

–

$

(5,158)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

62,605

$

49,710

Net

realized

gain

(loss)

on

investments

..............................................................................................

230,496

277,826

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(90,284)

176,606

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

202,817

504,142

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(313,909)

(203,668)

Total

Dividends

and

Distributions

(313,909)

(203,668)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(93,505)

(212,819)

Total

Increase

(Decrease)

in

Net

Assets

(204,597)

87,655

Net

Assets

Beginning

of

period

..................................................................................................................

3,420,693

3,333,038

End

of

period

........................................................................................................................

$

3,216,096

$

3,420,693

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

6,472

$

3,376

$

58,269

N/A

$

4,662

N/A

$

10,145

Reinvested

..........................................

11,377

30,248

249,841

N/A

9,246

N/A

13,016

Redeemed

...........................................

(9,476)

(13,982)

(443,711)

N/A

(11,998)

N/A

(10,990)

Net

Increase

(Decrease)

$

8,373

$

19,642

$

(135,601)

N/A

$

1,910

N/A

$

12,171

Shares:

Sold

...............................................

3,124

N/A

N/A

550

Reinvested

..........................................

621

1,745

13,706

N/A

520

N/A

720

Redeemed

...........................................

(505)

(788)

(24,057)

N/A

(660)

N/A

(596)

Net

Increase

(Decrease)

1,147

(7,227)

N/A

N/A

674

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

10,162

$

6,115

$

116,100

$

$

22,276

$

$

56,783

Reinvested

..........................................

6,675

18,643

163,620

–

6,034

–

8,609

Redeemed

...........................................

(13,750)

(27,495)

(470,316)

(12,846)

(26,504)

(40,941)

(36,374)

Net

Increase

(Decrease)

$

3,087

$

(2,737)

$

(190,596)

$

(12,727)

$

1,806

$

(40,670)

$

29,018

Shares:

Sold

...............................................

563

6,486

1,244

3,106

Reinvested

..........................................

1,141

9,570

–

–

507

Redeemed

...........................................

(762)

(1,591)

(26,055)

(706)

(1,509)

(2,230)

(2,061)

Net

Increase

(Decrease)

(92)

(9,999)

(699)

(2,215)

1,552

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(11,416)

$

(30,252)

$

(249,978)

$

N/A

$

(9,247)

$

N/A

$

(13,016)

Total

Dividends

and

Distributions

$

(11,416)

$

(30,252)

$

(249,978)

$

N/A

$

(9,247)

$

N/A

$

(13,016)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(6,692)

$

(18,645)

$

(163,687)

$

–

$

(6,035)

$

–

$

(8,609)

Total

Dividends

and

Distributions

$

(6,692)

$

(18,645)

$

(163,687)

$

–

$

(6,035)

$

–

$

(8,609)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

22,498

$

16,891

Net

realized

gain

(loss)

on

investments

..............................................................................................

74,933

85,709

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(24,341)

74,055

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

73,090

176,655

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(99,871)

(53,874)

Total

Dividends

and

Distributions

(99,871)

(53,874)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(40,714)

(35,291)

Total

Increase

(Decrease)

in

Net

Assets

(67,495)

87,490

Net

Assets

Beginning

of

period

..................................................................................................................

1,215,774

1,128,284

End

of

period

........................................................................................................................

$

1,148,279

$

1,215,774

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................................................

$

43,591

N/A

$

3,030

N/A

$

5,859

Reinvested

...............................................................

89,621

N/A

4,500

N/A

5,633

Redeemed

................................................................

(180,300)

N/A

(4,433)

N/A

(8,215)

Net

Increase

(Decrease)

$

(47,088)

N/A

$

3,097

N/A

$

3,277

Shares:

Sold

....................................................................

2,418

N/A

N/A

Reinvested

...............................................................

5,092

N/A

N/A

Redeemed

................................................................

(10,214)

N/A

(258)

N/A

(468)

Net

Increase

(Decrease)

(2,704)

N/A

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

95,810

$

$

9,688

$

$

28,140

Reinvested

...............................................................

48,636

–

2,520

–

2,664

Redeemed

................................................................

(181,727)

(3,174)

(14,749)

(15,434)

(7,781)

Net

Increase

(Decrease)

$

(37,281)

$

(3,152)

$

(2,541)

$

(15,340)

$

23,023

Shares:

Sold

....................................................................

5,602

585

1,661

Reinvested

...............................................................

2,986

–

–

Redeemed

................................................................

(10,672)

(191)

(903)

(907)

(463)

Net

Increase

(Decrease)

(2,084)

(190)

(157)

(901)

1,365

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(89,730)

$

N/A

$

(4,508)

$

N/A

$

(5,633)

Total

Dividends

and

Distributions

$

(89,730)

$

N/A

$

(4,508)

$

N/A

$

(5,633)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(48,687)

$

–

$

(2,523)

$

–

$

(2,664)

Total

Dividends

and

Distributions

$

(48,687)

$

–

$

(2,523)

$

–

$

(2,664)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

22,242

$

16,290

Net

realized

gain

(loss)

on

investments

..............................................................................................

71,425

78,748

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(19,783)

77,453

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

73,884

172,491

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(94,301)

(48,399)

Total

Dividends

and

Distributions

(94,301)

(48,399)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(13,138)

(11,625)

Total

Increase

(Decrease)

in

Net

Assets

(33,555)

112,467

Net

Assets

Beginning

of

period

..................................................................................................................

1,194,619

1,082,152

End

of

period

........................................................................................................................

$

1,161,064

$

1,194,619

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................

$

723

$

48,643

N/A

$

3,208

N/A

$

7,213

Reinvested

....................................................

1,502

85,937

N/A

3,071

N/A

3,756

Redeemed

.....................................................

(983)

(158,089)

N/A

(3,879)

N/A

(4,240)

Net

Increase

(Decrease)

$

1,242

$

(23,509)

N/A

$

2,400

N/A

$

6,729

Shares:

Sold

.........................................................

2,508

N/A

N/A

Reinvested

....................................................

4,534

N/A

N/A

Redeemed

.....................................................

(51)

(8,283)

N/A

(206)

N/A

(223)

Net

Increase

(Decrease)

(1,241)

N/A

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

1,600

$

101,949

$

$

11,165

$

$

21,291

Reinvested

....................................................

746

44,415

–

1,494

–

1,732

Redeemed

.....................................................

(2,129)

(161,397)

(4,007)

(8,860)

(9,645)

(10,154)

Net

Increase

(Decrease)

$

$

(15,033)

$

(3,953)

$

3,799

$

(9,524)

$

12,869

Shares:

Sold

.........................................................

5,544

615

1,162

Reinvested

....................................................

2,543

–

–

Redeemed

.....................................................

(117)

(8,789)

(223)

(494)

(524)

(555)

Net

Increase

(Decrease)

(702)

(220)

(518)

707

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(1,502)

$

(85,958)

$

N/A

$

(3,085)

$

N/A

$

(3,756)

Total

Dividends

and

Distributions

$

(1,502)

$

(85,958)

$

N/A

$

(3,085)

$

N/A

$

(3,756)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(746)

$

(44,423)

$

–

$

(1,498)

$

–

$

(1,732)

Total

Dividends

and

Distributions

$

(746)

$

(44,423)

$

–

$

(1,498)

$

–

$

(1,732)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

5,367

$

3,474

Net

realized

gain

(loss)

on

investments

..............................................................................................

14,154

15,324

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(1,848)

20,095

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

17,673

38,893

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(19,125)

(8,294)

Total

Dividends

and

Distributions

(19,125)

(8,294)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

4,285

29,825

Total

Increase

(Decrease)

in

Net

Assets

2,833

60,424

Net

Assets

Beginning

of

period

..................................................................................................................

283,730

223,306

End

of

period

........................................................................................................................

$

286,563

$

283,730

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................................................

$

30,672

N/A

$

1,966

N/A

$

2,632

Reinvested

...............................................................

17,387

N/A

760

N/A

977

Redeemed

................................................................

(46,132)

N/A

(2,416)

N/A

(1,561)

Net

Increase

(Decrease)

$

1,927

N/A

$

N/A

$

2,048

Shares:

Sold

....................................................................

1,904

N/A

N/A

Reinvested

...............................................................

1,101

N/A

N/A

Redeemed

................................................................

(2,930)

N/A

(152)

N/A

(99)

Net

Increase

(Decrease)

N/A

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................................................

$

59,032

$

$

4,319

$

$

7,706

Reinvested

...............................................................

7,623

–

–

Redeemed

................................................................

(41,680)

(470)

(2,915)

(2,671)

(1,869)

Net

Increase

(Decrease)

$

24,975

$

(461)

$

1,722

$

(2,601)

$

6,190

Shares:

Sold

....................................................................

3,907

512

Reinvested

...............................................................

531

–

–

Redeemed

................................................................

(2,759)

(32)

(199)

(177)

(126)

Net

Increase

(Decrease)

1,679

(31)

(173)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(17,388)

$

N/A

$

(760)

$

N/A

$

(977)

Total

Dividends

and

Distributions

$

(17,388)

$

N/A

$

(760)

$

N/A

$

(977)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

........................

$

(7,623)

$

–

$

(318)

$

–

$

(353)

Total

Dividends

and

Distributions

$

(7,623)

$

–

$

(318)

$

–

$

(353)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

1,768

$

764

Net

realized

gain

(loss)

on

investments

..............................................................................................

4,384

2,681

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

7,433

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

6,418

10,878

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(4,563)

(1,297)

Total

Dividends

and

Distributions

(4,563)

(1,297)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

15,802

38,330

Total

Increase

(Decrease)

in

Net

Assets

17,657

47,911

Net

Assets

Beginning

of

period

..................................................................................................................

92,259

44,348

End

of

period

........................................................................................................................

$

109,916

$

92,259

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................

$

778

$

22,952

N/A

$

711

N/A

$

1,150

Reinvested

....................................................

4,292

N/A

N/A

Redeemed

.....................................................

(386)

(13,259)

N/A

(377)

N/A

(330)

Net

Increase

(Decrease)

$

$

13,985

N/A

$

N/A

$

964

Shares:

Sold

.........................................................

1,597

N/A

N/A

Reinvested

....................................................

N/A

N/A

Redeemed

.....................................................

(27)

(932)

N/A

(26)

N/A

(23)

Net

Increase

(Decrease)

969

N/A

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

.........................................................

$

910

$

47,432

$

$

1,193

$

$

2,330

Reinvested

....................................................

1,224

–

–

Redeemed

.....................................................

(289)

(12,620)

(238)

(475)

(263)

(960)

Net

Increase

(Decrease)

$

630

$

36,036

$

(233)

$

744

$

(255)

$

1,408

Shares:

Sold

.........................................................

3,561

–

Reinvested

....................................................

–

–

Redeemed

.....................................................

(22)

(942)

(18)

(35)

(20)

(72)

Net

Increase

(Decrease)

2,716

(18)

(19)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(46)

$

(4,292)

$

N/A

$

(81)

$

N/A

$

(144)

Total

Dividends

and

Distributions

$

(46)

$

(4,292)

$

N/A

$

(81)

$

N/A

$

(144)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.............

$

(9)

$

(1,224)

$

–

$

(26)

$

–

$

(38)

Total

Dividends

and

Distributions

$

(9)

$

(1,224)

$

–

$

(26)

$

–

$

(38)

(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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

13,672

$

10,681

Net

realized

gain

(loss)

on

investments

..............................................................................................

3,105

6,473

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

789

23,465

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

17,566

40,619

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(20,990)

(11,172)

Total

Dividends

and

Distributions

(20,990)

(11,172)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

57,544

118,229

Total

Increase

(Decrease)

in

Net

Assets

54,120

147,676

Net

Assets

Beginning

of

period

..................................................................................................................

472,156

324,480

End

of

period

........................................................................................................................

$

526,276

$

472,156

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

74,057

$

500

$

7,992

Reinvested

....................................................................................

18,834

521

1,629

Redeemed

.....................................................................................

(35,201)

(3,697)

(7,091)

Net

Increase

(Decrease)

$

57,690

$

(2,676)

$

2,530

Shares:

Sold

.........................................................................................

6,032

646

Reinvested

....................................................................................

1,558

Redeemed

.....................................................................................

(2,883)

(302)

(575)

Net

Increase

(Decrease)

4,707

(219)

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

171,558

$

1,698

$

7,174

Reinvested

....................................................................................

9,352

528

1,288

Redeemed

.....................................................................................

(56,597)

(7,028)

(9,744)

Net

Increase

(Decrease)

$

124,313

$

(4,802)

$

(1,282)

Shares:

Sold

.........................................................................................

14,624

606

Reinvested

....................................................................................

826

Redeemed

.....................................................................................

(4,823)

(598)

(830)

Net

Increase

(Decrease)

10,627

(406)

(111)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(18,840)

$

(521)

$

(1,629)

Total

Dividends

and

Distributions

$

(18,840)

$

(521)

$

(1,629)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(9,356)

$

(528)

$

(1,288)

Total

Dividends

and

Distributions

$

(9,356)

$

(528)

$

(1,288)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

16,525

$

15,959

Net

realized

gain

(loss)

on

investments

..............................................................................................

5,402

18,320

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

2,591

27,655

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

24,518

61,934

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(35,471)

(17,421)

Total

Dividends

and

Distributions

(35,471)

(17,421)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

74,964

21,483

Total

Increase

(Decrease)

in

Net

Assets

64,011

65,996

Net

Assets

Beginning

of

period

..................................................................................................................

606,144

540,148

End

of

period

........................................................................................................................

$

670,155

$

606,144

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

72,778

$

713

$

15,806

Reinvested

....................................................................................

22,775

1,976

10,715

Redeemed

.....................................................................................

(29,371)

(6,763)

(13,665)

Net

Increase

(Decrease)

$

66,182

$

(4,074)

$

12,856

Shares:

Sold

.........................................................................................

5,815

1,247

Reinvested

....................................................................................

1,824

852

Redeemed

.....................................................................................

(2,329)

(540)

(1,072)

Net

Increase

(Decrease)

5,310

(327)

1,027

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

67,945

$

4,173

$

35,580

Reinvested

....................................................................................

10,890

1,182

5,349

Redeemed

.....................................................................................

(58,298)

(10,542)

(34,796)

Net

Increase

(Decrease)

$

20,537

$

(5,187)

$

6,133

Shares:

Sold

.........................................................................................

5,597

2,953

Reinvested

....................................................................................

930

Redeemed

.....................................................................................

(4,837)

(867)

(2,842)

Net

Increase

(Decrease)

1,690

(424)

565

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(22,780)

$

(1,976)

$

(10,715)

Total

Dividends

and

Distributions

$

(22,780)

$

(1,976)

$

(10,715)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(10,890)

$

(1,182)

$

(5,349)

Total

Dividends

and

Distributions

$

(10,890)

$

(1,182)

$

(5,349)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

30,293

$

25,439

Net

realized

gain

(loss)

on

investments

..............................................................................................

10,640

23,204

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

9,499

70,370

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

50,432

119,013

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(53,678)

(29,321)

Total

Dividends

and

Distributions

(53,678)

(29,321)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

105,387

151,909

Total

Increase

(Decrease)

in

Net

Assets

102,141

241,601

Net

Assets

Beginning

of

period

..................................................................................................................

1,128,759

887,158

End

of

period

........................................................................................................................

$

1,230,900

$

1,128,759

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

135,174

$

2,501

$

27,951

Reinvested

....................................................................................

39,802

2,598

11,273

Redeemed

.....................................................................................

(76,784)

(14,838)

(22,290)

Net

Increase

(Decrease)

$

98,192

$

(9,739)

$

16,934

Shares:

Sold

.........................................................................................

9,769

2,007

Reinvested

....................................................................................

2,900

816

Redeemed

.....................................................................................

(5,537)

(1,072)

(1,593)

Net

Increase

(Decrease)

7,132

(705)

1,230

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

244,764

$

8,960

$

53,619

Reinvested

....................................................................................

20,731

1,917

6,659

Redeemed

.....................................................................................

(121,627)

(18,111)

(45,003)

Net

Increase

(Decrease)

$

143,868

$

(7,234)

$

15,275

Shares:

Sold

.........................................................................................

18,577

681

4,100

Reinvested

....................................................................................

1,636

523

Redeemed

.....................................................................................

(9,306)

(1,384)

(3,385)

Net

Increase

(Decrease)

10,907

(553)

1,238

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(39,807)

$

(2,598)

$

(11,273)

Total

Dividends

and

Distributions

$

(39,807)

$

(2,598)

$

(11,273)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(20,745)

$

(1,917)

$

(6,659)

Total

Dividends

and

Distributions

$

(20,745)

$

(1,917)

$

(6,659)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

37,200

$

26,589

Net

realized

gain

(loss)

on

investments

..............................................................................................

14,524

28,089

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

22,434

99,197

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

74,158

153,875

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(64,262)

(30,805)

Total

Dividends

and

Distributions

(64,262)

(30,805)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

240,855

286,073

Total

Increase

(Decrease)

in

Net

Assets

250,751

409,143

Net

Assets

Beginning

of

period

..................................................................................................................

1,391,156

982,013

End

of

period

........................................................................................................................

$

1,641,907

$

1,391,156

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

234,679

$

3,625

$

44,337

Reinvested

....................................................................................

42,950

3,283

18,027

Redeemed

.....................................................................................

(72,691)

(14,705)

(18,650)

Net

Increase

(Decrease)

$

204,938

$

(7,797)

$

43,714

Shares:

Sold

.........................................................................................

16,109

3,024

Reinvested

....................................................................................

2,987

1,244

Redeemed

.....................................................................................

(4,993)

(1,006)

(1,272)

Net

Increase

(Decrease)

14,103

(532)

2,996

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

351,229

$

18,881

$

97,958

Reinvested

....................................................................................

18,696

2,351

9,745

Redeemed

.....................................................................................

(125,667)

(29,155)

(57,965)

Net

Increase

(Decrease)

$

244,258

$

(7,923)

$

49,738

Shares:

Sold

.........................................................................................

25,487

1,380

7,266

Reinvested

....................................................................................

1,427

739

Redeemed

.....................................................................................

(9,237)

(2,163)

(4,217)

Net

Increase

(Decrease)

17,677

(605)

3,788

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(42,952)

$

(3,283)

$

(18,027)

Total

Dividends

and

Distributions

$

(42,952)

$

(3,283)

$

(18,027)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(18,709)

$

(2,351)

$

(9,745)

Total

Dividends

and

Distributions

$

(18,709)

$

(2,351)

$

(9,745)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

24,969

$

17,757

Net

realized

gain

(loss)

on

investments

..............................................................................................

11,602

21,712

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

21,061

78,284

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

57,632

117,753

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(45,267)

(23,367)

Total

Dividends

and

Distributions

(45,267)

(23,367)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

189,389

149,186

Total

Increase

(Decrease)

in

Net

Assets

201,754

243,572

Net

Assets

Beginning

of

period

..................................................................................................................

957,771

714,199

End

of

period

........................................................................................................................

$

1,159,525

$

957,771

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

145,951

$

5,139

$

65,583

Reinvested

....................................................................................

26,935

3,860

14,467

Redeemed

.....................................................................................

(38,968)

(15,559)

(18,019)

Net

Increase

(Decrease)

$

133,918

$

(6,560)

$

62,031

Shares:

Sold

.........................................................................................

9,278

4,135

Reinvested

....................................................................................

1,734

923

Redeemed

.....................................................................................

(2,479)

(985)

(1,134)

Net

Increase

(Decrease)

8,533

(415)

3,924

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

184,376

$

16,577

$

66,555

Reinvested

....................................................................................

12,503

2,564

8,297

Redeemed

.....................................................................................

(69,273)

(22,827)

(49,586)

Net

Increase

(Decrease)

$

127,606

$

(3,686)

$

25,266

Shares:

Sold

.........................................................................................

12,507

1,131

4,580

Reinvested

....................................................................................

891

586

Redeemed

.....................................................................................

(4,734)

(1,593)

(3,346)

Net

Increase

(Decrease)

8,664

(281)

1,820

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(26,940)

$

(3,860)

$

(14,467)

Total

Dividends

and

Distributions

$

(26,940)

$

(3,860)

$

(14,467)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(12,506)

$

(2,564)

$

(8,297)

Total

Dividends

and

Distributions

$

(12,506)

$

(2,564)

$

(8,297)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

28,388

$

17,792

Net

realized

gain

(loss)

on

investments

..............................................................................................

16,978

28,005

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

36,020

111,020

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

81,386

156,817

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(54,347)

(25,549)

Total

Dividends

and

Distributions

(54,347)

(25,549)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

213,246

279,361

Total

Increase

(Decrease)

in

Net

Assets

240,285

410,629

Net

Assets

Beginning

of

period

..................................................................................................................

1,191,302

780,673

End

of

period

........................................................................................................................

$

1,431,587

$

1,191,302

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

193,129

$

5,306

$

40,857

Reinvested

....................................................................................

33,018

3,532

17,795

Redeemed

.....................................................................................

(53,540)

(9,836)

(17,015)

Net

Increase

(Decrease)

$

172,607

$

(998)

$

41,637

Shares:

Sold

.........................................................................................

11,550

2,417

Reinvested

....................................................................................

2,006

1,070

Redeemed

.....................................................................................

(3,210)

(586)

(1,016)

Net

Increase

(Decrease)

10,346

(61)

2,471

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

288,412

$

18,228

$

102,246

Reinvested

....................................................................................

13,924

2,422

9,197

Redeemed

.....................................................................................

(81,057)

(25,254)

(48,757)

Net

Increase

(Decrease)

$

221,279

$

(4,604)

$

62,686

Shares:

Sold

.........................................................................................

18,691

1,191

6,761

Reinvested

....................................................................................

950

621

Redeemed

.....................................................................................

(5,325)

(1,688)

(3,101)

Net

Increase

(Decrease)

14,316

(333)

4,281

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(33,020)

$

(3,532)

$

(17,795)

Total

Dividends

and

Distributions

$

(33,020)

$

(3,532)

$

(17,795)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(13,930)

$

(2,422)

$

(9,197)

Total

Dividends

and

Distributions

$

(13,930)

$

(2,422)

$

(9,197)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

14,011

$

9,947

Net

realized

gain

(loss)

on

investments

..............................................................................................

10,037

19,195

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

23,289

66,475

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

47,337

95,617

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(31,616)

(15,658)

Total

Dividends

and

Distributions

(31,616)

(15,658)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

88,465

79,198

Total

Increase

(Decrease)

in

Net

Assets

104,186

159,157

Net

Assets

Beginning

of

period

..................................................................................................................

641,892

482,735

End

of

period

........................................................................................................................

$

746,078

$

641,892

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

50,391

$

4,866

$

38,327

Reinvested

....................................................................................

14,336

3,142

14,138

Redeemed

.....................................................................................

(19,878)

(7,269)

(9,588)

Net

Increase

(Decrease)

$

44,849

$

739

$

42,877

Shares:

Sold

.........................................................................................

2,850

2,140

Reinvested

....................................................................................

825

807

Redeemed

.....................................................................................

(1,130)

(412)

(537)

Net

Increase

(Decrease)

2,545

2,410

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

76,060

$

12,724

$

64,367

Reinvested

....................................................................................

6,731

2,025

6,901

Redeemed

.....................................................................................

(37,078)

(20,060)

(32,472)

Net

Increase

(Decrease)

$

45,713

$

(5,311)

$

38,796

Shares:

Sold

.........................................................................................

4,694

791

4,050

Reinvested

....................................................................................

Redeemed

.....................................................................................

(2,316)

(1,266)

(1,951)

Net

Increase

(Decrease)

2,816

(344)

2,544

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(14,336)

$

(3,142)

$

(14,138)

Total

Dividends

and

Distributions

$

(14,336)

$

(3,142)

$

(14,138)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(6,732)

$

(2,025)

$

(6,901)

Total

Dividends

and

Distributions

$

(6,732)

$

(2,025)

$

(6,901)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

12,321

$

8,139

Net

realized

gain

(loss)

on

investments

..............................................................................................

10,361

18,519

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

25,413

68,393

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

48,095

95,051

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(29,308)

(13,677)

Total

Dividends

and

Distributions

(29,308)

(13,677)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

72,429

94,358

Total

Increase

(Decrease)

in

Net

Assets

91,216

175,732

Net

Assets

Beginning

of

period

..................................................................................................................

607,222

431,490

End

of

period

........................................................................................................................

$

698,438

$

607,222

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

40,536

$

3,859

$

28,457

Reinvested

....................................................................................

11,493

3,276

14,532

Redeemed

.....................................................................................

(16,190)

(5,612)

(7,922)

Net

Increase

(Decrease)

$

35,839

$

1,523

$

35,067

Shares:

Sold

.........................................................................................

2,202

1,532

Reinvested

....................................................................................

636

798

Redeemed

.....................................................................................

(878)

(304)

(427)

Net

Increase

(Decrease)

1,960

1,903

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

61,680

$

16,474

$

74,857

Reinvested

....................................................................................

5,348

1,795

6,534

Redeemed

.....................................................................................

(33,408)

(15,215)

(23,707)

Net

Increase

(Decrease)

$

33,620

$

3,054

$

57,684

Shares:

Sold

.........................................................................................

3,704

998

4,592

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,995)

(929)

(1,392)

Net

Increase

(Decrease)

2,046

3,609

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(11,500)

$

(3,276)

$

(14,532)

Total

Dividends

and

Distributions

$

(11,500)

$

(3,276)

$

(14,532)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(5,348)

$

(1,795)

$

(6,534)

Total

Dividends

and

Distributions

$

(5,348)

$

(1,795)

$

(6,534)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

7,727

$

5,002

Net

realized

gain

(loss)

on

investments

..............................................................................................

6,831

11,128

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

17,335

44,347

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

31,893

60,477

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(17,823)

(8,525)

Total

Dividends

and

Distributions

(17,823)

(8,525)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

53,542

67,738

Total

Increase

(Decrease)

in

Net

Assets

67,612

119,690

Net

Assets

Beginning

of

period

..................................................................................................................

389,712

270,022

End

of

period

........................................................................................................................

$

457,324

$

389,712

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

34,633

$

2,579

$

20,060

Reinvested

....................................................................................

7,352

1,715

8,755

Redeemed

.....................................................................................

(11,841)

(4,251)

(5,460)

Net

Increase

(Decrease)

$

30,144

$

$

23,355

Shares:

Sold

.........................................................................................

1,821

1,038

Reinvested

....................................................................................

Redeemed

.....................................................................................

(621)

(223)

(284)

Net

Increase

(Decrease)

1,593

1,217

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

51,134

$

9,626

$

48,334

Reinvested

....................................................................................

3,301

1,187

4,037

Redeemed

.....................................................................................

(19,275)

(15,509)

(15,097)

Net

Increase

(Decrease)

$

35,160

$

(4,696)

$

37,274

Shares:

Sold

.........................................................................................

2,970

562

2,844

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,121)

(905)

(863)

Net

Increase

(Decrease)

2,051

(271)

2,226

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(7,353)

$

(1,715)

$

(8,755)

Total

Dividends

and

Distributions

$

(7,353)

$

(1,715)

$

(8,755)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(3,301)

$

(1,187)

$

(4,037)

Total

Dividends

and

Distributions

$

(3,301)

$

(1,187)

$

(4,037)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

4,385

$

2,649

Net

realized

gain

(loss)

on

investments

..............................................................................................

3,906

5,829

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

9,909

24,919

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

18,200

33,397

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(9,675)

(4,464)

Total

Dividends

and

Distributions

(9,675)

(4,464)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

32,398

48,561

Total

Increase

(Decrease)

in

Net

Assets

40,923

77,494

Net

Assets

Beginning

of

period

..................................................................................................................

220,620

143,126

End

of

period

........................................................................................................................

$

261,543

$

220,620

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

18,587

$

2,658

$

14,085

Reinvested

....................................................................................

4,070

990

4,615

Redeemed

.....................................................................................

(7,303)

(2,210)

(3,094)

Net

Increase

(Decrease)

$

15,354

$

1,438

$

15,606

Shares:

Sold

.........................................................................................

945

703

Reinvested

....................................................................................

Redeemed

.....................................................................................

(372)

(111)

(154)

Net

Increase

(Decrease)

784

784

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

31,767

$

9,039

$

28,999

Reinvested

....................................................................................

1,774

583

2,103

Redeemed

.....................................................................................

(9,458)

(8,052)

(8,194)

Net

Increase

(Decrease)

$

24,083

$

1,570

$

22,908

Shares:

Sold

.........................................................................................

1,782

512

1,646

Reinvested

....................................................................................

Redeemed

.....................................................................................

(536)

(464)

(447)

Net

Increase

(Decrease)

1,351

1,322

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(4,070)

$

(990)

$

(4,615)

Total

Dividends

and

Distributions

$

(4,070)

$

(990)

$

(4,615)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(1,777)

$

(584)

$

(2,103)

Total

Dividends

and

Distributions

$

(1,777)

$

(584)

$

(2,103)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

1,626

$

882

Net

realized

gain

(loss)

on

investments

..............................................................................................

1,452

1,736

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

3,912

9,333

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

6,990

11,951

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(3,210)

(1,430)

Total

Dividends

and

Distributions

(3,210)

(1,430)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

16,921

24,332

Total

Increase

(Decrease)

in

Net

Assets

20,701

34,853

Net

Assets

Beginning

of

period

..................................................................................................................

81,827

46,974

End

of

period

........................................................................................................................

$

102,528

$

81,827

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

10,784

$

1,281

$

8,200

Reinvested

....................................................................................

1,485

1,545

Redeemed

.....................................................................................

(3,219)

(1,339)

(1,996)

Net

Increase

(Decrease)

$

9,050

$

$

7,749

Shares:

Sold

.........................................................................................

605

Reinvested

....................................................................................

Redeemed

.....................................................................................

(180)

(75)

(109)

Net

Increase

(Decrease)

509

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

18,150

$

2,738

$

12,609

Reinvested

....................................................................................

597

725

Redeemed

.....................................................................................

(5,483)

(2,027)

(3,085)

Net

Increase

(Decrease)

$

13,264

$

819

$

10,249

Shares:

Sold

.........................................................................................

1,137

774

Reinvested

....................................................................................

Redeemed

.....................................................................................

(344)

(130)

(187)

Net

Increase

(Decrease)

832

634

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(1,485)

$

(180)

$

(1,545)

Total

Dividends

and

Distributions

$

(1,485)

$

(180)

$

(1,545)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(597)

$

(108)

$

(725)

Total

Dividends

and

Distributions

$

(597)

$

(108)

$

(725)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

$

Net

realized

gain

(loss)

on

investments

..............................................................................................

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

644

1,295

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,113

1,550

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(397)

(127)

Total

Dividends

and

Distributions

(397)

(127)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

4,270

6,800

Total

Increase

(Decrease)

in

Net

Assets

4,986

8,223

Net

Assets

Beginning

of

period

..................................................................................................................

12,317

4,094

End

of

period

........................................................................................................................

$

17,303

$

12,317

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

1,018

$

$

3,466

Reinvested

....................................................................................

Redeemed

.....................................................................................

(377)

(155)

(496)

Net

Increase

(Decrease)

$

749

$

$

3,183

Shares:

Sold

.........................................................................................

Reinvested

....................................................................................

Redeemed

.....................................................................................

(25)

(10)

(33)

Net

Increase

(Decrease)

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

2,435

$

1,866

$

4,680

Reinvested

....................................................................................

Redeemed

.....................................................................................

(492)

(115)

(1,701)

Net

Increase

(Decrease)

$

1,976

$

1,762

$

3,062

Shares:

Sold

.........................................................................................

Reinvested

....................................................................................

Redeemed

.....................................................................................

(37)

(8)

(130)

Net

Increase

(Decrease)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(108)

$

(76)

$

(213)

Total

Dividends

and

Distributions

$

(108)

$

(76)

$

(213)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(33)

$

(11)

$

(83)

Total

Dividends

and

Distributions

$

(33)

$

(11)

$

(83)

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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

5,302

$

5,019

Net

realized

gain

(loss)

on

investments

..............................................................................................

1,222

2,504

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

9,831

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

6,906

17,354

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(8,282)

(4,946)

Total

Dividends

and

Distributions

(8,282)

(4,946)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

19,185

15,745

Total

Increase

(Decrease)

in

Net

Assets

17,809

28,153

Net

Assets

Beginning

of

period

..................................................................................................................

187,875

159,722

End

of

period

........................................................................................................................

$

205,684

$

187,875

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

19,768

$

$

8,022

Reinvested

....................................................................................

5,916

2,019

Redeemed

.....................................................................................

(12,158)

(877)

(4,343)

Net

Increase

(Decrease)

$

13,526

$

(39)

$

5,698

Shares:

Sold

.........................................................................................

1,782

723

Reinvested

....................................................................................

540

Redeemed

.....................................................................................

(1,098)

(80)

(388)

Net

Increase

(Decrease)

1,224

(5)

518

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

30,924

$

3,455

$

11,878

Reinvested

....................................................................................

3,473

1,215

Redeemed

.....................................................................................

(20,440)

(4,783)

(10,235)

Net

Increase

(Decrease)

$

13,957

$

(1,070)

$

2,858

Shares:

Sold

.........................................................................................

2,918

1,119

Reinvested

....................................................................................

Redeemed

.....................................................................................

(1,938)

(455)

(950)

Net

Increase

(Decrease)

1,319

(111)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(5,916)

$

(347)

$

(2,019)

Total

Dividends

and

Distributions

$

(5,916)

$

(347)

$

(2,019)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(3,473)

$

(258)

$

(1,215)

Total

Dividends

and

Distributions

$

(3,473)

$

(258)

$

(1,215)

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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

14,598

$

22,703

Net

realized

gain

(loss)

on

investments

..............................................................................................

19,679

19,173

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(12,943)

24,806

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

21,334

66,682

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(39,267)

(34,250)

Total

Dividends

and

Distributions

(39,267)

(34,250)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(40,064)

(98,642)

Total

Increase

(Decrease)

in

Net

Assets

(57,997)

(66,210)

Net

Assets

Beginning

of

period

..................................................................................................................

724,781

790,991

End

of

period

........................................................................................................................

$

666,784

$

724,781

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

550

$

6,129

$

14,738

N/A

$

1,893

N/A

$

1,047

Reinvested

..........................................

1,794

12,913

22,130

N/A

1,016

N/A

1,324

Redeemed

...........................................

(3,099)

(16,351)

(74,657)

N/A

(5,259)

N/A

(4,232)

Net

Increase

(Decrease)

$

(755)

$

2,691

$

(37,789)

N/A

$

(2,350)

N/A

$

(1,861)

Shares:

Sold

...............................................

524

1,247

N/A

N/A

Reinvested

..........................................

1,109

1,887

N/A

N/A

Redeemed

...........................................

(257)

(1,392)

(6,345)

N/A

(452)

N/A

(360)

Net

Increase

(Decrease)

(61)

(3,211)

N/A

(203)

N/A

(160)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

2,358

$

14,950

$

27,940

$

$

8,264

$

$

16,008

Reinvested

..........................................

1,477

10,359

20,392

–

887

–

1,053

Redeemed

...........................................

(5,468)

(34,263)

(131,943)

(4,589)

(7,378)

(7,546)

(11,177)

Net

Increase

(Decrease)

$

(1,633)

$

(8,954)

$

(83,611)

$

(4,574)

$

1,773

$

(7,527)

$

5,884

Shares:

Sold

...............................................

1,317

2,421

719

1,369

Reinvested

..........................................

932

1,821

–

–

Redeemed

...........................................

(468)

(3,005)

(11,435)

(391)

(644)

(647)

(975)

Net

Increase

(Decrease)

(136)

(756)

(7,193)

(390)

(646)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(1,866)

$

(12,926)

$

(22,132)

$

N/A

$

(1,019)

$

N/A

$

(1,324)

Total

Dividends

and

Distributions

$

(1,866)

$

(12,926)

$

(22,132)

$

N/A

$

(1,019)

$

N/A

$

(1,324)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(1,543)

$

(10,375)

$

(20,392)

$

–

$

(887)

$

–

$

(1,053)

Total

Dividends

and

Distributions

$

(1,543)

$

(10,375)

$

(20,392)

$

–

$

(887)

$

–

$

(1,053)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

66,902

$

137,224

Net

realized

gain

(loss)

on

investments

..............................................................................................

59,400

(25,673)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

590,387

(262,818)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

716,689

(151,267)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(73,301)

(261,342)

Total

Dividends

and

Distributions

(73,301)

(261,342)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(91,832)

(18,632)

Total

Increase

(Decrease)

in

Net

Assets

551,556

(431,241)

Net

Assets

Beginning

of

period

..................................................................................................................

6,185,219

6,616,460

End

of

period

........................................................................................................................

$

6,736,775

$

6,185,219

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

..........................

$

10,298

$

$

2,834

$

427,555

N/A

$

3,146

N/A

$

5,130

$

407,939

Reinvested

.....................

1,678

1,297

40,211

N/A

N/A

774

26,111

Redeemed

......................

(24,576)

(2,629)

(10,789)

(688,723)

N/A

(5,252)

N/A

(26,279)

(261,212)

Net

Increase

(Decrease)

$

(12,600)

$

(2,228)

$

(6,658)

$

(220,957)

N/A

$

(1,852)

N/A

$

(20,375)

$

172,838

Shares:

Sold

..........................

14,792

N/A

N/A

14,059

Reinvested

.....................

1,409

N/A

N/A

915

Redeemed

......................

(853)

(93)

(390)

(23,776)

N/A

(187)

N/A

(953)

(9,079)

Net

Increase

(Decrease)

(433)

(79)

(243)

(7,575)

N/A

(65)

N/A

(740)

5,895

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

..........................

$

17,974

$

1,168

$

4,098

$

876,204

$

$

9,344

$

$

24,077

$

382,541

Reinvested

.....................

6,977

5,239

143,810

–

1,106

–

3,354

88,943

Redeemed

......................

(38,379)

(6,004)

(18,903)

(1,021,318)

(2,121)

(10,915)

(12,048)

(26,496)

(447,786)

Net

Increase

(Decrease)

$

(13,428)

$

(4,409)

$

(9,566)

$

(1,304)

$

(2,105)

$

(465)

$

(11,988)

$

935

$

23,698

Shares:

Sold

..........................

629

30,635

853

13,364

Reinvested

.....................

5,088

–

–

3,148

Redeemed

......................

(1,340)

(214)

(686)

(35,762)

(71)

(394)

(415)

(969)

(15,639)

Net

Increase

(Decrease)

(464)

(158)

(344)

(39)

(70)

(23)

(413)

873

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(1,731)

$

(49)

$

(1,299)

$

(41,931)

$

N/A

$

(257)

$

N/A

$

(774)

$

(27,260)

Total

Dividends

and

Distributions

$

(1,731)

$

(49)

$

(1,299)

$

(41,931)

$

N/A

$

(257)

$

N/A

$

(774)

$

(27,260)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(7,200)

$

(437)

$

(5,246)

$

(150,355)

$

–

$

(1,117)

$

–

$

(3,355)

$

(93,632)

Total

Dividends

and

Distributions

$

(7,200)

$

(437)

$

(5,246)

$

(150,355)

$

–

$

(1,117)

$

–

$

(3,355)

$

(93,632)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

74,869

$

89,106

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

.............................................................

209,279

427,609

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

..............................

(6,274)

66,768

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

277,874

583,483

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(462,763)

(310,782)

Total

Dividends

and

Distributions

(462,763)

(310,782)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

236,697

(96,262)

Total

Increase

(Decrease)

in

Net

Assets

51,808

176,439

Net

Assets

Beginning

of

period

..................................................................................................................

4,794,136

4,617,697

End

of

period

........................................................................................................................

$

4,845,944

$

4,794,136

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

48,290

$

5,551

$

63,172

$

36,388

N/A

$

5,637

N/A

$

2,224

Reinvested

...............................

203,902

9,385

171,347

70,598

N/A

2,351

N/A

3,408

Redeemed

................................

(171,200)

(18,842)

(124,080)

(60,341)

N/A

(8,090)

N/A

(3,003)

Net

Increase

(Decrease)

$

80,992

$

(3,906)

$

110,439

$

46,645

N/A

$

(102)

N/A

$

2,629

Shares:

Sold

....................................

2,828

3,910

2,185

N/A

N/A

Reinvested

...............................

12,297

584

10,951

4,375

N/A

N/A

Redeemed

................................

(10,021)

(1,141)

(7,701)

(3,640)

N/A

(502)

N/A

(181)

Net

Increase

(Decrease)

5,104

(223)

7,160

2,920

N/A

(9)

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

93,823

$

13,755

$

158,323

$

69,631

$

$

4,626

$

$

16,133

Reinvested

...............................

138,644

6,692

112,812

47,241

–

1,610

–

2,466

Redeemed

................................

(315,460)

(38,646)

(248,304)

(127,997)

(2,084)

(6,847)

(12,254)

(10,765)

Net

Increase

(Decrease)

$

(82,993)

$

(18,199)

$

22,831

$

(11,125)

$

(2,074)

$

(611)

$

(11,925)

$

7,834

Shares:

Sold

....................................

5,582

843

9,943

4,285

964

Reinvested

...............................

8,507

7,289

2,967

–

–

Redeemed

................................

(18,778)

(2,380)

(15,593)

(7,865)

(123)

(422)

(721)

(655)

Net

Increase

(Decrease)

(4,689)

(1,113)

1,639

(613)

(122)

(41)

(701)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(205,493)

$

(9,410)

$

(171,476)

$

(70,625)

$

N/A

$

(2,351)

$

N/A

$

(3,408)

Total

Dividends

and

Distributions

$

(205,493)

$

(9,410)

$

(171,476)

$

(70,625)

$

N/A

$

(2,351)

$

N/A

$

(3,408)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(139,793)

$

(6,723)

$

(112,941)

$

(47,249)

$

–

$

(1,610)

$

–

$

(2,466)

Total

Dividends

and

Distributions

$

(139,793)

$

(6,723)

$

(112,941)

$

(47,249)

$

–

$

(1,610)

$

–

$

(2,466)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

33,579

$

46,410

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

.............................................................

45,737

99,797

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

..............................

(1,836)

41,815

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

77,480

188,022

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(128,121)

(67,759)

Total

Dividends

and

Distributions

(128,121)

(67,759)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

30,395

(96,783)

Total

Increase

(Decrease)

in

Net

Assets

(20,246)

23,480

Net

Assets

Beginning

of

period

..................................................................................................................

1,882,323

1,858,843

End

of

period

........................................................................................................................

$

1,862,077

$

1,882,323

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

13,824

$

2,179

$

32,719

$

15,027

N/A

$

756

N/A

$

1,923

Reinvested

...............................

34,504

1,922

73,488

14,930

N/A

857

N/A

2,018

Redeemed

................................

(40,900)

(6,783)

(91,477)

(19,810)

N/A

(3,417)

N/A

(1,365)

Net

Increase

(Decrease)

$

7,428

$

(2,682)

$

14,730

$

10,147

N/A

$

(1,804)

N/A

$

2,576

Shares:

Sold

....................................

1,064

2,582

1,168

N/A

N/A

Reinvested

...............................

2,707

5,878

1,188

N/A

N/A

Redeemed

................................

(3,149)

(531)

(7,175)

(1,550)

N/A

(271)

N/A

(108)

Net

Increase

(Decrease)

622

(208)

1,285

806

N/A

(144)

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

30,787

$

3,665

$

95,129

$

30,141

$

$

2,477

$

542

$

12,842

Reinvested

...............................

18,082

997

38,973

8,060

–

–

1,030

Redeemed

................................

(85,660)

(14,617)

(168,062)

(51,141)

(1,565)

(2,480)

(11,078)

(5,399)

Net

Increase

(Decrease)

$

(36,791)

$

(9,955)

$

(33,960)

$

(12,940)

$

(1,494)

$

$

(10,536)

$

8,473

Shares:

Sold

....................................

2,423

7,588

2,402

1,022

Reinvested

...............................

1,445

3,167

652

–

–

Redeemed

................................

(6,763)

(1,168)

(13,521)

(4,090)

(125)

(201)

(880)

(431)

Net

Increase

(Decrease)

(2,895)

(798)

(2,766)

(1,036)

(119)

(836)

674

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(34,821)

$

(1,926)

$

(73,560)

$

(14,939)

$

N/A

$

(857)

$

N/A

$

(2,018)

Total

Dividends

and

Distributions

$

(34,821)

$

(1,926)

$

(73,560)

$

(14,939)

$

N/A

$

(857)

$

N/A

$

(2,018)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(18,234)

$

(1,001)

$

(39,011)

$

(8,060)

$

–

$

(423)

$

–

$

(1,030)

Total

Dividends

and

Distributions

$

(18,234)

$

(1,001)

$

(39,011)

$

(8,060)

$

–

$

(423)

$

–

$

(1,030)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

47,274

$

44,410

Net

realized

gain

(loss)

on

investments

..............................................................................................

200,247

395,598

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(7,630)

19,269

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

239,891

459,277

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(420,457)

(228,049)

Total

Dividends

and

Distributions

(420,457)

(228,049)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

258,943

(49,778)

Total

Increase

(Decrease)

in

Net

Assets

78,377

181,450

Net

Assets

Beginning

of

period

..................................................................................................................

3,397,024

3,215,574

End

of

period

........................................................................................................................

$

3,475,401

$

3,397,024

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

30,580

$

3,595

$

58,200

$

29,004

N/A

$

1,056

N/A

$

1,253

Reinvested

...............................

212,856

9,330

130,718

59,881

N/A

1,413

N/A

3,830

Redeemed

................................

(143,954)

(14,914)

(82,880)

(36,095)

N/A

(2,703)

N/A

(2,227)

Net

Increase

(Decrease)

$

99,482

$

(1,989)

$

106,038

$

52,790

N/A

$

(234)

N/A

$

2,856

Shares:

Sold

....................................

1,516

3,064

1,489

N/A

N/A

Reinvested

...............................

10,919

548

7,164

3,193

N/A

N/A

Redeemed

................................

(7,103)

(840)

(4,363)

(1,854)

N/A

(143)

N/A

(119)

Net

Increase

(Decrease)

5,332

(91)

5,865

2,828

N/A

(9)

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

61,233

$

8,053

$

132,903

$

48,983

$

$

2,403

$

$

9,378

Reinvested

...............................

117,386

5,814

67,637

32,659

–

755

–

2,410

Redeemed

................................

(240,805)

(30,742)

(147,064)

(100,068)

(672)

(2,161)

(5,656)

(12,520)

Net

Increase

(Decrease)

$

(62,186)

$

(16,875)

$

53,476

$

(18,426)

$

(669)

$

997

$

(5,363)

$

(732)

Shares:

Sold

....................................

3,062

7,021

2,506

–

Reinvested

...............................

6,091

3,720

1,754

–

–

Redeemed

................................

(11,982)

(1,725)

(7,814)

(5,157)

(34)

(115)

(279)

(646)

Net

Increase

(Decrease)

(2,829)

(931)

2,927

(897)

(34)

(264)

(36)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(215,163)

$

(9,340)

$

(130,820)

$

(59,891)

$

N/A

$

(1,413)

$

N/A

$

(3,830)

Total

Dividends

and

Distributions

$

(215,163)

$

(9,340)

$

(130,820)

$

(59,891)

$

N/A

$

(1,413)

$

N/A

$

(3,830)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(118,703)

$

(5,821)

$

(67,683)

$

(32,677)

$

–

$

(755)

$

–

$

(2,410)

Total

Dividends

and

Distributions

$

(118,703)

$

(5,821)

$

(67,683)

$

(32,677)

$

–

$

(755)

$

–

$

(2,410)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

42,994

$

67,377

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

.............................................................

31,960

50,921

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

..............................

(12,868)

75,151

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

62,086

193,449

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(60,313)

(67,149)

Total

Dividends

and

Distributions

(60,313)

(67,149)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(62,051)

(246,474)

Total

Increase

(Decrease)

in

Net

Assets

(60,278)

(120,174)

Net

Assets

Beginning

of

period

..................................................................................................................

2,231,962

2,352,136

End

of

period

........................................................................................................................

$

2,171,684

$

2,231,962

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

25,896

$

2,398

$

12,865

$

19,574

N/A

$

N/A

$

Reinvested

...............................

22,783

1,112

30,502

5,326

N/A

N/A

Redeemed

................................

(73,990)

(10,503)

(76,749)

(20,110)

N/A

(372)

N/A

(1,871)

Net

Increase

(Decrease)

$

(25,311)

$

(6,993)

$

(33,382)

$

4,790

N/A

$

N/A

$

(1,179)

Shares:

Sold

....................................

2,017

1,015

1,532

N/A

N/A

Reinvested

...............................

1,782

2,412

N/A

N/A

Redeemed

................................

(5,761)

(828)

(6,044)

(1,576)

N/A

(29)

N/A

(146)

Net

Increase

(Decrease)

(1,962)

(550)

(2,617)

N/A

N/A

(92)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

48,731

$

5,532

$

42,686

$

44,668

$

$

1,671

$

$

10,168

Reinvested

...............................

25,018

1,300

34,068

5,690

–

–

590

Redeemed

................................

(173,131)

(30,069)

(176,114)

(54,814)

(1,189)

(2,458)

(4,383)

(24,741)

Net

Increase

(Decrease)

$

(99,382)

$

(23,237)

$

(99,360)

$

(4,456)

$

(1,183)

$

(705)

$

(4,168)

$

(13,983)

Shares:

Sold

....................................

3,940

3,523

3,651

831

Reinvested

...............................

2,041

2,809

–

–

Redeemed

................................

(14,065)

(2,467)

(14,478)

(4,461)

(98)

(202)

(359)

(1,973)

Net

Increase

(Decrease)

(8,084)

(1,906)

(8,146)

(345)

(97)

(58)

(341)

(1,093)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(23,010)

$

(1,127)

$

(30,584)

$

(5,329)

$

N/A

$

(69)

$

N/A

$

(194)

Total

Dividends

and

Distributions

$

(23,010)

$

(1,127)

$

(30,584)

$

(5,329)

$

N/A

$

(69)

$

N/A

$

(194)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(25,298)

$

(1,314)

$

(34,170)

$

(5,695)

$

–

$

(82)

$

–

$

(590)

Total

Dividends

and

Distributions

$

(25,298)

$

(1,314)

$

(34,170)

$

(5,695)

$

–

$

(82)

$

–

$

(590)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

29,955

$

23,415

Net

realized

gain

(loss)

on

investments

..............................................................................................

155,691

274,372

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

14,705

56,910

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

200,351

354,697

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(275,675)

(158,298)

Total

Dividends

and

Distributions

(275,675)

(158,298)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

180,601

(6,853)

Total

Increase

(Decrease)

in

Net

Assets

105,277

189,546

Net

Assets

Beginning

of

period

..................................................................................................................

2,456,630

2,267,084

End

of

period

........................................................................................................................

$

2,561,907

$

2,456,630

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

32,084

$

7,587

$

38,718

$

28,645

N/A

$

881

N/A

$

2,245

Reinvested

...............................

149,110

8,394

67,074

44,260

N/A

1,060

N/A

3,798

Redeemed

................................

(101,815)

(11,939)

(49,174)

(33,705)

N/A

(2,805)

N/A

(3,817)

Net

Increase

(Decrease)

$

79,379

$

4,042

$

56,618

$

39,200

N/A

$

(864)

N/A

$

2,226

Shares:

Sold

....................................

1,327

1,712

1,235

N/A

N/A

Reinvested

...............................

6,431

3,086

1,990

N/A

N/A

Redeemed

................................

(4,220)

(598)

(2,169)

(1,448)

N/A

(128)

N/A

(168)

Net

Increase

(Decrease)

3,538

2,629

1,777

N/A

(40)

N/A

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

53,562

$

8,268

$

83,525

$

52,917

$

$

2,993

$

1,680

$

7,934

Reinvested

...............................

87,169

4,968

36,684

25,538

–

521

–

2,287

Redeemed

................................

(167,089)

(21,313)

(85,471)

(82,674)

(557)

(2,496)

(6,746)

(8,559)

Net

Increase

(Decrease)

$

(26,358)

$

(8,077)

$

34,738

$

(4,219)

$

(551)

$

1,018

$

(5,066)

$

1,662

Shares:

Sold

....................................

2,290

3,753

2,303

–

Reinvested

...............................

3,893

1,734

1,184

–

–

Redeemed

................................

(7,117)

(1,068)

(3,866)

(3,682)

(23)

(110)

(289)

(386)

Net

Increase

(Decrease)

(934)

(391)

1,621

(195)

(23)

(215)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(151,031)

$

(8,411)

$

(67,112)

$

(44,263)

$

N/A

$

(1,060)

$

N/A

$

(3,798)

Total

Dividends

and

Distributions

$

(151,031)

$

(8,411)

$

(67,112)

$

(44,263)

$

N/A

$

(1,060)

$

N/A

$

(3,798)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(88,237)

$

(4,979)

$

(36,733)

$

(25,541)

$

–

$

(521)

$

–

$

(2,287)

Total

Dividends

and

Distributions

$

(88,237)

$

(4,979)

$

(36,733)

$

(25,541)

$

–

$

(521)

$

–

$

(2,287)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

68,792

$

128,015

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

503

(5,838)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

(15,254)

52,346

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

54,041

174,523

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(67,678)

(127,999)

Total

Dividends

and

Distributions

(67,678)

(127,999)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(139,365)

155,688

Total

Increase

(Decrease)

in

Net

Assets

(153,002)

202,212

Net

Assets

Beginning

of

period

..................................................................................................................

3,530,786

3,328,574

End

of

period

........................................................................................................................

$

3,377,784

$

3,530,786

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

62,743

$

$

9,220

$

384,045

N/A

$

1,616

N/A

$

2,385

Reinvested

...............................

5,735

1,894

59,118

N/A

N/A

Redeemed

................................

(80,512)

(3,263)

(15,060)

(562,206)

N/A

(1,864)

N/A

(4,143)

Net

Increase

(Decrease)

$

(12,034)

$

(2,645)

$

(3,946)

$

(119,043)

N/A

$

(138)

N/A

$

(1,559)

Shares:

Sold

....................................

5,161

759

31,627

N/A

N/A

Reinvested

...............................

4,866

N/A

N/A

Redeemed

................................

(6,623)

(269)

(1,240)

(46,300)

N/A

(154)

N/A

(340)

Net

Increase

(Decrease)

(990)

(218)

(325)

(9,807)

N/A

(12)

N/A

(128)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

170,842

$

3,328

$

15,526

$

877,287

$

$

8,807

$

$

8,224

Reinvested

...............................

11,428

3,877

109,770

–

Redeemed

................................

(176,945)

(6,227)

(26,015)

(822,230)

(443)

(11,607)

(5,760)

(5,248)

Net

Increase

(Decrease)

$

5,325

$

(2,524)

$

(6,612)

$

164,827

$

(441)

$

(2,511)

$

(5,752)

$

3,376

Shares:

Sold

....................................

14,153

1,288

72,668

–

732

683

Reinvested

...............................

945

9,088

–

–

Redeemed

................................

(14,653)

(516)

(2,158)

(68,205)

(37)

(963)

(482)

(434)

Net

Increase

(Decrease)

(209)

(549)

13,551

(37)

(207)

(481)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(5,896)

$

(159)

$

(1,928)

$

(59,386)

$

N/A

$

(110)

$

N/A

$

(199)

Total

Dividends

and

Distributions

$

(5,896)

$

(159)

$

(1,928)

$

(59,386)

$

N/A

$

(110)

$

N/A

$

(199)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(11,792)

$

(385)

$

(3,937)

$

(111,181)

$

(1)

$

(294)

$

(9)

$

(400)

Total

Dividends

and

Distributions

$

(11,792)

$

(385)

$

(3,937)

$

(111,181)

$

(1)

$

(294)

$

(9)

$

(400)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

2,471

$

4,853

Net

realized

gain

(loss)

on

investments

..............................................................................................

193,872

126,971

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

67,621

129,678

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

263,964

261,502

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(115,060)

(43,642)

Total

Dividends

and

Distributions

(115,060)

(43,642)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

(313,300)

(233,349)

Total

Increase

(Decrease)

in

Net

Assets

(164,396)

(15,489)

Net

Assets

Beginning

of

period

..................................................................................................................

2,264,723

2,280,212

End

of

period

........................................................................................................................

$

2,100,327

$

2,264,723

Class

A

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

....................................

$

4,855

$

4,736

$

86,339

N/A

$

1,087

N/A

$

2,865

$

27,034

Reinvested

...............................

13,723

11,098

38,054

N/A

871

N/A

2,758

48,386

Redeemed

................................

(19,444)

(13,968)

(275,702)

N/A

(3,454)

N/A

(26,145)

(216,393)

Net

Increase

(Decrease)

$

(866)

$

1,866

$

(151,309)

N/A

$

(1,496)

N/A

$

(20,522)

$

(140,973)

Shares:

Sold

....................................

2,667

N/A

N/A

834

Reinvested

...............................

1,215

N/A

N/A

1,542

Redeemed

................................

(670)

(514)

(8,486)

N/A

(120)

N/A

(841)

(6,692)

Net

Increase

(Decrease)

(12)

(4,604)

N/A

(50)

N/A

(662)

(4,316)

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

....................................

$

10,250

$

5,890

$

169,138

$

$

5,651

$

$

38,583

$

162,914

Reinvested

...............................

4,753

4,051

13,737

–

–

1,347

19,398

Redeemed

................................

(41,641)

(27,551)

(256,120)

(1,356)

(5,638)

(32,502)

(30,029)

(274,568)

Net

Increase

(Decrease)

$

(26,638)

$

(17,610)

$

(73,245)

$

(1,349)

$

$

(32,454)

$

9,901

$

(92,256)

Shares:

Sold

....................................

5,984

–

1,283

5,373

Reinvested

...............................

–

–

682

Redeemed

................................

(1,599)

(1,124)

(8,815)

(54)

(218)

(1,107)

(1,042)

(9,567)

Net

Increase

(Decrease)

(1,019)

(717)

(2,347)

(54)

(1,105)

(3,512)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(13,825)

$

(11,103)

$

(38,083)

$

N/A

$

(888)

$

N/A

$

(2,758)

$

(48,403)

Total

Dividends

and

Distributions

$

(13,825)

$

(11,103)

$

(38,083)

$

N/A

$

(888)

$

N/A

$

(2,758)

$

(48,403)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...............................

$

(4,787)

$

(4,058)

$

(13,755)

$

–

$

(294)

$

–

$

(1,347)

$

(19,401)

Total

Dividends

and

Distributions

$

(4,787)

$

(4,058)

$

(13,755)

$

–

$

(294)

$

–

$

(1,347)

$

(19,401)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

(4,138)

$

(7,883)

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

141,445

234,673

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

137,800

58,289

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

275,107

285,079

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(186,643)

(168,493)

Total

Dividends

and

Distributions

(186,643)

(168,493)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

66,222

(51,033)

Total

Increase

(Decrease)

in

Net

Assets

154,686

65,553

Net

Assets

Beginning

of

period

..................................................................................................................

2,190,105

2,124,552

End

of

period

........................................................................................................................

$

2,344,791

$

2,190,105

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

4,036

$

6,852

N/A

$

1,562

N/A

$

2,525

$

121,220

Reinvested

..........................................

10,668

7,664

N/A

1,875

N/A

2,795

158,131

Redeemed

...........................................

(7,810)

(19,389)

N/A

(3,473)

N/A

(3,973)

(216,461)

Net

Increase

(Decrease)

$

6,894

$

(4,873)

N/A

$

(36)

N/A

$

1,347

$

62,890

Shares:

Sold

...............................................

N/A

N/A

7,553

Reinvested

..........................................

1,354

501

N/A

N/A

10,288

Redeemed

...........................................

(917)

(1,189)

N/A

(314)

N/A

(282)

(13,449)

Net

Increase

(Decrease)

908

(263)

N/A

N/A

4,392

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

6,822

$

22,230

$

$

3,955

$

694

$

13,219

$

226,891

Reinvested

..........................................

8,939

6,923

–

1,651

–

2,668

143,534

Redeemed

...........................................

(13,735)

(51,999)

(1,656)

(4,557)

(9,985)

(10,664)

(396,005)

Net

Increase

(Decrease)

$

2,026

$

(22,846)

$

(1,614)

$

1,049

$

(9,291)

$

5,223

$

(25,580)

Shares:

Sold

...............................................

803

1,533

905

14,969

Reinvested

..........................................

1,073

–

–

9,578

Redeemed

...........................................

(1,643)

(3,501)

(144)

(428)

(712)

(791)

(26,644)

Net

Increase

(Decrease)

(1,504)

(140)

(662)

(2,097)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(10,700)

$

(7,669)

$

N/A

$

(1,875)

$

N/A

$

(2,795)

$

(163,604)

Total

Dividends

and

Distributions

$

(10,700)

$

(7,669)

$

N/A

$

(1,875)

$

N/A

$

(2,795)

$

(163,604)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(8,966)

$

(8,625)

$

–

$

(1,651)

$

–

$

(2,668)

$

(146,583)

Total

Dividends

and

Distributions

$

(8,966)

$

(8,625)

$

–

$

(1,651)

$

–

$

(2,668)

$

(146,583)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

10,152

$

15,880

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

88,919

123,815

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

102,245

(81,943)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

201,316

57,752

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(122,470)

(110,194)

Total

Dividends

and

Distributions

(122,470)

(110,194)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

34,078

55,597

Total

Increase

(Decrease)

in

Net

Assets

112,924

3,155

Net

Assets

Beginning

of

period

..................................................................................................................

1,220,230

1,217,075

End

of

period

........................................................................................................................

$

1,333,154

$

1,220,230

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

7,042

$

20,779

N/A

$

14,442

N/A

$

5,878

$

78,052

Reinvested

..........................................

18,776

16,187

N/A

6,117

N/A

7,638

73,463

Redeemed

...........................................

(15,065)

(39,453)

N/A

(16,696)

N/A

(22,038)

(121,044)

Net

Increase

(Decrease)

$

10,753

$

(2,487)

N/A

$

3,863

N/A

$

(8,522)

$

30,471

Shares:

Sold

...............................................

795

N/A

513

N/A

2,976

Reinvested

..........................................

825

640

N/A

N/A

2,908

Redeemed

...........................................

(635)

(1,492)

N/A

(614)

N/A

(775)

(4,554)

Net

Increase

(Decrease)

(57)

N/A

N/A

(282)

1,330

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

11,162

$

41,233

$

$

18,219

$

$

46,277

$

384,764

Reinvested

..........................................

16,784

17,500

–

5,606

–

9,201

60,862

Redeemed

...........................................

(30,400)

(99,862)

(6,078)

(23,374)

(29,296)

(50,465)

(316,846)

Net

Increase

(Decrease)

$

(2,454)

$

(41,129)

$

(6,052)

$

$

(29,012)

$

5,013

$

128,780

Shares:

Sold

...............................................

1,612

666

1,550

14,466

Reinvested

..........................................

710

673

–

–

2,342

Redeemed

...........................................

(1,308)

(3,828)

(207)

(899)

(930)

(1,883)

(12,235)

Net

Increase

(Decrease)

(117)

(1,543)

(206)

(24)

(921)

4,573

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(18,810)

$

(16,382)

$

N/A

$

(6,122)

$

N/A

$

(7,638)

$

(73,518)

Total

Dividends

and

Distributions

$

(18,810)

$

(16,382)

$

N/A

$

(6,122)

$

N/A

$

(7,638)

$

(73,518)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(16,837)

$

(17,682)

$

–

$

(5,606)

$

–

$

(9,201)

$

(60,868)

Total

Dividends

and

Distributions

$

(16,837)

$

(17,682)

$

–

$

(5,606)

$

–

$

(9,201)

$

(60,868)

(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,

2026

Year

Ended

October

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

........................................................................................................

$

7,287

$

14,438

Net

realized

gain

(loss)

on

investments

and

futures

.................................................................................

77,139

83,970

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

futures

...................................................

95,633

(38,130)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

180,059

60,278

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(93,432)

(116,138)

Total

Dividends

and

Distributions

(93,432)

(116,138)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

61,265

32,536

Total

Increase

(Decrease)

in

Net

Assets

147,892

(23,324)

Net

Assets

Beginning

of

period

..................................................................................................................

1,095,356

1,118,680

End

of

period

........................................................................................................................

$

1,243,248

$

1,095,356

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

...............................................

$

2,808

$

15,476

N/A

$

N/A

$

1,177

$

68,306

Reinvested

..........................................

1,629

11,905

N/A

N/A

577

78,205

Redeemed

...........................................

(2,443)

(24,505)

N/A

(665)

N/A

(851)

(91,275)

Net

Increase

(Decrease)

$

1,994

$

2,876

N/A

$

N/A

$

903

$

55,236

Shares:

Sold

...............................................

1,293

N/A

N/A

5,619

Reinvested

..........................................

1,013

N/A

N/A

6,658

Redeemed

...........................................

(212)

(2,017)

N/A

(59)

N/A

(72)

(7,500)

Net

Increase

(Decrease)

N/A

N/A

4,777

Year

Ended

October

31,

2025

(a),

(b) Dollars:

Sold

...............................................

$

1,525

$

38,116

$

$

1,956

$

$

5,574

$

165,022

Reinvested

..........................................

2,442

16,350

–

564

–

925

94,732

Redeemed

...........................................

(7,467)

(70,959)

(682)

(1,805)

(3,939)

(5,472)

(204,361)

Net

Increase

(Decrease)

$

(3,500)

$

(16,493)

$

(675)

$

715

$

(3,931)

$

1,027

$

55,393

Shares:

Sold

...............................................

3,200

14,288

Reinvested

..........................................

1,417

–

–

8,212

Redeemed

...........................................

(676)

(5,985)

(59)

(168)

(300)

(471)

(17,731)

Net

Increase

(Decrease)

(314)

(1,368)

(58)

(299)

4,769

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

...

$

(1,630)

$

(12,461)

$

N/A

$

(461)

$

N/A

$

(577)

$

(78,303)

Total

Dividends

and

Distributions

$

(1,630)

$

(12,461)

$

N/A

$

(461)

$

N/A

$

(577)

$

(78,303)

Year

Ended

October

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

...

$

(2,444)

$

(17,305)

$

–

$

(564)

$

–

$

(925)

$

(94,900)

Total

Dividends

and

Distributions

$

(2,444)

$

(17,305)

$

–

$

(564)

$

–

$

(925)

$

(94,900)

(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,

2026

Year

Ended

October

31,

2025

Operations

Net

investment

income

(loss)

........................................................................................................

$

9,630

$

19,461

Net

realized

gain

(loss)

on

investments

..............................................................................................

(3,387)

(4,196)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

...............................................................

(507)

2,348

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

5,736

17,613

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.................................................................

(9,521)

(20,276)

Total

Dividends

and

Distributions

(9,521)

(20,276)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

................................................................................

18,468

(69,630)

Total

Increase

(Decrease)

in

Net

Assets

14,683

(72,293)

Net

Assets

Beginning

of

period

..................................................................................................................

495,130

567,423

End

of

period

........................................................................................................................

$

509,813

$

495,130

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Period

Ended

April

30,

2026

Dollars:

Sold

.........................................................................................

$

37,248

$

$

39,283

Reinvested

....................................................................................

4,096

4,941

Redeemed

.....................................................................................

(24,091)

(1,834)

(41,584)

Net

Increase

(Decrease)

$

17,253

$

(1,425)

$

2,640

Shares:

Sold

.........................................................................................

5,568

5,863

Reinvested

....................................................................................

613

739

Redeemed

.....................................................................................

(3,606)

(273)

(6,216)

Net

Increase

(Decrease)

2,575

(212)

Year

Ended

October

31,

2025

Dollars:

Sold

.........................................................................................

$

35,437

$

1,074

$

84,025

Reinvested

....................................................................................

8,416

10,653

Redeemed

.....................................................................................

(71,771)

(4,858)

(132,933)

Net

Increase

(Decrease)

$

(27,918)

$

(3,457)

$

(38,255)

Shares:

Sold

.........................................................................................

5,355

12,692

Reinvested

....................................................................................

1,272

1,608

Redeemed

.....................................................................................

(10,863)

(727)

(20,067)

Net

Increase

(Decrease)

(4,236)

(516)

(5,767)

Dividends

and

Distributions

to

Shareholders:

Period Ended

April

30,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(4,402)

$

(132)

$

(4,987)

Total

Dividends

and

Distributions

$

(4,402)

$

(132)

$

(4,987)

Year

Ended

October

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

.............................................

$

(9,127)

$

(334)

$

(10,815)

Total

Dividends

and

Distributions

$

(9,127)

$

(334)

$

(10,815)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

1. Organization

Principal

Funds,

Inc.

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act")

as

an

open-end

management

investment

company

and

operates

as

a

series

fund

in

the

mutual

fund

industry.

The

financial

statements

for

California

Municipal

Fund,

Core

Fixed

Income

Fund,

Core

Plus

Bond

Fund,

Diversified

Income

Fund,

Diversified

International

Fund,

Equity

Income

Fund,

Finisterre

Emerging

Markets

Total

Return

Bond

Fund,

Global

Emerging

Markets

Fund,

Global

Real

Estate

Securities

Fund,

Government

&

High

Quality

Bond

Fund,

Government

Money

Market

Fund,

High

Yield

Fund,

Inflation

Protection

Fund,

International

Equity

Fund,

LargeCap

Growth

Fund

I,

LargeCap

S&P

500

Index

Fund,

LargeCap

Value

Fund

III,

MidCap

Fund,

MidCap

S&P

Index

Fund,

MidCap

Value

Fund

I,

Money

Market

Fund,

Overseas

Fund,

Principal

Capital

Appreciation

Fund,

Principal

LifeTime

2015

Fund,

Principal

LifeTime

2020

Fund,

Principal

LifeTime

2025

Fund,

Principal

LifeTime

2030

Fund,

Principal

LifeTime

2035

Fund,

Principal

LifeTime

2040

Fund,

Principal

LifeTime

2045

Fund,

Principal

LifeTime

2050

Fund,

Principal

LifeTime

2055

Fund,

Principal

LifeTime

2060

Fund,

Principal

LifeTime

2065

Fund,

Principal

LifeTime

2070

Fund,

Principal

LifeTime

Hybrid

2015

Fund,

Principal

LifeTime

Hybrid

2020

Fund,

Principal

LifeTime

Hybrid

2025

Fund,

Principal

LifeTime

Hybrid

2030

Fund,

Principal

LifeTime

Hybrid

2035

Fund,

Principal

LifeTime

Hybrid

2040

Fund,

Principal

LifeTime

Hybrid

2045

Fund,

Principal

LifeTime

Hybrid

2050

Fund,

Principal

LifeTime

Hybrid

2055

Fund,

Principal

LifeTime

Hybrid

2060

Fund,

Principal

LifeTime

Hybrid

2065

Fund,

Principal

LifeTime

Hybrid

2070,

Principal

LifeTime

Hybrid

Income

Fund,

Principal

LifeTime

Strategic

Income

Fund,

Real

Estate

Securities

Fund,

SAM

Balanced

Portfolio,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

SAM

Strategic

Growth

Portfolio,

Short-Term

Income

Fund,

SmallCap

Fund,

SmallCap

Growth

Fund

I,

SmallCap

S&P

600

Index

Fund,

SmallCap

Value

Fund

II,

and

Tax-Exempt

Bond

Fund,

series

of

the

Fund,

(known

as

the

"Funds")

are

presented

herein.

Principal

LifeTime

2015

Fund,

Principal

LifeTime

2020

Fund,

Principal

LifeTime

2025

Fund,

Principal

LifeTime

2030

Fund,

Principal

LifeTime

2035

Fund,

Principal

LifeTime

2040

Fund,

Principal

LifeTime

2045

Fund,

Principal

LifeTime

2050

Fund,

Principal

LifeTime

2055

Fund,

Principal

LifeTime

2060

Fund,

Principal

LifeTime

2065

Fund,

Principal

LifeTime

2070

Fund,

and

Principal

LifeTime

Strategic

Income

Fund

are

referred

to

collectively

as

the

"Principal

LifeTime

Funds".

Principal

LifeTime

Hybrid

2015

Fund,

Principal

LifeTime

Hybrid

2020

Fund,

Principal

LifeTime

Hybrid

2025

Fund,

Principal

LifeTime

Hybrid

2030

Fund,

Principal

LifeTime

Hybrid

2035

Fund,

Principal

LifeTime

Hybrid

2040

Fund,

Principal

LifeTime

Hybrid

2045

Fund,

Principal

LifeTime

Hybrid

2050

Fund,

Principal

LifeTime

Hybrid

2055

Fund,

Principal

LifeTime

Hybrid

2060

Fund,

Principal

LifeTime

Hybrid

2065

Fund,

Principal

LifeTime

Hybrid

2070,

and

Principal

LifeTime

Hybrid

Income

Fund

are

referred

to

collectively

as

the

"Principal

LifeTime

Hybrid

Funds".

SAM

Balanced,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

and

SAM

Strategic

Growth

Portfolio

are

referred

to

collectively

as

the

"SAM

Portfolios".

The

Funds

may

offer

up

to

seven

classes

of

shares:

Class

A,

Class

C,

Class

J,

Institutional,

R-3,

R-5,

and

Each

of

the

Funds

is

an

investment

company

and

applies

specialized

accounting

and

reporting

under

Accounting

Standards

Codification

("ASC")

Topic

946,

Financial

Services

-

Investment

Companies

.

The

Funds

have

not

provided

financial

support

and

are

not

contractually

required

to

provide

financial

support

to

any

investee.

Effective

November

22,

2024,

Core

Fixed

Income

Fund,

Core

Plus

Bond

Fund,

Diversified

International

Fund,

Equity

Income

Fund,

Global

Emerging

Markets

Fund,

Government

&

High

Quality

Bond

Fund,

Inflation

Protection

Fund,

International

Equity

Fund,

LargeCap

Growth

Fund

I,

LargeCap

S&P

500

Index

Fund,

LargeCap

Value

Fund

III,

MidCap

Fund,

MidCap

Growth

Fund,

MidCap

Growth

Fund

III,

MidCap

S&P

Index

Fund,

MidCap

Value

Fund

I,

Principal

Capital

Appreciation

Fund,

Principal

LifeTime

Funds,

Real

Estate

Securities

Fund,

SAM

Portfolios,

Short-Term

Income

Fund,

SmallCap

Fund,

SmallCap

Growth

Fund

I,

SmallCap

S&P

600

Index

Fund,

SmallCap

Value

Fund

II

Fund

converted

shares

into

shares

and

shares

into

shares.

On

this

same

day,

Global

Real

Estate

Securities

Fund

converted

shares

into

shares

and

Overseas

Fund

converted

shares

into

Institutional

shares.

Effective

February

28,

2025,

High

Yield

Fund

acquired

all

the

assets

and

assumed

all

the

liabilities

of

High

Income

Fund,

pursuant

to

a

plan

of

reorganization

approved

by

the

Fund's

Board

of

Directors

(the

"Board")

on

October

31,

2024. The

purpose

of

the

acquisition

is

to

combine

two

funds

with

substantially

identical

investment

objectives.

The

acquisition

was

accomplished

by

a

tax-free

exchange

of

62,130,000

shares

from

High

Income

Fund

for

74,707,000

shares

valued

at

$505,624,000

of

High

Yield

Fund

at

an

approximate

exchange

rate

of

1.20 for

Institutional

class.

The

investment

securities

of

High

Income

Fund,

with

a

fair

value

of

approximately

$461,160,000

and

a

cost

of

$485,087,000

and

$36,494,000

cash

were

the

primary

assets

acquired

by

High

Yield

Fund

on

February

28,

2025. For

financial

reporting

purposes,

assets

received,

and

shares

issued

by

High

Yield

Fund

were

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

High

Income

Fund

were

maintained

through

the

reorganization.

The

net

assets

of

High

Income

Fund

and

High

Yield

Fund

immediately

prior

to

the

acquisition

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

were

approximately

$505,624,000

($526,239,000

of

accumulated

realized

loss)

and

$6,015,501,000

respectively.

The

aggregate

net

assets

of

High

Yield

Fund

immediately

following

the

acquisition

was

$6,521,125,000.

In

accordance

with

Sections

381-384

of

the

Internal

Revenue

Code,

a

portion

of

accumulated

realized

losses

may

be

subject

to

limitation.

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Assuming

the

acquisition

had

been

completed

on

November

1,

2024,

the

beginning

of

the

fiscal

year

for

High

Yield

Fund,

High

Yield

Fund's

pro

forma

results

of

operations

for

the

period

ended

October

31,

2025,

are

as

follows

(amounts

in

thousands):

Because

the

combined

investment

portfolios

have

been

managed

as

a

single

integrated

portfolio

since

the

acquisition

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

High

Income

Fund

that

have

been

included

in

High

Yield

Fund's

statement

of

operations

since

February

28,

2025. On

September

10,

2025,

the

Fund's

Board

approved

the

acquisition

of

the

assets

of

Principal

LifeTime

2015

Fund

by

the

Principal

LifeTime

Strategic

Income

Fund

and

the

acquisition

of

the

assets

of

Principal

LifeTime

Hybrid

2015

Fund

by

the

Principal

LifeTime

Hybrid

Income

Fund.

The

proposed

merger

is

expected

to

occur

on

or

about

June

12,

2026. Effective

September

19,

2025,

MidCap

Fund

acquired

all

the

assets

and

assumed

all

the

liabilities

of

Edge

MidCap

Fund,

a

series

of

the

Fund

with

an

August

fiscal

year

end,

MidCap

Growth

Fund,

and

MidCap

Growth

Fund

III

pursuant

to

a

plan

of

reorganization

approved

by

the

Fund's

Board

on

May

15,

2025. The

purpose

of

the

acquisition

is

to

combine

four

series

of

the

Fund

with

substantially

identical

investment

objectives

and

to

achieve

economies

of

scale.

The

acquisition

was

accomplished

by

a

tax-free

exchange

of

shares

and

dollars

as

follows

(amounts

in

thousands):

The

acquisition

was

completed

at

the

approximate

exchange

rates

as

follows:

The

investment

securities

of

Edge

MidCap

Fund,

with

a

fair

value

of

approximately

$46,369,000

and

a

cost

of

$45,230,000

and

$991,000

cash;

MidCap

Growth

Fund,

with

a

fair

value

of

approximately

$174,830,000

and

a

cost

of

$175,547,000

and

$9,797,000

cash;

and

MidCap

Growth

Fund

III

with

a

fair

value

of

approximately

$53,169,000

and

a

cost

of

$53,744,000

and

$4,238,000

cash

were

the

primary

assets

acquired

by

MidCap

Fund

on

September

19,

2025. For

financial

reporting

purposes,

assets

received,

and

shares

issued

by

MidCap

Fund

were

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

Edge

MidCap

Fund,

MidCap

Growth

Fund,

and

MidCap

Growth

Fund

III

were

maintained

through

the

reorganization.

The

net

assets

of

Edge

MidCap

Fund,

MidCap

Growth

Fund,

MidCap

Growth

Fund

III,

and

MidCap

Fund

immediately

prior

to

the

acquisition

in

accordance

with

U.S.

GAAP

were

approximately

$47,333,000

($446,000

of

accumulated

realized

loss),

$184,643,000

($2,189,000

of

accumulated

realized

loss),

$57,441,000

($55,112,000

of

accumulated

realized

loss),

and

$33,136,048,000,

respectively.

The

aggregate

net

assets

of

MidCap

Fund

immediately

following

the

acquisition

was

$33,425,465,000.

In

accordance

with

Sections

381-384

of

the

Internal

Revenue

Code,

a

portion

of

accumulated

realized

losses

may

be

subject

to

limitation.

Assuming

the

acquisition

had

been

completed

on

November

1,

2024,

the

beginning

of

the

fiscal

year

for

MidCap

Fund,

MidCap

Fund's

pro

forma

results

of

operations

for

the

period

ended

October

31,

2025,

are

as

follows

(amounts

in

thousands):

Because

the

combined

investment

portfolios

have

been

managed

as

a

single

integrated

portfolio

since

the

acquisition

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

Edge

MidCap

Fund,

MidCap

Growth

Fund,

and

MidCap

Growth

Fund

III

that

have

been

included

in

MidCap

Fund's

statement

of

operations

since

September

19,

2025. Net

investment

income

$

425,251

Net

loss

on

investments

(26,341)

Net

increase

in

assets

resulting

from

operations

398,910

Class

A

Shares

Acquired

Class

J

Shares

Acquired

Institutional

Shares

Acquired

Shares

Acquired

Shares

Acquired

Shares

Acquired

Edge

Midcap

Fund

1,233

N/A

2,073

N/A

N/A

1,111

MidCap

Growth

Fund

N/A

15,730

8,133

1,288

1,097

N/A

MidCap

Growth

III

Fund

N/A

13,103

1,277

734

N/A

Class

A

Dollars

Acquired

Class

J

Dollars

Acquired

Institutional

Dollars

Acquired

Dollars

Acquired

Dollars

Acquired

Dollars

Acquired

Edge

Midcap

Fund

$

13,096

N/A

$

22,232

N/A

N/A

$

12,005

MidCap

Growth

Fund

N/A

$

84,340

78,868

$

10,333

$

11,103

N/A

MidCap

Growth

III

Fund

N/A

40,892

9,647

4,040

2,862

N/A

Class

A

Class

J

Institutional

Edge

Midcap

Fund

0.23 N/A

0.22 N/A

N/A

0.23 MidCap

Growth

Fund

N/A

0.12 0.20 0.18 0.22 N/A

MidCap

Growth

III

Fund

N/A

0.07 0.16 0.13 0.16 N/A

Net

investment

income

$(7,652)

Net

gain

on

investments

751,608

Net

increase

in

assets

resulting

from

operations

743,956

1. Organization

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

All

classes

of

shares

for

each

of

the

Funds

represent

interests

in

the

same

portfolio

of

investments

and

will

vote

together

as

a

single

class

except

where

otherwise

required

by

law

or

as

determined

by

the

Fund's

Board.

In

addition,

the

Fund's

Board

declares

separate

dividends

on

each

class

of

shares.

2. Significant

Accounting

Policies

The

preparation

of

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Funds:

Security

Valuation.

The

Funds

may

invest

in

other

series

of

the

Fund

and

other

investment

funds,

which

may

include

closed-end

investment

companies,

exchange-traded

funds,

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered

open-

end

investment

companies,

other

than

exchange-traded

funds,

are

valued

at

the

respective

fund's

closing

net

asset

value

per

share

on

the

day

of

valuation.

The

Funds

(with

the

exception

of

Government

Money

Market

Fund,

Money

Market

Fund,

Principal

LifeTime

Funds,

Principal

LifeTime

Hybrid

Funds,

and

the

SAM

Portfolios)

value

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Funds'

net

asset

values

are

reflected

in

the

Funds'

net

asset

values

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security's

fair

value,

including,

but

not

limited

to,

price

movements

in

American

depository

receipts

("ADRs"),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Funds

invest

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Funds

do

not

determine

net

asset

values,

for

example,

weekends

and

other

customary

national

U.S.

holidays,

the

Funds'

net

asset

values

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

"local"

price

and

a

"premium"

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

effected.

It

is

the

policy

of

the

Fund

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

sub-advisor,

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Fund's

Board,

as

may

occasionally

be

necessary.

Government

Money

Market

Fund

qualifies

as

a

government/agency

money

market

fund.

Money

Market

Fund

qualifies

as

a

retail

money

market

fund.

The

two

funds

value

their

securities,

other

than

holdings

of

other

publicly

traded

investment

funds,

at

amortized

cost

as

permitted

under

Rule

2a-7

of

the

1940

Act.

Under

the

amortized

cost

method,

a

security

is

valued

by

applying

a

constant

yield

to

maturity

of

the

difference

between

the

principal

amount

due

at

maturity

and

the

cost

of

the

security

to

the

Funds.

Currency

Translation.

Foreign

holdings

are

translated

to

U.S.

dollars

using

the

exchange

rate

at

the

daily

close

of

the

New

York

Stock

Exchange.

The

identified

cost

of

the

Funds'

holdings

is

translated

at

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

at

approximate

rates

prevailing

when

received

or

paid,

with

daily

accruals

of

such

amounts

reported

at

approximate

rates

prevailing

at

the

date

of

valuation.

Since

the

carrying

amount

of

the

foreign

securities

is

determined

based

on

the

exchange

rate

and

market

values

at

the

close

of

the

period,

it

is

not

practicable

to

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

during

the

period.

1. Organization

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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,

2026:

Income

and

Investment

Transactions.

The

Funds

record

investment

transactions

on

a

trade

date

basis.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

primary

market

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

secondary

market

is

the

date

on

which

the

transaction

is

entered

into.

The

identified

cost

basis

has

been

used

in

determining

the

net

realized

gain

or

loss

from

investment

transactions

and

unrealized

appreciation

or

depreciation

of

investments.

The

Funds

record

dividend

income

on

the

ex-dividend

date,

except

dividend

income

from

foreign

securities

whereby

the

ex-dividend

date

has

passed;

such

dividends

are

recorded

as

soon

as

the

Funds

are

informed

of

the

ex-dividend

date.

Interest

income

is

recognized

on

an

accrual

basis.

Payment

in

kind

("PIK")

income

is

computed

on

the

value

of

the

securities

received

at

the

contractual

rate

specified

in

each

loan

agreement.

Discounts

and

premiums

on

securities

are

accreted/amortized,

respectively,

on

the

level

yield

method

over

the

expected

lives

of

the

respective

securities.

Callable

debt

securities

purchased

at

a

premium

are

amortized

to

the

earliest

call

date

and

to

the

callable

amount,

if

other

than

par.

The

Funds

allocate

all

income

and

realized

and

unrealized

gains

or

losses

on

a

daily

basis

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

(number

of

settled

shares

outstanding

for

Government

Money

Market

Fund

and

Money

Market

Fund)

of

each

class.

Distributions

received

from

other

series

of

the

Fund

and

other

investment

companies

(collectively,

"Underlying

Funds")

are

recorded

in

accordance

with

the

character

of

the

distributions

as

designated

by

the

Underlying

Funds.

Distributions

received

from

Real

Estate

Investment

Trusts

("REITs")

may

be

characterized

as

ordinary

income,

capital

gain,

or

a

return

of

capital

to

the

Funds.

The

proper

characterization

of

distributions

from

REITs

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Global

Real

Estate

Securities

Fund

and

Real

Estate

Securities

Fund

receive

substantial

distributions

from

holdings

in

REITs.

Expenses.

Expenses

directly

attributed

to

a

particular

fund

are

charged

to

that

fund.

Other

expenses

not

directly

attributed

to

a

particular

fund

are

apportioned

among

the

registered

investment

companies

managed

by

the

Manager.

Diversified

International

Fund

Euro

.0%

British

Pound

Sterling

.6

Japanese

Yen

.5

Hong

Kong

Dollar

.7

Canadian

Dollar

.3

New

Taiwan

Dollar

.5

Global

Emerging

Markets

Fund

New

Taiwan

Dollar

.5%

Hong

Kong

Dollar

.5

South

Korean

Won

.4

Indian

Rupee

.0

Brazilian

Real

.7

Global

Real

Estate

Securities

Fund

Japanese

Yen

.7%

Euro

.0

Australian

Dollar

.7

International

Equity

Fund

Euro

.9%

British

Pound

Sterling

.3

Hong

Kong

Dollar

.5

Japanese

Yen

.4

Canadian

Dollar

.6

South

Korean

Won

.7

Overseas

Fund

Euro

.0%

British

Pound

Sterling

.7

Japanese

Yen

.0

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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,

2026

,

the

Funds

did

not

record

any

such

tax

benefit

or

expense

in

the

accompanying

financial

statements.

The

statute

of

limitations

remains

open

for

the

last

three

years,

once

a

return

is

filed.

No

examinations

are

in

progress

at

this

time.

Foreign

Taxes.

The

Funds

may

be

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

they

invest.

Foreign

income

taxes

are

accrued

by

the

Funds

as

a

reduction

of

income.

These

amounts

are

shown

as

withholding

tax

on

the

statements

of

operations.

In

consideration

of

decisions

rendered

by

European

courts,

certain

of

the

Funds

have

filed

for

additional

tax

reclaims

for

taxes

withheld

in

prior

years.

Due

to

the

uncertainty

regarding

collectability

and

timing

of

these

reclaims,

among

other

factors,

a

corresponding

receivable

will

only

be

recognized

when

the

tax

position

meets

the

"more

likely

than

not"

threshold.

Any

accrued

foreign tax

reclaims

receivables

are

included

in

dividends

and

interest

receivables

on

the

statements

of

assets

and

liabilities.

Any

foreign

tax

reclaims income is

included

in

foreign

tax

reclaims

income

on

the

statements

of

operations.

Adjustments

and

final

receipts

to

previously

estimated

foreign

tax

reclaims

may

result

in

a

decrease

to

income

on

the

statements

of

operations.

During

the

period

ended

April

30,

2026,

Diversified

International

Fund

received

reimbursements

or

fee

adjustments

from

a

vendor

related

to

foreign

tax

reclaim

services.

Such

amounts

are

reflected

as

a

reduction

of

the

related

expenses.

In

the

event

that

foreign

tax

reclaims

received

during

the

fiscal

year

exceed

foreign

withholding

tax

paid,

and

a

fund

previously

passed

through

foreign

tax

credits

to

its

shareholders,

a

fund will

enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

("IRS"),

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the

fund's

shareholders.

Any

IRS

closing

agreement

fees

related

to

foreign

tax

reclaims are

reflected

as

a

reduction

to

income

on

the

statements

of

operations.

Adjustments

and

final

payments

to

previously

estimated

IRS

closing

agreement

fee

liabilities

may

result

in

an

increase

to

income

on

the

statements

of

operations.

Any

accrued

IRS

closing

agreement

fees

related

to

foreign

tax

reclaims

are

reflected

on

the

statements

of

assets

and

liabilities.

Gains

realized

upon

the

disposition

of

certain

foreign

securities

held

by

certain

Funds

may

be

subject

to

capital

gains

tax,

payable

prior

to

the

repatriation

of

sale

proceeds.

The

tax

is

computed

on

certain

net

realized

gains

and,

if

any,

is

shown

on

the

statements

of

operations.

Realized

losses

in

excess

of

gains

may

be

carried

forward

to

offset

future

gains.

In

addition,

the

Funds

accrue

an

estimated

tax

liability

for

future

gains

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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

December

2023,

the

FASB

issued

ASU

No.

2023-09

Income

Taxes

(Topic

740);

Improvements

to

Income

Tax

Disclosures,

which

enhances

the

transparency

and

decision

usefulness

of

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

by

jurisdiction.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024

.

Management

does

not

expect

the

future

adoption

of

this

standard

to

have

a

material

impact

on

the

Funds'

financial

statements.

3. Operating

Policies

Borrowings.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

"SEC"),

the

Funds

and

other

registered

investment

companies

managed

by

the

Manager

may

participate

in

an

interfund

lending

facility

("Facility").

The

Facility

allows

the

Funds

to

borrow

money

from

or

loan

money

to

the

other

participants.

Loans

under

the

Facility

are

made

to

handle

unusual

and/or

unanticipated

short-

term

cash

requirements.

Interest

paid

and

received

on

borrowings

is

the

average

of

the

current

repurchase

agreement

rate

and

the

bank

loan

rate

plus

the

applicable

margin

of

1.00%.

The

bank

loan

rate

equals

the

higher

of

(i) the

Federal

Funds

Rate

or

(ii) the

Secured

Overnight

Financing

Rate

("SOFR")

plus

.10%

("Adjusted

SOFR").

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

The

interest

income

received

is

included

in

interest

income

on

the

statements

of

operations.

The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements

of

operations.

Any

outstanding

lending

as

of

April

30,

2026

is

included

in

interfund

lending

on

the

statements

of

assets

and

liabilities.

Any

outstanding

borrowing

as

of

April

30,

2026

is

included

in

interfund

borrowing

on

the

statements

of

assets

and

liabilities.

During

the period

ended

April

30,

2026,

Funds

lending

to

the

Facility

were

as

follows

(amounts

in

thousands):

During

the period

ended

April

30,

2026,

Funds

borrowing

from

the

Facility

were

as

follows

(amounts

in

thousands):

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Core

Fixed

Income

Fund

$

3,375

4.25 %

$

Core

Plus

Bond

Fund

4.35 4

Diversified

Income

Fund

2,455

4.34 53

Diversified

International

Fund

4.31 2

Equity

Income

Fund

1,311

4.30 28

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

1,393

4.26 29

Global

Emerging

Markets

Fund

2,783

4.64 64

Global

Real

Estate

Securities

Fund

4.32 5

Government

&

High

Quality

Bond

Fund

4.26 1

High

Yield

Fund

3,749

4.29 80

Inflation

Protection

Fund

4.25 6

LargeCap

Growth

Fund

I

1,949

4.35 42

LargeCap

S&P

500

Index

Fund

4,330

4.28 92

LargeCap

Value

Fund

III

1,517

4.33 33

MidCap

Fund

4.44 5

MidCap

S&P

Index

Fund

4.35 7

MidCap

Value

Fund

I

1,214

4.30 26

Overseas

Fund

563

4.32 12

Principal

Capital

Appreciation

Fund

1,653

4.31 35

Real

Estate

Securities

Fund

2,131

4.28 45

Short-Term

Income

Fund

2,171

4.30 46

SmallCap

Fund

696

4.35 15

SmallCap

Growth

Fund

I

1,059

4.29 23

SmallCap

S&P

600

Index

Fund

633

4.34 14

SmallCap

Value

Fund

II

680

4.32 15

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

California

Municipal

Fund

$

4.50 %

$

Diversified

International

Fund

1,487

4.24 31

Global

Emerging

Markets

Fund

815

4.25 17

Global

Real

Estate

Securities

Fund

4.31 1

Government

&

High

Quality

Bond

Fund

4.32 1

High

Yield

Fund

4.22 —

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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%

(prior

to

April

12,

2026,

the

applicable

margin

was

1.00%

plus

0.10%).

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,

2026. During

the period ended

April

30,

2026,

Funds

borrowing

against

the

line

of

credit

were

as

follows

(amounts

in

thousands):

Contingent

Convertible

Securities.

As

footnoted

in

the

schedules

of

investments

,

certain

of

the

Funds

invest

in

contingent

convertible securities

("

CoCos

").

CoCos

are

hybrid

debt

securities

that

may

convert

into

equity

or

have

their

principal

written

down

upon

the

occurrence

of

certain

"triggers."

Although

a

contingent

convertible

security's

equity

conversion

and

principal

write-down

features

are

tailored

to

the

particular

issuing

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

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

Inflation

Protection

Fund

$

4.43 %

International

Equity

Fund

4,698

4.26 99

LargeCap

Growth

Fund

I

4.23 6

MidCap

Fund

21,746

4.34 468

Real

Estate

Securities

Fund

4.22 2

SmallCap

Fund

1,031

4.26 22

Tax-Exempt

Bond

Fund

4.55 2

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

California

Municipal

Fund

$

520

4.79 %

Diversified

Income

Fund

4.83 Diversified

International

Fund

510

4.77 Global

Emerging

Markets

Fund

600

4.83 International

Equity

Fund

837

4.82 LargeCap

Growth

Fund

I

4.83 SAM

Balanced

Portfolio

4.83 SAM

Conservative

Balanced

Portfolio

4.83 SAM

Conservative

Growth

Portfolio

5.39 SAM

Flexible

Income

Portfolio

4.83 Tax-Exempt

Bond

Fund

4.80 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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,

2026,

Funds

with

financial

assets

and

liabilities

subject

to

Master

Netting

Agreements

or

similar

agreements

were

as

follows

(amounts

in

thousands):

Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Diversified

Income

Fund

Bank

of

America

NA

Credit

Default

Swaps

$

$

—

$

$

$

—

$

$

(340) $

Bank

of

New

York

Mellon

Foreign

Currency

Contracts

(13) 34

$

$

(13) $

$

—

$

BNP

Paribas

Credit

Default

Swaps

—

$

$

—

$

$

(420) $

Citigroup

Inc

Foreign

Currency

Contracts

(14) (13) Total

Return

Swaps

(4) 73

Written

Credit

Default

Swaptions

—

(1) (1) $

$

(19) $

$

—

$

Goldman

Sachs

&

Co

Credit

Default

Swaps

723

(112) 611

Foreign

Currency

Contracts

—

$

734

$

(112) $

622

$

(580) $

HSBC

Securities

Inc

Foreign

Currency

Contracts

(159) 105

Total

Return

Swaps

—

$

575

$

(159) $

$

—

$

JPMorgan

Chase

Credit

Default

Swaps

—

Foreign

Currency

Contracts

(137) (87) Total

Return

Swaps

(3) 18

Written

Credit

Default

Swaptions

—

—

—

$

$

(1

40)

$

$

(181) $

Morgan

Stanley

&

Co

Credit

Default

Swaps

(53) 190

Foreign

Currency

Contracts

(2) (1) $

$

(55) $

$

—

$

Total

OTC

$

2,810

$

(498) $

2,312

$

791

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Citigroup

Inc

Foreign

Currency

Contracts

(43) (39) Total

Return

Swaps

(12) 274

$

$

(55) $

$

—

$

Goldman

Sachs

&

Co

Credit

Default

Swaps

—

(2,359)

(2,359)

Foreign

Currency

Contracts

(42) 150

$

$

(2,401)

$

(2,209)

$

2,209

$

—

HSBC

Securities

Inc

Foreign

Currency

Contracts

1,289

(595) 694

Total

Return

Swaps

891

—

891

$

2,180

$

(595)

$

1,585

$

(960) $

625

JPMorgan

Chase

Foreign

Currency

Contracts

547

(1,634)

(1,087)

Total

Return

Swaps

(10) 46

$

603

$

(1,64

4)

$

(1,041)

$

1,041

$

—

Total

OTC

$

3,265

$

(4,695)

$

(1,430)

$

860

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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,

2026,

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,

2026,

deposits

with

counterparty

were

as

follows

(amounts

in

thousands):

Deposits

from

Counterparty.

Cash

received

from

a

counterparty

as

collateral

is

reflected

as

a

liability

on

the

statements

of

assets

and

liabilities

as

deposits

from

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

The

collateral

posted

to

the Funds

by

the

broker

is

received

in

the

fund's

custodian

account.

Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

High

Yield

Fund

RBC

Dominon

Securities

Corp

Foreign

Currency

Contracts

$

$

(16) $

(8) $

$

(16) $

(8) $

—

$

(8) Total

OTC

$

$

(16) $

(8) $

(8) \*

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

$

750

$

2,906

$

3,656

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

9,722

14,540

24,262

Government

&

High

Quality

Bond

Fund

788

—

788

LargeCap

Growth

Fund

I

6,713

—

6,713

LargeCap

S&P

500

Index

Fund

4,226

—

4,226

LargeCap

Value

Fund

III

1,908

—

1,908

MidCap

S&P

Index

Fund

—

MidCap

Value

Fund

I

608

—

608

Overseas

Fund

—

SAM

Balanced

Portfolio

1,109

—

1,109

SAM

Conservative

Balanced

Portfolio

1,145

—

1,145

SAM

Flexible

Income

Portfolio

2,023

—

2,023

Short-Term

Income

Fund

1,207

—

1,207

SmallCap

Growth

Fund

I

—

SmallCap

S&P

600

Index

Fund

596

—

596

SmallCap

Value

Fund

II

—

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

As

of

April

30,

2026,

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

year

ended April

30,

2026,

the

average

outstanding

balances

for

the

liability and weighted

average

annual

interest

rates for

the

Funds'

were

as

follows

(amounts

in

thousands):

Foreign

Currency

Contracts.

Certain

of

the

Funds

may

be

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

such

Funds'

investment

objectives.

The

Funds

may

use

foreign

currency

contracts

to

gain

exposure

to,

or

hedge

against

changes

in

the

value

of

foreign

currencies.

Certain

of

the

Funds

enter

into

forward

contracts

to

purchase

and

sell

foreign

currencies

at

a

specified

future

date

at

a

fixed

exchange

rate.

Forward

foreign

currency

contracts

are

valued

at

the

forward

rate,

and

are

marked-to-market

daily.

The

change

in

fair

value

is

recorded

by

the

Funds

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

use

of

forward

foreign

currency

contracts

does

not

eliminate

the

fluctuations

in

underlying

prices

of

the

Funds'

portfolio

securities,

but

it

does

establish

a

rate

of

exchange

that

can

be

achieved

in

the

future.

Although

forward

foreign

currency

contracts

limit

the

risk

of

loss

due

to

a

decline

in

the

value

of

the

hedged

currency,

they

also

limit

any

potential

gain

that

might

result

should

the

value

of

the

currency

increase.

In

addition,

the

Funds

could

be

exposed

to

risks

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

value

of

the

currency

changes

unfavorably

to

the

U.S.

dollar

or

other

respective

currency.

Futures

Contracts.

The

Funds

are

subject

to

equity

price

risk,

interest

rate

risk,

and

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

Certain

of

the

Funds

may

enter

into

futures

contracts

to

hedge

against

changes

in,

or

to

gain

exposure

to,

change

in

the

value

of

equities,

interest

rates

and

foreign

currencies.

Initial

margin

deposits

are

made

by

cash

deposits

or

segregation

of

specific

securities

as

may

be

required

by

the

exchange

on

which

the

transaction

was

conducted.

Pursuant

to

the

contracts,

typically

a

fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

the

value

of

the

contract.

Such

receipts

or

payments

are

known

as

"variation

margin"

and

are

recorded

by

the

fund

as

a

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

For

those

contracts

where

daily

variation

margin

payments

are

not

received

from

or

paid

to

the

broker,

the

cumulative

unrealized

gains

or

losses

are

included

in

variation

margin

receivable

or

payable

on

financial

derivative

instruments.

Futures

contracts

are

marked

to

market

daily

at

the

closing

settlement

price

or

in

the

absence

of

such

a

price,

the

most

recent

quoted

bid

price.

If

there

are

no

quotations

available,

the

security

is

valued

at

the

last

available

closing

settlement

price.

During

the

period

the

futures

contracts

are

open,

daily

changes

in

the

fair

value

of

the

contracts

are

recognized

as

unrealized

gains

or

losses.

These

unrealized

gains

or

losses

are

included

as

a

component

of

total

distributable

earnings

(accumulated

loss)

on

the

statements

of

assets

and

liabilities.

When

the

contracts

are

closed,

the

fund

recognizes

a

realized

gain

or

loss

equal

to

the

difference

between

the

proceeds

from,

or

cost

of,

the

closing

transaction

and

the

fund's

cost

basis

in

the

contract.

There

is

minimal

counterparty

credit

risk

ISDA

(OTC

Derivatives)

Diversified

Income

Fund

$

1,650

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

960

Average

Outstanding

Balance

Weighted

Average

Annual

Interest

Rate

California

Municipal

Fund

$

25,921

2.71 %

Tax-Exempt

Bond

Fund

31,724

2.71 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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

certain

of

the

Funds.

The

notional

values

of

the

futures

contracts

will

vary

in

accordance

with

the

changing

duration.

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

Fund's Board (or

the

Manager,

in

accordance

with

Fund's

Board-approved

guidelines)

determines

that

a

liquidity

fee

is

in

the

best

interests

of

the

fund,

the

fund

must

institute

a

liquidity

fee

(not

to

exceed

2%

of

the

value

of

the

shares

redeemed).

This

discretionary

liquidity

fee

will

be

applied

to

all

fund

shares

for

which

redemption

requests

are

submitted.

If

fund

shares

are

held

through

a

financial

intermediary,

the

fund

may

rely

on

that

intermediary

to

assess

the

fund's

discretionary

liquidity

fees

on

underlying

shareholder

accounts.

A

discretionary

liquidity

fee

will

commence

if

the

Fund's

Board

(or

the

Manager,

in

accordance

with

Fund's

Board-approved

guidelines)

determines

to

impose

it

(as

early

as

the

same

day

the

Fund's

Board

or

the

Manager

makes

the

determination)

and

will

remain

in

place

until

the

Fund's

Board

(or

the

Manager,

in

accordance

with

Fund's

Board-approved guidelines)

determines

that

imposing

the

discretionary

liquidity

fee

is

no

longer

in

the

best

interests

of

the

Money

Market

Fund.

Operating

Segments.

An

operating

segment

is

defined

in

ASC

Topic

280,

Segment

Reporting,

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity's

chief

operating

decision

maker

("CODM")

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available. Committees

and

working

groups

within

Management

under

the

direction

of

the

President

act

as

the

Funds'

CODM.

Each

of

the

Funds

represents

a

single

operating

segment.

The

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds'

strategic

asset

allocation

to

ensure

compliance

with

the defined

investment

strategy

executed

by

the

Funds'

portfolio

managers

as

a

team.

The

types

of

investments

from

which

the

Funds

generate

their

returns

are

reflected

on

the

schedules

of

investments.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

statements

of

operations

and

financial

highlights.

The

measures

shown

within

these

statements

including

net

investment

income

(loss),

total

return,

and

ratio

of

expenses

to

average

net

assets

are

used

by

the

CODM

to

assess

the

segments'

performance

versus

the

Funds'

comparative

benchmarks

and

investment

objectives,

and

to

make

resource

allocation

decisions

for

the

Funds'

single

segment.

Segment

assets

are

reported

on

the

statements

of

assets

and

liabilities

as

total

assets.

Options

Contracts.

During

the

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

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

reflect

the

current

value

of

the

option

written.

An

inflation

floor

can

give

downside

protection

to

investments

in

inflation-linked

products.

These

liabilities

are

reflected

as

options

contracts

written

on

the

statements

of

assets

and

liabilities.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

or

offset

against

amounts

paid

on

the

underlying

future,

swap,

security,

index

or

currency

transaction

to

determine

the

realized

gain

or

loss.

A

fund,

as

a

writer

of

an

option,

has

no

control

over

whether

the

underlying

future,

swap,

security,

index

or

currency

may

be

sold

(call)

or

purchased

(put)

and

as

a

result

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

future,

swap,

security,

index

or

currency

underlying

the

written

option.

There

is

the

risk

a

fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund

as

a

writer

of

put

options

could

be

required

to

make

is

equal

to

the

notional

amount

multiplied

by

the

exercise

price

as

shown

in

the

schedules

of

investments.

A

fund

may

also

purchase

put

and

call

options.

Purchasing

call

options

tends

to

increase

a

fund's

exposure

to

the

underlying

instrument.

Purchasing

put

options

tends

to

decrease

a

fund's

exposure

to

the

underlying

instrument.

A

fund

pays

a

premium

which

is

included

on

the

fund's

statements

of

assets

and

liabilities

as

an

investment

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option.

Premiums

paid

for

purchasing

options

which

expire

are

treated

as

realized

losses.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

Premiums

paid

for

purchasing

options

which

are

exercised

or

closed

are

added

to

the

amounts

paid

or

offset

against

the

proceeds

on

the

underlying

future,

swap,

security,

index

or

currency

transaction

to

determine

the

realized

gain

or

loss.

Details

of

options

contracts

open

at 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,

2026,

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

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

borrower

must

maintain

collateral

in

an

amount

not

less

than

102%

of

the

market

value

of

the

domestic

and

foreign

fixed

income

loaned

securities

and

105%

of

the

market

value

of

the

foreign

equity

loaned

securities.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

The

transactions

are

accounted

for

as

secured

borrowings

and

the

remaining

contractual

maturity

is

overnight

and

continuous

for

all

securities. The

cash

collateral

received

is

usually

invested

in

an

SEC-registered

money

market

mutual

fund

and

the

Funds

could

realize

a

loss

on

such

investments.

Further,

the

Funds

could

experience

a

delay

in

recovering their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

Securities

lending

income,

net

of

related

fees,

is

shown

on

the

statements

of

operations.

Senior

Floating

Rate

Interests.

The

Funds

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

typically hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

"Borrower"),

and

are

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below-investment-grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

fund

and

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower's

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

Senior

floating

rate

interests

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank,

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,

2026,

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

Unfunded

Loan

Commitment

Net

Unrealized

Gain/(Loss)

Diversified

Income

Fund

$

$

—

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

identified

as

collateral

in

accordance

with

the

terms

of

the

respective

swap

agreements

to

provide

assets

of

value

and

recourse

in

the

event

of

default

or

bankruptcy/insolvency.

Swap

agreements

are

valued

through

a

pricing

service

or

using

procedures

established

and

periodically

reviewed

by

the

Fund's

Board.

Centrally

cleared

swaps

are

valued

using

the

last

traded

price

from

the

primary

trading

exchange.

OTC

swaps

are

modeled

taking

into

account

the

counterparties'

creditworthiness

and

using

a

series

of

techniques,

including

simulation

models.

Changes

in

value

are

recorded

as

unrealized

gain

or

loss

which

is

included

as

a

component

of

total

distributable

earnings

(accumulated

loss)

on

the

statements

of

assets

and

liabilities.

Upon

termination

of

swap

agreements,

the

Funds

recognize

a

realized

gain

or

loss.

Net

periodic

payments

to

be

received

or

paid

are

accrued

daily

and

are

recorded

in

the

statements

of

operations

as

realized

gains

or

losses.

Payments

received

or

made

at

the

beginning

of

the

measurement

period

are

reflected

as

such

on

the

statements

of

assets

and

liabilities

and

represent

payments

made

or

received

upon

entering

into

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

prevailing

market

conditions

(credit

spreads,

interest

rates,

and

other

relevant

factors).

These

upfront

payments

are

amortized

daily

over

the

term

of

the

swap

agreement

as

realized

gains

or

losses

on

the

statements

of

operations.

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.

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(the

buyer

of

protection's

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Funds

may

use

credit

default

swaps

on

corporate

issues

or

sovereign

issues

of

an

emerging

country

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Funds

own

or

have

exposure

to

the

referenced

obligation).

For

credit

default

swap

agreements

on

asset-backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

April

30,

2026

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,

2026,

series

of

the

Fund,

Principal

Exchange-Traded

Funds, Principal

Variable

Contracts

Funds,

Inc.

and

collective

investment

trusts

sponsored

by

Principal

Global

Investors

Trust

Company

(an

affiliate

of

the

Manager)

owned

the

following

percentages,

in

the

aggregate,

of

the

outstanding

shares

of

the

Funds

listed

below:

Total

Percentage

of

Outstanding

Shares

Owned

Total

Percentage

of

Outstanding

Shares

Owned

Core

Fixed

Income

Fund

62.22 %

LargeCap

S&P

500

Index

Fund

64.33 %

Equity

Income

Fund

28.49 LargeCap

Value

Fund

III

78.62 Finisterre

Emerging

Markets

Total

Return

Bond

Fund

58.89 MidCap

Fund

1.23 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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):

Total

Percentage

of

Outstanding

Shares

Owned

Total

Percentage

of

Outstanding

Shares

Owned

Global

Emerging

Markets

Fund

91.01 MidCap

S&P

Index

Fund

37.32 Government

&

High

Quality

Bond

Fund

33.35 Overseas

Fund

49.64 Government

Money

Market

Fund

58.15 Principal

Capital

Appreciation

Fund

28.69 High

Yield

Fund

63.68 Real

Estate

Securities

Fund

14.06 International

Equity

Fund

88.51 Short-Term

Income

Fund

46.16 Inflation

Protection

Fund

86.95 SmallCap

Fund

33.67 LargeCap

Growth

Fund

I

17.91 SmallCap

S&P

600

Index

Fund

43.90 Asset

Derivatives

April

30,

2026

Liability

Derivatives

April

30,

2026

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)

$

2,202

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

7,622

\*

Core

Plus

Bond

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,662

\*

Diversified

Income

Fund

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,034

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Foreign

Exchange

Contracts

Receivables

$

Payables

$

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

833

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Total

$

3,241

$

854

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

4,177

\*

Foreign

Exchange

Contracts

Receivables

$

2,032

Payables

$

2,314

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,485

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,376

\*

Total

$

4,766

$

7,867

Government

&

High

Quality

Bond

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

983

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

High

Yield

Fund

Foreign

Exchange

Contracts

Receivables

$

Payables

$

LargeCap

Growth

Fund

I

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,178

\*

$

—

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Asset

Derivatives

April

30,

2026

Liability

Derivatives

April

30,

2026

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

LargeCap

S&P

500

Index

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,287

\*

$

—

LargeCap

Value

Fund

III

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

MidCap

S&P

Index

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

MidCap

Value

Fund

I

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

Overseas

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

SAM

Balanced

Portfolio

Interest

Rate

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,889

\*

SAM

Conservative

Balanced

Portfolio

Interest

Rate

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,947

\*

SAM

Flexible

Income

Portfolio

Interest

Rate

Contracts

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

3,445

\*

Short-Term

Income

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

907

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

SmallCap

Growth

Fund

I

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

SmallCap

S&P

600

Index

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

SmallCap

Value

Fund

II

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

\*Includes

cumulative

unrealized

appreciation/(depreciation)

of

exchange

traded

swaps

and/or

futures

contracts

as

shown

in

the

schedules

of

investments.

Only

the

portion

of

the

unrealized

appreciation/(depreciation)

not

yet

cash

settled

is

shown

in

the

statements

of

assets

and

liabilities

as

variation

margin.

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

$

(3,154)

$

(2,281)

Core

Plus

Bond

Fund

Credit

Contracts

Swap

agreements

$

$

—

Interest

Rate

Contracts

Futures

contracts

$

$

(2,034)

Total

$

$

(2,034)

Diversified

Income

Fund

Credit

Contracts

Investment

transactions/Investments\*

$

$

—

Options

and

swaptions

$

$

Swap

agreements

$

(69) $

(63) Foreign

Exchange

Contracts

Foreign

currency

contracts

$

(892) $

(235) Interest

Rate

Contracts

Investment

transactions/Investments\*

$

(4) $

Futures

contracts

$

$

Swap

agreements

$

919

$

(333) Total

$

$

(576) 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Credit

Contracts

Swap

agreements

$

(851) $

(1,431)

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

(2,292)

$

(1,044)

Interest

Rate

Contracts

Futures

contracts

$

(2,930)

$

Swap

agreements

$

(1,326)

$

(496) Total

$

(7,399)

$

(2,573)

Government

&

High

Quality

Bond

Fund

Interest

Rate

Contracts

Futures

contracts

$

(35) $

845

High

Yield

Fund

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

(95) $

(130) Inflation

Protection

Fund

Credit

Contracts

Swap

agreements

$

$

Foreign

Exchange

Contracts

Investment

transactions/Investments\*

$

(255) $

Foreign

currency

contracts

$

$

(92) Options

and

swaptions

$

$

(90) Interest

Rate

Contracts

Investment

transactions/Investments\*

$

(40) $

—

Futures

contracts

$

(75) $

(38) Options

and

swaptions

$

$

(9) Swap

agreements

$

(85) $

(494) Total

$

$

(454) LargeCap

Growth

Fund

I

Equity

Contracts

Futures

contracts

$

$

980

LargeCap

S&P

500

Index

Fund

Equity

Contracts

Futures

contracts

$

$

(5,490)

LargeCap

Value

Fund

III

Equity

Contracts

Futures

contracts

$

1,053

$

(143) MidCap

S&P

Index

Fund

Equity

Contracts

Futures

contracts

$

1,922

$

MidCap

Value

Fund

I

Equity

Contracts

Futures

contracts

$

$

Overseas

Fund

Equity

Contracts

Futures

contracts

$

692

$

SAM

Balanced

Portfolio

Interest

Rate

Contracts

Futures

contracts

$

(409) $

(1,889)

SAM

Conservative

Balanced

Portfolio

Interest

Rate

Contracts

Futures

contracts

$

(434) $

(1,947)

SAM

Flexible

Income

Portfolio

Interest

Rate

Contracts

Futures

contracts

$

(761) $

(3,445)

Short-Term

Income

Fund

Interest

Rate

Contracts

Futures

contracts

$

(216) $

791

SmallCap

Growth

Fund

I

Equity

Contracts

Futures

contracts

$

$

SmallCap

S&P

600

Index

Fund

Equity

Contracts

Futures

contracts

$

1,560

$

(27) 3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

The

following

table

includes

a

summary

of

the

average

quarterly

outstanding

notional

by

derivative

instrument

type

(for

the

quarter

ends

that

such

instruments

were

held)

for

the

period

ended

April

30,

2026

(amounts

in

thousands):

Derivatives

not

accounted

for

as

hedging

instruments

Location

of

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Realized

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

of

Derivatives

Recognized

in

Statement

of

Operations

SmallCap

Value

Fund

II

Equity

Contracts

Futures

contracts

$

(37) $

(20) \*Investment

transactions

includes

purchased

options

and/or

purchased

swaptions

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract

Type

Derivative

Type

Average

Notional

Core

Fixed

Income

Fund

Interest

Rate

Contracts

Futures

-

Long

$

836,129

Futures

-

Short

46,870

Core

Plus

Bond

Fund

Interest

Rate

Contracts

Futures

-

Long

102,52

Futures

-

Short

12,110

Diversified

Income

Fund

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

10,664

Credit

Default

Swaps

-

Sell

Protection

21,734

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

32,747

Purchased

Credit

Default

Swaptions

3,945

Written

Credit

Default

Swaptions

8,912

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

25,205

Foreign

Currency

Contracts

-

Contracts

to

Deliver

58,070

Interest

Rate

Contracts

Futures

-

Long

40,417

Futures

-

Short

34,452

Purchased

Options

Total

Return

Swaps

-

Pay

Positive

Return

Total

Return

Swaps

-

Receive

Positive

Return

5,746

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

107,850

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

117,744

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

157,624

Foreign

Currency

Contracts

-

Contracts

to

Deliver

215,961

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

233,975

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

114,066

Futures

-

Long

68,664

Futures

-

Short

23,180

Total

Return

Swaps

-

Receive

Positive

Return

16,516

Government

&

High

Quality

Bond

Fund

Interest

Rate

Contracts

Futures

-

Long

5,657

Futures

-

Short

80,058

High

Yield

Fund

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

1,794

Foreign

Currency

Contracts

-

Contracts

to

Deliver

20,387

Inflation

Protection

Fund

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Sell

Protection

24,817

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

45,072

Foreign

Currency

Contracts

-

Contracts

to

Deliver

60,000

Purchased

Options

75,688

Written

Options

57,426

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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.

&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

Inflation

Protection

Fund

(continued)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

1,715,669

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

446,353

Futures

-

Long

305,063

Futures

-

Short

156,354

Purchased

Interest

Rate

Swaptions

49,674

Purchased

Options

4,068

Written

Interest

Rate

Swaptions

219,401

Written

Options

4,068

LargeCap

Growth

Fund

I

Equity

Contracts

Futures

-

Long

43,378

LargeCap

S&P

500

Index

Fund

Equity

Contracts

Futures

-

Long

199,182

LargeCap

Value

Fund

III

Equity

Contracts

Futures

-

Long

27,329

MidCap

S&P

Index

Fund

Equity

Contracts

Futures

-

Long

20,296

MidCap

Value

Fund

I

Equity

Contracts

Futures

-

Long

8,543

Overseas

Fund

Equity

Contracts

Futures

-

Long

7,672

SAM

Balanced

Portfolio

Interest

Rate

Contracts

Futures

-

Long

71,824

SAM

Conservative

Balanced

Portfolio

Interest

Rate

Contracts

Futures

-

Long

74,320

SAM

Flexible

Income

Portfolio

Interest

Rate

Contracts

Futures

-

Long

132,621

Short-Term

Income

Fund

Interest

Rate

Contracts

Futures

-

Long

68,753

Futures

-

Short

57,908

SmallCap

Growth

Fund

I

Equity

Contracts

Futures

-

Long

2,366

SmallCap

S&P

600

Index

Fund

Equity

Contracts

Futures

-

Long

20,440

SmallCap

Value

Fund

II

Equity

Contracts

Futures

-

Long

3,766

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

● Level

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

Investments

which

are

generally

included

in

this

category

include listed

equities

and exchange-traded

derivatives.

● Level

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

municipal

bonds,

OTC

derivatives,

exchange

cleared

derivatives, senior

floating

rate

interests, repurchase

agreements,

and

U.S.

Government

and

Government

Agency

Obligations.

● Level

–

Significant

unobservable

inputs

(including

the

Funds'

assumptions

in

determining

the

fair

value

of

investments).

Investments

which are

generally included

in

this

category

include

certain

common

stocks,

convertible

preferred

stocks,

corporate

bonds,

preferred

stocks, or

senior

floating

rate

interests.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Funds

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3. In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market

based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Funds'

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Funds

use

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3. Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as:

yield

to

maturity,

EBITDA

multiples,

discount

rates,

available

cash,

or

direct

offering

price.

Significant

increases

in

yield

to

maturity,

EBITDA

multiples,

available

cash,

or

direct

offering

price would

have

resulted

in

significantly

higher

fair

value

measurements.

A

significant

increase

in

discount

rates

would

have

resulted

in

a

significantly

lower

fair

value

measurement.

Benchmark

pricing

procedures

set

the

base

price

of

a

security

based

on

current

market

data.

The

base

price

may

be

a

broker-dealer

quote,

transaction

price,

or

internal

value

based

on

relevant

market

data.

The

fair

values

of

these

securities

are

dependent

on

economic,

political,

and

other

considerations.

The

values

of

such

securities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics,

accidents,

conflicts,

etc.).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

instruments.

For

example,

short-term

securities

held

in

Government

Money

Market

Fund

and

Money

Market

Fund

are

valued

using

amortized

cost,

as

permitted

under

Rule

2a-7

of

the

1940

Act.

Generally,

amortized

cost

approximates

the

current

fair

value

of

these

securities,

but

because

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

are

reflected

as

Level

2. The

following

is

a

summary

of

the

inputs

used

as

of April

30,

2026

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

Common

Stocks

Industrial

$

—

$

—

$

$

Investment

Companies\*

—

—

Municipal

Bonds\*

—

703,584

—

703,584

Total

investments

in

securities

$

$

703,584

$

$

703,726

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Core

Fixed

Income

Fund

Bonds\*

$

—

$

6,125,084

$

—

$

6,125,084

Common

Stocks

Industrial

—

—

6,688

6,688

Investment

Companies\*

128,242

—

—

128,242

U.S.

Government

&

Government

Agency

Obligations\*

—

4,103,802

—

4,103,802

Total

investments

in

securities

$

128,242

$

10,228,886

$

6,688

$

10,363,816

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

2,202

—

—

2,202

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(7,622)

—

—

(7,622)

Core

Plus

Bond

Fund

Bonds\*

—

307,736

—

307,736

Common

Stocks

Consumer,

Cyclical

—

—

—

—

Energy

—

—

Investment

Companies\*

55,793

—

—

55,793

Senior

Floating

Rate

Interests\*

—

12,329

—

12,329

U.S.

Government

&

Government

Agency

Obligations\*

—

132,782

—

132,782

Total

investments

in

securities

$

55,793

$

452,847

$

$

508,656

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

—

—

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(1,662)

—

—

(1,662)

Diversified

Income

Fund

Bonds\*

—

1,603,436

23,442

1,626,878

Common

Stocks

Basic

Materials

—

—

19,912

19,912

Communications

—

—

Consumer,

Non-cyclical

—

—

Industrial

—

—

Technology

—

—

Convertible

Bonds\*

—

1,776

—

1,776

Investment

Companies\*

181,525

—

—

181,525

Preferred

Stocks\*

33,971

—

—

33,971

Repurchase

Agreements

—

11,700

—

11,700

Senior

Floating

Rate

Interests\*

—

154,142

154,538

U.S.

Government

&

Government

Agency

Obligations\*

—

191,501

—

191,501

Total

investments

in

securities

$

215,496

$

1,962,741

$

44,084

$

2,222,321

Short

Sales

U.S.

Government

&

Government

Agency

Obligations\*

—

(4,328)

—

(4,328)

Total

Short

Sales

$

—

$

(4,328)

$

—

$

(4,328)

Derivative

Assets

Credit

Contracts

Credit

Default

Swaps

—

2,02

—

2,02

Exchange

Cleared

Credit

Default

Swaps\*\*

—

—

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

Interest

Rate

Contracts

Futures\*\*

—

—

Total

Return

Swaps

—

—

Derivative

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(165) —

(165) Exchange

Cleared

Credit

Default

Swaps\*\*

—

(111) —

(111) Written

Credit

Default

Swaptions

—

(1) —

(1) Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(325) —

(325) 4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Diversified

Income

Fund

(continued)

Interest

Rate

Contracts

Futures\*\*

$

(245) $

—

$

—

$

(245) Total

Return

Swaps

—

(7)

—

(7)

Diversified

International

Fund

Common

Stocks

Basic

Materials

49,488

14,293

—

63,781

Communications

14,796

57,034

—

71,830

Consumer,

Cyclical

6,405

120,046

—

126,451

Consumer,

Non-cyclical

22,576

123,878

—

146,454

Energy

36,120

21,810

—

57,930

Financial

33,269

182,316

—

215,585

Industrial

11,618

118,445

—

130,063

Technology

9,976

173,113

—

183,089

Investment

Companies\*

36,344

—

—

36,344

Preferred

Stocks\*

—

—

Total

investments

in

securities

$

220,858

$

810,935

$

—

$

1,031,793

Equity

Income

Fund

Common

Stocks\*

8,077,685

—

—

8,077,685

Investment

Companies\*

53,152

—

—

53,152

Total

investments

in

securities

$

8,130,837

$

—

$

—

$

8,130,837

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

Bonds\*

—

843,578

1,967

845,545

Convertible

Bonds\*

—

5,435

—

5,435

Investment

Companies\*

149,315

—

—

149,315

Total

investments

in

securities

$

149,315

$

849,013

$

1,967

$

1,000,295

Derivative

Assets

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps\*\*

—

—

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

2,032

—

2,032

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

1,252

—

1,252

Total

Return

Swaps

—

1,233

—

1,233

Derivative

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(2,359)

—

(2,359)

Exchange

Cleared

Credit

Default

Swaps\*\*

—

(1,818)

—

(1,818)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(2,314)

—

(2,314)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

(1,354)

—

(1,354)

Total

Return

Swaps

—

(22) —

(22) Global

Emerging

Markets

Fund

Common

Stocks

Basic

Materials

210,503

57,752

—

268,255

Communications

164,633

801,099

—

965,732

Consumer,

Cyclical

96,804

581,414

—

678,218

Consumer,

Non-cyclical

175,536

380,281

—

555,817

Energy

73,623

178,941

—

252,564

Financial

381,103

1,363,392

—

1,744,495

Industrial

65,676

549,596

—

615,272

Technology

105,436

2,365,699

—

2,471,135

Utilities

—

13,699

—

13,699

Convertible

Preferred

Stocks

Industrial

—

—

14,710

14,710

Investment

Companies\*

11,929

—

—

11,929

Preferred

Stocks\*

132,574

—

—

132,574

Total

investments

in

securities

$

1,417,817

$

6,291,873

$

14,710

$

7,724,400

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Global

Real

Estate

Securities

Fund

Common

Stocks

Communications

$

—

$

17,135

$

—

$

17,135

Consumer,

Cyclical

17,094

—

—

17,094

Consumer,

Non-cyclical

8,430

—

—

8,430

Financial

1,093,526

551,779

—

1,645,305

Industrial

—

11,217

—

11,217

Investment

Companies\*

11,203

—

—

11,203

Total

investments

in

securities

$

1,130,253

$

580,131

$

—

$

1,710,384

Government

&

High

Quality

Bond

Fund

Bonds\*

—

93,996

—

93,996

Investment

Companies\*

7,789

—

—

7,789

U.S.

Government

&

Government

Agency

Obligations\*

—

514,944

—

514,944

Total

investments

in

securities

$

7,789

$

608,940

$

—

$

616,729

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

983

—

—

983

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(162) —

—

(162) Government

Money

Market

Fund

Bonds\*

—

2,536,084

—

2,536,084

Investment

Companies\*

261,750

—

—

261,750

Repurchase

Agreements

—

1,250,000

—

1,250,000

U.S.

Government

&

Government

Agency

Obligations\*

—

363,107

—

363,107

Total

investments

in

securities

$

261,750

$

4,149,191

$

—

$

4,410,941

High

Yield

Fund

Bonds\*

—

5,869,638

5,000

5,874,638

Common

Stocks

Basic

Materials

—

—

Consumer,

Cyclical

—

—

—

—

Consumer,

Non-cyclical

—

—

Energy

—

—

617

617

Utilities

—

—

—

—

Convertible

Bonds\*

—

—

—

—

Investment

Companies\*

80,747

—

—

80,747

Senior

Floating

Rate

Interests\*

—

318,138

318,454

Total

investments

in

securities

$

80,747

$

6,187,776

$

6,406

$

6,274,929

Derivative

Assets

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

Derivative

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(16) —

(16) Inflation

Protection

Fund

Bonds\*

—

—

Investment

Companies\*

36,726

—

—

36,726

U.S.

Government

&

Government

Agency

Obligations\*

—

2,138,979

—

2,138,979

Total

investments

in

securities

$

36,726

$

2,138,988

$

—

$

2,175,714

International

Equity

Fund

Common

Stocks

Basic

Materials

386,353

—

—

386,353

Communications

88,049

381,764

—

469,813

Consumer,

Cyclical

—

1,019,825

—

1,019,825

Consumer,

Non-cyclical

134,946

741,545

—

876,491

Energy

282,969

124,328

—

407,297

Financial

110,663

1,492,868

—

1,603,531

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

International

Equity

Fund

(continued)

Common

Stocks

(continued)

Industrial

$

39,963

$

513,929

$

—

$

553,892

Technology

378,646

907,740

—

1,286,386

Investment

Companies\*

11,530

—

—

11,530

Total

investments

in

securities

$

1,433,119

$

5,181,999

$

—

$

6,615,118

LargeCap

Growth

Fund

I

Common

Stocks

Basic

Materials

5,126

—

—

5,126

Communications

1,274,147

—

—

1,274,147

Consumer,

Cyclical

210,307

—

—

210,307

Consumer,

Non-cyclical

641,699

—

—

641,699

Energy

43,445

—

—

43,445

Financial

331,095

—

—

331,095

Industrial

729,052

—

—

729,052

Technology

2,761,281

—

7,190

2,768,471

Utilities

10,944

—

—

10,944

Convertible

Preferred

Stocks

Basic

Materials

—

—

1,126

1,126

Consumer,

Cyclical

—

—

8,229

8,229

Technology

—

—

6,841

6,841

Investment

Companies\*

163,412

—

—

163,412

Total

investments

in

securities

$

6,170,508

$

—

$

23,386

$

6,193,894

Derivative

Assets

Equity

Contracts

Futures\*\*

1,178

—

—

1,178

LargeCap

S&P

500

Index

Fund

Common

Stocks\*

12,999,144

—

—

12,999,144

Investment

Companies\*

118,814

—

—

118,814

Total

investments

in

securities

$

13,117,958

$

—

$

—

$

13,117,958

Derivative

Assets

Equity

Contracts

Futures\*\*

1,287

—

—

1,287

LargeCap

Value

Fund

III

Common

Stocks\*

2,006,591

—

—

2,006,591

Investment

Companies\*

246,431

—

—

246,431

Total

investments

in

securities

$

2,253,022

$

—

$

—

$

2,253,022

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

MidCap

Fund

Common

Stocks

Basic

Materials

394,616

—

—

394,616

Consumer,

Cyclical

6,438,375

—

—

6,438,375

Consumer,

Non-cyclical

1,334,059

—

—

1,334,059

Financial

7,115,051

—

—

7,115,051

Industrial

5,542,484

—

—

5,542,484

Technology

3,471,580

—

—

3,471,580

Utilities

904,710

—

—

904,710

Investment

Companies\*

4,261

—

—

4,261

Total

investments

in

securities

$

25,205,136

$

—

$

—

$

25,205,136

MidCap

S&P

Index

Fund

Common

Stocks\*

1,308,340

—

—

1,308,340

Investment

Companies\*

27,800

—

—

27,800

Total

investments

in

securities

$

1,336,140

$

—

$

—

$

1,336,140

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

MidCap

Value

Fund

I

Common

Stocks\*

$

2,339,539

$

—

$

—

$

2,339,539

Investment

Companies\*

77,334

—

—

77,334

Total

investments

in

securities

$

2,416,873

$

—

$

—

$

2,416,873

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

Money

Market

Fund

Bonds\*

—

57,973

—

57,973

Commercial

Paper

—

749,342

—

749,342

Investment

Companies\*

39,960

—

—

39,960

Municipal

Bonds\*

—

26,935

—

26,935

Repurchase

Agreements

—

180,000

—

180,000

Total

investments

in

securities

$

39,960

$

1,014,250

$

—

$

1,054,210

Overseas

Fund

Common

Stocks

Basic

Materials

8,043

55,180

—

63,223

Communications

—

64,708

—

64,708

Consumer,

Cyclical

15,253

109,458

—

124,711

Consumer,

Non-cyclical

240,231

—

240,478

Diversified

—

—

Energy

15,790

79,081

—

94,871

Financial

29,571

451,459

—

481,030

Industrial

62,216

336,272

—

398,488

Technology

—

136,070

—

136,070

Utilities

—

111,291

—

111,291

Investment

Companies\*

48,935

—

—

48,935

Preferred

Stocks

Consumer,

Cyclical

—

10,823

—

10,823

Consumer,

Non-cyclical

—

—

Total

investments

in

securities

$

180,055

$

1,594,752

$

—

$

1,774,807

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

Principal

Capital

Appreciation

Fund

Common

Stocks\*

5,018,441

—

—

5,018,441

Investment

Companies\*

136,343

—

—

136,343

Total

investments

in

securities

$

5,154,784

$

—

$

—

$

5,154,784

Principal

LifeTime

2015

Fund

Investment

Companies\*

171,944

—

—

171,944

Total

investments

in

securities

$

171,944

$

—

$

—

$

171,944

Principal

LifeTime

2020

Fund

Investment

Companies\*

1,790,067

—

—

1,790,067

Total

investments

in

securities

$

1,790,067

$

—

$

—

$

1,790,067

Principal

LifeTime

2025

Fund

Investment

Companies\*

1,143,905

—

—

1,143,905

Total

investments

in

securities

$

1,143,905

$

—

$

—

$

1,143,905

Principal

LifeTime

2030

Fund

Investment

Companies\*

4,735,617

—

—

4,735,617

Total

investments

in

securities

$

4,735,617

$

—

$

—

$

4,735,617

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

LifeTime

2035

Fund

Investment

Companies\*

$

1,844,672

$

—

$

—

$

1,844,672

Total

investments

in

securities

$

1,844,672

$

—

$

—

$

1,844,672

Principal

LifeTime

2040

Fund

Investment

Companies\*

4,460,351

—

—

4,460,351

Total

investments

in

securities

$

4,460,351

$

—

$

—

$

4,460,351

Principal

LifeTime

2045

Fund

Investment

Companies\*

1,616,438

—

—

1,616,438

Total

investments

in

securities

$

1,616,438

$

—

$

—

$

1,616,438

Principal

LifeTime

2050

Fund

Investment

Companies\*

3,216,325

—

—

3,216,325

Total

investments

in

securities

$

3,216,325

$

—

$

—

$

3,216,325

Principal

LifeTime

2055

Fund

Investment

Companies\*

1,148,336

—

—

1,148,336

Total

investments

in

securities

$

1,148,336

$

—

$

—

$

1,148,336

Principal

LifeTime

2060

Fund

Investment

Companies\*

1,161,101

—

—

1,161,101

Total

investments

in

securities

$

1,161,101

$

—

$

—

$

1,161,101

Principal

LifeTime

2065

Fund

Investment

Companies\*

286,587

—

—

286,587

Total

investments

in

securities

$

286,587

$

—

$

—

$

286,587

Principal

LifeTime

2070

Fund

Investment

Companies\*

109,914

—

—

109,914

Total

investments

in

securities

$

109,914

$

—

$

—

$

109,914

Principal

LifeTime

Hybrid

2015

Fund

Investment

Companies\*

526,353

—

—

526,353

Total

investments

in

securities

$

526,353

$

—

$

—

$

526,353

Principal

LifeTime

Hybrid

2020

Fund

Investment

Companies\*

670,203

—

—

670,203

Total

investments

in

securities

$

670,203

$

—

$

—

$

670,203

Principal

LifeTime

Hybrid

2025

Fund

Investment

Companies\*

1,230,997

—

—

1,230,997

Total

investments

in

securities

$

1,230,997

$

—

$

—

$

1,230,997

Principal

LifeTime

Hybrid

2030

Fund

Investment

Companies\*

1,642,071

—

—

1,642,071

Total

investments

in

securities

$

1,642,071

$

—

$

—

$

1,642,071

Principal

LifeTime

Hybrid

2035

Fund

Investment

Companies\*

1,159,614

—

—

1,159,614

Total

investments

in

securities

$

1,159,614

$

—

$

—

$

1,159,614

Principal

LifeTime

Hybrid

2040

Fund

Investment

Companies\*

1,431,730

—

—

1,431,730

Total

investments

in

securities

$

1,431,730

$

—

$

—

$

1,431,730

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

LifeTime

Hybrid

2045

Fund

Investment

Companies\*

$

746,132

$

—

$

—

$

746,132

Total

investments

in

securities

$

746,132

$

—

$

—

$

746,132

Principal

LifeTime

Hybrid

2050

Fund

Investment

Companies\*

698,500

—

—

698,500

Total

investments

in

securities

$

698,500

$

—

$

—

$

698,500

Principal

LifeTime

Hybrid

2055

Fund

Investment

Companies\*

457,388

—

—

457,388

Total

investments

in

securities

$

457,388

$

—

$

—

$

457,388

Principal

LifeTime

Hybrid

2060

Fund

Investment

Companies\*

261,582

—

—

261,582

Total

investments

in

securities

$

261,582

$

—

$

—

$

261,582

Principal

LifeTime

Hybrid

2065

Fund

Investment

Companies\*

102,549

—

—

102,549

Total

investments

in

securities

$

102,549

$

—

$

—

$

102,549

Principal

LifeTime

Hybrid

2070

Fund

Investment

Companies\*

17,288

—

—

17,288

Total

investments

in

securities

$

17,288

$

—

$

—

$

17,288

Principal

LifeTime

Hybrid

Income

Fund

Investment

Companies\*

205,707

—

—

205,707

Total

investments

in

securities

$

205,707

$

—

$

—

$

205,707

Principal

LifeTime

Strategic

Income

Fund

Investment

Companies\*

666,846

—

—

666,846

Total

investments

in

securities

$

666,846

$

—

$

—

$

666,846

Real

Estate

Securities

Fund

Common

Stocks\*

6,714,710

—

—

6,714,710

Investment

Companies\*

30,826

—

—

30,826

Total

investments

in

securities

$

6,745,536

$

—

$

—

$

6,745,536

SAM

Balanced

Portfolio

Investment

Companies\*

4,846,455

—

—

4,846,455

Total

investments

in

securities

$

4,846,455

$

—

$

—

$

4,846,455

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(1,889)

—

—

(1,889)

SAM

Conservative

Balanced

Portfolio

Investment

Companies\*

1,861,264

—

—

1,861,264

Total

investments

in

securities

$

1,861,264

$

—

$

—

$

1,861,264

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(1,947)

—

—

(1,947)

SAM

Conservative

Growth

Portfolio

Investment

Companies\*

3,476,758

—

—

3,476,758

Total

investments

in

securities

$

3,476,758

$

—

$

—

$

3,476,758

SAM

Flexible

Income

Portfolio

Investment

Companies\*

2,169,869

—

—

2,169,869

Total

investments

in

securities

$

2,169,869

$

—

$

—

$

2,169,869

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

SAM

Flexible

Income

Portfolio

(continued)

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

$

(3,445)

$

—

$

—

$

(3,445)

SAM

Strategic

Growth

Portfolio

Investment

Companies\*

2,562,954

—

—

2,562,954

Total

investments

in

securities

$

2,562,954

$

—

$

—

$

2,562,954

Short-Term

Income

Fund

Bonds\*

—

3,019,238

—

3,019,238

Investment

Companies\*

64,872

—

—

64,872

U.S.

Government

&

Government

Agency

Obligations\*

—

316,970

—

316,970

Total

investments

in

securities

$

64,872

$

3,336,208

$

—

$

3,401,080

Derivative

Assets

Interest

Rate

Contracts

Futures\*\*

907

—

—

907

Derivative

Liabilities

Interest

Rate

Contracts

Futures\*\*

(114) —

—

(114) SmallCap

Fund

Common

Stocks\*

2,066,257

—

—

2,066,257

Investment

Companies\*

33,699

—

—

33,699

Total

investments

in

securities

$

2,099,956

$

—

$

—

$

2,099,956

SmallCap

Growth

Fund

I

Common

Stocks

Basic

Materials

49,370

—

—

49,370

Communications

78,576

—

—

78,576

Consumer,

Cyclical

223,755

—

—

223,755

Consumer,

Non-cyclical

564,206

564,219

Energy

90,665

—

—

90,665

Financial

201,280

—

—

201,280

Industrial

727,947

—

—

727,947

Technology

342,295

—

—

342,295

Utilities

6,686

—

—

6,686

Investment

Companies\*

96,064

—

—

96,064

Total

investments

in

securities

$

2,380,844

$

$

$

2,380,857

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

SmallCap

S&P

600

Index

Fund

Common

Stocks

Basic

Materials

53,803

—

—

53,803

Communications

80,974

—

—

80,974

Consumer,

Cyclical

185,804

—

186,202

Consumer,

Non-cyclical

226,500

—

—

226,500

Energy

85,762

—

—

85,762

Financial

313,944

—

—

313,944

Industrial

228,641

—

—

228,641

Technology

115,597

—

—

115,597

Utilities

28,792

—

—

28,792

Investment

Companies\*

18,986

—

—

18,986

Total

investments

in

securities

$

1,338,803

$

$

—

$

1,339,201

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

SmallCap

Value

Fund

II

Common

Stocks

Basic

Materials

78,429

—

—

78,429

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

\*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.

Certain

detailed

information

is

provided

for

those

Funds

with

significant

investments

in

Level

securities.

Quantitative

information

about

the

significant

unobservable

inputs

used

in

the

fair

value

measurements

categorized

within

Level

of

the

fair

value

hierarchy

is

as

follows

(amounts

in

thousands):

\*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments

(a) During

the

period,

the

valuation

methodology

changed.

Previously,

the

security

was

valued

using

a

Comparable

Company

Methodology

driven

by

EBITDA

Multiples.

Current

valuation

is

based

on

a

broker

quote.

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

SmallCap

Value

Fund

II

(continued)

Common

Stocks

(continued)

Communications

$

15,985

$

—

$

—

$

15,985

Consumer,

Cyclical

177,095

—

—

177,095

Consumer,

Non-cyclical

142,485

—

142,491

Energy

119,560

—

—

119,560

Financial

355,047

—

—

355,047

Government

—

—

Industrial

217,394

—

—

217,394

Technology

35,577

—

—

35,577

Utilities

61,809

—

—

61,809

Investment

Companies\*

50,973

—

—

50,973

Total

investments

in

securities

$

1,254,400

$

$

—

$

1,254,406

Derivative

Assets

Equity

Contracts

Futures\*\*

—

—

Tax-Exempt

Bond

Fund

Common

Stocks

Industrial

—

—

Investment

Companies\*

2,329

—

—

2,329

Municipal

Bonds\*

—

533,122

—

533,122

Total

investments

in

securities

$

2,329

$

533,122

$

$

535,507

Fund

Asset

Type

Fair

Value

as

of

April

30,

2026

Valuation

Technique

Unobservable

Input

Input

Valuations

(weighted

average)\*

Impact

to

valuation

if

input

had

increased

Diversified

Income

Fund

Bonds

$

23,442

Discounted

Cash

Flows

Yield

to

Maturity

11.7-26.4%(19.1%)

Increase

—

Litigation

Settlement

Proceeds

Expected

Recovery

$0.00

Decrease

Common

Stocks

19,673

Comparable

Company

Methodology

EBITDA

Multiples

4.3 –

7.1x

(4.9x)

Increase

Cash

Payout

Methodology

Discount

Rate

50.0 -

100.0 %(75.0%)

Decrease

Market

Quotations

Broker

Quote

(a) .01-.07($0.07)

Increase

Senior

Floating

Rate

Interests

Yield

Premium

Methodology/Liquidation

Methodology

Yield

to

Maturity

24.0 –

46.1%

(35.0%)

Increase

—

Comparable

Company

Methodology/Recovery

Methodology

EBITDA

Multiples

5.8x

Increase

Total

$

44,084

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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

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:

Fund

Value

as

of

October

31,

2025

Realized

Gain/

(Loss)

Accrued

Discounts/

Premiums

and

Change

in

Unrealized

Gain/

(Loss)

Purchases

Proceeds

from

Sales

Transfers

into

Level

3\*

Transfers

Out

of

Level

3\*\*

Value

as

of

April

30,

2026

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

at

April

30,

2026

Diversified

Income

Fund

Bonds

$

28,040

$

—

$

(4,598)

$

—

$

—

$

—

$

—

$

23,442

$

(4,765)

Common

Stock

52,221

997

(29,796)

—

(3,176)

—

—

20,246

(29,796)

Senior

Floating

Rate

Interests

13,754

(14,561)

2,099

(1,206)

—

—

Total

$

94,015

$

(13,564)

$

(34,084)

$2,099

$

(4,382)

$

—

$

—

$

44,084

$

(34,158)

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

Tax-Exempt

Bond

Fund

.40

.38

.36

.35

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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

(Prior

to

March

1,

2026)

.40

.38

.36

.35

.34

.33

International

Equity

Fund

.65

.63

.61

.60

.59

.58

LargeCap

Value

Fund

III

.73

.71

.69

.67

.66

.65

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

.38

.36

.35

.33

.32

.31

SmallCap

Fund

.75

.73

.71

.70

.69

.68

SmallCap

Growth

Fund

I

.88

.86

.84

.83

.82

.81

SmallCap

Value

Fund

II

.89

.87

.85

.84

.83

.82

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

$1.5

billion

Next

$500

million

Next

$1

billion

Next

$9.5

billion

Next

$2.5

billion

Next

$3

billion

Next

$4

billion

Next

$3

billion

Next

$5

billion

Next

$5

billion

Over

$35

billion

MidCap

Fund

(Effective

January

1,

2026)

.63%

.60%

.59%

.58%

.57%

.56%

.55%

.53%

.51%

.50%

.49%

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

(Prior

to

January

1,

2026)

.65%

.63%

.61%

.60%

.59%

.58%

.57%

.56%

.55%

.53%

.51%

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Next

$2

billion

Next

$2

billion

Next

$3

billion

Over

$10

billion

Real

Estate

Securities

Fund

.85%

.83%

.81%

.80%

.79%

.78%

.77%

.76%

.75%

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

In

addition

to

the

management

fee, R-3

and

R-5 classes

of

shares

of

the

Funds

pay

the

Manager

a

service

fee

and

an

administrative

service

fee

computed

at

an

annual

percentage

rate

of each

class's

average

daily

net

assets.

The

annual

rates

for

the

service

fee are .25% and

.25%

and

the

annual

rates

for

the

administrative

service

fee are .07%

and

.01%

for

and

R-5,

respectively. Class

A,

Class

C,

Institutional,

and

R-6 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,

expenses

related

to

the

ReFlow

liquidity

program, 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

$3

billion

Next

$3

billion

Over

$6

billion

High

Yield

Fund

.51%

.49%

.47%

Inflation

Protection

Fund

(Effective

March

1, 2026)

.10

.09

.08

LargeCap

S&P

500

Index

Fund

.11

.09

.05

MidCap

S&P

Index

Fund

.15

.12

.10

SmallCap

S&P

600

Index

Fund

.15

.12

.10

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%

Period

from

November

1,

through

April

0,

2026

Class

A

Class

J

Institutional

Expiration

California

Municipal

Fund

N/A

N/A

.46%

February

28,

2027

Core

Fixed

Income

Fund

N/A

N/A

.43

February

28,

2027

Core

Plus

Bond

Fund

.80%

N/A

.48

February

28,

2027

Diversified

Income

Fund

N/A

N/A

.68

February

28,

2027

Diversified

International

Fund

N/A

N/A

.85

February

28,

2027

Equity

Income

Fund

N/A

N/A

.52

February

28,

2027

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

N/A

N/A

.85

February

28,

2027

Global

Emerging

Markets

Fund

1.45 1.30%

1.10 February

28,

2027

Global

Real

Estate

Securities

Fund

N/A

N/A

.94

February

28,

2027

Government

&

High

Quality

Bond

Fund

N/A

N/A

.53

February

28,

2027

Government

Money

Market

Fund

N/A

N/A

.20

February

28,

2027

High

Yield

Fund

N/A

N/A

.60

February

28,

2027

International

Equity

Fund

N/A

N/A

.79

February

28,

2027

MidCap

Value

Fund

I

N/A

N/A

.69

February

28,

2027

Money

Market

Fund

.50

N/A

N/A

February

28,

2027

Overseas

Fund

N/A

N/A

.91

February

28,

2027

Principal

LifeTime

2040

Fund

.38

N/A

N/A

February

28,

2026

Principal

LifeTime

2050

Fund

.38

N/A

N/A

February

28,

2027

Principal

LifeTime

2060

Fund

N/A

.38

N/A

February

28,

2027

Principal

LifeTime

2070

Fund

N/A

.30

.05

February

28,

2027

Principal

LifeTime

Hybrid

2015

Fund

N/A

N/A

.05

February

28,

2027

Principal

LifeTime

Hybrid

2020

Fund

N/A

N/A

.05

February

28,

2027

Principal

LifeTime

Hybrid

2025

Fund

N/A

N/A

.05

February

28,

2027

Principal

LifeTime

Hybrid

2030

Fund

N/A

N/A

.05

February

28,

2027

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

\*

Contractual

expense

limit

expired

February

28,

2026. 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,

expenses

related

to

the

ReFlow

liquidity

program,

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:

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:

Period

from

November

1,

2025

through

April

30,

2026

Class

A

Class

J

Institutional

Expiration

Principal

LifeTime

Hybrid

2035

Fund

N/A

N/A

.05

February

28,

2027

Principal

LifeTime

Hybrid

2040

Fund

N/A

N/A

.05

February

28,

2027

Principal

LifeTime

Hybrid

2045

Fund

N/A

N/A

.05

February

28,

2027

Principal

LifeTime

Hybrid

2050

Fund

N/A

N/A

.05

February

28,

2027

Principal

LifeTime

Hybrid

2055

Fund

N/A

.30\*

.05

February

28,

2027

Principal

LifeTime

Hybrid

2060

Fund

N/A

.30

.05

February

28,

2027

Principal

LifeTime

Hybrid

2065

Fund

N/A

.30

.05

February

28,

2027

Principal

LifeTime

Hybrid

2070

Fund

N/A

.30

.05

February

28,

2027

Principal

LifeTime

Hybrid

Income

Fund

N/A

N/A

.05

February

28,

2027

Principal

LifeTime

Strategic

Income

Fund

.38

N/A

0.00 February

28,

2027

Real

Estate

Securities

Fund

N/A

N/A

.86

February

28,

2027

SmallCap

Fund

N/A

N/A

.85

February

28,

2027

SmallCap

S&P

600

Index

Fund

N/A

N/A

.21

February

28,

2027

SmallCap

Value

Fund

II

N/A

N/A

.93

February

28,

2027

Tax-Exempt

Bond

Fund

N/A

N/A

.45

February

28,

2027

Period

from

November

1,

2025

through

April

30,

2026

Expiration

Government

&

High

Quality

Bond

Fund

.98%

.67%

February

28,

2027

Principal

LifeTime

2070

Fund

.62

.31

February

28,

2027

Period

from

November

1,

through

April

,

Expiration

Diversified

Income

Fund

.02%

February

28,

2027

Diversified

International

Fund

.04

February

28,

2027

Global

Emerging

Markets

Fund

.04

February

28,

2026

Government

Money

Market

Fund

.00

February

28,

2027

International

Equity

Fund

.04

February

28,

2026

Principal

LifeTime

Hybrid

2015

Fund

.02

February

28,

2027

Principal

LifeTime

Hybrid

2020

Fund

.02

February

28,

2027

Principal

LifeTime

Hybrid

2025

Fund

.02

February

28,

2027

Principal

LifeTime

Hybrid

2030

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2035

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2040

Fund

.02

February

28,

2026

Principal

LifeTime

Hybrid

2045

Fund

.02

February

28,

2027

Principal

LifeTime

Hybrid

2050

Fund

.02

February

28,

2027

Principal

LifeTime

Hybrid

2055

Fund

.02

February

28,

2027

Principal

LifeTime

Hybrid

2060

Fund

.02

February

28,

2027

Principal

LifeTime

Hybrid

2065

Fund

.02

February

28,

2027

Principal

LifeTime

Hybrid

2070

Fund

.02

February

28,

2027

Principal

LifeTime

Hybrid

Income

Fund

.02

February

28,

2027

SmallCap

Fund

.02

February

28,

2026

SmallCap

Growth

Fund

I

.01

February

28,

2027

SmallCap

Value

Fund

II

.02

February

28,

2027

Expiration

LargeCap

Growth

Fund

I

.016%

February

28,

2027

LargeCap

Value

Fund

III

.020

February

28,

2027

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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,

2027. 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,

2027. Distribution

Fees.

The

Class

A,

Class

C,

Class

J,

and

shares

of

the

Funds

bear

distribution

fees,

except

for

Class

A

shares

of

Money

Market

Fund,

which

are

not

subject

to

distribution

fees.

Distribution

fees

represent

the

Funds'

selling

expenses.

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%,

and

.25%

for

Class

A,

Class

C,

Class

J,

and

classes

of

shares,

respectively,

except

the

following

classes

of

shares:

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,

2027. 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

primarily

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,

2026,

were

as

follows

(amounts

in

thousands):

Expiration

MidCap

Value

Fund

I

.020

February

28,

2027

Overseas

Fund

.020

February

28,

2027

SmallCap

Growth

Fund

I

.020

February

28,

2027

SmallCap

Value

Fund

II

.020

February

28,

2027

Government

&

High

Quality

Bond

Fund

Class

A

.15%

LargeCap

S&P

500

Index

Fund

Class

A

.15

Short-Term

Income

Fund

Class

A

.15

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

—

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

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,

2026,

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

High

Yield

Fund

$

$

$

N/A

Inflation

Protection

Fund

N/A

N/A

LargeCap

Growth

Fund

I

N/A

LargeCap

S&P

500

Index

Fund

N/A

LargeCap

Value

Fund

III

N/A

N/A

MidCap

Fund

MidCap

S&P

Index

Fund

N/A

N/A

MidCap

Value

Fund

I

N/A

Money

Market

Fund

N/A

Principal

Capital

Appreciation

Fund

N/A

N/A

Principal

LifeTime

2020

Fund

N/A

Principal

LifeTime

2030

Fund

N/A

Principal

LifeTime

2040

Fund

N/A

Principal

LifeTime

2050

Fund

N/A

Principal

LifeTime

Hybrid

2015

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2020

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2025

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2030

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2035

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2040

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2045

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2050

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2055

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2060

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2065

Fund

N/A

N/A

Principal

LifeTime

Hybrid

2070

Fund

N/A

N/A

Principal

LifeTime

Hybrid

Income

Fund

N/A

N/A

Principal

LifeTime

Strategic

Income

Fund

N/A

Real

Estate

Securities

Fund

—

SAM

Balanced

Portfolio

SAM

Conservative

Balanced

Portfolio

SAM

Conservative

Growth

Portfolio

SAM

Flexible

Income

Portfolio

SAM

Strategic

Growth

Portfolio

Short-Term

Income

Fund

SmallCap

Fund

N/A

—

SmallCap

Growth

Fund

I

N/A

N/A

SmallCap

S&P

600

Index

Fund

N/A

N/A

SmallCap

Value

Fund

II

N/A

N/A

—

Tax-Exempt

Bond

Fund

—

N/A

Institutional

Core

Fixed

Income

Fund

229,810

Core

Plus

Bond

Fund

N/A

Diversified

Income

Fund

–

688

Diversified

International

Fund

941

Equity

Income

Fund

42,048

N/A

Global

Emerging

Markets

Fund

114,803

Global

Real

Estate

Securities

Fund

6,820

Government

&

High

Quality

Bond

Fund

N/A

Government

Money

Market

Fund

868,811

552,106

High

Yield

Fund

449,373

Inflation

Protection

Fund

156,900

N/A

International

Equity

Fund

552

40,510

LargeCap

Growth

Fund

I

195,349

LargeCap

S&P

500

Index

Fund

984

N/A

LargeCap

Value

Fund

III

16,918

N/A

MidCap

Fund

611

–

MidCap

Value

Fund

I

–

65,999

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Affiliated

Brokerage

Commissions.

With

respect

to

Diversified

Income

Fund,

$3,000

of

brokerage

commission

was

paid

to

SAMI

Brokerage

LLC,

a

member

of

the

Spectrum

Asset

Management.

The

other

Funds

did

not

pay

brokerage

commissions

to

any

member

of

the

Principal

Financial

Group

during

the

period

ended

April

30,

2026

.

6. Investment

Transactions

For

the period ended

April

30,

2026,

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):

Institutional

Overseas

Fund

48,059

N/A

Principal

Capital

Appreciation

Fund

8,429

N/A

Principal

LifeTime

2015

Fund

15,836

N/A

Principal

LifeTime

2020

Fund

68,144

N/A

Principal

LifeTime

2025

Fund

77,375

N/A

Principal

LifeTime

2030

Fund

189,944

N/A

Principal

LifeTime

2035

Fund

102,240

N/A

Principal

LifeTime

2040

Fund

154,567

N/A

Principal

LifeTime

2045

Fund

74,737

N/A

Principal

LifeTime

2050

Fund

111,328

N/A

Principal

LifeTime

2055

Fund

44,989

N/A

Principal

LifeTime

2060

Fund

45,119

N/A

Principal

LifeTime

2065

Fund

13,751

N/A

Principal

LifeTime

2070

Fund

6,177

N/A

Principal

LifeTime

Hybrid

2030

Fund

–

Principal

LifeTime

Hybrid

2040

Fund

–

Principal

LifeTime

Hybrid

2045

Fund

–

Principal

LifeTime

Hybrid

2050

Fund

–

Principal

LifeTime

Hybrid

2055

Fund

–

Principal

LifeTime

Strategic

Income

Fund

26,276

N/A

Real

Estate

Securities

Fund

16,634

SAM

Balanced

Portfolio

35,215

N/A

SAM

Conservative

Balanced

Portfolio

13,476

N/A

SAM

Conservative

Growth

Portfolio

19,236

N/A

SAM

Flexible

Income

Portfolio

9,143

N/A

SAM

Strategic

Growth

Portfolio

13,476

N/A

Short-Term

Income

Fund

23,033

N/A

SmallCap

Fund

SmallCap

Growth

Fund

I

–

63,593

SmallCap

Value

Fund

II

48,843

Tax-Exempt

Bond

Fund

N/A

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

California

Municipal

Fund

$

168,602

$

123,706

$

—

$

—

Core

Fixed

Income

Fund

485,188

571,113

—

—

Core

Plus

Bond

Fund

167,157

161,893

—

—

Diversified

Income

Fund

844,513

931,235

30,456

31,587

Diversified

International

Fund

309,552

588,384

—

—

Equity

Income

Fund

372,990

1,672,700

—

—

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

582,009

495,713

—

—

Global

Emerging

Markets

Fund

3,283,491

1,907,960

—

—

Global

Real

Estate

Securities

Fund

338,573

354,468

—

—

Government

&

High

Quality

Bond

Fund

183,704

227,911

—

—

Government

Money

Market

Fund

—

—

—

—

High

Yield

Fund

1,084,907

1,146,228

—

—

Inflation

Protection

Fund

342,367

589,102

110,653

110,605

International

Equity

Fund

2,202,574

2,583,222

—

—

LargeCap

Growth

Fund

I

4,418,105

6,298,037

—

—

LargeCap

S&P

500

Index

Fund

2,661,869

844,562

—

—

LargeCap

Value

Fund

III

622,796

1,446,589

—

—

MidCap

Fund

2,439,573

6,446,677

—

—

MidCap

S&P

Index

Fund

137,634

139,600

—

—

MidCap

Value

Fund

I

927,279

1,067,929

—

—

Money

Market

Fund

—

—

—

—

Overseas

Fund

478,659

472,554

—

—

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

For

the period

ended

April

30,

2026,

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

Principal

Capital

Appreciation

Fund

$

1,721,492

$

2,010,465

$

—

$

—

Principal

LifeTime

2015

Fund

24,255

54,888

—

—

Principal

LifeTime

2020

Fund

226,145

441,154

—

—

Principal

LifeTime

2025

Fund

181,821

408,964

—

—

Principal

LifeTime

2030

Fund

745,875

1,197,390

—

—

Principal

LifeTime

2035

Fund

357,590

535,751

—

—

Principal

LifeTime

2040

Fund

883,748

1,169,586

—

—

Principal

LifeTime

2045

Fund

369,191

538,541

—

—

Principal

LifeTime

2050

Fund

728,900

930,549

—

—

Principal

LifeTime

2055

Fund

277,277

342,896

—

—

Principal

LifeTime

2060

Fund

281,266

314,588

—

—

Principal

LifeTime

2065

Fund

86,636

83,576

—

—

Principal

LifeTime

2070

Fund

42,295

25,131

—

—

Principal

LifeTime

Hybrid

2015

Fund

80,667

27,403

—

—

Principal

LifeTime

Hybrid

2020

Fund

97,313

36,945

—

—

Principal

LifeTime

Hybrid

2025

Fund

158,891

67,360

—

—

Principal

LifeTime

Hybrid

2030

Fund

288,140

60,012

—

—

Principal

LifeTime

Hybrid

2035

Fund

229,191

48,574

—

—

Principal

LifeTime

Hybrid

2040

Fund

267,656

63,465

—

—

Principal

LifeTime

Hybrid

2045

Fund

116,389

35,489

—

—

Principal

LifeTime

Hybrid

2050

Fund

94,284

28,497

—

—

Principal

LifeTime

Hybrid

2055

Fund

68,091

17,797

—

—

Principal

LifeTime

Hybrid

2060

Fund

40,008

9,002

—

—

Principal

LifeTime

Hybrid

2065

Fund

21,277

4,502

—

—

Principal

LifeTime

Hybrid

2070

Fund

5,367

1,048

—

—

Principal

LifeTime

Hybrid

Income

Fund

31,175

13,802

—

—

Principal

LifeTime

Strategic

Income

Fund

76,500

130,073

—

—

Real

Estate

Securities

Fund

802,584

825,578

—

—

SAM

Balanced

Portfolio

761,402

866,819

—

—

SAM

Conservative

Balanced

Portfolio

226,923

340,312

—

—

SAM

Conservative

Growth

Portfolio

593,783

599,788

—

—

SAM

Flexible

Income

Portfolio

214,410

415,886

—

—

SAM

Strategic

Growth

Portfolio

521,129

487,710

—

—

Short-Term

Income

Fund

699,113

578,492

—

—

SmallCap

Fund

711,236

1,130,943

—

—

SmallCap

Growth

Fund

I

836,427

962,738

—

—

SmallCap

S&P

600

Index

Fund

174,051

217,881

—

—

SmallCap

Value

Fund

II

571,186

598,455

—

—

Tax-Exempt

Bond

Fund

173,709

152,975

—

—

Purchases

Sales

Core

Fixed

Income

Fund

$

–

$

100,264

Core

Plus

Bond

Fund

81,795

116,288

Diversified

Income

Fund

93,172

117,900

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

9,643

–

Government

&

High

Quality

Bond

Fund

211,622

237,924

High

Yield

Fund

–

95,721

Inflation

Protection

Fund

468,257

550,896

Short-Term

Income

Fund

108,925

171,308

6. Investment

Transactions

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

7. Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the periods

ended April

30,

2026 and

October

31,

2025 were

as

follows

(amounts

in

thousands):

Ordinary

Income

Tax-Exempt

Income\*

Long-Term

Capital

Gain^

2026

2025

2026

2025

2026

2025

California

Municipal

Fund

$

—

$

$

11,772

$

21,782

$

—

$

—

Core

Fixed

Income

Fund

197,720

394,401

—

—

—

—

Core

Plus

Bond

Fund

11,862

23,850

—

—

—

—

Diversified

Income

Fund

72,397

145,462

—

—

—

—

Diversified

International

Fund

29,222

163,105

—

—

—

190,710

Equity

Income

Fund

78,043

157,633

—

—

600,112

758,081

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

31,960

41,607

—

—

—

—

Global

Emerging

Markets

Fund

95,731

7,659

—

—

46,777

—

Global

Real

Estate

Securities

Fund

41,123

43,459

—

—

—

—

Government

&

High

Quality

Bond

Fund

11,211

23,103

—

—

—

—

Government

Money

Market

Fund

85,549

167,970

—

—

—

—

High

Yield

Fund

224,673

425,010

—

—

—

—

Inflation

Protection

Fund

103,541

71,833

—

—

—

—

International

Equity

Fund

254,694

8,314

—

—

—

19,854

LargeCap

Growth

Fund

I

142,013

58,881

—

—

841,593

2,511,827

LargeCap

S&P

500

Index

Fund

119,155

120,843

—

—

248,737

115,763

LargeCap

Value

Fund

III

68,628

53,500

—

—

368,706

237,511

MidCap

Fund

—

32,052

—

—

1,719,604

883,887

MidCap

S&P

Index

Fund

24,560

41,160

—

—

78,146

118,057

MidCap

Value

Fund

I

26,187

139,254

—

—

130,392

284,284

Money

Market

Fund

18,142

43,760

—

—

—

—

Overseas

Fund

66,856

87,441

—

—

89,927

86,391

Principal

Capital

Appreciation

Fund

22,375

29,695

—

—

362,299

211,541

Principal

LifeTime

2015

Fund

7,312

7,320

—

—

14,371

7,626

Principal

LifeTime

2020

Fund

70,078

68,168

—

—

114,198

89,899

Principal

LifeTime

2025

Fund

47,541

42,810

—

—

104,286

47,603

Principal

LifeTime

2030

Fund

167,846

139,874

—

—

295,869

168,864

Principal

LifeTime

2035

Fund

61,432

46,023

—

—

109,970

63,944

Principal

LifeTime

2040

Fund

137,374

93,246

—

—

293,008

220,963

Principal

LifeTime

2045

Fund

46,253

30,929

—

—

108,110

58,276

Principal

LifeTime

2050

Fund

85,642

53,243

—

—

228,267

150,425

Principal

LifeTime

2055

Fund

28,648

19,095

—

—

71,223

34,779

Principal

LifeTime

2060

Fund

27,602

18,375

—

—

66,699

30,024

Principal

LifeTime

2065

Fund

6,382

4,132

—

—

12,743

4,162

Principal

LifeTime

2070

Fund

2,035

1,000

—

—

2,528

Principal

LifeTime

Hybrid

2015

Fund

15,623

10,310

—

—

5,367

862

Principal

LifeTime

Hybrid

2020

Fund

20,500

16,345

—

—

14,971

1,076

Principal

LifeTime

Hybrid

2025

Fund

35,254

25,789

—

—

18,424

3,532

Principal

LifeTime

Hybrid

2030

Fund

40,289

26,501

—

—

23,973

4,304

Principal

LifeTime

Hybrid

2035

Fund

27,086

18,527

—

—

18,181

4,840

Principal

LifeTime

Hybrid

2040

Fund

30,329

18,681

—

—

24,018

6,868

Principal

LifeTime

Hybrid

2045

Fund

15,803

10,506

—

—

15,813

5,152

Principal

LifeTime

Hybrid

2050

Fund

13,593

8,638

—

—

15,715

5,039

Principal

LifeTime

Hybrid

2055

Fund

8,264

5,469

—

—

9,559

3,056

Principal

LifeTime

Hybrid

2060

Fund

4,614

2,899

—

—

5,061

1,565

Principal

LifeTime

Hybrid

2065

Fund

1,713

975

—

—

1,497

Principal

LifeTime

Hybrid

2070

Fund

—

—

Principal

LifeTime

Hybrid

Income

Fund

6,455

4,894

—

—

1,827

Principal

LifeTime

Strategic

Income

Fund

25,334

24,016

—

—

13,933

10,234

Real

Estate

Securities

Fund

73,301

158,588

—

—

—

102,754

SAM

Balanced

Portfolio

120,607

101,501

—

—

342,156

209,281

SAM

Conservative

Balanced

Portfolio

43,270

47,317

—

—

84,851

20,442

SAM

Conservative

Growth

Portfolio

76,586

46,058

—

—

343,871

181,991

SAM

Flexible

Income

Portfolio

44,049

67,149

—

—

16,264

—

SAM

Strategic

Growth

Portfolio

42,381

32,177

—

—

233,294

126,121

Short-Term

Income

Fund

67,678

127,999

—

—

—

—

SmallCap

Fund

4,649

20,399

—

—

110,411

23,243

SmallCap

Growth

Fund

I

18,525

57,325

—

—

168,118

111,168

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

\*The

Funds

designate

these

distributions

as

exempt

interest

per

Internal

Revenue

Code

("IRC")

Sec.

852(b)(5).

^

The

Funds

designate

these

distributions

as

long-term

capital

gain

dividends

per

IRC

Sec.

852(b)(3)(C)

in

the

20-percent

group

(which

may

be

taxed

at

a

20-percent

rate,

a

15-percent

rate

or

a

0-percent

rate,

depending

on

the

shareholder's

taxable

income).

Certain

Funds

may

also

utilize

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

dividends

paid

deduction.

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

As

of October

31,

2025,

the

components

of

total

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

Ordinary

Income

Tax-Exempt

Income\*

Long-Term

Capital

Gain^

2026

2025

2026

2025

2026

2025

SmallCap

S&P

600

Index

Fund

$

38,138

$

19,752

$

—

$

—

$

84,332

$

90,442

SmallCap

Value

Fund

II

36,711

52,736

—

—

56,721

63,402

Tax-Exempt

Bond

Fund

—

9,521

19,880

—

—

Undistributed

Ordinary

Income

Undistributed

Tax-Exempt

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

\*

Total

Accumulated

Earnings

(Deficit)

California

Municipal

Fund

$

—

$

$

—

$

(50,305)

$

4,249

$

—

$

(45,866)

Core

Fixed

Income

Fund

2,084

—

—

(286,386)

(844,545)

—

(1,128,847)

Core

Plus

Bond

Fund

—

—

(100,050)

(2,258)

(102,025)

Diversified

Income

Fund

825

—

—

(1,116,596)

(13,502)

(8,206)

(1,137,479)

Diversified

International

Fund

28,162

—

—

(26,414)

139,958

—

141,706

Equity

Income

Fund

27,728

—

600,104

—

4,535,098

—

5,162,930

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

2,566

—

—

(86,686)

29,595

(836) (55,361)

Global

Emerging

Markets

Fund

86,385

—

46,769

—

744,164

—

877,318

Global

Real

Estate

Securities

Fund

33,000

—

—

(74,346)

323,144

—

281,798

Government

&

High

Quality

Bond

Fund

631

—

—

(220,194)

(15,550)

(2) (235,115)

High

Yield

Fund

2,510

—

—

(885,849)

(100,284)

(5,287)

(988,910)

Inflation

Protection

Fund

85,775

—

—

(112,868)

(57,771)

(82) (84,946)

International

Equity

Fund

246,186

—

—

—

837,857

—

1,084,043

LargeCap

Growth

Fund

I

142,019

—

841,565

—

3,649,677

—

4,633,261

LargeCap

S&P

500

Index

Fund

94,087

—

248,727

—

6,667,455

(74) 7,010,195

LargeCap

Value

Fund

III

60,822

—

368,703

—

233,862

(1) 663,386

MidCap

Fund

—

—

1,719,595

(4,038)

13,159,178

—

14,874,735

MidCap

S&P

Index

Fund

21,425

—

78,145

—

286,533

—

386,103

MidCap

Value

Fund

I

20,876

—

130,381

—

145,833

—

297,090

Overseas

Fund

64,989

—

89,930

—

144,332

—

299,251

Principal

Capital

Appreciation

Fund

19,174

—

362,296

—

2,630,313

—

3,011,783

Principal

LifeTime

2015

Fund

4,772

—

14,369

—

17,477

—

36,618

Principal

LifeTime

2020

Fund

43,880

—

114,192

—

217,617

—

375,689

Principal

LifeTime

2025

Fund

28,641

—

104,288

—

182,485

—

315,414

Principal

LifeTime

2030

Fund

92,714

—

295,877

—

872,975

—

1,261,566

Principal

LifeTime

2035

Fund

32,770

—

109,971

—

373,039

—

515,780

Principal

LifeTime

2040

Fund

64,442

—

292,993

—

1,167,059

—

1,524,494

Principal

LifeTime

2045

Fund

16,838

—

108,111

—

407,328

—

532,277

Principal

LifeTime

2050

Fund

26,460

—

228,262

—

940,474

—

1,195,196

Principal

LifeTime

2055

Fund

7,056

—

71,224

—

265,314

—

343,594

Principal

LifeTime

2060

Fund

6,289

—

66,697

—

238,655

—

311,641

Principal

LifeTime

2065

Fund

1,234

—

12,743

—

43,755

—

57,732

Principal

LifeTime

2070

Fund

—

2,527

—

10,018

—

12,888

Principal

LifeTime

Hybrid

2015

Fund

3,616

—

5,366

—

37,563

—

46,545

Principal

LifeTime

Hybrid

2020

Fund

5,765

—

14,968

—

61,300

—

82,033

Principal

LifeTime

Hybrid

2025

Fund

7,467

—

18,423

—

129,406

—

155,296

Principal

LifeTime

Hybrid

2030

Fund

5,294

—

23,973

—

185,279

—

214,546

Principal

LifeTime

Hybrid

2035

Fund

2,886

—

18,179

—

155,169

—

176,234

Principal

LifeTime

Hybrid

2040

Fund

2,533

—

24,016

—

216,025

—

242,574

Principal

LifeTime

Hybrid

2045

Fund

2,004

—

15,811

—

138,668

—

156,483

Principal

LifeTime

Hybrid

2050

Fund

1,313

—

15,715

—

139,011

—

156,039

Principal

LifeTime

Hybrid

2055

Fund

—

9,558

—

84,245

—

94,290

Principal

LifeTime

Hybrid

2060

Fund

—

5,061

—

44,718

—

49,962

Principal

LifeTime

Hybrid

2065

Fund

—

1,496

—

14,729

—

16,293

Principal

LifeTime

Hybrid

2070

Fund

—

—

1,674

—

1,820

Principal

LifeTime

Hybrid

Income

Fund

1,803

—

1,827

—

11,262

—

14,892

Principal

LifeTime

Strategic

Income

Fund

16,188

—

13,931

—

29,327

—

59,446

7. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

be

used

to

offset

future

capital

gains

of

the

Funds.

As

of

October

31,

2025,

the

Funds

had

approximate

net

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

\*

In

accordance

with

IRC

Sections

381-384,

a

portion

of

the

losses

have

been

subject

to

a

$644,000

annual

limitation.

^

In

accordance

with

IRC

Sections

381-384,

a

portion

of

the

losses

have

been

subject

to

an

$18,556,000

annual

limitation.

All

of

these

capital

losses

were

generated

in

taxable

years

beginning

after

the

enactment

date

of

the

Regulated

Investment

Company

Modernization

Act

of

2010

on

December

22,

2010,

and

will

be

carried

forward

with

no

expiration

and

with

the

character

of

the

loss

retained.

For

the

year

ended

October

31,

2025,

the

Funds

utilized

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

Undistributed

Ordinary

Income

Undistributed

Tax-Exempt

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

\*

Total

Accumulated

Earnings

(Deficit)

Real

Estate

Securities

Fund

$

—

$

—

$

—

$

(25,914)

$

1,132,778

$

—

$

1,106,864

SAM

Balanced

Portfolio

50,650

—

342,155

—

984,691

—

1,377,496

SAM

Conservative

Balanced

Portfolio

13,070

—

84,850

—

256,458

—

354,378

SAM

Conservative

Growth

Portfolio

32,455

—

343,867

—

899,186

—

1,275,508

SAM

Flexible

Income

Portfolio

544

—

16,260

—

172,307

—

189,111

SAM

Strategic

Growth

Portfolio

12,977

—

233,294

—

728,124

—

974,395

Short-Term

Income

Fund

1,016

—

—

(51,707)

3,686

—

(47,005)

SmallCap

Fund

3,900

—

110,410

—

337,321

—

451,631

SmallCap

Growth

Fund

I

18,526

—

168,105

—

401,848

—

588,479

SmallCap

S&P

600

Index

Fund

34,598

—

84,329

—

161,410

—

280,337

SmallCap

Value

Fund

II

32,494

—

56,724

—

26,585

—

115,803

Tax-Exempt

Bond

Fund

—

—

(71,398)

(2,167)

(704) (74,089)

\*

Represents

book-to-tax

accounting

differences.

Short-Term

Long-Term

Total

California

Municipal

Fund

$

24,493

$

25,812

$

50,305

Core

Fixed

Income

Fund

42,318

244,068

286,386

Core

Plus

Bond

Fund

27,084

72,966

100,050

Diversified

Income

Fund

269,300

847,296

1,116,596

Diversified

International

Fund

26,414

—

26,414

\*

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

37,432

49,254

86,686

Global

Real

Estate

Securities

Fund

2,651

71,695

74,346

Government

&

High

Quality

Bond

Fund

63,889

156,305

220,194

High

Yield

Fund

51,589

834,260

885,849

^

Inflation

Protection

Fund

5,441

107,427

112,868

Real

Estate

Securities

Fund

23,948

1,966

25,914

Short-Term

Income

Fund

14,605

37,102

51,707

Tax-Exempt

Bond

Fund

30,642

40,756

71,398

Short-Term

Utilized

Long-Term

Utilized

Core

Fixed

Income

Fund

$

$

—

Diversified

Income

Fund

7,299

—

Diversified

International

Fund

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

5,100

9,404

Global

Emerging

Markets

Fund

5,969

4,973

Inflation

Protection

Fund

1,525

—

SAM

Flexible

Income

Portfolio

5,850

31,819

Short-Term

Income

Fund

635

—

7. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Late-Year

Losses.

A

regulated

investment

company

may

elect

to

treat

any

portion

of

its

qualified

late-year

loss

as

arising

on

the

first

day

of

the

next

taxable

year.

Qualified

late-year

losses

are

certain

ordinary

losses

which

occur

during

the

portion

of

the

fund's

taxable

year

subsequent

to

December

31. As

of

October

31,

2025,

the

Funds

intend

to

defer

late-year

ordinary

losses

as

follows

(amounts

in

thousands):

Reclassification

of

Capital

Accounts.

The

Funds

may

record

reclassifications

in

their

capital

accounts.

These

reclassifications

have

no

impact

on

the

total

net

assets

of

the

Funds.

The

reclassifications

are

a

result

of

permanent

differences

between

U.S.

GAAP

and

tax

accounting.

Adjustments

are

made

to

reflect

the

impact

these

items

have

on

current

and

future

distributions

to

shareholders.

Therefore,

the

source

of

the

Funds'

distributions

may

be

shown

in

the

accompanying

statements

of

changes

in

net

assets

as

from

net

investment

income

and net

realized

gain

on

investments

or

from

tax

return

of

capital

depending

on

the

type

of

book

and

tax

differences

that

exist.

For

the

year

ended October

31,

2025,

the

Funds

recorded

reclassifications

as

follows

(amounts

in

thousands):

Late

Year

Ordinary

Loss

MidCap

Fund

$

4,038

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Diversified

International

Fund

$

(895,922)

$

895,922

Equity

Income

Fund

(127,653)

127,653

Global

Emerging

Markets

Fund

(2,756)

2,756

Global

Real

Estate

Securities

Fund

(9) High

Yield

Fund

(547,301)

547,301

International

Equity

Fund

(18,131)

18,131

LargeCap

Growth

Fund

I

(340,675)

340,675

LargeCap

S&P

500

Index

Fund

(23,187)

23,187

LargeCap

Value

Fund

III

(113,883)

113,883

MidCap

Fund

(177,071)

177,071

MidCap

S&P

Index

Fund

(15,603)

15,603

MidCap

Value

Fund

I

(36,783)

36,783

Overseas

Fund

(19,935)

19,935

Principal

Capital

Appreciation

Fund

(46,850)

46,850

Principal

LifeTime

2015

Fund

(3,150)

3,150

Principal

LifeTime

2020

Fund

(19,367)

19,367

Principal

LifeTime

2025

Fund

(17,985)

17,985

Principal

LifeTime

2030

Fund

(45,463)

45,463

Principal

LifeTime

2035

Fund

(15,470)

15,470

Principal

LifeTime

2040

Fund

(38,476)

38,476

Principal

LifeTime

2045

Fund

(13,658)

13,658

Principal

LifeTime

2050

Fund

(29,581)

29,581

Principal

LifeTime

2055

Fund

(10,252)

10,252

Principal

LifeTime

2060

Fund

(8,742)

8,742

Principal

LifeTime

2065

Fund

(2,037)

2,037

Principal

LifeTime

2070

Fund

(411) 411

Principal

LifeTime

Hybrid

2015

Fund

(806) 806

Principal

LifeTime

Hybrid

2020

Fund

(1,654)

1,654

Principal

LifeTime

Hybrid

2025

Fund

(2,394)

2,394

Principal

LifeTime

Hybrid

2030

Fund

(3,055)

3,055

Principal

LifeTime

Hybrid

2035

Fund

(2,082)

2,082

Principal

LifeTime

Hybrid

2040

Fund

(2,619)

2,619

Principal

LifeTime

Hybrid

2045

Fund

(1,802)

1,802

Principal

LifeTime

Hybrid

2050

Fund

(1,539)

1,539

Principal

LifeTime

Hybrid

2055

Fund

(982) 982

Principal

LifeTime

Hybrid

2060

Fund

(490) 490

Principal

LifeTime

Hybrid

2065

Fund

(151) 151

Principal

LifeTime

Hybrid

2070

Fund

(28) 28

Principal

LifeTime

Hybrid

Income

Fund

(320) 320

Principal

LifeTime

Strategic

Income

Fund

(3,941)

3,941

Real

Estate

Securities

Fund

18,861

(18,861)

SAM

Balanced

Portfolio

(28,075)

28,075

SAM

Conservative

Balanced

Portfolio

(7,098)

7,098

SAM

Conservative

Growth

Portfolio

(24,335)

24,335

SAM

Flexible

Income

Portfolio

(259) 259

SAM

Strategic

Growth

Portfolio

(18,197)

18,197

SmallCap

Fund

(16,876)

16,876

7. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

Federal

Income

Tax

Basis.

As

of April

30,

2026,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

Funds

were

as

follows

(amounts

in

thousands):

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

SmallCap

Growth

Fund

I

$

(15,443)

$

15,443

SmallCap

S&P

600

Index

Fund

(20,527)

20,527

SmallCap

Value

Fund

II

(9,855)

9,855

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

California

Municipal

Fund

$

12,192

$

(8,232)

$

3,960

$

699,766

Core

Fixed

Income

Fund

52,278

(1,029,038)

(976,760)

11,335,156

Core

Plus

Bond

Fund

4,736

(14,934)

(10,198)

517,392

Diversified

Income

Fund

50,257

(121,403)

(71,146)

2,291,526

Diversified

International

Fund

207,167

(54,524)

152,643

879,150

Equity

Income

Fund

4,836,969

(90,525)

4,746,444

3,384,393

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

48,471

(29,649)

18,822

978,372

Global

Emerging

Markets

Fund

1,875,859

(391,158)

1,484,701

6,239,699

Global

Real

Estate

Securities

Fund

483,101

(49,476)

433,625

1,276,759

Government

&

High

Quality

Bond

Fund

11,103

(32,431)

(21,328)

638,878

Government

Money

Market

Fund

—

—

—

4,410,941

High

Yield

Fund

84,577

(238,532)

(153,955)

6,428,876

Inflation

Protection

Fund

25,012

(81,130)

(56,118)

2,231,832

International

Equity

Fund

1,346,433

(407,834)

938,599

5,676,519

LargeCap

Growth

Fund

I

1,877,169

(182,304)

1,694,865

4,500,207

LargeCap

S&P

500

Index

Fund

7,154,598

(364,847)

6,789,751

6,329,494

LargeCap

Value

Fund

III

363,179

(137,576)

225,603

2,027,618

MidCap

Fund

10,985,376

(1,832,381)

9,152,995

16,052,141

MidCap

S&P

Index

Fund

466,797

(101,533)

365,264

971,009

MidCap

Value

Fund

I

392,205

(102,392)

289,813

2,127,123

Money

Market

Fund

—

—

—

1,054,210

Overseas

Fund

378,682

(99,093)

279,589

1,495,296

Principal

Capital

Appreciation

Fund

2,550,291

(105,355)

2,444,936

2,709,848

Principal

LifeTime

2015

Fund

23,394

(12,821)

10,573

161,371

Principal

LifeTime

2020

Fund

270,052

(127,379)

142,673

1,647,394

Principal

LifeTime

2025

Fund

197,799

(74,012)

123,787

1,020,118

Principal

LifeTime

2030

Fund

902,276

(236,541)

665,735

4,069,882

Principal

LifeTime

2035

Fund

376,613

(59,946)

316,667

1,528,005

Principal

LifeTime

2040

Fund

1,088,166

(91,096)

997,070

3,463,281

Principal

LifeTime

2045

Fund

382,292

(18,718)

363,574

1,252,864

Principal

LifeTime

2050

Fund

870,843

(20,653)

850,190

2,366,135

Principal

LifeTime

2055

Fund

251,170

(10,196)

240,974

907,362

Principal

LifeTime

2060

Fund

229,055

(10,183)

218,872

942,229

Principal

LifeTime

2065

Fund

45,045

(3,138)

41,907

244,680

Principal

LifeTime

2070

Fund

11,778

(1,495)

10,283

99,631

Principal

LifeTime

Hybrid

2015

Fund

53,616

(15,264)

38,352

488,001

Principal

LifeTime

Hybrid

2020

Fund

103,295

(39,404)

63,891

606,312

Principal

LifeTime

Hybrid

2025

Fund

182,033

(43,129)

138,904

1,092,093

Principal

LifeTime

Hybrid

2030

Fund

251,679

(43,966)

207,713

1,434,358

Principal

LifeTime

Hybrid

2035

Fund

201,556

(25,326)

176,230

983,384

Principal

LifeTime

Hybrid

2040

Fund

269,327

(17,283)

252,044

1,179,686

Principal

LifeTime

Hybrid

2045

Fund

168,588

(6,631)

161,957

584,175

Principal

LifeTime

Hybrid

2050

Fund

167,673

(3,248)

164,425

534,075

Principal

LifeTime

Hybrid

2055

Fund

103,261

(1,681)

101,580

355,808

Principal

LifeTime

Hybrid

2060

Fund

55,443

(816) 54,627

206,955

Principal

LifeTime

Hybrid

2065

Fund

18,904

(262) 18,642

83,907

Principal

LifeTime

Hybrid

2070

Fund

2,349

(31) 2,318

14,970

Principal

LifeTime

Hybrid

Income

Fund

20,888

(9,244)

11,644

194,063

Principal

LifeTime

Strategic

Income

Fund

70,421

(54,037)

16,384

650,462

Real

Estate

Securities

Fund

2,060,293

(337,128)

1,723,165

5,022,371

SAM

Balanced

Portfolio

1,057,665

(79,240)

978,425

3,866,141

SAM

Conservative

Balanced

Portfolio

300,335

(45,706)

254,629

1,604,688

SAM

Conservative

Growth

Portfolio

925,086

(33,530)

891,556

2,585,202

SAM

Flexible

Income

Portfolio

228,739

(69,286)

159,453

2,006,971

SAM

Strategic

Growth

Portfolio

761,578

(18,749)

742,829

1,820,125

Short-Term

Income

Fund

19,175

(30,284)

(11,109)

3,412,982

7. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

8. Subsequent

Events

Management

has

evaluated

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

that

would

merit

recognition

or

disclosure

in

the

financial

statements.

There

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

SmallCap

Fund

$

554,457

$

(149,515)

$

404,942

$

1,695,014

SmallCap

Growth

Fund

I

712,454

(172,806)

539,648

1,841,229

SmallCap

S&P

600

Index

Fund

415,222

(151,567)

263,655

1,075,888

SmallCap

Value

Fund

II

205,398

(83,178)

122,220

1,132,187

Tax-Exempt

Bond

Fund

10,082

(12,812)

(2,730)

538,237

7. Federal

Tax

Information

(continued)

Schedule

of

Investments

California

Municipal

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.01

%

Invesco

California

AMT-Free

Municipal

Bond

ETF

500

$

iShares

California

Muni

Bond

ETF

702

$

TOTAL

INVESTMENT

COMPANIES

$

COMMON

STOCKS

-

.01

%

Shares

Held

Value

(000's)

Transportation

-

.01

%

BL

Train

Holdings

West

LLC

-

Warrants

(a),(b)

72,088

$

TOTAL

COMMON

STOCKS

$

MUNICIPAL

BONDS

-

.44

%

Principal

Amount

(000's)

Value

(000's)

California

-

.17

%

Alameda

Community

Improvement

Commission

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

09/01/2031

(c) $

1,000

$

1,003

Alameda

Corridor

Transportation

Authority

0.00%,

10/01/2047

(a) 1,750

1,036

5.00%,

10/01/2035

5,270

5,304

Alameda

Corridor

Transportation

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

10/01/2043

(c) 1,000

1,092

Alameda

Unified

School

District-Alameda

County/

CA

5.00%,

08/01/2032

1,795

1,797

Bay

Area

Toll

Authority

3.00%,

04/01/2055

(d) 500

500

3.00%,

04/01/2059

(d) 300

5.00%,

04/01/2042

1,000

1,084

5.00%,

04/01/2043

1,000

1,079

Beverly

Hills

Unified

School

District

CA

3.00%,

08/01/2044

2,230

1,871

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

5.25%,

07/01/2040

1,435

1,584

California

Community

Choice

Financing

Authority

5.00%,

02/01/2054

(d) 5,000

5,280

5.00%,

02/01/2055

(d) 5,000

5,303

5.00%,

02/01/2055

(d) 5,000

5,309

5.00%,

04/01/2056

(d) 3,500

3,750

California

County

Tobacco

Securitization

Agency

4.00%,

06/01/2049

2,630

2,335

California

Educational

Facilities

Authority

5.00%,

10/01/2036

1,000

1,002

5.00%,

06/01/2043

5,645

6,721

5.00%,

05/01/2045

9,550

11,176

5.00%,

05/01/2049

2,000

2,262

5.00%,

04/01/2051

10,100

11,310

5.00%,

03/01/2055

(d) 1,800

2,150

5.25%,

04/01/2040

2,960

3,636

California

Enterprise

Development

Authority

5.25%,

11/01/2049

5,000

5,338

California

Health

Facilities

Financing

Authority

5.00%,

08/15/2031

2,700

2,718

5.00%,

12/01/2035

1,500

1,672

5.00%,

06/01/2041

(d) 10,000

10,782

5.00%,

11/01/2047

5,900

6,524

5.00%,

11/15/2048

2,785

2,807

5.25%,

12/01/2044

6,205

6,526

California

Housing

Finance

Agency

3.50%,

11/20/2035

7,727

7,680

4.25%,

01/15/2035

7,447

7,720

California

Housing

Finance

Agency

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral)

3.75%,

03/25/2035

(c) 11,860

11,998

California

Housing

Finance

Agency

(credit

support

from

Section

542(c)

Housing

Finance

Agency

Risk

Sharing

Program)

4.75%,

08/01/2045

(c) 4,755

4,934

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

California

Infrastructure

&

Economic

Development

Bank

12.00%,

01/01/2065

(d),(e)

$

4,155

$

2,410

California

Municipal

Finance

Authority

2.40%,

10/01/2044

(d) 4,000

3,900

3.24%,

02/20/2041

(d) 4,587

4,276

4.00%,

07/15/2029

8,465

8,514

4.00%,

10/01/2039

3,515

3,437

4.05%,

07/20/2041

2,123

2,086

4.38%,

09/01/2053

(d) 1,700

1,768

5.00%,

05/15/2033

1,000

1,041

5.00%,

05/15/2034

1,000

1,038

5.00%,

12/31/2034

7,550

7,769

5.00%,

11/01/2035

(e) 1,750

1,851

5.00%,

12/31/2036

8,000

8,200

5.00%,

05/15/2038

2,000

2,059

5.00%,

04/01/2054

3,480

3,511

5.25%,

11/01/2036

2,100

2,109

5.25%,

09/01/2055

1,500

1,515

5.38%,

11/01/2045

(e) 3,245

3,347

5.50%,

09/01/2056

1,500

1,611

5.50%,

09/01/2060

1,500

1,600

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

05/15/2043

(c) 600

616

5.00%,

05/15/2044

(c) 5,000

5,124

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

05/15/2031

(c) 10,000

10,494

California

Municipal

Finance

Authority

(credit

support

from

Fannie

Mae

Collateral)

4.45%,

12/01/2042

(c) 6,465

6,524

California

Pollution

Control

Financing

Authority

4.25%,

12/01/2027

(d) 1,200

1,216

5.00%,

07/01/2029

(e) 1,000

1,028

5.00%,

07/01/2029

(e) 1,000

1,047

5.00%,

07/01/2030

(e) 2,000

2,004

5.00%,

07/01/2030

(e) 565

599

5.00%,

07/01/2031

(e) 1,000

1,069

5.00%,

07/01/2037

(e) 12,500

12,514

5.00%,

07/01/2039

(e) 8,500

8,713

5.00%,

11/21/2045

(e) 2,500

2,542

California

Public

Finance

Authority

4.00%,

08/01/2047

1,325

1,246

5.10%,

04/01/2066

(d),(e)

3,500

3,504

6.50%,

06/01/2054

(e) 17,120

16,256

California

School

Finance

Authority

5.00%,

07/01/2035

(e) 1,925

1,926

5.00%,

08/01/2038

(e) 1,000

1,013

California

State

University

5.00%,

11/01/2037

2,000

2,039

California

Statewide

Communities

Development

Authority

3.00%,

06/01/2029

(e) 550

538

4.00%,

09/02/2029

770

779

5.00%,

11/01/2032

(e) 1,135

1,150

5.00%,

06/01/2034

(e) 375

5.00%,

09/02/2034

950

983

5.00%,

12/01/2036

(e) 7,000

7,006

5.00%,

09/02/2038

3,000

3,076

5.00%,

06/01/2039

(e) 475

5.00%,

09/02/2039

900

935

5.00%,

09/02/2039

945

976

5.00%,

05/15/2040

3,500

3,503

5.00%,

09/02/2040

1,000

1,034

5.00%,

12/01/2041

(e) 4,040

4,042

Schedule

of

Investments

California

Municipal

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

California

Statewide

Communities

Development

Authority

(continued)

5.00%,

09/02/2044

$

1,350

$

1,359

5.00%,

09/02/2048

940

947

5.00%,

06/01/2051

(e) 1,950

1,896

5.25%,

12/01/2034

3,500

3,503

5.25%,

12/01/2038

(e) 1,000

1,027

5.25%,

12/01/2043

(e) 3,825

3,901

5.25%,

12/01/2044

1,370

1,512

California

Statewide

Communities

Development

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

4.00%,

05/15/2036

(c) 3,000

3,061

California

Statewide

Financing

Authority

6.00%,

05/01/2043

2,050

2,055

6.00%,

05/01/2043

1,550

1,580

Central

Valley

Energy

Authority

5.00%,

08/01/2034

5,165

5,493

Chino

Valley

Unified

School

District

5.00%,

08/01/2055

(f) 6,570

6,757

City

of

Compton

CA

Water

Revenue

6.00%,

08/01/2039

1,250

1,288

City

of

Long

Beach

CA

Airport

System

Revenue

(credit

support

from

Assured

Guaranty)

5.25%,

06/01/2047

(c) 3,600

3,722

City

of

Los

Angeles

Department

of

Airports

3.25%,

05/15/2049

720

544

5.00%,

05/15/2026

5.00%,

05/15/2028

(f) 2,760

2,880

5.00%,

05/15/2029

1,875

1,993

5.00%,

05/15/2035

835

938

5.00%,

05/15/2036

5,000

5,214

5.00%,

05/15/2037

(f) 4,225

4,521

5.00%,

05/15/2042

(f) 3,500

3,534

5.00%,

05/15/2044

(f) 4,090

4,181

5.50%,

05/15/2040

(f) 5,000

5,451

Coachella

Valley

Unified

School

District/CA

(credit

support

from

Assured

Guaranty)

0.00%,

08/01/2039

(a),(c)

4,000

2,410

Compton

Public

Finance

Authority

4.50%,

09/01/2032

(e) 8,000

8,002

County

of

Sacramento

CA

Airport

System

Revenue

5.00%,

07/01/2037

2,000

2,051

5.25%,

07/01/2054

10,000

10,598

East

Bay

Municipal

Utility

District

Water

System

Revenue

3.00%,

06/01/2037

Escondido

Union

High

School

District

0.00%,

08/01/2041

(a) 1,000

540

Foothill-Eastern

Transportation

Corridor

Agency

4.00%,

01/15/2046

6,360

6,124

Golden

State

Tobacco

Securitization

Corp

5.00%,

06/01/2026

1,000

1,002

5.00%,

06/01/2028

5,000

5,133

5.00%,

06/01/2051

10,630

10,593

Indio

Redevelopment

Agency

Successor

Agency

5.63%,

08/15/2035

Inland

Valley

Development

Agency

5.25%,

09/01/2037

1,000

1,009

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

Long

Beach

Bond

Finance

Authority

5.00%,

11/15/2035

3,485

3,836

5.50%,

11/15/2032

1,010

1,130

Los

Angeles

County

Metropolitan

Transportation

Authority

Sales

Tax

Revenue

5.00%,

07/01/2038

1,695

1,858

5.00%,

07/01/2044

2,000

2,239

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

Los

Angeles

County

Public

Works

Financing

Authority

5.00%,

12/01/2033

$

2,000

$

2,005

5.50%,

12/01/2054

10,000

11,043

Los

Angeles

Department

of

Water

&

Power

5.00%,

07/01/2029

520

554

5.00%,

07/01/2042

2,180

2,337

5.00%,

07/01/2043

(f) 5,000

5,252

Los

Angeles

Department

of

Water

&

Power

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

07/01/2037

(c) 3,000

3,368

Los

Angeles

Unified

School

District/CA

5.00%,

07/01/2033

2,000

2,297

5.25%,

07/01/2042

2,000

2,063

Merced

Union

High

School

District

0.00%,

08/01/2032

(a) 3,380

2,831

Metropolitan

Water

District

of

Southern

California

5.00%,

07/01/2040

5,000

5,388

5.00%,

04/01/2054

1,000

1,049

M-S-R

Energy

Authority

6.13%,

11/01/2029

1,325

1,393

6.13%,

11/01/2029

1,580

1,662

Norco

Community

Redevelopment

Agency

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

03/01/2032

(c) 785

787

Norman

Y

Mineta

San

Jose

International

Airport

SJC

5.00%,

03/01/2047

6,000

6,010

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

3.54%,

10/01/2047

(d),(e)

Pasadena

Unified

School

District

5.25%,

08/01/2047

4,250

4,666

Port

Commission

of

the

City

&

County

of

San

Francisco

4.00%,

03/01/2035

1,000

1,000

Port

of

Los

Angeles

5.00%,

08/01/2033

500

557

5.00%,

08/01/2034

3,465

3,894

5.00%,

08/01/2036

500

552

Poway

Unified

School

District

0.00%,

08/01/2036

(a) 4,000

2,857

Rialto

Redevelopment

Agency

5.00%,

09/01/2037

1,000

1,042

Richmond

Joint

Powers

Financing

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

11/01/2035

(c) 1,180

1,259

5.00%,

11/01/2037

(c) 3,660

3,880

Riverside

County

Transportation

Commission

4.00%,

06/01/2037

1,875

1,948

4.00%,

06/01/2046

3,460

3,353

Sacramento

Area

Flood

Control

Agency

5.00%,

10/01/2033

1,000

1,008

Sacramento

City

Unified

School

District/CA

(credit

support

from

Assured

Guaranty)

5.00%,

08/01/2054

(c) 8,000

8,260

Sacramento

Municipal

Utility

District

5.00%,

11/15/2054

1,000

1,051

San

Diego

Association

of

Governments

South

Bay

Expressway

Revenue

5.00%,

07/01/2036

1,500

1,533

5.00%,

07/01/2037

2,300

2,348

San

Diego

County

Regional

Airport

Authority

4.00%,

07/01/2038

10,815

10,996

5.00%,

07/01/2039

2,000

2,113

5.00%,

07/01/2042

1,345

1,359

Schedule

of

Investments

California

Municipal

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

San

Diego

County

Regional

Airport

Authority

(continued)

5.25%,

07/01/2042

$

2,745

$

3,029

San

Diego

Housing

Authority

Inc

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral

HUD

Section

8)

4.20%,

06/01/2040

(c) 3,260

3,264

San

Francisco

Bay

Area

Rapid

Transit

District

Sales

Tax

Revenue

4.00%,

07/01/2039

2,075

2,081

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.00%,

05/01/2035

1,000

1,046

5.00%,

05/01/2036

3,000

3,130

5.25%,

05/01/2049

3,500

3,666

5.50%,

05/01/2043

4,000

4,377

5.50%,

05/01/2055

(f) 11,000

11,680

San

Joaquin

Valley

Clean

Energy

Authority

5.50%,

01/01/2056

(d) 9,050

9,963

San

Luis

Obispo

County

Financing

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

08/01/2030

(c) 1,000

1,001

San

Ramon

Valley

Fire

Protection

District

4.00%,

08/01/2050

680

649

Santa

Clara

County

Financing

Authority

4.00%,

11/01/2050

5,000

4,811

Santa

Monica-Malibu

Unified

School

District

4.00%,

08/01/2041

2,340

2,367

4.00%,

08/01/2042

2,000

2,059

5.00%,

07/01/2035

1,000

1,191

5.00%,

08/01/2054

5,000

5,223

Southern

California

Public

Power

Authority

5.00%,

11/01/2029

4,725

4,950

5.00%,

07/01/2049

1,000

1,031

5.00%,

07/01/2053

1,000

1,021

State

of

California

5.00%,

09/01/2028

5.00%,

03/01/2035

5,000

5,798

5.00%,

03/01/2038

2,000

2,279

5.00%,

09/01/2043

6,000

6,575

5.00%,

08/01/2045

8,250

9,063

State

of

California

(credit

support

from

Assured

Guaranty)

5.25%,

08/01/2032

(c) 5,000

5,655

Tender

Option

Bond

Trust

Receipts/Certificates

3.00%,

12/01/2032

(d),(e)

1,000

1,000

3.10%,

04/01/2056

(d),(e)

6,850

6,850

3.10%,

04/01/2056

(d),(e)

1,400

1,400

3.25%,

05/01/2028

(d),(e)

750

750

3.25%,

05/01/2028

(d),(e)

3.25%,

05/01/2033

(d),(e)

4,000

4,000

3.25%,

05/01/2033

(d),(e)

7,400

7,400

3.25%,

11/01/2043

(d),(e)

665

665

Tender

Option

Bond

Trust

Receipts/

Certificates

(credit

support

from

Build

America

Mutual

Assurance

Corp)

3.14%,

07/01/2046

(c),(d),(e)

800

800

Tobacco

Securitization

Authority

of

Southern

California

5.00%,

06/01/2035

1,500

1,596

5.00%,

06/01/2048

3,000

2,949

University

of

California

5.25%,

05/15/2040

4,250

5,147

$

667,382

Guam

-

.55

%

Guam

Government

Waterworks

Authority

5.00%,

07/01/2040

7,890

7,975

5.50%,

07/01/2044

1,545

1,667

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Guam

(continued)

Port

Authority

of

Guam

5.00%,

07/01/2048

$

1,000

$

1,005

$

10,647

Puerto

Rico

-

.72

%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(a) 526

0.00%,

11/01/2043

(a),(d)

1,569

1,067

4.00%,

07/01/2037

4.00%,

07/01/2046

5.63%,

07/01/2027

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

6.50%,

01/01/2041

3,420

3,872

6.50%,

01/01/2042

3,250

3,622

6.75%,

01/01/2045

5,550

6,182

6.75%,

01/01/2045

3,250

3,620

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

6,296

6,115

$

25,555

TOTAL

MUNICIPAL

BONDS

$

703,584

Total

Investments

$

703,726

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(4.21)%

Notes

with

interest

rates

of

3.10%

-

3.29%

at

April

30,

2026

and

contractual

maturities

of

collateral

of

2027-2033.

(g) $

(28,930)

(28,930)

Total

Net

Investments

$

674,796

Other

Assets

and

Liabilities

- 1.75%

12,039

TOTAL

NET

ASSETS

-

100.00%

$

686,835

(a) Non-income

producing

security

(b) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(c) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(d) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$111,617

or

16.25%

of

net

assets.

(f) Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(g) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

April

30,

2026. Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.23

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.23

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

558,042

$

558

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

127,684,466

127,684

$

128,242

TOTAL

INVESTMENT

COMPANIES

$

128,242

COMMON

STOCKS

-

.06

%

Shares

Held

Value

(000's)

Transportation

-

.06

%

Trailer

Bridge

Inc

(d),(e),(f)

178,279

$

6,688

TOTAL

COMMON

STOCKS

$

6,688

BONDS

-

.71

%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

.11

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(g) $

17,066

$

17,069

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(g) 27,523

27,238

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.75%,

10/20/2028

(g) 20,410

20,426

United

Airlines

2019-1

Class

A

Pass

Through

Trust

4.55%,

02/25/2033

5,697

5,514

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

6,582

6,040

United

Airlines

2024-1

Class

A

Pass

Through

Trust

5.88%,

08/15/2038

39,469

39,622

$

115,909

Apparel

-

.14

%

Under

Armour

Inc

3.25%,

06/15/2026

14,750

14,720

Automobile

Asset

Backed

Securities

-

.19

%

Ford

Credit

Floorplan

Master

Owner

Trust

A

4.89%,

05/15/2028

(g) 20,000

20,007

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.25%

Automobile

Manufacturers

-

.50

%

American

Honda

Finance

Corp

2.30%,

09/09/2026

7,000

6,954

4.40%,

10/05/2026

(h) 30,000

30,035

4.90%,

07/09/2027

15,000

15,081

$

52,070

Banks

-

.14

%

Bank

of

America

Corp

3.19%,

07/23/2030

(i) 8,000

7,673

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

3.97%,

02/07/2030

(i) 8,000

7,882

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.47%

4.98%,

01/24/2029

(i) 29,000

29,233

Secured

Overnight

Financing

Rate

+

0.83%

5.05%,

02/06/2037

(i) 30,000

29,536

Secured

Overnight

Financing

Rate

+

1.13%

5.74%,

02/12/2036

(i) 28,000

28,541

Secured

Overnight

Financing

Rate

+

1.70%

Bank

of

New

York

Mellon

Corp/The

1.65%,

01/28/2031

10,000

8,841

2.80%,

05/04/2026

8,000

7,999

3.00%,

10/30/2028

9,000

8,714

4.03%,

01/22/2030

(i) 18,000

17,812

Secured

Overnight

Financing

Rate

+

0.63%

4.54%,

04/23/2032

(i) 14,750

14,694

Secured

Overnight

Financing

Rate

+

0.90%

4.94%,

02/11/2031

(i) 29,000

29,394

Secured

Overnight

Financing

Rate

+

0.89%

5.32%,

06/06/2036

(i) 10,000

10,137

Secured

Overnight

Financing

Rate

+

1.35%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

New

York

Mellon/The

4.73%,

04/20/2029

(i) $

13,000

$

13,103

Secured

Overnight

Financing

Rate

+

1.14%

Citibank

NA

4.88%,

11/19/2027

(i) 24,000

24,082

Secured

Overnight

Financing

Rate

+

0.71%

Citigroup

Inc

2.98%,

11/05/2030

(i) 51,000

48,256

Secured

Overnight

Financing

Rate

+

1.42%

4.45%,

09/29/2027

8,000

8,003

5.17%,

09/11/2036

(i) 11,000

10,897

Secured

Overnight

Financing

Rate

+

1.49%

Cullen/Frost

Bankers

Inc

4.50%,

03/17/2027

11,000

10,936

Goldman

Sachs

Group

Inc/The

1.99%,

01/27/2032

(i) 15,000

13,198

Secured

Overnight

Financing

Rate

+

1.09%

3.50%,

11/16/2026

21,000

20,931

3.81%,

04/23/2029

(i) 13,000

12,814

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.42%

4.37%,

10/21/2031

(i) 29,750

29,185

Secured

Overnight

Financing

Rate

+

1.06%

5.54%,

01/28/2036

(i) 23,000

23,376

Secured

Overnight

Financing

Rate

+

1.38%

JPMorgan

Chase

&

Co

2.53%,

11/19/2041

(i) 9,000

6,308

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.74%,

10/15/2030

(i) 47,000

44,266

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

4.81%,

10/22/2036

(i) 16,250

15,786

Secured

Overnight

Financing

Rate

+

1.19%

4.92%,

01/24/2029

(i) 28,000

28,225

Secured

Overnight

Financing

Rate

+

0.80%

Morgan

Stanley

1.79%,

02/13/2032

(i) 10,000

8,704

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(i) 6,250

5,435

Secured

Overnight

Financing

Rate

+

1.02%

2.70%,

01/22/2031

(i) 38,000

35,351

Secured

Overnight

Financing

Rate

+

1.14%

3.95%,

04/23/2027

10,000

9,975

5.12%,

02/01/2029

(i) 18,000

18,185

Secured

Overnight

Financing

Rate

+

1.73%

6.25%,

08/09/2026

4,000

4,022

Morgan

Stanley

Bank

NA

4.45%,

10/15/2027

(i) 25,000

25,013

Secured

Overnight

Financing

Rate

+

0.68%

PNC

Bank

NA

2.70%,

10/22/2029

53,000

49,877

3.10%,

10/25/2027

4,750

4,678

PNC

Financial

Services

Group

Inc/The

2.31%,

04/23/2032

(i) 15,000

13,396

Secured

Overnight

Financing

Rate

+

0.98%

4.90%,

05/13/2031

(i) 19,000

19,147

Secured

Overnight

Financing

Rate

+

1.33%

5.42%,

01/25/2041

(i) 10,000

9,807

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

Truist

Bank

3.30%,

05/15/2026

5,000

4,999

4.63%,

09/17/2029

(i) 52,000

51,646

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.15%

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Truist

Financial

Corp

4.60%,

01/27/2032

(i) $

11,000

$

10,891

Secured

Overnight

Financing

Rate

+

0.97%

US

Bancorp

2.49%,

11/03/2036

(i) 29,000

25,199

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.00%,

07/30/2029

6,000

5,735

3.15%,

04/27/2027

3,800

3,768

3.90%,

04/26/2028

5,000

4,973

4.84%,

02/01/2034

(i) 25,000

24,726

Secured

Overnight

Financing

Rate

+

1.60%

5.08%,

05/15/2031

(i) 12,000

12,185

Secured

Overnight

Financing

Rate

+

1.30%

5.42%,

02/12/2036

(h),(i)

18,000

18,342

Secured

Overnight

Financing

Rate

+

1.41%

Wells

Fargo

&

Co

2.88%,

10/30/2030

(i) 32,000

30,208

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

4.08%,

09/15/2029

(i) 24,000

23,757

Secured

Overnight

Financing

Rate

+

0.88%

4.90%,

01/24/2028

(i) 23,500

23,584

Secured

Overnight

Financing

Rate

+

0.78%

$

953,425

Beverages

-

.82

%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

34,000

33,220

Anheuser-Busch

InBev

Worldwide

Inc

4.90%,

01/23/2031

21,000

21,432

5.00%,

06/15/2034

30,000

30,390

$

85,042

Biotechnology

-

.40

%

Amgen

Inc

1.65%,

08/15/2028

20,000

18,853

2.20%,

02/21/2027

11,500

11,319

2.45%,

02/21/2030

40,000

37,191

4.85%,

02/19/2036

30,000

29,353

5.25%,

03/02/2033

19,000

19,443

Biogen

Inc

2.25%,

05/01/2030

65,000

59,460

Gilead

Sciences

Inc

1.20%,

10/01/2027

19,000

18,242

2.60%,

10/01/2040

19,000

13,730

4.80%,

11/15/2029

20,000

20,335

5.25%,

10/15/2033

22,000

22,770

$

250,696

Chemicals

-

.59

%

Air

Liquide

Finance

SA

2.25%,

09/10/2029

(g) 24,000

22,520

Westlake

Corp

2.88%,

08/15/2041

15,000

10,232

3.38%,

06/15/2030

(h) 4,500

4,285

5.55%,

11/15/2035

(h) 25,000

25,008

$

62,045

Commercial

Services

-

.84

%

ERAC

USA

Finance

LLC

4.60%,

05/01/2028

(g) 38,500

38,697

5.00%,

02/15/2029

(g) 9,500

9,634

7.00%,

10/15/2037

(g) 13,000

14,791

United

Rentals

North

America

Inc

6.00%,

12/15/2029

(g) 24,000

24,405

$

87,527

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

-

.96

%

Apple

Inc

2.05%,

09/11/2026

$

30,000

$

29,800

2.38%,

02/08/2041

20,000

14,186

3.20%,

05/11/2027

13,000

12,916

4.15%,

05/10/2030

24,500

24,529

4.75%,

05/12/2035

18,000

18,186

$

99,617

Diversified

Financial

Services

-

.93

%

Atlas

Warehouse

Lending

Co

LP

4.63%,

11/15/2028

(g) 16,000

15,798

4.95%,

11/15/2030

(g) 14,000

13,766

6.05%,

01/15/2028

(g) 22,000

22,323

6.25%,

01/15/2030

(g) 27,000

27,757

Citadel

Securities

Global

Holdings

LLC

5.13%,

01/27/2032

(g) 12,250

12,103

5.50%,

06/18/2030

(g) 30,000

30,504

6.20%,

06/18/2035

(g) 10,000

10,223

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

30,000

26,225

2.75%,

10/15/2032

8,000

6,791

4.15%,

01/23/2030

19,000

18,445

4.85%,

01/15/2027

1,750

1,755

5.50%,

02/15/2036

5,000

4,815

6.25%,

01/15/2036

10,325

10,566

$

201,071

Electric

-

.71

%

AEP

Transmission

Co

LLC

3.15%,

09/15/2049

24,000

15,754

5.40%,

03/15/2053

23,000

21,647

AES

Corp/The

5.80%,

03/15/2032

38,000

38,649

Alabama

Power

Co

1.45%,

09/15/2030

25,000

22,041

3.13%,

07/15/2051

19,000

12,323

3.45%,

10/01/2049

42,000

29,293

Alliant

Energy

Finance

LLC

5.95%,

03/30/2029

(g) 10,000

10,337

Berkshire

Hathaway

Energy

Co

2.85%,

05/15/2051

23,000

13,865

Black

Hills

Corp

2.50%,

06/15/2030

15,000

13,765

3.05%,

10/15/2029

39,500

37,510

3.15%,

01/15/2027

7,500

7,442

4.35%,

05/01/2033

(h) 8,000

7,599

Dayton

Power

&

Light

Co/The

3.95%,

06/15/2049

14,000

10,488

Entergy

Corp

2.40%,

06/15/2031

24,000

21,432

Entergy

Louisiana

LLC

2.90%,

03/15/2051

18,500

11,435

3.25%,

04/01/2028

(h) 12,000

11,794

4.20%,

09/01/2048

(h) 31,000

24,583

FirstEnergy

Pennsylvania

Electric

Co

4.30%,

01/15/2029

(g) 14,000

13,948

FirstEnergy

Transmission

LLC

2.87%,

09/15/2028

(g) 25,000

24,042

Florida

Power

&

Light

Co

2.88%,

12/04/2051

20,000

12,450

3.15%,

10/01/2049

25,000

16,699

5.05%,

04/01/2028

14,500

14,729

5.15%,

06/15/2029

20,000

20,499

Indianapolis

Power

&

Light

Co

5.05%,

08/15/2035

(g) 39,000

38,866

5.70%,

04/01/2054

(g) 15,500

14,976

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

9,500

8,692

3.50%,

09/30/2049

66,000

45,565

5.60%,

06/29/2035

16,000

16,428

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Monongahela

Power

Co

3.55%,

05/15/2027

(g) $

20,000

$

19,872

5.85%,

02/15/2034

(g) 10,500

10,987

Nevada

Power

Co

2.40%,

05/01/2030

20,500

18,942

NextEra

Energy

Capital

Holdings

Inc

2.75%,

11/01/2029

51,000

48,311

Northern

States

Power

Co/MN

2.90%,

03/01/2050

18,500

11,934

5.10%,

05/15/2053

28,500

25,810

Oncor

Electric

Delivery

Co

LLC

2.70%,

11/15/2051

15,000

8,770

3.10%,

09/15/2049

33,500

21,802

4.10%,

11/15/2048

5,000

3,901

5.65%,

11/15/2033

24,000

25,131

5.75%,

03/15/2029

21,000

21,725

PacifiCorp

5.25%,

06/15/2035

5,750

5,619

5.35%,

12/01/2053

34,000

30,020

6.25%,

10/15/2037

2,500

2,619

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

17,000

10,963

4.85%,

02/15/2034

19,000

18,981

5.25%,

05/15/2053

52,000

48,191

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

11,500

10,048

3.20%,

03/01/2050

15,000

9,886

Solar

Star

Funding

LLC

3.95%,

06/30/2035

(g) 4,247

4,020

5.38%,

06/30/2035

(g) 15,491

15,487

Southwestern

Electric

Power

Co

2.75%,

10/01/2026

10,000

9,946

3.85%,

02/01/2048

12,500

9,109

Tucson

Electric

Power

Co

3.25%,

05/01/2051

18,000

11,775

4.85%,

12/01/2048

7,000

6,061

Wisconsin

Power

and

Light

Co

5.38%,

03/30/2034

19,000

19,376

Xcel

Energy

Inc

2.60%,

12/01/2029

32,000

29,938

3.50%,

12/01/2049

24,000

16,695

$

1,012,770

Electronics

-

.44

%

Keysight

Technologies

Inc

3.00%,

10/30/2029

48,000

45,715

Entertainment

-

.14

%

Discovery

Global

Holdings

Inc

5.05%,

03/15/2042

20,000

14,271

Environmental

Control

-

.44

%

Republic

Services

Inc

1.75%,

02/15/2032

29,500

25,309

2.30%,

03/01/2030

16,500

15,249

4.88%,

04/01/2029

23,500

23,845

5.15%,

03/15/2035

9,000

9,167

Waste

Connections

Inc

4.80%,

07/15/2036

24,000

23,494

5.25%,

09/01/2035

52,000

52,988

$

150,052

Food

-

.83

%

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

21,000

20,341

Mars

Inc

4.45%,

03/01/2027

(g) 28,000

28,099

5.00%,

03/01/2032

(g) 38,000

38,549

$

86,989

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

-

.01

%

NiSource

Inc

2.95%,

09/01/2029

$

29,000

$

27,595

3.60%,

05/01/2030

14,000

13,515

5.35%,

04/01/2034

39,000

39,836

5.35%,

07/15/2035

24,000

24,220

$

105,166

Healthcare

-

Services

-

.74

%

HCA

Inc

4.13%,

06/15/2029

14,000

13,812

4.60%,

11/15/2032

39,500

38,522

5.60%,

04/01/2034

37,000

37,926

5.63%,

09/01/2028

2,000

2,038

7.50%,

11/06/2033

1,950

2,203

UnitedHealth

Group

Inc

2.00%,

05/15/2030

9,000

8,184

2.88%,

08/15/2029

15,000

14,356

3.50%,

08/15/2039

14,000

11,451

4.70%,

04/15/2029

28,500

28,811

4.75%,

07/15/2026

24,000

24,038

$

181,341

Insurance

-

.60

%

Berkshire

Hathaway

Finance

Corp

1.45%,

10/15/2030

36,500

32,500

1.85%,

03/12/2030

8,000

7,349

2.50%,

01/15/2051

12,500

7,334

2.85%,

10/15/2050

30,500

19,187

Fidelity

National

Financial

Inc

3.40%,

06/15/2030

32,000

30,169

4.50%,

08/15/2028

39,500

39,365

First

American

Financial

Corp

2.40%,

08/15/2031

22,000

19,062

4.00%,

05/15/2030

28,000

26,848

5.45%,

09/30/2034

30,000

29,598

Prudential

Financial

Inc

2.10%,

03/10/2030

(h) 23,000

21,219

3.88%,

03/27/2028

4,550

4,522

5.20%,

03/14/2035

(h) 34,000

34,176

$

271,329

Internet

-

.41

%

Amazon.com

Inc

2.88%,

05/12/2041

20,000

14,745

3.95%,

04/13/2052

10,000

7,588

4.05%,

08/22/2047

38,000

30,161

5.45%,

11/20/2055

39,500

37,304

5.80%,

03/13/2056

13,000

12,795

Beignet

Investor

LLC

6.58%,

05/30/2049

(g) 43,000

44,408

$

147,001

Lodging

-

.03

%

Choice

Hotels

International

Inc

3.70%,

12/01/2029

42,000

40,200

3.70%,

01/15/2031

11,000

10,313

Marriott

International

Inc/MD

2.75%,

10/15/2033

(h) 36,000

31,232

Travel

+

Leisure

Co

4.50%,

12/01/2029

(g) 26,500

25,605

$

107,350

Media

-

.65

%

Comcast

Corp

2.65%,

02/01/2030

33,000

30,877

3.30%,

02/01/2027

10,000

9,944

4.25%,

10/15/2030

4,500

4,442

4.65%,

02/15/2033

30,000

29,645

6.45%,

03/15/2037

1,800

1,949

Discovery

Communications

LLC

3.63%,

05/15/2030

9,000

8,461

4.13%,

05/15/2029

22,000

21,451

5.30%,

05/15/2049

13,000

8,385

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Time

Warner

Cable

LLC

6.55%,

05/01/2037

$

7,400

$

7,435

6.75%,

06/15/2039

6,000

5,951

7.30%,

07/01/2038

7,750

8,104

Walt

Disney

Co/The

2.00%,

09/01/2029

28,000

26,055

6.40%,

12/15/2035

8,900

9,878

$

172,577

Oil

&

Gas

-

.99

%

BP

Capital

Markets

America

Inc

3.94%,

09/21/2028

13,000

12,908

4.70%,

04/10/2029

39,000

39,451

4.87%,

11/25/2029

24,000

24,390

Canadian

Natural

Resources

Ltd

5.00%,

12/15/2029

14,500

14,708

Marathon

Petroleum

Corp

5.13%,

12/15/2026

8,500

8,531

Suncor

Energy

Inc

4.00%,

11/15/2047

4,500

3,396

$

103,384

Other

Asset

Backed

Securities

-

.42

%

Verizon

Master

Trust

4.49%,

06/20/2029

43,500

43,532

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.85%

Packaging

&

Containers

-

.06

%

Sealed

Air

Corp

6.88%,

07/15/2033

(g) 6,900

6,726

Pharmaceuticals

-

.96

%

AbbVie

Inc

4.40%,

03/15/2033

19,000

18,651

4.65%,

03/15/2028

19,000

19,161

5.05%,

03/15/2034

60,000

60,830

Bristol-Myers

Squibb

Co

1.13%,

11/13/2027

12,500

11,969

1.45%,

11/13/2030

10,000

8,806

5.90%,

11/15/2033

9,833

10,534

CVS

Health

Corp

1.30%,

08/21/2027

14,000

13,449

3.00%,

08/15/2026

17,000

16,936

4.30%,

03/25/2028

5,046

5,027

5.05%,

03/25/2048

23,000

19,843

5.45%,

09/15/2035

19,000

19,179

$

204,385

Pipelines

-

.96

%

Buckeye

Partners

LP

3.95%,

12/01/2026

10,500

10,422

El

Paso

Natural

Gas

Co

LLC

7.50%,

11/15/2026

11,400

11,592

Enterprise

Products

Operating

LLC

4.30%,

06/20/2028

39,750

39,776

4.60%,

01/15/2031

46,000

46,076

NGPL

PipeCo

LLC

3.25%,

07/15/2031

(g) 15,000

13,761

4.88%,

08/15/2027

(g) 43,000

43,051

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.50%,

12/15/2026

13,500

13,511

Southern

Natural

Gas

Co

LLC

8.00%,

03/01/2032

4,750

5,396

Tennessee

Gas

Pipeline

Co

LLC

8.38%,

06/15/2032

2,000

2,331

TransCanada

PipeLines

Ltd

6.10%,

06/01/2040

7,000

7,278

7.25%,

08/15/2038

10,000

11,436

$

204,630

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

-

.90

%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

$

13,000

$

10,473

2.00%,

05/18/2032

14,000

11,701

2.75%,

12/15/2029

14,500

13,514

3.38%,

08/15/2031

30,000

27,602

4.75%,

04/15/2035

14,500

13,704

4.90%,

12/15/2030

(h) 4,250

4,249

American

Tower

Corp

1.88%,

10/15/2030

20,000

17,765

2.10%,

06/15/2030

3,000

2,715

2.75%,

01/15/2027

53,000

52,474

2.95%,

01/15/2051

10,000

6,205

3.38%,

10/15/2026

5,000

4,980

American

Tower

Trust

#1

5.49%,

03/15/2053

(g) 14,000

14,144

Crown

Castle

Inc

2.25%,

01/15/2031

18,000

15,958

2.90%,

04/01/2041

30,000

21,524

3.10%,

11/15/2029

8,000

7,571

4.00%,

11/15/2049

17,000

12,386

4.30%,

02/15/2029

13,000

12,881

5.00%,

01/11/2028

18,000

18,139

CubeSmart

LP

2.00%,

02/15/2031

26,000

22,856

3.00%,

02/15/2030

18,000

16,962

4.38%,

02/15/2029

2,000

1,988

DOC

DR

LLC

2.63%,

11/01/2031

32,000

28,486

4.30%,

03/15/2027

22,400

22,381

Healthcare

Realty

Holdings

LP

2.40%,

03/15/2030

9,000

8,224

3.63%,

01/15/2028

3,500

3,441

Healthpeak

OP

LLC

2.88%,

01/15/2031

7,000

6,434

3.00%,

01/15/2030

50,000

47,105

5.25%,

12/15/2032

14,000

14,130

Omega

Healthcare

Investors

Inc

3.38%,

02/01/2031

46,000

42,702

3.63%,

10/01/2029

32,000

30,834

4.75%,

01/15/2028

7,000

7,005

Prologis

LP

2.88%,

11/15/2029

12,500

11,883

3.38%,

12/15/2027

25,000

24,707

4.25%,

06/15/2031

20,000

19,678

SBA

Tower

Trust

1.63%,

05/15/2051

(g) 46,000

45,365

2.33%,

07/15/2052

(g) 10,000

9,642

2.59%,

10/15/2056

(g) 20,500

18,305

Store

Capital

LLC

2.75%,

11/18/2030

18,500

16,698

4.63%,

03/15/2029

33,500

33,171

Ventas

Realty

LP

3.00%,

01/15/2030

8,000

7,556

3.85%,

04/01/2027

21,000

20,926

5.00%,

02/15/2036

24,000

23,533

5.63%,

07/01/2034

38,500

39,614

Welltower

OP

LLC

2.70%,

02/15/2027

12,000

11,860

2.75%,

01/15/2031

7,000

6,450

3.10%,

01/15/2030

25,000

23,818

4.13%,

03/15/2029

6,000

5,961

4.25%,

04/15/2028

4,000

3,994

4.50%,

07/01/2030

24,500

24,500

Weyerhaeuser

Co

7.38%,

03/15/2032

11,281

12,611

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

WP

Carey

Inc

2.40%,

02/01/2031

$

21,000

$

18,816

3.85%,

07/15/2029

30,000

29,323

$

928,944

Semiconductors

-

.39

%

NVIDIA

Corp

2.00%,

06/15/2031

19,000

17,027

2.85%,

04/01/2030

14,000

13,276

3.50%,

04/01/2040

13,000

10,839

$

41,142

Software

-

.43

%

Oracle

Corp

4.80%,

09/26/2032

14,000

13,312

5.50%,

08/03/2035

33,500

31,916

$

45,228

Telecommunications

-

.71

%

Corning

Inc

4.75%,

03/15/2042

4,650

4,193

5.45%,

11/15/2079

43,500

39,305

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(g) 16,000

15,891

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

03/20/2028

(g) 13,800

13,821

T-Mobile

USA

Inc

2.05%,

02/15/2028

10,000

9,599

2.55%,

02/15/2031

20,000

18,185

3.00%,

02/15/2041

39,000

28,483

4.63%,

01/15/2033

21,500

21,102

5.30%,

05/15/2035

(h) 27,500

27,708

$

178,287

Transportation

-

.62

%

Ryder

System

Inc

2.90%,

12/01/2026

51,000

50,560

5.00%,

03/15/2030

14,000

14,233

$

64,793

Trucking

&

Leasing

-

.65

%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

1.70%,

06/15/2026

(g) 39,000

38,876

4.55%,

01/15/2031

(g) 18,500

18,308

5.70%,

02/01/2028

(g) 10,000

10,159

$

67,343

TOTAL

BONDS

$

6,125,084

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.34

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.05

%

3.50%,

03/01/2048

$

6,026

$

5,609

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.27

%

2.00%,

10/01/2050

29,428

24,049

2.00%,

11/01/2050

29,396

24,039

2.00%,

12/01/2050

33,770

27,564

2.00%,

12/01/2050

34,167

27,888

2.50%,

09/01/2050

29,413

25,114

2.50%,

10/01/2050

29,201

24,880

2.50%,

10/01/2050

30,349

25,847

2.50%,

11/01/2050

30,092

25,733

2.50%,

11/01/2050

28,458

24,304

2.50%,

11/01/2050

28,158

24,054

2.50%,

11/01/2050

30,302

25,819

2.50%,

11/01/2050

28,729

24,565

2.50%,

02/01/2052

29,418

24,787

3.00%,

06/01/2042

10,535

9,638

3.00%,

08/01/2049

14,480

12,939

3.00%,

09/01/2049

10,670

9,462

3.00%,

10/01/2049

13,390

11,941

3.00%,

10/01/2049

15,380

13,716

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.00%,

10/01/2049

$

11,369

$

10,100

3.00%,

11/01/2049

13,589

12,056

3.00%,

11/01/2049

15,075

13,442

3.00%,

11/01/2049

10,731

9,536

3.00%,

03/01/2050

15,752

14,044

3.00%,

04/01/2050

16,862

15,030

3.00%,

09/01/2050

18,989

16,805

3.00%,

05/01/2052

14,712

13,074

3.50%,

06/01/2046

10,905

10,232

3.50%,

08/01/2047

6,333

5,872

3.50%,

09/01/2047

26,154

24,012

3.50%,

12/01/2047

6,420

5,934

3.50%,

06/01/2049

24,032

22,218

3.50%,

07/01/2049

7,889

7,263

3.50%,

09/01/2049

6,948

6,394

3.50%,

09/01/2049

22,658

20,881

3.50%,

09/01/2049

7,392

6,805

3.50%,

11/01/2049

9,372

8,622

3.50%,

11/01/2049

10,761

10,001

3.50%,

12/01/2049

10,839

9,974

3.50%,

01/01/2050

31,132

28,701

3.50%,

02/01/2050

20,678

18,893

3.50%,

06/01/2050

18,291

16,838

3.50%,

08/01/2050

25,129

23,146

3.50%,

10/01/2050

23,956

22,014

3.50%,

01/01/2051

18,050

16,597

3.50%,

01/01/2051

26,007

24,055

3.50%,

04/01/2052

29,277

26,818

3.50%,

04/01/2052

39,072

35,851

4.00%,

02/01/2044

6,653

6,406

4.00%,

06/01/2046

9,236

8,892

4.00%,

10/01/2047

25,483

24,261

4.00%,

10/01/2048

7,200

6,854

4.00%,

03/01/2049

20,309

19,335

4.00%,

04/01/2049

22,481

21,403

4.00%,

06/01/2049

33,612

32,001

4.00%,

08/01/2049

25,892

24,652

4.00%,

10/01/2049

12,055

11,463

4.00%,

12/01/2049

18,382

17,596

4.00%,

01/01/2050

16,339

15,531

4.00%,

07/01/2050

35,902

34,171

4.00%,

02/01/2052

28,639

27,002

4.00%,

02/01/2052

29,777

28,124

4.00%,

02/01/2052

33,768

31,872

4.00%,

05/01/2052

35,460

33,364

4.00%,

05/01/2052

37,756

35,576

4.00%,

06/01/2052

30,258

28,599

4.50%,

06/01/2046

10,656

10,548

4.50%,

07/01/2052

34,993

33,817

4.50%,

07/01/2052

14,390

13,942

4.50%,

08/01/2052

30,542

29,670

4.50%,

08/01/2052

31,173

30,290

4.50%,

08/01/2052

34,752

33,694

4.50%,

09/01/2052

29,397

28,502

4.50%,

09/01/2052

31,194

30,393

4.50%,

09/01/2052

31,133

30,158

4.50%,

10/01/2052

31,358

30,501

4.50%,

10/01/2052

19,833

19,271

4.50%,

11/01/2052

32,890

31,890

4.50%,

11/01/2052

34,163

33,276

4.50%,

02/01/2053

29,191

28,310

4.50%,

11/01/2054

26,991

26,080

5.00%,

07/01/2052

32,974

32,986

5.00%,

09/01/2052

30,852

30,782

5.00%,

10/01/2052

30,002

29,930

5.00%,

10/01/2052

19,084

19,030

5.00%,

02/01/2053

29,606

29,606

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2026

(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)

5.00%,

03/01/2053

$

30,680

$

30,597

5.00%,

07/01/2053

31,197

31,174

5.00%,

09/01/2053

24,194

24,106

5.00%,

10/01/2053

36,207

36,019

5.00%,

10/01/2053

39,207

39,029

5.00%,

02/01/2054

35,643

35,449

5.00%,

11/01/2054

38,389

38,275

5.00%,

12/01/2054

38,157

37,943

5.00%,

11/01/2055

39,207

38,871

5.50%,

02/01/2053

28,003

28,523

5.50%,

03/01/2053

30,632

31,252

5.50%,

04/01/2053

28,803

29,383

5.50%,

07/01/2053

31,198

31,800

5.50%,

09/01/2053

31,595

32,218

5.50%,

09/01/2053

31,043

31,711

5.50%,

03/01/2054

25,238

25,685

5.50%,

06/01/2054

26,533

27,047

5.50%,

10/01/2054

35,039

35,722

5.50%,

12/01/2054

36,170

36,867

5.50%,

04/01/2055

36,233

36,724

5.50%,

04/01/2056

40,000

40,485

6.00%,

10/01/2053

30,091

31,245

$

2,531,450

Government

National

Mortgage

Association

(GNMA)

-

.09

%

3.00%,

02/20/2046

10,255

9,263

U.S.

Treasury

-

.93

%

0.38%,

09/30/2027

40,000

38,103

0.50%,

10/31/2027

40,000

38,058

0.75%,

01/31/2028

40,000

37,895

0.88%,

11/15/2030

40,000

34,838

1.13%,

02/15/2031

40,000

35,011

1.13%,

08/15/2040

55,000

34,070

1.25%,

08/15/2031

40,000

34,673

1.25%,

05/15/2050

40,000

18,756

1.38%,

08/15/2050

40,000

19,323

1.50%,

02/15/2030

40,000

36,570

1.63%,

11/15/2050

40,000

20,616

1.75%,

11/15/2029

40,000

37,141

1.75%,

08/15/2041

55,000

36,508

1.88%,

02/15/2032

40,000

35,403

1.88%,

02/15/2051

40,000

21,938

1.88%,

11/15/2051

55,000

29,822

2.00%,

08/15/2051

55,000

30,918

2.25%,

08/15/2027

40,000

39,194

2.25%,

11/15/2027

40,000

39,033

2.25%,

08/15/2046

50,000

32,275

2.25%,

08/15/2049

40,000

24,594

2.25%,

02/15/2052

50,000

29,742

2.38%,

05/15/2051

40,000

24,728

2.63%,

02/15/2029

40,000

38,648

2.75%,

07/31/2027

(j) 40,000

39,472

2.75%,

02/15/2028

40,000

39,217

2.75%,

08/15/2032

40,000

36,891

2.75%,

08/15/2042

50,000

37,916

2.75%,

08/15/2047

45,000

31,525

2.88%,

05/15/2028

40,000

39,205

2.88%,

08/15/2028

40,000

39,111

2.88%,

05/15/2052

45,000

30,804

3.00%,

11/15/2045

45,000

33,701

3.00%,

08/15/2048

40,000

29,016

3.00%,

08/15/2052

45,000

31,579

3.13%,

11/15/2028

40,000

39,248

3.38%,

05/15/2033

40,000

37,966

3.50%,

02/15/2033

40,000

38,356

3.63%,

02/15/2044

45,000

37,883

3.63%,

02/15/2053

40,000

31,695

3.63%,

05/15/2053

40,000

31,661

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

3.75%,

11/15/2043

$

40,000

$

34,367

3.88%,

08/15/2033

40,000

39,113

4.00%,

02/15/2034

40,000

39,291

4.00%,

11/15/2052

40,000

33,947

4.63%,

05/15/2054

40,000

37,659

$

1,557,480

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

4,103,802

Total

Investments

$

10,363,816

Other

Assets

and

Liabilities

- 0.66%

68,794

TOTAL

NET

ASSETS

-

100.00%

$

10,432,610

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,918

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) 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

$864,506

or

8.29%

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

$8,540

or

0.08%

of

net

assets.

(i) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(j) Security

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

$5,921

or

0.06%

of

net

assets.

Schedule

of

Investments

Core

Fixed

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

97,792

$

1,352,017

$

1,322,125

$

127,684

$

97,792

$

1,352,017

$

1,322,125

$

127,684

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

2,223

$

—

$

—

$

—

$

2,223

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Trailer

Bridge

Inc

05/07/2012-05/28/2019

$

21,314

$

6,688

0.06%

Total

$

6,688

0.06%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Treasury

Note;

June

2026

Long

1,247

$

137,910

$

(580)

US

Year

Treasury

Note;

June

2026

Long

3,823

791,839

(7,042)

US

Ultra

Bond;

June

2026

Short

45,552

2,202

Total

$

(5,420)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

11.38%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

7.94%

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(a) 568,000

$

21,147

Vanguard

Emerging

Markets

Government

Bond

ETF

(a) 150,000

10,040

Vanguard

Short-Term

Corporate

Bond

ETF

(a) 98,000

7,768

$

38,955

Money

Market

Funds

-

3.44%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(b),(c)

697,866

697

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(b),(c),(d)

16,140,658

16,141

$

16,838

TOTAL

INVESTMENT

COMPANIES

$

55,793

COMMON

STOCKS

-

0.00%

Shares

Held

Value

(000's)

Oil

&

Gas

-

0.00%

Mesquite

Energy

Inc

(e),(f)

2,036

$

Retail

-

0.00%

Claire's

Holdings

LLC

(e),(f)

—

TOTAL

COMMON

STOCKS

$

BONDS

-

62.75%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

1.59%

Boeing

Co/The

5.15%,

05/01/2030

$

$

5.81%,

05/01/2050

1,760

1,715

7.01%,

05/01/2064

Bombardier

Inc

7.50%,

02/01/2029

(g) 150

Honeywell

Aerospace

Inc

4.60%,

03/16/2033

(g) 335

4.95%,

03/16/2036

(g) 395

5.62%,

03/16/2046

(g) 230

5.73%,

03/16/2056

(g) 395

Northrop

Grumman

Corp

4.03%,

10/15/2047

4.95%,

03/15/2053

5.20%,

06/01/2054

(a) 490

5.25%,

07/15/2035

RTX

Corp

3.03%,

03/15/2052

530

4.63%,

11/16/2048

5.38%,

02/27/2053

6.10%,

03/15/2034

545

587

6.40%,

03/15/2054

Spirit

AeroSystems

Inc

4.60%,

06/15/2028

TransDigm

Inc

6.38%,

03/01/2029

(g) 270

6.75%,

01/31/2034

(g) 727

747

$

7,785

Agriculture

-

0.65%

BAT

Capital

Corp

4.63%,

03/22/2033

4.76%,

09/06/2049

5.83%,

02/20/2031

7.08%,

08/02/2053

825

913

Philip

Morris

International

Inc

4.63%,

10/29/2035

505

4.88%,

04/29/2036

Reynolds

American

Inc

5.70%,

08/15/2035

635

653

$

3,201

Airlines

-

1.21%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(g) 385

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(g) $

1,145

$

1,133

5.31%,

10/20/2031

(g) 405

Delta

Air

Lines

Inc

/

SkyMiles

IP

Ltd

4.75%,

10/20/2028

(g) 1,292

1,293

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(a),(g)

OneSky

Flight

LLC

8.88%,

12/15/2029

(g) 31

United

Airlines

2024-1

Class

A

Pass

Through

Trust

5.88%,

08/15/2038

681

684

United

Airlines

Holdings

Inc

4.88%,

03/01/2029

1,550

1,527

5.38%,

03/01/2031

$

5,919

Automobile

Asset

Backed

Securities

-

3.27%

AutoNation

Finance

Trust

2025-1

5.63%,

09/10/2032

(g) 555

560

BofA

Auto

Trust

2025-1

4.19%,

11/22/2027

(g) 134

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Chase

Auto

Owner

Trust

2024-5

4.18%,

08/27/2029

(g) 1,559

1,560

Drive

Auto

Receivables

Trust

2025-2

4.29%,

10/16/2028

1,009

1,009

Ford

Credit

Floorplan

Master

Owner

Trust

A

4.30%,

09/15/2029

(g) 500

501

GLS

Auto

Select

Receivables

Issuer

Trust

2026-1

5.25%,

04/18/2033

(g) 250

Mercedes-Benz

Auto

Lease

Trust

2025-A

4.16%,

04/17/2028

1,246

1,247

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.52%

4.61%,

04/16/2029

1,900

1,912

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

Santander

Drive

Auto

Receivables

Trust

2025-3

4.63%,

10/16/2028

1,437

1,439

Santander

Drive

Auto

Receivables

Trust

2025-4

4.28%,

01/15/2029

1,542

1,543

Santander

Drive

Auto

Receivables

Trust

2026-1

4.04%,

03/15/2029

1,100

1,100

Toyota

Lease

Owner

Trust

2024-B

4.21%,

09/20/2027

(g) 1,336

1,337

Volkswagen

Auto

Lease

Trust

2025-B

3.97%,

04/20/2028

1,044

1,043

Wheels

Fleet

Lease

Funding

LLC

4.33%,

01/18/2040

(g) 1,403

1,406

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

World

Omni

Auto

Receivables

Trust

2023-C

5.15%,

11/15/2028

World

Omni

Auto

Receivables

Trust

2025-D

3.91%,

02/15/2029

$

16,036

Automobile

Manufacturers

-

0.96%

Ford

Motor

Co

3.25%,

02/12/2032

9.63%,

04/22/2030

Ford

Motor

Credit

Co

LLC

5.80%,

03/08/2029

1,420

1,439

6.13%,

03/08/2034

6.80%,

11/07/2028

General

Motors

Financial

Co

Inc

4.75%,

04/06/2029

690

691

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

Hyundai

Capital

America

4.50%,

09/18/2030

(g) $

590

$

581

5.00%,

04/07/2031

(g) 410

5.30%,

06/24/2029

(g) 345

6.50%,

01/16/2029

(g) 265

$

4,709

Automobile

Parts

&

Equipment

-

0.02%

Phinia

Inc

6.75%,

04/15/2029

(g) 95

Banks

-

9.65%

AIB

Group

PLC

5.32%,

05/15/2031

(g),(h)

Secured

Overnight

Financing

Rate

+

1.65%

5.87%,

03/28/2035

(g),(h)

815

845

Secured

Overnight

Financing

Rate

+

1.91%

Banco

Bilbao

Vizcaya

Argentaria

SA

4.97%,

05/08/2031

(i) 400

Banco

Nacional

de

Mexico

SA

6.70%,

08/07/2036

(g),(h),(i),(j)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Bank

of

America

Corp

2.68%,

06/19/2041

(h) 1,335

959

Secured

Overnight

Financing

Rate

+

1.93%

2.69%,

04/22/2032

(h) 1,336

1,212

Secured

Overnight

Financing

Rate

+

1.32%

5.49%,

04/23/2037

(h) 300

Secured

Overnight

Financing

Rate

+

1.57%

Barclays

PLC

4.52%,

02/24/2032

(h) 485

Secured

Overnight

Financing

Rate

+

1.14%

5.34%,

09/10/2035

(h) 540

536

Secured

Overnight

Financing

Rate

+

1.91%

CaixaBank

SA

4.82%,

04/22/2032

(g),(h)

Secured

Overnight

Financing

Rate

+

1.21%

5.58%,

07/03/2036

(g),(h)

Secured

Overnight

Financing

Rate

+

1.79%

Citigroup

Inc

3.79%,

03/17/2033

(h) 1,455

1,369

Secured

Overnight

Financing

Rate

+

1.94%

5.17%,

09/11/2036

(h) 315

Secured

Overnight

Financing

Rate

+

1.49%

Cooperatieve

Rabobank

UA

4.99%,

05/27/2031

(g),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Danske

Bank

A/S

4.61%,

10/02/2030

(g),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%

5.02%,

03/04/2031

(g),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.93%

Deutsche

Bank

AG/New

York

NY

4.73%,

02/06/2032

(h) 1,120

1,102

Secured

Overnight

Financing

Rate

+

1.14%

4.95%,

08/04/2031

(h) 1,310

1,306

Secured

Overnight

Financing

Rate

+

1.30%

5.06%,

04/14/2032

(h) 575

574

Secured

Overnight

Financing

Rate

+

1.41%

5.30%,

05/09/2031

(h) 410

Secured

Overnight

Financing

Rate

+

1.72%

Goldman

Sachs

Group

Inc/The

4.52%,

01/21/2032

(h) 725

714

Secured

Overnight

Financing

Rate

+

0.96%

4.94%,

10/21/2036

(h) 680

660

Secured

Overnight

Financing

Rate

+

1.33%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

(continued)

5.02%,

10/23/2035

(h) $

570

$

561

Secured

Overnight

Financing

Rate

+

1.42%

5.07%,

01/21/2037

(h) 1,450

1,418

Secured

Overnight

Financing

Rate

+

1.19%

5.39%,

02/02/2041

(h) 1,450

1,411

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.18%

5.56%,

11/19/2045

(h) 425

Secured

Overnight

Financing

Rate

+

1.58%

HSBC

Holdings

PLC

5.13%,

11/06/2036

(h) 605

593

Secured

Overnight

Financing

Rate

+

1.43%

5.24%,

05/13/2031

(h) 1,060

1,076

Secured

Overnight

Financing

Rate

+

1.57%

5.74%,

09/10/2036

(h) 330

Secured

Overnight

Financing

Rate

+

1.96%

Huntington

Bancshares

Inc/OH

4.62%,

01/28/2032

(h) 150

Secured

Overnight

Financing

Rate

+

0.99%

5.61%,

01/28/2041

(h) 510

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.35%

5.71%,

02/02/2035

(h) 1,945

1,990

Secured

Overnight

Financing

Rate

+

1.87%

JPMorgan

Chase

&

Co

4.90%,

01/22/2037

(h) 220

Secured

Overnight

Financing

Rate

+

1.07%

4.91%,

07/25/2033

(h) 2,055

2,061

Secured

Overnight

Financing

Rate

+

2.08%

5.34%,

01/23/2035

(h) 150

Secured

Overnight

Financing

Rate

+

1.62%

5.58%,

07/23/2036

(h) 640

649

Secured

Overnight

Financing

Rate

+

1.64%

6.50%,

04/01/2030

(h),(k)

565

580

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

Keybank

National

Association

5.00%,

01/26/2033

1,000

990

KeyCorp

5.12%,

04/04/2031

(h) 575

581

Secured

Overnight

Financing

Rate

+

1.23%

5.31%,

01/28/2037

(h) 295

Secured

Overnight

Financing

Rate

+

1.37%

6.40%,

03/06/2035

(h) 225

Secured

Overnight

Financing

Rate

+

2.42%

Morgan

Stanley

2.48%,

09/16/2036

(h) 1,140

987

Secured

Overnight

Financing

Rate

+

1.36%

4.49%,

01/16/2032

(h) 435

Secured

Overnight

Financing

Rate

+

0.95%

4.71%,

03/12/2032

(h) 660

655

Secured

Overnight

Financing

Rate

+

1.20%

4.81%,

04/16/2032

(a),(h)

695

693

Secured

Overnight

Financing

Rate

+

1.18%

5.31%,

01/18/2041

(h) 900

876

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.32%,

07/19/2035

(h) 3,150

3,175

Secured

Overnight

Financing

Rate

+

1.56%

Morgan

Stanley

Private

Bank

NA

4.73%,

07/18/2031

(h) 1,780

1,778

Secured

Overnight

Financing

Rate

+

1.08%

NatWest

Group

PLC

5.12%,

05/23/2031

(h) 300

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

PNC

Financial

Services

Group

Inc/The

5.37%,

07/21/2036

(h) $

$

Secured

Overnight

Financing

Rate

+

1.42%

5.42%,

01/25/2041

(h) 495

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.58%,

01/29/2036

(h) 350

Secured

Overnight

Financing

Rate

+

1.39%

5.68%,

01/22/2035

(h) 1,680

1,732

Secured

Overnight

Financing

Rate

+

1.90%

6.88%,

10/20/2034

(h) 571

632

Secured

Overnight

Financing

Rate

+

2.28%

Scotiabank

Peru

SAA

6.10%,

10/01/2035

(a),(g),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.31%

Texas

Capital

Bancshares

Inc

5.30%,

02/27/2032

(h) 490

Secured

Overnight

Financing

Rate

+

1.94%

Truist

Financial

Corp

4.60%,

01/27/2032

(h) 575

569

Secured

Overnight

Financing

Rate

+

0.97%

4.68%,

04/23/2032

(h) 640

634

Secured

Overnight

Financing

Rate

+

1.09%

UBS

Group

AG

5.43%,

02/08/2030

(g),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%

7.00%,

02/10/2030

(g),(h),(j),(k)

971

993

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

US

Bancorp

2.49%,

11/03/2036

(h) 1,535

1,334

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

5.03%,

01/26/2037

(h) 375

Secured

Overnight

Financing

Rate

+

1.10%

5.68%,

01/23/2035

(h) 1,215

1,256

Secured

Overnight

Financing

Rate

+

1.86%

Westpac

Banking

Corp

4.11%,

07/24/2034

(h) 625

611

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

Zions

Bancorp

NA

4.70%,

08/18/2028

(h) 160

Secured

Overnight

Financing

Rate

+

1.16%

$

47,333

Biotechnology

-

0.11%

Amgen

Inc

5.60%,

03/02/2043

CSL

Finance

PLC

4.75%,

04/27/2052

(g) 335

$

545

Building

Materials

-

0.42%

Ameritex

Holdco

Intermediate

LLC

7.63%,

08/15/2033

(g) 765

795

Cemex

SAB

de

CV

7.20%,

06/10/2030

(g),(h),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.52%

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(g) 1,032

1,031

$

2,033

Chemicals

-

0.64%

CF

Industries

Inc

5.30%,

11/26/2035

650

651

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(g) 555

527

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

International

Flavors

&

Fragrances

Inc

3.47%,

12/01/2050

(g) $

$

OCP

SA

6.10%,

04/30/2030

(g) 320

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(g) 375

6.25%,

10/01/2029

(g) 205

Sociedad

Quimica

y

Minera

de

Chile

SA

5.63%,

04/22/2056

(g),(h)

900

894

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.92%

$

3,157

Commercial

Mortgage

Backed

Securities

-

5.99%

ALA

Trust

2025-OANA

5.40%,

06/15/2040

(g) 1,000

1,004

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.74%

BBCMS

Mortgage

Trust

2024-C24

5.42%,

02/15/2057

750

770

BBCMS

Mortgage

Trust

2025-5C33

6.17%,

03/15/2058

(l) 2,500

2,588

BBCMS

Mortgage

Trust

2025-5C38

5.15%,

11/15/2058

750

762

Benchmark

2021-B25

Mortgage

Trust

2.58%,

04/15/2054

500

BFLD

Commercial

Mortgage

Trust

2025-5MW

4.83%,

10/10/2042

(g),(l)

750

745

BPR

Trust

2024-PMDW

5.36%,

11/05/2041

(g),(l)

2,625

2,659

BRCK

Trust

2025-830B

0.28%,

12/10/2030

(g),(l),(m)

34,000

BSTN

Commercial

Mortgage

Trust

2025-1C

5.55%,

06/15/2044

(g),(l)

3,000

3,057

BX

2025-BIO3

Mortgage

Trust

6.14%,

02/10/2042

(g) 1,000

1,012

BX

Commercial

Mortgage

Trust

2026-VLT9

5.35%,

03/15/2045

(g) 1,000

998

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.70%

BX

Trust

2025-ARIA

5.20%,

12/13/2042

(g),(l)

500

503

BX

Trust

2025-VLT6

5.10%,

03/15/2042

(g) 2,000

1,991

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

BX

Trust

2026-OPTM

4.85%,

03/15/2039

(g) 1,000

997

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

BXHPP

Trust

2021-FILM

4.42%,

08/15/2036

(g) 500

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.76%

Citigroup

Commercial

Mortgage

Trust

2019-C7

3.10%,

12/15/2072

1,500

1,421

COMM

2025-167G

Mortgage

Trust

5.50%,

08/10/2040

(g) 800

790

ELM

Trust

2024-ELM

5.99%,

06/10/2039

(g),(l)

2,000

2,001

GS

Mortgage

Securities

Trust

2020-GSA2

2.01%,

12/12/2053

2,000

1,757

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

0.85%,

11/15/2047

(l),(m)

928

—

KRE

Commercial

Mortgage

Trust

2026-ICNA

5.50%,

05/15/2043

(g) 2,500

2,506

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.85%

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

LBA

Trust

2024-7IND

5.10%,

10/15/2041

(g) $

533

$

533

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

ORL

Trust

2024-GLKS

5.15%,

12/15/2039

(g) 1,000

1,002

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

SMRT

2022-MINI

4.66%,

01/15/2039

(g) 800

800

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

Wells

Fargo

Commercial

Mortgage

Trust

2025-5C7

4.32%,

12/15/2058

$

29,361

Commercial

Services

-

0.42%

EquipmentShare.com

Inc

8.00%,

03/15/2033

(g) 516

541

8.63%,

05/15/2032

(g) 47

Garda

World

Security

Corp

6.00%,

06/01/2029

(g) 405

8.38%,

11/15/2032

(g) 325

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub

Inc

6.75%,

08/15/2032

(g) 245

Veritiv

Operating

Co

10.50%,

11/30/2030

(g) 315

Williams

Scotsman

Inc

4.63%,

08/15/2028

(g) 180

$

2,078

Computers

-

0.84%

Hewlett

Packard

Enterprise

Co

4.40%,

10/15/2030

700

688

4.55%,

10/15/2029

835

832

5.00%,

10/15/2034

900

879

5.25%,

04/01/2033

670

672

5.60%,

10/15/2054

International

Business

Machines

Corp

5.70%,

02/10/2055

McAfee

Corp

7.38%,

02/15/2030

(g) 565

$

4,108

Consumer

Products

-

0.04%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(g) 293

Credit

Card

Asset

Backed

Securities

-

1.01%

American

Express

Credit

Account

Master

Trust

5.24%,

04/15/2031

4,045

4,167

WF

Card

Issuance

Trust

4.34%,

05/15/2030

800

803

$

4,970

Diversified

Financial

Services

-

3.70%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.00%,

10/29/2028

870

838

4.13%,

02/28/2029

750

741

6.95%,

03/10/2055

(h) 455

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Affiliated

Managers

Group

Inc

5.50%,

02/15/2036

Aircastle

Ltd

/

Aircastle

Ireland

DAC

5.00%,

09/15/2030

(g) 405

5.75%,

10/01/2031

(g) 910

933

Atlas

Warehouse

Lending

Co

LP

4.95%,

11/15/2030

(g) 1,070

1,052

5.25%,

01/15/2033

(g) 250

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Avolon

Holdings

Funding

Ltd

4.85%,

04/01/2033

(g) $

$

Charles

Schwab

Corp/The

4.91%,

11/14/2036

(h) 870

849

Secured

Overnight

Financing

Rate

+

1.23%

5.85%,

05/19/2034

(h) 200

Secured

Overnight

Financing

Rate

+

2.50%

Citadel

Finance

LLC

4.75%,

02/14/2029

(g) 500

5.90%,

02/10/2030

(g) 1,000

1,008

Citadel

Securities

Global

Holdings

LLC

5.13%,

01/27/2032

(g) 250

5.50%,

06/18/2030

(g) 500

508

6.20%,

06/18/2035

(g) 900

920

Credit

Acceptance

Corp

6.63%,

03/15/2030

(g) 514

512

9.25%,

12/15/2028

(g) 430

Equitable

America

Global

Funding

4.95%,

06/09/2030

(g) 250

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(g) 15

9.13%,

05/15/2031

(g) 610

632

Global

Aircraft

Leasing

Co

Ltd

8.75%,

09/01/2027

(g) 923

936

ILFC

E-Capital

Trust

II

6.63%,

12/21/2065

(a),(g)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.00%

Jane

Street

Group

/

JSG

Finance

Inc

6.13%,

11/01/2032

(g) 1,323

1,330

6.75%,

05/01/2033

(g) 1,237

1,271

OneMain

Finance

Corp

3.50%,

01/15/2027

4.00%,

09/15/2030

6.63%,

01/15/2028

7.13%,

11/15/2031

7.50%,

05/15/2031

605

620

Rfna

LP

7.88%,

02/15/2030

(g) 540

536

Rocket

Cos

Inc

6.13%,

08/01/2030

(g) 245

SLM

Corp

3.13%,

11/02/2026

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(g) 415

$

18,158

Electric

-

3.60%

Abu

Dhabi

National

Energy

Co

PJSC

4.70%,

04/24/2033

(g) 200

Alliant

Energy

Finance

LLC

5.40%,

06/06/2027

(g) 625

629

5.95%,

03/30/2029

(g) 305

Atlantica

Sustainable

Infrastructure

Ltd

4.13%,

06/15/2028

(g) 222

Berkshire

Hathaway

Energy

Co

4.60%,

05/01/2053

540

Black

Hills

Corp

4.55%,

01/31/2031

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(g) 741

736

Clearway

Energy

Operating

LLC

4.75%,

03/15/2028

(g) 315

CMS

Energy

Corp

6.50%,

06/01/2055

(h) 1,070

1,096

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.96%

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Duke

Energy

Carolinas

LLC

3.75%,

06/01/2045

$

500

$

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

Evergy

Missouri

West

Inc

5.25%,

12/15/2035

(g) 325

Exelon

Corp

5.60%,

03/15/2053

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(g) 248

Indiana

Michigan

Power

Co

5.60%,

03/15/2056

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(g) 345

Interstate

Power

and

Light

Co

5.60%,

06/29/2035

1,230

1,263

Louisville

Gas

and

Electric

Co

5.85%,

08/15/2055

NextEra

Energy

Capital

Holdings

Inc

5.45%,

03/15/2035

6.38%,

08/15/2055

(h) 625

638

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%

6.70%,

09/01/2054

(h) 915

939

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

NRG

Energy

Inc

5.41%,

10/15/2035

(g) 250

5.75%,

01/15/2034

(g) 383

5.88%,

05/15/2034

(g) 180

6.00%,

01/15/2036

(g) 383

6.13%,

05/15/2036

(g) 180

Pacific

Gas

and

Electric

Co

6.00%,

05/01/2056

Public

Service

Co

of

Colorado

5.25%,

04/01/2053

Puget

Sound

Energy

Inc

5.60%,

09/15/2055

Saavi

Energia

Sarl

8.88%,

02/10/2035

(g) 455

506

Southern

Co/The

5.70%,

03/15/2034

640

663

Southern

Power

Co

4.90%,

10/01/2035

Vistra

Corp

7.00%,

12/15/2026

(g),(h),(k)

946

949

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%

VoltaGrid

LLC

7.38%,

11/01/2030

(g) 675

701

WEC

Energy

Group

Inc

5.63%,

05/15/2056

(h) 555

552

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.91%

Xcel

Energy

Inc

5.45%,

08/15/2033

1,520

1,553

5.75%,

12/03/2056

(h) 445

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

$

17,676

Engineering

&

Construction

-

0.29%

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(g) 440

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(g) 400

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Engineering

&

Construction

(continued)

Sitios

Latinoamerica

SAB

de

CV

5.38%,

04/04/2032

(g) $

575

$

572

$

1,421

Entertainment

-

0.43%

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(g) 540

521

6.50%,

02/15/2032

(g) 535

520

Cinemark

USA

Inc

5.25%,

07/15/2028

(g) 515

513

7.00%,

08/01/2032

(g) 55

Discovery

Global

Holdings

Inc

5.05%,

03/15/2042

507

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

7.13%,

02/15/2031

(g) 150

$

2,131

Environmental

Control

-

0.14%

Madison

IAQ

LLC

4.13%,

06/30/2028

(g) 270

Waste

Connections

Inc

4.80%,

07/15/2036

$

692

Food

-

1.80%

B&G

Foods

Inc

5.25%,

09/15/2027

8.00%,

09/15/2028

(a),(g)

644

638

Chobani

LLC

/

Chobani

Finance

Corp

Inc

6.38%,

04/15/2034

(g) 480

7.63%,

07/01/2029

(g) 345

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(g) 345

Grupo

Nutresa

SA

8.00%,

05/12/2030

(g) 300

JBS

NV/JBS

USA

Foods

Group

Holdings

Inc/JBS

USA

Food

Co

Holdings

4.38%,

02/02/2052

1,421

1,070

5.50%,

01/15/2036

5.63%,

03/10/2037

(g) 920

918

5.95%,

04/20/2035

775

802

6.25%,

03/01/2056

6.38%,

02/25/2055

6.40%,

05/10/2057

(g) 425

6.75%,

03/15/2034

Mars

Inc

5.20%,

03/01/2035

(g) 1,360

1,372

5.70%,

05/01/2055

(g) 1,009

982

$

8,843

Forest

Products

&

Paper

-

0.02%

Mercer

International

Inc

5.13%,

02/01/2029

(a) 110

12.88%,

10/01/2028

(a),(g)

$

Gas

-

0.44%

Boston

Gas

Co

5.84%,

01/10/2035

(g) 250

Grupo

Energia

Bogota

SA

ESP

5.75%,

10/22/2035

(g) 400

NiSource

Inc

6.95%,

11/30/2054

(h) 835

863

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

Southern

California

Gas

Co

6.00%,

06/15/2055

655

657

$

2,172

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Products

-

0.34%

Abbott

Laboratories

4.30%,

03/15/2033

$

650

$

635

4.65%,

03/15/2036

5.50%,

03/15/2056

645

624

$

1,676

Healthcare

-

Services

-

0.65%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(g) 345

Centene

Corp

4.25%,

12/15/2027

Global

Medical

Response

Inc

7.38%,

10/01/2032

(g) 215

HCA

Inc

5.30%,

05/15/2036

5.45%,

04/01/2031

LifePoint

Health

Inc

8.38%,

02/15/2032

(g) 706

741

Tenet

Healthcare

Corp

6.13%,

06/15/2030

UnitedHealth

Group

Inc

4.75%,

05/15/2052

625

528

5.75%,

07/15/2064

$

3,209

Home

Builders

-

0.16%

Adams

Homes

Inc

9.25%,

10/15/2028

(g) 285

K

Hovnanian

Enterprises

Inc

8.38%,

10/01/2033

(g) 485

$

782

Home

Equity

Asset

Backed

Securities

-

0.12%

Chase

Funding

Trust

Series

2003-5

4.37%,

07/25/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

First

NLC

Trust

2005-1

4.26%,

05/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.61%

Saxon

Asset

Securities

Trust

2004-1

2.70%,

03/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

$

590

Insurance

-

1.04%

Allianz

SE

6.55%,

10/30/2033

(g),(h),(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%

American

International

Group

Inc

5.45%,

05/07/2035

Aon

North

America

Inc

5.75%,

03/01/2054

685

659

Arthur

J

Gallagher

&

Co

5.55%,

02/15/2055

Asurion

LLC/

Asurion

Co-Issuer

Inc

8.00%,

12/31/2032

(g) 700

731

8.38%,

02/01/2034

(g) 125

Corebridge

Financial

Inc

5.75%,

01/15/2034

Markel

Group

Inc

6.00%,

05/16/2054

Marsh

&

McLennan

Cos

Inc

6.25%,

11/01/2052

MetLife

Inc

5.00%,

07/15/2052

5.85%,

03/15/2056

(h) 505

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.82%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Northwestern

Mutual

Life

Insurance

Co/The

6.17%,

05/29/2055

(g) $

$

Protective

Life

Corp

4.70%,

01/15/2031

(g) 130

Sompo

Holdings

Inc

5.41%,

04/22/2037

(g),(h)

635

625

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%

Teachers

Insurance

&

Annuity

Association

of

America

4.27%,

05/15/2047

(g) 200

Willis

North

America

Inc

4.55%,

03/15/2031

$

5,121

Internet

-

0.77%

Amazon.com

Inc

5.80%,

03/13/2056

Beignet

Investor

LLC

6.58%,

05/30/2049

(g) 1,160

1,198

MercadoLibre

Inc

4.90%,

01/15/2033

500

Meta

Platforms

Inc

4.45%,

08/15/2052

955

742

5.25%,

05/15/2036

(i) 395

6.30%,

05/15/2056

(i) 700

701

$

3,776

Investment

Companies

-

0.45%

HA

Sustainable

Infrastructure

Capital

Inc

7.13%,

11/15/2056

(h) 375

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.48%

8.00%,

06/01/2056

(h) 795

844

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.30%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(g) 22

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

675

592

5.25%,

05/15/2027

10.00%,

11/15/2029

(g) 222

$

2,214

Iron

&

Steel

-

0.12%

Vale

Overseas

Ltd

6.00%,

02/25/2056

(g),(h)

600

602

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.43%

Leisure

Products

&

Services

-

0.09%

NCL

Finance

Ltd

6.13%,

03/15/2028

(g) 340

Patrick

Industries

Inc

4.75%,

05/01/2029

(g) 75

$

Lodging

-

0.16%

Wynn

Macau

Ltd

5.63%,

08/26/2028

(g) 805

799

Machinery

-

Diversified

-

0.12%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(g) 550

574

Media

-

1.10%

AMC

Global

Media

Inc

10.50%,

07/15/2032

(g) 163

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.50%,

08/15/2030

(g) 514

4.50%,

06/01/2033

(g) 48

5.38%,

06/01/2029

(g) 205

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.90%,

06/01/2052

$

860

$

541

Directv

Financing

LLC

8.88%,

02/01/2030

(g) 340

8.88%,

02/01/2030

(g) 299

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(g) 21

10.00%,

02/15/2031

(g) 35

Discovery

Communications

LLC

3.63%,

05/15/2030

4.13%,

05/15/2029

DISH

DBS

Corp

5.25%,

12/01/2026

(g) 270

DISH

Network

Corp

11.75%,

11/15/2027

(g) 347

EchoStar

Corp

10.75%,

11/30/2029

916

995

iHeartCommunications

Inc

4.75%,

01/15/2028

(g) 96

7.75%,

08/15/2030

(g) 276

Sinclair

Television

Group

Inc

8.13%,

02/15/2033

(g) 731

757

Ziggo

BV

4.88%,

01/15/2030

(g) 261

$

5,381

Metal

Fabrication

&

Hardware

-

0.08%

TMS

International

Corp/DE

6.25%,

04/15/2029

(g) 385

Mining

-

0.75%

Anglo

American

Capital

PLC

5.25%,

03/19/2036

(g) 460

Antofagasta

PLC

5.63%,

09/09/2035

(g) 300

First

Quantum

Minerals

Ltd

6.38%,

02/15/2036

(g) 200

8.00%,

03/01/2033

(g) 550

578

Glencore

Funding

LLC

4.90%,

07/01/2031

(g) 660

661

5.19%,

04/01/2030

(g) 560

569

Taseko

Mines

Ltd

8.25%,

05/01/2030

(g) 580

607

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(g) 270

$

3,652

Mortgage

Backed

Securities

-

2.80%

Fannie

Mae

REMICS

2.29%,

08/25/2049

(m) 5,015

530

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.29%,

06/25/2050

(m) 2,178

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.34%,

08/25/2043

(m) 970

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

2.34%,

12/25/2044

(m) 4,357

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

2.39%,

01/25/2048

(m) 1,428

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

2.44%,

03/25/2048

(m) 1,739

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Fannie

Mae

REMICS

(continued)

2.44%,

06/25/2048

(m) $

1,935

$

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

3.00%,

04/25/2027

(m) 64

3.00%,

09/25/2050

(m) 1,760

3.50%,

09/25/2027

(m) 139

3.50%,

11/25/2027

(m) 30

—

3.50%,

05/25/2028

(m) 37

—

4.00%,

04/25/2043

(m) 70

Freddie

Mac

REMICS

2.00%,

02/15/2036

2.39%,

06/25/2050

(m) 1,976

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

3.00%,

05/15/2027

(m) 51

—

3.00%,

10/15/2027

(m) 32

—

3.00%,

02/15/2029

(m) 128

3.50%,

02/15/2028

(m) 57

3.50%,

03/15/2041

(m) 356

4.20%,

05/15/2049

1,889

1,861

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.56%

Ginnie

Mae

1.86%,

04/20/2052

(m) 2,137

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.50%

2.27%,

12/16/2043

(m) 2,120

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

2.27%,

05/20/2046

(m) 241

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

2.27%,

03/20/2050

(m) 2,790

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

2.32%,

11/20/2046

(m) 1,802

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

2.37%,

08/20/2044

(m) 797

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.04%

2.37%,

03/20/2047

(m) 993

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.04%

2.42%,

10/20/2045

(m) 817

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.42%,

08/20/2047

(m) 3,654

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.42%,

08/20/2047

(m) 404

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.42%,

11/20/2047

(m) 613

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.47%,

06/20/2045

(m) 1,054

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.14%

2.47%,

10/20/2047

(m) 1,539

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.14%

2.50%,

12/20/2050

(m) 2,429

2.52%,

08/20/2050

(m) 2,162

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Ginnie

Mae

(continued)

2.52%,

11/20/2050

(m) $

1,561

$

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.52%,

06/20/2051

(m) 3,061

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.52%,

08/20/2051

(m) 1,450

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.61%,

09/20/2050

(m) 1,591

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.94%,

04/20/2041

(m) 408

(1.10)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.97%

3.00%,

07/20/2050

(m) 471

3.00%,

11/20/2050

(m) 1,268

3.00%,

11/20/2050

(m) 1,754

3.00%,

11/20/2050

(m) 2,034

3.50%,

01/20/2043

(m) 1,508

3.50%,

10/20/2049

(m) 723

4.00%,

09/20/2040

(m) 121

4.50%,

05/16/2043

(m) 623

JP

Morgan

Mortgage

Trust

2025-1

6.00%,

06/25/2055

(g),(l)

1,026

1,030

JP

Morgan

Mortgage

Trust

2026-ACES1

4.89%,

04/25/2066

(g),(l)

1,198

1,189

JP

Morgan

Mortgage

Trust

Series

2024-4

6.00%,

10/25/2054

(g),(l)

Sequoia

Mortgage

Trust

2024-2

5.97%,

03/25/2054

(g),(l)

Sequoia

Mortgage

Trust

2024-3

6.00%,

04/25/2054

(g),(l)

592

592

Sequoia

Mortgage

Trust

2025-S2

4.00%,

11/25/2055

(g),(l)

620

595

$

13,723

Oil

&

Gas

-

1.01%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(g) 408

Chord

Energy

Corp

6.00%,

10/01/2030

(g) 330

ConocoPhillips

Co

5.50%,

01/15/2055

Diamondback

Energy

Inc

5.75%,

04/18/2054

735

705

Ecopetrol

SA

8.88%,

01/13/2033

Matador

Resources

Co

6.00%,

04/15/2034

(g) 155

6.25%,

04/15/2033

(g) 971

987

Northern

Oil

&

Gas

Inc

7.88%,

10/15/2033

(g) 802

831

Pertamina

Persero

PT

3.10%,

08/27/2030

(g) 200

Petroleos

Mexicanos

7.69%,

01/23/2050

Sunoco

LP

5.88%,

03/15/2034

(g) 643

641

$

4,957

Oil

&

Gas

Services

-

0.11%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

5.85%,

06/15/2056

510

503

Enerflex

Inc

6.88%,

01/15/2031

(g) 55

$

560

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

-

6.24%

Bluepeak

ABS

Issuer

LLC

5.86%,

12/20/2055

(g) $

500

$

506

6.49%,

12/20/2055

(g) 250

Consolidated

Communications

LLC/Fidium

Fiber

Finance

Holdco

LLC

5.08%,

03/20/2056

(g) 750

743

5.52%,

12/20/2055

(g) 825

832

6.00%,

05/20/2055

(g) 1,000

1,016

DataBank

Issuer

5.81%,

02/25/2056

(g) 630

630

Flexential

Issuer

LLC

6.00%,

03/25/2061

(g) 2,000

1,980

Hilton

Grand

Vacations

Trust

2024-3

4.98%,

08/27/2040

(g) 525

527

Iskandar

Enterprise

LLC

5.05%,

04/17/2056

(g),(i)

1,000

1,000

Kinetic

ABS

Issuer

LLC

5.22%,

02/25/2056

(g) 3,250

3,240

Lightpath

Fiber

Issuer

LLC

5.60%,

03/25/2056

(g) 2,000

2,005

MetroNet

Infrastructure

Issuer

LLC

5.16%,

12/20/2055

(g) 2,800

2,797

5.27%,

04/20/2056

(g) 2,500

2,507

QTS

Issuer

ABS

II

LLC

5.85%,

01/05/2056

(g) 575

569

Summit

Issuer

LLC

5.21%,

11/20/2055

(g) 2,000

2,001

Switch

ABS

Issuer

LLC

5.12%,

10/25/2055

(g) 2,165

2,134

Verizon

Master

Trust

Series

2025-2

4.94%,

01/20/2033

(g) 235

Zayo

Issuer

LLC

5.55%,

04/20/2056

(g) 2,250

2,244

5.57%,

10/20/2055

(g) 2,600

2,588

5.72%,

10/20/2055

(g) 300

5.95%,

06/20/2055

(g) 1,700

1,727

6.04%,

04/20/2056

(g) 750

749

$

30,581

Packaging

&

Containers

-

0.65%

Clydesdale

Acquisition

Holdings

Inc

6.63%,

04/15/2029

(g) 115

6.75%,

04/15/2032

(g) 310

LABL

Inc

0.00%,

11/01/2028

(e),(g)

0.00%,

11/01/2028

(e),(g)

0.00%,

10/01/2031

(e),(g)

LABL

Inc

DIP

10.39%,

11/30/2026

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2030

(g) 484

9.25%,

04/15/2030

(g) 314

Packaging

Corp

of

America

5.20%,

08/15/2035

760

758

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

845

860

$

3,161

Pharmaceuticals

-

1.04%

1261229

BC

Ltd

10.00%,

04/15/2032

(g) 310

AbbVie

Inc

4.25%,

11/21/2049

615

4.75%,

03/15/2036

510

5.50%,

03/15/2064

5.55%,

03/15/2056

Adapthealth

LLC

6.13%,

08/01/2028

(g) 290

CVS

Health

Corp

5.45%,

09/15/2035

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Endo

Finance

Holdings

LP

8.50%,

04/15/2031

(g) $

685

$

726

Jazz

Securities

DAC

4.38%,

01/15/2029

(g) 285

Novartis

Capital

Corp

5.70%,

03/18/2056

Zoetis

Inc

5.00%,

08/17/2035

1,095

1,090

$

5,088

Pipelines

-

1.50%

Cheniere

Energy

Inc

5.65%,

04/15/2034

605

623

DT

Midstream

Inc

4.13%,

06/15/2029

(g) 1,440

1,410

Energy

Transfer

LP

5.15%,

03/15/2045

750

658

5.95%,

05/15/2054

610

576

6.50%,

02/15/2056

(h) 1,008

1,011

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Harvest

Midstream

I

LP

7.50%,

09/01/2028

(g) 91

Kinder

Morgan

Inc

5.40%,

02/01/2034

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp

8.13%,

02/15/2029

(g) 170

ONEOK

Inc

4.75%,

10/15/2031

570

566

5.70%,

11/01/2054

600

547

Transcontinental

Gas

Pipe

Line

Co

LLC

5.75%,

03/15/2056

Venture

Global

LNG

Inc

8.38%,

06/01/2031

(g) 160

9.00%,

09/30/2029

(g),(h),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.44%

9.50%,

02/01/2029

(g) 545

595

$

7,337

REITs

-

0.91%

American

Homes

Rent

LP

3.38%,

07/15/2051

4.95%,

06/15/2030

Arbor

Realty

SR

Inc

7.88%,

07/15/2030

(g) 405

8.50%,

12/15/2028

(a),(g)

560

555

CFE

Fibra

E

5.88%,

09/23/2040

(g) 394

EF

Holdco

/

EF

Cayman

Hold

/

Ellington

Fin

REIT

Cayman/TRS

/

EF

Cayman

Non-MTM

7.38%,

09/30/2030

(g) 665

661

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(g) 514

503

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.88%,

05/15/2029

(g) 270

7.00%,

02/01/2030

(g) 150

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

6.00%,

01/15/2030

(g) 625

604

XHR

LP

4.88%,

06/01/2029

(g) 511

501

6.63%,

05/15/2030

(g) 25

$

4,445

Retail

-

0.64%

Carvana

Co

9.00%,

06/01/2030

(g),(l)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

El

Puerto

de

Liverpool

SAB

de

CV

5.75%,

02/10/2038

(g) $

$

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(g) 335

Michaels

Cos

Inc/The

11.00%,

03/15/2034

(g) 315

Park

River

Holdings

Inc

8.00%,

03/15/2031

(g) 555

558

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp

7.75%,

10/15/2029

(g) 657

580

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(g) 655

686

$

3,140

Semiconductors

-

1.93%

Broadcom

Inc

3.42%,

04/15/2033

2,615

2,396

4.35%,

02/15/2030

4.55%,

02/15/2032

4.60%,

01/15/2033

865

855

5.05%,

07/12/2029

5.15%,

11/15/2031

5.20%,

07/15/2035

675

681

Intel

Corp

4.75%,

03/25/2050

575

5.30%,

05/15/2036

540

538

Kioxia

Holdings

Corp

6.25%,

07/24/2030

(g) 200

6.63%,

07/24/2033

(g) 200

Marvell

Technology

Inc

2.95%,

04/15/2031

4.75%,

07/15/2030

5.30%,

04/15/2036

1,205

1,205

5.45%,

07/15/2035

5.95%,

09/15/2033

510

539

$

9,465

Shipbuilding

-

0.05%

Huntington

Ingalls

Industries

Inc

5.75%,

01/15/2035

Software

-

0.69%

Cloud

Software

Group

Inc

9.00%,

09/30/2029

(g) 185

OAK-Eagle

Acquireco

Inc

7.25%,

07/01/2033

(g) 528

544

Oracle

Corp

3.95%,

03/25/2051

915

575

4.00%,

07/15/2046

4.90%,

02/06/2033

5.20%,

09/26/2035

5.38%,

09/27/2054

5.55%,

02/06/2053

560

Synopsys

Inc

5.15%,

04/01/2035

5.70%,

04/01/2055

$

3,371

Sovereign

-

0.47%

Brazilian

Government

International

Bond

6.25%,

05/22/2036

700

696

Colombia

Government

International

Bond

6.13%,

01/21/2031

Israel

Government

International

Bond

5.00%,

01/13/2036

550

534

Istanbul

Metropolitan

Municipality

10.50%,

12/06/2028

(g) 300

Republic

of

South

Africa

Government

International

Bond

7.25%,

12/11/2055

(g) 200

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Romanian

Government

International

Bond

5.75%,

07/04/2036

(g) $

$

$

2,325

Telecommunications

-

1.22%

Altice

France

SA

6.50%,

04/15/2032

(g) 230

9.50%,

11/01/2029

(g) 637

650

AT&T

Inc

3.50%,

09/15/2053

3.55%,

09/15/2055

855

551

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(g) 1,036

1,078

Level

Financing

Inc

8.50%,

01/15/2036

(g) 280

Telecom

Argentina

SA

9.50%,

07/18/2031

(g) 200

T-Mobile

USA

Inc

3.40%,

10/15/2052

4.63%,

01/15/2033

5.88%,

11/15/2055

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

8.63%,

06/15/2032

(g) 335

8.63%,

06/15/2032

(g) 150

Uniti

Services

LLC

7.50%,

10/15/2033

(g) 46

Verizon

Communications

Inc

5.88%,

11/30/2055

Viasat

Inc

6.50%,

07/15/2028

(g) 217

7.50%,

05/30/2031

(g) 514

515

Viavi

Solutions

Inc

3.75%,

10/01/2029

(g) 190

Zayo

Group

Holdings

Inc

5.75%,

PIK

0.50%;

03/09/2030

(g),(l),(n)

7.13%,

PIK

1.88%;

09/09/2030

(g),(l),(n)

$

5,985

Transportation

-

0.25%

Burlington

Northern

Santa

Fe

LLC

4.45%,

01/15/2053

5.55%,

03/15/2056

Eletson

Holdings

Inc

-

Escrow

0.00%,

01/15/2022

(e),(f)

1,749

—

Navios

Maritime

Partners

LP

7.75%,

11/07/2030

(g) 200

Watco

Cos

LLC

/

Watco

Finance

Corp

7.13%,

08/01/2032

(g) 455

$

1,219

Water

-

0.05%

Essential

Utilities

Inc

5.13%,

03/15/2036

TOTAL

BONDS

$

307,736

SENIOR

FLOATING

RATE

INTERESTS

-

2.51%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.10%

TransDigm

Inc

;

Term

Loan

J

6.15%,

02/28/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

0.12%

AAdvantage

Loyalty

IP

Ltd

;

Term

Loan

B

5.93%,

04/20/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Airlines

(continued)

United

Airlines

Inc

;

Term

Loan

B

5.40%,

02/22/2031

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

600

Chemicals

-

0.06%

Advancion

Holdings

LLC

;

Term

Loan

11.52%,

11/24/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Consolidated

Energy

Finance

SA

;

Term

Loan

B

8.16%,

11/15/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

Commercial

Services

-

0.19%

Shift4

Payments

LLC

;

Term

Loan

B

5.68%,

06/30/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Veritiv

Operating

Co

;

Term

Loan

B

7.70%,

11/30/2030

504

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

927

Computers

-

0.08%

McAfee

Corp

;

Term

Loan

B1

6.65%,

03/01/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Consumer

Products

-

0.09%

Kronos

Acquisition

Holdings

Inc

;

Term

Loan

B

7.70%,

06/27/2031

733

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Diversified

Financial

Services

-

0.17%

Jane

Street

Group

LLC

;

Term

Loan

B

5.67%,

12/15/2031

550

548

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Jupiter

Borrower

Inc

;

Term

Loan

B

0.00%,

03/25/2033

(o) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

849

Food

-

0.15%

Fiesta

Purchaser

Inc

;

Term

Loan

B

6.91%,

02/12/2031

750

740

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Healthcare

-

Services

-

0.04%

LifePoint

Health

Inc

;

Term

Loan

B

7.42%,

05/16/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Insurance

-

0.04%

Asurion

LLC

;

Term

Loan

B4

9.02%,

01/20/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Internet

-

0.14%

iliad

SA

;

Term

Loan

6.65%,

02/01/2029

674

673

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Lodging

-

0.15%

Fertitta

Entertainment

LLC/NV

;

Term

Loan

B

6.90%,

01/27/2029

$

760

$

753

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Machinery

-

Diversified

-

0.01%

TK

Elevator

US

Newco

Inc

;

Term

Loan

B

6.38%,

04/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

0.26%

Directv

Financing

LLC

;

Tern

Loan

Extended

9.17%,

08/02/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Directv

Financing

LLC

;

Term

Loan

B

9.16%,

02/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

iHeartCommunications

Inc

;

Term

Loan

10.65%,

05/01/2029

678

660

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

$

1,274

Mining

-

0.10%

Arsenal

AIC

Parent

LLC

;

Term

Loan

B

6.40%,

08/18/2030

513

514

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Oil

&

Gas

Services

-

0.03%

Deep

Blue

Operating

I

LLC

;

Term

Loan

B

6.41%,

10/01/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

0.12%

LABL

Inc

;

Term

Loan

B

0.00%,

10/27/2028

(e) 551

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Mauser

Packaging

Solutions

Holding

Co

;

Term

Loan

B

7.16%,

04/15/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

576

Pharmaceuticals

-

0.34%

1261229

BC

Ltd

;

Term

Loan

B

9.90%,

10/08/2030

841

817

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

LP

;

Term

Loan

B

7.40%,

04/23/2031

681

673

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

;

Term

Loan

B2

5.90%,

05/05/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,680

Retail

-

0.15%

IRB

Holding

Corp

;

Term

Loan

B

6.15%,

12/15/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Michaels

Cos

Inc/The

;

Term

Loan

B

8.67%,

02/18/2033

$

500

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

$

740

Software

-

0.09%

Cloud

Software

Group

Inc

;

Term

Loan

B1

6.95%,

08/13/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

OAK-Eagle

Acquireco

Inc

;

Term

Loan

B

0.00%,

03/24/2033

(o) 27

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

Telecommunications

-

0.08%

Zayo

Group

Holdings

Inc

;

PIK

Term

Loan

6.77%,

PIK

0.50%;

03/11/2030

(n) 385

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

12,329

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

27.07%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

1.04%

3.00%,

01/01/2043

$

970

$

888

3.00%,

02/01/2043

4.00%,

02/01/2046

1,728

1,661

4.50%,

04/01/2031

4.50%,

04/01/2041

1,175

1,166

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

8.00%,

09/01/2030

$

5,081

Federal

National

Mortgage

Association

(FNMA)

-

0.16%

5.00%,

07/01/2044

642

650

6.27%,

07/01/2033

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.57%

$

808

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

16.30%

2.00%,

01/01/2051

3,452

2,855

2.00%,

02/01/2051

1,900

1,561

2.00%,

05/01/2051

594

2.00%,

11/01/2051

3,928

3,199

2.00%,

11/01/2051

1,809

1,476

2.00%,

12/01/2051

3,619

2,946

2.00%,

05/01/2052

2,511

2,057

2.50%,

10/01/2050

1,335

1,129

2.50%,

02/01/2051

2,236

1,920

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(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)

2.50%,

07/01/2051

$

2,562

$

2,191

2.50%,

09/01/2051

1,171

1,002

2.50%,

11/01/2051

1,591

1,359

2.50%,

04/01/2052

2,711

2,308

2.50%,

10/01/2053

3.00%,

10/01/2029

3.00%,

09/01/2032

3.00%,

04/01/2043

3.00%,

05/01/2043

3.00%,

12/01/2048

3.00%,

11/01/2050

618

554

3.00%,

03/01/2052

2,658

2,362

3.50%,

02/01/2033

3.50%,

04/01/2047

3.50%,

10/01/2047

3.50%,

11/01/2047

725

675

3.50%,

03/01/2048

4.00%,

02/01/2031

4.00%,

05/01/2047

1,763

1,679

4.00%,

06/01/2048

4.00%,

08/01/2052

1,866

1,766

4.00%,

07/01/2053

962

905

4.50%,

06/01/2044

4.50%,

08/01/2052

1,035

1,002

4.50%,

09/01/2052

2,830

2,748

4.50%,

10/01/2052

1,122

1,085

4.50%,

07/01/2053

619

602

4.50%,

07/01/2053

964

931

4.50%,

08/01/2053

945

913

4.50%,

01/01/2054

973

945

5.00%,

06/01/2048

5.00%,

07/01/2052

864

864

5.00%,

09/01/2052

1,180

1,178

5.00%,

06/01/2053

2,196

2,188

5.00%,

11/01/2054

1,606

1,594

5.00%,

11/01/2054

1,378

1,372

5.00%,

11/01/2054

980

966

5.00%,

12/01/2054

964

959

5.00%,

02/01/2055

1,999

1,982

5.00%,

05/01/2056

(p) 1,900

1,872

5.50%,

07/01/2033

5.50%,

09/01/2033

5.50%,

05/01/2040

5.50%,

05/01/2053

2,211

2,253

5.50%,

11/01/2053

1,690

1,724

5.50%,

11/01/2053

1,614

1,641

5.50%,

03/01/2054

836

844

5.50%,

10/01/2054

587

595

5.50%,

02/01/2055

2,058

2,092

5.50%,

04/01/2055

912

926

5.50%,

04/01/2055

588

597

5.50%,

06/01/2055

570

579

5.50%,

06/01/2055

1,562

1,589

5.50%,

08/01/2055

1,004

1,015

5.50%,

08/01/2055

1,040

1,059

6.00%,

05/01/2038

6.00%,

08/01/2038

6.00%,

08/01/2038

6.00%,

01/01/2053

1,132

1,179

6.00%,

04/01/2054

1,204

1,252

6.00%,

05/01/2054

927

963

6.00%,

06/01/2054

765

792

6.00%,

09/01/2054

1,100

1,134

6.00%,

11/01/2054

1,917

1,988

6.00%,

09/01/2055

906

939

6.50%,

12/01/2031

6.50%,

02/01/2032

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)

6.50%,

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

644

675

7.00%,

03/01/2032

$

79,966

Government

National

Mortgage

Association

(GNMA)

-

5.95%

2.00%,

07/20/2051

822

677

2.00%,

11/20/2051

1,044

859

2.50%,

06/20/2050

585

502

2.50%,

04/20/2051

1,127

967

2.50%,

05/20/2051

767

658

2.50%,

07/20/2051

695

595

3.00%,

11/20/2046

980

885

3.50%,

03/15/2042

3.50%,

04/15/2042

4.00%,

04/20/2052

4.00%,

10/20/2052

1,819

1,715

4.50%,

09/15/2039

4.50%,

03/15/2040

542

539

4.50%,

09/20/2052

1,428

1,388

4.50%,

08/20/2053

936

907

4.50%,

11/20/2054

2,970

2,873

4.50%,

05/20/2056

(p) 2,890

2,787

5.00%,

12/20/2052

1,003

1,000

5.00%,

02/20/2053

1,438

1,433

5.00%,

05/20/2053

1,201

1,198

5.00%,

09/20/2053

1,014

1,009

5.00%,

04/20/2054

2,342

2,329

5.00%,

06/20/2056

(p) 2,595

2,567

5.50%,

05/20/2035

5.50%,

02/15/2038

5.50%,

06/20/2053

1,495

1,517

5.50%,

05/20/2056

(p) 1,475

1,485

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

6.50%,

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

$

29,202

U.S.

Treasury

-

3.19%

2.88%,

08/15/2045

7,200

5,296

3.38%,

02/29/2028

1,850

1,834

3.88%,

03/31/2028

1,300

1,300

3.88%,

08/15/2040

(q) 4,720

4,292

4.13%,

02/15/2036

1,600

1,566

4.25%,

08/15/2035

1,350

1,338

$

15,626

Schedule

of

Investments

Core

Plus

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

-

0.43%

3.60%,

05/28/2026

(r) $

2,105

$

2,099

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

132,782

Total

Investments

$

508,656

Other

Assets

and

Liabilities

- (3.71)%

(18,198)

TOTAL

NET

ASSETS

-

100.00%

$

490,458

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$10,614

or

2.16%

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

$10,868

or

2.22%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(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

$151,412

or

30.87%

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

purchased

on

a

when-issued

basis.

(j) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,798

or

0.37%

of

net

assets.

(k) 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.

(l) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m) Security

is

an

Interest

Only

Strip.

(n) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(o) This

Senior

Floating

Rate

Note

will

settle

after

April

30,

2026,

at

which

time

the

interest

rate

will

be

determined.

(p) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(q) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,024

or

0.82%

of

net

assets.

(r) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

24,598

$

316,343

$

324,800

$

16,141

$

24,598

$

316,343

$

324,800

$

16,141

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Treasury

Note;

June

2026

Short

$

12,497

$

US

Year

Treasury

Ultra

Note;

June

2026

Short

US

Year

Treasury

Note;

June

2026

Long

58,823

(456) US

Year

Treasury Note;

June

2026

Long

19,842

(158) US

Long

Bond;

June

2026

Long

15,911

(658) US

Ultra

Bond;

June

2026

Long

9,663

(390) Total

$

(1,462)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

8.30%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.17%

Variant

Alternative

Income

Fund

146,636

$

3,813

Exchange-Traded

Funds

-

3.15%

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

1,366,419

50,872

iShares

Core

U.S.

Aggregate

Bond

ETF

30,900

3,062

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

32,089

3,074

Vanguard

Intermediate-Term

Corporate

Bond

ETF

142,729

11,825

$

68,833

Money

Market

Funds

-

4.98%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

1,945,721

1,946

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

106,932,557

106,933

$

108,879

TOTAL

INVESTMENT

COMPANIES

$

181,525

COMMON

STOCKS

-

0.93%

Shares

Held

Value

(000's)

Healthcare

-

Services

-

0.01%

Sound

Inpatient

Physicians

Inc

-

Class

A

(d),(e)

4,565,306

$

Sound

Inpatient

Physicians

Inc

-

Class

A2

(d),(e)

204,373

$

Iron

&

Steel

-

0.20%

Specialty

Steel

Holdings,

Inc.

(d),(e),(f)

4,284

Mining

-

0.71%

Arctic

Canadian

Diamond

Co

Ltd

(d),(e),(g)

6,589

Real

Alloy

Holding

Inc

(e),(f)

15,389

$

15,628

Packaging

&

Containers

-

0.00%

Klockner

Pentaplast

of

America

Inc

-

Class

A

(d) 4,787

Klockner

Pentaplast

of

America

Inc

-

Class

B

(d) 4,787

Klockner

Pentaplast

of

America

Inc

-

Class

C

(d) 4,787

Klockner

Pentaplast

of

America

Inc

-

Class

D

(d) 4,787

Klockner

Pentaplast

of

America

Inc

-

Class

E

(d) 4,787

Klockner

Pentaplast

of

America

Inc

-

Class

F

(d) 4,787

Klockner

Pentaplast

of

America

Inc

-

Class

G

(d) 4,787

Klockner

Pentaplast

of

America

Inc

-

Class

H

(d) 4,787

Klockner

Pentaplast

of

America

Inc

-

Class

I

(d) 4,787

$

Semiconductors

-

0.00%

Bright

Bidco

-

1145

Shares

(d) 10,688

Bright

Bidco

-

4A2

Shares

(d) 14,600

$

Software

-

0.00%

Riverbed

Technology

Inc

(d),(e)

13,889

—

Telecommunications

-

0.01%

Altice

France

SA

(d) 5,785

MLN

US

Holdco

LLC

(d),(e)

1,028

—

$

TOTAL

COMMON

STOCKS

$

20,432

PREFERRED

STOCKS

-

1.55%

Shares

Held

Value

(000's)

Banks

-

0.47%

Associated

Banc-Corp

6.63%,

03/01/2033

12,288

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Bank

of

Hawaii

Corp

4.38%,

08/01/2026

(h) 14,405

Bank

of

Hawaii

Corp

8.00%,

08/01/2029

(h) 4,117

Citizens

Financial

Group

Inc

6.50%,

10/06/2030

(h) 64,541

1,627

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Fifth

Third

Bancorp

6.88%,

10/01/2030

(h) 25,441

657

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

First

Horizon

Corp

6.75%,

04/10/2031

(h) 33,400

837

KeyCorp

6.13%,

12/15/2026

(h) 45,339

1,134

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

KeyCorp

6.20%,

12/15/2027

(h) 8,800

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

M&T

Bank

Corp

6.35%,

12/15/2030

(h) 34,900

875

Morgan

Stanley

4.25%,

01/15/2027

(h),(i)

11,085

Morgan

Stanley

5.85%,

04/15/2027

(h) 59,100

1,430

Month

USD

LIBOR

+

3.49%

Morgan

Stanley

6.50%,

10/15/2027

(h) 8,715

Northern

Trust

Corp

4.70%,

07/01/2026

(h) 4,858

Regions

Financial

Corp

4.45%,

06/15/2026

(h) 15,000

Regions

Financial

Corp

5.70%,

05/15/2029

(h) 39,877

990

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

Regions

Financial

Corp

6.95%,

09/15/2029

(h) 5,900

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

UMB

Financial

Corp

7.75%,

07/15/2030

(h) 13,100

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.74%

Wells

Fargo

&

Co

4.70%,

06/15/2026

(h) 7,070

Wintrust

Financial

Corp

7.88%,

07/15/2030

(h) 16,800

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%

$

10,256

Diversified

Financial

Services

-

0.13%

Affiliated

Managers

Group

Inc

4.75%,

09/30/2060

12,860

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

10,586

Capital

One

Financial

Corp

4.80%,

09/01/2026

(h) 29,254

534

Stifel

Financial

Corp

4.50%,

08/15/2026

(h) 2,539

Voya

Financial

Inc

5.35%,

09/15/2029

(h) 77,215

1,851

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

$

2,854

Electric

-

0.41%

CMS

Energy

Corp

5.88%,

03/01/2079

159,839

3,697

DTE

Energy

Co

4.38%,

12/01/2081

13,005

DTE

Energy

Co

5.25%,

12/01/2077

(i) 35,000

760

Entergy

Louisiana

LLC

4.88%,

09/01/2066

(i) 9,359

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

102,304

2,452

Southern

Co/The

5.25%,

12/01/2077

17,556

Xcel

Energy

Inc

6.25%,

10/15/2085

51,209

1,251

$

8,957

Insurance

-

0.13%

Allstate

Corp/The

4.75%,

07/15/2026

(h) 4,065

Allstate

Corp/The

5.10%,

07/15/2026

(h) 8,460

Axis

Capital

Holdings

Ltd

5.50%,

05/31/2026

(h) 30,195

593

Corebridge

Financial

Inc

6.38%,

12/15/2064

24,629

590

Equitable

Holdings

Inc

4.30%,

06/02/2026

(h) 5,055

Equitable

Holdings

Inc

5.25%,

06/15/2026

(h) 21,903

Globe

Life

Inc

4.25%,

06/15/2061

35,328

565

Prudential

Financial

Inc

5.63%,

08/15/2058

5,000

Prudential

Financial

Inc

5.95%,

09/01/2062

7,597

$

2,816

Pipelines

-

0.02%

TransCanada

PipeLines

Ltd

6.25%,

11/01/2085

17,987

REITs

-

0.37%

Kimco

Realty

Corp

5.25%,

06/03/2026

(h) 31,567

636

Prologis

Inc

8.54%,

11/13/2026

(h) 47,225

2,508

Public

Storage

3.95%,

08/17/2026

(h) 13,699

Public

Storage

4.00%,

06/16/2026

(h) 83,560

1,329

Public

Storage

4.13%,

05/31/2026

(h) 96,000

1,558

Public

Storage

4.63%,

06/02/2026

(h) 10,486

Public

Storage

4.70%,

06/03/2026

(h) 28,130

521

Public

Storage

5.60%,

06/03/2026

(h) 51,653

1,155

$

8,113

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Telecommunications

-

0.02%

T-Mobile

USA

Inc

0.00%,

09/01/2069

(d) 6,548

$

T-Mobile

USA

Inc

5.50%,

03/01/2070

(i) 17,170

$

545

TOTAL

PREFERRED

STOCKS

$

33,971

BONDS

-

74.34%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.19%

Lamar

Media

Corp

5.38%,

11/01/2033

(j) $

830

$

821

MMS

USA

Holdings

Inc

1.25%,

06/13/2028

EUR

Omnicom

Group

Inc

4.20%,

03/02/2029

$

4.20%,

06/01/2030

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.63%,

03/15/2030

(j) 1,850

1,800

WPP

2025

LLC/Delaware

6.50%,

03/30/2036

875

859

WPP

Finance

SA

4.13%,

05/30/2028

EUR

$

4,103

Aerospace

&

Defense

-

1.09%

Airbus

SE

1.63%,

06/09/2030

BAE

Systems

PLC

3.40%,

04/15/2030

(j) $

Boeing

Co/The

2.95%,

02/01/2030

3.38%,

06/15/2046

3.60%,

05/01/2034

699

628

3.75%,

02/01/2050

763

546

5.15%,

05/01/2030

5.71%,

05/01/2040

5.81%,

05/01/2050

5.93%,

05/01/2060

501

7.01%,

05/01/2064

Czechoslovak

Group

AS

6.50%,

01/10/2031

(j) 1,600

1,644

6.50%,

01/10/2031

1,000

1,027

Embraer

Netherlands

Finance

BV

5.40%,

01/09/2038

5.98%,

02/11/2035

GE

Capital

Funding

LLC

4.55%,

05/15/2032

General

Dynamics

Corp

4.25%,

04/01/2050

General

Electric

Co

4.90%,

01/29/2036

Goat

Holdco

LLC

6.75%,

02/01/2032

(j) 2,535

2,598

Honeywell

Aerospace

Inc

4.00%,

03/16/2029

(j) 100

4.95%,

03/16/2036

(j) 651

644

5.73%,

03/16/2056

(j) 697

686

Howmet

Aerospace

Inc

4.55%,

11/15/2032

L3Harris

Technologies

Inc

5.05%,

04/27/2045

5.40%,

01/15/2027

5.40%,

07/31/2033

Lockheed

Martin

Corp

4.75%,

02/15/2034

5.90%,

11/15/2063

Northrop

Grumman

Corp

5.15%,

05/01/2040

5.25%,

05/01/2050

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

RTX

Corp

3.75%,

11/01/2046

$

$

4.15%,

05/15/2045

4.45%,

11/16/2038

5.75%,

01/15/2029

TransDigm

Inc

6.13%,

07/31/2034

(j) 60

6.38%,

05/31/2033

(j) 7,360

7,417

6.75%,

01/31/2034

(j) 3,770

3,873

7.13%,

12/01/2031

(j) 475

$

23,813

Agriculture

-

0.21%

Altria

Group

Inc

3.70%,

02/04/2051

5.95%,

02/14/2049

Archer-Daniels-Midland

Co

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

Imperial

Brands

Finance

Netherlands

BV

1.75%,

03/18/2033

EUR

JT

International

Financial

Services

BV

3.87%,

09/04/2055

(k) 100

Euribor

Swap

Rate

Year

+

1.53%

MHP

Lux

SA

10.50%,

07/28/2029

(j) $

3,000

3,072

Philip

Morris

International

Inc

2.88%,

05/14/2029

EUR

5.13%,

02/15/2030

$

5.25%,

09/07/2028

5.63%,

09/07/2033

$

4,685

Airlines

-

0.16%

American

Airlines

2017-2

Class

AA

Pass

Through

Trust

3.35%,

04/15/2031

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(j) 450

British

Airways

2019-1

Class

AA

Pass

Through

Trust

3.30%,

06/15/2034

(j) 70

British

Airways

2021-1

Class

A

Pass

Through

Trust

2.90%,

09/15/2036

(j) 648

597

Delta

Air

Lines

Inc

4.95%,

07/10/2028

JetBlue

Airways

Corp

/

JetBlue

Loyalty

LP

9.88%,

09/20/2031

(j) 1,140

1,062

Qantas

Airways

Ltd

2.95%,

11/27/2029

AUD

Southwest

Airlines

Co

5.13%,

06/15/2027

$

5.25%,

11/15/2035

994

943

United

Airlines

2023-1

Class

A

Pass

Through

Trust

5.80%,

07/15/2037

$

3,483

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Apparel

-

0.46%

Beach

Acquisition

Bidco

LLC

10.00%,

PIK

10.75%;

07/15/2033

(j),(l),(m)

$

8,893

$

9,782

Gildan

Activewear

Inc

4.70%,

10/07/2030

(j) 50

Kering

SA

3.63%,

09/05/2031

EUR

LVMH

Moet

Hennessy

Louis

Vuitton

SE

0.13%,

02/11/2028

NIKE

Inc

3.25%,

03/27/2040

$

$

10,140

Automobile

Asset

Backed

Securities

-

0.29%

BofA

Auto

Trust

2025-1

4.19%,

11/22/2027

(j) 182

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Chase

Auto

Owner

Trust

2024-4

4.94%,

07/25/2029

(j) 542

545

Drive

Auto

Receivables

Trust

2025-1

4.87%,

08/15/2028

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-1

4.85%,

12/18/2028

1,112

1,116

Hyundai

Auto

Receivables

Trust

2024-A

4.99%,

02/15/2029

757

762

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

Santander

Drive

Auto

Receivables

Trust

2025-3

4.63%,

10/16/2028

Santander

Drive

Auto

Receivables

Trust

2025-4

4.28%,

01/15/2029

975

976

Wheels

Fleet

Lease

Funding

LLC

4.33%,

01/18/2040

(j) 1,862

1,866

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

6,407

Automobile

Manufacturers

-

0.77%

American

Honda

Finance

Corp

3.50%,

06/27/2031

EUR

4.70%,

01/12/2028

$

BMW

Finance

NV

2.63%,

05/20/2028

EUR

3.63%,

05/22/2035

3.75%,

01/27/2036

BMW

International

Investment

BV

3.00%,

08/27/2027

BMW

US

Capital

LLC

3.75%,

04/12/2028

(j) $

5.00%,

03/19/2033

(j) 264

Cummins

Inc

5.15%,

02/20/2034

Daimler

Truck

Finance

North

America

LLC

2.50%,

12/14/2031

(j) 150

4.15%,

01/12/2029

(j) 275

4.65%,

10/12/2030

(j) 363

4.95%,

01/13/2028

(j) 370

5.13%,

01/19/2028

(j) 306

Ford

Credit

Canada

Co

Cie

Credit

Ford

Du

Canada

4.82%,

09/11/2028

CAD

Ford

Motor

Co

4.75%,

01/15/2043

$

5.29%,

12/08/2046

Ford

Motor

Credit

Co

LLC

2.90%,

02/10/2029

4.00%,

11/13/2030

965

906

4.27%,

01/09/2027

4.45%,

02/14/2030

EUR

4.97%,

04/06/2029

$

797

790

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

Ford

Motor

Credit

Co

LLC

(continued)

5.42%,

04/09/2031

$

$

6.05%,

11/05/2031

640

649

General

Motors

Co

6.25%,

10/02/2043

6.60%,

04/01/2036

General

Motors

Financial

Co

Inc

3.10%,

01/12/2032

4.30%,

02/15/2029

EUR

5.60%,

06/18/2031

$

1,498

1,541

5.80%,

06/23/2028

5.90%,

01/07/2035

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

3.55%,

02/25/2031

4.87%,

09/23/2027

Hyundai

Capital

America

4.75%,

04/06/2029

(j) $

927

928

5.10%,

06/24/2030

(j) 50

5.40%,

06/23/2032

(j) 506

516

5.68%,

06/26/2028

(j) 250

Mercedes-Benz

Finance

North

America

LLC

4.50%,

03/10/2031

(j) 407

5.05%,

08/03/2033

(j) 150

Mercedes-Benz

Group

AG

1.38%,

05/11/2028

EUR

Mercedes-Benz

International

Finance

BV

3.70%,

05/30/2031

Nissan

Motor

Co

Ltd

4.81%,

09/17/2030

(j) $

1,200

1,121

7.50%,

07/17/2030

(j) 1,200

1,240

PACCAR

Financial

Corp

3.90%,

02/05/2029

RCI

Banque

SA

3.63%,

02/22/2030

EUR

3.88%,

01/12/2029

Stellantis

Finance

US

Inc

5.75%,

03/18/2030

(j) $

685

686

Stellantis

NV

1.25%,

06/20/2033

EUR

Toyota

Motor

Credit

Corp

3.38%,

04/01/2030

$

3.85%,

07/24/2030

EUR

4.05%,

09/05/2028

$

5.25%,

09/11/2028

Toyota

Motor

Finance

Netherlands

BV

3.25%,

04/23/2030

EUR

Traton

Finance

Luxembourg

SA

1.25%,

03/24/2033

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

3.75%,

12/28/2027

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

2.92%

4.13%,

11/16/2038

$

16,773

Automobile

Parts

&

Equipment

-

0.47%

Aptiv

Swiss

Holdings

Ltd

3.10%,

12/01/2051

$

627

4.15%,

05/01/2052

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

Clarios

Global

LP

/

Clarios

US

Finance

Co

6.75%,

02/15/2030

(j) $

525

$

543

Dexko

Global

Inc

7.50%,

04/15/2032

(j) 4,095

3,685

IHO

Verwaltungs

GmbH

7.38%,

PIK

0.00%;

05/15/2033

(j),(l),(m)

1,630

1,658

Qnity

Electronics

Inc

6.25%,

08/15/2033

(j) 1,575

1,611

Real

Hero

Merger

Sub

Inc

6.25%,

02/01/2029

(j) 5,275

2,169

Robert

Bosch

GmbH

4.00%,

06/02/2035

EUR

$

10,196

Banks

-

12.55%

ABN

AMRO

Bank

NV

2.47%,

12/13/2029

(j),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%

2.63%,

01/16/2029

EUR

4.50%,

11/21/2034

AIB

Group

PLC

4.63%,

07/23/2029

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

1.95%

Ardshinbank

CJSC

Via

Dilijan

Finance

BV

6.60%,

01/22/2031

(j) $

3,025

3,039

Australia

&

New

Zealand

Banking

Group

Ltd

5.69%,

08/14/2040

(k) AUD

Month

Bank

Bill

Swap

Rate

+

1.68%

Banco

Bilbao

Vizcaya

Argentaria

SA

3.88%,

01/15/2034

EUR

4.38%,

08/29/2036

(k) 100

Euribor

Swap

Rate

Year

+

2.00%

9.38%,

03/19/2029

(h),(k),(n)

$

1,500

1,651

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

Nacional

de

Mexico

SA

6.70%,

08/07/2036

(j),(k),(n),(o)

$

1,625

1,625

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Banco

Santander

Chile

3.18%,

10/26/2031

Banco

Santander

SA

0.20%,

02/11/2028

EUR

3.00%,

01/12/2030

3.22%,

11/22/2032

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%

3.50%,

02/17/2035

EUR

5.57%,

01/17/2030

$

9.63%,

11/21/2028

(h),(k),(n)

2,400

2,636

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

Bangkok

Bank

PCL/Hong

Kong

9.03%,

03/15/2029

(j) 100

Bank

of

America

Corp

1.10%,

05/24/2032

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.95%

1.38%,

05/09/2030

(k) 100

Month

Euro

Interbank

Offered

Rate

+

0.91%

2.59%,

04/29/2031

(k) $

Secured

Overnight

Financing

Rate

+

2.15%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

2.68%,

06/19/2041

(k) $

$

Secured

Overnight

Financing

Rate

+

1.93%

3.31%,

04/22/2042

1,655

1,268

Secured

Overnight

Financing

Rate

+

3.16%

3.85%,

03/08/2037

(k) 2,328

2,162

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) 828

722

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.58%

4.24%,

04/24/2038

(k) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.08%

4.48%,

04/23/2030

(k) 774

772

Secured

Overnight

Financing

Rate

+

0.87%

4.57%,

04/27/2033

(k) 345

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

1,165

1,187

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) 451

Secured

Overnight

Financing

Rate

+

1.91%

5.47%,

01/23/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.65%

5.51%,

01/24/2036

(k) 100

Secured

Overnight

Financing

Rate

+

1.31%

5.52%,

10/25/2035

(k) 1,562

1,574

Secured

Overnight

Financing

Rate

+

1.74%

5.74%,

02/12/2036

Secured

Overnight

Financing

Rate

+

3.39%

5.82%,

09/15/2029

(k) 100

Secured

Overnight

Financing

Rate

+

1.57%

5.87%,

09/15/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.84%

6.11%,

01/29/2037

669

702

6.13%,

04/27/2027

(h),(k)

2,900

2,920

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.25%,

07/26/2030

(h),(k)

4,000

4,043

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

6.63%,

05/01/2030

(h),(k)

2,300

2,372

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Bank

of

Ireland

Group

PLC

4.63%,

11/13/2029

(k) EUR

Euribor

Swap

Rate

Year

+

1.55%

Bank

of

Montreal

3.73%,

06/03/2031

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.15%

4.06%,

09/22/2028

(k) $

Secured

Overnight

Financing

Rate

+

0.75%

4.35%,

09/22/2031

(k) 100

Secured

Overnight

Financing

Rate

+

1.08%

4.75%,

09/29/2032

(k) GBP

SONIA

Interest

Rate

Benchmark

+

0.85%

5.04%,

05/29/2028

CAD

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

Montreal

(continued)

6.88%,

11/26/2085

(k) $

800

$

819

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

7.70%,

05/26/2084

(k) 4,600

4,833

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

Bank

of

New

York

Mellon

Corp/The

4.54%,

04/23/2032

(k) 640

638

Secured

Overnight

Financing

Rate

+

0.90%

4.60%,

07/26/2030

(k) 200

Secured

Overnight

Financing

Rate

+

1.76%

4.97%,

04/26/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.61%

5.63%,

03/20/2031

(h),(i),(k)

1,000

989

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.03%

Bank

of

Nova

Scotia/The

1.95%,

02/02/2027

3.62%,

01/30/2032

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.03%

4.44%,

11/15/2035

(k) 50

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.33%

4.59%,

05/04/2037

$

1,218

1,169

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.10%

6.88%,

10/27/2085

(k) 1,032

1,044

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

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

3,182

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(k) 3,400

3,570

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

BankUnited

Inc

5.13%,

06/11/2030

1,455

1,451

Banque

Federative

du

Credit

Mutuel

SA

0.10%,

10/08/2027

EUR

3.38%,

06/10/2032

3.75%,

02/03/2034

4.13%,

06/14/2033

4.38%,

05/02/2030

Barclays

PLC

3.33%,

11/24/2042

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

3.56%,

09/23/2035

(k) 1,181

1,105

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

4.52%,

02/24/2032

(k) 1,132

1,108

Secured

Overnight

Financing

Rate

+

1.14%

5.26%,

01/29/2034

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

2.55%

5.86%,

08/11/2046

(k) $

Secured

Overnight

Financing

Rate

+

1.83%

6.69%,

09/13/2034

(k) 200

Secured

Overnight

Financing

Rate

+

2.62%

7.63%,

03/15/2035

(h),(k),(n)

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Barclays

PLC

(continued)

8.41%,

11/14/2032

(k) GBP

$

Generic

Britain

Year

Government

Bond

+

4.75%

9.63%,

12/15/2029

(h),(k),(n)

$

2,000

2,232

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

7.63%,

02/11/2035

(j),(k),(n)

2,750

2,865

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BNP

Paribas

SA

1.38%,

05/28/2029

EUR

2.88%,

02/24/2029

GBP

3.05%,

01/13/2031

(j),(k)

$

Secured

Overnight

Financing

Rate

+

1.51%

3.13%,

01/20/2033

(j),(k)

Secured

Overnight

Financing

Rate

+

1.56%

3.78%,

01/19/2036

(k) EUR

Euribor

Swap

Rate

Year

+

1.55%

4.13%,

05/24/2033

4.16%,

08/28/2034

(k) 100

Euribor

Swap

Rate

Year

+

1.70%

4.63%,

02/25/2031

(h),(k),(n)

$

700

645

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

4.92%,

01/15/2034

(j),(k)

2,041

2,000

Secured

Overnight

Financing

Rate

+

1.29%

7.20%,

04/17/2036

(h),(j),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

7.45%,

06/27/2035

(h),(j),(k),(n)

3,800

3,937

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

7.45%,

06/27/2035

(h),(k),(n)

1,000

1,036

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

3,625

4,335

BPCE

SA

3.38%,

12/19/2031

(k) 100

Month

Euro

Interbank

Offered

Rate

+

0.95%

3.58%,

10/19/2042

(j),(k)

$

950

702

Secured

Overnight

Financing

Rate

+

1.95%

4.25%,

07/16/2035

(k) EUR

Euribor

Swap

Rate

Year

+

1.95%

4.88%,

02/26/2036

(k) 100

Euribor

Swap

Rate

Year

+

2.30%

5.75%,

07/19/2033

(j),(k)

$

Secured

Overnight

Financing

Rate

+

2.87%

6.35%,

01/13/2047

(j),(k)

788

760

Secured

Overnight

Financing

Rate

+

2.11%

6.92%,

01/14/2046

(j),(k)

Secured

Overnight

Financing

Rate

+

2.61%

BSF

Finance

5.76%,

09/03/2035

(k) 2,300

2,259

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

CaixaBank

SA

3.88%,

01/20/2037

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.08%

4.38%,

08/08/2036

(k) 100

Euribor

Swap

Rate

Year

+

1.95%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Canadian

Imperial

Bank

of

Commerce

3.45%,

04/07/2027

$

$

3.70%,

04/02/2030

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

0.91%

3.90%,

06/20/2031

(k) 100

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.15%

4.58%,

09/08/2031

(k) $

Secured

Overnight

Financing

Rate

+

1.17%

5.35%,

04/20/2033

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

2.23%

5.50%,

01/14/2028

6.95%,

01/28/2085

(k) $

2,000

2,039

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%

7.00%,

10/28/2085

(k) 1,200

1,231

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

Citibank

NA

4.91%,

05/29/2030

933

948

Citigroup

Inc

0.50%,

11/01/2028

CHF

2.52%,

11/03/2032

(k) $

Secured

Overnight

Financing

Rate

+

1.18%

2.67%,

01/29/2031

(k) 300

Secured

Overnight

Financing

Rate

+

1.15%

2.90%,

11/03/2042

(k) 237

Secured

Overnight

Financing

Rate

+

1.38%

3.79%,

03/17/2033

(k) 1,295

1,219

Secured

Overnight

Financing

Rate

+

1.94%

4.11%,

04/29/2036

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.58%

4.45%,

09/29/2027

$

511

511

4.54%,

09/19/2030

(k) 1,374

1,369

Secured

Overnight

Financing

Rate

+

1.34%

5.17%,

02/13/2030

(k) 200

Secured

Overnight

Financing

Rate

+

1.36%

5.17%,

09/11/2036

(k) 475

Secured

Overnight

Financing

Rate

+

1.49%

5.30%,

05/06/2044

5.33%,

03/27/2036

(k) 100

Secured

Overnight

Financing

Rate

+

1.47%

5.41%,

09/19/2039

(k) 1,162

1,142

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

1,075

1,121

6.17%,

05/25/2034

(k) 100

Secured

Overnight

Financing

Rate

+

2.66%

6.63%,

02/15/2031

(h),(k)

600

607

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

6.88%,

08/15/2030

(h),(k)

2,700

2,741

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

6.95%,

02/15/2030

(h),(k)

2,500

2,544

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

7.00%,

08/15/2034

(h),(k)

1,730

1,797

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

7.13%,

08/15/2029

(h),(k)

500

507

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.69%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citizens

Financial

Group

Inc

5.72%,

07/23/2032

(k) $

1,467

$

1,511

Secured

Overnight

Financing

Rate

+

1.91%

5.84%,

01/23/2030

(k) 100

Secured

Overnight

Financing

Rate

+

2.01%

Commerzbank

AG

1.50%,

08/28/2028

EUR

4.88%,

10/16/2034

(k) 100

Euribor

Swap

Rate

Year

+

2.15%

Commonwealth

Bank

of

Australia

2.69%,

03/11/2031

(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%

4.63%,

05/23/2029

GBP

4.99%,

05/27/2031

(j),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Cooperatieve

Rabobank

UA/NY

4.32%,

04/01/2029

1,132

1,134

Credit

Agricole

SA

3.75%,

05/27/2035

EUR

3.88%,

11/28/2034

4.66%,

01/12/2032

(j),(k)

$

Secured

Overnight

Financing

Rate

+

1.17%

4.88%,

10/23/2029

GBP

5.22%,

05/27/2031

(j),(k)

$

1,209

1,224

Secured

Overnight

Financing

Rate

+

1.46%

5.30%,

07/12/2028

(j) 557

567

7.13%,

09/23/2035

(h),(j),(k),(n)

3,000

3,109

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.58%

7.13%,

09/23/2035

(h),(k),(n)

500

518

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.58%

Credit

Agricole

SA/London

1.75%,

03/05/2029

EUR

Credit

Mutuel

Arkea

SA

4.81%,

05/15/2035

(k) 100

Euribor

Swap

Rate

Year

+

1.90%

Crelan

SA

6.00%,

02/28/2030

(k) 100

Euribor

Swap

Rate

Year

+

2.85%

Danske

Bank

A/S

4.13%,

01/10/2031

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

1.25%

Depository

Trust

Co/The

4.55%,

03/27/2031

(j) $

Deutsche

Bank

AG

5.00%,

09/05/2030

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

2.95%

8.13%,

04/30/2030

(h),(k),(n)

$

1,400

1,485

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

Deutsche

Bank

AG/New

York

NY

3.55%,

09/18/2031

(k) 350

Secured

Overnight

Financing

Rate

+

3.04%

3.73%,

01/14/2032

(k) 361

Secured

Overnight

Financing

Rate

+

2.76%

3.74%,

01/07/2033

(k) 550

502

Secured

Overnight

Financing

Rate

+

2.26%

5.06%,

04/14/2032

(k) 382

Secured

Overnight

Financing

Rate

+

1.41%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Deutsche

Bank

AG/New

York

NY

(continued)

5.88%,

07/08/2031

(k) $

$

Secured

Overnight

Financing

Rate

+

5.44%

DNB

Bank

ASA

0.25%,

02/23/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.53%

Erste

Group

Bank

AG

3.63%,

11/26/2035

(k) 100

Euribor

Swap

Rate

Year

+

1.30%

Eurobank

SA

4.88%,

04/30/2031

(k) 100

Euribor

Swap

Rate

Year

+

2.17%

Federation

des

Caisses

Desjardins

du

Quebec

5.48%,

08/16/2028

CAD

Fifth

Third

Bancorp

5.14%,

01/29/2037

(k) $

Secured

Overnight

Financing

Rate

+

1.24%

6.36%,

10/27/2028

(k) 50

Secured

Overnight

Financing

Rate

+

2.19%

Fifth

Third

Financial

Corp

5.98%,

01/30/2030

(k) 100

Secured

Overnight

Financing

Rate

+

2.16%

First

Citizens

BancShares

Inc/NC

5.60%,

09/05/2035

657

642

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.70%

6.25%,

03/12/2040

(k) 766

752

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.97%

First

Horizon

Bank

5.75%,

05/01/2030

1,016

1,037

FNB

Corp/PA

5.72%,

12/11/2030

(k) 1,155

1,168

Secured

Overnight

Financing

Rate

+

1.93%

Goldman

Sachs

Group

Inc/The

0.88%,

01/21/2030

EUR

1.25%,

02/07/2029

2.38%,

07/21/2032

(k) $

702

622

Secured

Overnight

Financing

Rate

+

1.25%

3.21%,

04/22/2042

(k) 682

510

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%

4.15%,

01/21/2029

(k) 1,503

1,492

Secured

Overnight

Financing

Rate

+

0.71%

4.37%,

10/21/2031

693

680

Secured

Overnight

Financing

Rate

+

2.12%

4.94%,

10/21/2036

(k) 100

Secured

Overnight

Financing

Rate

+

1.33%

5.09%,

04/20/2034

623

622

Secured

Overnight

Financing

Rate

+

2.68%

5.15%,

05/22/2045

5.21%,

01/28/2031

(k) 100

Secured

Overnight

Financing

Rate

+

1.08%

5.33%,

07/23/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.55%

5.54%,

01/21/2047

(k) 392

Secured

Overnight

Financing

Rate

+

1.32%

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%

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

2,011

2,184

6.85%,

02/10/2030

(h),(k)

2,800

2,885

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.50%,

05/10/2029

(h),(k)

1,700

1,777

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

HSBC

Holdings

PLC

3.45%,

09/25/2030

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.19%

3.97%,

05/22/2030

(k) $

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.87%

4.62%,

11/06/2031

(k) 604

598

Secured

Overnight

Financing

Rate

+

1.19%

4.86%,

05/23/2033

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.94%

5.28%,

03/10/2037

(k) $

695

685

Secured

Overnight

Financing

Rate

+

1.55%

5.60%,

05/17/2028

(k) 200

Secured

Overnight

Financing

Rate

+

1.06%

5.73%,

05/17/2032

(k) 710

736

Secured

Overnight

Financing

Rate

+

1.52%

5.74%,

09/10/2036

(k) 575

577

Secured

Overnight

Financing

Rate

+

1.96%

6.33%,

03/09/2044

1,081

1,145

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%

7.00%,

09/24/2035

(h),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.80%

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)

$

1,230

1,211

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.61%,

01/28/2041

(k) 629

615

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.35%

5.63%,

07/15/2030

(h),(k)

1,000

1,011

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

6.25%,

10/15/2030

(h),(k)

3,200

3,205

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

Huntington

National

Bank/The

4.55%,

05/17/2028

(k) 250

Secured

Overnight

Financing

Rate

+

1.65%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

ING

Groep

NV

3.75%,

02/10/2037

(k) EUR

$

Month

Euro

Interbank

Offered

Rate

+

0.97%

3.88%,

08/12/2029

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.72%

4.75%,

05/23/2034

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.90%

4.80%,

03/23/2032

(k) $

Secured

Overnight

Financing

Rate

+

1.26%

5.00%,

02/20/2035

(k) EUR

Euribor

Swap

Rate

Year

+

2.20%

7.00%,

11/16/2032

(h),(k),(n)

$

4,600

4,757

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.59%

Intesa

Sanpaolo

SpA

2.50%,

01/15/2030

GBP

2.93%,

10/14/2030

EUR

5.13%,

08/29/2031

6.63%,

06/20/2033

(j) $

Ipoteka-Bank

ATIB

6.45%,

10/09/2030

825

828

JPMorgan

Chase

&

Co

0.60%,

02/17/2033

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.65%

2.07%,

06/01/2029

(k) $

3,760

3,582

Secured

Overnight

Financing

Rate

+

1.02%

2.52%,

04/22/2031

(k) 300

Secured

Overnight

Financing

Rate

+

2.04%

2.53%,

11/19/2041

(k) 2,532

1,775

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.55%,

11/08/2032

(k) 300

Secured

Overnight

Financing

Rate

+

1.18%

3.14%,

02/18/2032

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.76%

3.54%,

05/01/2028

$

538

533

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.28%

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) 504

505

Secured

Overnight

Financing

Rate

+

0.86%

4.85%,

02/01/2044

4.91%,

07/25/2033

(k) 273

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) 241

Secured

Overnight

Financing

Rate

+

1.55%

5.58%,

07/23/2036

647

657

Secured

Overnight

Financing

Rate

+

3.27%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

5.72%,

09/14/2033

(k) $

$

Secured

Overnight

Financing

Rate

+

2.58%

5.77%,

04/22/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.49%

6.10%,

07/01/2031

(h),(k),(o)

600

600

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.08%

6.25%,

10/23/2034

1,072

1,149

Secured

Overnight

Financing

Rate

+

3.62%

6.88%,

06/01/2029

(h),(i),(k)

2,000

2,083

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

KBC

Group

NV

4.75%,

04/17/2035

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

2.25%

Keybank

National

Association

4.90%,

08/08/2032

$

865

850

KeyCorp

2.25%,

04/06/2027

5.31%,

01/28/2037

Secured

Overnight

Financing

Rate

+

2.73%

KeyCorp

Capital

III

7.75%,

07/15/2029

795

840

Lloyds

Banking

Group

PLC

3.88%,

05/14/2032

(k) EUR

Euribor

Swap

Rate

Year

+

1.18%

4.75%,

09/21/2031

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

1.60%

4.98%,

08/11/2033

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

5.72%,

06/05/2030

(k) 593

612

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.07%

6.07%,

06/13/2036

(k) 236

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%

6.63%,

09/27/2035

(h),(i),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.75%,

09/27/2031

(h),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

8.00%,

09/27/2029

(h),(k),(n)

3,000

3,199

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

M&T

Bank

Corp

5.05%,

01/27/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.85%

5.40%,

07/30/2035

(k) 474

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.43%

Macquarie

Group

Ltd

3.76%,

11/28/2028

(j),(k)

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

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%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Mitsubishi

UFJ

Financial

Group

Inc

2.56%,

02/25/2030

$

$

4.29%,

07/26/2038

4.51%,

01/14/2032

736

725

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%

5.87%,

04/21/2047

(k) 716

716

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.98%

Mizrahi

Tefahot

Bank

Ltd

5.84%,

04/15/2036

(i),(j),(k),(n)

2,875

2,897

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.10%

Mizuho

Bank

Ltd

5.77%,

04/16/2046

(j) 474

Mizuho

Financial

Group

Inc

1.98%,

09/08/2031

(k) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.53%

2.56%,

09/13/2031

1,043

921

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) 959

985

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.65%

Morgan

Stanley

0.50%,

02/07/2031

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.72%

2.48%,

09/16/2036

(k) $

672

582

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) 841

638

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

1,556

1,539

Month

USD

LIBOR

+

1.34%

3.62%,

04/01/2031

Secured

Overnight

Financing

Rate

+

6.24%

3.95%,

04/23/2027

3.98%,

01/23/2037

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.14%

4.56%,

04/10/2030

(k) $

600

598

Secured

Overnight

Financing

Rate

+

0.96%

4.65%,

10/18/2030

(k) 224

Secured

Overnight

Financing

Rate

+

1.10%

4.81%,

04/16/2032

(k) 100

Secured

Overnight

Financing

Rate

+

1.18%

5.07%,

01/30/2037

(k) 100

Secured

Overnight

Financing

Rate

+

1.18%

5.17%,

01/16/2030

(k) 1,490

1,510

Secured

Overnight

Financing

Rate

+

1.45%

5.23%,

01/15/2031

(k) 100

Secured

Overnight

Financing

Rate

+

1.11%

5.30%,

04/20/2037

(k) 795

796

Secured

Overnight

Financing

Rate

+

2.62%

5.31%,

01/18/2041

(k) 497

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.32%,

07/19/2035

1,226

1,236

Secured

Overnight

Financing

Rate

+

3.11%

5.42%,

07/21/2034

(k) 100

Secured

Overnight

Financing

Rate

+

1.88%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

5.60%,

03/24/2051

(k) $

$

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

622

640

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%

National

Australia

Bank

Ltd

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

7.20%,

07/17/2030

$

925

962

8.50%,

07/05/2029

2,550

2,732

NatWest

Group

PLC

2.06%,

11/09/2028

(k) GBP

Generic

Britain

Year

Government

Bond

+

1.27%

3.03%,

11/28/2035

(k) $

1,320

1,207

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

3.99%,

05/13/2036

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.52%

4.60%,

06/28/2031

(h),(i),(k),(n)

$

800

733

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

4.77%,

02/16/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.83%

4.96%,

08/15/2030

(k) $

536

541

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.22%

5.08%,

01/27/2030

(k) 200

Month

USD

LIBOR

+

1.91%

5.91%,

03/03/2047

(k) 1,094

1,060

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

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)

1,000

1,104

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

Nordea

Bank

Abp

2.88%,

08/24/2032

EUR

6.75%,

11/10/2033

(h),(j),(k),(n)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Northern

Trust

Corp

3.15%,

05/03/2029

Nykredit

Realkredit

A/S

4.00%,

07/17/2028

EUR

OP

Corporate

Bank

plc

0.38%,

06/16/2028

OTP

Bank

Nyrt

4.25%,

10/16/2030

(k) 100

Month

Euro

Interbank

Offered

Rate

+

1.95%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Pinnacle

Bank/Nashville

TN

5.96%,

01/15/2036

(k) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

PNC

Financial

Services

Group

Inc/The

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%

5.42%,

01/25/2041

(k) 213

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.49%,

05/14/2030

(k) 100

Secured

Overnight

Financing

Rate

+

1.20%

6.20%,

09/15/2027

(h),(k)

500

503

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(h),(k)

2,800

2,845

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

5.72%,

06/06/2030

(k) $

538

553

Secured

Overnight

Financing

Rate

+

1.49%

7.38%,

12/10/2037

964

1,095

Riyad

Sukuk

Ltd

6.21%,

07/14/2035

(k) 1,925

1,932

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Royal

Bank

of

Canada

2.13%,

04/26/2029

EUR

2.94%,

05/03/2032

(k) CAD

Canadian

Dollar

Offered

Rate

Month

+

0.76%

4.21%,

07/03/2035

(k) 100

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.51%

4.40%,

04/17/2030

(k) $

800

797

Secured

Overnight

Financing

Rate

+

0.84%

5.15%,

02/01/2034

6.35%,

11/24/2084

(k) 2,500

2,418

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

6.50%,

11/24/2085

(k) 4,600

4,535

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

6.50%,

05/24/2086

(k) 600

594

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

6.75%,

08/24/2085

(k) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%

7.50%,

05/02/2084

(k) 500

519

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Santander

Holdings

USA

Inc

6.57%,

06/12/2029

(i),(k)

Secured

Overnight

Financing

Rate

+

2.70%

Santander

UK

Group

Holdings

PLC

6.53%,

01/10/2029

(k) 200

Secured

Overnight

Financing

Rate

+

2.60%

Saudi

Awwal

Bank

5.95%,

09/04/2035

(k) 2,075

2,066

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.20%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Skandinaviska

Enskilda

Banken

AB

3.50%,

08/14/2035

EUR

$

SNB

Sukuk

Ltd

5.94%,

07/18/2036

(k) $

2,025

2,029

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.85%

Societe

Generale

SA

0.50%,

06/12/2029

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

0.95%

3.63%,

03/01/2041

(j) $

3.75%,

05/17/2035

(k) EUR

Euribor

Swap

Rate

Year

+

1.65%

5.25%,

09/06/2032

(k) 100

EUR

Swap

Annual

(VS

Month)

Year

+

3.10%

8.50%,

03/25/2034

(h),(j),(k),(n)

$

600

658

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)

1,825

1,704

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

4.87%,

05/10/2031

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

1.85%

5.24%,

05/13/2031

(j),(k)

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.35%

7.00%,

11/14/2035

(h),(j),(k),(n)

4,000

4,083

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.87%

7.63%,

01/16/2032

(h),(i),(j),(k),(n)

900

950

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

515

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

6.70%,

09/15/2029

(h),(i),(k)

2,800

2,902

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Sumitomo

Mitsui

Financial

Group

Inc

4.95%,

07/08/2033

(k) 923

921

Secured

Overnight

Financing

Rate

+

1.38%

5.81%,

09/14/2033

5.88%,

07/13/2026

6.18%,

07/13/2043

Sumitomo

Mitsui

Trust

Bank

Ltd

2.80%,

03/10/2027

(i),(j)

Svenska

Handelsbanken

AB

3.13%,

02/16/2033

EUR

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Swedbank

AB

0.20%,

01/12/2028

EUR

$

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) 512

512

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

5.30%,

02/27/2032

(k) 586

581

Secured

Overnight

Financing

Rate

+

1.94%

Toronto-Dominion

Bank/The

1.20%,

06/03/2026

2.00%,

09/10/2031

(i) 100

2.55%,

08/03/2027

EUR

3.69%,

01/09/2032

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

0.93%

4.42%,

10/31/2035

(k) 100

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.32%

4.68%,

01/08/2029

4.75%,

09/11/2030

AUD

4.87%,

04/22/2033

$

1,227

1,220

6.35%,

10/31/2085

(k) 1,600

1,611

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

8.13%,

10/31/2082

(k) 1,300

1,352

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Bank

4.14%,

10/23/2029

(k) 936

928

Secured

Overnight

Financing

Rate

+

0.91%

Truist

Financial

Corp

3.88%,

03/19/2029

4.68%,

04/23/2032

(k) 100

Secured

Overnight

Financing

Rate

+

1.09%

5.10%,

03/01/2030

(h),(k)

500

503

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

5.28%,

04/23/2037

(k) 800

789

Secured

Overnight

Financing

Rate

+

1.41%

5.71%,

01/24/2035

(k) 100

Secured

Overnight

Financing

Rate

+

1.92%

6.67%,

09/01/2026

(h),(i),(k)

4,500

4,502

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

UBS

Group

AG

0.88%,

11/03/2031

EUR

3.87%,

01/12/2029

(j),(k)

$

Month

USD

LIBOR

+

1.41%

4.15%,

12/23/2029

(j),(k)

Secured

Overnight

Financing

Rate

+

0.84%

4.21%,

04/10/2030

(j),(k)

900

889

Secured

Overnight

Financing

Rate

+

0.84%

4.84%,

11/06/2033

(j),(k)

673

663

Secured

Overnight

Financing

Rate

+

1.29%

4.88%,

05/15/2045

5.43%,

02/08/2030

(j),(k)

558

569

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%

5.58%,

05/09/2036

(j),(k)

Secured

Overnight

Financing

Rate

+

1.76%

6.60%,

08/05/2030

(h),(j),(k),(n)

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.12%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

UBS

Group

AG

(continued)

6.63%,

01/08/2031

(h),(j),(k),(n)

$

1,000

$

1,007

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.24%

7.00%,

01/08/2036

(h),(j),(k),(n)

4,200

4,263

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.32%

UniCredit

SpA

0.85%,

01/19/2031

EUR

3.80%,

01/16/2033

(k) 150

Month

Euro

Interbank

Offered

Rate

+

1.40%

US

Bancorp

1.38%,

07/22/2030

$

2.49%,

11/03/2036

(k) 1,994

1,733

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.00%,

07/30/2029

3.70%,

01/15/2027

(h),(k)

4,000

3,937

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%

5.84%,

06/12/2034

(k) 200

Secured

Overnight

Financing

Rate

+

2.26%

Webster

Financial

Corp

5.78%,

09/11/2035

(k) 755

765

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%

Wells

Fargo

&

Co

2.50%,

05/02/2029

GBP

2.57%,

02/11/2031

(k) $

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

2.88%,

10/30/2030

(k) 157

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

3.07%,

04/30/2041

1,148

865

Secured

Overnight

Financing

Rate

+

5.06%

3.90%,

07/22/2032

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.22%

3.90%,

05/01/2045

$

4.08%,

09/15/2029

(k) 982

972

Secured

Overnight

Financing

Rate

+

0.88%

4.15%,

01/24/2029

4.48%,

04/04/2031

(k) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.03%

4.75%,

12/07/2046

4.89%,

09/15/2036

(k) 50

Secured

Overnight

Financing

Rate

+

1.34%

5.50%,

01/23/2035

(k) 372

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

1,067

1,022

6.13%,

06/15/2031

(h),(k)

2,800

2,810

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.34%

Wells

Fargo

Bank

NA

6.60%,

01/15/2038

Western

Alliance

Bank

6.54%,

11/15/2035

(k) 940

929

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Westpac

Banking

Corp

2.96%,

11/16/2040

$

$

3.02%,

11/18/2036

(k) 100

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.53%

4.30%,

06/19/2030

AUD

5.14%,

02/12/2031

5.46%,

11/18/2027

$

Zions

Bancorp

NA

6.82%,

11/19/2035

(k) 1,042

1,088

Secured

Overnight

Financing

Rate

+

2.83%

$

274,574

Beverages

-

0.28%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

4.90%,

02/01/2046

1,039

940

Anheuser-Busch

InBev

SA/NV

1.50%,

04/18/2030

EUR

2.75%,

03/17/2036

2.88%,

04/02/2032

Anheuser-Busch

InBev

Worldwide

Inc

5.00%,

06/15/2034

$

5.45%,

01/23/2039

5.80%,

01/23/2059

CCEP

Finance

Ireland

DAC

1.50%,

05/06/2041

EUR

Coca-Cola

Co/The

0.95%,

05/06/2036

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

Diageo

Finance

PLC

2.50%,

03/27/2032

EUR

2.75%,

06/08/2038

GBP

Heineken

NV

1.75%,

03/17/2031

EUR

3.51%,

05/03/2034

JDE

Peet's

NV

0.63%,

02/09/2028

Keurig

Dr

Pepper

Inc

3.80%,

05/01/2050

$

Maple

Parent

Holdings

Corp

5.70%,

03/26/2036

(j) 521

522

6.63%,

03/26/2056

(j) 683

691

PepsiCo

Inc

3.00%,

10/15/2027

3.38%,

07/29/2049

3.60%,

02/18/2028

4.45%,

02/07/2028

559

563

4.65%,

07/23/2032

(i) 491

Pernod

Ricard

SA

1.75%,

04/08/2030

EUR

$

6,215

Biotechnology

-

0.34%

Amgen

Inc

3.15%,

02/21/2040

$

949

737

4.20%,

02/19/2031

4.40%,

05/01/2045

4.40%,

02/22/2062

4.66%,

06/15/2051

4.85%,

02/19/2036

5.15%,

03/02/2028

5.25%,

03/02/2033

5.60%,

03/02/2043

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Biotechnology

(continued)

Amgen

Inc

(continued)

5.65%,

03/02/2053

$

711

$

684

5.75%,

03/02/2063

Biogen

Inc

3.15%,

05/01/2050

BioMarin

Pharmaceutical

Inc

5.50%,

02/15/2034

(j) 1,500

1,489

CSL

Finance

PLC

4.63%,

04/27/2042

(j) 100

Gilead

Sciences

Inc

4.15%,

03/01/2047

4.80%,

11/15/2029

545

554

5.10%,

06/15/2035

5.25%,

10/15/2033

Royalty

Pharma

PLC

2.15%,

09/02/2031

895

785

3.35%,

09/02/2051

5.15%,

09/02/2029

$

7,431

Building

Materials

-

0.53%

Amrize

Finance

US

LLC

7.13%,

07/15/2036

Carlisle

Cos

Inc

2.20%,

03/01/2032

Carrier

Global

Corp

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

Cimko

Cimento

Ve

Beton

Sanayi

Ve

Ticaret

AS

10.75%,

05/21/2030

$

800

848

CRH

SMW

Finance

DAC

4.25%,

07/11/2035

EUR

5.13%,

01/09/2030

$

5.20%,

05/21/2029

917

937

EMRLD

Borrower

LP

/

Emerald

Co-Issuer

Inc

6.75%,

07/15/2031

(j) 1,580

1,633

Heidelberg

Materials

Finance

Luxembourg

SA

3.00%,

07/10/2030

EUR

Johnson

Controls

International

plc

4.25%,

05/23/2035

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

$

2,000

2,018

Martin

Marietta

Materials

Inc

2.40%,

07/15/2031

Owens

Corning

3.95%,

08/15/2029

5.50%,

06/15/2027

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(j) 890

904

6.75%,

03/01/2033

(j) 1,440

1,460

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(j) 2,125

2,123

Trane

Technologies

Financing

Ltd

3.80%,

03/21/2029

Vulcan

Materials

Co

3.50%,

06/01/2030

$

11,698

Chemicals

-

0.89%

Air

Liquide

Finance

SA

0.38%,

05/27/2031

EUR

Air

Products

and

Chemicals

Inc

3.25%,

06/16/2032

4.90%,

10/11/2032

$

Akzo

Nobel

NV

2.00%,

03/28/2032

EUR

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Albemarle

Corp

5.05%,

06/01/2032

$

$

BASF

SE

4.50%,

03/08/2035

EUR

Braskem

Idesa

SAPI

0.00%,

11/15/2029

(d) $

1,950

1,367

0.00%,

02/20/2032

(d) 1,000

703

Celanese

US

Holdings

LLC

6.75%,

04/15/2033

(i) 2,410

2,482

CF

Industries

Inc

5.30%,

11/26/2035

5.38%,

03/15/2044

885

831

Dangote

Fertiliser

Ltd

7.75%,

05/05/2031

(j),(o)

2,325

2,348

Dow

Chemical

Co/The

4.80%,

01/15/2031

4.80%,

05/15/2049

DSM

BV

3.00%,

02/25/2031

EUR

DuPont

de

Nemours

Inc

5.32%,

11/15/2038

$

Eastman

Chemical

Co

4.50%,

02/20/2031

517

508

5.75%,

03/08/2033

600

623

Ecolab

Inc

2.70%,

12/15/2051

788

3.95%,

12/01/2047

4.30%,

06/15/2028

5.25%,

01/15/2028

502

Huntsman

International

LLC

5.70%,

10/15/2034

1,220

1,145

International

Flavors

&

Fragrances

Inc

4.38%,

06/01/2047

Linde

PLC

0.38%,

09/30/2033

EUR

2.63%,

02/18/2029

LYB

International

Finance

BV

4.88%,

03/15/2044

$

LYB

International

Finance

III

LLC

5.13%,

01/15/2031

6.15%,

05/15/2035

Mosaic

Co/The

4.35%,

01/15/2029

Nutrien

Ltd

2.95%,

05/13/2030

5.20%,

06/21/2027

Olympus

Water

US

Holding

Corp

6.75%,

08/01/2032

(j) 470

7.25%,

02/15/2033

(j) 3,100

3,030

PPG

Industries

Inc

4.38%,

03/15/2031

751

741

RPM

International

Inc

2.95%,

01/15/2032

Sasol

Financing

USA

LLC

8.75%,

04/10/2033

(j) 850

898

SCIH

Salt

Holdings

Inc

6.63%,

05/01/2029

(j) 380

Sherwin-Williams

Co/The

2.20%,

03/15/2032

Westlake

Corp

2.88%,

08/15/2041

3.38%,

08/15/2061

735

Yara

International

ASA

4.75%,

06/01/2028

(j) 100

$

19,570

Coal

-

0.20%

SunCoke

Energy

Inc

4.88%,

06/30/2029

(j) 4,775

4,402

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

1.22%

Bayview

Commercial

Asset

Trust

2005-3

4.27%,

11/25/2035

(j) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.59%

4.39%,

11/25/2035

(j) 332

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

Bayview

Commercial

Asset

Trust

2006-2

4.11%,

07/25/2036

(j) 303

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

Bayview

Commercial

Asset

Trust

2006-3

4.14%,

10/25/2036

(j) 85

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.49%

Bayview

Commercial

Asset

Trust

2006-4

4.11%,

12/25/2036

(j) 497

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

Bayview

Commercial

Asset

Trust

2007-4

4.44%,

09/25/2037

(j) 483

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.79%

Bayview

Commercial

Asset

Trust

2008-2

7.52%,

04/25/2038

(j) 435

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.86%

BBCMS

2018-CHRS

Mortgage

Trust

4.27%,

08/05/2038

(j),(l)

BBCMS

2018-TALL

Mortgage

Trust

4.57%,

03/15/2037

(j) 1,470

1,389

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

Benchmark

2019-B15

Mortgage

Trust

2.93%,

12/15/2072

Benchmark

2020-B20

Mortgage

Trust

2.03%,

10/15/2053

2,320

2,054

Benchmark

2022-B32

Mortgage

Trust

3.00%,

01/15/2055

(l) 568

506

Benchmark

2022-B34

Mortgage

Trust

3.79%,

04/15/2055

(l) 2,831

2,622

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

1,394

BX

Trust

2019-OC11

4.08%,

12/09/2041

(j),(l)

1,750

1,659

COMM

2018-COR3

Mortgage

Trust

4.23%,

05/10/2051

2,107

2,069

COMM

2024-277P

Mortgage

Trust

6.34%,

08/10/2044

(j) 1,484

1,547

FRESB

2019-SB63

Mortgage

Trust

2.03%,

04/25/2039

(l),(p)

8,152

FRESB

2020-SB76

Mortgage

Trust

0.00%,

05/25/2030

(d),(l),(p)

5,050

FRESB

2020-SB77

Mortgage

Trust

0.25%,

06/25/2040

(l),(p)

22,080

756

Grace

Trust

2020-GRCE

2.35%,

12/10/2040

(j) 1,072

957

GSMS

Trust

2026-DAWN

5.82%,

04/10/2043

(j),(l)

Harvest

Commercial

Capital

Loan

Trust

2019-1

4.64%,

09/25/2046

(j),(l)

2,000

1,946

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

1,596

1,623

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

Houston

Galleria

Mall

Trust

2025-HGLR

5.46%,

02/05/2045

(j),(l)

$

$

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2024-OMNI

5.80%,

10/05/2039

(j),(l)

1,007

1,017

MKT

2020-525M

Mortgage

Trust

2.69%,

02/12/2040

(j) 1,400

1,265

NYC

Commercial

Mortgage

Trust

2026-1PARK

4.91%,

02/15/2043

(j) 246

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

ROCK

Trust

2024-CNTR

5.39%,

11/13/2041

(j) 225

WFRBS

Commercial

Mortgage

Trust

2014-C21

4.21%,

08/15/2047

(l) 210

4.23%,

08/15/2047

(l) 737

710

$

26,664

Commercial

Services

-

2.49%

Abertis

France

SAS

1.63%,

09/18/2029

EUR

Abertis

Infraestructuras

SA

4.13%,

01/31/2028

Adani

International

Container

Terminal

Pvt

Ltd

3.00%,

02/16/2031

$

2,811

2,598

ADT

Security

Corp/The

5.88%,

10/15/2033

(j) 450

AMN

Healthcare

Inc

6.50%,

01/15/2031

(j) 2,470

2,461

APRR

SA

1.25%,

01/18/2028

EUR

Ashtead

Capital

Inc

4.25%,

11/01/2029

(j) $

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

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance

Inc

8.25%,

01/15/2030

(i),(j)

$

760

780

8.38%,

06/15/2032

(i),(j)

1,090

1,096

Block

Financial

LLC

3.88%,

08/15/2030

Champions

Financing

Inc

8.75%,

02/15/2029

(i),(j)

1,575

1,533

CompoSecure

Holdings

LLC

5.63%,

02/01/2033

(j) 1,925

1,887

Duke

University

2.76%,

10/01/2050

ERAC

USA

Finance

LLC

4.70%,

04/30/2031

(j) 100

4.90%,

05/01/2033

(j) 100

5.25%,

04/30/2036

(j) 1,211

1,208

Ford

Foundation/The

2.82%,

06/01/2070

840

Global

Payments

Inc

2.90%,

11/15/2031

4.50%,

11/15/2028

4.88%,

11/15/2030

5.20%,

11/15/2032

5.55%,

11/15/2035

613

591

Herc

Holdings

Inc

6.00%,

03/15/2034

(j) 3,075

3,049

Massachusetts

Institute

of

Technology

3.07%,

04/01/2052

Mersin

Uluslararasi

Liman

Isletmeciligi

AS

8.25%,

11/15/2028

1,625

1,677

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

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) 3,175

3,102

Quanta

Services

Inc

2.35%,

01/15/2032

528

2.90%,

10/01/2030

545

508

3.05%,

10/01/2041

5.10%,

08/09/2035

Raven

Acquisition

Holdings

LLC

6.88%,

11/15/2031

(j) 2,410

2,386

RELX

Finance

BV

0.50%,

03/10/2028

EUR

Rentokil

Initial

Finance

BV

3.88%,

06/27/2027

S&P

Global

Inc

2.70%,

03/01/2029

$

559

539

3.70%,

03/01/2052

4.25%,

01/15/2031

(j) 340

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub

Inc

6.75%,

08/15/2032

(j) 6,225

6,213

Teranet

Holdings

LP

3.72%,

02/23/2029

CAD

Thomas

Jefferson

University

3.85%,

11/01/2057

$

Transurban

Finance

Co

Pty

Ltd

3.00%,

04/08/2030

EUR

4.56%,

11/14/2028

CAD

Transurban

Queensland

Finance

Pty

Ltd

3.25%,

08/05/2031

AUD

Triton

Container

International

Ltd

3.15%,

06/15/2031

(j) $

1,694

1,531

Triton

Container

International

Ltd

/

TAL

International

Container

Corp

3.25%,

03/15/2032

528

5.15%,

02/15/2033

781

767

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) 4,075

4,027

Verisk

Analytics

Inc

4.45%,

03/15/2031

643

635

VT

Topco

Inc

8.50%,

08/15/2030

(i),(j)

3,220

3,297

Wand

NewCo

Inc

7.63%,

01/30/2032

(j) 2,895

3,013

WEX

Inc

6.50%,

03/15/2033

(j) 5,566

5,544

Wolters

Kluwer

NV

0.75%,

07/03/2030

EUR

$

54,554

Computers

-

0.98%

Accenture

Capital

Inc

4.50%,

10/04/2034

$

Amentum

Holdings

Inc

7.25%,

08/01/2032

(j) 3,100

3,209

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

Apple

Inc

1.38%,

05/24/2029

EUR

$

1.40%,

08/05/2028

$

1,234

1,167

1.65%,

02/08/2031

2.65%,

05/11/2050

900

551

2.70%,

08/05/2051

2.85%,

08/05/2061

3.35%,

08/08/2032

3.95%,

08/08/2052

4.15%,

05/10/2030

4.38%,

05/13/2045

508

4.45%,

05/06/2044

Booz

Allen

Hamilton

Inc

4.00%,

07/01/2029

(j) 481

5.95%,

08/04/2033

5.95%,

04/15/2035

1,032

1,040

CACI

International

Inc

6.38%,

06/15/2033

(j) 800

818

Capgemini

SE

2.00%,

04/15/2029

EUR

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

$

808

609

4.35%,

02/01/2030

932

923

4.75%,

04/01/2028

792

797

5.10%,

02/15/2036

5.25%,

02/01/2028

5.75%,

02/01/2033

8.10%,

07/15/2036

675

803

DXC

Technology

Co

2.38%,

09/15/2028

Everforth

Inc

4.63%,

05/15/2028

(j) 2,075

1,940

Fortress

Intermediate

Inc

7.50%,

06/01/2031

(j) 1,150

1,162

Gartner

Inc

4.95%,

03/20/2031

Hewlett

Packard

Enterprise

Co

4.60%,

03/23/2029

5.25%,

07/01/2028

5.25%,

04/01/2033

527

529

5.60%,

10/15/2054

HP

Inc

5.50%,

01/15/2033

(i) 100

IBM

International

Capital

Pte

Ltd

4.75%,

02/05/2031

1,085

1,086

Insight

Enterprises

Inc

6.63%,

05/15/2032

(j) 1,425

1,413

International

Business

Machines

Corp

0.88%,

02/09/2030

EUR

2.20%,

02/09/2027

$

4.00%,

02/06/2043

EUR

4.60%,

02/03/2033

$

807

793

5.10%,

02/06/2053

5.20%,

02/10/2035

Kyndryl

Holdings

Inc

3.15%,

10/15/2031

4.10%,

10/15/2041

Leidos

Inc

5.50%,

03/15/2035

Teleperformance

SE

4.25%,

01/21/2030

EUR

$

21,451

Consumer

Products

-

0.01%

Kimberly-Clark

Corp

2.00%,

11/02/2031

$

Reckitt

Benckiser

Treasury

Services

PLC

2.63%,

09/10/2028

EUR

$

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Cosmetics

&

Personal

Care

-

0.08%

Haleon

Netherlands

Capital

BV

2.13%,

03/29/2034

EUR

$

Haleon

US

Capital

LLC

4.00%,

03/24/2052

$

775

593

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

(d),(e),(g)

15,607

—

Kenvue

Inc

4.85%,

05/22/2032

505

511

5.10%,

03/22/2043

L'Oreal

SA

2.75%,

11/19/2030

EUR

Procter

&

Gamble

Co/The

4.05%,

01/26/2033

$

Unilever

Capital

Corp

5.00%,

12/08/2033

Unilever

Finance

Netherlands

BV

1.38%,

09/04/2030

EUR

$

1,827

Credit

Card

Asset

Backed

Securities

-

0.06%

American

Express

Credit

Account

Master

Trust

4.65%,

07/15/2029

$

1,305

1,315

Distribution

&

Wholesale

-

0.15%

Resideo

Funding

Inc

6.50%,

07/15/2032

(j) 3,350

3,381

Diversified

Financial

Services

-

2.67%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.85%,

10/29/2041

Ally

Financial

Inc

6.18%,

07/26/2035

(k) 100

Secured

Overnight

Financing

Rate

+

2.29%

6.70%,

02/14/2033

2,200

2,271

American

Express

Co

3.43%,

05/20/2032

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.10%

4.44%,

05/03/2030

(k),(o)

$

901

899

Secured

Overnight

Financing

Rate

+

0.81%

4.92%,

07/20/2033

(k) 330

Secured

Overnight

Financing

Rate

+

1.22%

5.09%,

01/30/2031

559

569

Secured

Overnight

Financing

Rate

+

2.04%

5.10%,

02/16/2028

(k) 603

607

Secured

Overnight

Financing

Rate

+

1.00%

5.28%,

07/27/2029

(k) 150

Secured

Overnight

Financing

Rate

+

1.28%

5.44%,

01/30/2036

(k) 100

Secured

Overnight

Financing

Rate

+

1.32%

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) 3,625

3,755

Blackstone

Holdings

Finance

Co

LLC

3.50%,

06/01/2034

EUR

Blue

Owl

Finance

LLC

3.13%,

06/10/2031

$

Bread

Financial

Holdings

Inc

6.75%,

05/15/2031

(j) 425

8.38%,

06/15/2035

(i),(j),(k)

1,850

1,940

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.30%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Brookfield

Asset

Management

Ltd

4.65%,

11/15/2030

$

$

4.83%,

04/15/2031

Burford

Capital

Global

Finance

LLC

9.25%,

07/01/2031

(j) 4,500

4,191

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

$

4.49%,

09/11/2031

(k) 100

Secured

Overnight

Financing

Rate

+

1.25%

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

5.64%,

05/19/2029

(k) 100

Secured

Overnight

Financing

Rate

+

2.21%

6.10%,

06/01/2031

(h),(k)

5,700

5,703

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

6.14%,

08/24/2034

(k) 100

Secured

Overnight

Financing

Rate

+

2.01%

Credit

Acceptance

Corp

9.25%,

12/15/2028

(j) 2,725

2,842

Equitable

America

Global

Funding

3.95%,

09/15/2027

(j) 50

4.30%,

12/15/2028

(j) 486

Euronext

NV

2.63%,

11/26/2028

EUR

Focus

Financial

Partners

LLC

6.75%,

09/15/2031

(j) $

3,320

3,378

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(j) 1,000

975

Gabx

Leasing

LLC

4.63%,

04/15/2031

(j) 359

goeasy

Ltd

6.88%,

05/15/2030

(j) 625

528

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

3.00%,

09/15/2060

Jane

Street

Group

/

JSG

Finance

Inc

6.13%,

11/01/2032

(j) 1,400

1,407

6.75%,

05/01/2033

(j) 3,580

3,678

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

5.50%,

02/15/2036

Lazard

Group

LLC

4.38%,

03/11/2029

LPL

Holdings

Inc

5.75%,

06/15/2035

LSEG

Finance

PLC

4.50%,

10/19/2028

GBP

Lseg

Netherlands

BV

0.25%,

04/06/2028

EUR

Mastercard

Inc

1.90%,

03/15/2031

$

4.35%,

01/15/2032

Nasdaq

Inc

0.90%,

07/30/2033

EUR

5.35%,

06/28/2028

$

Nomura

Holdings

Inc

3.00%,

01/22/2032

7.00%,

07/15/2030

(h),(k),(n)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

OneMain

Finance

Corp

4.00%,

09/15/2030

$

$

7.13%,

11/15/2031

875

887

7.50%,

05/15/2031

1,925

1,974

7.88%,

03/15/2030

2,500

2,606

ORIX

Corp

2.25%,

03/09/2031

5.20%,

09/13/2032

Raymond

James

Financial

Inc

4.65%,

04/01/2030

Rfna

LP

7.88%,

02/15/2030

(j) 3,475

3,449

Rocket

Cos

Inc

6.38%,

08/01/2033

(j) 1,100

1,113

6.50%,

08/01/2029

(j) 1,600

1,630

7.13%,

02/01/2032

(j) 575

594

Sagen

MI

Canada

Inc

3.26%,

03/05/2031

CAD

Stellantis

Financial

Services

US

Corp

4.95%,

09/15/2028

(j) $

Stonex

Escrow

Issuer

LLC

6.88%,

07/15/2032

(j) 2,525

2,611

StoneX

Group

Inc

7.88%,

03/01/2031

(j) 1,350

1,421

Sumisho

Air

Lease

Corp

5.30%,

02/01/2028

Synchrony

Financial

2.88%,

10/28/2031

4.95%,

02/25/2032

(k) 520

508

Secured

Overnight

Financing

Rate

+

1.53%

5.15%,

03/19/2029

609

610

USAA

Capital

Corp

4.38%,

06/01/2028

(j) 625

626

Visa

Inc

2.05%,

04/15/2030

3.65%,

09/15/2047

4.40%,

02/12/2033

Voya

Financial

Inc

5.00%,

09/20/2034

$

58,504

Electric

-

3.02%

AEP

Texas

Inc

5.85%,

10/15/2055

731

703

AES

Corp/The

2.45%,

01/15/2031

Alabama

Power

Co

3.00%,

03/15/2052

4.30%,

03/15/2031

AltaLink

LP

4.87%,

11/15/2040

CAD

Ameren

Illinois

Co

3.85%,

09/01/2032

$

American

Electric

Power

Co

Inc

5.80%,

03/15/2056

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.26%

6.05%,

03/15/2056

(k) 600

598

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%

6.95%,

12/15/2054

(k) 600

639

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(k) 800

837

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Amprion

GmbH

4.13%,

09/07/2034

EUR

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

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

Black

Hills

Corp

4.55%,

01/31/2031

Brookfield

Infrastructure

Finance

ULC

5.98%,

02/14/2033

CAD

Brookfield

Renewable

Partners

ULC

5.88%,

11/09/2032

Bruce

Power

LP

4.70%,

12/21/2027

Capital

Power

Corp

4.23%,

01/14/2033

CenterPoint

Energy

Houston

Electric

LLC

5.05%,

03/01/2035

$

CenterPoint

Energy

Inc

6.85%,

02/15/2055

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.95%

CMS

Energy

Corp

4.75%,

06/01/2050

744

728

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

8.23%

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

809

762

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

534

4.45%,

03/15/2044

4.50%,

12/01/2045

4.50%,

05/15/2058

4.63%,

12/01/2054

Constellation

Energy

Generation

LLC

3.75%,

03/01/2031

(j) 100

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

2,050

2,097

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.41%

DTE

Electric

Co

4.05%,

05/15/2048

DTE

Energy

Co

4.88%,

06/01/2028

505

509

Duke

Energy

Carolinas

LLC

3.55%,

03/15/2052

5.25%,

03/15/2035

5.40%,

01/15/2054

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Duke

Energy

Corp

3.75%,

09/01/2046

$

$

5.00%,

12/08/2027

5.80%,

06/15/2054

6.45%,

09/01/2054

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

Duke

Energy

Florida

LLC

5.95%,

11/15/2052

Duke

Energy

Indiana

LLC

3.25%,

10/01/2049

4.95%,

03/15/2036

5.40%,

04/01/2053

Duke

Energy

Ohio

Inc

5.55%,

03/15/2054

5.65%,

04/01/2053

Duke

Energy

Progress

LLC

4.00%,

04/01/2052

Duquesne

Light

Holdings

Inc

2.53%,

10/01/2030

(j) 100

E.ON

International

Finance

BV

5.88%,

10/30/2037

GBP

E.ON

SE

3.13%,

03/05/2030

EUR

3.50%,

10/26/2037

Eastern

European

Electric

Co

BV

6.50%,

05/15/2030

(i),(j)

825

999

6.50%,

05/15/2030

545

Eastern

Power

Networks

PLC

1.88%,

06/01/2035

GBP

EDP

Finance

BV

3.88%,

03/11/2030

EUR

Electricite

de

France

SA

9.13%,

03/15/2033

(h),(k)

$

1,700

1,982

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%

Emera

US

Finance

LLC

5.20%,

04/01/2033

Emera

US

Finance

LP

2.64%,

06/15/2031

4.75%,

06/15/2046

595

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

6.80%,

09/15/2037

(j) 100

Enel

SpA

4.25%,

01/14/2030

(h),(k)

EUR

Euribor

Swap

Rate

Year

+

2.01%

Energo

-

Pro

as

6.45%,

04/15/2031

1,100

1,274

8.00%,

05/27/2030

(j) 1,500

1,838

Engie

SA

2.13%,

03/30/2032

4.25%,

01/11/2043

Entergy

Arkansas

LLC

4.20%,

04/01/2049

$

4.95%,

01/15/2036

Entergy

Corp

6.10%,

06/15/2056

(k) 1,900

1,893

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%

Entergy

Louisiana

LLC

2.35%,

06/15/2032

Entergy

Mississippi

LLC

3.85%,

06/01/2049

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Entergy

Texas

Inc

4.50%,

03/30/2039

$

1,207

$

1,102

5.55%,

09/15/2054

Eurogrid

GmbH

0.74%,

04/21/2033

EUR

EUSHI

Finance

Inc

6.25%,

04/01/2056

(k) $

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.51%

Evergy

Inc

4.25%,

03/15/2029

Evergy

Metro

Inc

4.20%,

06/15/2047

Eversource

Energy

3.45%,

01/15/2050

Exelon

Corp

4.10%,

03/15/2052

6.50%,

03/15/2055

(k) 100

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

FirstEnergy

Corp

2.65%,

03/01/2030

3.40%,

03/01/2050

4.85%,

07/15/2047

501

FirstEnergy

Pennsylvania

Electric

Co

5.20%,

04/01/2028

(j) 809

819

FirstEnergy

Transmission

LLC

4.55%,

04/01/2049

(j) 983

814

Florida

Power

&

Light

Co

3.99%,

03/01/2049

4.05%,

10/01/2044

5.15%,

06/15/2029

667

684

5.30%,

06/15/2034

5.60%,

02/15/2066

5.70%,

03/15/2055

FortisAlberta

Inc

4.27%,

09/22/2045

CAD

Georgia

Power

Co

3.25%,

03/15/2051

$

811

544

Hydro

One

Inc

3.63%,

06/25/2049

CAD

4.25%,

01/04/2035

Iberdrola

Finanzas

SA

1.62%,

11/29/2029

EUR

4.88%,

04/25/2028

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

2.26%

Iberdrola

International

BV

6.75%,

07/15/2036

$

Indianapolis

Power

&

Light

Co

5.70%,

04/01/2054

(j) 50

Interstate

Power

and

Light

Co

3.50%,

09/30/2049

572

ITC

Holdings

Corp

3.35%,

11/15/2027

Kentucky

Power

Co

7.00%,

11/15/2033

(j) 967

1,041

Kentucky

Utilities

Co

5.13%,

11/01/2040

5.85%,

08/15/2055

Liberty

Utilities

Finance

GP

2.05%,

09/15/2030

(j) 352

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) 460

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

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

3.95%,

12/10/2027

$

4.05%,

02/09/2029

4.15%,

08/25/2028

4.40%,

05/11/2029

(o) 963

964

4.75%,

02/07/2028

Network

Finance

Co

Pty

Ltd

2.58%,

10/03/2028

AUD

Nevada

Power

Co

3.13%,

08/01/2050

$

New

England

Power

Co

3.80%,

12/05/2047

(j) 100

New

York

State

Electric

&

Gas

Corp

5.85%,

08/15/2033

(j) 449

NextEra

Energy

Capital

Holdings

Inc

4.00%,

05/15/2056

(k) EUR

Euribor

Swap

Rate

Year

+

1.59%

4.69%,

09/01/2027

$

5.30%,

03/15/2032

713

731

5.65%,

05/01/2079

(i),(k)

Month

USD

LIBOR

+

3.16%

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

4.96%,

04/30/2031

(j) 429

5.88%,

05/15/2034

(j) 1,025

1,021

6.13%,

05/15/2036

(j) 1,400

1,395

7.00%,

03/15/2033

(j) 50

Oklahoma

Gas

and

Electric

Co

3.25%,

04/01/2030

Oncor

Electric

Delivery

Co

LLC

3.70%,

05/15/2050

4.15%,

06/01/2032

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

909

711

4.95%,

07/01/2050

734

610

5.00%,

06/04/2028

6.10%,

01/15/2029

6.10%,

10/15/2055

890

859

6.75%,

01/15/2053

PacifiCorp

3.30%,

03/15/2051

682

4.10%,

02/01/2042

PECO

Energy

Co

4.88%,

09/15/2035

PPL

Capital

Funding

Inc

5.25%,

09/01/2034

Public

Service

Co

of

Colorado

1.90%,

01/15/2031

2.70%,

01/15/2051

1,513

893

3.70%,

06/15/2028

531

524

4.10%,

06/15/2048

711

554

5.15%,

09/15/2035

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Public

Service

Co

of

Oklahoma

2.20%,

08/15/2031

$

643

$

565

5.45%,

01/15/2036

Public

Service

Electric

and

Gas

Co

4.85%,

08/01/2034

5.63%,

01/01/2056

Public

Service

Enterprise

Group

Inc

2.45%,

11/15/2031

Puget

Energy

Inc

4.10%,

06/15/2030

Puget

Sound

Energy

Inc

5.60%,

09/15/2055

5.69%,

06/15/2054

Red

Electrica

Financiaciones

SA

1.25%,

03/13/2027

EUR

RWE

AG

2.75%,

05/24/2030

4.13%,

02/13/2035

RWE

Finance

US

LLC

5.88%,

09/18/2055

(j) $

670

638

6.25%,

04/16/2054

(j) 976

976

Saavi

Energia

Sarl

8.88%,

02/10/2035

(j) 2,775

3,087

San

Diego

Gas

&

Electric

Co

4.95%,

08/15/2028

5.40%,

04/15/2035

Sempra

5.25%,

03/15/2036

526

520

6.55%,

04/01/2055

(k) 50

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

Southern

California

Edison

Co

3.60%,

02/01/2045

5.88%,

12/01/2053

5.95%,

11/01/2032

6.20%,

09/15/2055

Southern

Co/The

4.85%,

06/15/2028

Southern

Power

Co

5.25%,

07/15/2043

Southwestern

Electric

Power

Co

5.90%,

04/01/2056

1,723

1,674

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%

Terna

-

Rete

Elettrica

Nazionale

0.38%,

06/23/2029

Trans-Allegheny

Interstate

Line

Co

5.00%,

01/15/2031

(j) $

Union

Electric

Co

3.25%,

10/01/2049

3.90%,

04/01/2052

Virginia

Electric

and

Power

Co

2.40%,

03/30/2032

4.60%,

12/01/2048

5.05%,

08/15/2034

5.55%,

08/15/2054

Vistra

Operations

Co

LLC

4.30%,

10/15/2028

(j) 612

605

4.55%,

10/30/2028

(j) 100

5.55%,

04/30/2036

(j) 1,052

1,042

6.95%,

10/15/2033

(j) 100

VoltaGrid

LLC

7.38%,

11/01/2030

(j) 2,600

2,699

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

WEC

Energy

Group

Inc

2.20%,

12/15/2028

$

$

5.63%,

05/15/2056

(k) 300

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.91%

Wisconsin

Electric

Power

Co

4.15%,

10/15/2030

Wisconsin

Power

and

Light

Co

3.95%,

09/01/2032

(i) 380

5.38%,

03/30/2034

Xcel

Energy

Inc

5.45%,

08/15/2033

$

66,145

Electrical

Components

&

Equipment

-

0.04%

Schneider

Electric

SE

3.38%,

04/13/2034

EUR

WESCO

Distribution

Inc

5.50%,

04/15/2034

(j) $

525

523

6.63%,

03/15/2032

(j) 225

$

872

Electronics

-

0.23%

Allegion

US

Holding

Co

Inc

5.41%,

07/01/2032

5.60%,

05/29/2034

Amphenol

Corp

3.90%,

11/15/2028

4.13%,

11/15/2030

4.63%,

02/15/2036

5.30%,

11/15/2055

Honeywell

International

Inc

1.95%,

06/01/2030

4.50%,

01/15/2034

Keysight

Technologies

Inc

4.60%,

04/06/2027

Trimble

Inc

6.10%,

03/15/2033

Tyco

Electronics

Group

SA

4.88%,

02/09/2036

530

522

5.00%,

05/09/2035

659

657

Vontier

Corp

2.40%,

04/01/2028

2.95%,

04/01/2031

1,007

920

$

5,076

Energy

-

Alternate

Sources

-

0.06%

FS

Luxembourg

Sarl

8.63%,

06/25/2033

(j) 950

931

8.63%,

06/25/2033

$

1,323

Engineering

&

Construction

-

0.95%

Aeroports

de

Montreal

3.03%,

04/21/2050

CAD

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(j) $

2,175

2,225

Bouygues

SA

2.25%,

06/29/2029

EUR

Brundage-Bone

Concrete

Pumping

Holdings

Inc

7.50%,

02/01/2032

(j) $

3,750

3,811

Cellnex

Finance

Co

SA

2.00%,

02/15/2033

EUR

CIMIC

Finance

USA

Pty

Ltd

7.00%,

03/25/2034

(j) $

Corp

Quiport

SA

9.00%,

12/15/2037

(j) 3,050

3,303

Gatwick

Funding

Ltd

2.88%,

07/05/2051

GBP

Greater

Toronto

Airports

Authority

2.75%,

10/17/2039

CAD

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Engineering

&

Construction

(continued)

Heathrow

Funding

Ltd

1.88%,

03/14/2036

EUR

$

HOCHTIEF

AG

0.63%,

04/26/2029

HTA

Group

Ltd/Mauritius

6.75%,

04/01/2031

(j) $

3,025

3,071

ICA

ICTAS

Altyapi

Yavuz

Sultan

Selim

Koprusu

Ve

Kuzey

Cevre

Otoyolu

Yatirim

Ve

Isletme

A.S.

7.54%,

10/31/2027

3,025

3,063

IHS

Holding

Ltd

7.88%,

05/29/2030

(j) 1,700

1,751

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

1,358

1,356

Jacobs

Engineering

Group

Inc

6.35%,

08/18/2028

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(j) 900

912

Manchester

Airport

Group

Funding

PLC

5.25%,

09/30/2036

GBP

MasTec

Inc

5.90%,

06/15/2029

$

Sydney

Airport

Finance

Co

Pty

Ltd

4.38%,

05/03/2033

EUR

$

20,855

Entertainment

-

1.87%

Brightstar

Lottery

PLC/

Brightstar

Global

Solutions

Corp

5.75%,

01/15/2033

(j) $

1,825

1,789

Caesars

Entertainment

Inc

4.63%,

10/15/2029

(j) 725

700

6.00%,

10/15/2032

(i),(j)

5,630

5,046

7.00%,

02/15/2030

(j) 4,425

4,492

Cinemark

USA

Inc

7.00%,

08/01/2032

(j) 1,675

1,731

Discovery

Global

Holdings

Inc

4.28%,

03/15/2032

2,400

2,174

5.05%,

03/15/2042

1,910

1,363

Flutter

Treasury

DAC

5.88%,

06/04/2031

(j) 1,175

1,171

Jacobs

Entertainment

Inc

6.75%,

02/15/2029

(j) 900

882

Light

&

Wonder

International

Inc

6.25%,

10/01/2033

(j) 3,155

3,129

7.50%,

09/01/2031

(j) 2,225

2,319

Penn

Entertainment

Inc

6.75%,

04/01/2031

(j) 1,170

1,160

Rivers

Enterprise

Borrower

LLC

/

Rivers

Enterprise

Finance

Corp

6.63%,

02/01/2033

(j) 3,675

3,752

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo

Inc

6.63%,

03/01/2030

(j) 4,680

3,950

Six

Flags

Entertainment

Corp

7.25%,

05/15/2031

(j) 1,070

1,055

Six

Flags

Entertainment

Corp

/Six

Flags

Theme

Parks

Inc/

Canada's

Wonderland

Co

6.63%,

05/01/2032

(j) 870

885

Voyager

Parent

LLC

9.25%,

07/01/2032

(j) 3,643

3,874

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

7.13%,

02/15/2031

(j) 1,350

1,429

$

40,901

Environmental

Control

-

0.44%

Madison

IAQ

LLC

5.88%,

06/30/2029

(j) 3,778

3,768

Republic

Services

Inc

5.00%,

04/01/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

(continued)

Reworld

Holding

Corp

4.88%,

12/01/2029

(j) $

925

$

884

Waste

Connections

Inc

2.20%,

01/15/2032

766

673

2.60%,

02/01/2030

Waste

Management

Inc

3.15%,

11/15/2027

4.63%,

02/15/2033

4.95%,

07/03/2027

659

665

Waste

Pro

USA

Inc

7.00%,

02/01/2033

(j) 3,275

3,336

$

9,673

Food

-

1.96%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

5.75%,

03/31/2034

(j) 1,800

1,752

Barry

Callebaut

Services

NV

4.25%,

08/19/2031

EUR

Bimbo

Bakeries

USA

Inc

6.05%,

01/15/2029

$

Campbell's

Company/The

4.55%,

03/21/2031

Carrefour

SA

2.88%,

12/08/2028

EUR

Chobani

LLC

/

Chobani

Finance

Corp

Inc

6.38%,

04/15/2034

(j) $

Conagra

Brands

Inc

4.85%,

11/01/2028

5.00%,

08/01/2030

(i) 50

7.00%,

10/01/2028

602

631

Danone

SA

0.52%,

11/09/2030

EUR

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(j) $

3,240

3,346

9.63%,

09/15/2032

(j) 4,500

4,654

Froneri

Lux

FinCo

SARL

4.75%,

08/01/2032

(j) EUR

2,700

3,069

6.00%,

08/01/2032

(j) $

725

717

General

Mills

Inc

4.20%,

04/17/2028

Grupo

Nutresa

SA

7.88%,

10/21/2031

(h),(j),(k)

1,575

1,571

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.10%

8.00%,

05/12/2030

(j) 1,750

1,846

Hormel

Foods

Corp

1.70%,

06/03/2028

4.80%,

03/30/2027

(i) 618

622

J

M

Smucker

Co/The

6.20%,

11/15/2033

JBS

NV/JBS

USA

Foods

Group

Holdings

Inc/JBS

USA

Food

Co

Holdings

5.95%,

04/20/2035

6.50%,

12/01/2052

Kellanova

7.45%,

04/01/2031

1,030

1,159

Kraft

Heinz

Foods

Co

3.75%,

04/01/2030

(i) 50

4.38%,

06/01/2046

710

556

4.88%,

10/01/2049

5.20%,

03/15/2032

(i) 343

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

619

574

5.65%,

09/15/2064

985

915

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

Lamb

Weston

Holdings

Inc

4.38%,

01/31/2032

(j) $

1,425

$

1,342

Loblaw

Cos

Ltd

5.01%,

09/13/2032

CAD

Magnum

Icc

Finance

BV

2.75%,

02/26/2029

EUR

Mars

Inc

3.95%,

04/01/2044

(j) $

4.60%,

03/01/2028

(j) 100

4.65%,

04/20/2031

(j) 812

817

4.80%,

03/01/2030

(j) 50

5.65%,

05/01/2045

(j) 594

584

5.70%,

05/01/2055

(j) 432

McCormick

&

Co

Inc/MD

4.15%,

02/15/2029

Metro

Inc/CN

4.27%,

12/04/2047

CAD

Mondelez

International

Inc

0.25%,

03/17/2028

EUR

5.13%,

05/06/2035

$

Nestle

Finance

International

Ltd

1.25%,

03/29/2031

EUR

3.50%,

09/23/2038

3.75%,

03/13/2033

Nestle

Holdings

Inc

2.63%,

09/14/2051

(j) $

Performance

Food

Group

Inc

5.63%,

03/01/2034

(j) 3,000

2,938

6.13%,

09/15/2032

(j) 1,075

1,090

Pilgrim's

Pride

Corp

6.25%,

07/01/2033

Post

Holdings

Inc

4.50%,

09/15/2031

(j) 4,425

4,160

6.25%,

10/15/2034

(j) 990

977

6.50%,

03/15/2036

(j) 1,900

1,888

Smithfield

Foods

Inc

2.63%,

09/13/2031

(j) 100

Sysco

Corp

4.40%,

07/25/2031

4.45%,

03/15/2048

623

4.50%,

04/01/2046

5.10%,

09/23/2030

6.60%,

04/01/2050

Tesco

Corporate

Treasury

Services

PLC

2.75%,

04/27/2030

GBP

Tyson

Foods

Inc

4.95%,

02/20/2036

$

US

Foods

Inc

7.25%,

01/15/2032

(j) 1,271

1,322

Woolworths

Group

Ltd

5.91%,

11/29/2034

AUD

$

42,845

Forest

Products

&

Paper

-

0.09%

Georgia-Pacific

LLC

2.30%,

04/30/2030

(j) $

4.40%,

05/15/2029

(j),(o)

International

Paper

Co

4.40%,

08/15/2047

Magnera

Corp

4.75%,

11/15/2029

(j) 800

733

7.25%,

11/15/2031

(j) 800

749

Suzano

Austria

GmbH

3.13%,

01/15/2032

$

1,909

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

-

0.22%

AltaGas

Ltd

3.03%,

11/10/2027

CAD

$

7.20%,

10/15/2054

(j),(k)

$

1,000

1,039

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%

APA

Infrastructure

Ltd

5.13%,

09/16/2034

(j) 50

Atmos

Energy

Corp

1.50%,

01/15/2031

5.45%,

01/15/2056

Brooklyn

Union

Gas

Co/The

6.39%,

09/15/2033

(j) 50

Cadent

Finance

PLC

5.75%,

03/14/2034

GBP

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

Naturgy

Finance

Iberia

SA

1.50%,

01/29/2028

NiSource

Inc

5.65%,

02/01/2045

$

5.85%,

04/01/2055

6.38%,

03/31/2055

(k) 1,800

1,851

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.53%

Piedmont

Natural

Gas

Co

Inc

5.10%,

02/15/2035

Snam

SpA

1.25%,

06/20/2034

EUR

Southern

California

Gas

Co

3.95%,

02/15/2050

$

5.60%,

04/01/2054

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

5.10%,

09/15/2035

Spire

Inc

4.60%,

09/01/2031

Vier

Gas

Transport

GmbH

3.50%,

10/21/2030

EUR

$

4,817

Hand

&

Machine

Tools

-

0.05%

Stanley

Black

&

Decker

Inc

6.71%,

03/15/2060

(k) $

1,018

1,007

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.66%

Healthcare

-

Products

-

0.44%

Abbott

Laboratories

4.75%,

03/15/2038

627

605

4.75%,

04/15/2043

5.50%,

03/15/2056

Agilent

Technologies

Inc

2.30%,

03/12/2031

1,001

900

2.75%,

09/15/2029

844

800

American

Medical

Systems

Europe

BV

1.38%,

03/08/2028

EUR

Baxter

International

Inc

2.54%,

02/01/2032

$

3.95%,

04/01/2030

(i) 100

5.65%,

12/15/2035

Boston

Scientific

Corp

2.65%,

06/01/2030

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Products

(continued)

DH

Europe

Finance

II

Sarl

0.75%,

09/18/2031

EUR

$

3.40%,

11/15/2049

$

EssilorLuxottica

SA

0.50%,

06/05/2028

EUR

GE

HealthCare

Technologies

Inc

5.50%,

06/15/2035

$

5.65%,

11/15/2027

1,255

1,278

Koninklijke

Philips

NV

4.25%,

09/08/2031

EUR

Medline

Borrower

LP

5.25%,

10/01/2029

(j) $

525

522

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) $

885

930

Solventum

Corp

5.90%,

04/30/2054

STERIS

Irish

FinCo

UnLtd

Co

3.75%,

03/15/2051

1,394

989

Stryker

Corp

0.75%,

03/01/2029

EUR

4.85%,

12/08/2028

$

5.20%,

02/10/2035

Thermo

Fisher

Scientific

Inc

1.50%,

10/01/2039

EUR

2.04%,

03/07/2036

CHF

4.47%,

10/07/2032

$

5.00%,

01/31/2029

5.40%,

08/10/2043

$

9,606

Healthcare

-

Services

-

2.59%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(j) 1,325

1,297

5.50%,

07/01/2028

(j) 80

7.38%,

03/15/2033

(i),(j)

3,550

3,631

Adventist

Health

System/West

4.74%,

12/01/2030

Aetna

Inc

4.75%,

03/15/2044

Ascension

Health

4.92%,

11/15/2035

Banner

Health

2.34%,

01/01/2030

Cigna

Group/The

2.38%,

03/15/2031

3.40%,

03/15/2050

1,132

770

3.88%,

10/15/2047

4.38%,

10/15/2028

4.80%,

08/15/2038

4.88%,

09/15/2032

CommonSpirit

Health

4.19%,

10/01/2049

Concentra

Health

Services

Inc

6.88%,

07/15/2032

(j) 1,075

1,114

DaVita

Inc

3.75%,

02/15/2031

(j) 350

4.63%,

06/01/2030

(j) 1,525

1,476

6.75%,

07/15/2033

(j) 1,525

1,572

6.88%,

09/01/2032

(j) 525

542

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Elevance

Health

Inc

3.60%,

03/15/2051

$

$

4.00%,

09/15/2028

4.55%,

03/01/2048

5.70%,

09/15/2055

6.10%,

10/15/2052

Eurofins

Scientific

SE

4.75%,

09/06/2030

EUR

Fresenius

Medical

Care

US

Finance

III

Inc

3.75%,

06/15/2029

(j) $

Fresenius

SE

&

Co

KGaA

2.88%,

05/24/2030

EUR

Global

Medical

Response

Inc

7.38%,

10/01/2032

(j) $

3,580

3,732

Hackensack

Meridian

Health

Inc

2.88%,

09/01/2050

HCA

Inc

3.38%,

03/15/2029

3.50%,

09/01/2030

606

576

3.50%,

07/15/2051

736

4.50%,

02/15/2027

4.63%,

03/15/2052

918

731

5.45%,

04/01/2031

5.50%,

03/01/2032

506

519

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

512

512

5.55%,

05/01/2035

5.75%,

04/15/2054

5.88%,

03/01/2033

574

589

IQVIA

Inc

6.25%,

06/01/2032

(j) 2,375

2,419

Kaiser

Foundation

Hospitals

4.15%,

05/01/2047

LifePoint

Health

Inc

9.88%,

08/15/2030

(j) 200

10.00%,

06/01/2032

(j) 4,275

4,375

Lonza

Finance

International

NV

3.25%,

09/04/2030

EUR

Memorial

Sloan-Kettering

Cancer

Center

2.96%,

01/01/2050

$

Molina

Healthcare

Inc

3.88%,

05/15/2032

(j) 1,120

1,005

6.25%,

01/15/2033

(j) 1,010

1,009

6.50%,

02/15/2031

(j) 320

Montefiore

Obligated

Group

5.25%,

11/01/2048

National

Mentor

Holdings

Inc

10.50%,

12/15/2030

(j) 2,960

3,097

Pediatrix

Medical

Group

Inc

5.38%,

02/15/2030

(j) 650

646

Providence

St

Joseph

Health

Obligated

Group

5.37%,

10/01/2032

Quest

Diagnostics

Inc

5.00%,

12/15/2034

534

532

Roche

Holdings

Inc

2.61%,

12/13/2051

(j) 200

4.37%,

12/02/2032

(j) 550

541

4.91%,

03/08/2031

(j) 971

991

5.49%,

11/13/2030

(j) 1,921

2,005

Select

Medical

Corp

6.25%,

12/01/2032

(j) 2,845

2,763

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Sotera

Health

Holdings

LLC

7.38%,

06/01/2031

(j) $

2,740

$

2,848

Star

Parent

Inc

9.00%,

10/01/2030

(j) 1,475

1,545

Surgery

Center

Holdings

Inc

7.25%,

04/15/2032

(j) 6,545

6,527

Team

Health

Holdings

Inc

9.00%,

PIK

4.50%;

06/30/2028

(j),(l),(m)

508

534

Tenet

Healthcare

Corp

5.50%,

11/15/2032

(j) 600

599

UnitedHealth

Group

Inc

2.88%,

08/15/2029

3.05%,

05/15/2041

4.25%,

06/15/2048

881

706

4.75%,

05/15/2052

4.90%,

04/15/2031

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

$

56,603

Home

Builders

-

0.02%

Lennar

Corp

5.20%,

07/30/2030

Sekisui

House

US

Inc

3.85%,

01/15/2030

$

Home

Equity

Asset

Backed

Securities

-

0.06%

New

Century

Home

Equity

Loan

Trust

Series

2003-B

4.74%,

10/25/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.09%

Structured

Asset

Securities

Corp

Mortgage

Loan

Trust

2007-BC2

4.07%,

03/25/2037

1,806

1,218

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.41%

$

1,314

Insurance

-

3.80%

Acrisure

LLC

/

Acrisure

Finance

Inc

7.50%,

11/06/2030

(j) 300

8.25%,

02/01/2029

(j) 2,925

2,935

8.50%,

06/15/2029

(j) 525

525

AIA

Group

Ltd

4.95%,

04/04/2033

(i),(j)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.50%,

10/01/2031

(j) 6,070

6,122

Allianz

Finance

II

BV

0.50%,

01/14/2031

EUR

Allianz

SE

4.25%,

07/05/2052

(k) 100

Month

Euro

Interbank

Offered

Rate

+

3.55%

Allstate

Corp/The

5.25%,

03/30/2033

$

American

International

Group

Inc

5.13%,

03/27/2033

American

National

Global

Funding

5.55%,

01/28/2030

(j) 50

AmFam

Holdings

Inc

2.81%,

03/11/2031

(j) 50

AmWINS

Group

Inc

4.88%,

06/30/2029

(j) 4,475

4,328

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Amynta

Agency

Borrower

Inc

and

Amynta

Warranty

Borrower

Inc

7.50%,

07/15/2033

(j) $

1,700

$

1,658

Aon

Corp

/

Aon

Global

Holdings

PLC

3.90%,

02/28/2052

Aon

North

America

Inc

5.30%,

03/01/2031

862

882

5.75%,

03/01/2054

Ardonagh

Finco

Ltd

7.75%,

02/15/2031

(j) 1,810

1,848

Ardonagh

Group

Finance

Ltd

8.88%,

02/15/2032

(j) 5,675

5,648

Arthur

J

Gallagher

&

Co

4.85%,

12/15/2029

5.15%,

02/15/2035

5.75%,

03/02/2053

ASR

Nederland

NV

3.38%,

05/02/2049

(k) EUR

EUR

Swap

Annual

(VS

Month)

Year

+

4.00%

Assurant

Inc

5.55%,

02/15/2036

$

636

635

Asurion

LLC/

Asurion

Co-Issuer

Inc

8.38%,

02/01/2034

(j) 6,815

6,724

Athene

Global

Funding

5.32%,

11/13/2031

(j) 968

964

Athene

Holding

Ltd

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%

3.63%,

01/10/2033

Berkshire

Hathaway

Finance

Corp

2.38%,

06/19/2039

GBP

2.50%,

01/15/2051

$

2.88%,

03/15/2032

Brighthouse

Financial

Inc

4.70%,

06/22/2047

Brown

&

Brown

Inc

5.65%,

06/11/2034

Chubb

INA

Holdings

LLC

1.38%,

09/15/2030

4.65%,

08/15/2029

934

942

6.50%,

05/15/2038

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

1.50%,

12/15/2028

EUR

CNO

Global

Funding

4.38%,

09/08/2028

(j) $

Corebridge

Financial

Inc

3.90%,

04/05/2032

6.38%,

09/15/2054

(k) 1,300

1,293

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

6.88%,

12/01/2030

(h),(k)

500

514

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.18%

Corebridge

Global

Funding

5.90%,

09/19/2028

(j) 100

Credit

Agricole

Assurances

SA

2.00%,

07/17/2030

EUR

Empower

Finance

2020

LP

1.36%,

09/17/2027

(j) $

Equitable

Financial

Life

Global

Funding

5.00%,

03/27/2030

(j) 150

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

F&G

Global

Funding

4.65%,

09/08/2028

(j) $

$

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%

Generali

2.12%,

10/01/2030

EUR

Global

Atlantic

Fin

Co

4.40%,

10/15/2029

(j) $

Great-West

Lifeco

Inc

2.38%,

05/14/2030

CAD

Guardian

Life

Insurance

Co

of

America/The

4.88%,

06/19/2064

(j) $

Howden

UK

Refinance

PLC

/

Howden

UK

Refinance

PLC

/

Howden

US

Refinance

LLC

7.25%,

02/15/2031

(j) 1,975

1,988

8.13%,

02/15/2032

(j) 2,225

2,125

HUB

International

Ltd

7.38%,

01/31/2032

(j) 810

830

Jackson

Financial

Inc

5.17%,

06/08/2027

Jackson

National

Life

Global

Funding

4.55%,

09/09/2030

(j) 50

Jones

Deslauriers

Insurance

Management

Inc

6.88%,

10/01/2033

(j) 4,330

4,046

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) 1,233

783

7.80%,

03/07/2087

(j) 2,000

2,226

Month

USD

LIBOR

+

3.58%

Lincoln

National

Corp

3.40%,

03/01/2032

M&G

PLC

5.63%,

10/20/2051

(k) GBP

Generic

Britain

Year

Government

Bond

+

5.00%

Manulife

Financial

Corp

2.48%,

05/19/2027

$

3.98%,

05/23/2035

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.32%

4.99%,

12/11/2035

$

Mapfre

SA

3.13%,

01/20/2032

EUR

Markel

Group

Inc

6.00%,

05/16/2054

$

Marsh

&

McLennan

Cos

Inc

4.55%,

11/08/2027

500

4.95%,

03/15/2036

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

501

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(j),(k)

1,500

1,529

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

MetLife

Inc

5.25%,

01/15/2054

(i) $

$

5.85%,

03/15/2056

(k) 500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.82%

9.25%,

04/08/2068

(j) 3,575

4,209

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

1,214

1,576

Month

USD

LIBOR

+

7.55%

Metropolitan

Life

Global

Funding

I

3.63%,

03/26/2034

EUR

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%

Nassau

Cos

of

New

York/The

7.88%,

07/15/2030

(j) $

3,850

3,592

Nationwide

Mutual

Insurance

Co

4.35%,

04/30/2050

(j) 100

New

York

Life

Global

Funding

0.13%,

07/23/2030

CHF

4.85%,

01/09/2028

(j) $

New

York

Life

Insurance

Co

3.75%,

05/15/2050

(j) 100

Nippon

Life

Insurance

Co

4.11%,

01/23/2055

(k) EUR

Euribor

Swap

Rate

Year

+

2.60%

5.05%,

04/02/2033

(j) $

5.95%,

04/16/2054

(j),(k)

1,000

1,019

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

6.50%,

04/30/2055

(k) 1,500

1,580

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%

NLG

Global

Funding

4.35%,

09/15/2030

(j) 75

NN

Group

NV

4.63%,

01/13/2048

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

4.95%

Northwestern

Mutual

Global

Funding

4.35%,

09/15/2027

(j) $

Northwestern

Mutual

Life

Insurance

Co/The

3.63%,

09/30/2059

(j) 50

6.17%,

05/29/2055

(j) 284

Pacific

Life

Global

Funding

II

5.69%,

04/22/2031

AUD

Pacific

Life

Insurance

Co

4.30%,

10/24/2067

(j),(k)

$

Month

USD

LIBOR

+

2.80%

5.95%,

09/15/2055

(j) 610

596

Panther

Escrow

Issuer

LLC

7.13%,

06/01/2031

(j) 2,575

2,587

Pension

Insurance

Corp

PLC

4.63%,

05/07/2031

GBP

Pricoa

Global

Funding

I

4.65%,

08/27/2031

(j) $

Progressive

Corp/The

3.20%,

03/26/2030

Protective

Life

Corp

4.70%,

01/15/2031

(j) 50

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Prudential

Financial

Inc

3.70%,

10/01/2050

(k) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%

3.94%,

12/07/2049

5.70%,

09/15/2048

(k) 212

Month

USD

LIBOR

+

2.67%

6.50%,

03/15/2054

(k) 500

515

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

5.75%,

09/15/2034

6.65%,

09/15/2055

(k) 1,900

1,928

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Sammons

Financial

Group

Inc

6.88%,

04/15/2034

(j) 50

SBL

Holdings

Inc

5.90%,

09/26/2028

(i),(j)

Sompo

Holdings

Inc

5.41%,

04/22/2037

(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%

Sun

Life

Financial

Inc

4.14%,

09/13/2037

(k) CAD

Canadian

Overnight

Repo

Rate

Average

Compounded

Index

+

1.42%

4.78%,

08/10/2034

(k) 100

Canadian

Overnight

Repo

Rate

Average

+

1.96%

Swiss

Life

Finance

I

AG

3.25%,

08/31/2029

EUR

Swiss

Re

Finance

Luxembourg

SA

5.00%,

04/02/2049

(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

1,822

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

Travelers

Cos

Inc/The

5.35%,

11/01/2040

Unum

Group

5.25%,

12/15/2035

5.75%,

08/15/2042

Willis

North

America

Inc

4.50%,

09/15/2028

4.55%,

03/15/2031

4.65%,

06/15/2027

897

899

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

$

83,104

Internet

-

0.68%

Airbnb

Inc

4.65%,

03/16/2031

537

536

Alibaba

Group

Holding

Ltd

2.70%,

02/09/2041

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

Alphabet

Inc

1.90%,

08/15/2040

$

$

2.05%,

08/15/2050

3.00%,

05/06/2033

EUR

4.00%,

11/06/2044

4.10%,

11/15/2030

$

4.40%,

02/15/2033

632

622

4.80%,

02/15/2036

5.25%,

05/15/2055

5.30%,

05/15/2065

5.35%,

11/15/2045

5.45%,

11/15/2055

5.65%,

02/15/2056

5.70%,

11/15/2075

636

609

5.75%,

02/15/2066

Amazon.com

Inc

2.10%,

05/12/2031

3.15%,

08/22/2027

3.35%,

03/16/2032

EUR

3.70%,

03/16/2035

3.88%,

08/22/2037

$

3.90%,

11/20/2028

1,168

1,161

3.95%,

04/13/2052

4.05%,

08/22/2047

4.10%,

11/20/2030

4.10%,

04/13/2062

4.55%,

03/13/2033

790

780

4.65%,

11/20/2035

4.88%,

03/13/2036

5.55%,

11/20/2065

1,300

1,213

5.80%,

03/13/2056

6.05%,

03/13/2076

900

886

Booking

Holdings

Inc

4.13%,

05/09/2038

EUR

4.50%,

11/15/2031

eBay

Inc

2.70%,

03/11/2030

$

Expedia

Group

Inc

5.50%,

04/15/2036

Meta

Platforms

Inc

4.20%,

11/15/2030

4.60%,

05/15/2028

4.60%,

11/15/2032

4.75%,

08/15/2034

5.50%,

11/15/2045

5.55%,

08/15/2064

5.60%,

05/15/2053

5.63%,

11/15/2055

876

804

5.75%,

11/15/2065

6.45%,

05/15/2066

(o) 546

545

Netflix

Inc

3.63%,

06/15/2030

EUR

Prosus

NV

2.03%,

08/03/2032

3.68%,

01/21/2030

$

Tencent

Holdings

Ltd

3.93%,

01/19/2038

Uber

Technologies

Inc

4.80%,

09/15/2034

Wayfair

LLC

6.75%,

11/15/2032

(j) 2,110

2,133

$

14,858

Investment

Companies

-

0.35%

Apollo

Debt

Solutions

BDC

6.70%,

07/29/2031

Ares

Capital

Corp

5.25%,

04/12/2031

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Investment

Companies

(continued)

Ares

Strategic

Income

Fund

5.45%,

09/09/2028

(j) $

$

5.55%,

04/15/2031

(j) 50

Blackstone

Private

Credit

Fund

5.35%,

03/12/2031

Blue

Owl

Credit

Income

Corp

6.65%,

03/15/2031

Blue

Owl

Technology

Finance

Corp

6.75%,

04/04/2029

(i) 100

Goldman

Sachs

Private

Credit

Corp

5.05%,

02/23/2028

(j) 100

Groupe

Bruxelles

Lambert

NV

0.13%,

01/28/2031

EUR

HA

Sustainable

Infrastructure

Capital

Inc

6.38%,

07/01/2034

$

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.75%,

09/15/2030

(i),(j)

2,075

1,920

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

1,875

1,644

9.00%,

06/15/2030

2,410

2,321

9.75%,

01/15/2029

825

829

JAB

Holdings

BV

4.75%,

06/29/2032

EUR

$

7,580

Iron

&

Steel

-

1.73%

ArcelorMittal

SA

6.80%,

11/29/2032

$

Baffinland

Iron

Mines

Corp

/

Baffinland

Iron

Mines

LP

8.75%,

07/15/2026

(j) 13,822

11,058

Nucor

Corp

3.13%,

04/01/2032

4.30%,

05/23/2027

518

519

Samarco

Mineracao

SA

4.00%,

PIK

5.00%;

06/30/2031

(l),(m)

1,685

1,690

Samarco

Mineracao

SA

Escrow

Shares

0.00%,

10/24/2023

(d),(e)

550

—

Specialty

Steel

12.00%,

11/15/2033

(e),(g)

38,772

23,442

Steel

Dynamics

Inc

4.00%,

12/15/2028

5.38%,

08/15/2034

Vale

Overseas

Ltd

6.13%,

06/12/2033

$

37,766

Leisure

Products

&

Services

-

0.15%

A&K

Travel

Group

Holdings

Ltd

7.50%,

05/15/2033

(j),(o)

2,280

2,291

Brunswick

Corp/DE

4.40%,

09/15/2032

NCL

Corp

Ltd

6.25%,

09/15/2033

(j) 725

702

Royal

Caribbean

Cruises

Ltd

6.00%,

02/01/2033

(j) 100

$

3,189

Lodging

-

0.70%

Boyd

Gaming

Corp

4.75%,

06/15/2031

(j) 1,700

1,639

Gohl

Capital

Holdings

Ltd

7.63%,

10/29/2031

(h),(k)

1,000

992

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.71%

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.63%,

01/15/2032

(j) 1,425

1,442

Hyatt

Hotels

Corp

5.75%,

01/30/2027

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Lodging

(continued)

Marriott

International

Inc/MD

2.85%,

04/15/2031

$

$

3.50%,

10/15/2032

673

620

4.50%,

10/15/2031

4.50%,

05/01/2033

5.50%,

04/15/2037

Sands

China

Ltd

5.40%,

08/08/2028

Station

Casinos

LLC

4.63%,

12/01/2031

(j) 5,175

4,871

6.63%,

03/15/2032

(j) 2,440

2,470

Wyndham

Hotels

&

Resorts

Inc

5.63%,

03/01/2033

(j) 1,900

1,880

$

15,303

Machinery

-

Construction

&

Mining

-

0.14%

Caterpillar

Financial

Services

Corp

3.95%,

11/14/2028

1,088

1,084

4.10%,

08/15/2028

559

559

4.40%,

03/03/2028

Caterpillar

Inc

3.80%,

08/15/2042

GE

Vernova

Inc

4.88%,

02/04/2036

5.50%,

02/04/2056

Vertiv

Holdings

Co

4.85%,

03/15/2036

$

2,998

Machinery

-

Diversified

-

0.38%

AGCO

Corp

5.45%,

03/21/2027

682

687

CNH

Industrial

Capital

LLC

4.50%,

10/16/2030

578

571

Deere

&

Co

3.75%,

04/15/2050

5.45%,

01/16/2035

Deere

Funding

Canada

Corp

4.15%,

10/09/2030

Ingersoll

Rand

Inc

5.70%,

08/14/2033

John

Deere

Capital

Corp

3.45%,

03/07/2029

4.13%,

01/18/2029

523

522

4.40%,

09/08/2031

666

665

4.90%,

03/07/2031

Lsf12

Helix

Parent

LLC

7.13%,

02/01/2033

(j) 3,530

3,446

nVent

Finance

Sarl

2.75%,

11/15/2031

4.55%,

04/15/2028

Otis

Worldwide

Corp

3.36%,

02/15/2050

Westinghouse

Air

Brake

Technologies

Corp

4.70%,

09/15/2028

Xylem

Inc/NY

2.25%,

01/30/2031

$

8,234

Manufactured

Housing

Asset

Backed

Securities

-

0.05%

BCMSC

Trust

2000-A

3.93%,

06/15/2030

7,432

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.27%

Greenpoint

Manufactured

Housing

9.23%,

12/15/2029

(l) 944

938

$

1,132

Media

-

1.56%

Bertelsmann

SE

&

Co

KGaA

2.00%,

04/01/2028

EUR

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.25%,

02/01/2031

(j) $

2,750

$

2,498

4.25%,

01/15/2034

(i),(j)

6,400

5,368

4.50%,

05/01/2032

575

505

4.50%,

06/01/2033

(j) 3,350

2,878

4.75%,

03/01/2030

(j) 750

711

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.50%,

06/01/2041

678

3.85%,

04/01/2061

927

536

4.80%,

03/01/2050

1,191

876

5.38%,

05/01/2047

6.38%,

10/23/2035

6.48%,

10/23/2045

Comcast

Corp

1.50%,

02/20/2029

GBP

1.50%,

02/15/2031

(i) $

2.65%,

02/01/2030

2.94%,

11/01/2056

2.99%,

11/01/2063

3.97%,

11/01/2047

4.00%,

11/01/2049

4.60%,

10/15/2038

727

664

5.17%,

01/15/2037

(j) 609

594

5.50%,

05/15/2064

6.05%,

05/15/2055

Cox

Communications

Inc

3.50%,

08/15/2027

(j) 100

3.60%,

06/15/2051

(j) 100

5.45%,

09/01/2034

(j) 561

540

5.95%,

09/01/2054

(j) 419

CSC

Holdings

LLC

4.13%,

12/01/2030

(j) 1,325

789

4.50%,

11/15/2031

(j) 900

525

6.50%,

02/01/2029

(j) 300

7.50%,

04/01/2028

(j) 1,000

530

DISH

Network

Corp

11.75%,

11/15/2027

(j) 2,450

2,529

Fox

Corp

5.58%,

01/25/2049

526

6.50%,

10/13/2033

Informa

PLC

3.75%,

04/29/2032

EUR

McGraw-Hill

Education

Inc

8.00%,

08/01/2029

(j) $

5,700

5,702

Paramount

Global

5.25%,

04/01/2044

5.85%,

09/01/2043

Sirius

XM

Radio

LLC

4.13%,

07/01/2030

(j) 1,475

1,372

Time

Warner

Cable

LLC

5.50%,

09/01/2041

6.55%,

05/01/2037

826

830

Videotron

Ltd

5.00%,

07/15/2034

CAD

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(j) $

2,675

2,255

Walt

Disney

Co/The

2.65%,

01/13/2031

3.60%,

01/13/2051

4.75%,

09/15/2044

5.40%,

10/01/2043

$

34,100

Mining

-

0.92%

Anglo

American

Capital

PLC

4.75%,

09/21/2032

EUR

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mining

(continued)

Arsenal

AIC

Parent

LLC

8.00%,

10/01/2030

(j) $

900

$

941

11.50%,

10/01/2031

(j) 1,700

1,839

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

BHP

Billiton

Finance

Ltd

4.30%,

09/25/2042

GBP

BHP

Billiton

Finance

USA

Ltd

5.00%,

02/15/2036

$

5.75%,

09/05/2055

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

4.00%,

07/28/2031

CAD

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(j) $

2,775

2,829

7.88%,

01/23/2030

Newmont

Corp

2.60%,

07/15/2032

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(d),(j)

19,888

—

Novelis

Corp

4.75%,

01/30/2030

(j) 2,939

2,816

6.38%,

08/15/2033

(j) 1,400

1,406

Rio

Tinto

Finance

USA

PLC

5.88%,

03/14/2065

South32

Treasury

Ltd

4.35%,

04/14/2032

(j) 923

889

Southern

Copper

Corp

6.75%,

04/16/2040

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(j) 1,725

1,813

10.88%,

09/17/2029

1,570

1,668

WE

Soda

Investments

Holding

PLC

9.38%,

02/14/2031

1,600

1,590

9.50%,

10/06/2028

600

606

9.50%,

10/06/2028

(j) 2,200

2,222

$

20,177

Miscellaneous

Manufacturers

-

0.09%

3M

Co

3.63%,

09/14/2028

3.63%,

10/15/2047

Eaton

Corp

4.15%,

11/02/2042

Illinois

Tool

Works

Inc

1.00%,

06/05/2031

EUR

Parker-Hannifin

Corp

4.10%,

03/01/2047

$

Siemens

Financieringsmaatschappij

NV

0.25%,

02/20/2029

EUR

3.63%,

02/22/2044

Siemens

Funding

BV

4.60%,

05/28/2030

(j) $

4.90%,

05/28/2032

(j) 469

5.80%,

05/28/2055

(j) 290

5.90%,

05/28/2065

(j) 274

Teledyne

Technologies

Inc

2.75%,

04/01/2031

$

1,881

Mortgage

Backed

Securities

-

0.98%

Alternative

Loan

Trust

2005-30CB

4.52%,

08/25/2035

932

595

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)

1,144

1,139

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Angel

Oak

Mortgage

Trust

2025-5

5.57%,

04/25/2070

(j),(l)

$

666

$

669

Banc

of

America

Funding

2007-1

Trust

6.44%,

01/25/2037

(l) 821

769

Bear

Stearns

Mortgage

Funding

Trust

2006-AR1

4.19%,

07/25/2036

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.53%

Bear

Stearns

Mortgage

Funding

Trust

2007-AR1

3.93%,

01/25/2037

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.27%

Bravo

Mortgage

Asset

Trust

4.37%,

07/25/2036

(j) 265

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

2006-AF1

4.37%,

04/25/2036

2,490

2,372

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.71%

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust

Series

2007-AR2

4.07%,

03/25/2037

608

584

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.41%

Fannie

Mae

REMICS

2.24%,

05/25/2046

(p) 6,433

615

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

2.24%,

09/25/2046

(p) 1,677

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

2.24%,

12/25/2049

(p) 3,891

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

2.24%,

05/25/2050

(p) 2,481

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

2.29%,

08/25/2049

(p) 2,750

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.29%,

11/25/2049

(p) 3,940

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.31%,

06/25/2050

(p) 1,951

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.96%

2.44%,

03/25/2048

(p) 1,644

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

2.44%,

06/25/2048

(p) 1,829

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.09%

2.94%,

12/25/2042

(p) 1,480

(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

1,082

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Freddie

Mac

REMICS

2.29%,

10/25/2049

(p) $

2,976

$

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.90%,

05/15/2042

(p) 3,034

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.54%

2.90%,

08/15/2043

(p) 3,252

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.54%

Ginnie

Mae

2.27%,

04/20/2046

(p) 6,988

758

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.94%

2.32%,

11/20/2046

(p) 4,296

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

2.50%,

11/20/2050

(p) 6,943

1,011

2.50%,

12/20/2050

(p) 2,498

2.52%,

08/20/2051

(p) 2,763

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.61%,

09/20/2050

(p) 1,802

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

2.71%,

04/20/2051

(p) 1,559

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.35%

3.00%,

11/20/2050

(p) 2,064

3.00%,

12/20/2050

(p) 2,178

OBX

2025-NQM8

Trust

5.47%,

03/25/2065

(j),(l)

546

549

RALI

Series

2005-QS17

Trust

6.00%,

12/25/2035

803

702

6.00%,

12/25/2035

552

RALI

Series

2006-QS12

Trust

4.42%,

09/25/2036

2,287

1,728

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.76%

Structured

Asset

Mortgage

Investments

II

Trust

2007-AR1

4.09%,

01/25/2037

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.43%

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Series

2006-5

Trust

6.00%,

07/25/2036

1,462

1,045

$

21,495

Oil

&

Gas

-

3.48%

Aker

BP

ASA

3.75%,

01/15/2030

(j) 200

APA

Corp

5.35%,

07/01/2049

1,587

1,359

6.10%,

02/15/2035

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(j) 1,825

1,878

8.25%,

01/22/2031

(j) 1,475

1,520

BP

Capital

Markets

America

Inc

3.00%,

02/24/2050

3.54%,

04/06/2027

1,344

1,338

4.89%,

09/11/2033

BP

Capital

Markets

PLC

1.10%,

11/15/2034

EUR

3.63%,

03/22/2029

(h),(k)

EUR

Swap

Annual

(VS

Month)

Year

+

3.78%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

BP

Capital

Markets

PLC

(continued)

4.88%,

03/22/2030

(h),(k)

$

1,000

$

991

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%

Canadian

Natural

Resources

Ltd

2.95%,

07/15/2030

5.40%,

12/15/2034

Caturus

Energy

LLC

7.13%,

05/15/2031

(j) 1,775

1,780

Cenovus

Energy

Inc

4.25%,

03/20/2033

CAD

CNX

Resources

Corp

5.88%,

03/01/2034

(j) $

750

744

Comstock

Resources

Inc

5.88%,

01/15/2030

(j) 3,075

2,979

6.75%,

03/01/2029

(j) 1,525

1,524

ConocoPhillips

Co

5.05%,

09/15/2033

5.70%,

09/15/2063

Continental

Resources

Inc/OK

2.88%,

04/01/2032

(j) 100

Coterra

Energy

Inc

5.40%,

02/15/2035

875

883

5.90%,

02/15/2055

924

889

Crescent

Energy

Finance

LLC

7.38%,

01/15/2033

(j) 125

DBR

Land

Holdings

LLC

6.25%,

12/01/2030

(j) 650

665

DCC

Group

Finance

Ireland

DAC

4.38%,

06/27/2031

EUR

Devon

Energy

Corp

7.95%,

04/15/2032

$

Diamondback

Energy

Inc

5.75%,

04/18/2054

6.25%,

03/15/2053

749

765

Energean

Israel

Finance

Ltd

5.88%,

03/30/2031

(j) 2,000

1,915

Energean

PLC

5.63%,

05/12/2031

(j) EUR

900

1,040

Eni

SpA

0.63%,

01/23/2030

4.25%,

05/09/2029

(j) $

4.25%,

05/19/2033

EUR

EOG

Resources

Inc

5.95%,

07/15/2055

$

EQT

Corp

3.63%,

05/15/2031

(j) 100

Expand

Energy

Corp

4.75%,

02/01/2032

689

675

Exxon

Mobil

Corp

0.84%,

06/26/2032

EUR

4.23%,

03/19/2040

$

Helmerich

&

Payne

Inc

4.85%,

12/01/2029

(i) 100

HF

Sinclair

Corp

5.00%,

02/01/2028

5.50%,

09/01/2032

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

6.25%,

04/15/2032

(j) 1,500

1,490

6.88%,

05/15/2034

(j) 775

779

7.25%,

02/15/2035

(j) 2,500

2,550

Infinity

Natural

Resources

LLC

7.63%,

04/01/2031

(j) 2,125

2,161

Kosmos

Energy

Ltd

7.50%,

03/01/2028

1,350

1,325

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(j) 2,375

2,383

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Marathon

Petroleum

Corp

5.15%,

03/01/2030

$

$

Matador

Resources

Co

6.25%,

04/15/2033

(j) 3,400

3,458

North

West

Redwater

Partnership

/

NWR

Financing

Co

Ltd

4.35%,

01/10/2039

CAD

Occidental

Petroleum

Corp

4.40%,

04/15/2046

$

932

741

6.05%,

10/01/2054

6.45%,

09/15/2036

832

894

OMV

AG

3.13%,

11/10/2033

EUR

Ovintiv

Inc

7.10%,

07/15/2053

$

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(d) 13,927

5,465

Petroleos

Mexicanos

6.50%,

01/23/2029

3,025

3,080

6.84%,

01/23/2030

1,535

1,562

Phillips

Co

3.75%,

03/01/2028

5.50%,

03/15/2055

Puma

International

Financing

SA

7.75%,

04/25/2029

(j) 975

1,002

Reliance

Industries

Ltd

2.88%,

01/12/2032

Repsol

International

Finance

BV

0.25%,

08/02/2027

EUR

Santos

Finance

Ltd

5.75%,

11/13/2035

(j) $

Shell

Finance

US

Inc

3.00%,

11/26/2051

(j) 75

4.13%,

11/06/2030

4.38%,

05/11/2045

Shell

International

Finance

BV

1.25%,

11/11/2032

EUR

SM

Energy

Co

6.63%,

04/15/2034

(j) $

1,925

1,952

7.00%,

08/01/2032

(i),(j)

1,200

1,232

Sonangol

Finance

Ltd

10.00%,

01/29/2031

(j) 2,950

3,011

Suncor

Energy

Inc

3.75%,

03/04/2051

Sunoco

LP

5.63%,

07/15/2034

(j) 2,070

2,042

5.88%,

03/15/2034

(j) 4,150

4,135

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

614

570

TotalEnergies

Capital

USA

LLC

4.25%,

01/13/2031

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

International

Ltd

6.80%,

03/15/2038

$

900

874

7.50%,

04/15/2031

1,800

1,854

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(j) 1,325

1,424

8.75%,

05/07/2030

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Valero

Energy

Corp

3.65%,

12/01/2051

$

$

Wildfire

Intermediate

Holdings

LLC

7.50%,

10/15/2029

(j) 4,200

4,323

Wintershall

Dea

Finance

BV

1.33%,

09/25/2028

EUR

Woodside

Finance

Ltd

4.50%,

03/04/2029

(j) $

5.40%,

05/19/2030

1,059

1,082

$

76,204

Oil

&

Gas

Services

-

0.19%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

3.14%,

11/07/2029

5.00%,

06/15/2036

5.85%,

06/15/2056

Halliburton

Co

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) 3,125

3,285

$

4,159

Other

Asset

Backed

Securities

-

0.49%

AGL

CLO

Ltd

4.48%,

10/20/2038

(j) 449

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.80%

Bain

Capital

Credit

CLO

2019-2

4.60%,

10/17/2032

(j) 157

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

Battalion

CLO

VIII

Ltd

4.93%,

07/18/2030

(j) 220

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

Battalion

Clo

XV

Ltd

4.66%,

01/17/2033

(j) 283

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.98%

BlueMountain

CLO

2015-4

Ltd

4.63%,

04/20/2030

(j) 622

621

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.95%

Canyon

Capital

CLO

2016-1

Ltd

5.00%,

07/15/2031

(j) 516

516

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

Dryden

Senior

Loan

Fund

4.80%,

08/15/2031

(j) 703

703

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.15%

Dryden

CLO

Ltd

4.91%,

04/18/2031

(j) 220

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.23%

Dryden

CLO

Ltd

4.75%,

05/15/2032

(j) 264

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.10%

Dryden

CLO

Ltd

4.63%,

01/17/2033

(j) 814

813

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.95%

Eaton

Vance

CLO

2014-1R

Ltd

4.57%,

07/15/2030

(j) 115

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.90%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Invitation

Homes

2024-SFR1

Trust

4.00%,

09/17/2041

(j) $

1,496

$

1,458

LCM

Ltd

5.02%,

04/20/2031

(j) 118

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.34%

LCM

Ltd

4.73%,

04/15/2034

(j) 297

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.06%

LCM

XVIII

LP

5.79%,

04/20/2031

(j) 28

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.11%

Madison

Park

Funding

XLII

Ltd

4.59%,

11/21/2030

(j) 222

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.92%

Madison

Park

Funding

XXXIII

Ltd

4.96%,

10/15/2032

(j) 374

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

OZLM

XV

Ltd

4.73%,

04/20/2033

(j) 298

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.05%

Rockford

Tower

CLO

2019-2

Ltd

4.79%,

08/20/2032

(j) 417

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.13%

Romark

CLO

II

Ltd

4.81%,

07/25/2031

(j) 42

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.14%

Tricon

American

Homes

2020-SFR1

1.50%,

07/17/2038

(j) 1,480

1,470

Tricon

American

Homes

2020-SFR2

Trust

1.48%,

11/17/2039

(j) 510

Trinitas

CLO

XII

Ltd

4.72%,

04/25/2033

(j) 93

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.05%

Voya

CLO

2019-2

Ltd

4.88%,

07/20/2032

(j) 70

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Voya

CLO

2025-1

Ltd

4.58%,

04/20/2038

(j) 135

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.90%

Zais

Clo

Ltd

4.81%,

10/20/2034

(j) 782

781

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.13%

$

10,651

Packaging

&

Containers

-

0.42%

Amcor

Flexibles

North

America

Inc

2.69%,

05/25/2031

825

748

5.50%,

03/17/2035

AptarGroup

Inc

4.75%,

03/30/2031

735

730

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

4.00%,

09/01/2029

(j) 3,475

3,252

6.25%,

01/30/2031

(j) 950

956

Packaging

Corp

of

America

3.40%,

12/15/2027

5.70%,

12/01/2033

693

721

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Packaging

&

Containers

(continued)

Sonoco

Products

Co

4.60%,

09/01/2029

$

567

$

566

Toucan

FinCo

Ltd/Toucan

FinCo

Can

Inc/Toucan

FinCo

US

LLC

9.50%,

05/15/2030

(j) 2,280

1,998

WRKCo

Inc

3.00%,

06/15/2033

$

9,259

Pharmaceuticals

-

1.20%

AbbVie

Inc

4.05%,

11/21/2039

1,340

1,174

4.25%,

11/14/2028

4.25%,

11/21/2049

751

606

4.40%,

03/15/2033

549

539

4.88%,

11/14/2048

4.95%,

03/15/2031

518

529

5.05%,

03/15/2034

5.50%,

03/15/2064

Astrazeneca

Finance

LLC

4.85%,

02/26/2029

812

825

4.88%,

03/03/2028

675

684

4.90%,

03/03/2030

738

752

AstraZeneca

PLC

1.38%,

08/06/2030

3.00%,

05/28/2051

Bayer

AG

4.63%,

05/26/2033

EUR

Bayer

US

Finance

II

LLC

3.95%,

04/15/2045

(j) $

Becton

Dickinson

&

Co

3.79%,

05/20/2050

3.83%,

06/07/2032

EUR

4.30%,

08/22/2032

$

4.69%,

02/13/2028

700

703

Bristol-Myers

Squibb

Co

1.75%,

05/15/2035

EUR

3.25%,

08/01/2042

$

3.70%,

03/15/2052

3.90%,

02/20/2028

(i) 28

3.90%,

03/15/2062

4.13%,

06/15/2039

5.75%,

02/01/2031

787

829

Cardinal

Health

Inc

4.50%,

09/15/2030

4.60%,

03/15/2043

1,530

1,317

4.90%,

09/15/2045

5.75%,

11/15/2054

Cencora

Inc

2.70%,

03/15/2031

4.30%,

12/15/2047

5.13%,

02/15/2034

578

580

5.65%,

02/13/2056

CVS

Health

Corp

4.78%,

03/25/2038

5.00%,

01/30/2029

5.05%,

03/25/2048

5.13%,

07/20/2045

1,812

1,601

5.55%,

06/01/2031

514

6.05%,

06/01/2054

Eli

Lilly

&

Co

0.63%,

11/01/2031

EUR

3.10%,

05/15/2027

$

3.38%,

03/15/2029

4.60%,

08/14/2034

4.70%,

02/27/2033

4.75%,

02/12/2030

4.88%,

02/27/2053

4.90%,

10/15/2035

(i) 100

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Eli

Lilly

&

Co

(continued)

5.65%,

10/15/2065

$

$

EMD

Finance

LLC

5.00%,

10/15/2035

(j) 601

594

GlaxoSmithKline

Capital

Inc

3.88%,

05/15/2028

4.50%,

04/15/2030

GlaxoSmithKline

Capital

PLC

1.63%,

05/12/2035

GBP

Grifols

SA

4.75%,

10/15/2028

(j) $

875

863

Johnson

&

Johnson

0.95%,

09/01/2027

1.65%,

05/20/2035

EUR

2.10%,

09/01/2040

$

McKesson

Corp

4.95%,

05/30/2032

861

874

Merck

&

Co

Inc

3.40%,

03/07/2029

4.50%,

05/17/2033

(i) 100

4.90%,

05/17/2044

5.00%,

05/17/2053

5.70%,

12/04/2065

Merck

Financial

Services

GmbH

0.88%,

07/05/2031

EUR

MSD

Netherlands

Capital

BV

3.70%,

05/30/2044

Novartis

Capital

Corp

2.20%,

08/14/2030

$

3.70%,

09/21/2042

4.00%,

09/18/2031

4.40%,

03/18/2031

828

827

4.90%,

03/18/2036

5.70%,

03/18/2056

Novo

Nordisk

Finance

Netherlands

BV

1.38%,

03/31/2030

EUR

3.00%,

02/20/2032

Pfizer

Inc

3.45%,

03/15/2029

$

3.88%,

11/15/2027

556

555

3.90%,

03/15/2039

4.88%,

11/15/2035

Pfizer

Investment

Enterprises

Pte

Ltd

4.75%,

05/19/2033

644

642

5.11%,

05/19/2043

764

719

5.30%,

05/19/2053

656

608

5.34%,

05/19/2063

Sanofi

SA

1.25%,

04/06/2029

EUR

Takeda

Pharmaceutical

Co

Ltd

1.00%,

07/09/2029

3.03%,

07/09/2040

$

Viatris

Inc

3.85%,

06/22/2040

Zoetis

Inc

4.15%,

08/17/2028

5.00%,

08/17/2035

$

26,183

Pipelines

-

2.63%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

2,379

2,433

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7.25%,

07/15/2032

(j) 1,125

1,177

Boardwalk

Pipelines

LP

4.80%,

05/03/2029

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Buckeye

Partners

LP

5.60%,

10/15/2044

$

$

5.85%,

11/15/2043

1,300

1,191

Cheniere

Energy

Partners

LP

3.25%,

01/31/2032

4.00%,

03/01/2031

5.55%,

10/30/2035

CNX

Midstream

Partners

LP

4.75%,

04/15/2030

(j) 2,375

2,298

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

1,981

DCP

Midstream

Operating

LP

3.25%,

02/15/2032

Eastern

Energy

Gas

Holdings

LLC

5.80%,

01/15/2035

Enbridge

Energy

Partners

LP

7.38%,

10/15/2045

Enbridge

Inc

2.99%,

10/03/2029

CAD

4.60%,

06/20/2028

$

4.73%,

08/22/2034

CAD

5.36%,

05/26/2033

6.25%,

03/01/2078

(k) $

2,500

2,511

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.90%

7.38%,

03/15/2055

(k) 60

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.12%

8.50%,

01/15/2084

(k) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%

Enbridge

Pipelines

Inc

3.52%,

02/22/2029

CAD

Energy

Transfer

LP

4.95%,

05/15/2028

$

5.15%,

02/01/2043

5.25%,

07/01/2029

5.35%,

05/15/2045

1,155

1,037

5.40%,

10/01/2047

1,238

1,106

5.95%,

05/15/2054

6.10%,

02/15/2042

6.25%,

04/15/2049

6.75%,

02/15/2056

(k) 3,200

3,223

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.48%

Enterprise

Products

Operating

LLC

3.70%,

01/31/2051

4.60%,

01/15/2031

5.10%,

02/15/2045

5.20%,

01/15/2036

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

6.75%,

03/15/2034

2,025

2,040

8.00%,

05/15/2033

1,375

1,447

Gibson

Energy

Inc

4.45%,

08/20/2032

CAD

Golar

LNG

Ltd

7.50%,

10/02/2030

(j) $

1,475

1,511

Gray

Oak

Pipeline

LLC

3.45%,

10/15/2027

(j) 825

809

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Harvest

Midstream

I

LP

7.50%,

05/15/2032

(j) $

1,175

$

1,223

Inter

Pipeline

Ltd/AB

3.98%,

11/25/2031

CAD

Keyera

Corp

4.57%,

10/15/2035

Kinder

Morgan

Energy

Partners

LP

5.00%,

08/15/2042

$

5.50%,

03/01/2044

Kinder

Morgan

Inc

5.45%,

08/01/2052

5.85%,

06/01/2035

Midwest

Connector

Capital

Co

LLC

4.63%,

04/01/2029

(j) 50

MPLX

LP

4.70%,

04/15/2048

4.80%,

02/15/2031

562

563

4.90%,

04/15/2058

5.00%,

03/01/2033

5.30%,

04/01/2036

ONEOK

Inc

4.75%,

10/15/2031

932

926

5.40%,

10/15/2035

5.80%,

11/01/2030

6.05%,

09/01/2033

6.63%,

09/01/2053

ONEOK

Partners

LP

6.65%,

10/01/2036

945

1,024

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

3,133

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

5.90%,

09/15/2037

South

Bow

USA

Infrastructure

Holdings

LLC

5.58%,

10/01/2034

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp

6.00%,

09/01/2031

(j) 675

679

6.75%,

03/15/2034

(j) 1,475

1,507

Targa

Resources

Corp

4.20%,

02/01/2033

4.95%,

04/15/2052

5.40%,

07/30/2036

Tennessee

Gas

Pipeline

Co

LLC

2.90%,

03/01/2030

(j) 200

TransCanada

PipeLines

Ltd

5.00%,

10/16/2043

5.92%,

05/12/2052

CAD

6.38%,

10/17/2056

(k) $

1,300

1,310

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.12%

Transcanada

Trust

5.60%,

03/07/2082

(k) 2,800

2,766

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.99%

Transcontinental

Gas

Pipe

Line

Co

LLC

5.10%,

03/15/2036

5.75%,

03/15/2056

Transportadora

de

Gas

del

Sur

SA

8.50%,

07/24/2031

Venture

Global

Calcasieu

Pass

LLC

6.00%,

05/01/2036

(j) 322

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Venture

Global

LNG

Inc

8.38%,

06/01/2031

(j) $

2,050

$

2,137

9.50%,

02/01/2029

(j) 550

600

9.88%,

02/01/2032

(j) 3,915

4,200

Venture

Global

Plaquemines

LNG

LLC

6.75%,

01/15/2036

(j) 1,820

1,935

7.75%,

05/01/2035

(j) 1,650

1,856

Western

Midstream

Operating

LP

5.30%,

03/01/2048

5.50%,

12/15/2035

Williams

Cos

Inc/The

2.60%,

03/15/2031

5.30%,

08/15/2028

5.30%,

08/15/2052

5.65%,

03/15/2033

564

584

5.75%,

06/24/2044

5.95%,

03/15/2056

$

57,505

Private

Equity

-

0.02%

Blackstone

Reg

Finance

Co

LLC

5.00%,

12/06/2034

Brookfield

Finance

II

Inc

5.43%,

12/14/2032

CAD

Brookfield

Finance

Inc

5.97%,

03/04/2054

$

Brookfield

Finance

LLC

/

Brookfield

Finance

Inc

3.45%,

04/15/2050

Carlyle

Finance

Subsidiary

LLC

3.50%,

09/19/2029

(j) 100

KKR

Group

Finance

Co

VIII

LLC

3.50%,

08/25/2050

(j) 50

$

Real

Estate

-

0.43%

Acef

Holding

SCA

1.25%,

04/26/2030

EUR

Akelius

Residential

Property

Financing

BV

1.00%,

01/17/2028

Aldar

Properties

PJSC

5.88%,

04/14/2056

(j),(k)

$

3,175

2,995

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.02%

Aster

Treasury

Plc

1.41%,

01/27/2036

GBP

Blend

Funding

PLC

3.46%,

09/21/2049

Castellum

Helsinki

Finance

Holding

Abp

0.88%,

09/17/2029

EUR

CBRE

Services

Inc

4.90%,

01/15/2033

$

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

IWG

US

Finance

LLC

6.50%,

06/28/2030

EUR

LEG

Immobilien

SE

0.75%,

06/30/2031

London

&

Quadrant

Housing

Trust

2.00%,

03/31/2032

GBP

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Real

Estate

(continued)

MAF

Global

Securities

Ltd

7.88%,

06/30/2027

(h),(k)

$

1,600

$

1,618

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.89%

Mobiliare

Latam

SA

/

Mobiliare

Latam

Mexico

SA

de

CV

6.75%,

11/10/2032

(j) 1,575

1,580

Notting

Hill

Genesis

2.88%,

01/31/2029

GBP

Ontario

Teachers'

Cadillac

Fairview

Properties

Trust

2.50%,

10/15/2031

(j) $

830

736

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

5.27%,

09/03/2032

AUD

$

9,349

Regional

Authority

-

0.27%

Province

of

British

Columbia

Canada

4.20%,

07/06/2033

$

1,274

1,252

Province

of

Santa

Fe

8.10%,

12/11/2034

(j) 1,375

1,348

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(l) 2,446

1,884

Provincia

de

Cordoba

8.60%,

02/03/2035

(j) 1,525

1,474

$

5,958

REITs

-

0.82%

Alexandria

Real

Estate

Equities

Inc

4.90%,

12/15/2030

(i) 100

5.25%,

05/15/2036

American

Homes

Rent

LP

4.25%,

02/15/2028

American

Tower

Corp

1.50%,

01/31/2028

2.30%,

09/15/2031

617

546

4.10%,

05/16/2034

EUR

4.70%,

12/15/2032

$

5.20%,

02/15/2029

1,040

1,058

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

5.60%,

06/01/2029

Digital

Dutch

Finco

BV

1.25%,

02/01/2031

EUR

Emirates

Reit

Sukuk

III

Ltd

7.50%,

12/12/2028

(l) $

675

679

Equinix

Asia

Financing

Corp

Pte

Ltd

4.40%,

03/15/2031

Equinix

Canada

Financing

Ltd

4.00%,

11/15/2032

CAD

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

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

Eight

LLC

5.88%,

04/28/2046

(j) 681

663

Goodman

US

Finance

Seven

LLC

5.25%,

04/28/2036

(j) 100

Goodman

US

Finance

Six

LLC

5.13%,

10/07/2034

(j) 272

Granite

REIT

Holdings

LP

3.06%,

06/04/2027

CAD

Healthpeak

OP

LLC

3.50%,

07/15/2029

$

Highwoods

Realty

LP

7.65%,

02/01/2034

Host

Hotels

&

Resorts

LP

5.50%,

04/15/2035

Invitation

Homes

Operating

Partnership

LP

5.50%,

08/15/2033

Kilroy

Realty

LP

4.75%,

12/15/2028

Kimco

Realty

OP

LLC

2.25%,

12/01/2031

4.60%,

02/01/2033

Klepierre

SA

2.00%,

05/12/2029

EUR

LXP

Industrial

Trust

2.38%,

10/01/2031

$

Mid-America

Apartments

LP

4.65%,

01/15/2033

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

3.50%,

03/15/2031

1,650

1,183

5.00%,

10/15/2027

950

926

8.50%,

02/15/2032

(j) 1,550

1,610

National

Health

Investors

Inc

5.35%,

02/01/2033

NNN

REIT

Inc

5.60%,

10/15/2033

Omega

Healthcare

Investors

Inc

5.20%,

07/01/2030

Prologis

Euro

Finance

LLC

0.50%,

02/16/2032

EUR

Prologis

LP

2.25%,

04/15/2030

$

4.25%,

05/15/2034

CAD

Public

Storage

Operating

Co

5.00%,

12/15/2035

$

Realty

Income

Corp

4.65%,

03/15/2047

(i) 100

Regency

Centers

LP

5.25%,

01/15/2034

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

5.75%,

03/15/2034

(j) 1,900

1,889

RioCan

Real

Estate

Investment

Trust

5.61%,

10/06/2027

CAD

Scentre

Group

Trust

5.90%,

11/27/2034

AUD

Service

Properties

Trust

8.63%,

11/15/2031

(j) $

2,225

2,341

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

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

(i) $

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

Vital

Infrastructure

Property

Trust

5.51%,

02/18/2030

CAD

WEA

Finance

LLC

3.50%,

06/15/2029

(j) $

Welltower

OP

LLC

4.13%,

03/15/2029

Weyerhaeuser

Co

4.00%,

03/09/2052

WPC

Eurobond

BV

0.95%,

06/01/2030

EUR

$

17,979

Retail

-

0.85%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.00%,

10/15/2030

(j) $

3,150

2,997

7-Eleven

Inc

2.50%,

02/10/2041

(j) 100

Alimentation

Couche-Tard

Inc

5.27%,

02/12/2034

(j) 150

Asbury

Automotive

Group

Inc

5.00%,

02/15/2032

(j) 600

575

AutoNation

Inc

4.45%,

01/15/2029

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

Dollarama

Inc

3.94%,

07/25/2031

CAD

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

6.75%,

01/15/2030

(j) $

700

678

Home

Depot

Inc/The

3.35%,

04/15/2050

4.50%,

12/06/2048

4.75%,

06/25/2029

4.90%,

04/15/2029

4.95%,

06/25/2034

LCM

Investments

Holdings

II

LLC

8.25%,

08/01/2031

(j) 1,725

1,807

Lithia

Motors

Inc

4.38%,

01/15/2031

(j) 950

902

Lowe's

Cos

Inc

2.63%,

04/01/2031

4.05%,

05/03/2047

4.45%,

04/01/2062

4.50%,

04/15/2030

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

McDonald's

Corp

3.63%,

09/01/2049

$

550

$

3.88%,

02/20/2031

EUR

4.60%,

09/09/2032

(i) $

4.80%,

08/14/2028

1,178

1,190

4.88%,

12/09/2045

5.20%,

05/17/2034

Michaels

Cos

Inc/The

8.50%,

03/15/2033

(j) 1,875

1,852

O'Reilly

Automotive

Inc

3.60%,

09/01/2027

837

829

Papa

John's

International

Inc

3.88%,

09/15/2029

(j) 525

503

Starbucks

Corp

4.50%,

11/15/2048

4.80%,

02/15/2033

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp

5.00%,

06/01/2031

(j) 1,000

960

Target

Corp

2.95%,

01/15/2052

4.50%,

09/15/2032

(i) 75

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(j) 2,425

2,539

Walmart

Inc

1.50%,

09/22/2028

1.80%,

09/22/2031

2.50%,

09/22/2041

4.50%,

04/15/2053

$

18,613

Savings

&

Loans

-

0.00%

Nationwide

Building

Society

3.77%,

01/27/2036

(k) EUR

Month

Euro

Interbank

Offered

Rate

+

1.23%

Semiconductors

-

0.44%

Analog

Devices

Inc

5.30%,

04/01/2054

$

Applied

Materials

Inc

3.30%,

04/01/2027

4.60%,

01/15/2036

Broadcom

Inc

2.45%,

02/15/2031

1,350

1,229

3.19%,

11/15/2036

(j) 1,427

1,197

3.42%,

04/15/2033

4.90%,

07/15/2032

4.90%,

02/15/2038

Foundry

JV

Holdco

LLC

5.50%,

01/25/2031

(j) 200

6.15%,

01/25/2032

(j) 669

704

6.30%,

01/25/2039

(j) 400

6.40%,

01/25/2038

(j) 725

774

Intel

Corp

2.80%,

08/12/2041

3.73%,

12/08/2047

914

655

4.10%,

05/19/2046

4.15%,

08/05/2032

4.88%,

02/10/2028

5.05%,

08/05/2062

5.70%,

02/10/2053

6.20%,

05/15/2066

KLA

Corp

4.95%,

07/15/2052

Marvell

Technology

Inc

4.88%,

06/22/2028

NVIDIA

Corp

2.00%,

06/15/2031

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

5.00%,

01/15/2033

$

$

Qorvo

Inc

4.38%,

10/15/2029

QUALCOMM

Inc

4.75%,

05/20/2032

4.80%,

05/20/2045

Texas

Instruments

Inc

3.88%,

03/15/2039

4.60%,

02/15/2028

4.90%,

03/14/2033

$

9,647

Software

-

2.56%

AthenaHealth

Group

Inc

6.50%,

02/15/2030

(j) 10,785

10,280

Capstone

Borrower

Inc

8.00%,

06/15/2030

(j) 4,225

4,076

Cloud

Software

Group

Inc

6.50%,

03/31/2029

(j) 860

837

CoreWeave

Inc

9.00%,

02/01/2031

(j) 4,240

4,213

Dye

&

Durham

Ltd

8.63%,

04/15/2029

(j) 4,078

3,557

Ellucian

Holdings

Inc

6.50%,

12/01/2029

(j) 4,495

4,421

Fair

Isaac

Corp

6.25%,

09/15/2034

(j) 1,610

1,585

Fidelity

National

Information

Services

Inc

4.55%,

03/10/2029

4.80%,

03/10/2031

Fiserv

Inc

3.00%,

07/01/2031

GBP

4.40%,

07/01/2049

$

Intuit

Inc

5.13%,

09/15/2028

Microsoft

Corp

2.68%,

06/01/2060

3.70%,

08/08/2046

4.10%,

02/06/2037

(i) 150

MSCI

Inc

5.25%,

09/01/2035

OAK-Eagle

Acquireco

Inc

7.25%,

07/01/2033

(j) 3,260

3,359

8.75%,

07/01/2034

(j) 1,550

1,613

Oracle

Corp

2.88%,

03/25/2031

3.60%,

04/01/2040

3.60%,

04/01/2050

3.80%,

11/15/2037

1,050

830

3.85%,

04/01/2060

4.00%,

11/15/2047

790

520

4.13%,

05/15/2045

4.45%,

09/26/2030

526

507

4.50%,

07/08/2044

1,237

912

4.65%,

05/06/2030

4.80%,

09/26/2032

5.35%,

05/04/2033

900

875

5.50%,

08/03/2035

5.88%,

09/26/2045

5.95%,

09/26/2055

896

751

6.10%,

09/26/2065

6.13%,

07/08/2039

6.55%,

02/04/2046

6.70%,

02/04/2056

Playtika

Holding

Corp

4.25%,

03/15/2029

(j) 5,100

4,393

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Roper

Technologies

Inc

4.20%,

09/15/2028

$

$

4.25%,

09/15/2028

Salesforce

Inc

1.95%,

07/15/2031

4.65%,

03/15/2029

650

651

5.55%,

03/15/2036

6.40%,

03/15/2046

6.55%,

03/15/2056

SAP

SE

1.25%,

03/10/2028

EUR

SS&C

Technologies

Inc

6.50%,

06/01/2032

(j) $

1,400

1,417

Synopsys

Inc

5.00%,

04/01/2032

UKG

Inc

6.88%,

02/01/2031

(j) 3,675

3,577

VMware

LLC

4.70%,

05/15/2030

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp

3.88%,

02/01/2029

(j) 3,550

2,888

$

56,013

Sovereign

-

5.50%

Angolan

Government

International

Bond

8.25%,

05/09/2028

1,630

1,670

9.38%,

03/31/2033

(j) 1,975

2,089

Argentine

Republic

Government

International

Bond

0.75%,

07/09/2030

(l) 1,944

1,672

Bahamas

Government

International

Bond

8.25%,

06/24/2036

(j) 525

584

8.25%,

06/24/2036

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2029

BRL

50,400

9,411

Brazilian

Government

International

Bond

4.88%,

04/23/2033

EUR

2,600

3,021

Chile

Government

International

Bond

2.75%,

01/31/2027

$

2,500

2,470

Colombian

TES

11.00%,

08/22/2029

COP

12,088,400

3,067

13.25%,

02/09/2033

16,206,500

4,293

Czech

Republic

Government

Bond

6.20%,

06/16/2031

CZK

63,000

3,271

DRC

International

Bond

8.75%,

04/16/2032

(j) $

5,450

5,555

Ecuador

Government

International

Bond

0.00%,

07/31/2030

(d) 3,623

3,101

6.90%,

07/31/2035

(l) 1,005

927

8.75%,

01/29/2034

(j) 1,225

1,250

Egypt

Government

Bond

22.42%,

01/06/2028

EGP

43,600

804

24.46%,

10/01/2027

55,900

1,027

25.32%,

08/13/2027

53,500

1,001

Egypt

Treasury

Bills

20.25%,

10/27/2026

(q) 50,100

837

21.07%,

09/08/2026

(q) 27,600

21.32%,

08/25/2026

(q) 27,600

23.40%,

05/19/2026

(q) 117,400

2,169

Farm

Credit

Bank

of

Texas

7.00%,

09/15/2030

(h),(k)

$

2,000

2,042

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

Ghana

Government

International

Bond

0.00%,

01/03/2030

(d),(j)

1,617

1,424

0.00%,

01/03/2030

(d) 1,251

1,102

5.00%,

07/03/2029

(j),(l)

2,122

2,075

5.00%,

07/03/2029

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Hungary

Government

Bond

4.50%,

03/23/2028

HUF

3,055,000

$

9,601

Ivory

Coast

Government

International

Bond

5.88%,

10/17/2031

EUR

3,275

3,855

Japan

Government

Five

Year

Bond

0.40%,

09/20/2028

JPY

97,500

607

Japan

Government

Ten

Year

Bond

0.70%,

12/20/2033

41,050

Mexican

Bonos

8.50%,

11/18/2038

MXN

117,500

6,223

Mexican

Udibonos

2.75%,

11/27/2031

26,380

1,377

4.00%,

08/24/2034

19,978

1,090

Mexico

Government

International

Bond

4.28%,

08/14/2041

$

1,281

1,010

5.38%,

03/22/2033

1,019

999

6.34%,

05/04/2053

6.63%,

01/29/2038

802

826

Peruvian

Government

International

Bond

4.13%,

08/25/2027

1,200

1,199

6.90%,

08/12/2037

PEN

15,650

4,517

Republic

of

Cameroon

International

Bond

8.88%,

01/30/2033

$

1,825

1,783

9.50%,

07/31/2031

Republic

of

Italy

Government

International

Bond

3.88%,

05/06/2051

1,013

735

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

18,357

4,622

Republic

of

Poland

Government

International

Bond

5.50%,

11/16/2027

$

2,000

2,038

6.13%,

04/14/2056

1,030

1,033

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

20,075

1,136

Romania

Government

Bond

6.70%,

02/25/2032

RON

12,950

2,846

Romanian

Government

International

Bond

5.63%,

05/30/2037

EUR

1,975

2,197

6.75%,

07/11/2039

525

624

Turkiye

Government

Bond

30.08%,

09/12/2029

TRY

116,375

2,264

Ukraine

Government

International

Bond

4.00%,

02/01/2032

(j),(l)

$

1,216

932

4.00%,

02/01/2032

(l) 1,100

843

4.50%,

02/01/2034

(j),(l)

573

4.50%,

02/01/2034

(l) 6,442

3,954

Venezuela

Government

International

Bond

0.00%,

05/07/2023

(d) 6,350

3,175

Zambia

Government

International

Bond

5.75%,

06/30/2033

(l) 3,535

3,479

$

120,451

Student

Loan

Asset

Backed

Securities

-

0.92%

CIT

Education

Loan

Trust

2007-1

4.04%,

03/25/2042

(j) 1,126

1,104

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.35%

Commonbond

Student

Loan

Trust

2017-B-GS

2.68%,

09/25/2042

(j) 963

909

Commonbond

Student

Loan

Trust

2021-A-GS

1.20%,

03/25/2052

(j) 203

ELFI

Graduate

Loan

Program

2024-A

LLC

5.56%,

08/25/2049

(j) 1,405

1,411

KeyCorp

Student

Loan

Trust

2006-A

5.12%,

03/27/2042

989

796

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.41%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

National

Collegiate

Student

Loan

Trust

2005-2

4.14%,

06/25/2033

$

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.48%

National

Collegiate

Student

Loan

Trust

2006-4

4.11%,

05/25/2032

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.45%

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(j) 727

664

Navient

Student

Loan

Trust

6.48%,

03/15/2072

(j) 1,207

1,235

Nelnet

Student

Loan

Trust

2021-D

4.47%,

04/20/2062

(j) 214

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.80%

Nelnet

Student

Loan

Trust

2023-A

5.84%,

02/20/2041

(j) 329

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

2.20%

6.64%,

02/20/2041

(j) 412

SLM

Private

Credit

Student

Loan

Trust

2003-A

5.54%,

06/15/2032

1,939

791

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.86%

SLM

Private

Credit

Student

Loan

Trust

2003-B

5.54%,

03/15/2033

661

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.86%

SLM

Private

Credit

Student

Loan

Trust

2003-C

5.54%,

09/15/2032

511

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.86%

SLM

Private

Credit

Student

Loan

Trust

2005-A

4.25%,

12/15/2038

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.57%

SLM

Private

Credit

Student

Loan

Trust

2005-B

4.27%,

06/15/2039

825

814

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.59%

SLM

Private

Credit

Student

Loan

Trust

2006-A

4.23%,

06/15/2039

1,129

1,107

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.55%

SLM

Private

Credit

Student

Loan

Trust

2006-B

4.14%,

12/15/2039

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

SLM

Private

Credit

Student

Loan

Trust

2007-A

4.18%,

12/16/2041

1,185

1,170

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.50%

SLM

Student

Loan

Trust

2008-2

4.68%,

07/27/2026

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.01%

SLM

Student

Loan

Trust

2008-3

4.93%,

07/25/2028

1,373

1,368

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.26%

SLM

Student

Loan

Trust

2008-4

5.58%,

01/25/2028

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.91%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

SLM

Student

Loan

Trust

2008-5

5.63%,

10/25/2027

$

971

$

975

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.96%

SLM

Student

Loan

Trust

2008-6

5.03%,

04/25/2029

1,655

1,648

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.36%

SMB

Private

Education

Loan

Trust

2014-A

4.50%,

09/15/2045

(j) 100

SMB

Private

Education

Loan

Trust

2021-A

2.31%,

01/15/2053

(j) 704

688

Towd

Point

Asset

Trust

2021-SL1

1.05%,

11/20/2061

(j) 661

644

4.83%,

11/20/2061

(j) 600

596

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.16%

5.18%,

11/20/2061

(j) 1,200

1,187

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

$

20,136

Supranational

Bank

-

0.34%

Africa

Finance

Corp

7.50%,

01/21/2030

(h),(j),(k)

1,525

1,548

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.50%,

01/21/2030

(h),(k)

875

888

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

European

Investment

Bank

3.25%,

11/15/2027

1,871

1,852

Inter-American

Development

Bank

1.13%,

07/20/2028

1,834

1,726

International

Bank

for

Reconstruction

&

Development

0.75%,

11/24/2027

1,538

1,465

$

7,479

Telecommunications

-

3.20%

Africell

Holding

Ltd

10.50%,

10/23/2029

(i),(j)

2,500

2,515

10.50%,

10/23/2029

(i) 300

America

Movil

SAB

de

CV

6.13%,

03/30/2040

APLD

ComputeCo

LLC

6.75%,

03/15/2031

(j) 1,150

1,139

APLD

ComputeCo

LLC

9.25%,

12/15/2030

(j) 3,420

3,676

AT&T

Inc

3.15%,

06/01/2030

EUR

3.55%,

09/15/2055

$

3.65%,

06/01/2051

3.65%,

09/15/2059

3.85%,

06/01/2060

4.25%,

06/01/2043

GBP

4.30%,

02/15/2030

$

4.30%,

11/18/2034

EUR

4.50%,

05/15/2035

$

1,222

1,157

4.70%,

08/15/2030

4.75%,

04/30/2033

4.75%,

05/15/2046

938

787

4.90%,

11/01/2035

4.90%,

08/15/2037

1,154

1,104

5.25%,

10/30/2036

5.38%,

08/15/2035

5.40%,

02/15/2034

5.55%,

08/15/2041

5.70%,

11/01/2054

826

766

6.05%,

08/15/2056

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

AT&T

Inc

(continued)

6.30%,

10/30/2066

$

$

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(j) 1,175

1,184

7.25%,

07/11/2030

Bell

Telephone

Co

of

Canada

or

Bell

Canada

4.70%,

03/14/2036

CAD

5.20%,

02/15/2034

$

5.60%,

08/11/2053

CAD

Black

Pearl

Compute

LLC

6.13%,

02/15/2031

(j) $

1,350

1,370

British

Telecommunications

PLC

3.13%,

11/21/2031

GBP

5.13%,

12/04/2028

$

Cisco

Systems

Inc

2.50%,

09/20/2026

5.05%,

02/26/2034

5.10%,

02/24/2035

1,038

1,051

5.30%,

02/26/2054

Core

Scientific

Finance

I

LLC

7.75%,

05/15/2031

(j),(o)

1,375

1,372

Corning

Inc

5.45%,

11/15/2079

DB

Terra

Chile

HoldCo

SpA

7.95%,

04/20/2031

(j) 3,100

3,078

Deutsche

Telekom

AG

1.75%,

12/09/2049

EUR

Deutsche

Telekom

International

Finance

BV

4.38%,

06/21/2028

(j) $

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(j) 2,725

2,835

Flash

Compute

LLC

7.25%,

12/31/2030

(j) 875

893

HUT

DC

LLC

6.19%,

11/15/2042

(j) 962

970

Meridian

Arc

Holdco

LLC

6.25%,

04/30/2031

(j) 6,145

6,144

Motorola

Solutions

Inc

5.55%,

08/15/2035

NTT

Finance

Corp

0.34%,

03/03/2030

EUR

5.17%,

07/16/2032

(j) $

531

536

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

4.00%,

01/13/2029

(j) $

4.25%,

01/13/2031

(j) 542

531

5.00%,

01/13/2036

(j) 657

643

PR

RNO

Property

Owner

LLC

6.50%,

05/01/2031

(j),(o)

1,100

1,090

QTS

Fayetteville

I

Dc1-2

LLC

/

QTS

TRS

Fayetteville

I

DC1-2

LLC

5.70%,

04/15/2036

(j) 100

Rogers

Communications

Inc

4.55%,

03/15/2052

5.30%,

02/15/2034

SE

Cosmos

LLC

8.88%,

05/01/2031

(j),(o)

4,315

4,293

Silk

Road

Group

Holding

LLC

7.50%,

09/15/2030

(j) 3,450

3,476

SoftBank

Corp

3.94%,

06/30/2032

EUR

Sprint

Capital

Corp

6.88%,

11/15/2028

$

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

SV

RNO

Property

Owner

LLC

5.88%,

03/01/2031

(j) $

1,250

$

1,226

Telecom

Argentina

SA

9.50%,

07/18/2031

625

668

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(j) 825

826

7.00%,

10/28/2029

950

951

Telefonica

Emisiones

SA

3.72%,

01/23/2034

EUR

4.67%,

03/06/2038

$

4.90%,

03/06/2048

657

547

Telia

Co

AB

0.13%,

11/27/2030

EUR

Telstra

Group

Ltd

1.38%,

03/26/2029

TELUS

Corp

4.70%,

03/06/2048

CAD

7.00%,

10/15/2055

(i),(k)

$

1,000

1,034

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.71%

T-Mobile

USA

Inc

3.00%,

02/15/2041

2,187

1,597

3.60%,

11/15/2060

505

3.70%,

05/08/2032

EUR

3.88%,

04/15/2030

$

4.38%,

04/15/2040

4.80%,

07/15/2028

5.05%,

07/15/2033

5.65%,

01/15/2053

Veon

Midco

BV

3.38%,

11/25/2027

2,800

2,731

Verizon

Communications

Inc

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

$

835

586

2.99%,

10/30/2056

3.00%,

11/20/2060

748

3.40%,

03/22/2041

3.55%,

03/22/2051

3.88%,

03/01/2052

4.25%,

08/15/2056

(k) EUR

Euribor

Swap

Rate

Year

+

1.72%

4.50%,

08/10/2033

$

784

761

4.78%,

02/15/2035

5.25%,

04/02/2035

824

824

5.75%,

11/30/2045

6.00%,

11/30/2065

725

699

Vmed

O2

UK

Financing

I

PLC

4.25%,

01/31/2031

(j) 3,450

2,970

Vodafone

Group

PLC

5.63%,

02/10/2053

5.75%,

06/28/2054

5.75%,

02/10/2063

5.88%,

06/28/2064

Vodafone

International

Financing

DAC

3.38%,

07/03/2033

EUR

WULF

Compute

LLC

7.75%,

10/15/2030

(j) $

2,775

2,917

$

70,133

Transportation

-

0.61%

Burlington

Northern

Santa

Fe

LLC

4.15%,

12/15/2048

672

537

4.45%,

03/15/2043

707

618

5.20%,

04/15/2054

5.80%,

03/15/2056

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

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

CSX

Corp

3.35%,

09/15/2049

3.80%,

11/01/2046

Deutsche

Post

AG

3.75%,

11/25/2037

EUR

DSV

Finance

BV

1.38%,

03/16/2030

East

Japan

Railway

Co

1.10%,

09/15/2039

Federal

Express

Corp

2020-1

Pass

Through

Trusts

1.88%,

08/20/2035

$

1,434

1,240

FedEx

Corp

4.95%,

10/17/2048

Fedex

Freight

Holding

Co

Inc

4.30%,

03/15/2029

(j) 430

GB

AIT

Buyer

Inc

8.75%,

04/30/2034

(j) 1,650

1,660

GXO

Logistics

Inc

6.25%,

05/06/2029

Norfolk

Southern

Corp

4.55%,

06/01/2053

5.55%,

03/15/2034

Ryder

System

Inc

5.25%,

06/01/2028

Transnet/South

Africa

8.25%,

02/06/2028

3,125

3,261

TTX

Co

5.50%,

09/25/2026

(j) 839

842

Union

Pacific

Corp

3.25%,

02/05/2050

3.60%,

09/15/2037

3.85%,

02/14/2072

United

Parcel

Service

Inc

3.40%,

11/15/2046

5.30%,

04/01/2050

Yinson

Bergenia

Production

BV

8.50%,

01/31/2045

(j) 937

1,002

8.50%,

01/31/2045

1,110

1,187

$

13,385

Trucking

&

Leasing

-

0.26%

FTAI

Aviation

Investors

LLC

7.00%,

05/01/2031

(j) 1,925

1,992

7.00%,

06/15/2032

(j) 875

903

GATX

Corp

6.05%,

03/15/2034

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

5.25%,

02/01/2030

(j) 697

707

5.35%,

03/30/2029

(j) 292

5.88%,

11/15/2027

(j) 100

6.05%,

08/01/2028

(j) 712

732

6.20%,

06/15/2030

(j) 786

825

$

5,664

Water

-

0.05%

American

Water

Capital

Corp

4.15%,

06/01/2049

Anglian

Water

Services

Financing

PLC

5.38%,

11/10/2033

GBP

Essential

Utilities

Inc

3.35%,

04/15/2050

$

Northumbrian

Water

Finance

PLC

5.63%,

04/29/2033

GBP

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Water

(continued)

Severn

Trent

Utilities

Finance

PLC

4.00%,

03/05/2034

EUR

$

Suez

SACA

5.00%,

11/03/2032

SW

Finance

I

PLC

6.19%,

03/31/2029

GBP

United

Utilities

Water

Finance

PLC

2.63%,

02/12/2031

Veolia

Environnement

SA

0.80%,

01/15/2032

EUR

1.59%,

01/10/2028

Yorkshire

Water

Services

Finance

Ltd

5.50%,

05/28/2037

(l) GBP

$

1,020

TOTAL

BONDS

$

1,626,878

CONVERTIBLE

BONDS

-

0.08%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

0.07%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

1,400

$

1,483

Oil

&

Gas

-

0.01%

Kosmos

Energy

Ltd

3.13%,

03/15/2030

TOTAL

CONVERTIBLE

BONDS

$

1,776

SENIOR

FLOATING

RATE

INTERESTS

-

7.06%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.05%

Advantage

Sales

&

Marketing

Inc

;

Term

Loan

9.93%,

04/19/2030

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Clear

Channel

Outdoor

Holdings

Inc

;

Term

Loan

B

7.78%,

08/23/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

CMG

Media

Corp

;

Term

Loan

B2

7.30%,

06/18/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Neptune

Bidco

US

Inc

;

Term

Loan

B

8.77%,

02/03/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Planet

US

Buyer

LLC

;

Term

Loan

B

6.67%,

02/07/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

1,192

Aerospace

&

Defense

-

0.11%

Bleriot

US

Bidco

Inc

;

Term

Loan

B

6.20%,

10/31/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Goat

Holdco

LLC

;

Term

Loan

B

6.17%,

12/10/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Kaman

Corp

;

Term

Loan

B

5.95%,

02/26/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Signia

Aerospace

LLC

;

Term

Loan

B

6.42%-6.45%,

12/11/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

TransDigm

Inc

;

Term

Loan

J

6.17%,

02/28/2031

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

;

Term

Loan

L

6.17%,

01/19/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

;

Term

Loan

M

6.17%,

08/19/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

TransDigm

Inc

;

Term

Loan

N

6.17%,

02/10/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

2,360

Airlines

-

0.02%

AAdvantage

Loyalty

IP

Ltd

;

Term

Loan

B

5.92%,

04/20/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Air

Canada

;

Term

Loan

B

5.42%,

03/21/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

United

Airlines

Inc

;

Term

Loan

B

5.40%,

02/22/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

WestJet

Loyalty

LP

;

Term

Loan

B

6.45%,

02/14/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

Apparel

-

0.03%

ABG

Intermediate

Holdings

LLC

;

Term

Loan

B1

5.92%,

12/21/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Beach

Acquisition

Bidco

LLC

;

Term

Loan

B1

6.95%,

09/12/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Varsity

Brands

Inc

;

Term

Loan

B

6.45%,

08/26/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

WH

Borrower

LLC

;

Term

Loan

B

8.16%,

02/20/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

761

Automobile

Manufacturers

-

0.02%

Allison

Transmission

Inc

;

Term

Loan

B

5.40%,

11/05/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

American

Trailer

World

Corp

;

Term

Loan

7.52%,

03/03/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

0.04%

Clarios

Global

LP

;

Term

Loan

B

6.17%,

05/04/2030

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.42%,

01/28/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Dexko

Global

Inc

;

Term

Loan

8.16%,

10/04/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

968

Beverages

-

0.13%

Arterra

Wines

Canada

Inc

;

Term

Loan

B1

7.46%,

11/25/2027

1,560

1,527

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

BrewCo

Borrower

LLC

10.67%,

09/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

10.68%,

09/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Naked

Juice

LLC

;

Term

Loan

9.20%,

01/24/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Pegasus

Bidco

BV

;

Term

Loan

B

6.40%,

07/12/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Primo

Brands

Corp

;

Term

Loan

B

6.45%,

03/19/2031

951

957

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

2,778

Biotechnology

-

0.03%

BioMarin

Pharmaceutical

Inc

;

Term

Loan

B

0.00%,

04/27/2033

(r) 255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Genmab

A/S

;

Term

Loan

B

6.70%,

11/19/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Grifols

International

Services

USA

Inc

;

Term

Loan

B

6.19%,

04/01/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

653

Building

Materials

-

0.07%

ACProducts

Holdings

Inc

;

Term

Loan

B

8.21%,

05/17/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Chariot

Buyer

LLC

;

Term

Loan

B

6.42%,

09/08/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cornerstone

Building

Brands

Inc

;

Term

Loan

B

7.03%,

04/12/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

(continued)

CP

Atlas

Buyer

Inc

;

Term

Loan

B

8.92%,

07/08/2030

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Gibraltar

Industries

Inc

5.90%-5.91%,

01/29/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

MI

Windows

And

Doors

LLC

;

Term

Loan

B3

6.42%,

03/21/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Quikrete

Holdings

Inc

;

Term

Loan

B3

5.92%,

02/10/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Quikrete

Holdings

Inc

;

Term

Loan

B1

5.92%,

04/14/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

1,474

Chemicals

-

0.38%

Advancion

Holdings

LLC

;

Term

Loan

11.52%,

10/27/2028

8,680

6,770

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Ecovyst

Catalyst

Technologies

LLC

;

Term

Loan

B

5.66%,

06/12/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Fortis

Inc

;

Term

Loan

B

7.17%,

03/29/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

INEOS

US

Finance

LLC

;

Term

Loan

B

6.27%,

11/08/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.92%,

02/19/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

INEOS

US

Petrochem

LLC

;

Term

Loan

B

0.00%,

03/14/2030

(r) 23

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

0.00%,

10/01/2031

(r) 62

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Nouryon

Finance

BV

;

Term

Loan

B

6.94%,

04/03/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Qnity

Electronics

Inc

;

Term

Loan

B

5.90%,

11/01/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SCIH

Salt

Holdings

Inc

;

Term

Loan

B1

6.35%,

01/31/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Solstice

Advanced

Materials

Inc

;

Term

Loan

B

5.42%,

10/29/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

USALCO

LLC

;

Term

Loan

B

7.15%,

09/30/2031

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

8,282

Commercial

Services

-

0.34%

Aggreko

Holdings

Inc

;

Term

Loan

B

6.66%,

05/21/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Allied

Universal

Holdco

LLC

;

Term

Loan

B

6.92%,

08/06/2032

507

508

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Anticimex

Global

AB

;

Term

Loan

B8

6.56%,

11/17/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Belron

Finance

2019

LLC

;

Term

Loan

B

5.66%,

10/16/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Camelot

US

Acquisition

LLC

;

Term

Loan

B

6.42%,

01/31/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Catawba

Nation

Gaming

Authority

;

Term

Loan

B

8.42%,

03/29/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Champions

Financing

Inc

;

Term

Loan

B

8.42%,

02/23/2029

1,969

1,871

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

CompoSecure

Holdings

LLC

;

Term

Loan

B

5.92%,

01/07/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Corp

Service

Co

;

Term

Loan

B

5.78%,

11/02/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Creative

Artists

Agency

LLC

;

Term

Loan

B

6.17%,

10/01/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

CSC

ServiceWorks

East

LLC

;

Term

Loan

7.93%,

09/04/2030

774

536

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

9.10%,

09/04/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.43%

Element

Materials

Technology

Group

US

Holdings

Inc

7.20%,

07/06/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Ensemble

RCM

LLC

;

Term

Loan

B

6.66%,

01/28/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

EVERTEC

Group

LLC

;

Term

Loan

B

5.92%,

10/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Garda

World

Security

Corp

;

Term

Loan

B

6.44%,

02/01/2029

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Hertz

Corp/The

;

TERM

C-EXIT

7.29%,

06/30/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Hertz

Corp/The

;

Term

Loan

B-Exit

7.28%,

06/30/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Jupiter

Buyer

Inc

;

Term

Loan

B

7.70%,

10/10/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Learning

Care

Group

US

No

Inc

;

Term

Loan

B

7.63%-7.70%,

08/11/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Medical

Solutions

Holdings

Inc

;

Term

Loan

B

7.27%,

10/06/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Mister

Car

Wash

Holdings

Inc

;

Term

Loan

0.00%,

03/27/2031

(r) 116

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Mister

Car

Wash

Holdings

Inc

;

Term

Loan

B

5.92%,

03/27/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

OMNIA

Partners

LLC

;

Term

Loan

B

6.43%,

12/31/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

PAREXEL

International

Corp

;

Term

Loan

B

6.42%,

12/09/2031

531

531

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

PG

Polaris

BidCo

Sarl

;

Term

Loan

B

5.95%,

03/26/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Prime

Security

Services

Borrower

LLC

;

Term

Loan

B2

5.41%,

03/07/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Prime

Security

Services

Borrower

LLC

;

Term

Loan

B1

5.66%,

10/13/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Pye-Barker

Fire

&

Safety

LLC

;

Term

Loan

5.59%,

12/09/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Pye-Barker

Fire

&

Safety

LLC

;

Delayed

Draw

Term

Loan

DD

6.17%,

12/16/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Signal

Parent

Inc

;

Term

Loan

B

7.27%,

04/03/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Wand

NewCo

Inc

;

Term

Loan

B2

6.17%,

01/30/2031

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

7,471

Computers

-

0.16%

Amentum

Holdings

Inc

;

Term

Loan

B

5.40%,

07/29/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

CACI

International

Inc

;

Term

Loan

B2

5.42%,

02/25/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Clover

Holdings

LLC

;

Term

Loan

B

8.24%,

12/09/2031

822

788

Fortress

Intermediate

Inc

;

Term

Loan

B

6.66%,

06/27/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

McAfee

Corp

;

Term

Loan

B1

6.67%,

03/01/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

NCR

Atleos

Corp

;

Term

Loan

B

6.68%,

04/16/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Peraton

Corp

;

Term

Loan

B

7.52%,

02/01/2028

549

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Perforce

Software

Inc

;

Term

Loan

B

8.42%,

03/21/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Sonicwall

US

Holdings

Inc

;

Term

Loan

8.73%,

05/18/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Sophos

Holdings

LLC

;

Term

Loan

B

7.28%,

03/05/2027

1,546

1,494

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Synechron

Inc

;

Term

Loan

B

7.45%,

10/03/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Virtusa

Corp

;

Term

Loan

B

0.00%,

02/15/2029

(r) 9

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

World

Wide

Technology

Holding

Co

LLC

;

Term

Loan

B

5.67%,

03/01/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

3,583

Consumer

Products

-

0.00%

VC

GB

Holdings

I

Corp

;

Term

Loan

B

7.46%,

06/30/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Cosmetics

&

Personal

Care

-

0.03%

Conair

Holdings

LLC

;

Term

Loan

B

7.53%,

05/17/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Cosmetics

&

Personal

Care

(continued)

Opal

US

LLC

;

Term

Loan

B4

6.70%,

04/28/2032

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Perrigo

Investments

LLC

;

Term

Loan

B

5.67%,

04/20/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

643

Distribution

&

Wholesale

-

0.37%

BCPE

Empire

Holdings

Inc

;

Term

Loan

B

6.92%,

12/11/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

7.17%,

12/29/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Dealer

Tire

Financial

LLC

;

Term

Loan

B5

6.67%,

07/02/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Gates

Corp/DE

;

Term

Loan

B5

5.42%,

06/04/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Gloves

Buyer

Inc

;

Term

Loan

B

7.69%,

05/21/2032

2,577

2,573

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Infinite

Bidco

LLC

;

Term

Loan

7.68%,

03/02/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

10.93%,

02/24/2029

4,850

4,608

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

OPENLANE

Inc

;

Term

Loan

B

6.14%,

10/08/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Resideo

Funding

Inc

;

Term

Loan

B

5.67%,

08/13/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

VSE

Corp

;

Term

Loan

B

0.00%,

03/17/2033

(r) 70

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

8,184

Diversified

Financial

Services

-

0.02%

Jupiter

Borrower

Inc

0.00%,

03/25/2033

(r) 152

Kestra

Advisor

Services

Holdings

A

Inc

;

Term

Loan

B

6.67%,

03/22/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Orion

US

Finco

Inc

;

Term

Loan

B

7.17%,

10/10/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

Electric

-

0.10%

Cornerstone

Generation

LLC

;

Term

Loan

B

5.92%,

08/11/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Hamilton

Projects

Acquiror

LLC

6.17%,

05/30/2031

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Invenergy

Thermal

Operating

I

LLC

;

Term

Loan

B

6.38%,

05/06/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Invenergy

Thermal

Operating

I

LLC

;

Term

Loan

C

6.36%,

05/06/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

NRG

Energy

Inc

;

Term

Loan

B

0.00%,

04/15/2033

(r) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

5.41%-5.42%,

04/16/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Talen

Energy

Supply

LLC

;

Term

Loan

B

5.67%,

11/25/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

6.15%,

05/17/2030

758

760

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

6.15%,

12/15/2031

662

664

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

2,243

Electronics

-

0.02%

Ingram

Micro

Inc

;

Term

Loan

B2

5.94%,

09/19/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Pinnacle

Buyer

LLC

;

Term

Loan

B

6.18%,

10/01/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Resilience

Parent

LLC

;

Term

Loan

B

6.13%,

01/21/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Spectris

PLC

6.45%,

09/24/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

542

Engineering

&

Construction

-

0.07%

Apple

Bidco

LLC

;

Term

Loan

B

6.17%,

09/22/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Artera

Services

LLC

;

Term

Loan

8.17%,

02/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Brand

Industrial

Services

Inc

;

Term

Loan

B

8.16%,

08/01/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Brown

Group

Holding

LLC

;

Term

Loan

B1

6.17%,

07/01/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Engineering

&

Construction

(continued)

Brown

Group

Holding

LLC

;

Term

Loan

B2

6.15%-6.17%,

07/01/2031

$

591

$

594

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Centuri

Group

Inc

;

Term

Loan

B

5.67%,

07/09/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Dycom

Industries

Inc

;

Term

Loan

B

5.40%,

01/20/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Green

Infrastructure

Partners

Inc

;

Term

Loan

B

6.45%,

09/24/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

LSF12

Phoenix

Holdco

LLC

;

Term

Loan

B

8.20%,

03/05/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

$

1,613

Entertainment

-

0.12%

Caesars

Entertainment

Inc

;

Term

Loan

B

5.92%,

02/06/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Caesars

Entertainment

Inc

;

Term

Loan

B1

5.92%,

02/06/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Churchill

Downs

Inc

;

Term

Loan

B1

5.42%,

03/17/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Cinemark

USA

Inc

;

Term

Loan

B

5.90%-5.95%,

05/24/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Crown

Finance

US

Inc

;

Term

Loan

B

8.16%,

12/02/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Delta

Lux

Sarl

;

Term

Loan

B1

0.00%,

09/30/2031

(r) 27

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Entain

Holdings

Gibraltar

Ltd

5.95%,

10/31/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Flutter

Financing

BV

;

Term

Loan

B

5.45%,

11/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

5.70%,

06/04/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Herschend

Entertainment

Co

LLC

;

Term

Loan

B

6.17%,

05/27/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Light

&

Wonder

International

Inc

;

Term

Loan

B3

5.66%,

04/16/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Entertainment

(continued)

Scientific

Games

Holdings

LP

;

Term

Loan

B

6.67%,

04/04/2029

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SeaWorld

Parks

&

Entertainment

Inc

;

Term

Loan

B3

5.67%,

12/04/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

TKO

Worldwide

Holdings

LLC

;

Term

Loan

B5

5.66%,

11/21/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

2,549

Environmental

Control

-

0.06%

Arcwood

Environmental

Inc

;

Term

Loan

B

6.70%,

03/18/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

GFL

ES

US

LLC

;

Term

Loan

B

6.17%,

02/04/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Reworld

Holding

Corp

;

Term

Loan

B1

5.90%,

11/30/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Reworld

Holding

Corp

;

Term

Loan

B

5.91%,

01/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

5.91%,

01/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Reworld

Holding

Corp

;

Term

Loan

C

5.92%,

01/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Win

Waste

Innovations

Holdings

Inc

;

Term

Loan

6.53%,

03/24/2028

763

764

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

1,341

Food

-

0.04%

CHG

PPC

Parent

LLC

;

Term

Loan

B

6.78%,

12/08/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Fiesta

Purchaser

Inc

;

Term

Loan

B

6.42%,

02/12/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Froneri

US

Inc

;

Term

Loan

B4

5.87%,

09/17/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Froneri

US

Inc

;

Term

Loan

B6

5.88%,

07/16/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Savor

Acquisition

Inc

;

Term

Loan

B

6.67%,

02/19/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

813

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Hand

&

Machine

Tools

-

0.00%

Madison

Safety

&

Flow

LLC

;

Term

Loan

B

6.15%,

09/26/2031

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Healthcare

-

Products

-

0.10%

Bausch

+

Lomb

Corp

;

Term

Loan

B

7.42%,

01/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Hopper

Merger

Sub

Inc

;

Term

Loan

B

5.92%,

04/07/2033

992

986

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Insulet

Corp

;

Term

Loan

B

5.67%,

08/01/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Medline

Borrower

LP

;

Term

Loan

B

5.42%,

10/23/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

5.42%,

10/23/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Resonetics

LLC

;

Term

Loan

B

6.42%,

06/18/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Viant

Medical

Holdings

Inc

;

Term

Loan

7.67%,

10/17/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

2,211

Healthcare

-

Services

-

0.30%

ADMI

Corp

;

Term

Loan

B1

9.42%,

12/23/2027

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

AHP

Health

Partners

Inc

;

Term

Loan

B

5.92%,

09/20/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Eyecare

Partners

LLC

;

PIK

Term

Loan

B

4.73%,

PIK

3.61%;

11/30/2028

(m) 5,132

2,267

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

Global

Medical

Response

Inc

;

Term

Loan

B

7.16%,

10/01/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

LifePoint

Health

Inc

;

Term

Loan

B

7.17%,

05/17/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

7.43%,

05/17/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Lumexa

Imaging

Inc

;

Term

Loan

B

6.70%,

12/13/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Medical

Solutions

LLC

7.27%,

11/01/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

National

Mentor

Holdings

Inc

;

Term

Loan

9.67%,

12/05/2030

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Onex

TSG

Intermediate

Corp

;

Term

Loan

B

6.95%,

08/06/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Pacific

Dental

Services

LLC

;

Term

Loan

B

6.16%,

03/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Phoenix

Guarantor

Inc

;

Term

Loan

B5

6.17%,

02/21/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Radiology

Partners

Inc

;

Term

Loan

B

8.20%,

06/30/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Select

Medical

Corp

;

Term

Loan

B3

0.00%,

12/31/2031

(r) 151

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Sound

Inpatient

Physicians

Inc

;

PIK

Term

Loan

B

7.46%,

PIK

1.50%;

06/28/2028

(m) 404

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Sound

Inpatient

Physicians

Inc

;

PIK

Term

Loan

A

9.46%,

PIK

1.00%;

06/28/2028

(m) 28

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Star

Parent

Inc

;

Term

Loan

B

7.70%,

09/27/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Surgery

Center

Holdings

Inc

;

Term

Loan

6.17%,

12/19/2030

715

716

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Team

Health

Holdings

Inc

;

Term

Loan

B

7.66%,

06/30/2028

575

575

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Upstream

Newco

Inc

;

PIK

Term

Loan

8.19%,

PIK

1.50%;

11/20/2029

(m) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

$

6,460

Home

Furnishings

-

0.04%

AI

Aqua

Merger

Sub

Inc

;

Term

Loan

B

6.16%,

07/31/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Somnigroup

International

Inc

;

Term

Loan

B

5.88%,

10/24/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Weber-Stephen

Products

LLC

;

Term

Loan

B

7.44%,

10/01/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

796

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

-

0.35%

Acrisure

LLC

;

Term

Loan

B6

6.67%,

11/06/2030

$

678

$

665

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Alera

Group

Inc

;

Term

Loan

B

6.42%,

05/30/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Alliant

Holdings

Intermediate

LLC

;

Term

Loan

B

6.17%,

09/19/2031

532

531

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

AmWINS

Group

Inc

;

Term

Loan

B

5.67%,

01/30/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Asurion

LLC

;

Term

Loan

B4

9.03%,

01/20/2029

1,345

1,348

CME

Term

Secured

Overnight

Financing

Rate

Month

+

15.75%

Asurion

LLC

;

Term

Loan

B13

7.92%,

09/19/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Asurion

LLC

;

TERM

B14

7.42%,

02/23/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Broadstreet

Partners

Group

LLC

;

Term

Loan

B

6.17%,

06/14/2031

822

817

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

CRC

Insurance

Group

LLC

;

Term

Loan

B

6.45%,

05/06/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

CRC

Insurance

Group

LLC

;

Term

Loan

8.45%,

05/06/2032

1,447

1,429

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

HUB

International

Ltd

;

Term

Loan

B

5.92%,

06/20/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Ryan

Specialty

LLC

;

Term

Loan

B

5.67%,

09/13/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Sedgwick

Claims

Management

Services

Inc

;

Term

Loan

B

6.17%,

07/31/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

USI

Inc/NY

;

Term

Loan

C

5.95%,

09/27/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

USI

Inc/NY

;

Term

Loan

D

5.95%,

11/21/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

7,568

Internet

-

0.42%

CNT

Holdings

I

Corp

;

Term

Loan

B

6.17%,

11/08/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

MH

Sub

I

LLC

;

Term

Loan

9.92%,

02/12/2029

$

6,890

$

5,453

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Proofpoint

Inc

;

Term

Loan

B

6.70%,

08/31/2028

772

749

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Ten-X

LLC

;

Term

Loan

9.49%,

05/26/2028

2,944

2,583

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

$

9,123

Investment

Companies

-

0.29%

Acuren

Delaware

Holdco

Inc

;

Term

Loan

6.42%,

07/30/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Aragorn

Parent

Corp

;

Term

Loan

B

7.17%,

12/15/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Guardian

US

Holdco

LLC

;

Term

Loan

B

6.95%,

01/31/2030

1,471

1,453

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Nexus

Buyer

LLC

;

Term

Loan

B

7.17%,

07/31/2031

691

677

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Nexus

Buyer

LLC

9.42%,

01/30/2032

4,275

4,124

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

$

6,381

Leisure

Products

&

Services

-

0.03%

Alterra

Mountain

Co

;

Term

Loan

B8

6.16%,

05/31/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Alterra

Mountain

Co

;

Term

Loan

B6

6.17%,

08/17/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Callaway

Golf

Co

;

Term

Loan

B

6.42%,

03/16/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

GBT

US

III

LLC

;

Term

Loan

B2

5.67%,

07/25/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Hayward

Industries

Inc

;

Term

Loan

B

6.28%,

05/28/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

MajorDrive

Holdings

IV

LLC

;

Term

Loan

B

7.96%,

06/01/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

755

Lodging

-

0.01%

Fertitta

Entertainment

LLC/NV

;

Term

Loan

B

6.92%,

01/13/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Lodging

(continued)

Station

Casinos

LLC

;

Term

Loan

B

5.67%,

03/14/2031

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

Machinery

-

Diversified

-

0.56%

Chart

Industries

Inc

;

Term

Loan

B

6.18%,

03/15/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Columbus

McKinnon

Corp/NY

;

Term

Loan

B

7.20%,

01/21/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Engineered

Machinery

Holdings

Inc

;

Term

Loan

9.96%,

05/21/2029

10,613

10,607

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Lsf12

Helix

Parent

LLC

;

Term

Loan

B

7.17%,

01/21/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Oregon

Tool

Lux

LP

;

Term

Loan

9.00%,

10/15/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

TK

Elevator

US

Newco

Inc

;

Term

Loan

B

6.38%,

04/30/2030

776

783

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

6.48%,

04/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Victory

Buyer

LLC

;

Term

Loan

B

6.67%,

02/09/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

12,216

Media

-

0.16%

Cengage

Learning

Inc

;

Term

Loan

B

6.65%,

03/24/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Century

DE

Buyer

LLC

;

Term

Loan

6.67%,

10/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

CSC

Holdings

LLC

;

Term

Loan

B5

8.14%,

04/15/2027

Prime

Rate

+

1.50%

Directv

Financing

LLC

;

Tern

Loan

Extended

9.18%,

08/02/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

EW

Scripps

Co/The

;

Term

Loan

B2

10.71%,

06/30/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.75%

EW

Scripps

Co/The

;

Term

Loan

B3

7.12%,

11/30/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.35%

Houghton

Mifflin

Harcourt

Co

;

Term

Loan

B

9.02%,

04/09/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

iHeartCommunications

Inc

;

Term

Loan

9.56%,

05/01/2029

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

McGraw-Hill

Education

Inc

;

Term

Loan

B2

6.41%,

08/06/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

NEP

Group

Inc

;

Term

Loan

B

8.17%,

10/17/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Nexstar

Media

Inc

;

Term

Loan

B7

6.42%,

03/18/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Numericable

US

LLC

7.82%,

04/30/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.13%

8.74%,

10/30/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.06%

9.05%,

05/14/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.38%

10.55%,

05/30/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.88%

Radiate

Holdco

LLC

;

PIK

TERM

FIFO

7.27%,

PIK

1.50%;

09/25/2029

(m) 212

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Sinclair

Television

Group

Inc

;

Term

Loan

B6

7.08%,

12/31/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.30%

SportsNet

New

York

0.00%,

04/15/2031

(d),(e)

22,178

—

Sunrise

Financing

Partnership

;

Term

Loan

AAA

6.10%,

02/13/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

WideOpenWest

Finance

LLC

;

Term

Loan

6.93%,

12/11/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

3,436

Mining

-

0.03%

Arctic

Canadian

Diamond

Co

Ltd

4.26%,

06/30/2026

(e) 4,784

Arsenal

AIC

Parent

LLC

;

Term

Loan

B

6.40%,

08/18/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

547

Packaging

&

Containers

-

0.16%

Berlin

Packaging

LLC

;

Term

Loan

B7

6.93%-6.95%,

06/09/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Clydesdale

Acquisition

Holdings

Inc

;

Term

Loan

B

6.84%,

04/13/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%

6.92%,

03/26/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Packaging

&

Containers

(continued)

Graham

Packaging

Co

Inc

5.92%,

01/14/2033

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Iris

Holding

Inc

;

Term

Loan

8.52%,

06/28/2028

2,290

2,157

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Kleopatra

Finco

Sarl

;

PIK

Term

Loan

Exit

4.66%,

PIK

5.00%,

01/30/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

Proampac

PG

Borrower

LLC

;

Term

Loan

B

7.77%-7.930%,

02/18/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SupplyOne

Inc

;

Term

Loan

B

7.17%,

03/27/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

TricorBraun

Holdings

Inc

;

Term

Loan

6.92%,

03/03/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

$

3,533

Pharmaceuticals

-

0.46%

1261229

BC

Ltd

;

Term

Loan

B

9.92%,

09/25/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Amneal

Pharmaceuticals

LLC

;

Term

Loan

B

6.65%,

08/01/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Covetrus

Inc

;

Term

Loan

8.70%,

10/13/2029

9,080

8,546

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Dechra

Finance

US

LLC

;

Term

Loan

B

6.39%,

01/27/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Gainwell

Acquisition

Corp

;

Term

Loan

B

7.80%,

10/01/2027

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Jazz

Financing

Lux

Sarl

;

Term

Loan

B2

5.92%,

05/05/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Organon

&

Co

;

Term

Loan

B

5.92%,

05/19/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

9,998

Pipelines

-

0.09%

Calcasieu

Pass

Funding

LLC

;

Term

Loan

B

6.95%,

04/01/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Colossus

Acquireco

LLC

;

Term

Loan

B

5.97%,

07/31/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Freeport

LNG

Investments

LLLP

;

Term

Loan

6.93%,

01/29/2033

$

650

$

650

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

New

Fortress

Energy

Inc

;

Term

Loan

B

0.00%,

10/27/2028

(d) 289

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

Oryx

Midstream

Services

Permian

Basin

LLC

;

Term

Loan

B

5.90%,

10/05/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

TransMontaigne

Partners

LLC

;

Term

Loan

B

5.94%,

03/16/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Traverse

Midstream

Partners

LLC

;

Term

Loan

B

0.00%,

04/21/2033

(r) 65

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

6.17%,

02/16/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

$

2,058

Real

Estate

-

0.03%

CoreLogic

Inc

;

Term

Loan

B

7.28%,

06/02/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Cushman

&

Wakefield

US

Borrower

LLC

;

Term

Loan

B2

6.40%,

01/31/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cushman

&

Wakefield

US

Borrower

LLC

;

Term

Loan

B3

6.17%,

01/31/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

$

603

Retail

-

0.13%

1011778

BC

ULC

;

Term

Loan

B6

5.42%,

09/20/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

EG

America

LLC

;

Term

Loan

B

6.92%,

01/30/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

IRB

Holding

Corp

;

Term

Loan

B

6.15%,

12/15/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Johnstone

Supply

LLC

;

Term

Loan

B

5.92%,

06/09/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

LS

Group

OpCo

Acquistion

LLC

;

Term

Loan

B1

6.17%,

04/23/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Park

River

Holdings

Inc

;

Term

Loan

B

8.19%,

03/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

PetSmart

LLC

;

Term

Loan

B

7.65%,

08/18/2032

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

QXO

Building

Products

Inc

;

Term

Loan

B

5.67%,

04/30/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Restoration

Hardware

Inc

;

Term

Loan

B

6.28%,

10/20/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Victra

Holdings

LLC

;

Term

Loan

B

7.45%,

03/31/2029

950

943

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

White

Cap

Supply

Holdings

LLC

;

Term

Loan

B

6.92%,

10/19/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

7.17%,

02/04/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

2,865

Semiconductors

-

0.16%

Altar

Bidco

Inc

;

Term

Loan

9.11%,

02/01/2030

3,570

3,338

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.60%

MKS

Inc

;

Term

Loan

B

5.41%,

02/04/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

3,404

Software

-

1.26%

Ascend

Learning

LLC

;

Term

Loan

B

6.67%,

12/10/2028

3,312

3,252

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Avalara

Inc

;

Term

Loan

B

6.45%,

03/26/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Avaya

LLC

;

PIK

Term

Loan

Exit

11.15%,

PIK

7.00%;

07/31/2028

(m) 275

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

Azalea

Topco

Inc

;

Term

Loan

B

6.67%,

04/30/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

BCPE

Pequod

Buyer

Inc

;

Term

Loan

B

6.42%,

09/19/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Boxer

Parent

Co

Inc

;

Term

Loan

B

6.67%,

07/30/2031

526

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

CCC

Intelligent

Solutions

Inc

;

Term

Loan

B

5.67%,

01/23/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Clearwater

Analytics

LLC

;

Term

Loan

B

5.65%,

04/21/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Cloud

Software

Group

Inc

;

Term

Loan

B1

6.95%,

08/13/2032

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Cloud

Software

Group

Inc

;

Term

Loan

B2

6.95%,

03/21/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Cotiviti

Inc

;

Term

Loan

6.41%,

03/26/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Cotiviti

Inc

;

Term

Loan

B

6.41%,

05/01/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Darktrace

Finco

US

LLC

;

Term

Loan

B

6.93%,

10/09/2031

1,777

1,667

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

Darktrace

Finco

US

LLC

;

Term

Loan

8.93%,

10/11/2032

3,275

2,983

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Dayforce

Bidco

LLC

;

Term

Loan

B

6.66%,

02/04/2033

1,955

1,842

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.00%

DS

Admiral

Bidco

LLC

;

Term

Loan

B

7.94%,

06/26/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Ellucian

Holdings

Inc

;

Term

Loan

B

6.17%,

10/08/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

EP

Purchaser

LLC

;

Term

Loan

B

7.29%,

11/06/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

8.29%,

11/06/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Epicor

Software

Corp

;

Term

Loan

B

6.17%,

05/30/2031

518

511

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Genesys

Cloud

Services

Inc

;

Term

Loan

B

6.18%,

01/30/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Icon

Parent

Inc

6.44%,

11/13/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Javelin

Buyer

Inc

;

Term

Loan

6.42%,

12/05/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Kaseya

Inc

;

Term

Loan

8.67%,

03/20/2033

6,535

5,167

CME

Term

Secured

Overnight

Financing

Rate

Month

+

10.00%

Kaseya

Inc

;

Term

Loan

B

6.92%,

03/20/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Loyalty

Ventures

Inc

;

Term

Loan

B

0.00%,

11/03/2027

(d) $

1,608

$

Month

USD

LIBOR

+

4.50%

Marcel

Bidco

LLC

;

Term

Loan

B

6.66%,

11/09/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Mitchell

International

Inc

;

Term

Loan

B

6.67%,

06/17/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Modena

Buyer

LLC

;

Term

Loan

B

7.94%,

04/18/2031

2,561

2,313

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

OAK-Eagle

Acquireco

Inc

;

Term

Loan

B

0.00%,

03/24/2033

(r) 1,943

1,943

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

Open

Text

Corp

;

Term

Loan

B

5.42%,

01/31/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

PointClickCare

Technologies

Inc

;

Term

Loan

B

6.42%,

11/03/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Project

Alpha

Intermediate

Holding

Inc

;

Term

Loan

B

6.95%,

10/26/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Rackspace

Finance

LLC

;

Term

Loan

B

6.53%,

05/15/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

10.03%,

05/15/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Red

Planet

Borrower

LLC

;

Term

Loan

B

7.67%,

08/09/2032

1,746

1,732

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Rocket

Software

Inc

;

Term

Loan

B

7.42%,

11/28/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

SS&C

Technologies

Inc

;

Term

Loan

B8

5.67%,

05/09/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Starlight

Parent

LLC

;

Term

Loan

0.00%,

04/16/2032

(r) 1,328

1,125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

UKG

Inc

;

Term

Loan

B

6.17%,

02/10/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

VS

Buyer

LLC

;

Term

Loan

B

5.92%,

04/12/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

West

Technology

Group

LLC

;

Term

Loan

B3

7.92%,

04/09/2027

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Zelis

Payments

Buyer

Inc

;

Term

Loan

B

6.42%,

09/28/2029

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

27,532

Telecommunications

-

0.25%

Cincinnati

Bell

Inc

;

Term

Loan

B5

5.92%,

11/23/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Connect

Finco

SARL

;

Term

Loan

B

8.17%,

09/27/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Connect

Holding

II

LLC

;

Delayed

Draw

Term

Loan

B-DD

7.90%,

04/03/2031

589

561

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

Cyborg

Oldco

DC

Holdings

Inc

;

Term

Loan

B

0.00%,

05/01/2024

(d),(e)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Delta

Topco

Inc

;

Term

Loan

B

6.44%,

11/30/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Digicel

International

Finance

Ltd

;

Term

Loan

B

8.16%,

08/06/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Ensono

Inc

;

Term

Loan

B

0.00%,

05/26/2028

(r) 47

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Iridium

Satellite

LLC

;

Term

Loan

B4

0.00%,

09/20/2030

(r) 31

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Level

Financing

Inc

;

Term

Loan

B4

6.92%,

03/29/2032

1,482

1,486

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Telesat

LLC

;

Term

Loan

B5

6.68%,

12/06/2026

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Uniti

Services

LLC

;

Term

Loan

B

7.65%,

10/06/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Viasat

Inc

;

Term

Loan

B

8.27%,

05/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

8.28%,

03/04/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Zayo

Group

Holdings

Inc

;

PIK

Term

Loan

6.77%,

PIK

0.50%;

03/11/2030

(m) 1,437

1,434

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

5,432

Transportation

-

0.02%

First

Student

Bidco

Inc

;

Term

Loan

B

0.00%,

08/15/2030

(r) 33

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

First

Student

Bidco

Inc

;

Term

Loan

C

0.00%,

08/15/2030

(r) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

GB

AIT

Buyer

Inc

0.00%,

04/22/2033

(r) 97

Genesee

&

Wyoming

Inc

;

Term

Loan

B

5.45%,

04/10/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Stonepeak

Nile

Parent

LLC

;

Term

Loan

B

5.92%,

04/11/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

523

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

154,538

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

8.75%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

5.42%

2.00%,

07/01/2051

$

5,063

$

4,074

2.00%,

09/01/2051

5,506

4,425

2.00%,

11/01/2051

3,071

2,501

2.00%,

12/01/2051

2,146

1,748

2.00%,

02/01/2052

2,845

2,336

2.00%,

02/01/2052

776

623

2.00%,

03/01/2052

1,646

1,336

2.50%,

07/01/2051

737

622

2.50%,

12/01/2051

3,997

3,433

2.50%,

12/01/2051

2,925

2,502

2.50%,

12/01/2051

1,886

1,612

2.50%,

01/01/2052

3,032

2,578

2.50%,

01/01/2052

1,803

1,539

2.50%,

01/01/2054

2,360

1,984

2.50%,

05/01/2056

(s) 665

557

3.00%,

07/01/2051

2,301

2,046

3.00%,

03/01/2052

1,473

1,302

3.00%,

03/01/2052

3,191

2,835

3.00%,

05/01/2056

(s) 3,000

2,626

3.50%,

05/01/2052

1,989

1,830

3.50%,

05/01/2052

1,558

1,433

4.00%,

07/01/2052

816

772

4.00%,

08/01/2052

2,818

2,667

4.00%,

10/01/2052

1,096

1,036

4.00%,

03/01/2053

3,287

3,106

4.50%,

06/01/2052

1,168

1,136

4.50%,

08/01/2052

1,152

1,117

4.50%,

08/01/2052

1,404

1,359

4.50%,

09/01/2052

1,634

1,585

4.50%,

10/01/2052

524

506

4.50%,

10/01/2052

1,805

1,760

4.50%,

02/01/2053

2,103

2,038

4.50%,

07/01/2053

2,198

2,124

4.50%,

01/01/2054

1,226

1,191

4.50%,

01/01/2056

1,234

1,191

5.00%,

07/01/2052

2,186

2,187

5.00%,

04/01/2053

768

761

5.00%,

06/01/2053

1,902

1,896

5.00%,

06/01/2053

2,963

2,952

5.00%,

08/01/2053

2,032

2,018

5.00%,

11/01/2054

1,333

1,327

5.00%,

11/01/2054

1,475

1,463

5.00%,

02/01/2055

1,111

1,101

5.00%,

01/01/2056

986

981

5.00%,

02/01/2056

1,476

1,458

5.00%,

03/01/2056

1,533

1,513

5.00%,

05/01/2056

(s) 750

739

5.50%,

05/01/2041

(s) 1,200

1,226

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

5.50%,

02/01/2053

$

2,636

$

2,693

5.50%,

07/01/2053

1,151

1,176

5.50%,

11/01/2053

1,591

1,623

5.50%,

11/01/2053

1,413

1,436

5.50%,

03/01/2054

1,164

1,176

5.50%,

05/01/2054

1,274

1,299

5.50%,

06/01/2054

1,254

1,274

5.50%,

10/01/2054

2,387

2,434

5.50%,

10/01/2054

1,671

1,695

5.50%,

02/01/2055

2,766

2,811

5.50%,

06/01/2055

793

806

5.50%,

08/01/2055

1,389

1,404

5.50%,

10/01/2055

1,690

1,715

6.00%,

04/01/2054

1,372

1,426

6.00%,

06/01/2054

805

834

6.00%,

09/01/2054

887

921

6.00%,

09/01/2054

1,545

1,591

6.00%,

11/01/2054

1,699

1,762

6.00%,

09/01/2055

1,347

1,396

6.00%,

05/01/2056

(s) 2,653

2,708

6.50%,

05/01/2054

1,111

1,164

$

118,496

Government

National

Mortgage

Association

(GNMA)

-

1.87%

2.00%,

01/20/2051

1,161

956

2.00%,

05/20/2051

996

820

2.00%,

07/20/2051

1,624

1,337

2.50%,

04/20/2051

1,846

1,583

2.50%,

07/20/2051

2.50%,

09/20/2051

1,805

1,548

3.00%,

09/20/2051

816

727

4.00%,

03/20/2049

1,589

1,510

4.00%,

03/20/2050

532

505

4.00%,

10/20/2052

1,023

965

4.50%,

05/20/2048

2,072

2,031

4.50%,

05/20/2052

981

954

4.50%,

09/20/2052

4.50%,

11/20/2054

3,256

3,149

4.50%,

05/20/2056

(s) 4,800

4,628

5.00%,

12/20/2052

1,087

1,084

5.00%,

01/20/2053

2,226

2,220

5.00%,

02/20/2053

899

896

5.00%,

05/20/2053

1,627

1,623

5.00%,

08/20/2053

2,467

2,456

5.00%,

09/20/2053

1,359

1,352

5.00%,

10/20/2053

1,386

1,379

5.00%,

04/20/2054

2,499

2,485

5.00%,

06/20/2056

(s) 410

5.50%,

03/20/2053

779

791

5.50%,

06/20/2053

1,359

1,379

5.50%,

08/20/2053

1,146

1,161

5.50%,

04/20/2054

2,199

2,225

$

40,936

U.S.

Treasury

-

1.28%

1.88%,

11/15/2051

1,668

904

2.25%,

02/15/2052

1,050

625

2.75%,

11/15/2042

798

602

3.25%,

05/15/2042

3.63%,

09/30/2031

573

560

3.72%,

01/31/2028

(t),(u)

9,546

9,547

US

Treasury

Month

Bill

Money

Market

Yield

+

0.10%

3.78%,

07/31/2027

(u) 1,279

1,280

US

Treasury

Month

Bill

Money

Market

Yield

+

0.16%

3.88%,

08/15/2034

1,086

1,054

4.00%,

07/31/2032

4.00%,

11/15/2035

1,746

1,694

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

4.13%,

08/15/2044

$

549

$

4.25%,

11/15/2034

1,633

1,625

4.25%,

08/15/2054

2,273

2,010

4.38%,

05/15/2034

867

872

4.63%,

05/15/2044

4.63%,

05/15/2054

1,407

1,325

4.63%,

02/15/2055

1,749

1,647

4.63%,

11/15/2055

4.75%,

02/15/2045

800

779

4.75%,

08/15/2055

697

671

4.88%,

08/15/2045

5.00%,

05/15/2045

953

957

$

28,035

U.S.

Treasury

Bill

-

0.18%

3.58%,

05/28/2026

(q) 4,045

4,034

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

191,501

REPURCHASE

AGREEMENTS

-

0.53%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

0.53%

Daiwa

Securities

Repurchase

Agreement;

3.64%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Security;

$11,938,875;

3.64%;

dated

02/28/2030)

$

11,701

$

11,700

TOTAL

REPURCHASE

AGREEMENTS

$

11,700

Total

Investments

$

2,222,321

Other

Assets

and

Liabilities

- (1.54)%

(33,782)

TOTAL

NET

ASSETS

-

100.00%

$

2,188,539

(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

$30,606

or

1.40%

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) 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

$19,673.

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

$28,921

or

1.32%

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

$786,395

or

35.93%

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.

(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

$50,686

or

2.32%

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) This

Senior

Floating

Rate

Note

will

settle

after

April

30,

2026,

at

which

time

the

interest

rate

will

be

determined.

(s) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(t) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$268

or

0.01%

of

net

assets.

(u) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$421

or

0.02%

of

net

assets.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

136,493

$

1,111,069

$

1,140,629

$

106,933

$

136,493

$

1,111,069

$

1,140,629

$

106,933

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,229

$

—

$

—

$

—

$

1,229

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Arctic

Canadian

Diamond

Co

Ltd

02/03/2021

$

—

$

0.01%

High

Ridge

Brands

-

Escrow

0.00%,

03/15/2025

12/29/2020-10/10/2025

14,671

—

0.00%

Specialty

Steel

12.00%,

11/15/2033

08/11/2025

34,112

23,442

1.07%

Total

$

23,681

1.08%

Amounts

in

thousands.

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Credit

Default

Swaptions

Written

Swaptions

Outstanding

Counterparty

Paid

by

the

Fund

Received

by

the

Fund

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Premiums

Received

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Year

Credit

Default

Swap

Citigroup

Inc

CDX.NA.IG.45

5.00%

$

4,860

70.00%

05/20/2026

$

(7) $

(1) $

Put

-

Year

Credit

Default

Swap

JPMorgan

Chase

CDX.NA.IG.46

5.00%

3,860

80.00%

05/20/2026

(8) –

Total

$

(15) $

(1) $

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Treasury

Note;

June

2026

Short

$

4,977

$

US

Year

Treasury

Note;

June

2026

Long

5,419

(121) US

Year

Treasury

Ultra

Note;

June

2026

Long

4,176

(113) US

Year

Treasury

Note;

June

2026

Long

21,748

(11) US

Year

Treasury Note;

June

2026

Short

18,871

US

Long

Bond;

June

2026

Short

1,806

US

Ultra

Bond;

June

2026

Short

Total

$

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

New

York

Mellon

05/20/2026

EUR

1,265

$

1,496

$

$

(13) Bank

of

New

York

Mellon

05/20/2026

$

4,565

EUR

3,849

—

Citigroup

Inc

05/21/2026

$

3,493

CZK

72,825

—

(14) Citigroup

Inc

07/30/2026

TRY

79,475

$

1,619

—

Goldman

Sachs

&

Co

05/21/2026

HUF

236,775

$

752

—

HSBC

Securities

Inc

05/14/2026

EUR

3,575

$

4,186

—

HSBC

Securities

Inc

05/14/2026

$

16,982

EUR

14,473

—

(11) HSBC

Securities

Inc

05/21/2026

EUR

5,238

$

6,214

—

(63) HSBC

Securities

Inc

05/21/2026

PEN

3,925

$

1,139

—

(21) HSBC

Securities

Inc

05/21/2026

$

8,934

MXN

156,000

(10) HSBC

Securities

Inc

05/21/2026

$

7,832

COP

28,437,904

(6) HSBC

Securities

Inc

05/21/2026

$

4,707

PEN

15,925

—

HSBC

Securities

Inc

05/21/2026

$

1,131

ZAR

18,750

—

HSBC

Securities

Inc

05/21/2026

$

4,250

PLN

15,475

—

(20) HSBC

Securities

Inc

05/21/2026

$

10,484

EUR

8,950

—

(28) JPMorgan

Chase

05/14/2026

$

7,236

EUR

6,152

—

JPMorgan

Chase

05/21/2026

EUR

9,138

$

10,812

—

(80) JPMorgan

Chase

05/21/2026

$

ZAR

550

—

—

JPMorgan

Chase

05/21/2026

$

20,382

EUR

17,398

—

(52) JPMorgan

Chase

07/06/2026

$

3,031

EGP

166,900

(5) JPMorgan

Chase

07/30/2026

TRY

254,925

$

5,176

—

Morgan

Stanley

&

Co

05/29/2026

EUR

$

—

Morgan

Stanley

&

Co

05/29/2026

$

571

EUR

—

(2) Total

$

$

(325) Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2026

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

CDX.NA.HY.43

N/A

(5.00)%

Quarterly

12/20/2029

$

1,130

$

(70) $

(42) $

—

$

(112) Goldman

Sachs

&

Co

CMBX.11.BBB-

N/A

(3.00)%

Monthly

11/18/2054

650

(4) 76

—

Goldman

Sachs

&

Co

CMBX.18.BBB-

N/A

(3.00)%

Monthly

12/17/2057

670

—

Goldman

Sachs

&

Co

CMBX.18.BBB-

N/A

(3.00)%

Monthly

12/17/2057

—

Goldman

Sachs

&

Co

CMBX.6.BBB-

N/A

(3.00)%

Monthly

05/11/2063

—

Goldman

Sachs

&

Co

CMBX.NA.11.AA

N/A

(1.50)%

Monthly

11/18/2054

1,000

(12) 4

—

Goldman

Sachs

&

Co

CMBX.NA.13.AA

N/A

(1.50)%

Monthly

12/16/2072

2,000

(50) 25

—

Goldman

Sachs

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

1,000

(39) 41

—

Goldman

Sachs

&

Co

CMBX.NA.BBB-

N/A

(3.00)%

Monthly

11/18/2064

1,000

(1) 150

—

Morgan

Stanley

&

Co

CMBX.18.BBB-

N/A

(3.00)%

Monthly

12/17/2057

—

Morgan

Stanley

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

1,000

(21) 41

—

Morgan

Stanley

&

Co

CMBX.NA.15.A

N/A

(2.00)%

Monthly

11/18/2064

(7) 18

—

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Credit

Default

Swaps

(continued)

Buy

Protection

(continued)

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2026

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

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

$

622

$

(134) $

600

$

(112) Sell

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2026

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b) Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

(c) Bank

of

America

NA

ITRX.FIN.SNR.44 12-

100%

Index

Tranche

(d) N/A

1.00%

Quarterly

12/20/2030

EUR

3,350

$

$

$

$

—

Bank

of

America

NA

ITRX.XOVER.42 12-

100%

Index

Tranche

(d) N/A

1.00%

Quarterly

12/20/2029

7,340

—

BNP

Paribas

ITRX.FIN.SNR.44 35-

100%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2030

2,100

(9) 448

—

Goldman

Sachs

&

Co

CDX.NA.HY.43

N/A

5.00%

Quarterly

12/20/2029

$

1,730

—

Goldman

Sachs

&

Co

CDX.NA.HY.43 15-25%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

(10) 35

—

Goldman

Sachs

&

Co

CDX.NA.HY.43 25-35%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

—

Goldman

Sachs

&

Co

CMBX.NA.15.AAA

N/A

0.50%

Monthly

11/18/2064

1,997

(32) 34

—

JPMorgan

Chase

CDX.NA.HY.45 35-

100%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2030

1,350

—

—

Morgan

Stanley

&

Co

CDX.NA.HY.43 25-35%

Index

Tranche

(d) N/A

5.00%

Quarterly

12/20/2029

—

Morgan

Stanley

&

Co

CMBX.17.BBB-

N/A

3.00%

Monthly

12/15/2056

(49) (4) —

(53) Morgan

Stanley

&

Co

CMBX.NA.15.AAA

N/A

0.50%

Monthly

11/18/2064

879

(12) 13

—

Total

$

1,207

$

$

1,427

$

(53) Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2026

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.NA.IG.45

N/A

(1.00)%

Quarterly

12/20/2030

$

3,240

$

(62) $

(6) $

(68) CDX.NA.IG.46

N/A

(1.00)%

Quarterly

06/20/2031

10,357

(171) (46) (217) ITRX.EUROPE.42

N/A

(1.00)%

Quarterly

12/20/2029

EUR

4,400

(67) (36) (103) ITRX.FIN.SNR.44

N/A

(1.00)%

Quarterly

12/20/2030

2,010

(45) (2) (47) ITRX.FIN.SNR.44

N/A

(1.00)%

Quarterly

12/20/2030

9,222

(188) (21) (209) ITRX.FIN.SNR.44

N/A

(5.00)%

Quarterly

12/20/2030

930

(114) 7

(107) Total

$

(647) $

(104) $

(751) 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

$7,208

and

12,790

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.

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

Government

Bond,

17.95%,

06/25/2032

Annual

06/25/2032

NGN

1,175,000

$

—

$

$

—

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

Government

Bond,

18.5%,

02/25/2031

Annual

02/25/2031

1,430,000

—

—

(4) Citigroup

Inc

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

05/05/2026

Annual

05/07/2026

446,925

—

—

HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Annual

12/20/2027

ZMW

14,290

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

06/02/2026

Annual

06/02/2026

NGN

700,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

07/28/2026

Annual

07/28/2026

335,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

08/04/2026

Annual

08/04/2026

612,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

08/25/2026

Annual

08/25/2026

2,100,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

09/08/2026

Annual

09/08/2026

780,000

—

—

(3) Total

$

—

$

$

(7) Amounts

in

thousands.

Schedule

of

Investments

Diversified

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Short

Sales

Outstanding

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

(0.20)%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

(0.20)%

4.50%,

05/01/2056

$

4,500

$

4,328

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(proceeds

$4,380)

$

4,328

TOTAL

SHORT

SALES

(proceeds

$4,380)

$

4,328

Schedule

of

Investments

Diversified

International

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

3.58%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.58%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

241,521

$

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

36,102,530

36,103

$

36,344

TOTAL

INVESTMENT

COMPANIES

$

36,344

COMMON

STOCKS

-

98.04%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

2.43%

Airbus

SE

30,072

$

6,199

BAE

Systems

PLC

643,317

17,893

CSG

NV

(d) 25,854

560

$

24,652

Agriculture

-

1.35%

British

American

Tobacco

PLC

233,594

13,757

Airlines

-

0.85%

Ryanair

Holdings

PLC

327,463

8,592

Apparel

-

1.89 %

Gildan

Activewear

Inc

103,200

6,405

Kering

SA

15,004

4,128

PRADA

SpA

713,400

3,179

Samsonite

Group

SA

(e) 2,964,500

5,428

$

19,140

Automobile

Manufacturers

-

2.01%

Daimler

Truck

Holding

AG

275,750

13,908

Toyota

Motor

Corp

336,700

6,463

$

20,371

Banks

-

12.96%

AIB

Group

PLC

1,514,052

17,452

Credicorp

Ltd

36,918

11,968

DBS

Group

Holdings

Ltd

276,160

12,734

Erste

Group

Bank

AG

132,064

14,593

FinecoBank

Banca

Fineco

SpA

169,667

4,212

HDFC

Bank

Ltd

ADR

431,067

10,953

National

Bank

of

Greece

SA

704,124

11,159

NatWest

Group

PLC

1,302,813

10,391

Nordea

Bank

Abp

194,962

3,655

Piraeus

Bank

SA

(d) 562,380

5,324

PT

Bank

Central

Asia

Tbk

7,881,570

2,672

Societe

Generale

SA

82,785

6,664

Swedbank

AB

98,662

3,488

UniCredit

SpA

210,834

16,294

$

131,559

Beverages

-

0.71%

Arca

Continental

SAB

de

CV

301,400

3,623

Carlsberg

AS

26,446

3,583

$

7,206

Biotechnology

-

1.34%

Argenx

SE

(d) 17,343

13,601

Building

Materials

-

2.22%

CRH

PLC

42,964

5,088

Mitsubishi

Electric

Corp

435,000

17,457

$

22,545

Commercial

Services

-

2.27%

Elis

SA

248,097

7,666

Localiza

Rent

a

Car

SA

417,787

3,901

Sunbelt

Rentals

Holdings

Inc

152,325

11,450

$

23,017

Computers

-

1.65%

Fujitsu

Ltd

833,100

16,721

Cosmetics

&

Personal

Care

-

2.49%

Haleon

PLC

3,598,057

16,615

L'Oreal

SA

12,076

5,201

Unilever

PLC

60,134

3,507

$

25,323

Distribution

&

Wholesale

-

1.07%

Rexel

SA

256,357

10,842

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

0.42%

Banco

BTG

Pactual

SA

353,600

$

4,244

Electronics

-

2.16%

Halma

PLC

66,858

4,023

Hoya

Corp

95,660

17,864

$

21,887

Engineering

&

Construction

-

2.28%

Kajima

Corp

162,500

6,351

Obayashi

Corp

438,000

10,298

Stantec

Inc

71,500

6,530

$

23,179

Entertainment

-

1.27%

Entain

PLC

1,246,303

9,199

Universal

Music

Group

NV

174,038

3,649

$

12,848

Food

-

1.17%

Danone

SA

42,013

3,291

Tesco

PLC

752,230

4,928

Toyo

Suisan

Kaisha

Ltd

53,200

3,654

$

11,873

Forest

Products

&

Paper

-

0.84%

Suzano

SA

961,500

8,540

Healthcare

-

Products

-

1.35%

Alcon

AG

67,067

5,007

Medtronic

PLC

48,736

3,946

Smith

&

Nephew

PLC

309,034

4,782

$

13,735

Healthcare

-

Services

-

0.65%

ICON

PLC

(d) 55,703

6,591

Insurance

-

6.82%

AIA

Group

Ltd

2,142,000

23,516

ASR

Nederland

NV

44,908

3,411

Fairfax

Financial

Holdings

Ltd

3,527

6,104

Hannover

Rueck

SE

28,956

8,749

Sompo

Holdings

Inc

374,800

13,948

Tokio

Marine

Holdings

Inc

294,400

13,483

$

69,211

Internet

-

5.84%

Scout24

SE

(e) 50,249

4,184

Spotify

Technology

SA

(d) 22,540

10,065

Tencent

Holdings

Ltd

445,200

27,038

Trip.com

Group

Ltd

(d) 246,050

13,287

Wix.com

Ltd

(d),(f)

63,345

4,731

$

59,305

Investment

Companies

-

0.40%

Rosebank

Industries

PLC

(d) 803,843

4,054

Iron

&

Steel

-

1.19%

Vale

SA

733,100

12,039

Lodging

-

1.63%

Galaxy

Entertainment

Group

Ltd

2,130,000

9,087

InterContinental

Hotels

Group

PLC

52,102

7,450

$

16,537

Machinery

-

Construction

&

Mining

-

1.09%

Komatsu

Ltd

186,900

8,003

Weir

Group

PLC/The

84,056

3,046

$

11,049

Machinery

-

Diversified

-

1.69%

Atlas

Copco

AB

-

A

Shares

455,307

8,750

Keyence

Corp

18,432

8,454

$

17,204

Metal

Fabrication

&

Hardware

-

0.42%

APL

Apollo

Tubes

Ltd

209,605

4,227

Mining

-

4.26%

Agnico

Eagle

Mines

Ltd

12,100

2,276

Impala

Platinum

Holdings

Ltd

493,484

6,917

Sandfire

Resources

Ltd

(d) 610,520

7,376

Teck

Resources

Ltd

456,205

26,633

$

43,202

Schedule

of

Investments

Diversified

International

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.17%

ARC

Resources

Ltd

105,500

$

2,503

BP

PLC

1,264,345

10,008

Canadian

Natural

Resources

Ltd

90,631

4,326

Suncor

Energy

Inc

371,745

25,474

$

42,311

Packaging

&

Containers

-

0.52%

Toyo

Seikan

Group

Holdings

Ltd

256,500

5,320

Pharmaceuticals

-

3.09%

Ascendis

Pharma

A/S

(d) 19,682

4,515

AstraZeneca

PLC

127,231

24,138

Zealand

Pharma

A/S

(d) 57,051

2,698

$

31,351

Pipelines

-

1.54%

Gaztransport

Et

Technigaz

SA

48,509

11,802

Gibson

Energy

Inc

174,300

3,817

$

15,619

Private

Equity

-

0.64%

3i

Group

PLC

187,382

6,517

Retail

-

2.88%

Cie

Financiere

Richemont

SA

39,535

7,588

Industria

de

Diseno

Textil

SA

79,466

4,756

Yum

China

Holdings

Inc

345,431

16,903

$

29,247

Semiconductors

-

14.42%

ASM

International

NV

4,263

4,170

ASML

Holding

NV

23,885

34,527

Samsung

Electronics

Co

Ltd

274,377

41,318

Taiwan

Semiconductor

Manufacturing

Co

Ltd

956,544

66,405

$

146,420

Software

-

1.96%

Nemetschek

SE

47,016

3,412

Nice

Ltd

ADR

(d) 97,779

9,976

Sage

Group

PLC/The

550,024

6,560

$

19,948

Telecommunications

-

.23%

Deutsche

Telekom

AG

166,317

5,372

Zegona

Communications

plc

299,602

7,153

$

12,525

Toys,

Games

&

Hobbies

-

0.87%

Nintendo

Co

Ltd

181,400

8,874

TOTAL

COMMON

STOCKS

$

995,183

PREFERRED

STOCKS

-

0.03%

Shares

Held

Value

(000's)

Commercial

Services

-

0.03%

Localiza

Rent

a

Car

SA

0.00%

(d) 29,779

$

TOTAL

PREFERRED

STOCKS

$

Total

Investments

$

1,031,793

Other

Assets

and

Liabilities

- (1.65)%

(16,725)

TOTAL

NET

ASSETS

-

100.00%

$

1,015,068

(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

$3,762

or

0.37%

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

$9,612

or

0.95%

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

$3,638

or

0.36%

of

net

assets.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

4,062

$

390,094

$

358,053

$

36,103

$

4,062

$

390,094

$

358,053

$

36,103

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Equity

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.65

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.65

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

53,151,925

$

53,152

TOTAL

INVESTMENT

COMPANIES

$

53,152

COMMON

STOCKS

-

.32

%

Shares

Held

Value

(000's)

Advertising

-

.64

%

Omnicom

Group

Inc

754,437

$

57,880

Publicis

Groupe

SA

ADR

3,219,267

75,267

$

133,147

Automobile

Manufacturers

-

.74

%

Cummins

Inc

303,789

203,845

PACCAR

Inc

1,525,956

181,284

$

385,129

Banks

-

.80

%

Bank

of

America

Corp

3,188,232

170,443

Citigroup

Inc

305,813

39,138

JPMorgan

Chase

&

Co

774,064

242,460

Morgan

Stanley

1,186,743

226,181

PNC

Financial

Services

Group

Inc/The

898,421

200,348

$

878,570

Beverages

-

.47

%

Coca-Cola

Co/The

2,550,584

200,884

Biotechnology

-

.99

%

Corteva

Inc

1,999,031

161,941

Building

Materials

-

.07

%

Carrier

Global

Corp

642,152

43,134

Trane

Technologies

PLC

419,950

206,842

$

249,976

Chemicals

-

.68

%

Air

Products

and

Chemicals

Inc

184,881

55,474

Computers

-

.35

%

Apple

Inc

703,899

191,003

Cosmetics

&

Personal

Care

-

.62

%

Procter

&

Gamble

Co/The

896,201

131,822

Diversified

Financial

Services

-

.13

%

Blackrock

Inc

160,005

170,501

Nasdaq

Inc

914,993

84,097

$

254,598

Electric

-

.55

%

NextEra

Energy

Inc

1,448,898

141,818

Sempra

653,150

62,128

WEC

Energy

Group

Inc

699,126

82,455

Xcel

Energy

Inc

1,004,667

83,337

$

369,738

Healthcare

-

Products

-

.42

%

Abbott

Laboratories

1,247,748

113,283

STERIS

PLC

386,852

83,901

$

197,184

Healthcare

-

Services

-

.44

%

HCA

Healthcare

Inc

275,145

119,537

UnitedHealth

Group

Inc

212,246

78,633

$

198,170

Home

Builders

-

.75

%

DR

Horton

Inc

1,453,063

223,568

Insurance

-

.54

%

Chubb

Ltd

611,614

199,998

Fidelity

National

Financial

Inc

1,678,816

87,802

$

287,800

Internet

-

.61

%

Alphabet

Inc

-

A

Shares

974,198

374,871

Iron

&

Steel

-

.62

%

Reliance

Inc

363,877

131,905

Lodging

-

.38

%

Hilton

Worldwide

Holdings

Inc

597,025

193,478

Machinery

-

Diversified

-

.13

%

Deere

&

Co

293,623

173,199

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

-

.17

%

Comcast

Corp

-

Class

A

520,356

$

14,070

Miscellaneous

Manufacturers

-

.21

%

Parker-Hannifin

Corp

197,384

179,505

Oil

&

Gas

-

.14

%

Chevron

Corp

525,912

101,664

EOG

Resources

Inc

1,044,923

146,885

Marathon

Petroleum

Corp

682,576

169,477

$

418,026

Pharmaceuticals

-

.93

%

AstraZeneca

PLC

431,524

80,855

Eli

Lilly

&

Co

76,260

71,272

Merck

&

Co

Inc

1,445,919

157,865

Novartis

AG

ADR

945,091

139,732

Roche

Holding

AG

ADR

645,414

32,839

$

482,563

Pipelines

-

.86

%

Enterprise

Products

Partners

LP

3,912,507

151,414

Private

Equity

-

.48

%

KKR

&

Co

Inc

1,935,908

201,993

REITs

-

.16

%

Equity

LifeStyle

Properties

Inc

1,540,077

97,472

Prologis

Inc

818,606

116,258

Realty

Income

Corp

676,166

43,437

$

257,167

Retail

-

.19

%

Costco

Wholesale

Corp

244,714

248,270

Starbucks

Corp

917,510

96,641

Williams-Sonoma

Inc

427,494

77,466

$

422,377

Semiconductors

-

.12

%

Broadcom

Inc

434,922

181,549

Monolithic

Power

Systems

Inc

90,713

146,448

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

632,916

250,673

$

578,670

Software

-

.31

%

Microsoft

Corp

333,477

135,985

Salesforce

Inc

283,579

50,060

SAP

SE

ADR

490,054

83,060

$

269,105

Telecommunications

-

.62

%

Motorola

Solutions

Inc

86,387

37,927

T-Mobile

US

Inc

894,175

174,811

$

212,738

Transportation

-

.20

%

Expeditors

International

of

Washington

Inc

659,952

97,600

TOTAL

COMMON

STOCKS

$

8,077,685

Total

Investments

$

8,130,837

Other

Assets

and

Liabilities

- 0.03%

2,120

TOTAL

NET

ASSETS

-

100.00%

$

8,132,957

(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

Equity

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

37,248

$

1,936,454

$

1,920,550

$

53,152

$

37,248

$

1,936,454

$

1,920,550

$

53,152

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,456

$

—

$

—

$

—

$

1,456

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

15.01%

Shares

Held

Value

(000's)

Money

Market

Funds

-

15.01%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

892,843

$

893

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

148,422,493

148,422

$

149,315

TOTAL

INVESTMENT

COMPANIES

$

149,315

BONDS

-

85.02%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.88%

Czechoslovak

Group

AS

6.50%,

01/10/2031

(d) $

4,675

$

4,804

6.50%,

01/10/2031

3,800

3,904

$

8,708

Banks

-

7.73%

Ardshinbank

CJSC

Via

Dilijan

Finance

BV

6.60%,

01/22/2031

(d) 2,650

2,662

Banco

Nacional

de

Mexico

SA

6.70%,

08/07/2036

(d),(e),(f),(g)

5,200

5,200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

5.13%,

01/18/2033

(f),(g)

2,800

2,755

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

7.63%,

02/11/2035

(d),(f),(g)

6,350

6,615

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

7.63%,

02/11/2035

(f),(g)

1,500

1,563

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

8,380

10,022

BSF

Finance

5.76%,

09/03/2035

(f) $

7,525

7,390

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

Ipoteka-Bank

ATIB

6.45%,

10/09/2030

2,575

2,584

Mizrahi

Tefahot

Bank

Ltd

5.84%,

04/15/2036

(d),(f),(g)

8,225

8,287

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.10%

National

Bank

of

Uzbekistan

7.20%,

07/17/2030

2,825

2,939

8.50%,

07/05/2029

4,575

4,901

Riyad

Sukuk

Ltd

6.21%,

07/14/2035

(f) 6,250

6,272

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Saudi

Awwal

Bank

5.95%,

09/04/2035

(f) 6,750

6,721

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.20%

SNB

Sukuk

Ltd

5.94%,

07/18/2036

(f) 5,850

5,861

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.85%

Standard

Chartered

PLC

7.63%,

01/16/2032

(d),(f),(g),(h),(i)

2,925

3,086

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

$

76,858

Building

Materials

-

0.87%

Cimko

Cimento

Ve

Beton

Sanayi

Ve

Ticaret

AS

10.75%,

05/21/2030

2,625

2,782

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

5,825

5,876

$

8,658

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

1.65%

Braskem

Idesa

SAPI

0.00%,

11/15/2029

(j) $

5,700

$

3,996

0.00%,

02/20/2032

(j) 2,775

1,950

Dangote

Fertiliser

Ltd

7.75%,

05/05/2031

(d),(e)

7,475

7,550

Sasol

Financing

USA

LLC

8.75%,

04/10/2033

(d) 2,750

2,904

$

16,400

Commercial

Services

-

0.54%

Mersin

Uluslararasi

Liman

Isletmeciligi

AS

8.25%,

11/15/2028

5,175

5,342

Diversified

Financial

Services

-

0.20%

Kona

Spc

Ltd

4.97%,

12/29/2026

(d),(k)

EUR

1,700

1,967

Month

Euro

Interbank

Offered

Rate

+

2.70%

Electric

-

3.00%

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

$

2,115

1,993

Eastern

European

Electric

Co

BV

6.50%,

05/15/2030

(d) EUR

2,050

2,483

6.50%,

05/15/2030

1,725

2,090

Energo

-

Pro

as

6.45%,

04/15/2031

3,625

4,198

8.00%,

05/27/2030

950

1,164

8.00%,

05/27/2030

(d) 4,250

5,208

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%,

01/31/2041

(d) $

2,947

3,049

Saavi

Energia

Sarl

8.88%,

02/10/2035

(d) 8,650

9,621

$

29,806

Energy

-

Alternate

Sources

-

0.43%

FS

Luxembourg

Sarl

8.63%,

06/25/2033

(d),(i)

2,300

2,254

8.63%,

06/25/2033

2,100

2,058

$

4,312

Engineering

&

Construction

-

3.06%

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

C

olombia

SAS

7.88%,

02/03/2030

950

972

7.88%,

02/03/2030

(d),(i)

5,775

5,907

HTA

Group

Ltd/Mauritius

6.75%,

04/01/2031

(d) 3,975

4,036

7.50%,

06/04/2029

(d) 3,525

3,629

7.50%,

06/04/2029

3,050

3,140

IHS

Holding

Ltd

7.88%,

05/29/2030

(d) 4,225

4,351

7.88%,

05/29/2030

2,450

2,523

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

(i) 3,558

3,552

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(d) 2,325

2,357

$

30,467

Food

-

1.06%

Grupo

Nutresa

SA

7.88%,

10/21/2031

(d),(f),(h)

5,050

5,037

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.10%

8.00%,

05/12/2030

(d) 5,225

5,511

$

10,548

Iron

&

Steel

-

0.55%

Samarco

Mineracao

SA

4.00%,

PIK

5.00%;

06/30/2031

(l),(m)

5,475

5,493

Samarco

Mineracao

SA

Escrow

Shares

0.00%,

10/24/2023

(j),(k)

—

$

5,493

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Lodging

-

0.31%

Gohl

Capital

Holdings

Ltd

7.63%,

10/29/2031

(f),(h)

$

3,075

$

3,051

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.71%

Mining

-

3.26%

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(d) 7,175

7,315

7.88%,

01/23/2030

1,900

1,937

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(d) 5,350

5,624

10.88%,

09/17/2029

4,675

4,968

WE

Soda

Investments

Holding

PLC

9.38%,

02/14/2031

5,150

5,118

9.50%,

10/06/2028

3,750

3,787

9.50%,

10/06/2028

(d) 3,675

3,711

$

32,460

Oil

&

Gas

-

8.73%

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(d) 5,050

5,197

8.13%,

01/23/2030

875

900

8.25%,

01/22/2031

(d) 4,725

4,869

Energean

Israel

Finance

Ltd

5.38%,

03/30/2028

(d),(i)

4,750

4,672

Energean

PLC

5.63%,

05/12/2031

(d) EUR

2,450

2,832

Kosmos

Energy

Ltd

7.50%,

03/01/2028

$

4,050

3,977

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(d) 7,650

7,677

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(j) 42,350

16,618

0.00%,

11/15/2026

(j) 7,125

2,814

Petroleos

Mexicanos

5.95%,

01/28/2031

3,025

2,959

6.70%,

02/16/2032

5,675

5,693

6.84%,

01/23/2030

5,055

5,146

Puma

International

Financing

SA

7.75%,

04/25/2029

(d) 5,225

5,368

7.75%,

04/25/2029

1,125

1,156

Sonangol

Finance

Ltd

10.00%,

01/29/2031

(d),(i)

9,500

9,695

Tengizchevroil

Finance

Co

International

Ltd

4.00%,

08/15/2026

1,383

1,380

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(d),(i)

3,725

4,003

8.75%,

05/07/2030

1,775

1,907

$

86,863

Oil

&

Gas

Services

-

0.59%

Yinson

Boronia

Production

BV

8.95%,

07/31/2042

5,294

5,839

Pipelines

-

1.22%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

5,969

6,104

Golar

LNG

Ltd

7.50%,

10/02/2030

(d) 4,475

4,586

Transportadora

de

Gas

del

Sur

SA

8.50%,

07/24/2031

1,400

1,482

$

12,172

Real

Estate

-

1.35%

Aldar

Properties

PJSC

5.88%,

04/14/2056

(d),(f)

8,825

8,324

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.02%

Mobiliare

Latam

SA

/

Mobiliare

Latam

Mexico

SA

de

CV

6.75%,

11/10/2032

(d) 3,875

3,887

6.75%,

11/10/2032

1,250

1,254

$

13,465

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Regional

Authority

-

1.52%

Province

of

Santa

Fe

8.10%,

12/11/2034

(d) $

4,325

$

4,239

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(l) 7,960

6,133

Provincia

de

Cordoba

8.60%,

02/03/2035

(d) 4,875

4,710

$

15,082

REITs

-

0.19%

Emirates

Reit

Sukuk

III

Ltd

7.50%,

12/12/2028

(l) 1,875

1,885

Sovereign

-

41.91%

Angolan

Government

International

Bond

8.00%,

11/26/2029

4,150

4,237

8.25%,

05/09/2028

1,689

1,731

9.38%,

03/31/2033

(d) 6,300

6,663

Argentine

Republic

Government

International

Bond

0.75%,

07/09/2030

(l) 6,264

5,387

Bahamas

Government

International

Bond

8.25%,

06/24/2036

(d) 1,125

1,251

8.25%,

06/24/2036

1,350

1,502

Benin

Sukuk

SA

6.20%,

01/29/2033

2,000

1,897

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2027

BRL

50,754

10,006

9.76%,

01/01/2033

58,830

10,028

9.76%,

01/01/2035

62,518

10,343

Brazilian

Government

International

Bond

4.88%,

04/23/2033

EUR

3,325

3,863

5.50%,

04/23/2036

3,450

4,044

Chile

Government

International

Bond

2.75%,

01/31/2027

$

2,950

2,914

3.24%,

02/06/2028

14,700

14,408

Colombian

TES

11.00%,

08/22/2029

COP

37,661,500

9,556

13.25%,

02/09/2033

50,347,700

13,338

Czech

Republic

Government

Bond

3.60%,

06/03/2036

CZK

447,250

19,388

DRC

International

Bond

8.75%,

04/16/2032

(d) $

600

612

Eagle

Funding

Luxco

Sarl

5.50%,

08/17/2030

13,325

13,428

Ecuador

Government

International

Bond

0.00%,

07/31/2030

(j) 4,478

3,833

6.90%,

07/31/2035

(l) 3,238

2,987

8.75%,

01/29/2034

(d) 3,950

4,029

Egypt

Government

Bond

22.42%,

01/06/2028

EGP

126,300

2,330

24.46%,

10/01/2027

155,400

2,856

25.32%,

08/13/2027

162,225

3,034

Egypt

Treasury

Bills

20.25%,

10/27/2026

(n) 145,000

2,422

21.04%,

09/22/2026

(n) 75,000

1,278

21.07%,

09/08/2026

(n) 138,900

2,393

21.32%,

08/25/2026

(n) 109,400

1,901

23.40%,

05/19/2026

(n) 329,600

6,091

Ghana

Government

International

Bond

0.00%,

01/03/2030

(d),(j)

$

3,017

2,658

0.00%,

01/03/2030

(j) 4,873

4,292

5.00%,

07/03/2029

(d),(l)

5,491

5,369

5.00%,

07/03/2029

1,094

1,070

Hungary

Government

Bond

4.50%,

03/23/2028

HUF

4,855,400

15,259

7.00%,

10/24/2035

3,540,600

12,218

Israel

Government

International

Bond

5.00%,

01/13/2036

$

4,600

4,464

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Lebanon

Government

International

Bond

0.00%,

10/04/2022

(j) $

2,150

$

538

0.00%,

11/04/2024

(j) 750

0.00%,

03/20/2028

(j) 4,250

1,078

0.00%,

05/17/2033

(j) 3,200

839

Malaysia

Government

Bond

3.58%,

07/15/2032

MYR

60,525

15,338

Mexican

Bonos

8.50%,

11/18/2038

MXN

264,370

14,001

Mexican

Udibonos

2.75%,

11/27/2031

84,602

4,414

4.00%,

08/24/2034

63,914

3,489

Mexico

Government

International

Bond

3.75%,

01/11/2028

$

6,675

6,586

Nigeria

Government

International

Bond

6.13%,

09/28/2028

3,400

3,423

6.50%,

11/28/2027

1,375

1,388

7.14%,

02/23/2030

5,825

6,015

Peru

Government

Bond

7.60%,

08/12/2039

(d),(i)

PEN

14,125

4,236

Peruvian

Government

International

Bond

4.13%,

08/25/2027

$

3,800

3,798

6.85%,

08/12/2035

(d) PEN

42,875

12,740

6.90%,

08/12/2037

41,150

11,876

Republic

of

Cameroon

International

Bond

8.88%,

01/30/2033

$

5,575

5,448

9.50%,

07/31/2031

775

783

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

57,188

14,401

5.00%,

10/25/2035

27,300

7,121

Republic

of

Poland

Government

International

Bond

5.50%,

11/16/2027

$

3,000

3,057

Republic

of

South

Africa

Government

Bond

8.50%,

01/31/2037

ZAR

115,300

6,657

8.75%,

01/31/2044

64,850

3,670

9.88%,

03/31/2039

45,700

2,862

Romania

Government

Bond

6.70%,

02/25/2032

RON

41,875

9,201

6.85%,

07/29/2030

58,675

13,178

Romanian

Government

International

Bond

5.63%,

05/30/2037

EUR

6,400

7,119

6.75%,

07/11/2039

1,700

2,019

Turkiye

Government

Bond

30.08%,

09/12/2029

TRY

365,000

7,100

Ukraine

Government

International

Bond

4.00%,

02/01/2032

(d),(l)

$

3,161

2,422

4.00%,

02/01/2032

(l) 3,445

2,640

4.50%,

02/01/2034

(d),(l)

2,346

1,439

4.50%,

02/01/2034

(l) 16,065

9,860

Venezuela

Government

International

Bond

0.00%,

05/07/2023

(j) 15,525

7,763

Zambia

Government

International

Bond

5.75%,

06/30/2033

(l) 7,159

7,044

$

416,812

Supranational

Bank

-

1.22%

Africa

Finance

Corp

7.50%,

01/21/2030

(d),(f),(h)

4,625

4,693

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.50%,

01/21/2030

(f),(h)

950

964

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

Banque

Ouest

Africaine

de

Developpement

5.00%,

07/27/2027

6,500

6,473

$

12,130

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

-

3.13%

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(d) $

2,700

$

2,720

7.25%,

07/11/2030

1,550

1,561

DB

Terra

Chile

HoldCo

SpA

7.95%,

04/20/2031

(d),(i)

3,225

3,202

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(d) 8,425

8,764

Telecom

Argentina

SA

9.50%,

07/18/2031

1,950

2,084

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(d) 2,650

2,653

7.00%,

10/28/2029

1,250

1,252

Veon

Midco

BV

3.38%,

11/25/2027

9,106

8,882

$

31,118

Transportation

-

1.62%

Transnet/South

Africa

8.25%,

02/06/2028

9,825

10,253

Yinson

Bergenia

Production

BV

8.50%,

01/31/2045

(d) 2,590

2,770

8.50%,

01/31/2045

2,886

3,086

$

16,109

TOTAL

BONDS

$

845,545

CONVERTIBLE

BONDS

-

0.55%

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

0.47%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

$

4,400

$

4,660

Oil

&

Gas

-

0.08%

Kosmos

Energy

Ltd

3.13%,

03/15/2030

925

775

TOTAL

CONVERTIBLE

BONDS

$

5,435

Total

Investments

$

1,000,295

Other

Assets

and

Liabilities

- (0.58)%

(5,748)

TOTAL

NET

ASSETS

-

100.00%

$

994,547

(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

$13,843

or

1.39%

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) 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

$249,448

or

25.08%

of

net

assets.

(e) Security

purchased

on

a

when-issued

basis.

(f) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(g) Security

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

$27,506

or

2.77%

of

net

assets.

(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

$13,128

or

1.32%

of

net

assets.

(j) Non-income

producing

security

(k) 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

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

(l) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

82,233

$

662,411

$

596,222

$

148,422

$

82,233

$

662,411

$

596,222

$

148,422

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,611

$

—

$

—

$

—

$

1,611

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Citigroup

Inc

05/21/2026

$

19,933

THB

650,150

$

—

$

(43) Citigroup

Inc

07/30/2026

TRY

253,600

$

5,167

—

Goldman

Sachs

&

Co

05/21/2026

CNH

276,700

$

40,602

—

(42) Goldman

Sachs

&

Co

05/21/2026

HUF

4,259,775

$

13,530

—

HSBC

Securities

Inc

05/14/2026

EUR

24,735

$

28,975

(3) HSBC

Securities

Inc

05/14/2026

$

53,103

EUR

45,256

—

(36) HSBC

Securities

Inc

05/21/2026

EUR

16,929

$

20,086

—

(203) HSBC

Securities

Inc

05/21/2026

PEN

31,950

$

9,272

—

(173) HSBC

Securities

Inc

05/21/2026

$

32,571

EUR

27,825

—

(110) HSBC

Securities

Inc

05/21/2026

$

5,752

PLN

20,925

—

(22) HSBC

Securities

Inc

05/21/2026

$

22,470

MXN

392,574

(31) HSBC

Securities

Inc

05/21/2026

$

24,367

COP

88,455,593

(17) HSBC

Securities

Inc

05/21/2026

$

27,410

PEN

92,725

1,002

—

JPMorgan

Chase

05/14/2026

EUR

3,802

$

4,472

—

(8) JPMorgan

Chase

05/14/2026

$

27,794

EUR

23,637

—

JPMorgan

Chase

05/21/2026

EUR

29,154

$

34,498

—

(255) JPMorgan

Chase

05/21/2026

ILS

72,175

$

24,112

—

JPMorgan

Chase

05/21/2026

$

23,569

ILS

72,175

—

(929) JPMorgan

Chase

05/21/2026

$

90,874

EUR

77,595

—

(265) JPMorgan

Chase

05/21/2026

$

13,283

ZAR

223,550

—

(124) JPMorgan

Chase

05/21/2026

$

19,888

IDR

345,015,800

—

(38) JPMorgan

Chase

07/06/2026

$

9,664

EGP

532,200

(15) JPMorgan

Chase

07/30/2026

TRY

838,775

$

17,028

—

Total

$

2,032

$

(2,314)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2026

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

Bank

of

China

Ltd/

Sydney,

4.19%,

06/14/2027

1.87%

(1.00)%

Quarterly

12/20/2028

$

29,900

$

(489) $

(34) $

—

$

(523) Goldman

Sachs

&

Co

Bank

of

China

Ltd/

Sydney,

4.19%,

06/14/2027

1.87%

(1.00)%

Quarterly

12/20/2028

3,000

(49) (4) —

(53) Goldman

Sachs

&

Co

China

Construction

Bank

Corp/Hong

Kong,

4.21%,

07/16/2027

1.95%

(1.00)%

Quarterly

12/20/2028

29,900

(489) (58) —

(547) Goldman

Sachs

&

Co

China

Construction

Bank

Corp/Hong

Kong,

4.21%,

07/16/2027

1.95%

(1.00)%

Quarterly

12/20/2028

3,000

(49) (6) —

(55) Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

1.86%

(1.00)%

Quarterly

12/20/2028

29,900

(489) (31) —

(520) Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

1.95%

(1.00)%

Quarterly

12/20/2028

3,000

(49) (6) —

(55) Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Credit

Default

Swaps

(continued)

Buy

Protection

(continued)

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2026

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/Hong

Kong,

1.63%,

10/28/2026

1.95%

(1.00)%

Quarterly

12/20/2028

$

29,900

$

(489) $

(58) $

—

$

(547) Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/Hong

Kong,

1.63%,

10/28/2026

2.08%

(1.00)%

Quarterly

06/20/2029

3,000

(49) (10) —

(59) Total

$

(2,152)

$

(207) $

—

$

(2,359)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

April

30,

2026

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depr

eciation)

Fair

Value

CDX.NA.HY.46

N/A

(5.00)%

Quarterly

06/20/2031

$

55,574

$

(2,134)

$

(1,818)

$

(3,952)

ITRX.XOVER.45

N/A

(5.00)%

Quarterly

06/20/2031

EUR

72,100

(7,811)

(7,562)

Total

$

(9,945)

$

(1,569)

$

(11,514)

Amounts

in

thousands.

(a) Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a) Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Premiums

Paid/(Received)

Fair

Value

Day

MXN

TIIE

Banxico

Pay

7.12%

Monthly

Monthly

N/A

03/15/2028

MXN

461,250

$

(30) $

(12) $

(42) 3

Month

Budapest

Interbank

Offered

Rate

Pay

6.95%

Semiannual

Annual

N/A

06/17/2031

HUF

8,604,817

1,252

1,257

Month

Prague

Interbank

Offered

Rate

Pay

3.98%

Semiannual

Annual

N/A

03/18/2031

CZK

382,898

(305) (15) (320) Colombia

IBR

Overnight

Interbank

Reference

Rate

Pay

11.09%

Quarterly

Quarterly

N/A

03/18/2028

COP

192,600,000

(1,006)

—

(1,006)

Colombia

IBR

Overnight

Interbank

Reference

Rate

Pay

11.09%

Quarterly

Quarterly

N/A

03/18/2028

30,000,000

(13) (144) (157) Total

$

(102) $

(166) $

(268)

Amounts

in

thousands.

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Forward

swap.

Total

Return

Swaps

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

Government

Bond,

17.95%,

06/25/2032

Annual

06/25/2032

NGN

3,150,000

$

—

$

$

—

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

Government

Bond,

17.95%,

06/25/2032

Annual

06/25/2032

1,220,300

—

—

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

Government

Bond,

18.5%,

02/25/2031

Annual

02/25/2031

4,100,000

—

—

(12) Citigroup

Inc

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

05/05/2026

Annual

05/07/2026

1,166,350

—

—

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

OMO

Bill,

0.00%,

08/11/2026

Annual

08/11/2026

1,780,920

—

—

Schedule

of

Investments

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Total

Return

Swaps

(continued)

Counterparty

Fund

Pays

Fund

Receives

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

Liability

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

OMO

Bill,

0.00%,

08/11/2026

Annual

08/11/2026

NGN

2,264,100

$

—

$

$

—

HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Annual

12/20/2027

ZMW

41,050

—

891

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

07/28/2026

Annual

07/28/2026

NGN

968,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

08/04/2026

Annual

08/04/2026

1,762,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

08/25/2026

Annual

08/25/2026

5,400,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

09/08/2026

Annual

09/08/2026

1,850,000

—

—

(6) JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

09/15/2026

Annual

09/15/2026

830,000

—

—

(4) Total

$

—

$

1,233

$

(22) Amounts

in

thousands.

Schedule

of

Investments

Global

Emerging

Markets

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.15

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.15

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

$

—

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(c)

11,929,089

11,929

$

11,929

TOTAL

INVESTMENT

COMPANIES

$

11,929

COMMON

STOCKS

-

.68

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.15

%

CSG

NV

(d) 1,245,042

$

26,965

Korea

Aerospace

Industries

Ltd

155,859

17,856

LIG

Defense&Aerospace

Co

Ltd

191,911

121,742

$

166,563

Automobile

Manufacturers

-

.33

%

BYD

Co

Ltd

4,555,600

60,600

Mahindra

&

Mahindra

Ltd

1,304,355

42,779

$

103,379

Automobile

Parts

&

Equipment

-

.29

%

Contemporary

Amperex

Technology

Co

Ltd

1,217,162

78,159

Contemporary

Amperex

Technology

Co

Ltd

111,400

8,804

Weichai

Power

Co

Ltd

19,706,350

90,668

$

177,631

Banks

-

.97

%

Asia

Commercial

Bank

JSC

27,790,500

24,857

Credicorp

Ltd

329,681

106,873

Grupo

Financiero

Banorte

SAB

de

CV

8,743,100

95,281

HDFC

Bank

Ltd

21,281,724

174,065

ICICI

Bank

Ltd

10,499,933

140,892

IDFC

First

Bank

Ltd

118,668,791

87,551

Piraeus

Bank

SA

(d) 11,843,962

112,128

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

4,476,777

117,272

PT

Bank

Central

Asia

Tbk

252,917,900

85,749

Vietnam

Technological

&

Commercial

Joint

Stock

Bank

46,420,000

59,643

$

1,004,311

Beverages

-

.08

%

Arca

Continental

SAB

de

CV

6,569,100

78,967

Varun

Beverages

Ltd

15,107,523

82,291

$

161,258

Biotechnology

-

.91

%

BeOne

Medicines

Ltd

(d) 1,946,200

44,177

Structure

Therapeutics

Inc

ADR

(d) 625,751

25,938

$

70,115

Building

Materials

-

.98

%

UltraTech

Cement

Ltd

619,573

76,021

Commercial

Services

-

.34

%

JSW

Infrastructure

Ltd

11,522,791

33,215

Localiza

Rent

a

Car

SA

7,563,800

70,631

$

103,846

Diversified

Financial

Services

-

.24

%

Bajaj

Finance

Ltd

7,765,385

77,131

Banco

BTG

Pactual

SA

12,172,250

146,088

Hong

Kong

Exchanges

&

Clearing

Ltd

1,972,400

105,055

$

328,274

Electric

-

.18

%

Emirates

Central

Cooling

Systems

Corp

32,436,721

13,699

Electrical

Components

&

Equipment

-

.57

%

Delta

Electronics

Inc

2,837,000

198,946

Electronics

-

.53

%

Voltronic

Power

Technology

Corp

1,645,000

40,877

Food

-

.52

%

BIM

Birlesik

Magazalar

AS

2,452,906

40,298

Healthcare

-

Products

-

.44

%

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

7,965,387

34,224

Healthcare

-

Services

-

.86

%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

1,024,787

66,351

Home

Furnishings

-

.64

%

Anker

Innovations

Technology

Co

Ltd

2,682,230

49,443

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

-

.01

%

AIA

Group

Ltd

15,680,200

$

172,149

Bupa

Arabia

for

Cooperative

Insurance

Co

1,626,648

79,339

Max

Financial

Services

Ltd

(d) 3,542,811

59,327

$

310,815

Internet

-

.38

%

Alibaba

Group

Holding

Ltd

11,744,024

193,554

Grab

Holdings

Ltd

(d) 19,150,931

73,157

MercadoLibre

Inc

(d) 51,029

91,476

Tencent

Holdings

Ltd

4,841,100

294,011

Trip.com

Group

Ltd

(d) 1,819,298

98,240

Vishal

Mega

Mart

Ltd

(d) 41,046,896

53,167

$

803,605

Iron

&

Steel

-

.34

%

Severstal

PAO

(d) 31,471

—

Vale

SA

ADR

6,368,525

104,189

$

104,189

Lodging

-

.28

%

Atour

Lifestyle

Holdings

Ltd

ADR

882,979

33,765

H

World

Group

Ltd

14,838,300

76,612

Indian

Hotels

Co

Ltd/The

9,794,288

65,952

$

176,329

Machinery

-

Diversified

-

.85

%

WEG

SA

7,211,000

65,676

Metal

Fabrication

&

Hardware

-

.87

%

APL

Apollo

Tubes

Ltd

3,332,071

67,189

Mining

-

.12

%

Anglogold

Ashanti

Plc

621,464

57,752

Polyus

PJSC

(d) 3,430

—

Teck

Resources

Ltd

1,627,032

95,067

Wheaton

Precious

Metals

Corp

88,936

11,247

$

164,066

Oil

&

Gas

-

.26

%

ADNOC

Drilling

Co

PJSC

44,954,508

69,275

PRIO

SA/Brazil

(d) 5,486,300

73,623

Reliance

Industries

Ltd

7,230,860

109,666

$

252,564

Pharmaceuticals

-

.03

%

Caplin

Point

Laboratories

Ltd

22,106

Richter

Gedeon

Nyrt

1,174,862

49,555

Simcere

Pharmaceutical

Group

Ltd

(e) 19,615,000

29,770

$

79,725

Real

Estate

-

.30

%

Aldar

Properties

PJSC

13,610,155

28,624

China

Resources

Land

Ltd

9,427,500

39,610

Cury

Construtora

e

Incorporadora

SA

5,445,900

32,861

$

101,095

Retail

-

.21

%

BBB

Foods

Inc

(d) 1,727,102

63,039

Yum

China

Holdings

Inc

2,215,200

108,397

$

171,436

Semiconductors

-

.05

%

ASML

Holding

NV

-

NY

Reg

Shares

73,271

105,436

MediaTek

Inc

649,000

54,179

Samsung

Electronics

Co

Ltd

4,193,388

631,473

SK

hynix

Inc

383,624

342,104

Taiwan

Semiconductor

Manufacturing

Co

Ltd

18,315,685

1,271,509

$

2,404,701

Software

-

.86

%

NetEase

Inc

2,837,925

66,434

Telecommunications

-

.09

%

Accton

Technology

Corp

1,399,000

102,458

Xiaomi

Corp

(d),(e)

15,902,400

59,669

$

162,127

TOTAL

COMMON

STOCKS

$

7,565,187

Schedule

of

Investments

Global

Emerging

Markets

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

CONVERTIBLE

PREFERRED

STOCKS

-

.19

%

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

.19

%

JSW

One

Platforms

Ltd

0.00%

(d),(f),(g)

1,820

$

14,710

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

14,710

PREFERRED

STOCKS

-

.71

%

Shares

Held

Value

(000's)

Oil

&

Gas

-

.71

%

Petroleo

Brasileiro

SA

-

Petrobras

1.22%

13,297,100

$

132,574

TOTAL

PREFERRED

STOCKS

$

132,574

Total

Investments

$

7,724,400

Other

Assets

and

Liabilities

- 0.27%

20,653

TOTAL

NET

ASSETS

-

100.00%

$

7,745,053

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$0

or

0.00%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) 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

$89,439

or

1.15%

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.

(g) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

245,061

$

1,645,425

$

1,878,557

$

11,929

$

245,061

$

1,645,425

$

1,878,557

$

11,929

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,479

$

—

$

—

$

—

$

1,479

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

JSW

One

Platforms

Ltd

0.00%

05/08/2025-06/16/2025

$

11,987

$

14,710

0.19%

Total

$

14,710

0.19%

Amounts

in

thousands.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.65

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.65

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

11,202,930

$

11,203

TOTAL

INVESTMENT

COMPANIES

$

11,203

COMMON

STOCKS

-

.10

%

Shares

Held

Value

(000's)

Engineering

&

Construction

-

.43

%

Keppel

Ltd

867,200

$

7,423

Healthcare

-

Services

-

.49

%

Chartwell

Retirement

Residences

531,610

8,430

Lodging

-

.00

%

Hilton

Worldwide

Holdings

Inc

33,758

10,940

Hyatt

Hotels

Corp

36,724

6,154

$

17,094

Private

Equity

-

.67

%

CapitaLand

Investment

Ltd/Singapore

5,252,800

11,520

Real

Estate

-

.55

%

Castellum

AB

1,207,454

15,455

City

Developments

Ltd

1,334,800

8,591

CTP

NV

(c) 503,104

9,510

Fastighets

AB

Balder

(d) 1,622,241

9,705

Henderson

Land

Development

Co

Ltd

2,307,000

9,119

Jones

Lang

LaSalle

Inc

(d) 27,080

8,615

Mitsubishi

Estate

Co

Ltd

1,804,500

51,425

Sumitomo

Realty

&

Development

Co

Ltd

1,093,900

33,911

Sun

Hung

Kai

Properties

Ltd

1,314,000

23,004

Swire

Properties

Ltd

4,040,000

12,908

TAG

Immobilien

AG

903,913

15,763

$

198,006

REITs

-

.74

%

Advance

Residence

Investment

Corp

6,142

6,349

Agree

Realty

Corp

204,481

15,768

American

Healthcare

REIT

Inc

364,678

18,518

American

Homes

Rent

1,210,533

38,543

American

Tower

Corp

79,971

14,611

AvalonBay

Communities

Inc

243,110

44,489

British

Land

Co

PLC/The

4,256,885

22,525

Brixmor

Property

Group

Inc

436,853

13,145

Canadian

Apartment

Properties

REIT

374,086

10,074

CapitaLand

Integrated

Commercial

Trust

10,042,000

18,703

Centurion

Accommodation

Reit

5,552,669

4,805

COPT

Defense

Properties

236,743

7,398

Cousins

Properties

Inc

557,999

14,290

Curbline

Properties

Corp

1,082,585

29,879

Digital

Realty

Trust

Inc

193,747

38,931

EastGroup

Properties

Inc

133,348

26,830

Empire

State

Realty

Trust

Inc

812,956

4,528

Equinix

Inc

118,838

128,681

Equity

LifeStyle

Properties

Inc

299,499

18,955

Essex

Property

Trust

Inc

137,573

36,211

Extra

Space

Storage

Inc

446,198

63,954

Gaming

and

Leisure

Properties

Inc

427,895

20,736

GLP

J-Reit

7,583

6,572

Goodman

Group

3,130,132

67,816

Healthpeak

Properties

Inc

1,201,638

19,430

Invincible

Investment

Corp

12,918

5,083

Invitation

Homes

Inc

826,396

23,775

Iron

Mountain

Inc

189,124

23,828

Janus

Living

Inc

314,858

8,262

Japan

Metropolitan

Fund

Invest

14,051

10,413

Keppel

DC

REIT

3,827,971

7,085

Keppel

REIT

96,355

Kilroy

Realty

Corp

295,341

9,823

Klepierre

SA

344,542

13,960

Link

REIT

3,199,500

16,110

Merlin

Properties

Socimi

SA

1,322,719

23,131

Mitsui

Fudosan

Accommodations

Fund

Inc

5,334

4,456

Nippon

Building

Fund

Inc

12,409

10,421

Nippon

Prologis

REIT

Inc

15,160

8,682

Prologis

Inc

556,696

79,062

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Prologis

Property

Mexico

SA

de

CV

960,046

$

4,397

Regency

Centers

Corp

543,741

42,330

Rexford

Industrial

Realty

Inc

710,189

25,489

Ryman

Hospitality

Properties

Inc

112,462

11,819

Sabra

Health

Care

REIT

Inc

1,345,502

27,798

Safestore

Holdings

PLC

1,416,627

12,950

Saul

Centers

Inc

56,148

1,933

SBA

Communications

Corp

19,438

4,300

Scentre

Group

7,076,272

19,015

Sekisui

House

Reit

Inc

13,881

7,552

Simon

Property

Group

Inc

126,179

25,704

Stockland

3,640,379

10,676

Terreno

Realty

Corp

125,698

8,195

Unibail-Rodamco-Westfield

(d) 475,456

57,724

Ventas

Inc

915,622

80,447

Vornado

Realty

Trust

365,297

10,919

Warehouses

De

Pauw

CVA

638,103

16,772

Welltower

Inc

606,695

131,859

$

1,435,779

Telecommunications

-

.00

%

NEXTDC

Ltd

(d) 1,650,776

17,135

Transportation

-

.22

%

East

Japan

Railway

Co

173,800

3,794

TOTAL

COMMON

STOCKS

$

1,699,181

Total

Investments

$

1,710,384

Other

Assets

and

Liabilities

- 0.25%

4,272

TOTAL

NET

ASSETS

-

100.00%

$

1,714,656

(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

$9,510

or

0.55%

of

net

assets.

(d) Non-income

producing

security

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

20,825

$

185,870

$

195,492

$

11,203

$

20,825

$

185,870

$

195,492

$

11,203

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.34

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.34

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

7,789,496

$

7,789

TOTAL

INVESTMENT

COMPANIES

$

7,789

BONDS

-

.15

%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

.99

%

BofA

Auto

Trust

2025-1

4.19%,

11/22/2027

(c) $

589

$

589

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.55%

Capital

One

Prime

Auto

Receivables

Trust

2025-1

3.88%,

01/16/2029

1,986

1,985

Drive

Auto

Receivables

Trust

2025-1

4.87%,

08/15/2028

801

802

Santander

Drive

Auto

Receivables

Trust

2025-2

4.71%,

06/15/2028

1,002

1,002

Santander

Drive

Auto

Receivables

Trust

2025-3

4.63%,

10/16/2028

3,468

3,474

Santander

Drive

Auto

Receivables

Trust

2025-4

4.28%,

01/15/2029

3,279

3,282

Wheels

Fleet

Lease

Funding

LLC

4.33%,

01/18/2040

(c) 6,248

6,259

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.67%

$

17,393

Mortgage

Backed

Securities

-

.54

%

Citigroup

Mortgage

Loan

Trust

2015-PS1

5.25%,

09/25/2042

(c),(d)

1,770

1,763

CSMC

Trust

2015-1

3.88%,

01/25/2045

(c),(d)

1,886

1,824

Fannie

Mae

Interest

Strip

3.50%,

12/25/2043

(d),(e)

1,123

Fannie

Mae

REMICS

2.05%,

06/25/2045

(e) 2,947

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.00%

2.24%,

09/25/2046

(e) 8,936

917

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

2.24%,

10/25/2049

(e) 9,670

1,146

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

2.24%,

05/25/2050

(e) 10,336

1,128

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.89%

2.29%,

08/25/2049

(e) 15,151

1,602

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.29%,

09/25/2049

(e) 4,332

516

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.29%,

11/25/2049

(e) 7,207

754

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.31%,

06/25/2050

(e) 6,913

768

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.96%

2.39%,

09/25/2047

(e) 13,732

1,493

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.04%

2.50%,

02/25/2028

(e) 626

2.94%,

12/25/2042

(e) 5,295

684

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.59%

3.00%,

07/25/2032

(e) 1,866

3.00%,

10/25/2040

(e) 423

3.00%,

04/25/2042

3.00%,

05/25/2048

636

562

3.00%,

01/25/2051

(e) 10,022

1,758

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Fannie

Mae

REMICS

(continued)

3.50%,

02/25/2036

(e) $

1,436

$

3.50%,

02/25/2043

(e) 146

3.50%,

02/25/2043

3.50%,

07/25/2043

(e) 1,866

7.00%,

04/25/2032

Freddie

Mac

REMICS

2.29%,

09/25/2049

(e) 13,558

1,444

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.29%,

10/25/2049

(e) 10,904

1,168

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.29%,

11/25/2049

(e) 4,854

509

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.29%,

03/25/2050

(e) 8,002

875

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.94%

2.34%,

08/25/2050

(e) 6,727

840

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

5.99%

3.00%,

04/15/2046

684

634

4.00%,

11/15/2042

(e) 963

6.50%,

08/15/2027

Ginnie

Mae

2.32%,

03/20/2044

(e) 3,501

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

2.32%,

06/20/2046

(e) 1,619

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

2.32%,

08/20/2047

(e) 8,600

979

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.99%

2.42%,

10/20/2045

(e) 3,639

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.42%,

11/20/2047

(e) 2,706

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.09%

2.52%,

08/20/2050

(e) 9,608

1,236

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.52%,

07/20/2051

(e) 6,791

873

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.52%,

08/20/2051

(e) 8,288

1,022

(1.00)

x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.19%

2.61%,

09/20/2050

(e) 6,006

838

(1.00)

x

Day

Average

Secured

Overnight

Financing

Rate

+

6.25%

3.00%,

07/20/2050

(e) 5,534

868

3.00%,

11/20/2050

(e) 10,105

1,711

3.00%,

11/20/2050

(e) 15,209

2,531

3.00%,

12/20/2050

(e) 6,387

1,075

3.50%,

10/20/2049

(e) 9,249

1,744

4.00%,

04/20/2044

(e) 801

4.00%,

01/20/2046

(e) 557

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(c),(d)

523

New

Residential

Mortgage

Loan

Trust

2015-2

5.23%,

08/25/2055

(c),(d)

1,851

1,842

NRP

Mortgage

Trust

2013-1

3.28%,

07/25/2043

(c),(d)

1,516

1,120

Sequoia

Mortgage

Trust

2013-2

3.64%,

02/25/2043

(d) 497

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

Sequoia

Mortgage

Trust

2017-3

3.76%,

04/25/2047

(c),(d)

$

1,485

$

1,403

Sequoia

Mortgage

Trust

2017-5

3.50%,

08/25/2047

(c),(d)

Sequoia

Mortgage

Trust

2024-5

6.00%,

06/25/2054

(c),(d)

556

555

Sequoia

Mortgage

Trust

2025-HYB1

5.03%,

10/25/2055

(c),(d)

6,975

6,947

Sequoia

Mortgage

Trust

2026-HYB1

4.67%,

04/25/2056

(c),(d)

6,872

6,747

$

55,535

Other

Asset

Backed

Securities

-

.62

%

Consolidated

Communications

LLC/Fidium

Fiber

Finance

Holdco

LLC

5.08%,

03/20/2056

(c) 2,550

2,525

Iskandar

Enterprise

LLC

5.05%,

04/17/2056

(c),(f)

4,090

4,089

Lightpath

Fiber

Issuer

LLC

5.60%,

03/25/2056

(c) 1,275

1,278

MetroNet

Infrastructure

Issuer

LLC

5.16%,

12/20/2055

(c) 1,275

1,274

5.27%,

04/20/2056

(c) 2,550

2,557

Zayo

Issuer

LLC

5.55%,

04/20/2056

(c) 6,375

6,359

5.57%,

10/20/2055

(c) 3,000

2,986

$

21,068

TOTAL

BONDS

$

93,996

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.45

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.99

%

3.00%,

05/01/2043

$

816

$

747

3.00%,

07/01/2045

2,100

1,914

3.00%,

10/01/2046

3,020

2,744

3.50%,

02/01/2044

1,702

1,595

3.50%,

11/01/2046

1,377

1,285

4.00%,

12/01/2041

1,349

1,301

4.00%,

09/15/2042

4.00%,

10/01/2045

2,477

2,384

4.50%,

04/01/2041

1,399

1,389

5.00%,

12/01/2032

5.00%,

02/01/2033

5.00%,

01/01/2034

801

809

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

697

706

5.00%,

03/01/2048

1,373

1,385

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

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

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%,

06/01/2029

7.00%,

04/01/2031

7.00%,

10/01/2031

7.00%,

04/01/2032

8.50%,

07/01/2029

$

17,405

Federal

National

Mortgage

Association

(FNMA)

-

.06

%

5.50%,

05/01/2033

6.00%,

01/01/2032

6.00%,

04/01/2033

6.00%,

09/01/2034

6.11%,

12/01/2033

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.71%

6.50%,

06/01/2031

6.50%,

11/01/2032

6.50%,

11/01/2032

7.00%,

08/01/2028

7.00%,

12/01/2028

7.00%,

07/01/2029

7.00%,

07/01/2032

$

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.28

%

2.00%,

11/01/2051

8,685

7,085

2.00%,

12/01/2051

14,682

11,996

2.00%,

01/01/2052

9,744

7,972

2.00%,

01/01/2052

11,980

9,753

2.00%,

02/01/2052

9,395

7,718

2.00%,

03/01/2052

10,626

8,578

2.00%,

10/01/2052

11,422

9,181

2.50%,

10/01/2050

9,623

8,144

2.50%,

02/01/2051

6,385

5,484

2.50%,

07/01/2051

9,607

8,217

2.50%,

10/01/2051

10,209

8,606

2.50%,

11/01/2051

4,832

4,128

2.50%,

12/01/2051

10,774

9,335

2.50%,

04/01/2052

3,003

2,531

2.50%,

10/01/2053

2,021

1,707

3.00%,

01/01/2046

1,938

1,761

3.00%,

07/01/2046

2,193

1,975

3.00%,

10/01/2046

2,607

2,352

3.00%,

12/01/2046

2,760

2,485

3.00%,

08/01/2050

3,480

3,075

3.00%,

09/01/2050

5,633

4,992

3.50%,

06/01/2042

755

711

3.50%,

11/01/2042

1,414

1,332

3.50%,

03/01/2045

1,528

1,433

4.00%,

03/01/2043

891

857

4.00%,

11/01/2044

997

961

4.00%,

08/01/2045

1,794

1,729

4.00%,

08/01/2046

2,884

2,754

4.00%,

02/01/2048

2,345

2,245

4.00%,

07/01/2053

3,366

3,167

4.00%,

02/01/2054

3,894

3,662

4.50%,

08/01/2039

752

746

4.50%,

10/01/2044

1,093

1,066

4.50%,

12/01/2044

2,330

2,295

4.50%,

05/01/2045

1,078

1,061

4.50%,

09/01/2045

1,434

1,411

4.50%,

10/01/2045

2,056

2,026

4.50%,

11/01/2045

2,934

2,886

4.50%,

06/01/2052

4,148

4,034

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

April

30,

2026

(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%,

08/01/2052

$

4,277

$

4,141

4.50%,

08/01/2052

4,298

4,167

4.50%,

10/01/2052

7,227

6,988

4.50%,

11/01/2053

2,919

2,814

4.50%,

01/01/2054

4,187

4,065

4.50%,

05/01/2056

(g) 7,000

6,733

5.00%,

04/01/2035

5.00%,

05/01/2035

5.00%,

07/01/2035

5.00%,

02/01/2038

539

547

5.00%,

03/01/2038

5.00%,

02/01/2040

1,768

1,806

5.00%,

05/01/2040

695

704

5.00%,

07/01/2040

5.00%,

07/01/2041

1,909

1,932

5.00%,

02/01/2044

985

993

5.00%,

06/01/2044

825

835

5.00%,

05/01/2048

1,537

1,550

5.00%,

09/01/2052

3,815

3,807

5.00%,

04/01/2053

4,225

4,183

5.00%,

06/01/2053

10,751

10,644

5.00%,

06/01/2054

1,521

1,508

5.00%,

11/01/2054

5,127

5,087

5.00%,

11/01/2054

4,452

4,389

5.00%,

11/01/2054

1,988

1,979

5.00%,

01/01/2055

4,157

4,127

5.00%,

02/01/2055

2,846

2,822

5.00%,

02/01/2056

5,903

5,834

5.00%,

05/01/2056

(g) 1,525

1,502

5.50%,

07/01/2033

5.50%,

12/01/2037

5.50%,

03/01/2038

5.50%,

07/01/2053

2,340

2,385

5.50%,

11/01/2053

5,348

5,456

5.50%,

11/01/2053

5,247

5,333

5.50%,

03/01/2054

3,678

3,714

5.50%,

05/01/2054

4,111

4,191

5.50%,

10/01/2054

6,925

7,060

5.50%,

02/01/2055

9,136

9,287

5.50%,

04/01/2055

4,104

4,167

5.50%,

06/01/2055

3,633

3,684

5.50%,

06/01/2055

2,469

2,510

5.50%,

08/01/2055

4,074

4,147

5.50%,

08/01/2055

9,224

9,326

5.50%,

10/01/2055

6,277

6,369

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%,

09/01/2053

2,494

2,560

6.00%,

04/01/2054

4,559

4,740

6.00%,

05/01/2054

4,114

4,272

6.00%,

06/01/2054

3,018

3,128

6.00%,

09/01/2054

2,896

3,009

6.00%,

09/01/2054

4,870

5,017

6.00%,

11/01/2054

2,538

2,632

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

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)

6.50%,

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

7.00%,

11/01/2031

$

339,268

Government

National

Mortgage

Association

(GNMA)

-

.52

%

2.00%,

08/20/2050

3,272

2,693

2.00%,

02/20/2051

6,200

5,103

2.00%,

05/20/2051

3,112

2,562

2.50%,

06/20/2050

10,852

9,306

2.50%,

09/20/2051

8,943

7,668

3.00%,

12/20/2051

2,299

2,050

3.50%,

06/20/2043

1,540

1,403

3.50%,

10/20/2047

1,335

1,224

4.00%,

09/15/2041

1,796

1,721

4.00%,

03/15/2044

1,067

1,019

4.00%,

10/20/2052

4,054

3,824

4.50%,

05/20/2052

4,245

4,130

4.50%,

09/20/2052

5,031

4,889

4.50%,

03/20/2053

2,823

2,742

4.50%,

10/20/2054

1,187

1,147

4.50%,

11/20/2054

13,814

13,363

4.50%,

05/20/2056

(g) 12,025

11,595

5.00%,

12/20/2052

6,881

6,863

5.00%,

04/20/2053

11,223

11,184

5.00%,

05/20/2053

5,326

5,314

5.00%,

09/20/2053

4,461

4,440

5.00%,

10/20/2053

4,583

4,562

5.00%,

02/20/2054

1,983

1,972

5.00%,

04/20/2054

6,268

6,232

5.00%,

06/20/2056

(g) 9,560

9,457

5.50%,

07/20/2033

5.50%,

03/20/2034

5.50%,

05/20/2035

5.50%,

03/20/2053

4,983

5,060

5.50%,

06/20/2053

4,416

4,481

5.50%,

08/20/2053

5,129

5,199

5.50%,

05/20/2056

(g) 625

629

6.00%,

02/20/2029

6.00%,

02/15/2033

6.00%,

07/20/2033

6.00%,

08/15/2038

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%,

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

$

142,782

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

-

.60

%

3.60%,

05/28/2026

(h) $

15,160

$

15,121

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

514,944

Total

Investments

$

616,729

Other

Assets

and

Liabilities

- (5.94)%

(34,555)

TOTAL

NET

ASSETS

-

100.00%

$

582,174

(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

$50,733

or

8.71%

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

purchased

on

a

when-issued

basis.

(g) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(h) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

11,601

$

107,777

$

111,589

$

7,789

$

11,601

$

107,777

$

111,589

$

7,789

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Treasury

Note;

June

2026

Short

$

16,257

$

US

Year

Treasury Note;

June

2026

Short

51,222

595

US

Long

Bond;

June

2026

Long

3,836

(162)

Total

$

821

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Government

Money

Market

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.95

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.95

%

DWS

Government

Money

Market

Series

-

Institutional

Class

3.60%

(a) 127,700,000

$

127,700

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Class

3.54%

(a) 19,300,000

19,300

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

3.58%

(a) 77,600,000

77,600

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.57%

(a) 37,150,000

37,150

$

261,750

TOTAL

INVESTMENT

COMPANIES

$

261,750

BONDS

-

.65

%

Principal

Amount

(000's)

Value

(000's)

Federal

&

Federally

Sponsored

Credit

-

.05

%

Federal

Farm

Credit

Banks

Funding

Corp

3.67%,

11/06/2026

$

38,000

$

38,000

Secured

Overnight

Financing

Rate

+

0.05%

3.68%,

07/21/2026

60,000

60,000

Secured

Overnight

Financing

Rate

+

0.06%

3.70%,

08/12/2026

20,000

20,000

Secured

Overnight

Financing

Rate

+

0.07%

3.70%,

12/28/2027

50,000

50,000

Secured

Overnight

Financing

Rate

+

0.07%

3.72%,

08/18/2027

35,000

35,000

Secured

Overnight

Financing

Rate

+

0.06%

3.73%,

01/08/2027

65,000

65,000

Secured

Overnight

Financing

Rate

+

0.10%

3.75%,

02/01/2027

45,000

45,000

Secured

Overnight

Financing

Rate

+

0.11%

3.75%,

02/18/2027

45,000

45,000

Secured

Overnight

Financing

Rate

+

0.12%

3.75%,

07/30/2027

40,000

40,000

Secured

Overnight

Financing

Rate

+

0.12%

$

398,000

Finance

-

Mortgage

Loan/Banker

-

.60

%

Fannie

Mae

3.72%,

02/02/2028

19,000

19,000

Secured

Overnight

Financing

Rate

+

0.09%

Fannie

Mae

Discount

Notes

3.60%,

05/01/2026

35,000

35,000

3.62%,

05/20/2026

23,000

22,956

Federal

Home

Loan

Bank

Discount

Notes

3.55%,

07/24/2026

50,000

49,586

3.56%,

08/03/2026

50,000

49,535

3.57%,

07/17/2026

75,000

74,427

3.59%,

05/29/2026

80,000

79,776

3.59%,

06/05/2026

50,100

49,925

3.59%,

06/15/2026

50,000

49,776

3.60%,

05/01/2026

76,700

76,700

3.60%,

05/27/2026

76,804

76,604

3.60%,

06/22/2026

65,000

64,662

3.61%,

05/20/2026

67,855

67,726

3.61%,

05/21/2026

54,181

54,073

3.61%,

06/10/2026

40,000

39,840

3.61%,

07/01/2026

103,915

103,281

3.61%,

07/29/2026

70,000

69,375

3.62%,

05/15/2026

50,000

49,930

3.62%,

05/28/2026

50,000

49,864

3.62%,

06/08/2026

50,000

49,809

3.62%,

10/14/2026

35,000

34,416

3.63%,

05/06/2026

67,000

66,966

3.63%,

05/13/2026

50,000

49,939

3.63%,

05/22/2026

62,787

62,655

3.63%,

06/17/2026

50,000

49,763

3.63%,

07/10/2026

45,000

44,682

3.63%,

07/31/2026

50,000

49,541

3.63%,

09/04/2026

45,000

44,428

3.63%,

09/11/2026

45,500

44,891

3.63%,

09/18/2026

50,000

49,295

3.64%,

06/24/2026

25,000

24,863

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Finance

-

Mortgage

Loan/Banker

(continued)

Federal

Home

Loan

Bank

Discount

Notes

(continued)

3.64%,

06/26/2026

$

40,000

$

39,774

3.64%,

06/30/2026

45,925

45,647

3.64%,

07/06/2026

50,000

49,666

Freddie

Mac

Discount

Notes

3.60%,

06/02/2026

79,763

79,508

3.60%,

07/20/2026

9,077

9,004

3.61%,

06/03/2026

75,000

74,752

3.62%,

06/15/2026

48,965

48,743

3.62%,

06/29/2026

8,487

8,437

3.63%,

05/27/2026

8,334

8,312

3.64%,

05/26/2026

24,127

24,066

3.64%,

06/23/2026

65,000

64,652

3.64%,

06/26/2026

32,422

32,239

$

2,138,084

TOTAL

BONDS

$

2,536,084

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.25

%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

-

.25

%

3.59%,

05/05/2026

$

75,000

$

74,970

3.60%,

05/12/2026

50,000

49,945

3.60%,

10/22/2026

60,000

58,956

3.61%,

05/07/2026

70,000

69,958

3.61%,

06/11/2026

60,000

59,754

3.61%,

08/04/2026

50,000

49,524

$

363,107

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

363,107

REPURCHASE

AGREEMENTS

-

.41

%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

.41

%

Bank

of

Montreal

Repurchase

Agreement;

3.62%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Securities;

$153,000,057;

0.00%-3.75%;

dated

02/28/2027-08/15/2052)

$

150,015

$

150,000

Barclays

Capital

Inc

Repurchase

Agreement;

3.64%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Security;

$163,200,021;

0.00%;

dated

07/02/2026)

160,016

160,000

BNP

Paribas

Securities

Corp.

Repurchase

Agreement;

3.63%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Securities;

$173,400,030;

0.00%-4.625%;

dated

05/15/2026-08/15/2055)

170,017

170,000

Goldman

Sachs

&

Co.

LLC

Repurchase

Agreement;

3.62%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Security;

$183,600,050;

1.25%;

dated

06/30/2028)

180,018

180,000

HSBC

Securities

(USA)

Inc.

Repurchase

Agreement;

3.63%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Securities;

$183,600,001;

0.00%-4.75%;

dated

11/15/2039-02/15/2056)

180,018

180,000

Merrill

Lynch,

Pierce,

Fenner

&

Smith

Repurchase

Agreement;

3.64%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Securities;

$153,000,000;

2.00%-7.00%;

dated

08/15/2029-08/15/2067)

150,015

150,000

Schedule

of

Investments

Government

Money

Market

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

REPURCHASE

AGREEMENTS

(continued)

Maturity

Amount

(000's)

Value

(000's)

Banks

(continued)

The

Bank

of

New

York

Mellon

Repurchase

Agreement;

3.64%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Securities;

$265,200,046;

1.375%-4.125%;

dated

02/29/2028-02/15/2036)

$

260,026

$

260,000

$

1,250,000

TOTAL

REPURCHASE

AGREEMENTS

$

1,250,000

Total

Investments

$

4,410,941

Other

Assets

and

Liabilities

- (0.26)%

(11,498)

TOTAL

NET

ASSETS

-

100.00%

$

4,399,443

(a) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

High

Yield

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.25

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.25

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

80,746,806

$

80,747

TOTAL

INVESTMENT

COMPANIES

$

80,747

COMMON

STOCKS

-

.02

%

Shares

Held

Value

(000's)

Electric

-

.00

%

Vistra

Energy

Corp

-

Rights

(c),(d)

164,087

$

—

Healthcare

-

Services

-

.01

%

Sound

Inpatient

Physicians

Inc

-

Class

A

(c),(d)

3,870,585

Sound

Inpatient

Physicians

Inc

-

Class

A2

(c),(d)

173,273

$

Mining

-

.00

%

Arctic

Canadian

Diamond

Co

Ltd

(c),(d),(e)

5,247

Burgundy

Diamond

Mines

Ltd

(c),(d),(e)

6,531,458

—

$

Oil

&

Gas

-

.01

%

Mesquite

Energy

Inc

(c),(d)

76,703

617

Sabine

Oil

&

Gas

Holdings

Inc

(c),(d)

—

$

617

Retail

-

.00

%

Claire's

Holdings

LLC

(c),(d)

4,036

—

TOTAL

COMMON

STOCKS

$

1,090

BONDS

-

.90

%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

.16

%

Neptune

Bidco

US

Inc

9.50%,

02/15/2033

(f) $

10,479

$

10,487

Aerospace

&

Defense

-

.67

%

Bombardier

Inc

6.75%,

06/15/2033

(f) 2,884

3,007

7.00%,

06/01/2032

(f) 11,698

12,211

7.25%,

07/01/2031

(f) 13,639

14,351

8.75%,

11/15/2030

(f) 9,850

10,458

TransDigm

Inc

6.00%,

01/15/2033

(f) 13,906

14,039

6.13%,

07/31/2034

(f) 17,408

17,427

6.38%,

05/31/2033

(f) 22,105

22,275

6.63%,

03/01/2032

(f) 6,808

6,997

6.75%,

01/31/2034

(f) 6,686

6,868

$

107,633

Airlines

-

.06

%

American

Airlines

2021-1

Class

B

Pass

Through

Trust

3.95%,

01/11/2032

2,367

2,257

American

Airlines

Inc

7.25%,

02/15/2028

(f) 91

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd

5.75%,

04/20/2029

(f) 8,789

8,795

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(f) 17,225

16,730

OneSky

Flight

LLC

8.88%,

12/15/2029

(f) 12,970

13,698

United

Airlines

2016-2

Class

A

Pass

Through

Trust

3.10%,

04/07/2030

United

Airlines

Holdings

Inc

5.38%,

03/01/2031

5,613

5,532

United

Airlines

Inc

4.63%,

04/15/2029

(f) 21,639

21,361

$

68,515

Automobile

Manufacturers

-

.56

%

Allison

Transmission

Inc

5.88%,

12/01/2033

(f) 13,745

13,876

Ford

Motor

Co

3.25%,

02/12/2032

4,096

3,594

Nissan

Motor

Co

Ltd

4.81%,

09/17/2030

(f) 20,240

18,903

$

36,373

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

.90

%

American

Axle

&

Manufacturing

Inc

6.88%,

07/01/2028

$

13,592

$

13,608

7.75%,

10/15/2033

(f) 18,865

18,418

Cyprium

Corp

/

Cyprium

Holdings

Luxembourg

Sarl

6.13%,

04/15/2031

(f) 13,010

13,100

Phinia

Inc

6.63%,

10/15/2032

(f) 11,356

11,634

6.75%,

04/15/2029

(f) 1,274

1,304

$

58,064

Banks

-

.72

%

Barclays

PLC

5.09%,

06/20/2030

(g) 26,064

26,182

Month

USD

LIBOR

+

3.05%

7.63%,

03/15/2035

(g),(h),(i)

11,525

12,139

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

(g),(h),(i)

20,885

21,920

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

JPMorgan

Chase

&

Co

6.10%,

07/01/2031

(g),(h),(j)

16,145

16,145

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.08%

6.50%,

04/01/2030

(g),(h)

35,052

35,983

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

UBS

Group

AG

6.63%,

01/08/2031

(f),(g),(h),(i)

9,000

9,062

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.24%

7.00%,

02/10/2030

(f),(g),(h),(i)

35,438

36,231

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

9.25%,

11/13/2028

(f),(g),(h),(i)

16,855

18,239

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.75%

$

175,901

Building

Materials

-

.96

%

Ameritex

Holdco

Intermediate

LLC

7.63%,

08/15/2033

(f) 25,690

26,704

JH

North

America

Holdings

Inc

5.88%,

01/31/2031

(f) 6,000

5,997

Miter

Brands

Acquisition

Holdco

Inc

/

MIWD

Borrower

LLC

6.75%,

04/01/2032

(f) 8,693

8,593

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp

5.50%,

02/01/2030

(f) 10,250

9,456

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(f) 15,345

15,587

6.75%,

03/01/2033

(f) 7,793

7,903

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(f) 49,244

49,204

8.88%,

11/15/2031

(f) 3,072

3,217

$

126,661

Chemicals

-

.36

%

Advancion

Sciences

Inc

9.25%,

PIK

10.00%;

11/01/2026

(f),(k),(l)

10,579

8,490

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(f) 17,857

16,964

12.00%,

02/15/2031

(f) 10,556

10,820

Element

Solutions

Inc

3.88%,

09/01/2028

(f) 25,471

24,833

Olympus

Water

US

Holding

Corp

4.25%,

10/01/2028

(f) 1,155

1,123

6.25%,

10/01/2029

(f) 37,260

36,419

6.75%,

08/01/2032

(f) 17,400

16,865

7.25%,

06/15/2031

(f) 11,985

12,056

Schedule

of

Investments

High

Yield

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

(continued)

Tronox

Inc

4.63%,

03/15/2029

(f) $

23,276

$

19,479

9.13%,

09/30/2030

(f) 2,559

2,601

Vibrantz

Technologies

Inc

9.00%,

02/28/2031

(f) 544

9.00%,

02/28/2031

(f) 22,034

2,424

$

152,346

Commercial

Services

-

.71

%

ADT

Security

Corp/The

4.13%,

08/01/2029

(f) 13,338

12,827

5.88%,

10/15/2033

(f) 21,088

20,775

Albion

Financing

SARL

/

Aggreko

Holdings

Inc

7.00%,

05/21/2030

(f) 15,990

16,518

Block

Inc

6.50%,

05/15/2032

18,463

18,815

EquipmentShare.com

Inc

8.00%,

03/15/2033

(f) 15,207

15,947

8.63%,

05/15/2032

(f) 10,538

11,176

Garda

World

Security

Corp

6.00%,

06/01/2029

(f) 17,085

16,742

6.50%,

01/15/2031

(f) 2,348

2,399

7.75%,

02/15/2028

(f) 27

8.25%,

08/01/2032

(f) 148

8.38%,

11/15/2032

(f) 19,988

20,623

Herc

Holdings

Inc

5.75%,

03/15/2031

(f) 4,777

4,788

6.00%,

03/15/2034

(f) 4,777

4,736

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub

Inc

6.75%,

08/15/2032

(f) 29,425

29,367

Synergy

Infrastructure

Holdings

LLC

7.88%,

12/01/2030

(f) 7,184

7,543

United

Rentals

North

America

Inc

3.88%,

02/15/2031

11,376

10,773

4.88%,

01/15/2028

4,098

4,091

5.25%,

01/15/2030

8,570

8,587

Veritiv

Operating

Co

10.50%,

11/30/2030

(f) 31,931

33,648

$

239,533

Computers

-

.47

%

McAfee

Corp

7.38%,

02/15/2030

(f) 34,235

27,739

NCR

Atleos

Corp

9.50%,

04/01/2029

(f) 26,300

27,979

Seagate

Data

Storage

Technology

Pte

Ltd

5.75%,

12/01/2034

(f) 9,572

9,737

8.50%,

07/15/2031

(f) 3,884

4,068

9.63%,

12/01/2032

(f) 14,941

16,616

Virtusa

Corp

7.13%,

12/15/2028

(f) 11,024

9,167

$

95,306

Consumer

Products

-

.25

%

Kronos

Acquisition

Holdings

Inc

8.25%,

06/30/2031

(f) 19,232

11,756

10.75%,

06/30/2032

(f) 15,075

4,522

$

16,278

Cosmetics

&

Personal

Care

-

.49

%

Perrigo

Finance

Unlimited

Co

6.13%,

09/30/2032

33,666

31,679

Distribution

&

Wholesale

-

.34

%

S&S

Holdings

LLC

8.38%,

10/01/2031

(f) 24,051

22,130

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

-

.43

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.95%,

03/10/2055

(g) $

27,377

$

28,350

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Credit

Acceptance

Corp

6.63%,

03/15/2030

(f) 14,466

14,418

9.25%,

12/15/2028

(f) 28,257

29,467

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(f) 2,158

2,104

9.13%,

05/15/2031

(f) 43,963

45,535

Global

Aircraft

Leasing

Co

Ltd

8.75%,

09/01/2027

(f) 42,439

43,046

Jane

Street

Group

/

JSG

Finance

Inc

6.13%,

11/01/2032

(f) 30,890

31,052

6.75%,

05/01/2033

(f) 14,445

14,840

OneMain

Finance

Corp

3.50%,

01/15/2027

4,170

4,116

4.00%,

09/15/2030

7,568

6,961

6.63%,

01/15/2028

2,649

2,687

6.63%,

05/15/2029

11,256

11,450

7.13%,

11/15/2031

27,124

27,505

7.13%,

09/15/2032

17,029

17,268

7.50%,

05/15/2031

7,690

7,884

Rfna

LP

7.88%,

02/15/2030

(f) 14,605

14,496

Rocket

Cos

Inc

6.13%,

08/01/2030

(f) 11,426

11,596

6.38%,

08/01/2033

(f) 15,260

15,446

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(f) 21,381

21,800

Vericast

Corp

12.50%,

12/15/2027

(f) 792

808

$

350,829

Electric

-

.85

%

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(f) 43,759

43,493

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(f) 35,292

33,025

5.75%,

01/15/2034

(f) 12,178

12,181

NextEra

Energy

Capital

Holdings

Inc

6.70%,

09/01/2054

(g) 26,013

26,698

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

NRG

Energy

Inc

5.75%,

01/15/2034

(f) 17,905

17,773

5.88%,

05/15/2034

(f) 6,955

6,930

6.00%,

01/15/2036

(f) 17,905

17,783

6.13%,

05/15/2036

(f) 6,920

6,894

10.25%,

03/15/2028

(f),(g),(h)

12,017

13,054

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.92%

Talen

Energy

Supply

LLC

6.25%,

02/01/2034

(f) 19,780

19,632

Vistra

Corp

7.00%,

12/15/2026

(f),(g),(h)

16,889

16,938

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%

VoltaGrid

LLC

7.38%,

11/01/2030

(f) 33,160

34,418

$

248,819

Engineering

&

Construction

-

.38

%

Global

Infrastructure

Solutions

Inc

5.63%,

06/01/2029

(f) 24,845

24,804

Schedule

of

Investments

High

Yield

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Entertainment

-

.93

%

Caesars

Entertainment

Inc

6.00%,

10/15/2032

(f) $

18,392

$

16,484

6.50%,

02/15/2032

(f) 29,735

28,892

Churchill

Downs

Inc

4.75%,

01/15/2028

(f) 236

5.75%,

04/01/2030

(f) 28,370

28,277

6.75%,

05/01/2031

(f) 208

Cinemark

USA

Inc

5.25%,

07/15/2028

(f) 9,415

9,379

7.00%,

08/01/2032

(f) 38,209

39,488

Discovery

Global

Holdings

Inc

5.05%,

03/15/2042

43,546

31,071

Starz

Capital

Holdings

LLC

5.50%,

04/15/2029

(f) 1,311

1,137

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(f) 104

6.25%,

03/15/2033

(f) 16,921

17,004

7.13%,

02/15/2031

(f) 15,822

16,746

$

189,028

Environmental

Control

-

.16

%

Waste

Pro

USA

Inc

7.00%,

02/01/2033

(f) 9,876

10,061

Food

-

.13

%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

3.50%,

03/15/2029

(f) 11,677

11,136

5.50%,

03/31/2031

(f) 6,237

6,202

5.63%,

03/31/2032

(f) 13,616

13,432

6.25%,

03/15/2033

(f) 4,696

4,738

B&G

Foods

Inc

5.25%,

09/15/2027

11,519

11,107

8.00%,

09/15/2028

(f) 25,270

25,045

Chobani

LLC

/

Chobani

Finance

Corp

Inc

4.63%,

11/15/2028

(f) 13,043

12,917

6.38%,

04/15/2034

(f) 6,490

6,622

7.63%,

07/01/2029

(f) 12,370

12,769

Fiesta

Purchaser

Inc

7.88%,

03/01/2031

(f) 3,708

3,829

9.63%,

09/15/2032

(f) 24,270

25,099

Ingles

Markets

Inc

4.00%,

06/15/2031

(f) 5,153

4,871

Pilgrim's

Pride

Corp

3.50%,

03/01/2032

14,463

13,211

Post

Holdings

Inc

4.50%,

09/15/2031

(f) 14,240

13,388

4.63%,

04/15/2030

(f) 13,615

13,227

6.25%,

10/15/2034

(f) 2,842

2,806

6.50%,

03/15/2036

(f) 1,905

1,892

Viking

Baked

Goods

Acquisition

Corp

8.63%,

11/01/2031

(f) 19,344

19,751

$

202,042

Forest

Products

&

Paper

-

.23

%

Mercer

International

Inc

5.13%,

02/01/2029

19,908

7,963

12.88%,

10/01/2028

(f) 3,596

1,789

Sappi

Papier

Holding

GmbH

7.50%,

06/15/2032

(f) 5,331

5,431

$

15,183

Healthcare

-

Services

-

.41

%

Acadia

Healthcare

Co

Inc

5.00%,

04/15/2029

(f) 36,473

35,690

CHS/Community

Health

Systems

Inc

5.25%,

05/15/2030

(f) 5,310

5,014

6.00%,

01/15/2029

(f) 24,497

24,303

Concentra

Health

Services

Inc

6.88%,

07/15/2032

(f) 21,930

22,726

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

Global

Medical

Response

Inc

7.38%,

10/01/2032

(f) $

9,076

$

9,461

IQVIA

Inc

6.25%,

06/01/2032

(f) 16,708

17,015

LifePoint

Health

Inc

8.38%,

02/15/2032

(f) 14,831

15,561

Molina

Healthcare

Inc

3.88%,

11/15/2030

(f) 10,727

9,941

3.88%,

05/15/2032

(f) 10,291

9,237

4.38%,

06/15/2028

(f) 4,466

4,403

6.25%,

01/15/2033

(f) 6,680

6,673

Tenet

Healthcare

Corp

5.50%,

11/15/2032

(f) 16,370

16,328

6.13%,

06/15/2030

26,609

26,767

6.75%,

05/15/2031

16,515

16,970

$

220,089

Holding

Companies

-

Diversified

-

.18

%

Clue

Opco

LLC

9.50%,

10/15/2031

(f) 11,510

11,762

Home

Builders

-

.79

%

Adams

Homes

Inc

9.25%,

10/15/2028

(f) 23,668

24,466

Century

Communities

Inc

3.88%,

08/15/2029

(f) 18,417

17,441

6.63%,

09/15/2033

(f) 5,320

5,293

Dream

Finders

Homes

Inc

6.88%,

09/15/2030

(f) 8,868

8,697

8.25%,

08/15/2028

(f) 16,055

16,456

Forestar

Group

Inc

6.50%,

03/15/2033

(f) 11,426

11,495

K

Hovnanian

Enterprises

Inc

8.00%,

04/01/2031

(f) 3,719

3,750

8.38%,

10/01/2033

(f) 11,629

11,683

LGI

Homes

Inc

4.00%,

07/15/2029

(f) 244

7.00%,

11/15/2032

(f) 17,045

16,335

$

115,837

Housewares

-

.48

%

Newell

Brands

Inc

8.50%,

06/01/2028

(f) 29,551

30,880

Insurance

-

.53

%

Asurion

LLC/

Asurion

Co-Issuer

Inc

8.00%,

12/31/2032

(f) 21,911

22,888

8.38%,

02/01/2034

(f) 11,649

11,493

$

34,381

Internet

-

.40

%

Gen

Digital

Inc

6.25%,

04/01/2033

(f) 19,173

18,684

ZipRecruiter

Inc

5.00%,

01/15/2030

(f) 10,821

7,060

$

25,744

Investment

Companies

-

.14

%

HA

Sustainable

Infrastructure

Capital

Inc

7.13%,

11/15/2056

(g) 3,646

3,681

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.48%

8.00%,

06/01/2056

(g) 24,180

25,667

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.30%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.38%,

06/15/2026

(f) 1,950

1,946

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.38%,

02/01/2029

34,854

30,552

10.00%,

11/15/2029

(f) 11,896

12,000

$

73,846

Schedule

of

Investments

High

Yield

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Iron

&

Steel

-

.78

%

Cleveland-Cliffs

Inc

4.63%,

03/01/2029

(f) $

10,100

$

9,735

4.88%,

03/01/2031

(f) 58

6.75%,

04/15/2030

(f) 80

6.88%,

11/01/2029

(f) 60

7.00%,

03/15/2032

(f) 5,826

5,822

7.38%,

05/01/2033

(f) 15,613

15,779

Commercial

Metals

Co

5.75%,

11/15/2033

(f) 3,250

3,255

6.00%,

12/15/2035

(f) 10,495

10,485

Specialty

Steel

12.00%,

11/15/2033

(d),(e)

8,096

4,895

$

50,164

Leisure

Products

&

Services

-

.44

%

A&K

Travel

Group

Holdings

Ltd

7.50%,

05/15/2033

(f),(j)

7,295

7,331

Life

Time

Inc

6.00%,

11/15/2031

(f) 23,151

23,501

NCL

Corp

Ltd

6.25%,

03/01/2030

(f) 19,800

19,753

6.25%,

09/15/2033

(f) 1,225

1,186

6.75%,

02/01/2032

(f) 4,954

4,930

7.75%,

02/15/2029

(f) 81

NCL

Finance

Ltd

6.13%,

03/15/2028

(f) 13,118

13,309

Patrick

Industries

Inc

4.75%,

05/01/2029

(f) 10,620

10,434

6.38%,

11/01/2032

(f) 12,754

12,832

$

93,360

Lodging

-

.58

%

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.63%,

01/15/2032

(f) 32,402

32,778

Station

Casinos

LLC

4.50%,

02/15/2028

(f) 100

4.63%,

12/01/2031

(f) 1,425

1,341

6.63%,

03/15/2032

(f) 35,353

35,794

Wynn

Macau

Ltd

5.13%,

12/15/2029

(f) 73

5.50%,

10/01/2027

(f) 40

5.63%,

08/26/2028

(f) 32,359

32,118

$

102,240

Machinery

-

Diversified

-

.62

%

Esab

Corp

5.63%,

04/01/2031

(f) 8,200

8,275

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(f) 30,761

32,105

$

40,380

Media

-

.81

%

AMC

Global

Media

Inc

10.50%,

07/15/2032

(f) 30,862

31,815

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.25%,

01/15/2034

(f) 5,250

4,403

4.50%,

08/15/2030

(f) 11,633

10,851

4.50%,

06/01/2033

(f) 12,837

11,028

4.75%,

03/01/2030

(f) 10,379

9,838

4.75%,

02/01/2032

(f) 29,198

26,145

5.00%,

02/01/2028

(f) 1,311

1,296

5.13%,

05/01/2027

(f) 2,019

2,017

7.00%,

02/01/2033

(f) 9,458

9,323

CSC

Holdings

LLC

4.50%,

11/15/2031

(f) 30,622

17,854

5.50%,

04/15/2027

(f) 2,450

2,067

6.50%,

02/01/2029

(f) 22,153

13,791

11.25%,

05/15/2028

(f) 6,211

5,051

Directv

Financing

LLC

8.88%,

02/01/2030

(f) 28,760

29,238

8.88%,

02/01/2030

(f) 13,732

13,986

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

5.88%,

08/15/2027

(f) $

4,031

$

4,034

10.00%,

02/15/2031

(f) 21,782

22,664

Discovery

Communications

LLC

3.63%,

05/15/2030

4,555

4,282

4.13%,

05/15/2029

16,564

16,151

DISH

DBS

Corp

5.25%,

12/01/2026

(f) 21,056

20,856

DISH

Network

Corp

11.75%,

11/15/2027

(f) 40,384

41,688

Dotdash

Meredith

Inc

7.63%,

06/15/2032

(f) 22,188

20,826

EchoStar

Corp

10.75%,

11/30/2029

45,136

49,007

iHeartCommunications

Inc

4.75%,

01/15/2028

(f) 14,528

13,898

7.75%,

08/15/2030

(f) 7,682

7,394

LCPR

Senior

Secured

Financing

DAC

5.13%,

07/15/2029

(f) 25,200

16,333

McGraw-Hill

Education

Inc

7.38%,

09/01/2031

(f) 19,239

19,878

Nexstar

Media

Inc

6.50%,

09/15/2033

(f) 17,064

17,195

7.25%,

04/15/2034

(f) 8,409

8,463

Paramount

Global

4.20%,

05/19/2032

9,850

8,608

5.50%,

05/15/2033

7,824

7,091

Scripps

Escrow

II

Inc

3.88%,

01/15/2029

(f) 20,226

19,165

Sinclair

Television

Group

Inc

8.13%,

02/15/2033

(f) 22,719

23,527

Virgin

Media

Finance

PLC

5.00%,

07/15/2030

(f) 18,539

15,627

Virgin

Media

O2

Vendor

Financing

Notes

VI

DAC

8.50%,

03/15/2033

(f) 11,800

10,591

VZ

Secured

Financing

BV

5.00%,

01/15/2032

(f) 10,000

8,763

Ziggo

BV

4.88%,

01/15/2030

(f) 26,155

24,603

$

569,347

Metal

Fabrication

&

Hardware

-

.58

%

Park-Ohio

Industries

Inc

8.50%,

08/01/2030

(f) 12,377

12,882

TMS

International

Corp/DE

6.25%,

04/15/2029

(f) 25,388

24,780

$

37,662

Mining

-

.68

%

ACN

874

712

Pty

Ltd

0.00%,

02/15/2018

(c),(d),(f)

10,457

Arsenal

AIC

Parent

LLC

8.00%,

10/01/2030

(f) 396

11.50%,

10/01/2031

(f) 717

776

Coeur

Mining

Inc

6.88%,

04/01/2032

(f) 13,645

14,063

First

Quantum

Minerals

Ltd

6.38%,

02/15/2036

(f) 3,400

3,342

7.25%,

02/15/2034

(f) 9,145

9,402

8.00%,

03/01/2033

(f) 9,110

9,572

8.63%,

06/01/2031

(f) 17,095

17,825

IAMGOLD

Corp

5.75%,

10/15/2028

(f) 15,088

14,995

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

0.00%,

11/01/2022

(c),(f)

15,820

—

Skeena

Resources

Ltd

8.50%,

04/01/2031

(f) 4,635

4,853

Schedule

of

Investments

High

Yield

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mining

(continued)

Taseko

Mines

Ltd

8.25%,

05/01/2030

(f) $

31,737

$

33,224

$

108,571

Oil

&

Gas

-

.87

%

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp

7.50%,

10/01/2029

(f) 27,780

29,022

APA

Corp

5.25%,

02/01/2042

4,056

3,470

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

6.63%,

10/15/2032

(f) 33,859

34,745

6.63%,

07/15/2033

(f) 1,912

1,964

9.00%,

11/01/2027

(f) 9,218

10,578

Chord

Energy

Corp

6.00%,

10/01/2030

(f) 13,744

14,009

6.75%,

03/15/2033

(f) 33,819

35,191

Crescent

Energy

Finance

LLC

8.38%,

01/15/2034

(f) 9,851

10,418

Infinity

Natural

Resources

LLC

7.63%,

04/01/2031

(f) 15,594

15,858

Matador

Resources

Co

6.00%,

04/15/2034

(f) 2,555

2,565

6.25%,

04/15/2033

(f) 32,699

33,254

Northern

Oil

&

Gas

Inc

7.88%,

10/15/2033

(f) 31,476

32,622

Permian

Resources

Operating

LLC

6.25%,

02/01/2033

(f) 28,397

29,075

Sunoco

LP

5.88%,

03/15/2034

(f) 24,453

24,365

Sunoco

LP

/

Sunoco

Finance

Corp

4.50%,

04/30/2030

31,345

30,456

Transocean

International

Ltd

7.88%,

10/15/2032

(f) 6,803

7,290

$

314,882

Oil

&

Gas

Services

-

.71

%

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp

6.00%,

02/01/2034

(f) 27,307

27,485

Enerflex

Inc

6.88%,

01/15/2031

(f) 3,382

3,484

Kodiak

Gas

Services

LLC

5.88%,

04/01/2031

(f) 14,909

15,017

$

45,986

Packaging

&

Containers

-

.14

%

Canpack

Group

Inc

/

CANPACK

SA

6.00%,

05/15/2031

(f) 16,300

16,308

Cascades

Inc/Cascades

USA

Inc

5.38%,

01/15/2028

(f) 16,455

16,166

6.75%,

07/15/2030

(f) 15,856

16,013

Clydesdale

Acquisition

Holdings

Inc

6.88%,

01/15/2030

(f) 14,878

14,546

8.75%,

04/15/2030

(f) 9,508

8,627

Crown

Americas

LLC

5.88%,

06/01/2033

9,051

9,117

LABL

Inc

0.00%,

11/01/2028

(c),(f)

10,046

4,320

0.00%,

11/01/2028

(c),(f)

8,927

3,839

0.00%,

10/01/2031

(c),(f)

23,035

9,905

LABL

Inc

DIP

10.39%,

11/30/2026

3,448

3,437

Mauser

Packaging

Solutions

Holding

Co

7.88%,

04/15/2030

(f) 12,143

12,278

9.25%,

04/15/2030

(f) 24,661

23,503

$

138,059

Pharmaceuticals

-

.65

%

1261229

BC

Ltd

10.00%,

04/15/2032

(f) 21,845

22,561

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Accendra

Health

Inc

4.50%,

03/31/2029

(f) $

22,087

$

14,725

6.63%,

04/01/2030

(f) 3,804

2,044

Adapthealth

LLC

5.13%,

03/01/2030

(f) 31,263

30,403

BellRing

Brands

Inc

7.00%,

03/15/2030

(f) 18,616

18,905

Endo

Finance

Holdings

LP

8.50%,

04/15/2031

(f) 33,858

35,891

Jazz

Securities

DAC

4.38%,

01/15/2029

(f) 47,640

46,591

$

171,120

Pipelines

-

.18

%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

06/15/2029

(f) 16,956

16,939

5.75%,

10/15/2033

(f) 15,395

15,364

6.63%,

02/01/2032

(f) 90

Energy

Transfer

LP

6.50%,

02/15/2056

(g) 52,303

52,444

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

6.75%,

03/15/2034

11,762

11,847

Harvest

Midstream

I

LP

7.50%,

05/15/2032

(f) 28,425

29,595

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(f) 33,379

32,373

Venture

Global

LNG

Inc

8.38%,

06/01/2031

(f) 27,953

29,145

9.00%,

09/30/2029

(f),(g),(h)

16,312

16,133

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.44%

9.50%,

02/01/2029

(f) 29,592

32,296

Venture

Global

Plaquemines

LNG

LLC

6.75%,

01/15/2036

(f) 22,626

24,052

7.75%,

05/01/2035

(f) 8,577

9,647

$

269,927

REITs

-

.62

%

Arbor

Realty

SR

Inc

7.88%,

07/15/2030

(f) 17,630

16,654

8.50%,

12/15/2028

(f) 13,570

13,445

EF

Holdco

/

EF

Cayman

Hold

/

Ellington

Fin

REIT

Cayman/TRS

/

EF

Cayman

Non-MTM

7.38%,

09/30/2030

(f) 14,250

14,159

Iron

Mountain

Inc

4.50%,

02/15/2031

(f) 44,206

42,481

4.88%,

09/15/2029

(f) 230

5.25%,

07/15/2030

(f) 6,287

6,222

6.25%,

01/15/2033

(f) 6,719

6,823

Iron

Mountain

Information

Management

Services

Inc

5.00%,

07/15/2032

(f) 150

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.75%,

06/15/2029

(f) 38,732

37,924

7.00%,

07/15/2031

(f) 18,680

19,373

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

3.50%,

03/15/2031

21,950

15,733

8.50%,

02/15/2032

(f) 6,282

6,526

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.88%,

05/15/2029

(f) 16,849

16,390

5.88%,

10/01/2028

(f) 60

7.00%,

02/01/2030

(f) 14,213

14,510

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

5.75%,

03/15/2034

(f) 7,966

7,918

6.50%,

06/15/2033

(f) 12,551

12,928

Schedule

of

Investments

High

Yield

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

6.00%,

01/15/2030

(f) $

35,766

$

34,559

XHR

LP

4.88%,

06/01/2029

(f) 30,279

29,719

6.63%,

05/15/2030

(f) 2,634

2,695

$

298,491

Retail

-

.99

%

Bath

&

Body

Works

Inc

6.63%,

10/01/2030

(f) 17,185

17,416

6.75%,

07/01/2036

11,266

10,956

6.88%,

11/01/2035

6.95%,

03/01/2033

2,750

2,672

Carvana

Co

9.00%,

06/01/2030

(f),(k)

29,151

30,324

9.00%,

06/01/2031

(f),(k)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

9.25%,

01/15/2031

(f) 13,578

14,252

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.63%,

01/15/2029

(f) 40,098

39,037

6.75%,

01/15/2030

(f) 7,182

6,959

Gap

Inc/The

3.63%,

10/01/2029

(f) 4,974

4,693

3.88%,

10/01/2031

(f) 11,372

10,404

Macy's

Retail

Holdings

LLC

4.50%,

12/15/2034

6,385

5,572

5.88%,

03/15/2030

(f) 3,331

3,322

6.13%,

03/15/2032

(f) 21,755

21,765

6.38%,

03/15/2037

6.70%,

07/15/2034

(f) 130

7.38%,

08/01/2033

(f) 9,076

9,454

Michaels

Cos

Inc/The

8.50%,

03/15/2033

(f) 10,757

10,623

11.00%,

03/15/2034

(f) 13,418

12,948

Park

River

Holdings

Inc

8.00%,

03/15/2031

(f) 13,091

13,163

8.75%,

12/31/2030

(f) 17,041

16,046

PetSmart

LLC

/

PetSmart

Finance

Corp

7.50%,

09/15/2032

(f) 21,275

21,543

10.00%,

09/15/2033

(f) 9,400

9,495

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp

7.75%,

10/15/2029

(f) 18,613

16,428

Victra

Holdings

LLC

/

Victra

Finance

Corp

8.75%,

09/15/2029

(f) 42,582

44,587

$

322,379

Savings

&

Loans

-

.00

%

Washington

Mutual

Bank

/

Henderson

NV

0.00%,

06/15/2011

(c),(d)

3,500

—

0.00%,

01/15/2013

(c) 3,000

—

0.00%,

01/15/2015

(c),(d)

2,000

—

$

—

Semiconductors

-

.50

%

Kioxia

Holdings

Corp

6.25%,

07/24/2030

(f) 6,800

7,003

6.63%,

07/24/2033

(f) 24,245

25,345

$

32,348

Software

-

.26

%

Cloud

Software

Group

Inc

6.63%,

08/15/2033

(f) 15,057

13,486

9.00%,

09/30/2029

(f) 32,864

32,269

CoreWeave

Inc

9.25%,

06/01/2030

(f) 15,518

15,714

9.75%,

10/01/2031

(f) 5,725

5,758

OAK-Eagle

Acquireco

Inc

7.25%,

07/01/2033

(f) 13,625

14,039

$

81,266

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

-

.53

%

Altice

Financing

SA

5.00%,

01/15/2028

(f) $

14,974

$

11,152

Altice

France

SA

6.50%,

04/15/2032

(f) 9,289

9,136

9.50%,

11/01/2029

(f) 32,242

32,914

Black

Pearl

Compute

LLC

6.13%,

02/15/2031

(f) 26,540

26,927

Cipher

Compute

LLC

7.13%,

11/15/2030

(f) 14,723

15,260

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.00%,

09/15/2029

(f) 13,239

13,963

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(f) 30,099

31,312

Level

Financing

Inc

7.00%,

03/31/2034

(f) 19,362

20,083

8.50%,

01/15/2036

(f) 17,865

19,134

Meridian

Arc

Holdco

LLC

6.25%,

04/30/2031

(f) 26,590

26,584

PR

RNO

Property

Owner

LLC

6.50%,

05/01/2031

(f),(j)

22,030

21,836

SV

RNO

Property

Owner

LLC

5.88%,

03/01/2031

(f) 26,187

25,693

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

8.63%,

06/15/2032

(f) 12,363

12,939

Uniti

Services

LLC

7.50%,

10/15/2033

(f) 4,386

4,618

Viasat

Inc

6.50%,

07/15/2028

(f) 10,008

9,969

7.50%,

05/30/2031

(f) 6,154

6,168

Viavi

Solutions

Inc

3.75%,

10/01/2029

(f) 27,129

25,845

Vmed

O2

UK

Financing

I

PLC

4.75%,

07/15/2031

(f) 625

541

6.75%,

01/15/2033

(f) 18,900

17,276

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp

8.25%,

10/01/2031

(f) 6,888

7,285

Zayo

Group

Holdings

Inc

5.75%,

PIK

0.50%;

03/09/2030

(f),(k),(l)

15,832

15,840

7.13%,

PIK

1.88%;

09/09/2030

(f),(k),(l)

3,190

3,145

$

357,620

Textiles

-

.08

%

Eagle

Intermediate

Global

Holding

BV/Eagle

US

Finance

LLC

0.00%,

03/31/2026

(c),(f)

8,073

Linx

Capital

Ltd

0.00%,

03/31/2026

(c),(f),(k)

EUR

9,324

4,925

$

4,945

Transportation

-

.19

%

Brightline

East

LLC

11.00%,

01/31/2030

(f) $

9,771

880

Eletson

Holdings

Inc

-

Escrow

0.00%,

01/15/2022

(c),(d)

18,905

—

GB

AIT

Buyer

Inc

8.75%,

04/30/2034

(f) 4,615

4,642

Navios

Maritime

Partners

LP

7.75%,

11/07/2030

(f) 7,600

7,698

Navios

South

American

Logistics

Inc

8.88%,

07/14/2030

(f) 20,400

21,133

RXO

Inc

6.38%,

05/15/2031

(f) 18,274

18,096

SFL

Corp

Ltd

7.25%,

05/12/2026

(f) 8,200

8,200

7.75%,

01/29/2030

(f) 23,600

24,292

8.25%,

04/19/2028

10,200

10,449

8.88%,

02/01/2027

8,700

8,820

Schedule

of

Investments

High

Yield

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

Watco

Cos

LLC

/

Watco

Finance

Corp

7.13%,

08/01/2032

(f) $

36,079

$

37,470

$

141,680

TOTAL

BONDS

$

5,874,638

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

(c),(d)

HKD

46,500

$

—

0.00%,

10/18/2010

(c),(d)

CNH

245,000

—

$

—

TOTAL

CONVERTIBLE

BONDS

$

—

SENIOR

FLOATING

RATE

INTERESTS

-

.93

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.05

%

TransDigm

Inc

;

Term

Loan

J

6.15%,

02/28/2031

$

3,496

3,500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Airlines

-

.27

%

AAdvantage

Loyalty

IP

Ltd

;

Term

Loan

B

5.93%,

04/20/2028

12,376

12,297

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

6.43%,

05/28/2032

4,950

4,924

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

17,221

Building

Materials

-

.09

%

Quikrete

Holdings

Inc

;

Term

Loan

B3

5.90%,

02/10/2032

5,669

5,671

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Chemicals

-

.46

%

Advancion

Holdings

LLC

;

Term

Loan

11.52%,

11/24/2028

21,502

16,772

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.75%

Consolidated

Energy

Finance

SA

;

Term

Loan

B

8.16%,

11/15/2030

6,418

6,162

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

Consolidated

Energy

Finance

SA

;

Term

Loan

9.51%,

11/27/2030

7,340

7,013

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

$

29,947

Commercial

Services

-

.33

%

Aggreko

Holdings

Inc

;

Term

Loan

B

6.66%,

05/21/2031

5,086

5,101

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Shift4

Payments

LLC

;

Term

Loan

B

5.68%,

06/30/2032

5,940

5,959

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Veritiv

Operating

Co

;

Term

Loan

B

7.70%,

11/30/2030

10,461

10,106

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

21,166

Computers

-

.17

%

McAfee

Corp

;

Term

Loan

B1

6.65%,

03/01/2029

12,769

11,220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Consumer

Products

-

.12

%

Kronos

Acquisition

Holdings

Inc

;

Term

Loan

B

7.70%,

06/27/2031

$

12,439

$

7,524

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Diversified

Financial

Services

-

.04

%

Jupiter

Borrower

Inc

;

Term

Loan

B

0.00%,

03/25/2033

(m) 2,510

2,516

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Food

-

.18

%

Fiesta

Purchaser

Inc

;

Term

Loan

B

6.91%,

02/12/2031

11,554

11,387

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Forest

Products

&

Paper

-

.04

%

Spectrum

Group

Buyer

Inc

;

Term

Loan

B

10.16%,

05/19/2028

2,794

2,617

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.50%

Healthcare

-

Services

-

.24

%

LifePoint

Health

Inc

;

Term

Loan

B

7.42%,

05/16/2031

15,435

15,361

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Insurance

-

.10

%

Asurion

LLC

;

Term

Loan

B4

9.02%,

01/20/2029

6,824

6,840

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.25%

Internet

-

.06

%

iliad

SA

;

Term

Loan

6.65%,

02/01/2029

3,930

3,922

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Investment

Companies

-

.12

%

Teide

Ltd

;

PIK

Term

Loan

0.00%,

PIK

10.00%;

08/01/2029

(l) EUR

16,690

7,836

Lodging

-

.06

%

Fertitta

Entertainment

LLC/NV

;

Term

Loan

B

6.90%,

01/27/2029

$

4,146

4,108

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Machinery

-

Diversified

-

.17

%

TK

Elevator

US

Newco

Inc

;

Term

Loan

B

6.38%,

04/30/2030

10,732

10,819

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Media

-

.31

%

Directv

Financing

LLC

;

Term

Loan

B

9.16%,

02/15/2031

4,224

4,227

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.50%

iHeartCommunications

Inc

;

Term

Loan

10.65%,

05/01/2029

16,139

15,712

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.78%

SportsNet

New

York

0.00%,

04/15/2031

(c),(d)

4,559

—

$

19,939

Metal

Fabrication

&

Hardware

-

.15

%

TMS

International

Corp/DE

;

Term

Loan

B7

7.15%-7.16%,

03/02/2030

9,796

9,796

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Schedule

of

Investments

High

Yield

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mining

-

.20

%

Arctic

Canadian

Diamond

Co

Ltd

4.26%,

06/30/2026

(d) $

3,810

$

Arsenal

AIC

Parent

LLC

;

Term

Loan

B

6.40%,

08/18/2030

12,918

12,950

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

$

13,266

Oil

&

Gas

Services

-

.05

%

Deep

Blue

Operating

I

LLC

;

Term

Loan

B

6.41%,

10/01/2032

3,365

3,378

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Packaging

&

Containers

-

.05

%

Mauser

Packaging

Solutions

Holding

Co

;

Term

Loan

B

7.16%,

04/15/2030

3,291

3,228

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Pharmaceuticals

-

.75

%

1261229

BC

Ltd

;

Term

Loan

B

9.90%,

10/08/2030

43,726

42,512

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.25%

Endo

Finance

Holdings

LP

;

Term

Loan

B

7.40%,

04/23/2031

5,977

5,907

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

$

48,419

Retail

-

.49

%

IRB

Holding

Corp

;

Term

Loan

B

6.15%,

12/15/2030

15,426

15,462

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Michaels

Cos

Inc/The

;

Term

Loan

B

8.67%,

02/18/2033

13,860

13,701

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

Victra

Holdings

LLC

;

Term

Loan

B

7.45%,

03/30/2029

2,346

2,329

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

$

31,492

Software

-

.12

%

OAK-Eagle

Acquireco

Inc

;

Term

Loan

B

0.00%,

03/24/2033

(m) 7,611

7,613

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Telecommunications

-

.20

%

Altice

France

SA

;

Term

Loan

B11

7.80%,

04/30/2028

6,026

6,049

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.13%

Zayo

Group

Holdings

Inc

;

PIK

Term

Loan

6.77%,

PIK

0.50%;

03/11/2030

(l) 6,650

6,633

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

$

12,682

Transportation

-

.11

%

GB

AIT

Buyer

Inc

;

Term

Loan

B

0.00%,

04/22/2033

(m) 6,980

6,986

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.25%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

318,454

Total

Investments

$

6,274,929

Other

Assets

and

Liabilities

- 2.90%

187,696

TOTAL

NET

ASSETS

-

100.00%

$

6,462,625

(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.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

(d) 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.

(e) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(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

$5,108,224

or

79.04%

of

net

assets.

(g) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(h) 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

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

$97,591

or

1.51%

of

net

assets.

(j) Security

purchased

on

a

when-issued

basis.

(k) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(l) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(m) This

Senior

Floating

Rate

Note

will

settle

after

April

30,

2026,

at

which

time

the

interest

rate

will

be

determined.

Schedule

of

Investments

High

Yield

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

260,621

$

1,127,696

$

1,307,570

$

80,747

$

260,621

$

1,127,696

$

1,307,570

$

80,747

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,586

$

—

$

—

$

—

$

1,586

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Arctic

Canadian

Diamond

Co

Ltd

03/03/2025

$

—

$

0.00%

Burgundy

Diamond

Mines

Ltd

03/03/2025

1,089

—

0.00%

Specialty

Steel

12.00%,

11/15/2033

08/11/2025

7,123

4,895

0.08%

Total

$

5,085

0.08%

Amounts

in

thousands.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

RBC

Dominon

Securities

Corp

05/13/2026

EUR

3,949

$

4,628

$

$

—

RBC

Dominon

Securities

Corp

05/13/2026

$

12,814

EUR

10,928

—

(16)

Total

$

$

(16)

Amounts

in

thousands.

Schedule

of

Investments

Inflation

Protection

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.71

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.71

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

36,725,841

$

36,726

TOTAL

INVESTMENT

COMPANIES

$

36,726

BONDS

-

.00

%

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

-

.00

%

Alternative

Loan

Trust

2006-OA6

4.29%,

07/25/2046

$

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.63%

Fannie

Mae

REMIC

Trust

2004-W5

4.21%,

02/25/2047

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

0.56%

$

TOTAL

BONDS

$

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.83

%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Inflation-Indexed

Obligations

-

.83

%

0.13%,

01/15/2030

$

55,956

$

53,890

0.13%,

07/15/2030

66,908

64,151

0.13%,

01/15/2031

63,821

60,475

0.13%,

07/15/2031

68,126

64,160

0.13%,

01/15/2032

76,432

70,995

0.13%,

02/15/2051

22,693

12,051

0.13%,

02/15/2052

30,774

16,017

0.25%,

07/15/2029

49,332

48,253

0.25%,

02/15/2050

17,179

9,733

0.38%,

07/15/2027

62,821

62,900

0.50%,

01/15/2028

61,794

61,482

0.63%,

07/15/2032

73,562

70,009

0.63%,

02/15/2043

27,020

19,977

0.75%,

07/15/2028

48,257

48,278

0.75%,

02/15/2042

31,478

24,354

0.75%,

02/15/2045

34,824

25,071

0.88%,

01/15/2029

43,624

43,506

0.88%,

02/15/2047

23,934

17,011

1.00%,

02/15/2046

20,557

15,279

1.00%,

02/15/2048

18,109

13,035

1.00%,

02/15/2049

16,129

11,452

1.13%,

10/15/2030

78,543

78,364

1.13%,

01/15/2033

74,939

72,787

1.25%,

04/15/2028

61,490

61,879

1.25%,

04/15/2031

23,374

23,261

1.38%,

07/15/2033

74,323

73,246

1.38%,

02/15/2044

35,464

29,432

1.50%,

02/15/2053

26,659

20,400

1.63%,

10/15/2027

70,210

71,381

1.63%,

10/15/2029

68,607

70,040

1.63%,

04/15/2030

71,939

73,063

1.75%,

01/15/2028

26,315

26,736

1.75%,

01/15/2034

78,328

78,602

1.88%,

07/15/2034

84,101

85,119

1.88%,

07/15/2035

85,611

85,904

1.88%,

01/15/2036

62,639

62,405

2.13%,

04/15/2029

66,845

68,891

2.13%,

01/15/2035

83,812

85,860

2.13%,

02/15/2040

17,472

17,200

2.13%,

02/15/2041

19,733

19,194

2.13%,

02/15/2054

33,093

29,138

2.38%,

10/15/2028

63,529

65,923

2.38%,

02/15/2055

23,954

22,221

2.38%,

02/15/2056

10,880

10,100

2.50%,

01/15/2029

23,202

24,144

3.38%,

04/15/2032

11,590

12,856

3.63%,

04/15/2028

25,659

27,008

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Inflation-Indexed

Obligations

(continued)

3.88%,

04/15/2029

$

29,356

$

31,746

$

2,138,979

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

2,138,979

Total

Investments

$

2,175,714

Other

Assets

and

Liabilities

- (1.54)%

(33,091)

TOTAL

NET

ASSETS

-

100.00%

$

2,142,623

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

Schedule

of

Investments

Inflation

Protection

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

38,852

$

313,991

$

316,117

$

36,726

$

38,852

$

313,991

$

316,117

$

36,726

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

International

Equity

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.17

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.17

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

11,529,868

$

11,530

TOTAL

INVESTMENT

COMPANIES

$

11,530

COMMON

STOCKS

-

.26

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.52

%

BAE

Systems

PLC

5,906,367

$

164,277

CSG

NV

(c) 145,504

3,151

$

167,428

Agriculture

-

.32

%

British

American

Tobacco

PLC

3,752,953

221,029

Apparel

-

.44

%

PRADA

SpA

12,631,400

56,285

Samsonite

Group

SA

(d) 21,715,800

39,764

$

96,049

Automobile

Manufacturers

-

.15

%

Daimler

Truck

Holding

AG

4,150,304

209,333

Banks

-

.97

%

AIB

Group

PLC

18,669,733

215,199

Erste

Group

Bank

AG

1,546,423

170,874

HDFC

Bank

Ltd

ADR

4,355,104

110,663

National

Bank

of

Greece

SA

7,574,295

120,039

NatWest

Group

PLC

17,879,568

142,605

Sberbank

of

Russia

PJSC

ADR

(c) 194,243

—

UniCredit

SpA

2,195,458

169,671

$

929,051

Biotechnology

-

.72

%

Argenx

SE

(c) 145,794

114,336

Building

Materials

-

.60

%

CRH

PLC

337,472

39,963

Computers

-

.42

%

Fujitsu

Ltd

8,026,400

161,101

Cosmetics

&

Personal

Care

-

.55

%

Haleon

PLC

36,791,668

169,899

Distribution

&

Wholesale

-

.98

%

Rexel

SA

4,692,372

198,456

Electronics

-

.69

%

Hoya

Corp

602,600

112,532

Engineering

&

Construction

-

.99

%

Obayashi

Corp

5,627,300

132,302

Entertainment

-

.34

%

Entain

PLC

12,081,475

89,173

Food

-

.00

%

Magnit

PJSC

(c) 24,200

—

Healthcare

-

Products

-

.97

%

Smith

&

Nephew

PLC

4,159,913

64,370

Healthcare

-

Services

-

.36

%

ICON

PLC

(c) 765,066

90,530

Insurance

-

.14

%

AIA

Group

Ltd

16,292,000

178,866

Hannover

Rueck

SE

459,461

138,828

Sompo

Holdings

Inc

5,587,900

207,956

Tokio

Marine

Holdings

Inc

3,249,800

148,830

$

674,480

Internet

-

.67

%

Spotify

Technology

SA

(c) 197,176

88,049

Tencent

Holdings

Ltd

3,579,000

217,361

Trip.com

Group

Ltd

(c) 2,566,750

138,602

$

444,012

Iron

&

Steel

-

.48

%

Evraz

PLC

(c) 204,000

—

Vale

SA

ADR

6,013,758

98,385

$

98,385

Lodging

-

.73

%

Galaxy

Entertainment

Group

Ltd

26,917,000

114,838

Machinery

-

Construction

&

Mining

-

.53

%

Komatsu

Ltd

2,374,400

101,667

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Mining

-

.33

%

Teck

Resources

Ltd

4,932,670

$

287,968

Oil

&

Gas

-

.14

%

ARC

Resources

Ltd

1,449,200

34,375

BP

PLC

7,461,038

59,060

Gazprom

PJSC

(c) 288,000

—

LUKOIL

PJSC

(c) 20,000

—

Novatek

PJSC

(c) 67,000

—

Suncor

Energy

Inc

3,627,816

248,594

$

342,029

Pharmaceuticals

-

.25

%

Ascendis

Pharma

A/S

(c) 193,635

44,416

AstraZeneca

PLC

906,123

171,911

$

216,327

Pipelines

-

.98

%

Gaztransport

Et

Technigaz

SA

268,266

65,268

Retail

-

.33

%

Yum

China

Holdings

Inc

4,523,980

221,373

Semiconductors

-

.22

%

ASML

Holding

NV

200,126

289,292

Samsung

Electronics

Co

Ltd

2,504,154

377,095

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,156,000

80,252

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

671,869

266,100

$

1,012,739

Software

-

.69

%

Constellation

Software

Inc/Canada

-

Warrants

(c),(e)

500

—

Nice

Ltd

ADR

(c) 1,103,181

112,546

$

112,546

Telecommunications

-

.39

%

Deutsche

Telekom

AG

798,760

25,801

Toys,

Games

&

Hobbies

-

.36

%

Nintendo

Co

Ltd

1,852,100

90,603

TOTAL

COMMON

STOCKS

$

6,603,588

Total

Investments

$

6,615,118

Other

Assets

and

Liabilities

- 0.57%

38,034

TOTAL

NET

ASSETS

-

100.00%

$

6,653,152

(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

$39,764

or

0.60%

of

net

assets.

(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,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

2,296

$

1,952,896

$

1,943,662

$

11,530

$

2,296

$

1,952,896

$

1,943,662

$

11,530

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,112

$

—

$

—

$

—

$

1,112

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

LargeCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.64

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.37

%

iShares

Russell

1000

Growth

ETF

193,200

$

23,043

Money

Market

Funds

-

.27

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

695,194

695

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(c)

139,674,364

139,674

$

140,369

TOTAL

INVESTMENT

COMPANIES

$

163,412

CONVERTIBLE

PREFERRED

STOCKS

-

.26

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.13

%

Waymo

LLC

Series

0.00%

(d),(e),(f)

48,770

$

8,229

Chemicals

-

.02

%

Sila

Nano

Series

F

0.00%

(d),(e),(f)

103,620

1,126

Software

-

.11

%

Nuro

-

Series

C

0.00%

(d),(e),(f)

353,308

5,335

Rappi

Inc

-

Series

E

0.00%

(d),(e),(f)

103,387

1,506

$

6,841

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

16,196

COMMON

STOCKS

-

.23

%

Shares

Held

Value

(000's)

Advertising

-

.02

%

Trade

Desk

Inc/The

(d) 53,095

$

1,252

Aerospace

&

Defense

-

.05

%

Boeing

Co/The

(d) 52,497

12,023

FTAI

Aviation

Ltd

170,870

42,661

General

Electric

Co

50,962

14,775

HEICO

Corp

1,768

HEICO

Corp

-

Class

A

2,343

Howmet

Aerospace

Inc

441,491

107,300

Karman

Holdings

Inc

(d) 1,605

Leonardo

DRS

Inc

1,010

Loar

Holdings

Inc

(d) 1,398

Lockheed

Martin

Corp

1,797

931

Rocket

Lab

Corp

(d) 15,425

1,273

StandardAero

Inc

(d) 321,347

7,988

TransDigm

Group

Inc

$

188,500

Agriculture

-

.00

%

Darling

Ingredients

Inc

(d) 596

Airlines

-

.00

%

Alaska

Air

Group

Inc

(d) 720

American

Airlines

Group

Inc

(d) 681

Southwest

Airlines

Co

1,754

$

Apparel

-

.35

%

Birkenstock

Holding

Plc

(d),(g)

Deckers

Outdoor

Corp

(d) 21,490

2,197

On

Holding

AG

(d) 7,086

Ralph

Lauren

Corp

7,316

2,624

Tapestry

Inc

115,133

16,699

$

21,782

Automobile

Manufacturers

-

.34

%

Tesla

Inc

(d) 216,656

82,682

Automobile

Parts

&

Equipment

-

.00

%

Allison

Transmission

Holdings

Inc

Banks

-

.11

%

Bank

of

America

Corp

16,395

877

Bank

of

New

York

Mellon

Corp/The

1,565

Citigroup

Inc

153,745

19,676

Goldman

Sachs

Group

Inc/The

Morgan

Stanley

125,780

23,972

NU

Holdings

Ltd/Cayman

Islands

(d) 105,321

1,525

Popular

Inc

143,421

21,561

Western

Alliance

Bancorp

860

$

68,351

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Beverages

-

.14

%

Celsius

Holdings

Inc

(d) 5,572

$

Coca-Cola

Co/The

60,022

4,727

Coca-Cola

Consolidated

Inc

5,372

1,101

Monster

Beverage

Corp

(d) 21,935

1,691

PepsiCo

Inc

5,853

928

$

8,634

Biotechnology

-

.22

%

Alnylam

Pharmaceuticals

Inc

(d) 11,263

3,486

Amgen

Inc

12,492

4,325

Apellis

Pharmaceuticals

Inc

(d) 3,660

Argenx

SE

ADR

(d) 13,715

10,721

Exelixis

Inc

(d) 233,786

10,394

Gilead

Sciences

Inc

10,510

1,375

Halozyme

Therapeutics

Inc

(d) 193,584

12,323

Incyte

Corp

(d) 153,335

14,608

Insmed

Inc

(d) 6,125

835

Ionis

Pharmaceuticals

Inc

(d) 4,623

Sarepta

Therapeutics

Inc

(d) 3,164

Summit

Therapeutics

Inc

(d),(g)

4,234

Ultragenyx

Pharmaceutical

Inc

(d) 3,342

Vertex

Pharmaceuticals

Inc

(d) 38,668

16,527

Viking

Therapeutics

Inc

(d) 174

$

75,335

Building

Materials

-

.07

%

AAON

Inc

2,282

Armstrong

World

Industries

Inc

Carlisle

Cos

Inc

Eagle

Materials

Inc

James

Hardie

Industries

PLC

(d) 3,416

Lennox

International

Inc

978

523

Simpson

Manufacturing

Co

Inc

Trane

Technologies

PLC

7,026

3,461

$

4,426

Chemicals

-

.04

%

Ecolab

Inc

1,889

Sherwin-Williams

Co/The

6,582

2,117

$

2,609

Commercial

Services

-

.84

%

Adyen

NV

ADR

(d) 1,067,417

12,008

Affirm

Holdings

Inc

(d) 5,148

API

Group

Corp

(d) 662,938

30,310

Automatic

Data

Processing

Inc

11,795

2,500

Avis

Budget

Group

Inc

(d),(g)

Block

Inc

(d) 566,014

39,909

Booz

Allen

Hamilton

Holding

Corp

3,731

Bright

Horizons

Family

Solutions

Inc

(d) 122

Cintas

Corp

93,932

16,411

Corpay

Inc

(d) 2,109

646

Equifax

Inc

719

Grand

Canyon

Education

Inc

(d) 263

H&R

Block

Inc

1,054

Moody's

Corp

4,894

2,260

Morningstar

Inc

107,195

18,085

NIQ

Global

Intelligence

Plc

(d) 296,975

3,246

Paylocity

Holding

Corp

(d) 1,270

Quanta

Services

Inc

65,104

47,381

Rollins

Inc

9,427

525

Shift4

Payments

Inc

(d),(g)

2,248

Toast

Inc

(d) 14,848

U-Haul

Holding

Co

(d) 129

U-Haul

Holding

Co

1,308

Valvoline

Inc

(d) 3,822

Verisk

Analytics

Inc

2,636

WEX

Inc

(d) 46

WillScot

Holdings

Corp

1,637

$

175,516

Schedule

of

Investments

LargeCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

-

.94

%

Apple

Inc

2,342,082

$

635,524

Crowdstrike

Holdings

Inc

(d) 7,794

3,474

Dell

Technologies

Inc

7,894

1,649

Everpure

Inc

(d) 135,591

9,688

ExlService

Holdings

Inc

(d) 4,874

Figure

Technology

Solutions

Inc

(d) 122

Fortinet

Inc

(d) 19,450

1,640

Gartner

Inc

(d) 2,143

Globant

SA

(d) 70

KBR

Inc

Kyndryl

Holdings

Inc

(d) 346

Lumentum

Holdings

Inc

(d) 181

NetApp

Inc

136,222

15,090

Okta

Inc

(d) 2,082

Rubrik

Inc

(d) 2,897

Super

Micro

Computer

Inc

(d) 221,381

6,066

Zscaler

Inc

(d) 18,376

2,402

$

676,497

Consumer

Products

-

.01

%

Kimberly-Clark

Corp

3,785

Cosmetics

&

Personal

Care

-

.02

%

Colgate-Palmolive

Co

11,951

1,020

Distribution

&

Wholesale

-

.06

%

Copart

Inc

(d) 25,903

858

Core

&

Main

Inc

(d) 3,479

Fastenal

Co

29,662

1,333

Pool

Corp

RB

Global

Inc

SiteOne

Landscape

Supply

Inc

(d) 507

WW

Grainger

Inc

1,178

1,368

$

3,891

Diversified

Financial

Services

-

.05

%

Ally

Financial

Inc

381,508

16,935

American

Express

Co

5,568

1,799

Ameriprise

Financial

Inc

23,845

11,322

Apollo

Global

Management

Inc

9,167

1,180

Ares

Management

Corp

218,713

25,677

Blue

Owl

Capital

Inc

21,965

Brookfield

Asset

Management

Ltd

4,145

Charles

Schwab

Corp/The

4,537

Circle

Internet

Group

Inc

(d) 672

Coinbase

Global

Inc

(d) 687

Credit

Acceptance

Corp

(d) 14

Freedom

Holding

Corp/NV

(d),(g)

545

Hamilton

Lane

Inc

61,038

5,614

Houlihan

Lokey

Inc

700

Interactive

Brokers

Group

Inc

-

A

Shares

778

Jefferies

Financial

Group

Inc

1,270

Lazard

Inc

606

LPL

Financial

Holdings

Inc

79,451

26,547

Mastercard

Inc

128,734

64,743

Rocket

Cos

Inc

(d) 618,513

9,043

SLM

Corp

130,046

3,002

SoFi

Technologies

Inc

(d) 5,643

TPG

Inc

4,372

Tradeweb

Markets

Inc

79,686

9,025

UWM

Holdings

Corp

633

Visa

Inc

223,686

73,780

XP

Inc

1,645

$

250,350

Electric

-

.18

%

NRG

Energy

Inc

59,513

9,259

Vistra

Corp

10,673

1,685

$

10,944

Electronics

-

.89

%

Amphenol

Corp

445,952

65,675

Flex

Ltd

(d) 231,820

21,223

Garmin

Ltd

103,847

26,080

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

(continued)

Jabil

Inc

12,455

$

4,204

$

117,182

Energy

-

Alternate

Sources

-

.00

%

Enphase

Energy

Inc

(d) 4,019

Engineering

&

Construction

-

.49

%

Comfort

Systems

USA

Inc

49,670

91,406

EMCOR

Group

Inc

MasTec

Inc

(d) 435

TopBuild

Corp

(d) 73

$

92,039

Entertainment

-

.04

%

Churchill

Downs

Inc

1,882

DraftKings

Inc

(d) 15,367

Flutter

Entertainment

PLC

(d) 4,123

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 117

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 2,055

Live

Nation

Entertainment

Inc

(d) 4,926

778

TKO

Group

Holdings

Inc

893

Vail

Resorts

Inc

(g) 956

$

2,245

Environmental

Control

-

.05

%

Tetra

Tech

Inc

1,639

Veralto

Corp

2,988

Waste

Management

Inc

11,652

2,710

$

3,026

Food

-

.32

%

Hershey

Co/The

64,221

11,928

Performance

Food

Group

Co

(d) 641

Sprouts

Farmers

Market

Inc

(d) 3,079

Sysco

Corp

103,881

7,761

$

19,999

Healthcare

-

Products

-

.34

%

Boston

Scientific

Corp

(d) 8,109

Caris

Life

Sciences

Inc

(d) 383,792

7,292

Danaher

Corp

48,689

8,713

IDEXX

Laboratories

Inc

(d) 2,500

1,402

Inspire

Medical

Systems

Inc

(d) 1,039

Insulet

Corp

(d) 12,917

2,224

Intuitive

Surgical

Inc

(d) 66,962

30,643

Masimo

Corp

(d) 1,399

Natera

Inc

(d) 70,098

14,451

Penumbra

Inc

(d),(g)

1,171

Repligen

Corp

(d) 308

ResMed

Inc

1,065

Stryker

Corp

51,573

16,252

Tempus

AI

Inc

(d) 3,346

Waters

Corp

(d) 942

$

82,875

Healthcare

-

Services

-

.53

%

Chemed

Corp

Cigna

Group/The

701

DaVita

Inc

(d) 1,109

HCA

Healthcare

Inc

1,067

Medpace

Holdings

Inc

(d) 20,812

8,713

Molina

Healthcare

Inc

(d) 881

Sotera

Health

Co

(d) 328

UnitedHealth

Group

Inc

61,361

22,733

$

32,471

Home

Furnishings

-

.01

%

SharkNinja

Inc

(d) 483

Somnigroup

International

Inc

6,410

$

542

Insurance

-

.06

%

Aon

PLC

6,102

1,902

Arthur

J

Gallagher

&

Co

524

Brown

&

Brown

Inc

1,091

Schedule

of

Investments

LargeCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Equitable

Holdings

Inc

8,937

$

Everest

Group

Ltd

Kinsale

Capital

Group

Inc

669

Markel

Group

Inc

(d) 81

Marsh

&

McLennan

Cos

Inc

1,813

Progressive

Corp/The

960

RLI

Corp

Ryan

Specialty

Holdings

Inc

3,502

$

3,511

Internet

-

.56

%

Airbnb

Inc

(d) 13,181

1,850

Alphabet

Inc

-

A

Shares

990,308

381,071

Alphabet

Inc

-

C

Shares

243,490

92,999

Amazon.com

Inc

(d) 1,030,332

273,100

AppLovin

Corp

(d) 23,849

10,645

Booking

Holdings

Inc

103,825

17,480

CDW

Corp/DE

Chewy

Inc

(d) 77,114

1,960

Coupang

Inc

(d) 41,143

822

DoorDash

Inc

-

Class

A

(d) 103,009

17,372

Etsy

Inc

(d) 1,812

Expedia

Group

Inc

9,715

2,413

Gen

Digital

Inc

227,768

4,393

GoDaddy

Inc

(d) 4,272

Lyft

Inc

(d) 315,297

4,462

MercadoLibre

Inc

(d) 7,398

13,262

Meta

Platforms

Inc

315,241

192,899

Netflix

Inc

(d) 833,065

77,983

Palo

Alto

Networks

Inc

(d) 25,207

4,520

Pinterest

Inc

(d) 9,958

Reddit

Inc

(d) 82,354

12,125

Robinhood

Markets

Inc

(d) 3,278

Roku

Inc

(d) 29,362

3,422

Sea

Ltd

ADR

(d) 125,129

10,621

Shopify

Inc

(d) 59,425

7,198

Spotify

Technology

SA

(d) 22,756

10,162

Trump

Media

&

Technology

Group

Corp

(d) 4,094

Uber

Technologies

Inc

(d) 86,799

6,476

Wayfair

Inc

(d) 596

$

1,148,277

Iron

&

Steel

-

.04

%

Carpenter

Technology

Corp

Steel

Dynamics

Inc

9,617

2,199

$

2,323

Leisure

Products

&

Services

-

.18

%

Carnival

Corp

162,208

4,301

Norwegian

Cruise

Line

Holdings

Ltd

(d) 12,805

Planet

Fitness

Inc

(d) 2,803

Royal

Caribbean

Cruises

Ltd

23,578

6,218

Viking

Holdings

Ltd

(d) 5,510

$

11,390

Lodging

-

.63

%

Choice

Hotels

International

Inc

(g) 280

Hilton

Worldwide

Holdings

Inc

7,180

2,327

Las

Vegas

Sands

Corp

80,665

4,405

Marriott

International

Inc/MD

65,111

23,550

Travel

+

Leisure

Co

132,793

8,586

Wyndham

Hotels

&

Resorts

Inc

2,093

$

39,066

Machinery

-

Construction

&

Mining

-

.36

%

BWX

Technologies

Inc

545

Caterpillar

Inc

27,490

24,469

GE

Vernova

Inc

83,539

90,511

Vertiv

Holdings

Co

94,179

30,937

$

146,035

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

-

.11

%

Ingersoll

Rand

Inc

86,983

$

6,947

Rockwell

Automation

Inc

$

7,073

Media

-

.13

%

FactSet

Research

Systems

Inc

14,667

3,338

Liberty

Broadband

Corp

-

A

Shares

(d) 148

Liberty

Broadband

Corp

-

C

Shares

(d) 817

Nexstar

Media

Group

Inc

21,967

4,572

$

7,947

Metal

Fabrication

&

Hardware

-

.00

%

RBC

Bearings

Inc

(d) 199

Mining

-

.00

%

Anglogold

Ashanti

Plc

2,065

Miscellaneous

Manufacturers

-

.80

%

3M

Co

2,690

Axon

Enterprise

Inc

(d) 128,115

51,471

Fabrinet

(d) 14,695

10,044

Illinois

Tool

Works

Inc

2,980

769

ITT

Inc

109,874

23,550

Parker-Hannifin

Corp

27,934

25,404

$

111,632

Oil

&

Gas

-

.60

%

HF

Sinclair

Corp

37,639

2,530

Phillips

189,882

34,017

Texas

Pacific

Land

Corp

1,796

797

$

37,344

Oil

&

Gas

Services

-

.00

%

SLB

Ltd

3,729

Pharmaceuticals

-

.97

%

AbbVie

Inc

141,525

29,907

Ascendis

Pharma

A/S

(d) 268,999

61,703

Bristol-Myers

Squibb

Co

12,299

745

Cardinal

Health

Inc

3,772

728

Cencora

Inc

5,759

1,774

Corcept

Therapeutics

Inc

(d) 2,968

Dexcom

Inc

(d) 12,264

730

Eli

Lilly

&

Co

155,336

145,177

McKesson

Corp

3,587

2,924

Neurocrine

Biosciences

Inc

(d) 2,611

Zoetis

Inc

11,027

1,268

$

245,438

Pipelines

-

.09

%

Cheniere

Energy

Inc

14,043

3,861

Targa

Resources

Corp

6,693

1,741

Williams

Cos

Inc/The

2,040

$

5,757

Private

Equity

-

.06

%

Blackstone

Inc

23,418

2,941

KKR

&

Co

Inc

5,338

557

$

3,498

Real

Estate

-

.01

%

CBRE

Group

Inc

(d) 1,098

CoStar

Group

Inc

(d) 1,859

Jones

Lang

LaSalle

Inc

(d) 431

$

REITs

-

.08

%

American

Tower

Corp

14,762

2,697

Lamar

Advertising

Co

2,720

Public

Storage

631

Simon

Property

Group

Inc

2,245

Sun

Communities

Inc

9,975

1,275

UDR

Inc

875

$

5,027

Retail

-

.78

%

AutoZone

Inc

(d) 82

BJ's

Wholesale

Club

Holdings

Inc

(d) 656

Burlington

Stores

Inc

(d) 1,943

622

Carvana

Co

(d) 4,246

1,681

Schedule

of

Investments

LargeCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Casey's

General

Stores

Inc

$

Cava

Group

Inc

(d) 3,101

Chipotle

Mexican

Grill

Inc

(d) 282,022

9,586

Costco

Wholesale

Corp

14,000

14,203

Darden

Restaurants

Inc

3,432

688

Domino's

Pizza

Inc

Dutch

Bros

Inc

(d) 3,906

Ferguson

Enterprises

Inc

Floor

&

Decor

Holdings

Inc

(d) 1,150

Freshpet

Inc

(d) 447

Home

Depot

Inc/The

23,953

7,876

Lithia

Motors

Inc

Lululemon

Athletica

Inc

(d) 1,855

McDonald's

Corp

1,260

Murphy

USA

Inc

534

O'Reilly

Automotive

Inc

(d) 24,351

2,420

Restaurant

Brands

International

Inc

6,854

553

RH

(d) 53

Ross

Stores

Inc

1,978

Starbucks

Corp

4,735

Texas

Roadhouse

Inc

2,061

TJX

Cos

Inc/The

17,655

2,767

Tractor

Supply

Co

16,698

586

Ulta

Beauty

Inc

(d) 347

Walmart

Inc

13,644

1,800

Wendy's

Co/The

(g) 1,603

Williams-Sonoma

Inc

543

Wingstop

Inc

8,511

1,396

Yum!

Brands

Inc

2,950

$

48,542

Semiconductors

-

.11

%

Advanced

Micro

Devices

Inc

(d) 95,482

33,847

Applied

Materials

Inc

29,445

11,616

Astera

Labs

Inc

(d) 4,058

790

Broadcom

Inc

900,040

375,704

Entegris

Inc

93,543

13,225

KLA

Corp

8,775

15,359

Lam

Research

Corp

119,981

30,938

Lattice

Semiconductor

Corp

(d) 131,813

16,118

MACOM

Technology

Solutions

Holdings

Inc

(d) 520

Marvell

Technology

Inc

1,884

Monolithic

Power

Systems

Inc

1,460

2,357

NVIDIA

Corp

4,057,449

809,746

Onto

Innovation

Inc

(d) 3,511

1,036

QUALCOMM

Inc

7,644

1,373

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

74,422

29,476

Texas

Instruments

Inc

51,834

14,570

Tower

Semiconductor

Ltd

(d) 48,818

10,791

$

1,367,403

Software

-

.71

%

Adobe

Inc

(d) 23,234

5,718

Appfolio

Inc

(d) 746

Atlassian

Corp

(d) 5,227

Autodesk

Inc

(d) 6,705

1,589

Bentley

Systems

Inc

4,971

Broadridge

Financial

Solutions

Inc

12,107

1,865

Bullish

(d),(g)

Cadence

Design

Systems

Inc

(d) 40,623

13,389

Cloudflare

Inc

(d) 9,888

2,027

Datadog

Inc

(d) 96,430

12,747

Docusign

Inc

(d) 4,719

DoubleVerify

Holdings

Inc

(d) 1,321

Doximity

Inc

(d) 4,533

Dropbox

Inc

-

A

Shares

(d) 1,553

Duolingo

Inc

(d) 1,291

Dynatrace

Inc

(d) 9,372

Elastic

NV

(d) 2,914

Fair

Isaac

Corp

(d) 602

617

Figma

Inc

(d) 187,918

3,326

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Fiserv

Inc

(d) 4,651

$

Gitlab

Inc

(d) 4,802

Guidewire

Software

Inc

(d) 2,673

HubSpot

Inc

(d) 60,840

13,492

Intuit

Inc

71,785

27,889

Magic

Leap

Inc

(d),(e),(f)

10,706

—

Manhattan

Associates

Inc

(d) 1,841

Microsoft

Corp

1,194,543

487,111

MongoDB

Inc

(d) 41,255

10,348

MSCI

Inc

2,932

1,734

nCino

Inc

(d) 345

Nutanix

Inc

(d) 2,310

Oracle

Corp

91,539

14,774

Palantir

Technologies

Inc

(d) 183,239

25,490

Paychex

Inc

3,193

Paycom

Software

Inc

926

Pegasystems

Inc

31,721

1,159

Procore

Technologies

Inc

(d) 4,076

PTC

Inc

(d) 486

RingCentral

Inc

2,720

ROBLOX

Corp

(d) 224,931

12,429

Salesforce

Inc

3,156

557

Samsara

Inc

(d) 422,382

12,139

SentinelOne

Inc

(d) 7,016

ServiceNow

Inc

(d) 333,846

29,482

Snowflake

Inc

-

Class

A

(d) 193,044

26,345

Strategy

Inc

(d) 587

Stripe

Inc

-

Class

B

(d),(e),(f)

114,126

7,190

Synopsys

Inc

(d) 4,402

2,124

Take-Two

Interactive

Software

Inc

(d) 1,916

Teradata

Corp

(d) 159,162

4,194

Twilio

Inc

(d) 820

Tyler

Technologies

Inc

(d) 1,087

Unity

Software

Inc

(d) 373

Veeva

Systems

Inc

(d) 8,541

1,332

Workday

Inc

(d) 6,606

809

$

724,571

Telecommunications

-

.89

%

Arista

Networks

Inc

(d) 364,609

62,971

AST

SpaceMobile

Inc

(d) 6,228

Ciena

Corp

(d) 23,674

12,490

GCI

Liberty

Inc

-

Class

A

(d) 29

GCI

Liberty

Inc

-

Class

C

(d) 23,218

795

Iridium

Communications

Inc

Motorola

Solutions

Inc

85,734

37,640

T-Mobile

US

Inc

5,986

1,170

Ubiquiti

Inc

1,126

1,140

$

116,671

Transportation

-

.95

%

CSX

Corp

408,840

18,574

Old

Dominion

Freight

Line

Inc

Union

Pacific

Corp

81,137

21,864

XPO

Inc

(d) 84,051

18,502

$

59,020

TOTAL

COMMON

STOCKS

$

6,014,286

Total

Investments

$

6,193,894

Other

Assets

and

Liabilities

- (0.13)%

(8,026)

TOTAL

NET

ASSETS

-

100.00%

$

6,185,868

(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

$695

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.

Schedule

of

Investments

LargeCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

(d) Non-income

producing

security

(e) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(f) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$680

or

0.01%

of

net

assets.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

154,085

$

1,470,478

$

1,484,889

$

139,674

$

154,085

$

1,470,478

$

1,484,889

$

139,674

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,932

$

—

$

—

$

—

$

1,932

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Magic

Leap

Inc

01/20/2016-10/12/2017

$

5,204

$

—

0.00%

Nuro

-

Series

C

0.00%

10/30/2020

4,612

5,335

0.09%

Rappi

Inc

-

Series

E

0.00%

09/08/2020

6,177

1,506

0.02%

Sila

Nano

Series

F

0.00%

01/07/2021

4,277

1,126

0.02%

Stripe

Inc

-

Class

B

12/17/2019

1,791

7,190

0.12%

Waymo

LLC

Series

0.00%

05/08/2020

4,188

8,229

0.13%

Total

$

23,386

0.38%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

June

2026

Long

$

99,239

$

1,178

Total

$

1,178

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.91

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.45

%

iShares

Core

S&P

500

ETF

81,800

$

59,065

Money

Market

Funds

-

.46

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

696,405

696

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(c)

59,053,409

59,053

$

59,749

TOTAL

INVESTMENT

COMPANIES

$

118,814

COMMON

STOCKS

-

.05

%

Shares

Held

Value

(000's)

Advertising

-

.06

%

Omnicom

Group

Inc

66,244

$

5,082

Trade

Desk

Inc/The

(d) 92,715

2,187

$

7,269

Aerospace

&

Defense

-

.95

%

Boeing

Co/The

(d) 165,365

37,874

General

Dynamics

Corp

53,439

18,399

General

Electric

Co

220,844

64,029

Howmet

Aerospace

Inc

84,425

20,519

L3Harris

Technologies

Inc

39,329

12,607

Lockheed

Martin

Corp

42,635

22,084

Northrop

Grumman

Corp

28,093

16,279

RTX

Corp

282,639

49,764

TransDigm

Group

Inc

11,891

13,793

$

255,348

Agriculture

-

.69

%

Altria

Group

Inc

353,471

25,680

Archer-Daniels-Midland

Co

101,190

7,543

Bunge

Global

SA

28,498

3,621

Philip

Morris

International

Inc

327,783

54,107

$

90,951

Airlines

-

.15

%

Delta

Air

Lines

Inc

136,778

9,300

Southwest

Airlines

Co

103,454

3,923

United

Airlines

Holdings

Inc

(d) 68,103

6,129

$

19,352

Apparel

-

.18

%

Deckers

Outdoor

Corp

(d) 29,889

3,055

NIKE

Inc

250,890

11,129

Ralph

Lauren

Corp

8,141

2,920

Tapestry

Inc

42,631

6,183

$

23,287

Automobile

Manufacturers

-

.16

%

Cummins

Inc

29,095

19,523

Ford

Motor

Co

825,129

9,967

General

Motors

Co

190,345

14,636

PACCAR

Inc

110,631

13,143

Tesla

Inc

(d) 592,206

226,004

$

283,273

Automobile

Parts

&

Equipment

-

.02

%

Aptiv

PLC

(d) 44,797

2,700

Banks

-

.46

%

Bank

of

America

Corp

1,397,206

74,695

Bank

of

New

York

Mellon

Corp/The

144,917

19,473

Citigroup

Inc

367,964

47,092

Citizens

Financial

Group

Inc

89,486

5,821

Fifth

Third

Bancorp

189,520

9,620

Goldman

Sachs

Group

Inc/The

63,158

58,343

Huntington

Bancshares

Inc/OH

427,406

7,163

JPMorgan

Chase

&

Co

567,728

177,829

KeyCorp

197,307

4,362

M&T

Bank

Corp

31,971

6,990

Morgan

Stanley

253,328

48,282

Northern

Trust

Corp

39,236

6,527

PNC

Financial

Services

Group

Inc/The

85,045

18,965

Regions

Financial

Corp

182,772

5,218

State

Street

Corp

58,764

8,982

Truist

Financial

Corp

265,832

13,690

US

Bancorp

327,311

18,545

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

651,197

$

53,548

$

585,145

Beverages

-

.04

%

Brown-Forman

Corp

-

B

Shares

35,976

927

Coca-Cola

Co/The

815,196

64,205

Constellation

Brands

Inc

29,571

4,630

Keurig

Dr

Pepper

Inc

286,072

8,410

Molson

Coors

Beverage

Co

35,649

1,524

Monster

Beverage

Corp

(d) 150,181

11,574

PepsiCo

Inc

287,770

45,609

$

136,879

Biotechnology

-

.03

%

Amgen

Inc

113,386

39,260

Biogen

Inc

(d) 30,901

5,849

Corteva

Inc

141,611

11,472

Gilead

Sciences

Inc

261,245

34,181

Incyte

Corp

(d) 35,197

3,353

Moderna

Inc

(d) 73,224

3,364

Regeneron

Pharmaceuticals

Inc

21,228

15,010

Vertex

Pharmaceuticals

Inc

(d) 53,487

22,859

$

135,348

Building

Materials

-

.72

%

Builders

FirstSource

Inc

(d) 23,283

1,842

Carrier

Global

Corp

165,441

11,113

CRH

PLC

141,137

16,713

Johnson

Controls

International

plc

128,880

18,820

Lennox

International

Inc

6,722

3,596

Martin

Marietta

Materials

Inc

12,700

7,862

Masco

Corp

42,871

3,079

Trane

Technologies

PLC

46,606

22,955

Vulcan

Materials

Co

27,821

8,395

$

94,375

Chemicals

-

.01

%

Air

Products

and

Chemicals

Inc

46,882

14,067

Albemarle

Corp

24,813

4,881

CF

Industries

Holdings

Inc

32,842

4,079

Dow

Inc

151,086

6,117

DuPont

de

Nemours

Inc

86,162

3,934

Ecolab

Inc

53,675

13,988

International

Flavors

&

Fragrances

Inc

53,925

3,785

Linde

PLC

98,326

49,275

LyondellBasell

Industries

NV

54,220

4,045

Mosaic

Co/The

66,835

1,555

PPG

Industries

Inc

47,251

5,127

Qnity

Electronics

Inc

44,105

6,204

Sherwin-Williams

Co/The

48,545

15,613

$

132,670

Commercial

Services

-

.13

%

Automatic

Data

Processing

Inc

84,781

17,969

Block

Inc

(d) 115,319

8,131

Cintas

Corp

71,572

12,504

Corpay

Inc

(d) 14,731

4,515

Equifax

Inc

25,351

4,410

Global

Payments

Inc

50,107

3,606

Moody's

Corp

32,308

14,921

PayPal

Holdings

Inc

193,861

9,720

Quanta

Services

Inc

31,402

22,853

Rollins

Inc

61,793

3,444

S&P

Global

Inc

64,435

27,786

United

Rentals

Inc

13,268

12,735

Verisk

Analytics

Inc

29,346

5,414

$

148,008

Computers

-

.36

%

Accenture

PLC

-

Class

A

129,561

23,154

Apple

Inc

3,091,354

838,839

Cognizant

Technology

Solutions

Corp

100,702

5,327

Crowdstrike

Holdings

Inc

(d) 53,083

23,662

Dell

Technologies

Inc

62,577

13,075

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

EPAM

Systems

Inc

(d) 11,632

$

1,323

Fortinet

Inc

(d) 133,098

11,222

Gartner

Inc

(d) 14,833

2,203

Hewlett

Packard

Enterprise

Co

279,799

8,050

HP

Inc

193,297

4,032

International

Business

Machines

Corp

196,824

45,462

Leidos

Holdings

Inc

26,921

4,017

Lumentum

Holdings

Inc

(d) 15,035

13,566

NetApp

Inc

41,704

4,620

Sandisk

Corp/DE

(d) 31,082

34,082

Seagate

Technology

Holdings

PLC

45,921

30,934

Super

Micro

Computer

Inc

(d) 105,944

2,903

Western

Digital

Corp

71,392

31,021

$

1,097,492

Consumer

Products

-

.13

%

Avery

Dennison

Corp

16,273

2,668

Church

&

Dwight

Co

Inc

49,838

4,837

Clorox

Co/The

25,460

2,456

Kimberly-Clark

Corp

69,890

6,879

$

16,840

Cosmetics

&

Personal

Care

-

.74

%

Colgate-Palmolive

Co

169,729

14,488

Estee

Lauder

Cos

Inc/The

52,053

3,993

Kenvue

Inc

403,447

7,072

Procter

&

Gamble

Co/The

489,357

71,980

$

97,533

Distribution

&

Wholesale

-

.22

%

Copart

Inc

(d) 187,525

6,209

Fastenal

Co

241,768

10,863

Pool

Corp

6,901

1,472

WW

Grainger

Inc

9,212

10,698

$

29,242

Diversified

Financial

Services

-

.42

%

American

Express

Co

112,770

36,430

Ameriprise

Financial

Inc

19,226

9,128

Apollo

Global

Management

Inc

97,772

12,585

Ares

Management

Corp

43,376

5,092

Blackrock

Inc

30,385

32,378

Capital

One

Financial

Corp

131,625

25,180

Cboe

Global

Markets

Inc

22,034

6,612

Charles

Schwab

Corp/The

351,713

32,231

CME

Group

Inc

75,929

21,854

Coinbase

Global

Inc

(d) 46,964

8,819

Franklin

Resources

Inc

64,696

1,939

Interactive

Brokers

Group

Inc

-

A

Shares

93,778

7,455

Intercontinental

Exchange

Inc

119,580

18,905

Invesco

Ltd

93,491

2,450

Mastercard

Inc

171,488

86,245

Nasdaq

Inc

94,559

8,691

Raymond

James

Financial

Inc

36,935

5,848

Synchrony

Financial

73,191

5,577

T

Rowe

Price

Group

Inc

46,029

4,736

Visa

Inc

353,983

116,758

$

448,913

Electric

-

.20

%

AES

Corp/The

149,947

2,167

Alliant

Energy

Corp

54,125

3,974

Ameren

Corp

58,198

6,614

American

Electric

Power

Co

Inc

113,886

15,615

CenterPoint

Energy

Inc

137,471

6,001

CMS

Energy

Corp

64,519

4,951

Consolidated

Edison

Inc

76,001

8,473

Constellation

Energy

Corp

65,617

20,538

Dominion

Energy

Inc

179,805

11,597

DTE

Energy

Co

43,730

6,633

Duke

Energy

Corp

163,748

21,214

Edison

International

81,022

5,630

Entergy

Corp

95,245

11,230

Evergy

Inc

48,474

4,016

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Eversource

Energy

79,002

$

5,586

Exelon

Corp

215,385

9,906

FirstEnergy

Corp

109,474

5,202

NextEra

Energy

Inc

438,527

42,923

NRG

Energy

Inc

44,718

6,957

PG&E

Corp

462,818

7,692

Pinnacle

West

Capital

Corp

25,202

2,614

PPL

Corp

155,764

5,832

Public

Service

Enterprise

Group

Inc

105,104

8,583

Sempra

137,432

13,073

Southern

Co/The

231,855

22,420

Vistra

Corp

67,063

10,585

WEC

Energy

Group

Inc

68,531

8,083

Xcel

Energy

Inc

124,558

10,332

$

288,441

Electrical

Components

&

Equipment

-

.51

%

AMETEK

Inc

48,472

11,415

Eaton

Corp

PLC

81,785

35,414

Emerson

Electric

Co

118,338

16,619

Generac

Holdings

Inc

(d) 12,354

3,203

$

66,651

Electronics

-

.08

%

Allegion

plc

18,114

2,490

Amphenol

Corp

258,829

38,118

Coherent

Corp

(d) 39,474

12,620

Fortive

Corp

65,991

3,946

Garmin

Ltd

34,424

8,645

Honeywell

International

Inc

133,685

28,653

Hubbell

Inc

11,195

5,689

Jabil

Inc

22,235

7,504

Keysight

Technologies

Inc

(d) 36,117

12,638

Mettler-Toledo

International

Inc

(d) 4,281

5,465

TE

Connectivity

PLC

61,786

13,078

Trimble

Inc

(d) 50,097

3,372

$

142,218

Energy

-

Alternate

Sources

-

.03

%

First

Solar

Inc

(d) 22,594

4,562

Engineering

&

Construction

-

.19

%

Comfort

Systems

USA

Inc

7,414

13,643

EMCOR

Group

Inc

9,428

8,407

Jacobs

Solutions

Inc

24,729

3,200

$

25,250

Entertainment

-

.06

%

Live

Nation

Entertainment

Inc

(d) 33,248

5,251

TKO

Group

Holdings

Inc

13,959

2,598

$

7,849

Environmental

Control

-

.26

%

Pentair

PLC

34,457

2,781

Republic

Services

Inc

42,368

8,864

Veralto

Corp

52,282

4,611

Waste

Management

Inc

78,133

18,170

$

34,426

Food

-

.45

%

Campbell's

Company/The

41,430

861

Conagra

Brands

Inc

100,727

1,446

General

Mills

Inc

112,355

3,967

Hershey

Co/The

31,199

5,795

Hormel

Foods

Corp

61,392

1,318

J

M

Smucker

Co/The

22,466

2,202

Kraft

Heinz

Co/The

179,465

4,067

Kroger

Co/The

122,595

8,345

McCormick

&

Co

Inc/MD

53,397

2,715

Mondelez

International

Inc

269,912

16,584

Sysco

Corp

100,846

7,534

Tyson

Foods

Inc

59,394

3,805

$

58,639

Forest

Products

&

Paper

-

.03

%

International

Paper

Co

111,186

3,382

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Gas

-

.09

%

Atmos

Energy

Corp

34,833

$

6,617

NiSource

Inc

100,761

4,865

$

11,482

Hand

&

Machine

Tools

-

.05

%

Snap-on

Inc

10,932

4,191

Stanley

Black

&

Decker

Inc

32,613

2,549

$

6,740

Healthcare

-

Products

-

.02

%

Abbott

Laboratories

366,147

33,242

Agilent

Technologies

Inc

59,554

6,881

Align

Technology

Inc

(d) 14,049

2,473

Baxter

International

Inc

108,333

1,904

Bio-Techne

Corp

32,942

1,822

Boston

Scientific

Corp

(d) 312,273

17,990

Cooper

Cos

Inc/The

(d) 41,266

2,596

Danaher

Corp

132,476

23,707

Edwards

Lifesciences

Corp

(d) 122,191

10,203

GE

HealthCare

Technologies

Inc

95,965

5,839

IDEXX

Laboratories

Inc

(d) 16,817

9,431

Insulet

Corp

(d) 14,813

2,550

Intuitive

Surgical

Inc

(d) 74,781

34,221

Medtronic

PLC

269,949

21,858

ResMed

Inc

30,674

6,558

Revvity

Inc

23,872

2,068

Solventum

Corp

(d) 31,043

2,091

STERIS

PLC

20,650

4,479

Stryker

Corp

72,524

22,854

Thermo

Fisher

Scientific

Inc

79,114

37,892

Waters

Corp

(d) 20,651

6,386

West

Pharmaceutical

Services

Inc

15,148

4,508

Zimmer

Biomet

Holdings

Inc

41,730

3,440

$

264,993

Healthcare

-

Services

-

.14

%

Centene

Corp

(d) 98,369

5,281

Charles

River

Laboratories

International

Inc

(d) 10,362

1,730

Cigna

Group/The

55,476

16,120

DaVita

Inc

(d) 7,032

1,091

Elevance

Health

Inc

46,473

17,493

HCA

Healthcare

Inc

32,963

14,321

Humana

Inc

25,389

6,003

IQVIA

Holdings

Inc

(d) 35,711

5,656

Labcorp

Holdings

Inc

17,455

4,483

Quest

Diagnostics

Inc

23,162

4,498

UnitedHealth

Group

Inc

190,740

70,665

Universal

Health

Services

Inc

11,630

1,957

$

149,298

Home

Builders

-

.16

%

DR

Horton

Inc

56,730

8,729

Lennar

Corp

-

A

Shares

45,432

4,103

NVR

Inc

(d) 590

3,726

PulteGroup

Inc

40,458

4,950

$

21,508

Insurance

-

.96

%

Aflac

Inc

98,296

11,173

Allstate

Corp/The

54,745

11,894

American

International

Group

Inc

112,979

8,451

Aon

PLC

45,166

14,076

Arch

Capital

Group

Ltd

(d) 75,270

7,110

Arthur

J

Gallagher

&

Co

54,109

11,168

Assurant

Inc

10,544

2,491

Berkshire

Hathaway

Inc

-

Class

B

(d) 386,126

182,869

Brown

&

Brown

Inc

61,645

3,708

Chubb

Ltd

76,589

25,045

Cincinnati

Financial

Corp

32,851

5,375

Erie

Indemnity

Co

5,349

1,171

Everest

Group

Ltd

8,572

3,058

Globe

Life

Inc

16,762

2,586

Hartford

Insurance

Group

Inc/The

58,725

8,034

Loews

Corp

35,577

4,006

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Marsh

&

McLennan

Cos

Inc

101,940

$

17,096

MetLife

Inc

115,906

9,284

Principal

Financial

Group

Inc

41,656

4,204

Progressive

Corp/The

123,413

24,841

Prudential

Financial

Inc

73,277

7,189

Travelers

Cos

Inc/The

45,531

13,893

W

R

Berkley

Corp

62,738

4,193

Willis

Towers

Watson

PLC

20,019

5,129

$

388,044

Internet

-

.83

%

Airbnb

Inc

(d) 89,188

12,518

Alphabet

Inc

-

A

Shares

1,225,919

471,734

Alphabet

Inc

-

C

Shares

984,752

376,116

Amazon.com

Inc

(d) 2,056,973

545,221

AppLovin

Corp

(d) 57,064

25,471

Booking

Holdings

Inc

169,721

28,574

CDW

Corp/DE

27,414

3,753

DoorDash

Inc

-

Class

A

(d) 78,715

13,275

eBay

Inc

95,175

9,849

Expedia

Group

Inc

24,637

6,119

F5

Inc

(d) 11,899

3,854

Gen

Digital

Inc

116,054

2,239

GoDaddy

Inc

(d) 28,456

2,470

Meta

Platforms

Inc

460,547

281,813

Netflix

Inc

(d) 889,045

83,224

Palo

Alto

Networks

Inc

(d) 170,151

30,511

Robinhood

Markets

Inc

(d) 166,415

12,130

Uber

Technologies

Inc

(d) 433,370

32,334

VeriSign

Inc

17,377

4,669

$

1,945,874

Iron

&

Steel

-

.13

%

Nucor

Corp

48,189

10,857

Steel

Dynamics

Inc

28,904

6,609

$

17,466

Leisure

Products

&

Services

-

.17

%

Carnival

Corp

242,179

6,420

Norwegian

Cruise

Line

Holdings

Ltd

(d) 95,861

1,743

Royal

Caribbean

Cruises

Ltd

52,976

13,973

$

22,136

Lodging

-

.30

%

Hilton

Worldwide

Holdings

Inc

48,282

15,647

Las

Vegas

Sands

Corp

63,662

3,477

Marriott

International

Inc/MD

46,313

16,751

MGM

Resorts

International

(d) 40,400

1,573

Wynn

Resorts

Ltd

17,777

1,904

$

39,352

Machinery

-

Construction

&

Mining

-

.33

%

Caterpillar

Inc

97,976

87,209

GE

Vernova

Inc

56,755

61,492

Vertiv

Holdings

Co

80,550

26,460

$

175,161

Machinery

-

Diversified

-

.63

%

Deere

&

Co

53,083

31,312

Dover

Corp

28,397

6,429

IDEX

Corp

15,760

3,433

Ingersoll

Rand

Inc

74,944

5,985

Nordson

Corp

11,143

3,214

Otis

Worldwide

Corp

81,851

6,375

Rockwell

Automation

Inc

23,660

9,675

Westinghouse

Air

Brake

Technologies

Corp

35,904

9,690

Xylem

Inc/NY

51,293

6,061

$

82,174

Media

-

.68

%

Charter

Communications

Inc

(d) 18,131

2,995

Comcast

Corp

-

Class

A

755,596

20,431

EchoStar

Corp

(d) 28,343

3,490

FactSet

Research

Systems

Inc

7,811

1,778

Fox

Corp

-

A

Shares

42,258

2,683

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

Fox

Corp

-

B

Shares

29,807

$

1,700

News

Corp

-

A

Shares

77,956

2,052

News

Corp

-

B

Shares

25,730

784

Paramount

Skydance

Corp

(e) 65,439

670

Walt

Disney

Co/The

373,023

38,701

Warner

Bros

Discovery

Inc

(d) 521,867

14,116

$

89,400

Mining

-

.33

%

Freeport-McMoRan

Inc

302,625

17,486

Newmont

Corp

229,783

25,526

$

43,012

Miscellaneous

Manufacturers

-

.55

%

3M

Co

110,904

16,250

A

O

Smith

Corp

23,672

1,464

Axon

Enterprise

Inc

(d) 16,616

6,676

Illinois

Tool

Works

Inc

55,223

14,248

Parker-Hannifin

Corp

26,580

24,172

Teledyne

Technologies

Inc

(d) 9,888

6,386

Textron

Inc

36,672

3,519

$

72,715

Office

&

Business

Equipment

-

.02

%

Zebra

Technologies

Corp

(d) 10,357

2,343

Oil

&

Gas

-

.73

%

APA

Corp

74,680

3,042

Chevron

Corp

394,710

76,301

ConocoPhillips

257,978

32,449

Coterra

Energy

Inc

159,745

5,736

Devon

Energy

Corp

130,605

6,709

Diamondback

Energy

Inc

39,215

8,064

EOG

Resources

Inc

114,251

16,060

EQT

Corp

131,408

7,895

Expand

Energy

Corp

50,150

5,123

Exxon

Mobil

Corp

879,956

135,804

Marathon

Petroleum

Corp

62,117

15,423

Occidental

Petroleum

Corp

151,439

9,174

Phillips

84,841

15,199

Texas

Pacific

Land

Corp

12,195

5,411

Valero

Energy

Corp

64,225

16,222

$

358,612

Oil

&

Gas

Services

-

.30

%

Baker

Hughes

Co

208,088

14,497

Halliburton

Co

176,359

7,460

SLB

Ltd

314,865

17,910

$

39,867

Packaging

&

Containers

-

.12

%

Amcor

PLC

97,291

3,701

Ball

Corp

56,428

3,446

Packaging

Corp

of

America

18,819

4,017

Smurfit

Westrock

PLC

109,999

4,223

$

15,387

Pharmaceuticals

-

.27

%

AbbVie

Inc

372,151

78,643

Becton

Dickinson

&

Co

59,955

8,936

Bristol-Myers

Squibb

Co

428,812

25,982

Cardinal

Health

Inc

49,548

9,557

Cencora

Inc

40,960

12,616

CVS

Health

Corp

267,882

22,312

Dexcom

Inc

(d) 81,039

4,826

Eli

Lilly

&

Co

166,860

155,947

Henry

Schein

Inc

(d) 21,069

1,571

Johnson

&

Johnson

507,443

116,636

McKesson

Corp

25,793

21,026

Merck

&

Co

Inc

522,630

57,061

Pfizer

Inc

1,197,219

31,966

Viatris

Inc

242,524

3,623

Zoetis

Inc

88,885

10,219

$

560,921

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

-

.44

%

Kinder

Morgan

Inc

412,245

$

13,551

ONEOK

Inc

132,494

12,250

Targa

Resources

Corp

45,199

11,755

Williams

Cos

Inc/The

257,146

19,623

$

57,179

Private

Equity

-

.27

%

Blackstone

Inc

157,647

19,797

KKR

&

Co

Inc

144,536

15,081

$

34,878

Real

Estate

-

.09

%

CBRE

Group

Inc

(d) 61,181

8,732

CoStar

Group

Inc

(d) 89,242

3,089

$

11,821

REITs

-

.81

%

Alexandria

Real

Estate

Equities

Inc

32,839

1,330

American

Tower

Corp

98,575

18,011

AvalonBay

Communities

Inc

29,814

5,456

BXP

Inc

31,047

1,815

Camden

Property

Trust

21,773

2,287

Crown

Castle

Inc

91,696

8,141

Digital

Realty

Trust

Inc

68,001

13,664

Equinix

Inc

20,692

22,406

Equity

Residential

72,393

4,733

Essex

Property

Trust

Inc

13,568

3,571

Extra

Space

Storage

Inc

44,692

6,406

Federal

Realty

Investment

Trust

16,531

1,833

Healthpeak

Properties

Inc

146,354

2,367

Host

Hotels

&

Resorts

Inc

134,668

2,846

Invitation

Homes

Inc

118,755

3,417

Iron

Mountain

Inc

62,292

7,848

Kimco

Realty

Corp

141,940

3,355

Mid-America

Apartment

Communities

Inc

24,615

3,180

Prologis

Inc

195,734

27,798

Public

Storage

33,259

10,059

Realty

Income

Corp

193,701

12,443

Regency

Centers

Corp

34,662

2,698

SBA

Communications

Corp

22,434

4,962

Simon

Property

Group

Inc

68,479

13,950

UDR

Inc

63,325

2,301

Ventas

Inc

100,009

8,787

VICI

Properties

Inc

225,056

6,572

Welltower

Inc

146,921

31,932

Weyerhaeuser

Co

151,720

3,720

$

237,888

Retail

-

.22

%

AutoZone

Inc

(d) 3,490

12,927

Best

Buy

Co

Inc

41,031

2,482

Carvana

Co

(d) 29,779

11,787

Casey's

General

Stores

Inc

7,801

6,414

Chipotle

Mexican

Grill

Inc

(d) 274,245

9,322

Costco

Wholesale

Corp

93,466

94,824

Darden

Restaurants

Inc

24,244

4,862

Dollar

General

Corp

46,348

5,371

Dollar

Tree

Inc

(d) 38,940

3,781

Domino's

Pizza

Inc

6,545

2,222

Genuine

Parts

Co

29,292

3,141

Home

Depot

Inc/The

209,622

68,924

Lowe's

Cos

Inc

118,118

28,205

Lululemon

Athletica

Inc

(d) 22,477

3,095

McDonald's

Corp

149,955

44,025

O'Reilly

Automotive

Inc

(d) 177,278

17,621

Ross

Stores

Inc

68,107

15,514

Starbucks

Corp

239,896

25,268

Target

Corp

95,345

12,371

TJX

Cos

Inc/The

233,827

36,652

Tractor

Supply

Co

111,263

3,905

Ulta

Beauty

Inc

(d) 9,343

5,022

Walmart

Inc

923,037

121,776

Williams-Sonoma

Inc

25,136

4,555

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Yum!

Brands

Inc

58,463

$

9,334

$

553,400

Semiconductors

-

.44

%

Advanced

Micro

Devices

Inc

(d) 343,310

121,700

Analog

Devices

Inc

102,889

41,388

Applied

Materials

Inc

167,132

65,932

Broadcom

Inc

998,353

416,742

Intel

Corp

(d) 988,670

93,410

KLA

Corp

27,603

48,315

Lam

Research

Corp

262,949

67,804

Microchip

Technology

Inc

113,944

10,587

Micron

Technology

Inc

236,995

122,564

Monolithic

Power

Systems

Inc

10,256

16,557

NVIDIA

Corp

5,116,763

1,021,152

NXP

Semiconductors

NV

52,993

15,558

ON

Semiconductor

Corp

(d) 82,967

8,364

QUALCOMM

Inc

224,674

40,347

Skyworks

Solutions

Inc

31,661

2,222

Teradyne

Inc

32,975

11,326

Texas

Instruments

Inc

191,099

53,714

$

2,157,682

Shipbuilding

-

.02

%

Huntington

Ingalls

Industries

Inc

8,265

3,011

Software

-

.60

%

Adobe

Inc

(d) 86,437

21,272

Akamai

Technologies

Inc

(d) 30,291

3,119

Autodesk

Inc

(d) 44,638

10,579

Broadridge

Financial

Solutions

Inc

24,582

3,785

Cadence

Design

Systems

Inc

(d) 57,315

18,890

Datadog

Inc

(d) 69,120

9,137

Electronic

Arts

Inc

47,422

9,597

Fair

Isaac

Corp

(d) 4,997

5,122

Fidelity

National

Information

Services

Inc

109,042

5,074

Fiserv

Inc

(d) 113,253

7,095

Intuit

Inc

58,597

22,765

Jack

Henry

&

Associates

Inc

15,194

2,336

Microsoft

Corp

1,563,589

637,600

MSCI

Inc

15,473

9,151

Oracle

Corp

357,059

57,626

Palantir

Technologies

Inc

(d) 481,005

66,913

Paychex

Inc

68,027

6,301

PTC

Inc

(d) 25,055

3,415

Roper

Technologies

Inc

22,448

7,965

Salesforce

Inc

197,301

34,830

ServiceNow

Inc

(d) 220,249

19,450

Synopsys

Inc

(d) 40,286

19,442

Take-Two

Interactive

Software

Inc

(d) 36,649

7,834

Tyler

Technologies

Inc

(d) 9,061

3,091

Workday

Inc

(d) 44,849

5,490

$

997,879

Telecommunications

-

.08

%

Arista

Networks

Inc

(d) 217,432

37,553

AT&T

Inc

1,474,085

38,518

Ciena

Corp

(d) 29,661

15,648

Cisco

Systems

Inc

831,965

76,125

Corning

Inc

164,396

27,000

Motorola

Solutions

Inc

34,885

15,316

T-Mobile

US

Inc

99,766

19,504

Verizon

Communications

Inc

887,958

42,649

$

272,313

Toys,

Games

&

Hobbies

-

.02

%

Hasbro

Inc

28,072

2,690

Transportation

-

.93

%

CH

Robinson

Worldwide

Inc

24,975

4,541

CSX

Corp

391,559

17,788

Expeditors

International

of

Washington

Inc

28,220

4,173

FedEx

Corp

45,550

18,371

JB

Hunt

Transport

Services

Inc

15,735

3,958

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

(continued)

Norfolk

Southern

Corp

47,287

$

14,935

Old

Dominion

Freight

Line

Inc

38,745

8,230

Union

Pacific

Corp

124,947

33,671

United

Parcel

Service

Inc

155,606

16,930

$

122,597

Water

-

.04

%

American

Water

Works

Co

Inc

41,096

5,278

TOTAL

COMMON

STOCKS

$

12,999,144

Total

Investments

$

13,117,958

Other

Assets

and

Liabilities

- 0.04%

5,295

TOTAL

NET

ASSETS

-

100.00%

$

13,123,253

(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

$696

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

$663

or

0.01%

of

net

assets.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

273,435

$

991,840

$

1,206,222

$

59,053

$

273,435

$

991,840

$

1,206,222

$

59,053

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

3,488

$

—

$

—

$

—

$

3,488

$

—

$

—

$

—

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

2026

Long

$

63,383

$

1,287

Total

$

1,287

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.93

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.08

%

Invesco

Exchange-Traded

Fund

Trust

-

Invesco

S&P

500

Pure

Value

ETF

(a) 1,637,183

$

182,120

Money

Market

Funds

-

.85

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(b),(c)

151,745

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(b),(c),(d)

64,160,158

64,160

$

64,311

TOTAL

INVESTMENT

COMPANIES

$

246,431

COMMON

STOCKS

-

.99

%

Shares

Held

Value

(000's)

Advertising

-

.01

%

Omnicom

Group

Inc

4,331

$

Aerospace

&

Defense

-

.01

%

ATI

Inc

(e) 1,828

Boeing

Co/The

(e) 43,180

9,889

Curtiss-Wright

Corp

511

General

Dynamics

Corp

14,590

5,023

Hexcel

Corp

1,048

L3Harris

Technologies

Inc

2,599

833

Leonardo

DRS

Inc

663

Loar

Holdings

Inc

(e) 61

Lockheed

Martin

Corp

2,072

1,073

Northrop

Grumman

Corp

1,861

1,079

RTX

Corp

18,533

3,263

StandardAero

Inc

(e) 2,900

TransDigm

Group

Inc

634

736

$

22,749

Agriculture

-

.27

%

Altria

Group

Inc

23,463

1,705

Archer-Daniels-Midland

Co

6,626

Bunge

Global

SA

1,785

Darling

Ingredients

Inc

(e) 1,933

Philip

Morris

International

Inc

21,646

3,573

$

6,123

Airlines

-

.06

%

Alaska

Air

Group

Inc

(e) 1,323

American

Airlines

Group

Inc

(e) 8,507

Delta

Air

Lines

Inc

9,051

615

Southwest

Airlines

Co

5,643

United

Airlines

Holdings

Inc

(e) 4,498

$

1,386

Apparel

-

.05

%

Birkenstock

Holding

Plc

(a),(e)

Columbia

Sportswear

Co

Crocs

Inc

(e) 701

NIKE

Inc

16,268

722

PVH

Corp

702

Ralph

Lauren

Corp

504

Tapestry

Inc

Under

Armour

Inc

-

Class

A

(e) 1,829

Under

Armour

Inc

-

Class

C

(e) 1,769

VF

Corp

5,143

$

1,222

Automobile

Manufacturers

-

.17

%

Cummins

Inc

1,914

1,284

Ford

Motor

Co

54,007

652

General

Motors

Co

12,563

966

Lucid

Group

Inc

(a),(e)

1,203

PACCAR

Inc

7,115

845

Rivian

Automotive

Inc

(e) 11,009

$

3,936

Automobile

Parts

&

Equipment

-

.01

%

Allison

Transmission

Holdings

Inc

961

Aptiv

PLC

(e) 367,148

22,124

Aurora

Innovation

Inc

(e) 17,077

BorgWarner

Inc

2,906

Gentex

Corp

3,055

Lear

Corp

720

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

QuantumScape

Corp

(e) 6,853

$

Versigent

PLC

(e) 1,119

$

22,771

Banks

-

.42

%

Bank

of

America

Corp

835,516

44,667

Bank

of

New

York

Mellon

Corp/The

8,867

1,191

Bank

of

Nova

Scotia/The

301,043

23,421

Bank

OZK

1,486

BOK

Financial

Corp

Central

BanCo

Inc

Citigroup

Inc

19,803

2,534

Citizens

Financial

Group

Inc

5,929

Columbia

Banking

System

Inc

4,072

Commerce

Bancshares

Inc/MO

1,886

Cullen/Frost

Bankers

Inc

43,626

6,323

East

West

Bancorp

Inc

1,915

Fifth

Third

Bancorp

12,504

635

First

Citizens

BancShares

Inc/NC

First

Hawaiian

Inc

1,894

First

Horizon

Corp

7,052

FNB

Corp/PA

4,942

Goldman

Sachs

Group

Inc/The

3,858

3,564

Huntington

Bancshares

Inc/OH

27,799

JPMorgan

Chase

&

Co

63,639

19,934

KeyCorp

12,851

M&T

Bank

Corp

2,113

Morgan

Stanley

15,773

3,006

Northern

Trust

Corp

2,525

Pinnacle

Financial

Partners

Inc

2,008

PNC

Financial

Services

Group

Inc/The

5,395

1,203

Popular

Inc

816

Prosperity

Bancshares

Inc

1,303

Regions

Financial

Corp

12,073

Southstate

Bank

Corp

60,521

5,911

State

Street

Corp

3,851

589

Truist

Financial

Corp

17,562

904

US

Bancorp

21,721

1,231

Webster

Financial

Corp

2,338

Wells

Fargo

&

Co

344,319

28,313

Western

Alliance

Bancorp

238,824

19,474

Wintrust

Financial

Corp

919

Zions

Bancorp

NA

2,019

$

167,247

Beverages

-

.05

%

Boston

Beer

Co

Inc/The

(e) 112

Brown-Forman

Corp

-

A

Shares

Brown-Forman

Corp

-

B

Shares

1,996

Coca-Cola

Co/The

27,680

2,180

Coca-Cola

Consolidated

Inc

681

Constellation

Brands

Inc

1,945

Keurig

Dr

Pepper

Inc

1,108,350

32,585

Molson

Coors

Beverage

Co

2,275

PepsiCo

Inc

67,279

10,663

Primo

Brands

Corp

3,511

$

46,131

Biotechnology

-

.29

%

Amgen

Inc

1,963

680

Biogen

Inc

(e) 2,006

BioMarin

Pharmaceutical

Inc

(e) 2,668

Bio-Rad

Laboratories

Inc

(e) 258

Certara

Inc

(e) 1,802

Corteva

Inc

9,397

761

Exelixis

Inc

(e) 767

Gilead

Sciences

Inc

12,644

1,654

Illumina

Inc

(e) 2,107

Incyte

Corp

(e) 1,715

Insmed

Inc

(e) 169

Ionis

Pharmaceuticals

Inc

(e) 163

Moderna

Inc

(e) 4,956

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Regeneron

Pharmaceuticals

Inc

1,411

$

998

Revolution

Medicines

Inc

(e) 2,477

Roivant

Sciences

Ltd

(e) 5,878

Royalty

Pharma

PLC

5,319

Sarepta

Therapeutics

Inc

(e) 232

United

Therapeutics

Corp

(e) 589

Viking

Therapeutics

Inc

(e) 1,447

$

6,605

Building

Materials

-

.89

%

Armstrong

World

Industries

Inc

Builders

FirstSource

Inc

(e) 1,510

Carlisle

Cos

Inc

Carrier

Global

Corp

10,913

733

CRH

PLC

9,311

1,103

Eagle

Materials

Inc

21,734

4,567

Fortune

Brands

Innovations

Inc

1,684

Hayward

Holdings

Inc

(e) 3,022

James

Hardie

Industries

PLC

(e) 526

Johnson

Controls

International

plc

233,318

34,072

Louisiana-Pacific

Corp

877

Martin

Marietta

Materials

Inc

834

516

Masco

Corp

2,814

Mohawk

Industries

Inc

(e) 743

Owens

Corning

1,136

Simpson

Manufacturing

Co

Inc

529

Trex

Co

Inc

(e) 1,485

Vulcan

Materials

Co

1,811

547

$

42,670

Chemicals

-

.91

%

Air

Products

and

Chemicals

Inc

99,304

29,796

Albemarle

Corp

1,609

Ashland

Inc

572

Axalta

Coating

Systems

Ltd

(e) 603,717

17,170

Celanese

Corp

1,522

CF

Industries

Holdings

Inc

2,134

Dow

Inc

9,719

DuPont

de

Nemours

Inc

5,697

Eastman

Chemical

Co

1,579

Ecolab

Inc

2,592

675

Element

Solutions

Inc

3,135

FMC

Corp

1,888

Huntsman

Corp

2,499

International

Flavors

&

Fragrances

Inc

3,537

Linde

PLC

6,518

3,266

LyondellBasell

Industries

NV

3,536

Mosaic

Co/The

4,394

NewMarket

Corp

Olin

Corp

1,599

PPG

Industries

Inc

3,127

Qnity

Electronics

Inc

82,092

11,547

RPM

International

Inc

1,773

Sherwin-Williams

Co/The

Solstice

Advanced

Materials

Inc

2,125

Westlake

Corp

$

65,701

Commercial

Services

-

.28

%

ADT

Inc

6,858

Affirm

Holdings

Inc

(e) 1,551

API

Group

Corp

(e) 4,996

Aramark

3,503

Automatic

Data

Processing

Inc

Avis

Budget

Group

Inc

(a),(e)

Block

Inc

(e) 4,589

Bright

Horizons

Family

Solutions

Inc

(e) 679

Clarivate

PLC

(e) 5,182

Equifax

Inc

1,358

Euronet

Worldwide

Inc

(e) 492

FTI

Consulting

Inc

(e) 419

Global

Payments

Inc

3,271

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Grand

Canyon

Education

Inc

(e) 305

$

H&R

Block

Inc

1,609

ManpowerGroup

Inc

510

MarketAxess

Holdings

Inc

508

Morningstar

Inc

NIQ

Global

Intelligence

Plc

(e) 354

Paylocity

Holding

Corp

(e) 55

PayPal

Holdings

Inc

12,975

650

Quanta

Services

Inc

Robert

Half

Inc

1,249

S&P

Global

Inc

4,219

1,819

Service

Corp

International/US

1,928

TransUnion

2,685

U-Haul

Holding

Co

(e) 71

U-Haul

Holding

Co

957

United

Rentals

Inc

882

847

Valvoline

Inc

(e) 215

Verisk

Analytics

Inc

807

WEX

Inc

(e) 434

WillScot

Holdings

Corp

1,671

$

6,198

Computers

-

.48

%

Accenture

PLC

-

Class

A

8,542

1,527

Amdocs

Ltd

1,479

Amentum

Holdings

Inc

(e) 2,217

Apple

Inc

28,927

7,849

CACI

International

Inc

(e) 8,104

4,210

Cognizant

Technology

Solutions

Corp

6,639

Crane

NXT

Co

746

Dell

Technologies

Inc

27,090

5,660

DXC

Technology

Co

(e) 2,121

EPAM

Systems

Inc

(e) 750

Everpure

Inc

(e) 694

Figure

Technology

Solutions

Inc

(e) 334

Genpact

Ltd

2,209

Globant

SA

(e) 595

Hewlett

Packard

Enterprise

Co

926,498

26,655

HP

Inc

12,781

International

Business

Machines

Corp

12,918

2,984

KBR

Inc

1,619

Kyndryl

Holdings

Inc

(e) 2,677

Leidos

Holdings

Inc

1,744

Lumentum

Holdings

Inc

(e) 905

817

NetApp

Inc

1,678

Okta

Inc

(e) 1,412

Parsons

Corp

(e) 710

Rubrik

Inc

(e) 890

SailPoint

Inc

(e) 894

Sandisk

Corp/DE

(e) 1,989

2,181

Science

Applications

International

Corp

626

Super

Micro

Computer

Inc

(e) 3,872

Western

Digital

Corp

4,736

2,058

$

55,926

Consumer

Products

-

.04

%

Avery

Dennison

Corp

1,029

Church

&

Dwight

Co

Inc

3,316

Clorox

Co/The

1,664

Kimberly-Clark

Corp

2,928

Reynolds

Consumer

Products

Inc

530

$

950

Cosmetics

&

Personal

Care

-

.90

%

Colgate-Palmolive

Co

5,858

500

Coty

Inc

(e) 5,135

elf

Beauty

Inc

(e) 806

Estee

Lauder

Cos

Inc/The

3,350

Kenvue

Inc

26,288

Perrigo

Co

PLC

1,594

Procter

&

Gamble

Co/The

32,577

4,792

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Cosmetics

&

Personal

Care

(continued)

Unilever

PLC

ADR

241,605

$

14,250

$

20,343

Distribution

&

Wholesale

-

.50

%

Copart

Inc

(e) 924

Core

&

Main

Inc

(e) 1,109

Fastenal

Co

3,034

LKQ

Corp

3,576

Pool

Corp

RB

Global

Inc

97,326

10,151

SiteOne

Landscape

Supply

Inc

(e) 417

Watsco

Inc

(a) 503

WESCO

International

Inc

654

WW

Grainger

Inc

$

11,166

Diversified

Financial

Services

-

.02

%

Affiliated

Managers

Group

Inc

Ally

Financial

Inc

3,574

American

Express

Co

72,020

23,266

Ameriprise

Financial

Inc

Apollo

Global

Management

Inc

1,724

Blackrock

Inc

2,121

2,260

Brookfield

Asset

Management

Ltd

3,357

Capital

One

Financial

Corp

60,109

11,499

Cboe

Global

Markets

Inc

1,458

Charles

Schwab

Corp/The

148,487

13,608

Circle

Internet

Group

Inc

(e) 1,336

CME

Group

Inc

5,006

1,441

Coinbase

Global

Inc

(e) 2,769

520

Credit

Acceptance

Corp

(e) 34

Evercore

Inc

-

Class

A

Franklin

Resources

Inc

3,736

Freedom

Holding

Corp/NV

(a),(e)

Hamilton

Lane

Inc

Houlihan

Lokey

Inc

Interactive

Brokers

Group

Inc

-

A

Shares

5,622

Intercontinental

Exchange

Inc

56,005

8,853

Invesco

Ltd

5,066

Janus

Henderson

Group

PLC

1,709

Jefferies

Financial

Group

Inc

1,611

Lazard

Inc

997

LPL

Financial

Holdings

Inc

48,710

16,276

Nasdaq

Inc

6,213

571

OneMain

Holdings

Inc

1,639

Raymond

James

Financial

Inc

2,482

Rocket

Cos

Inc

(e) 12,915

SEI

Investments

Co

1,424

SLM

Corp

2,483

SoFi

Technologies

Inc

(e) 14,488

Stifel

Financial

Corp

2,157

Synchrony

Financial

4,803

T

Rowe

Price

Group

Inc

3,089

TPG

Inc

Tradeweb

Markets

Inc

1,480

UWM

Holdings

Corp

2,075

Virtu

Financial

Inc

1,131

Visa

Inc

22,619

7,461

Voya

Financial

Inc

1,325

Western

Union

Co/The

4,875

XP

Inc

5,020

$

90,635

Electric

-

.96

%

AES

Corp/The

9,885

Alliant

Energy

Corp

3,547

Ameren

Corp

3,723

American

Electric

Power

Co

Inc

7,386

1,013

Brookfield

Renewable

Corp

1,977

CenterPoint

Energy

Inc

8,938

Clearway

Energy

Inc

-

Class

C

1,160

CMS

Energy

Corp

4,111

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Consolidated

Edison

Inc

4,985

$

556

Constellation

Energy

Corp

4,317

1,351

Dominion

Energy

Inc

11,853

765

DTE

Energy

Co

2,855

Duke

Energy

Corp

10,767

1,395

Edison

International

5,276

Entergy

Corp

389,740

45,954

Evergy

Inc

3,173

Eversource

Energy

5,198

Exelon

Corp

13,938

641

FirstEnergy

Corp

7,512

IDACORP

Inc

751

NextEra

Energy

Inc

135,956

13,308

OGE

Energy

Corp

3,063

PG&E

Corp

1,249,734

20,770

Pinnacle

West

Capital

Corp

248,181

25,741

PPL

Corp

10,171

Public

Service

Enterprise

Group

Inc

6,923

565

Sempra

9,053

861

Southern

Co/The

15,295

1,479

Talen

Energy

Corp

(e) 613

WEC

Energy

Group

Inc

71,999

8,492

Xcel

Energy

Inc

358,095

29,704

$

156,902

Electrical

Components

&

Equipment

-

.21

%

Acuity

Inc

AMETEK

Inc

3,176

748

Eaton

Corp

PLC

5,434

2,353

Emerson

Electric

Co

7,846

1,102

Generac

Holdings

Inc

(e) 807

Littelfuse

Inc

Universal

Display

Corp

611

$

4,728

Electronics

-

.63

%

Allegion

plc

1,153

Arrow

Electronics

Inc

(e) 719

Avnet

Inc

1,125

Coherent

Corp

(e) 2,434

778

Flex

Ltd

(e) 5,074

Fortive

Corp

360,166

21,534

Garmin

Ltd

2,237

562

Honeywell

International

Inc

8,854

1,898

Hubbell

Inc

16,581

8,426

Ingram

Micro

Holding

Corp

Jabil

Inc

513

Keysight

Technologies

Inc

(e) 2,378

832

Mettler-Toledo

International

Inc

(e) 284

nVent

Electric

PLC

2,274

Ralliant

Corp

1,576

Sensata

Technologies

Holding

PLC

2,020

TD

SYNNEX

Corp

1,039

Trimble

Inc

(e) 3,286

Vontier

Corp

2,014

Woodward

Inc

833

$

36,740

Energy

-

Alternate

Sources

-

.01

%

First

Solar

Inc

(e) 1,381

Engineering

&

Construction

-

.06

%

AECOM

1,822

EMCOR

Group

Inc

Everus

Construction

Group

Inc

(e) 708

Jacobs

Solutions

Inc

1,636

MasTec

Inc

(e) 675

TopBuild

Corp

(e) 366

$

1,262

Entertainment

-

.34

%

Caesars

Entertainment

Inc

(e) 2,820

Churchill

Downs

Inc

Flutter

Entertainment

PLC

(e) 356

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Entertainment

(continued)

Liberty

Live

Holdings

Inc

-

A

Shares

(e) 204

$

Liberty

Live

Holdings

Inc

-

C

Shares

(e) 671

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(e) 152

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(e) 1,985

Madison

Square

Garden

Sports

Corp

(e) 225

Penn

Entertainment

Inc

(e) 1,275

TKO

Group

Holdings

Inc

530

Vail

Resorts

Inc

(a) 63

Warner

Music

Group

Corp

252,469

7,137

$

7,739

Environmental

Control

-

.26

%

Clean

Harbors

Inc

(e) 697

Pentair

PLC

2,246

Republic

Services

Inc

2,789

584

Tetra

Tech

Inc

2,946

Veralto

Corp

54,355

4,794

$

5,872

Food

-

.53

%

Albertsons

Cos

Inc

4,912

Campbell's

Company/The

(a) 2,700

Conagra

Brands

Inc

6,627

Flowers

Foods

Inc

2,184

General

Mills

Inc

7,338

Hershey

Co/The

41,969

7,795

Hormel

Foods

Corp

4,027

Ingredion

Inc

879

J

M

Smucker

Co/The

1,516

Kraft

Heinz

Co/The

11,755

Kroger

Co/The

8,057

548

Lamb

Weston

Holdings

Inc

1,969

McCormick

&

Co

Inc/MD

3,402

Mondelez

International

Inc

18,012

1,107

Performance

Food

Group

Co

(e) 1,831

Pilgrim's

Pride

Corp

Post

Holdings

Inc

(e) 641

Seaboard

Corp

Smithfield

Foods

Inc

Sysco

Corp

3,013

Tyson

Foods

Inc

3,769

US

Foods

Holding

Corp

(e) 3,094

$

11,860

Forest

Products

&

Paper

-

.01

%

International

Paper

Co

7,164

Gas

-

.05

%

Atmos

Energy

Corp

2,202

MDU

Resources

Group

Inc

2,823

National

Fuel

Gas

Co

1,309

NiSource

Inc

6,532

UGI

Corp

2,994

$

1,016

Hand

&

Machine

Tools

-

.03

%

Lincoln

Electric

Holdings

Inc

715

MSA

Safety

Inc

515

Snap-on

Inc

691

Stanley

Black

&

Decker

Inc

2,122

$

706

Healthcare

-

Products

-

.66

%

Abbott

Laboratories

24,085

2,187

Agilent

Technologies

Inc

3,896

Align

Technology

Inc

(e) 900

Avantor

Inc

(e) 1,148,660

9,304

Baxter

International

Inc

7,132

Bio-Techne

Corp

2,150

Boston

Scientific

Corp

(e) 16,957

977

Bruker

Corp

1,438

Caris

Life

Sciences

Inc

(e) 445

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Cooper

Cos

Inc/The

(e) 2,649

$

Danaher

Corp

8,733

1,563

DENTSPLY

SIRONA

Inc

2,510

Edwards

Lifesciences

Corp

(e) 7,985

667

Envista

Holdings

Corp

(e) 2,268

GE

HealthCare

Technologies

Inc

532,251

32,382

Globus

Medical

Inc

(e) 1,562

Medline

Inc

(e) 4,480

Medtronic

PLC

244,666

19,811

QIAGEN

NV

2,819

Repligen

Corp

(e) 676

ResMed

Inc

1,552

Revvity

Inc

1,579

Solventum

Corp

(e) 2,056

STERIS

PLC

1,338

Stryker

Corp

3,559

1,122

Teleflex

Inc

647

Thermo

Fisher

Scientific

Inc

23,262

11,142

Waters

Corp

(e) 906

West

Pharmaceutical

Services

Inc

991

Zimmer

Biomet

Holdings

Inc

2,727

$

82,617

Healthcare

-

Services

-

.05

%

Acadia

Healthcare

Co

Inc

(e) 1,225

Centene

Corp

(e) 6,694

Charles

River

Laboratories

International

Inc

(e) 680

Chemed

Corp

Cigna

Group/The

3,376

981

Elevance

Health

Inc

32,487

12,228

Encompass

Health

Corp

1,387

HCA

Healthcare

Inc

1,779

773

Humana

Inc

1,652

IQVIA

Holdings

Inc

(e) 2,321

Labcorp

Holdings

Inc

1,195

Molina

Healthcare

Inc

(e) 343

Quest

Diagnostics

Inc

1,521

Sotera

Health

Co

(e) 2,968

Tenet

Healthcare

Corp

(e) 1,172

UnitedHealth

Group

Inc

80,024

29,648

Universal

Health

Services

Inc

731

$

46,152

Home

Builders

-

.45

%

DR

Horton

Inc

3,584

552

Lennar

Corp

-

A

Shares

98,016

8,851

Lennar

Corp

-

B

Shares

(a) 92

NVR

Inc

(e) 38

PulteGroup

Inc

2,676

Thor

Industries

Inc

701

Toll

Brothers

Inc

1,283

$

10,216

Home

Furnishings

-

.01

%

Dolby

Laboratories

Inc

841

SharkNinja

Inc

(e) 962

Whirlpool

Corp

(a) 874

$

Housewares

-

.00

%

Newell

Brands

Inc

4,606

Scotts

Miracle-Gro

Co/The

552

$

Insurance

-

.52

%

Aflac

Inc

6,523

741

Allstate

Corp/The

3,603

783

American

Financial

Group

Inc/OH

921

American

International

Group

Inc

7,485

560

Aon

PLC

Arch

Capital

Group

Ltd

(e) 4,865

Arthur

J

Gallagher

&

Co

3,283

678

Assurant

Inc

679

Assured

Guaranty

Ltd

598

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Axis

Capital

Holdings

Ltd

1,034

$

Berkshire

Hathaway

Inc

-

Class

B

(e) 111,116

52,625

Brighthouse

Financial

Inc

(e) 827

Brown

&

Brown

Inc

3,488

Chubb

Ltd

5,088

1,664

Cincinnati

Financial

Corp

2,115

CNA

Financial

Corp

Corebridge

Financial

Inc

3,845

Everest

Group

Ltd

29,268

10,442

Fidelity

National

Financial

Inc

3,492

First

American

Financial

Corp

1,425

Globe

Life

Inc

1,087

Hanover

Insurance

Group

Inc/The

Hartford

Insurance

Group

Inc/The

3,910

535

Kemper

Corp

565

Lincoln

National

Corp

2,371

Loews

Corp

2,317

Markel

Group

Inc

(e) 142

Marsh

&

McLennan

Cos

Inc

5,933

995

MetLife

Inc

7,672

614

MGIC

Investment

Corp

3,219

Old

Republic

International

Corp

3,182

Primerica

Inc

Progressive

Corp/The

131,162

26,400

Prudential

Financial

Inc

4,845

Reinsurance

Group

of

America

Inc

929

RenaissanceRe

Holdings

Ltd

602

RLI

Corp

1,078

Travelers

Cos

Inc/The

2,995

914

Unum

Group

2,232

W

R

Berkley

Corp

3,102

White

Mountains

Insurance

Group

Ltd

Willis

Towers

Watson

PLC

1,332

$

101,851

Internet

-

.00

%

Alphabet

Inc

-

A

Shares

181,148

69,706

Alphabet

Inc

-

C

Shares

23,300

8,899

Amazon.com

Inc

(e) 93,336

24,739

Booking

Holdings

Inc

717

CDW

Corp/DE

1,679

eBay

Inc

6,289

651

Etsy

Inc

(e) 502

F5

Inc

(e) 797

Gen

Digital

Inc

6,819

IAC

Inc

(e) 848

Lyft

Inc

(e) 4,493

Maplebear

Inc

(e) 2,399

Match

Group

Inc

3,276

Meta

Platforms

Inc

19,415

11,880

Pinterest

Inc

(e) 4,140

Robinhood

Markets

Inc

(e) 9,118

665

Roku

Inc

(e) 1,552

Trump

Media

&

Technology

Group

Corp

(e) 1,091

Uber

Technologies

Inc

(e) 227,417

16,968

VeriSign

Inc

1,130

Wayfair

Inc

(e) 1,119

Zillow

Group

Inc

-

A

Shares

(e) 468

Zillow

Group

Inc

-

C

Shares

(e) 2,298

$

135,377

Iron

&

Steel

-

.08

%

Carpenter

Technology

Corp

567

Cleveland-Cliffs

Inc

(e) 7,801

Nucor

Corp

3,166

713

Reliance

Inc

751

Steel

Dynamics

Inc

1,721

$

1,701

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Leisure

Products

&

Services

-

.89

%

Amer

Sports

Inc

(e) 2,077

$

Brunswick

Corp/DE

912

Carnival

Corp

1,601,461

42,455

Harley-Davidson

Inc

1,666

Norwegian

Cruise

Line

Holdings

Ltd

(e) 641

YETI

Holdings

Inc

(e) 1,022

$

42,692

Lodging

-

.15

%

Boyd

Gaming

Corp

766

Choice

Hotels

International

Inc

(a) 288

Hyatt

Hotels

Corp

559

Marriott

International

Inc/MD

718

MGM

Resorts

International

(e) 2,852

Travel

+

Leisure

Co

638

Wyndham

Hotels

&

Resorts

Inc

Wynn

Resorts

Ltd

236,645

25,347

$

25,957

Machinery

-

Construction

&

Mining

-

.38

%

BWX

Technologies

Inc

1,042

Caterpillar

Inc

5,634

5,015

Oshkosh

Corp

874

Vertiv

Holdings

Co

9,645

3,168

$

8,545

Machinery

-

Diversified

-

.70

%

AGCO

Corp

863

Applied

Industrial

Technologies

Inc

516

CNH

Industrial

NV

12,220

Cognex

Corp

2,336

Crane

Co

728

Deere

&

Co

18,518

10,923

Dover

Corp

1,855

Esab

Corp

833

Flowserve

Corp

1,764

Gates

Industrial

Corp

PLC

(e) 3,713

Graco

Inc

2,282

IDEX

Corp

1,051

Ingersoll

Rand

Inc

5,437

Middleby

Corp/The

(e) 664

Nordson

Corp

726

Otis

Worldwide

Corp

5,376

Regal

Rexnord

Corp

925

Rockwell

Automation

Inc

1,448

592

Toro

Co/The

1,373

Westinghouse

Air

Brake

Technologies

Corp

2,330

629

Xylem

Inc/NY

3,318

$

15,812

Media

-

.27

%

Charter

Communications

Inc

(e) 1,129

Comcast

Corp

-

Class

A

50,404

1,363

FactSet

Research

Systems

Inc

Fox

Corp

-

A

Shares

2,767

Fox

Corp

-

B

Shares

2,077

Liberty

Broadband

Corp

-

A

Shares

(e) 194

Liberty

Broadband

Corp

-

C

Shares

(e) 1,247

Liberty

Global

Ltd

-

A

Shares

(e) 2,408

Liberty

Global

Ltd

-

C

Shares

(e) 1,483

New

York

Times

Co/The

2,246

News

Corp

-

A

Shares

5,550

News

Corp

-

B

Shares

1,733

Nexstar

Media

Group

Inc

Sirius

XM

Holdings

Inc

2,643

Versant

Media

Group

Inc

2,117

Walt

Disney

Co/The

24,718

2,565

Warner

Bros

Discovery

Inc

(e) 32,285

873

$

6,106

Metal

Fabrication

&

Hardware

-

.34

%

Advanced

Drainage

Systems

Inc

46,296

6,910

Mueller

Industries

Inc

1,494

RBC

Bearings

Inc

(e) 348

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

(continued)

Timken

Co/The

870

$

Valmont

Industries

Inc

$

7,555

Mining

-

.10

%

Alcoa

Corp

3,569

Anglogold

Ashanti

Plc

6,118

573

Freeport-McMoRan

Inc

377,154

21,792

MP

Materials

Corp

(e) 1,981

Newmont

Corp

15,254

1,695

Royal

Gold

Inc

1,145

Southern

Copper

Corp

1,125

$

24,879

Miscellaneous

Manufacturers

-

.19

%

3M

Co

6,202

909

A

O

Smith

Corp

1,582

Donaldson

Co

Inc

1,600

Illinois

Tool

Works

Inc

2,686

693

ITT

Inc

1,222

Parker-Hannifin

Corp

1,759

1,599

Teledyne

Technologies

Inc

(e) 646

Textron

Inc

2,417

$

4,351

Office

&

Business

Equipment

-

.01

%

Zebra

Technologies

Corp

(e) 731

Oil

&

Gas

-

.60

%

Antero

Resources

Corp

(e) 4,248

APA

Corp

4,851

Chevron

Corp

216,343

41,822

Chord

Energy

Corp

786

ConocoPhillips

17,205

2,164

Coterra

Energy

Inc

10,367

Devon

Energy

Corp

8,435

Diamondback

Energy

Inc

2,739

563

EOG

Resources

Inc

7,549

1,061

EQT

Corp

8,362

502

Expand

Energy

Corp

3,137

Exxon

Mobil

Corp

349,765

53,979

HF

Sinclair

Corp

1,955

Marathon

Petroleum

Corp

4,159

1,033

Matador

Resources

Co

1,626

Occidental

Petroleum

Corp

9,790

593

Ovintiv

Inc

3,936

Permian

Resources

Corp

925,036

19,999

Phillips

5,177

928

Range

Resources

Corp

3,446

Valero

Energy

Corp

4,203

1,062

Viper

Energy

Inc

2,592

Weatherford

International

PLC

980

$

126,173

Oil

&

Gas

Services

-

.05

%

Baker

Hughes

Co

13,782

960

Halliburton

Co

498,060

21,068

NOV

Inc

5,050

SLB

Ltd

19,094

1,086

TechnipFMC

PLC

5,543

$

23,636

Packaging

&

Containers

-

.41

%

Amcor

PLC

6,293

AptarGroup

Inc

911

Ball

Corp

3,733

Crown

Holdings

Inc

1,603

Graphic

Packaging

Holding

Co

3,683

Packaging

Corp

of

America

38,268

8,168

Silgan

Holdings

Inc

1,188

Smurfit

Westrock

PLC

7,124

Sonoco

Products

Co

1,371

$

9,331

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

-

.05

%

Becton

Dickinson

&

Co

3,955

$

589

BellRing

Brands

Inc

(e) 1,217

Bristol-Myers

Squibb

Co

22,892

1,387

Cardinal

Health

Inc

1,620

CVS

Health

Corp

17,416

1,450

Elanco

Animal

Health

Inc

(e) 7,090

Henry

Schein

Inc

(e) 1,415

Jazz

Pharmaceuticals

PLC

(e) 808

Johnson

&

Johnson

68,905

15,838

McKesson

Corp

5,412

4,412

Merck

&

Co

Inc

409,766

44,739

Neurocrine

Biosciences

Inc

(e) 204

Organon

&

Co

3,038

Pfizer

Inc

79,053

2,111

Sanofi

SA

ADR

419,157

19,524

Viatris

Inc

16,044

Zoetis

Inc

1,298

$

91,268

Pipelines

-

.39

%

Antero

Midstream

Corp

4,657

Cheniere

Energy

Inc

1,601

DT

Midstream

Inc

1,379

Kinder

Morgan

Inc

26,932

885

ONEOK

Inc

8,673

802

Williams

Cos

Inc/The

83,981

6,409

$

8,842

Private

Equity

-

.33

%

Carlyle

Group

Inc/The

3,513

KKR

&

Co

Inc

68,873

7,186

$

7,362

Real

Estate

-

.04

%

CBRE

Group

Inc

(e) 3,656

522

CoStar

Group

Inc

(e) 4,967

Howard

Hughes

Holdings

Inc

(e) 472

Jones

Lang

LaSalle

Inc

(e) 496

$

881

REITs

-

.95

%

AGNC

Investment

Corp

15,282

Agree

Realty

Corp

1,575

Alexandria

Real

Estate

Equities

Inc

2,388

American

Homes

Rent

4,757

Americold

Realty

Trust

Inc

3,831

Annaly

Capital

Management

Inc

9,819

AvalonBay

Communities

Inc

1,949

Brixmor

Property

Group

Inc

4,239

BXP

Inc

2,206

Camden

Property

Trust

1,533

Cousins

Properties

Inc

2,323

Crown

Castle

Inc

6,011

534

CubeSmart

3,152

Digital

Realty

Trust

Inc

4,789

962

EastGroup

Properties

Inc

737

EPR

Properties

1,039

Equinix

Inc

1,358

1,471

Equity

LifeStyle

Properties

Inc

2,644

Equity

Residential

5,146

Essex

Property

Trust

Inc

859

Extra

Space

Storage

Inc

2,932

Federal

Realty

Investment

Trust

1,184

Fermi

Inc

(a),(e)

560

First

Industrial

Realty

Trust

Inc

1,782

Gaming

and

Leisure

Properties

Inc

3,654

Healthcare

Realty

Trust

Inc

4,804

Healthpeak

Properties

Inc

10,015

Highwoods

Properties

Inc

1,364

Host

Hotels

&

Resorts

Inc

9,416

Invitation

Homes

Inc

8,389

Iron

Mountain

Inc

4,051

510

Kilroy

Realty

Corp

1,633

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Kimco

Realty

Corp

9,169

$

Lineage

Inc

893

Medical

Properties

Trust

Inc

6,304

Mid-America

Apartment

Communities

Inc

1,598

Millrose

Properties

Inc

2,131

National

Storage

Affiliates

Trust

891

NNN

REIT

Inc

2,629

Omega

Healthcare

Investors

Inc

4,002

Park

Hotels

&

Resorts

Inc

1,796

Prologis

Inc

70,732

10,045

Public

Storage

68,151

20,613

Rayonier

Inc

4,145

Realty

Income

Corp

12,678

814

Regency

Centers

Corp

2,483

Rexford

Industrial

Realty

Inc

3,245

Rithm

Capital

Corp

7,697

SBA

Communications

Corp

1,466

Simon

Property

Group

Inc

3,480

709

STAG

Industrial

Inc

2,599

Starwood

Property

Trust

Inc

5,063

Sun

Communities

Inc

1,351

UDR

Inc

4,460

Ventas

Inc

6,423

564

VICI

Properties

Inc

723,918

21,139

Vornado

Realty

Trust

2,456

Welltower

Inc

9,539

2,073

Weyerhaeuser

Co

9,960

WP

Carey

Inc

2,988

$

66,537

Retail

-

.17

%

AutoNation

Inc

(e) 370

AutoZone

Inc

(e) 195

722

Bath

&

Body

Works

Inc

2,870

Best

Buy

Co

Inc

2,663

BJ's

Wholesale

Club

Holdings

Inc

(e) 1,631

CarMax

Inc

(e) 1,971

Casey's

General

Stores

Inc

Darden

Restaurants

Inc

Dick's

Sporting

Goods

Inc

885

Dillard's

Inc

(a) 33

Dollar

General

Corp

2,988

Dollar

Tree

Inc

(e) 2,574

Domino's

Pizza

Inc

Ferguson

Enterprises

Inc

2,502

670

Five

Below

Inc

(e) 721

Floor

&

Decor

Holdings

Inc

(e) 1,045

Freshpet

Inc

(e) 436

GameStop

Corp

(e) 5,705

Gap

Inc/The

3,319

Genuine

Parts

Co

1,867

Home

Depot

Inc/The

30,467

10,017

Lithia

Motors

Inc

Lowe's

Cos

Inc

7,775

1,857

Lululemon

Athletica

Inc

(e) 605

Macy's

Inc

3,718

McDonald's

Corp

24,626

7,230

MSC

Industrial

Direct

Co

Inc

612

Ollie's

Bargain

Outlet

Holdings

Inc

(e) 852

O'Reilly

Automotive

Inc

(e) 75,372

7,492

Penske

Automotive

Group

Inc

QXO

Inc

(e) 8,930

Restaurant

Brands

International

Inc

1,722

RH

(e) 124

Ross

Stores

Inc

3,519

802

Starbucks

Corp

13,691

1,442

Target

Corp

6,270

814

TJX

Cos

Inc/The

7,760

1,216

Ulta

Beauty

Inc

(e) 468

Walmart

Inc

95,134

12,551

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Wendy's

Co/The

(a) 1,343

$

Williams-Sonoma

Inc

1,339

Yum!

Brands

Inc

2,546

$

48,978

Savings

&

Loans

-

.00

%

TFS

Financial

Corp

779

Semiconductors

-

.58

%

Advanced

Micro

Devices

Inc

(e) 9,283

3,291

Allegro

MicroSystems

Inc

(e) 1,713

Amkor

Technology

Inc

1,729

Analog

Devices

Inc

6,791

2,732

Applied

Materials

Inc

7,889

3,112

Broadcom

Inc

19,678

8,214

Cirrus

Logic

Inc

(e) 712

Entegris

Inc

219,499

31,033

GLOBALFOUNDRIES

Inc

1,709

Intel

Corp

(e) 61,190

5,781

IPG

Photonics

Corp

(e) 378

Lattice

Semiconductor

Corp

(e) 295

MACOM

Technology

Solutions

Holdings

Inc

(e) 664

Marvell

Technology

Inc

10,940

1,807

Microchip

Technology

Inc

455,568

42,327

Micron

Technology

Inc

15,497

8,014

MKS

Inc

949

NXP

Semiconductors

NV

51,912

15,241

ON

Semiconductor

Corp

(e) 5,593

564

Onto

Innovation

Inc

(e) 541

Qorvo

Inc

(e) 1,169

QUALCOMM

Inc

177,458

31,868

Skyworks

Solutions

Inc

2,083

Teradyne

Inc

2,179

748

Texas

Instruments

Inc

52,419

14,734

$

170,849

Shipbuilding

-

.01

%

Huntington

Ingalls

Industries

Inc

561

Software

-

.95

%

Akamai

Technologies

Inc

(e) 1,931

BILL

Holdings

Inc

(e) 1,081

Broadridge

Financial

Solutions

Inc

Bullish

(a),(e)

CCC

Intelligent

Solutions

Holdings

Inc

(e) 8,399

Concentrix

Corp

(a) 517

Docusign

Inc

(e) 619

DoubleVerify

Holdings

Inc

(e) 1,041

Dropbox

Inc

-

A

Shares

(e) 1,693

Electronic

Arts

Inc

3,469

702

Fair

Isaac

Corp

(e) 53

Fidelity

National

Information

Services

Inc

391,199

18,202

Fiserv

Inc

(e) 5,324

Jack

Henry

&

Associates

Inc

1,026

Microsoft

Corp

19,393

7,908

MongoDB

Inc

(e) 963

MSCI

Inc

15,434

9,128

nCino

Inc

(e) 1,072

Nutanix

Inc

(e) 2,719

Oracle

Corp

147,320

23,776

Paychex

Inc

3,055

Paycom

Software

Inc

Pegasystems

Inc

944

PTC

Inc

(e) 1,440

Roper

Technologies

Inc

1,494

530

Salesforce

Inc

11,248

1,986

SentinelOne

Inc

(e) 832

SS&C

Technologies

Holdings

Inc

2,819

Strategy

Inc

(e) 4,075

674

Synopsys

Inc

(e) 706

Take-Two

Interactive

Software

Inc

(e) 1,645

Teradata

Corp

(e) 1,102

Twilio

Inc

(e) 1,627

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Tyler

Technologies

Inc

(e) 95

$

UiPath

Inc

(e) 5,601

Unity

Software

Inc

(e) 4,276

Veeva

Systems

Inc

(e) 423

Zoom

Communications

Inc

(e) 3,708

ZoomInfo

Technologies

Inc

(e) 2,517

$

66,596

Telecommunications

-

.36

%

AST

SpaceMobile

Inc

(e) 161

AT&T

Inc

95,932

2,507

Ciena

Corp

(e) 1,963

1,036

Cisco

Systems

Inc

55,191

5,050

Corning

Inc

10,870

1,785

GCI

Liberty

Inc

-

Class

A

(e) 39

GCI

Liberty

Inc

-

Class

C

(e) 248

Iridium

Communications

Inc

1,219

Millicom

International

Cellular

SA

1,389

Motorola

Solutions

Inc

20,849

9,153

T-Mobile

US

Inc

41,064

8,028

Verizon

Communications

Inc

58,664

2,818

$

30,564

Toys,

Games

&

Hobbies

-

.01

%

Hasbro

Inc

1,910

Mattel

Inc

(e) 4,303

$

Transportation

-

.82

%

CH

Robinson

Worldwide

Inc

1,606

CSX

Corp

239,972

10,902

Expeditors

International

of

Washington

Inc

1,848

FedEx

Corp

2,982

1,203

GXO

Logistics

Inc

(e) 1,563

JB

Hunt

Transport

Services

Inc

89,821

22,593

Kirby

Corp

(e) 751

Knight-Swift

Transportation

Holdings

Inc

2,191

Landstar

System

Inc

Norfolk

Southern

Corp

3,144

993

Old

Dominion

Freight

Line

Inc

2,397

509

Ryder

System

Inc

547

Saia

Inc

(e) 359

Schneider

National

Inc

538

Union

Pacific

Corp

7,668

2,066

United

Parcel

Service

Inc

10,165

1,106

XPO

Inc

(e) 1,230

$

40,961

Water

-

.02

%

American

Water

Works

Co

Inc

2,650

Essential

Utilities

Inc

3,991

$

TOTAL

COMMON

STOCKS

$

2,006,591

Total

Investments

$

2,253,022

Other

Assets

and

Liabilities

- 0.08%

1,711

TOTAL

NET

ASSETS

-

100.00%

$

2,254,733

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,287

or

0.10%

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

$2,322

or

0.10%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

46,181

$

840,730

$

822,751

$

64,160

$

46,181

$

840,730

$

822,751

$

64,160

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,092

$

—

$

—

$

—

$

1,092

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

LargeCap

Value

Fund

III

April

30,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

June

2026

Long

$

27,888

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.02

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

277,992

$

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

3,983,543

3,983

$

4,261

TOTAL

INVESTMENT

COMPANIES

$

4,261

COMMON

STOCKS

-

.14

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.02

%

HEICO

Corp

-

Class

A

6,152,962

$

1,286,092

TransDigm

Group

Inc

1,065,888

1,236,409

$

2,522,501

Building

Materials

-

.01

%

Eagle

Materials

Inc

226,219

47,531

Martin

Marietta

Materials

Inc

1,537,753

951,977

Vulcan

Materials

Co

4,200,899

1,267,579

$

2,267,087

Chemicals

-

.57

%

Air

Products

and

Chemicals

Inc

231,265

69,391

Perimeter

Solutions

Inc

(c),(d)

8,037,118

243,525

Sherwin-Williams

Co/The

254,036

81,700

$

394,616

Commercial

Services

-

.54

%

Moody's

Corp

538,460

248,688

Sunbelt

Rentals

Holdings

Inc

3,875,870

296,620

Toast

Inc

(d) 6,308,060

179,906

Verisk

Analytics

Inc

898,846

165,828

$

891,042

Distribution

&

Wholesale

-

.70

%

Copart

Inc

(d) 22,369,951

740,669

Fastenal

Co

4,261,899

191,487

$

932,156

Diversified

Financial

Services

-

.94

%

Ares

Management

Corp

2,811,114

330,025

Brookfield

Asset

Management

Ltd

10,179,897

488,737

Brookfield

Wealth

Solutions

Ltd

(d),(e)

232,785

10,505

LPL

Financial

Holdings

Inc

1,988,698

664,484

$

1,493,751

Electric

-

.59

%

Brookfield

Infrastructure

Partners

LP

18,753,581

672,316

Brookfield

Renewable

Corp

54,157

1,963

Brookfield

Renewable

Partners

LP

6,959,552

230,431

$

904,710

Electrical

Components

&

Equipment

-

.94

%

AMETEK

Inc

1,001,210

235,785

Electronics

-

.70

%

Mettler-Toledo

International

Inc

(d) 138,121

176,327

Entertainment

-

.33

%

Liberty

Live

Holdings

Inc

-

A

Shares

(d) 328,587

29,970

Liberty

Live

Holdings

Inc

-

C

Shares

(d) 1,406,360

131,635

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d) 962,914

76,263

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d) 6,553,203

563,248

Live

Nation

Entertainment

Inc

(d) 8,195,088

1,294,332

$

2,095,448

Environmental

Control

-

.68

%

Veralto

Corp

586,485

51,728

Waste

Connections

Inc

726,258

119,629

$

171,357

Healthcare

-

Products

-

.76

%

IDEXX

Laboratories

Inc

(d) 423,782

237,657

Waters

Corp

(d) 664,100

205,360

$

443,017

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Home

Builders

-

.95

%

Lennar

Corp

-

A

Shares

2,192,284

$

197,963

Lennar

Corp

-

B

Shares

38,354

3,390

NVR

Inc

(d) 45,958

290,265

$

491,618

Insurance

-

.43

%

Arch

Capital

Group

Ltd

(d) 2,014,084

190,250

Arthur

J

Gallagher

&

Co

2,085,068

430,358

Brown

&

Brown

Inc

11,364,506

683,575

Markel

Group

Inc

(d) 221,038

391,783

Ryan

Specialty

Holdings

Inc

3,118,796

108,441

W

R

Berkley

Corp

993,439

66,392

$

1,870,799

Lodging

-

.83

%

Hilton

Worldwide

Holdings

Inc

3,075,863

996,795

Hyatt

Hotels

Corp

2,813,566

471,469

$

1,468,264

Machinery

-

Diversified

-

.45

%

Graco

Inc

1,412,947

113,417

Private

Equity

-

.35

%

Brookfield

Corp

28,083,454

1,267,126

KKR

&

Co

Inc

10,401,420

1,085,284

$

2,352,410

Real

Estate

-

.53

%

CBRE

Group

Inc

(d) 7,299,942

1,041,921

CoStar

Group

Inc

(d) 10,089,233

349,188

Seaport

Entertainment

Group

Inc

(d) 16,686

$

1,391,481

REITs

-

.03

%

Millrose

Properties

Inc

215,534

6,610

Retail

-

.77

%

Domino's

Pizza

Inc

Floor

&

Decor

Holdings

Inc

(d) 4,927,654

238,498

O'Reilly

Automotive

Inc

(d) 10,367,009

1,030,481

Ross

Stores

Inc

797,949

181,765

$

1,450,889

Semiconductors

-

.21

%

Entegris

Inc

3,933,315

556,092

Software

-

.59

%

Appfolio

Inc

(d) 1,176,049

196,506

CCC

Intelligent

Solutions

Holdings

Inc

(d) 570,128

2,987

Constellation

Software

Inc/Canada

236,638

431,635

Constellation

Software

Inc/Canada

-

Warrants

(d),(f)

143,533

—

Fair

Isaac

Corp

(d) 279,942

286,941

Guidewire

Software

Inc

(d) 782,191

108,247

Jack

Henry

&

Associates

Inc

181,999

27,982

Lumine

Group

Inc

(d) 359,888

5,387

MSCI

Inc

861,264

509,360

Procore

Technologies

Inc

(d) 2,475,796

140,081

Roper

Technologies

Inc

636,802

225,944

Topicus.com

Inc

(d) 769,746

53,513

Tyler

Technologies

Inc

(d) 1,382,501

471,626

Veeva

Systems

Inc

(d) 2,919,015

455,279

$

2,915,488

Transportation

-

.22

%

Old

Dominion

Freight

Line

Inc

263,662

56,010

TOTAL

COMMON

STOCKS

$

25,200,875

Total

Investments

$

25,205,136

Other

Assets

and

Liabilities

- (0.16)%

(39,427)

TOTAL

NET

ASSETS

-

100.00%

$

25,165,709

Schedule

of

Investments

MidCap

Fund

April

30,

2026

(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

$4,258

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

$2,872

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,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Perimeter

Solutions

Inc

$

191,086

$

7,276

$

11,942

$

243,525

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

122,581

2,663,990

2,782,588

3,983

$

313,667

$

2,671,266

$

2,794,530

$

247,508

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Perimeter

Solutions

Inc

$

—

$

4,045

$

—

$

53,060

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

—

—

—

$

$

4,045

$

—

$

53,060

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.11

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.42

%

iShares

Core

S&P

Mid-Cap

ETF

75,100

$

5,465

Money

Market

Funds

-

.69

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

1,095,947

1,096

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

21,238,253

21,239

$

22,335

TOTAL

INVESTMENT

COMPANIES

$

27,800

COMMON

STOCKS

-

.18

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.49

%

AeroVironment

Inc

(d) 12,170

$

2,373

ATI

Inc

(d) 51,976

8,080

Curtiss-Wright

Corp

14,105

10,158

Hexcel

Corp

29,026

2,725

Kratos

Defense

&

Security

Solutions

Inc

(d) 70,625

4,453

Moog

Inc

10,875

3,277

StandardAero

Inc

(d) 72,553

1,804

$

32,870

Agriculture

-

.29

%

Darling

Ingredients

Inc

(d) 60,515

3,887

Airlines

-

.35

%

Alaska

Air

Group

Inc

(d) 43,857

1,715

American

Airlines

Group

Inc

(d) 252,604

2,958

$

4,673

Apparel

-

.56

%

Capri

Holdings

Ltd

(d) 45,586

889

Columbia

Sportswear

Co

9,690

590

Crocs

Inc

(d) 19,219

1,960

PVH

Corp

17,524

1,603

VF

Corp

125,732

2,380

$

7,422

Automobile

Parts

&

Equipment

-

.05

%

Autoliv

Inc

26,293

3,048

BorgWarner

Inc

79,210

4,513

Gentex

Corp

83,758

1,936

Goodyear

Tire

&

Rubber

Co/The

(d) 109,507

775

Lear

Corp

19,407

2,467

Visteon

Corp

10,438

1,166

$

13,905

Banks

-

.95

%

Associated

Banc-Corp

62,587

1,763

Bank

OZK

39,694

1,912

Columbia

Banking

System

Inc

113,016

3,345

Commerce

Bancshares

Inc/MO

52,426

2,728

Cullen/Frost

Bankers

Inc

24,179

3,504

East

West

Bancorp

Inc

52,634

6,657

First

Financial

Bankshares

Inc

49,856

1,609

First

Horizon

Corp

185,541

4,631

Flagstar

Bank

NA

114,579

1,601

FNB

Corp/PA

136,689

2,440

Glacier

Bancorp

Inc

49,223

2,414

Hancock

Whitney

Corp

31,468

2,125

Home

BancShares

Inc/AR

69,985

1,881

International

Bancshares

Corp

20,689

1,484

Old

National

Bancorp/IN

132,671

3,180

Pinnacle

Financial

Partners

Inc

57,591

5,698

Prosperity

Bancshares

Inc

38,653

2,692

Southstate

Bank

Corp

37,925

3,704

Texas

Capital

Bancshares

Inc

16,902

1,702

UMB

Financial

Corp

27,315

3,446

United

Bankshares

Inc/WV

53,386

2,339

Valley

National

Bancorp

183,127

2,485

Webster

Financial

Corp

61,682

4,463

Western

Alliance

Bancorp

39,286

3,203

Wintrust

Financial

Corp

25,621

3,858

Zions

Bancorp

NA

56,486

3,582

$

78,446

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Beverages

-

.54

%

Boston

Beer

Co

Inc/The

(d) 2,943

$

698

Celsius

Holdings

Inc

(d) 61,143

2,052

Coca-Cola

Consolidated

Inc

21,640

4,438

$

7,188

Biotechnology

-

.17

%

Arrowhead

Pharmaceuticals

Inc

(d) 53,570

3,936

BioMarin

Pharmaceutical

Inc

(d) 73,494

3,962

Bio-Rad

Laboratories

Inc

(d) 6,956

1,949

Cytokinetics

Inc

(d) 46,773

2,992

Exelixis

Inc

(d) 99,355

4,417

Halozyme

Therapeutics

Inc

(d) 44,987

2,864

Illumina

Inc

(d) 58,493

7,413

Roivant

Sciences

Ltd

(d) 172,492

4,921

United

Therapeutics

Corp

(d) 16,471

9,411

$

41,865

Building

Materials

-

.33

%

AAON

Inc

25,888

2,416

Carlisle

Cos

Inc

15,605

5,544

Eagle

Materials

Inc

12,025

2,527

Fortune

Brands

Innovations

Inc

45,959

1,863

Knife

River

Corp

(d) 21,676

2,006

Louisiana-Pacific

Corp

24,244

1,750

Owens

Corning

31,442

3,878

Simpson

Manufacturing

Co

Inc

15,860

3,025

SPX

Technologies

Inc

(d) 19,064

4,173

Trex

Co

Inc

(d) 41,030

1,609

UFP

Industries

Inc

22,286

1,994

$

30,785

Chemicals

-

.48

%

Ashland

Inc

17,507

932

Axalta

Coating

Systems

Ltd

(d) 81,637

2,322

Cabot

Corp

19,978

1,537

NewMarket

Corp

2,983

2,015

Olin

Corp

43,458

1,238

RPM

International

Inc

48,995

4,992

Solstice

Advanced

Materials

Inc

60,730

4,977

Westlake

Corp

12,758

1,471

$

19,484

Commercial

Services

-

.48

%

API

Group

Corp

(d) 146,789

6,711

Aramark

100,549

4,594

Avis

Budget

Group

Inc

(d),(e)

6,464

1,168

Booz

Allen

Hamilton

Holding

Corp

46,134

3,588

Brink's

Co/The

15,894

1,697

Euronet

Worldwide

Inc

(d) 14,959

1,083

FTI

Consulting

Inc

(d) 11,577

2,076

Graham

Holdings

Co

1,299

1,458

Grand

Canyon

Education

Inc

(d) 10,570

1,787

H&R

Block

Inc

48,492

1,539

Morningstar

Inc

8,784

1,482

Paylocity

Holding

Corp

(d) 16,694

1,761

Service

Corp

International/US

53,260

4,316

Shift4

Payments

Inc

(d),(e)

25,847

1,144

TransUnion

73,604

5,226

UL

Solutions

Inc

29,554

2,674

Valvoline

Inc

(d) 48,705

1,618

WEX

Inc

(d) 13,117

1,972

$

45,894

Computers

-

.34

%

CACI

International

Inc

(d) 8,450

4,390

Crane

NXT

Co

18,892

844

Everpure

Inc

(d) 119,994

8,574

ExlService

Holdings

Inc

(d) 60,118

1,917

Genpact

Ltd

60,603

2,106

KBR

Inc

48,580

1,821

Kyndryl

Holdings

Inc

(d) 87,438

1,208

Maximus

Inc

20,869

1,369

Okta

Inc

(d) 64,828

4,775

Parsons

Corp

(d) 20,242

1,020

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

Qualys

Inc

(d) 13,717

$

1,192

Science

Applications

International

Corp

17,263

1,671

$

30,887

Cosmetics

&

Personal

Care

-

.14

%

Coty

Inc

(d) 141,395

elf

Beauty

Inc

(d) 22,591

1,445

$

1,793

Distribution

&

Wholesale

-

.77

%

Core

&

Main

Inc

(d) 72,228

3,638

RB

Global

Inc

71,037

7,409

Watsco

Inc

(e) 13,360

5,850

WESCO

International

Inc

18,609

6,497

$

23,394

Diversified

Financial

Services

-

.80

%

Affiliated

Managers

Group

Inc

10,761

3,171

Ally

Financial

Inc

107,394

4,767

Evercore

Inc

-

Class

A

14,797

4,754

Federated

Hermes

Inc

28,272

1,642

Hamilton

Lane

Inc

15,632

1,438

Houlihan

Lokey

Inc

20,793

3,218

Janus

Henderson

Group

PLC

47,153

2,434

Jefferies

Financial

Group

Inc

63,257

3,050

SEI

Investments

Co

35,537

3,222

SLM

Corp

76,205

1,759

Stifel

Financial

Corp

58,338

4,598

Voya

Financial

Inc

35,959

2,947

$

37,000

Electric

-

.85

%

Black

Hills

Corp

28,874

2,174

IDACORP

Inc

20,675

3,054

Northwestern

Energy

Group

Inc

23,505

1,700

OGE

Energy

Corp

78,604

3,836

Ormat

Technologies

Inc

23,252

2,672

Portland

General

Electric

Co

43,032

2,235

Talen

Energy

Corp

(d) 17,478

6,509

TXNM

Energy

Inc

37,501

2,215

$

24,395

Electrical

Components

&

Equipment

-

.15

%

Acuity

Inc

11,654

3,377

Belden

Inc

15,035

1,691

EnerSys

14,098

3,006

Littelfuse

Inc

9,526

3,850

Novanta

Inc

(d) 13,685

1,773

Universal

Display

Corp

16,914

1,473

$

15,170

Electronics

-

.64

%

Advanced

Energy

Industries

Inc

14,440

5,544

Arrow

Electronics

Inc

(d) 19,544

3,671

Avnet

Inc

31,317

2,584

Flex

Ltd

(d) 140,656

12,877

nVent

Electric

PLC

61,729

8,821

Sensata

Technologies

Holding

PLC

55,730

2,321

TD

SYNNEX

Corp

28,684

6,545

TTM

Technologies

Inc

(d) 39,529

6,254

Vicor

Corp

(d) 8,691

2,340

Vontier

Corp

54,171

1,944

Woodward

Inc

22,806

8,278

$

61,179

Energy

-

Alternate

Sources

-

.51

%

Nextpower

Inc

(d) 56,800

6,767

Engineering

&

Construction

-

.54

%

AECOM

49,461

4,160

Dycom

Industries

Inc

(d) 11,464

4,747

Exponent

Inc

19,085

1,276

Fluor

Corp

(d) 61,662

3,290

MasTec

Inc

(d) 23,464

9,246

Sterling

Infrastructure

Inc

(d) 11,751

6,059

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

TopBuild

Corp

(d) 10,677

$

4,727

$

33,505

Entertainment

-

.45

%

Churchill

Downs

Inc

25,342

2,559

Vail

Resorts

Inc

13,686

1,741

Warner

Music

Group

Corp

56,223

1,589

$

5,889

Environmental

Control

-

.70

%

Clean

Harbors

Inc

(d) 19,215

6,008

Tetra

Tech

Inc

99,773

3,225

$

9,233

Food

-

.93

%

Albertsons

Cos

Inc

141,555

2,385

Flowers

Foods

Inc

80,787

732

Ingredion

Inc

24,100

2,693

Marzetti

Company/The

7,763

1,011

Performance

Food

Group

Co

(d) 60,099

5,443

Pilgrim's

Pride

Corp

16,357

541

Post

Holdings

Inc

(d) 16,146

1,691

Sprouts

Farmers

Market

Inc

(d) 37,248

3,049

US

Foods

Holding

Corp

(d) 84,369

7,888

$

25,433

Gas

-

.11

%

National

Fuel

Gas

Co

36,351

3,067

New

Jersey

Resources

Corp

38,578

2,172

ONE

Gas

Inc

22,952

2,048

Southwest

Gas

Holdings

Inc

24,576

2,312

Spire

Inc

22,607

2,061

UGI

Corp

82,110

2,963

$

14,623

Hand

&

Machine

Tools

-

.60

%

Lincoln

Electric

Holdings

Inc

21,050

5,578

MSA

Safety

Inc

13,943

2,320

$

7,898

Healthcare

-

Products

-

.89

%

Avantor

Inc

(d) 260,926

2,114

Bruker

Corp

42,432

1,558

DENTSPLY

SIRONA

Inc

76,340

897

Envista

Holdings

Corp

(d) 62,691

1,626

Globus

Medical

Inc

(d) 42,619

3,843

Haemonetics

Corp

(d) 17,777

1,068

Lantheus

Holdings

Inc

(d) 25,367

2,147

LivaNova

PLC

(d) 20,889

1,255

Masimo

Corp

(d) 17,466

3,116

Penumbra

Inc

(d),(e)

15,007

4,900

Repligen

Corp

(d) 20,242

2,395

$

24,919

Healthcare

-

Services

-

.90

%

Chemed

Corp

5,419

2,303

Encompass

Health

Corp

38,491

3,849

Ensign

Group

Inc/The

22,065

4,119

HealthEquity

Inc

(d) 32,683

2,681

Medpace

Holdings

Inc

(d) 8,577

3,591

Option

Care

Health

Inc

(d) 60,724

1,234

Sotera

Health

Co

(d) 89,119

1,387

Tenet

Healthcare

Corp

(d) 33,620

5,955

$

25,119

Home

Builders

-

.78

%

KB

Home

24,169

1,281

Taylor

Morrison

Home

Corp

(d) 37,384

2,271

Thor

Industries

Inc

20,213

1,597

Toll

Brothers

Inc

36,246

5,152

$

10,301

Home

Furnishings

-

.68

%

Dolby

Laboratories

Inc

23,292

1,494

Somnigroup

International

Inc

80,301

6,091

Whirlpool

Corp

(e) 24,254

1,360

$

8,945

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Housewares

-

.08

%

Scotts

Miracle-Gro

Co/The

17,096

$

1,072

Insurance

-

.44

%

American

Financial

Group

Inc/OH

26,483

3,529

Brighthouse

Financial

Inc

(d) 21,876

1,362

CNO

Financial

Group

Inc

36,152

1,607

Corebridge

Financial

Inc

97,666

2,690

Equitable

Holdings

Inc

108,378

4,574

Essent

Group

Ltd

36,517

2,210

Fidelity

National

Financial

Inc

97,573

5,103

First

American

Financial

Corp

38,983

2,734

Hanover

Insurance

Group

Inc/The

13,542

2,542

Kinsale

Capital

Group

Inc

8,454

2,736

MGIC

Investment

Corp

83,920

2,222

Old

Republic

International

Corp

87,090

3,479

Primerica

Inc

12,209

3,434

Reinsurance

Group

of

America

Inc

25,139

5,316

RenaissanceRe

Holdings

Ltd

16,638

5,107

RLI

Corp

35,132

1,819

Ryan

Specialty

Holdings

Inc

43,630

1,517

Selective

Insurance

Group

Inc

22,984

1,929

Unum

Group

58,318

4,688

$

58,598

Internet

-

.90

%

Chewy

Inc

(d) 91,247

2,320

Hims

&

Hers

Health

Inc

(d),(e)

79,689

2,165

Maplebear

Inc

(d) 70,303

2,977

Pinterest

Inc

(d) 223,972

4,403

$

11,865

Iron

&

Steel

-

.56

%

Carpenter

Technology

Corp

19,055

8,159

Cleveland-Cliffs

Inc

(d) 218,208

2,226

Commercial

Metals

Co

42,428

2,926

Reliance

Inc

20,002

7,251

$

20,562

Leisure

Products

&

Services

-

.58

%

Brunswick

Corp/DE

24,881

1,977

Harley-Davidson

Inc

45,196

1,080

Planet

Fitness

Inc

(d) 31,745

2,116

Polaris

Inc

20,441

1,355

YETI

Holdings

Inc

(d) 29,765

1,174

$

7,702

Lodging

-

.79

%

Boyd

Gaming

Corp

22,116

1,923

Choice

Hotels

International

Inc

(e) 7,907

783

Hilton

Grand

Vacations

Inc

(d) 22,907

1,076

Hyatt

Hotels

Corp

15,813

2,650

Travel

+

Leisure

Co

24,607

1,591

Wyndham

Hotels

&

Resorts

Inc

28,902

2,352

$

10,375

Machinery

-

Construction

&

Mining

-

.07

%

BWX

Technologies

Inc

34,976

7,569

Oshkosh

Corp

24,197

3,782

Terex

Corp

43,496

2,705

$

14,056

Machinery

-

Diversified

-

.54

%

AGCO

Corp

22,990

2,782

Applied

Industrial

Technologies

Inc

14,270

4,363

Chart

Industries

Inc

(d) 17,197

3,575

CNH

Industrial

NV

338,545

3,626

Cognex

Corp

63,393

3,519

Crane

Co

18,729

3,329

Esab

Corp

21,832

2,146

Flowserve

Corp

48,596

3,579

Graco

Inc

63,425

5,091

Middleby

Corp/The

(d) 17,728

2,488

Regal

Rexnord

Corp

25,401

5,462

Toro

Co/The

37,291

3,549

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

(continued)

Watts

Water

Technologies

Inc

10,492

$

3,149

$

46,658

Media

-

.54

%

New

York

Times

Co/The

61,809

4,885

Nexstar

Media

Group

Inc

10,905

2,270

$

7,155

Metal

Fabrication

&

Hardware

-

.79

%

Advanced

Drainage

Systems

Inc

27,416

4,092

Mueller

Industries

Inc

42,468

5,751

RBC

Bearings

Inc

(d) 12,095

7,246

Timken

Co/The

24,248

2,689

Valmont

Industries

Inc

7,536

3,829

$

23,607

Mining

-

.64

%

Alcoa

Corp

99,068

6,319

Hecla

Mining

Co

256,352

4,619

MP

Materials

Corp

(d) 51,527

3,403

Royal

Gold

Inc

30,995

7,234

$

21,575

Miscellaneous

Manufacturers

-

.64

%

Avient

Corp

35,029

1,299

Donaldson

Co

Inc

44,123

3,890

Fabrinet

(d) 13,706

9,368

ITT

Inc

32,899

7,051

$

21,608

Oil

&

Gas

-

.47

%

Antero

Resources

Corp

(d) 112,127

4,402

Chord

Energy

Corp

21,754

3,167

CNX

Resources

Corp

(d) 54,464

2,119

HF

Sinclair

Corp

59,815

4,020

Matador

Resources

Co

44,687

2,835

Murphy

Oil

Corp

51,328

2,144

Ovintiv

Inc

106,223

6,538

PBF

Energy

Inc

31,758

1,377

Permian

Resources

Corp

283,230

6,123

Range

Resources

Corp

90,641

3,943

Valaris

Ltd

(d) 24,630

2,512

Viper

Energy

Inc

71,087

3,510

Weatherford

International

PLC

27,435

3,028

$

45,718

Oil

&

Gas

Services

-

.10

%

NOV

Inc

137,875

2,821

TechnipFMC

PLC

154,752

11,695

$

14,516

Packaging

&

Containers

-

.92

%

AptarGroup

Inc

24,629

3,046

Crown

Holdings

Inc

42,881

4,216

Graphic

Packaging

Holding

Co

112,904

1,076

Greif

Inc

-

Class

A

9,470

618

Silgan

Holdings

Inc

33,551

1,360

Sonoco

Products

Co

37,732

1,885

$

12,201

Pharmaceuticals

-

.12

%

BellRing

Brands

Inc

(d) 44,863

799

Elanco

Animal

Health

Inc

(d) 190,079

4,252

Jazz

Pharmaceuticals

PLC

(d) 23,245

4,719

Neurocrine

Biosciences

Inc

(d) 38,394

5,055

$

14,825

Pipelines

-

.65

%

Antero

Midstream

Corp

126,686

2,770

DT

Midstream

Inc

38,896

5,756

$

8,526

Private

Equity

-

.38

%

Carlyle

Group

Inc/The

99,271

4,970

Real

Estate

-

.44

%

Jones

Lang

LaSalle

Inc

(d) 18,054

5,744

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

.03

%

Agree

Realty

Corp

45,844

$

3,535

American

Healthcare

REIT

Inc

67,870

3,446

American

Homes

Rent

124,719

3,971

Annaly

Capital

Management

Inc

274,825

6,293

Brixmor

Property

Group

Inc

117,288

3,529

CareTrust

REIT

Inc

85,465

3,372

COPT

Defense

Properties

43,217

1,351

Cousins

Properties

Inc

64,262

1,646

CubeSmart

87,236

3,531

EastGroup

Properties

Inc

20,370

4,098

EPR

Properties

29,128

1,626

Equity

LifeStyle

Properties

Inc

74,153

4,693

First

Industrial

Realty

Trust

Inc

50,698

3,144

Gaming

and

Leisure

Properties

Inc

108,266

5,247

Healthcare

Realty

Trust

Inc

133,455

2,496

Independence

Realty

Trust

Inc

90,609

1,478

Kilroy

Realty

Corp

41,706

1,387

Kite

Realty

Group

Trust

82,825

2,167

Lamar

Advertising

Co

33,229

4,580

National

Storage

Affiliates

Trust

27,077

1,152

NNN

REIT

Inc

72,662

3,182

Omega

Healthcare

Investors

Inc

113,073

5,311

Park

Hotels

&

Resorts

Inc

76,472

877

Rayonier

Inc

106,404

2,257

Rexford

Industrial

Realty

Inc

88,072

3,161

Sabra

Health

Care

REIT

Inc

96,460

1,993

STAG

Industrial

Inc

73,082

2,820

Starwood

Property

Trust

Inc

133,172

2,445

Vornado

Realty

Trust

61,270

1,831

WP

Carey

Inc

83,835

6,114

$

92,733

Retail

-

.00

%

Abercrombie

&

Fitch

Co

(d) 17,545

1,497

AutoNation

Inc

(d) 9,961

2,116

Bath

&

Body

Works

Inc

78,317

1,523

BJ's

Wholesale

Club

Holdings

Inc

(d) 50,057

4,700

Burlington

Stores

Inc

(d) 23,788

7,612

Cava

Group

Inc

(d) 38,159

3,564

Dick's

Sporting

Goods

Inc

25,401

5,764

Dutch

Bros

Inc

(d) 48,597

2,795

FirstCash

Holdings

Inc

14,808

3,231

Five

Below

Inc

(d) 21,101

4,973

Floor

&

Decor

Holdings

Inc

(d) 41,223

1,995

GameStop

Corp

(d) 157,678

3,934

Gap

Inc/The

86,791

2,134

Lithia

Motors

Inc

9,276

2,691

Macy's

Inc

101,715

1,989

MSC

Industrial

Direct

Co

Inc

17,505

1,790

Murphy

USA

Inc

6,463

3,800

Ollie's

Bargain

Outlet

Holdings

Inc

(d) 23,463

2,030

Penske

Automotive

Group

Inc

7,054

1,210

RH

(d) 5,890

777

Texas

Roadhouse

Inc

25,304

4,074

Wingstop

Inc

10,629

1,744

$

65,943

Semiconductors

-

.38

%

Allegro

MicroSystems

Inc

(d) 47,493

2,303

Amkor

Technology

Inc

43,521

3,036

Cirrus

Logic

Inc

(d) 19,513

3,182

Entegris

Inc

58,149

8,221

IPG

Photonics

Corp

(d) 9,669

1,150

Lattice

Semiconductor

Corp

(d) 52,327

6,399

MACOM

Technology

Solutions

Holdings

Inc

(d) 24,678

6,950

MKS

Inc

25,695

7,291

Onto

Innovation

Inc

(d) 18,994

5,604

Rambus

Inc

(d) 41,181

4,740

Silicon

Laboratories

Inc

(d) 12,607

2,744

SiTime

Corp

(d) 8,451

4,751

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

(continued)

Synaptics

Inc

(d) 14,816

$

1,387

$

57,758

Software

-

.48

%

Appfolio

Inc

(d) 9,310

1,556

Bentley

Systems

Inc

56,974

1,859

BILL

Holdings

Inc

(d) 33,694

1,280

Blackbaud

Inc

(d) 13,695

509

Commvault

Systems

Inc

(d) 16,823

1,663

Concentrix

Corp

(e) 16,731

DigitalOcean

Holdings

Inc

(d) 30,587

2,950

Docusign

Inc

(d) 76,616

3,524

Doximity

Inc

(d) 51,192

1,251

Dropbox

Inc

-

A

Shares

(d) 66,727

1,621

Duolingo

Inc

(d) 15,308

1,685

Dynatrace

Inc

(d) 114,098

4,131

Guidewire

Software

Inc

(d) 32,524

4,501

Manhattan

Associates

Inc

(d) 22,895

3,157

Nutanix

Inc

(d) 103,443

4,230

Pegasystems

Inc

34,920

1,276

Twilio

Inc

(d) 58,000

8,587

UiPath

Inc

(d) 163,817

1,687

$

45,866

Telecommunications

-

.22

%

InterDigital

Inc

9,826

2,914

Toys,

Games

&

Hobbies

-

.14

%

Mattel

Inc

(d) 118,899

1,793

Transportation

-

.30

%

GXO

Logistics

Inc

(d) 43,806

2,503

Kirby

Corp

(d) 20,734

3,121

Knight-Swift

Transportation

Holdings

Inc

62,104

4,031

Landstar

System

Inc

13,029

2,398

Ryder

System

Inc

15,084

3,828

Saia

Inc

(d) 10,192

4,574

XPO

Inc

(d) 44,814

9,865

$

30,320

Trucking

&

Leasing

-

.20

%

GATX

Corp

13,657

2,676

Water

-

.31

%

Essential

Utilities

Inc

108,254

4,135

TOTAL

COMMON

STOCKS

$

1,308,340

Total

Investments

$

1,336,140

Other

Assets

and

Liabilities

- (1.29)%

(16,987)

TOTAL

NET

ASSETS

-

100.00%

$

1,319,153

(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

$17,106

or

1.30%

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

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$16,815

or

1.27%

of

net

assets.

Schedule

of

Investments

MidCap

S&P

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

38,184

$

264,950

$

281,895

$

21,239

$

38,184

$

264,950

$

281,895

$

21,239

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

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

2026

Long

$

5,477

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.19

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.13

%

iShares

Russell

Mid-Cap

Value

ETF

(a) 20,800

$

3,260

Money

Market

Funds

-

.06

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(b),(c)

1,463,256

1,463

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(b),(d)

72,611,440

72,611

$

74,074

TOTAL

INVESTMENT

COMPANIES

$

77,334

COMMON

STOCKS

-

.60

%

Shares

Held

Value

(000's)

Advertising

-

.01

%

Omnicom

Group

Inc

4,411

$

Aerospace

&

Defense

-

.31

%

ATI

Inc

(e) 1,884

Curtiss-Wright

Corp

5,740

4,134

Hexcel

Corp

1,044

Howmet

Aerospace

Inc

18,930

4,601

L3Harris

Technologies

Inc

66,836

21,424

Leonardo

DRS

Inc

97,151

3,947

Loar

Holdings

Inc

(e) 52

StandardAero

Inc

(e) 864,486

21,491

$

55,991

Agriculture

-

.08

%

Archer-Daniels-Midland

Co

345,956

25,788

Bunge

Global

SA

1,822

Darling

Ingredients

Inc

(e) 1,927

$

26,143

Airlines

-

.06

%

Alaska

Air

Group

Inc

(e) 1,343

American

Airlines

Group

Inc

(e) 8,590

Delta

Air

Lines

Inc

9,228

627

Southwest

Airlines

Co

5,851

United

Airlines

Holdings

Inc

(e) 4,606

$

1,417

Apparel

-

.02

%

Birkenstock

Holding

Plc

(a),(e)

532

Columbia

Sportswear

Co

Crocs

Inc

(e) 742

PVH

Corp

643

Ralph

Lauren

Corp

Tapestry

Inc

Under

Armour

Inc

-

Class

A

(e) 3,028

Under

Armour

Inc

-

Class

C

(e) 2,923

VF

Corp

5,088

$

526

Automobile

Manufacturers

-

.09

%

Cummins

Inc

1,938

1,300

Ford

Motor

Co

55,060

665

Lucid

Group

Inc

(a),(e)

2,110

Rivian

Automotive

Inc

(e) 11,177

$

2,162

Automobile

Parts

&

Equipment

-

.07

%

Allison

Transmission

Holdings

Inc

942

Aptiv

PLC

(e) 3,055

Aurora

Innovation

Inc

(e) 16,484

BorgWarner

Inc

343,493

19,569

Gentex

Corp

246,316

5,693

Lear

Corp

742

QuantumScape

Corp

(e) 6,354

Versigent

PLC

(e) 1,092

$

25,848

Banks

-

.10

%

Bank

of

New

York

Mellon

Corp/The

8,999

1,209

Bank

OZK

1,590

BOK

Financial

Corp

Central

BanCo

Inc

Citizens

Financial

Group

Inc

6,074

Columbia

Banking

System

Inc

4,137

Commerce

Bancshares

Inc/MO

1,904

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Cullen/Frost

Bankers

Inc

871

$

East

West

Bancorp

Inc

1,912

Fifth

Third

Bancorp

12,775

648

First

Citizens

BancShares

Inc/NC

First

Hawaiian

Inc

1,860

First

Horizon

Corp

6,796

FNB

Corp/PA

5,146

Huntington

Bancshares

Inc/OH

28,215

KeyCorp

12,988

M&T

Bank

Corp

11,936

2,609

Northern

Trust

Corp

2,602

Pinnacle

Financial

Partners

Inc

2,103

Popular

Inc

62,164

9,345

Prosperity

Bancshares

Inc

1,319

Regions

Financial

Corp

12,255

Southstate

Bank

Corp

1,368

State

Street

Corp

3,928

600

Truist

Financial

Corp

629,000

32,394

Webster

Financial

Corp

2,251

Western

Alliance

Bancorp

1,241

Wintrust

Financial

Corp

929

Zions

Bancorp

NA

2,025

$

50,979

Beverages

-

.03

%

Boston

Beer

Co

Inc/The

(e) 117

Brown-Forman

Corp

-

A

Shares

699

Brown-Forman

Corp

-

B

Shares

2,026

Coca-Cola

Consolidated

Inc

688

Constellation

Brands

Inc

1,993

Molson

Coors

Beverage

Co

2,373

Primo

Brands

Corp

3,776

$

730

Biotechnology

-

.78

%

Biogen

Inc

(e) 2,051

BioMarin

Pharmaceutical

Inc

(e) 2,665

Bio-Rad

Laboratories

Inc

(e) 256

Certara

Inc

(e) 1,690

Corteva

Inc

9,576

776

Exelixis

Inc

(e) 238,561

10,607

Illumina

Inc

(e) 2,158

Incyte

Corp

(e) 108,654

10,351

Insmed

Inc

(e) 186

Ionis

Pharmaceuticals

Inc

(e) 158

Moderna

Inc

(e) 5,077

Revolution

Medicines

Inc

(e) 2,523

Roivant

Sciences

Ltd

(e) 5,984

Royalty

Pharma

PLC

274,658

13,758

Sarepta

Therapeutics

Inc

(e) 196

United

Therapeutics

Corp

(e) 10,150

5,799

Viking

Therapeutics

Inc

(e) 1,418

$

43,031

Building

Materials

-

.03

%

Amrize

Ltd

333,900

17,957

Armstrong

World

Industries

Inc

16,922

2,883

Builders

FirstSource

Inc

(e) 1,504

Carlisle

Cos

Inc

511

Carrier

Global

Corp

389,200

26,143

Eagle

Materials

Inc

Fortune

Brands

Innovations

Inc

1,826

Hayward

Holdings

Inc

(e) 2,916

James

Hardie

Industries

PLC

(e) 816

Louisiana-Pacific

Corp

951

Martin

Marietta

Materials

Inc

842

521

Masco

Corp

2,930

Mohawk

Industries

Inc

(e) 711

Owens

Corning

1,132

Simpson

Manufacturing

Co

Inc

538

Trex

Co

Inc

(e) 1,509

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Building

Materials

(continued)

Vulcan

Materials

Co

1,863

$

562

$

49,243

Chemicals

-

.35

%

Albemarle

Corp

1,639

Ashland

Inc

727

Axalta

Coating

Systems

Ltd

(e) 3,160

Celanese

Corp

1,574

CF

Industries

Holdings

Inc

115,376

14,329

Dow

Inc

10,013

DuPont

de

Nemours

Inc

503,930

23,010

Eastman

Chemical

Co

1,599

Element

Solutions

Inc

3,162

FMC

Corp

1,844

Huntsman

Corp

2,468

International

Flavors

&

Fragrances

Inc

3,599

LyondellBasell

Industries

NV

3,599

Mosaic

Co/The

4,453

NewMarket

Corp

16,421

11,094

Olin

Corp

1,623

PPG

Industries

Inc

3,159

Qnity

Electronics

Inc

2,943

RPM

International

Inc

294,878

30,045

Westlake

Corp

$

81,239

Commercial

Services

-

.78

%

ADT

Inc

7,216

Affirm

Holdings

Inc

(e) 1,631

API

Group

Corp

(e) 5,043

Aramark

382,792

17,490

Avis

Budget

Group

Inc

(a),(e)

Block

Inc

(e) 4,772

Bright

Horizons

Family

Solutions

Inc

(e) 29,608

2,402

Clarivate

PLC

(e) 5,188

Equifax

Inc

1,404

Euronet

Worldwide

Inc

(e) 551

FTI

Consulting

Inc

(e) 125,838

22,563

Global

Payments

Inc

3,309

Grand

Canyon

Education

Inc

(e) 57,219

9,674

H&R

Block

Inc

1,572

ManpowerGroup

Inc

738

MarketAxess

Holdings

Inc

39,924

6,276

Morningstar

Inc

32,927

5,555

NIQ

Global

Intelligence

Plc

(e) 300

Paylocity

Holding

Corp

(e) 47

Quanta

Services

Inc

Robert

Half

Inc

1,398

Service

Corp

International/US

1,920

TransUnion

2,744

U-Haul

Holding

Co

(e) 86

U-Haul

Holding

Co

886

United

Rentals

Inc

892

856

Valvoline

Inc

(e) 183

Verisk

Analytics

Inc

770

WEX

Inc

(e) 441

WillScot

Holdings

Corp

1,875

$

67,218

Computers

-

.28

%

Amdocs

Ltd

1,479

Amentum

Holdings

Inc

(e) 2,250

CACI

International

Inc

(e) 38,101

19,795

Cognizant

Technology

Solutions

Corp

6,833

Crane

NXT

Co

777

DXC

Technology

Co

(e) 2,697

EPAM

Systems

Inc

(e) 763

Everpure

Inc

(e) 635

Figure

Technology

Solutions

Inc

(e) 431

Genpact

Ltd

2,241

Globant

SA

(e) 551

Hewlett

Packard

Enterprise

Co

18,777

540

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

HP

Inc

179,337

$

3,741

KBR

Inc

1,644

Kyndryl

Holdings

Inc

(e) 3,208

Leidos

Holdings

Inc

1,784

Lumentum

Holdings

Inc

(e) 915

826

NetApp

Inc

1,678

Okta

Inc

(e) 1,408

Parsons

Corp

(e) 746

Rubrik

Inc

(e) 814

SailPoint

Inc

(e) 1,282

Sandisk

Corp/DE

(e) 2,012

2,206

Science

Applications

International

Corp

636

Super

Micro

Computer

Inc

(e) 4,085

Western

Digital

Corp

4,799

2,085

$

30,953

Consumer

Products

-

.03

%

Avery

Dennison

Corp

1,065

Church

&

Dwight

Co

Inc

3,393

Clorox

Co/The

1,704

Reynolds

Consumer

Products

Inc

874

$

687

Cosmetics

&

Personal

Care

-

.49

%

Coty

Inc

(e) 4,879

elf

Beauty

Inc

(e) 818

Estee

Lauder

Cos

Inc/The

147,443

11,310

Kenvue

Inc

26,803

Perrigo

Co

PLC

2,184

$

11,870

Distribution

&

Wholesale

-

.05

%

Core

&

Main

Inc

(e) 1,125

Fastenal

Co

2,855

LKQ

Corp

3,644

Pool

Corp

RB

Global

Inc

2,444

SiteOne

Landscape

Supply

Inc

(e) 424

Watsco

Inc

(a) 491

WESCO

International

Inc

671

WW

Grainger

Inc

$

1,245

Diversified

Financial

Services

-

.09

%

Affiliated

Managers

Group

Inc

20,369

6,002

Ally

Financial

Inc

3,405

Ameriprise

Financial

Inc

Cboe

Global

Markets

Inc

1,473

Circle

Internet

Group

Inc

(e) 1,333

Coinbase

Global

Inc

(e) 2,827

531

Credit

Acceptance

Corp

(e) 48

Evercore

Inc

-

Class

A

7,473

2,401

Franklin

Resources

Inc

3,779

Freedom

Holding

Corp/NV

(a),(e)

Hamilton

Lane

Inc

Houlihan

Lokey

Inc

Invesco

Ltd

5,146

Janus

Henderson

Group

PLC

1,729

Jefferies

Financial

Group

Inc

1,633

Lazard

Inc

1,048

LPL

Financial

Holdings

Inc

23,900

7,986

Nasdaq

Inc

6,399

588

OneMain

Holdings

Inc

1,643

Raymond

James

Financial

Inc

233,135

36,910

Rocket

Cos

Inc

(e) 13,139

SEI

Investments

Co

30,129

2,732

SLM

Corp

2,467

SoFi

Technologies

Inc

(e) 14,641

Stifel

Financial

Corp

2,078

Synchrony

Financial

4,900

T

Rowe

Price

Group

Inc

3,045

TPG

Inc

Tradeweb

Markets

Inc

1,480

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

UWM

Holdings

Corp

3,281

$

Virtu

Financial

Inc

201,533

10,008

Voya

Financial

Inc

1,323

Western

Union

Co/The

4,794

XP

Inc

231,788

4,441

$

74,724

Electric

-

.98

%

AES

Corp/The

10,082

Alliant

Energy

Corp

512,008

37,597

Ameren

Corp

3,793

Brookfield

Renewable

Corp

2,014

CenterPoint

Energy

Inc

9,217

Clearway

Energy

Inc

-

Class

C

1,661

CMS

Energy

Corp

388,181

29,790

Consolidated

Edison

Inc

99,015

11,039

DTE

Energy

Co

2,922

Edison

International

196,544

13,658

Entergy

Corp

6,309

744

Evergy

Inc

3,247

Eversource

Energy

58,445

4,132

Exelon

Corp

178,195

8,195

FirstEnergy

Corp

7,761

IDACORP

Inc

731

NRG

Energy

Inc

17,154

2,669

OGE

Energy

Corp

2,952

PG&E

Corp

30,934

514

Pinnacle

West

Capital

Corp

25,418

2,636

PPL

Corp

10,500

Public

Service

Enterprise

Group

Inc

7,078

578

Talen

Energy

Corp

(e) 636

WEC

Energy

Group

Inc

44,624

5,263

Xcel

Energy

Inc

8,383

695

$

120,592

Electrical

Components

&

Equipment

-

.05

%

Acuity

Inc

AMETEK

Inc

3,243

764

Generac

Holdings

Inc

(e) 820

Littelfuse

Inc

Universal

Display

Corp

621

$

1,293

Electronics

-

.67

%

Allegion

plc

1,191

Arrow

Electronics

Inc

(e) 749

Avnet

Inc

181,255

14,956

Coherent

Corp

(e) 2,458

786

Flex

Ltd

(e) 54,338

4,974

Fortive

Corp

4,493

Garmin

Ltd

2,287

574

Hubbell

Inc

56,950

28,940

Ingram

Micro

Holding

Corp

Jabil

Inc

19,387

6,542

Keysight

Technologies

Inc

(e) 132,278

46,285

Mettler-Toledo

International

Inc

(e) 288

nVent

Electric

PLC

2,237

Ralliant

Corp

1,686

Sensata

Technologies

Holding

PLC

2,048

TD

SYNNEX

Corp

68,236

15,570

Trimble

Inc

(e) 251,941

16,961

Vontier

Corp

2,037

Woodward

Inc

841

$

137,398

Energy

-

Alternate

Sources

-

.47

%

First

Solar

Inc

(e) 55,873

11,280

Engineering

&

Construction

-

.15

%

AECOM

32,729

2,753

EMCOR

Group

Inc

11,127

9,921

Everus

Construction

Group

Inc

(e) 750

Jacobs

Solutions

Inc

1,635

MasTec

Inc

(e) 688

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

TopBuild

Corp

(e) 33,167

$

14,682

$

27,950

Entertainment

-

.03

%

Caesars

Entertainment

Inc

(e) 2,862

Churchill

Downs

Inc

Flutter

Entertainment

PLC

(e) 386

Liberty

Live

Holdings

Inc

-

A

Shares

(e) 297

Liberty

Live

Holdings

Inc

-

C

Shares

(e) 727

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(e) 251

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(e) 2,028

Madison

Square

Garden

Sports

Corp

(e) 226

Penn

Entertainment

Inc

(e) 1,857

TKO

Group

Holdings

Inc

558

Vail

Resorts

Inc

(a) 101

$

652

Environmental

Control

-

.72

%

Clean

Harbors

Inc

(e) 709

Pentair

PLC

2,297

Republic

Services

Inc

79,600

16,654

Tetra

Tech

Inc

2,976

Veralto

Corp

2,119

$

17,344

Food

-

.09

%

Albertsons

Cos

Inc

5,059

Campbell's

Company/The

(a) 2,741

Conagra

Brands

Inc

6,740

Flowers

Foods

Inc

2,998

General

Mills

Inc

7,551

Hershey

Co/The

1,792

Hormel

Foods

Corp

4,285

Ingredion

Inc

871

J

M

Smucker

Co/The

1,441

Kraft

Heinz

Co/The

12,061

Kroger

Co/The

52,169

3,551

Lamb

Weston

Holdings

Inc

1,898

McCormick

&

Co

Inc/MD

3,558

Performance

Food

Group

Co

(e) 1,870

Pilgrim's

Pride

Corp

585

Post

Holdings

Inc

(e) 652

Seaboard

Corp

Smithfield

Foods

Inc

724

Sysco

Corp

39,349

2,940

Tyson

Foods

Inc

3,902

US

Foods

Holding

Corp

(e) 448,463

41,927

$

50,694

Forest

Products

&

Paper

-

.01

%

International

Paper

Co

7,431

Gas

-

.04

%

Atmos

Energy

Corp

2,245

MDU

Resources

Group

Inc

2,866

National

Fuel

Gas

Co

1,302

NiSource

Inc

6,763

UGI

Corp

3,006

$

1,036

Hand

&

Machine

Tools

-

.28

%

Lincoln

Electric

Holdings

Inc

114,657

30,385

MSA

Safety

Inc

517

Snap-on

Inc

718

Stanley

Black

&

Decker

Inc

2,167

$

30,915

Healthcare

-

Products

-

.29

%

Agilent

Technologies

Inc

4,027

Align

Technology

Inc

(e) 929

Avantor

Inc

(e) 9,338

Baxter

International

Inc

7,274

Bio-Techne

Corp

2,166

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Bruker

Corp

1,460

$

Caris

Life

Sciences

Inc

(e) 196,272

3,729

Cooper

Cos

Inc/The

(e) 2,744

DENTSPLY

SIRONA

Inc

3,193

Envista

Holdings

Corp

(e) 2,302

GE

HealthCare

Technologies

Inc

6,482

Globus

Medical

Inc

(e) 28,726

2,590

Medline

Inc

(e) 4,564

QIAGEN

NV

2,828

Repligen

Corp

(e) 647

ResMed

Inc

1,554

Revvity

Inc

245,184

21,238

Solventum

Corp

(e) 2,070

STERIS

PLC

1,387

Teleflex

Inc

620

Waters

Corp

(e) 942

West

Pharmaceutical

Services

Inc

997

Zimmer

Biomet

Holdings

Inc

2,790

$

31,272

Healthcare

-

Services

-

.22

%

Acadia

Healthcare

Co

Inc

(e) 1,374

Centene

Corp

(e) 161,527

8,672

Charles

River

Laboratories

International

Inc

(e) 714

Chemed

Corp

Encompass

Health

Corp

112,951

11,296

Humana

Inc

1,699

IQVIA

Holdings

Inc

(e) 2,374

Labcorp

Holdings

Inc

161,374

41,440

Molina

Healthcare

Inc

(e) 161,625

31,455

Quest

Diagnostics

Inc

119,855

23,276

Sotera

Health

Co

(e) 3,139

Tenet

Healthcare

Corp

(e) 1,207

Universal

Health

Services

Inc

54,291

9,135

$

126,548

Home

Builders

-

.07

%

DR

Horton

Inc

3,646

561

Lennar

Corp

-

A

Shares

2,891

Lennar

Corp

-

B

Shares

(a) 137

NVR

Inc

(e) 38

PulteGroup

Inc

2,737

Thor

Industries

Inc

712

Toll

Brothers

Inc

1,314

$

1,652

Home

Furnishings

-

.01

%

Dolby

Laboratories

Inc

854

SharkNinja

Inc

(e) 997

Whirlpool

Corp

(a) 852

$

Housewares

-

.00

%

Newell

Brands

Inc

6,292

Scotts

Miracle-Gro

Co/The

617

$

Insurance

-

.94

%

Allstate

Corp/The

25,430

5,525

American

Financial

Group

Inc/OH

134,106

17,873

Arch

Capital

Group

Ltd

(e) 4,971

Assurant

Inc

685

Assured

Guaranty

Ltd

608

Axis

Capital

Holdings

Ltd

1,034

Brighthouse

Financial

Inc

(e) 808

Brown

&

Brown

Inc

3,581

Cincinnati

Financial

Corp

2,159

CNA

Financial

Corp

Corebridge

Financial

Inc

3,918

Everest

Group

Ltd

Fidelity

National

Financial

Inc

123,435

6,455

First

American

Financial

Corp

67,595

4,740

Globe

Life

Inc

1,101

Hanover

Insurance

Group

Inc/The

17,654

3,314

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Hartford

Insurance

Group

Inc/The

244,358

$

33,431

Kemper

Corp

821

Lincoln

National

Corp

2,486

Loews

Corp

2,373

Markel

Group

Inc

(e) 138

MGIC

Investment

Corp

3,264

Old

Republic

International

Corp

485,901

19,412

Primerica

Inc

Prudential

Financial

Inc

4,944

Reinsurance

Group

of

America

Inc

926

RenaissanceRe

Holdings

Ltd

10,434

3,203

RLI

Corp

1,168

Unum

Group

2,332

W

R

Berkley

Corp

3,164

White

Mountains

Insurance

Group

Ltd

Willis

Towers

Watson

PLC

85,147

21,815

$

119,699

Internet

-

.70

%

CDW

Corp/DE

108,788

14,894

eBay

Inc

6,383

661

Etsy

Inc

(e) 598

Expedia

Group

Inc

54,100

13,437

F5

Inc

(e) 59,092

19,140

Gen

Digital

Inc

6,953

IAC

Inc

(e) 915

Lyft

Inc

(e) 603,056

8,534

Maplebear

Inc

(e) 162,497

6,881

Match

Group

Inc

3,314

Pinterest

Inc

(e) 4,206

Robinhood

Markets

Inc

(e) 9,295

678

Roku

Inc

(e) 1,562

Trump

Media

&

Technology

Group

Corp

(e) 1,038

VeriSign

Inc

1,163

Wayfair

Inc

(e) 1,168

Zillow

Group

Inc

-

A

Shares

(e) 727

Zillow

Group

Inc

-

C

Shares

(e) 2,318

$

65,358

Iron

&

Steel

-

.29

%

Carpenter

Technology

Corp

554

Cleveland-Cliffs

Inc

(e) 7,920

Nucor

Corp

3,242

730

Reliance

Inc

730

Steel

Dynamics

Inc

130,632

29,870

$

31,183

Leisure

Products

&

Services

-

.25

%

Amer

Sports

Inc

(e) 81,790

2,869

Brunswick

Corp/DE

921

Carnival

Corp

114,954

3,048

Harley-Davidson

Inc

1,682

Norwegian

Cruise

Line

Holdings

Ltd

(e) 626

YETI

Holdings

Inc

(e) 1,170

$

6,087

Lodging

-

.88

%

Boyd

Gaming

Corp

777

Choice

Hotels

International

Inc

(a) 298

Hilton

Worldwide

Holdings

Inc

64,200

20,805

Hyatt

Hotels

Corp

571

MGM

Resorts

International

(e) 2,860

Travel

+

Leisure

Co

581

Wyndham

Hotels

&

Resorts

Inc

Wynn

Resorts

Ltd

1,055

$

21,268

Machinery

-

Construction

&

Mining

-

.02

%

BWX

Technologies

Inc

1,048

Oshkosh

Corp

901

$

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

-

.52

%

AGCO

Corp

110,893

$

13,420

Applied

Industrial

Technologies

Inc

515

CNH

Industrial

NV

12,166

Cognex

Corp

224,797

12,479

Crane

Co

699

Dover

Corp

1,897

Esab

Corp

799

Flowserve

Corp

23,601

1,738

Gates

Industrial

Corp

PLC

(e) 3,626

Graco

Inc

2,329

IDEX

Corp

116,263

25,328

Ingersoll

Rand

Inc

5,616

Middleby

Corp/The

(e) 682

Nordson

Corp

745

Otis

Worldwide

Corp

5,511

Regal

Rexnord

Corp

113,927

24,497

Rockwell

Automation

Inc

13,578

5,552

Toro

Co/The

245,463

23,361

Westinghouse

Air

Brake

Technologies

Corp

2,383

643

Xylem

Inc/NY

204,736

24,192

$

133,598

Media

-

.36

%

Charter

Communications

Inc

(e) 1,134

FactSet

Research

Systems

Inc

Fox

Corp

-

A

Shares

2,910

Fox

Corp

-

B

Shares

2,083

Liberty

Broadband

Corp

-

A

Shares

(e) 282

Liberty

Broadband

Corp

-

C

Shares

(e) 1,266

Liberty

Global

Ltd

-

A

Shares

(e) 2,488

Liberty

Global

Ltd

-

C

Shares

(e) 593,172

6,727

New

York

Times

Co/The

2,253

News

Corp

-

A

Shares

5,357

News

Corp

-

B

Shares

1,760

Nexstar

Media

Group

Inc

Sirius

XM

Holdings

Inc

2,848

Warner

Bros

Discovery

Inc

(e) 32,945

891

$

8,838

Metal

Fabrication

&

Hardware

-

.49

%

Advanced

Drainage

Systems

Inc

969

Mueller

Industries

Inc

84,078

11,387

RBC

Bearings

Inc

(e) 343

Timken

Co/The

900

Valmont

Industries

Inc

$

11,976

Mining

-

.08

%

Alcoa

Corp

3,621

Anglogold

Ashanti

Plc

136,731

12,815

Franco-Nevada

Corp

29,400

6,772

MP

Materials

Corp

(e) 1,996

Royal

Gold

Inc

26,707

6,233

$

26,183

Miscellaneous

Manufacturers

-

.05

%

A

O

Smith

Corp

1,575

Donaldson

Co

Inc

1,605

ITT

Inc

1,191

Teledyne

Technologies

Inc

(e) 650

Textron

Inc

2,477

$

1,152

Office

&

Business

Equipment

-

.58

%

Zebra

Technologies

Corp

(e) 61,718

13,964

Oil

&

Gas

-

.85

%

Antero

Resources

Corp

(e) 4,080

APA

Corp

4,952

Chord

Energy

Corp

147,082

21,415

Coterra

Energy

Inc

10,712

Devon

Energy

Corp

589,077

30,261

Diamondback

Energy

Inc

2,768

569

EQT

Corp

8,525

512

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Expand

Energy

Corp

336,050

$

34,328

HF

Sinclair

Corp

208,886

14,039

Marathon

Petroleum

Corp

32,220

8,000

Matador

Resources

Co

1,633

Occidental

Petroleum

Corp

10,002

606

Ovintiv

Inc

4,050

Permian

Resources

Corp

9,692

Phillips

65,984

11,821

Range

Resources

Corp

3,311

Valero

Energy

Corp

73,484

18,561

Viper

Energy

Inc

2,618

Weatherford

International

PLC

1,025

$

141,807

Oil

&

Gas

Services

-

.22

%

Baker

Hughes

Co

264,114

18,400

Halliburton

Co

421,155

17,814

NOV

Inc

156,341

3,199

SLB

Ltd

394,400

22,434

TechnipFMC

PLC

214,534

16,213

$

78,060

Packaging

&

Containers

-

.33

%

Amcor

PLC

6,515

AptarGroup

Inc

193,395

23,919

Ball

Corp

3,778

Crown

Holdings

Inc

1,612

Graphic

Packaging

Holding

Co

4,133

Packaging

Corp

of

America

147,542

31,493

Silgan

Holdings

Inc

1,234

Smurfit

Westrock

PLC

7,386

Sonoco

Products

Co

1,465

$

56,495

Pharmaceuticals

-

.05

%

BellRing

Brands

Inc

(e) 1,656

Cardinal

Health

Inc

1,657

Elanco

Animal

Health

Inc

(e) 6,985

Henry

Schein

Inc

(e) 1,418

Jazz

Pharmaceuticals

PLC

(e) 816

Neurocrine

Biosciences

Inc

(e) 211

Organon

&

Co

3,671

Viatris

Inc

16,170

$

1,095

Pipelines

-

.46

%

Antero

Midstream

Corp

394,957

8,634

Cheniere

Energy

Inc

1,655

DT

Midstream

Inc

1,408

Kinder

Morgan

Inc

27,504

904

ONEOK

Inc

8,841

818

$

11,019

Private

Equity

-

.01

%

Carlyle

Group

Inc/The

3,664

Real

Estate

-

.04

%

CBRE

Group

Inc

(e) 3,734

533

CoStar

Group

Inc

(e) 5,175

Howard

Hughes

Holdings

Inc

(e) 467

Jones

Lang

LaSalle

Inc

(e) 479

$

894

REITs

-

.96

%

AGNC

Investment

Corp

15,993

Agree

Realty

Corp

1,576

Alexandria

Real

Estate

Equities

Inc

2,400

American

Homes

Rent

4,825

Americold

Realty

Trust

Inc

4,030

Annaly

Capital

Management

Inc

10,085

AvalonBay

Communities

Inc

1,993

Brixmor

Property

Group

Inc

4,303

BXP

Inc

2,220

Camden

Property

Trust

205,976

21,632

Cousins

Properties

Inc

2,359

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Crown

Castle

Inc

6,130

$

544

CubeSmart

3,169

Digital

Realty

Trust

Inc

4,853

975

EastGroup

Properties

Inc

726

EPR

Properties

1,055

Equity

LifeStyle

Properties

Inc

391,291

24,765

Equity

Residential

5,360

Essex

Property

Trust

Inc

895

Extra

Space

Storage

Inc

2,971

Federal

Realty

Investment

Trust

1,176

Fermi

Inc

(a),(e)

First

Industrial

Realty

Trust

Inc

1,789

Gaming

and

Leisure

Properties

Inc

105,705

5,123

Healthcare

Realty

Trust

Inc

307,703

5,754

Healthpeak

Properties

Inc

9,819

Highwoods

Properties

Inc

1,528

Host

Hotels

&

Resorts

Inc

9,708

Invitation

Homes

Inc

8,668

Iron

Mountain

Inc

4,126

520

Kilroy

Realty

Corp

1,658

Kimco

Realty

Corp

9,465

Lamar

Advertising

Co

226,200

31,179

Lineage

Inc

1,133

Medical

Properties

Trust

Inc

7,999

Mid-America

Apartment

Communities

Inc

1,618

Millrose

Properties

Inc

141,151

4,329

National

Storage

Affiliates

Trust

1,062

NNN

REIT

Inc

581,738

25,474

Omega

Healthcare

Investors

Inc

63,316

2,974

Park

Hotels

&

Resorts

Inc

2,748

Rayonier

Inc

4,417

Realty

Income

Corp

12,940

831

Regency

Centers

Corp

2,531

Rexford

Industrial

Realty

Inc

3,314

Rithm

Capital

Corp

7,813

SBA

Communications

Corp

1,478

Simon

Property

Group

Inc

3,554

724

STAG

Industrial

Inc

2,696

Starwood

Property

Trust

Inc

5,070

Sun

Communities

Inc

1,378

UDR

Inc

4,403

Ventas

Inc

6,617

581

VICI

Properties

Inc

433,035

12,645

Vornado

Realty

Trust

2,634

Weyerhaeuser

Co

10,255

WP

Carey

Inc

3,031

$

144,346

Retail

-

.25

%

AutoNation

Inc

(e) 384

AutoZone

Inc

(e) 6,900

25,558

Bath

&

Body

Works

Inc

2,914

Best

Buy

Co

Inc

2,710

BJ's

Wholesale

Club

Holdings

Inc

(e) 198,948

18,679

CarMax

Inc

(e) 2,114

Casey's

General

Stores

Inc

22,039

18,119

Darden

Restaurants

Inc

Dick's

Sporting

Goods

Inc

891

Dillard's

Inc

(a) 45

Dollar

General

Corp

102,501

11,878

Dollar

Tree

Inc

(e) 28,714

2,788

Domino's

Pizza

Inc

Ferguson

Enterprises

Inc

2,525

676

Five

Below

Inc

(e) 740

Floor

&

Decor

Holdings

Inc

(e) 1,026

Freshpet

Inc

(e) 551

GameStop

Corp

(e) 5,791

Gap

Inc/The

3,385

Genuine

Parts

Co

1,942

Lithia

Motors

Inc

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

Lowe's

Cos

Inc

127,200

$

30,374

Lululemon

Athletica

Inc

(e) 637

Macy's

Inc

3,777

MSC

Industrial

Direct

Co

Inc

622

Ollie's

Bargain

Outlet

Holdings

Inc

(e) 860

Penske

Automotive

Group

Inc

(a) 132,058

22,650

QXO

Inc

(e) 9,147

Restaurant

Brands

International

Inc

1,719

RH

(e) 192

Ross

Stores

Inc

3,595

819

Texas

Roadhouse

Inc

133,700

21,524

Ulta

Beauty

Inc

(e) 464

Wendy's

Co/The

(a) 1,945

Williams-Sonoma

Inc

108,563

19,673

Yum!

Brands

Inc

2,594

$

175,590

Savings

&

Loans

-

.00

%

TFS

Financial

Corp

741

Semiconductors

-

.40

%

Allegro

MicroSystems

Inc

(e) 1,834

Amkor

Technology

Inc

1,734

Cirrus

Logic

Inc

(e) 728

Entegris

Inc

1,750

GLOBALFOUNDRIES

Inc

1,719

IPG

Photonics

Corp

(e) 349

Lattice

Semiconductor

Corp

(e) 305

MACOM

Technology

Solutions

Holdings

Inc

(e) 699

Microchip

Technology

Inc

436,161

40,524

MKS

Inc

52,442

14,880

ON

Semiconductor

Corp

(e) 5,677

572

Onto

Innovation

Inc

(e) 521

Qorvo

Inc

(e) 1,218

Skyworks

Solutions

Inc

2,092

Teradyne

Inc

2,216

761

$

58,116

Shipbuilding

-

.01

%

Huntington

Ingalls

Industries

Inc

548

Software

-

.98

%

Akamai

Technologies

Inc

(e) 189,477

19,513

BILL

Holdings

Inc

(e) 1,214

Broadridge

Financial

Solutions

Inc

Bullish

(a),(e)

CCC

Intelligent

Solutions

Holdings

Inc

(e) 9,112

Concentrix

Corp

(a) 701

Docusign

Inc

(e) 729

DoubleVerify

Holdings

Inc

(e) 1,046

Dropbox

Inc

-

A

Shares

(e) 1,917

Electronic

Arts

Inc

3,547

718

Fair

Isaac

Corp

(e) 58

Fidelity

National

Information

Services

Inc

7,332

Jack

Henry

&

Associates

Inc

1,001

MongoDB

Inc

(e) 1,008

MSCI

Inc

506

nCino

Inc

(e) 1,530

Nutanix

Inc

(e) 2,750

Paychex

Inc

3,125

Paycom

Software

Inc

Pegasystems

Inc

931

PTC

Inc

(e) 1,456

SentinelOne

Inc

(e) 1,292

SS&C

Technologies

Holdings

Inc

2,956

Take-Two

Interactive

Software

Inc

(e) 1,683

Teradata

Corp

(e) 1,009

Twilio

Inc

(e) 1,636

Tyler

Technologies

Inc

(e) 118

UiPath

Inc

(e) 5,686

Unity

Software

Inc

(e) 4,513

Veeva

Systems

Inc

(e) 430

Zoom

Communications

Inc

(e) 3,765

Schedule

of

Investments

MidCap

Value

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

ZoomInfo

Technologies

Inc

(e) 3,667

$

$

23,809

Telecommunications

-

.56

%

AST

SpaceMobile

Inc

(e) 290

Ciena

Corp

(e) 1,988

1,049

Corning

Inc

11,008

1,808

GCI

Liberty

Inc

-

Class

A

(e) 65

GCI

Liberty

Inc

-

Class

C

(e) 382

Iridium

Communications

Inc

1,196

Millicom

International

Cellular

SA

126,322

10,722

$

13,662

Toys,

Games

&

Hobbies

-

.01

%

Hasbro

Inc

1,945

Mattel

Inc

(e) 4,667

$

Transportation

-

.36

%

CH

Robinson

Worldwide

Inc

26,333

4,788

CSX

Corp

680,700

30,924

Expeditors

International

of

Washington

Inc

1,868

GXO

Logistics

Inc

(e) 1,629

JB

Hunt

Transport

Services

Inc

12,332

3,102

Kirby

Corp

(e) 743

Knight-Swift

Transportation

Holdings

Inc

406,804

26,402

Landstar

System

Inc

78,997

14,541

Old

Dominion

Freight

Line

Inc

2,435

517

Ryder

System

Inc

552

Saia

Inc

(e) 366

Schneider

National

Inc

737

XPO

Inc

(e) 1,280

$

81,364

Water

-

.22

%

American

Water

Works

Co

Inc

228,369

29,327

Essential

Utilities

Inc

3,963

$

29,479

TOTAL

COMMON

STOCKS

$

2,339,539

Total

Investments

$

2,416,873

Other

Assets

and

Liabilities

- 0.21%

5,135

TOTAL

NET

ASSETS

-

100.00%

$

2,422,008

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,452

or

0.06%

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

$1,463

or

0.06%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

77,539

$

568,519

$

573,447

$

72,611

$

77,539

$

568,519

$

573,447

$

72,611

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,179

$

—

$

—

$

—

$

1,179

$

—

$

—

$

—

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

2026

Long

$

6,937

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Money

Market

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

3.79%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.79%

DWS

Government

Money

Market

Series

-

Institutional

Class

3.60%

(a) 12,830,000

$

12,830

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Class

3.54%

(a) 6,900,000

6,900

Invesco

Government

&

Agency

Portfolio

-

Institutional

Class

3.58%

(a) 11,430,000

11,430

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.57%

(a) 8,800,000

8,800

$

39,960

TOTAL

INVESTMENT

COMPANIES

$

39,960

BONDS

-

5.50%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

2.38%

AmeriCredit

Automobile

Receivables

Trust

2026-1

3.99%,

03/18/2027

(b) $

5,055

$

5,055

CarMax

Select

Receivables

Trust

2026-A

3.91%,

03/15/2027

4,296

4,296

Enterprise

Fleet

Financing

2025-4

LLC

4.10%,

10/20/2026

(b) 764

764

Enterprise

Fleet

Financing

2026-1

LLC

3.85%,

02/22/2027

(b) 3,722

3,722

Westlake

Automobile

Receivables

Trust

2026-1

3.89%,

01/15/2027

(b) 3,194

3,194

Wheels

Fleet

Lease

Funding

2026-1

LLC

3.96%,

04/19/2027

(b) 8,000

8,000

$

25,031

Insurance

-

1.61%

Met

Life

3.97%,

08/17/2026

9,000

9,000

New

York

Life

3.96%,

07/22/2026

8,000

8,000

$

17,000

Other

Asset

Backed

Securities

-

1.51%

Dell

Equipment

Finance

Trust

2026-1

4.01%,

04/22/2027

(b) 7,000

7,000

HPEFS

Equipment

Trust

2025-2

4.15%,

10/20/2026

(b) 1,401

1,401

PEAC

Solutions

Receivables

2026-1

LLC

3.93%,

01/20/2027

(b) 4,419

4,419

SCF

Equipment

Leasing

2025-2

LLC

4.10%,

11/20/2026

(b) 1,886

1,886

Volvo

Financial

Equipment

LLC

Series

2025-2

4.07%,

10/15/2026

(b) 1,236

1,236

$

15,942

TOTAL

BONDS

$

57,973

MUNICIPAL

BONDS

-

2.56%

Principal

Amount

(000's)

Value

(000's)

Colorado

-

0.22%

Colorado

Housing

and

Finance

Authority

(credit

support

from

Federal

Home

Loan

Bank)

3.75%,

05/07/2026

(c),(d)

$

2,255

$

2,255

Georgia

-

0.61%

Development

Authority

Of

Greene

County

(credit

support

from

US

Bank)

3.75%,

05/07/2026

(c),(d)

3,000

3,000

Valdosta-Lowndes

County

Industrial

Development

Authority

(credit

support

from

Wells

Fargo)

3.75%,

05/07/2026

(c),(d)

3,420

3,420

$

6,420

Maryland

-

0.66%

City

of

Baltimore

MD

(credit

support

from

Toronto

Dominion

Bank)

3.70%,

05/07/2026

(c),(d)

6,955

6,955

New

York

-

0.31%

New

York

City

Housing

Development

Corp

(credit

support

from

Fannie

Mae)

3.72%,

05/07/2026

(c),(d)

3,300

3,300

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Virginia

-

0.18%

Newport

News

Economic

Development

Authority

(credit

support

from

JPMorgan

Chase

&

Co)

3.78%,

05/07/2026

(c),(d)

$

1,860

$

1,860

Washington

-

0.58%

Washington

State

Housing

Finance

Commission

(credit

support

from

Federal

Home

Loan

Bank)

3.75%,

05/07/2026

(c),(d)

4,600

4,600

3.75%,

05/07/2026

(c),(d)

1,545

1,545

$

6,145

TOTAL

MUNICIPAL

BONDS

$

26,935

COMMERCIAL

PAPER

-

71.12%

Principal

Amount

(000's)

Value

(000's)

Agriculture

-

4.05%

Archer-Daniels-Midland

Co

3.75%,

05/07/2026

(b) $

6,000

$

5,996

3.77%,

05/06/2026

(b) 6,000

5,997

3.80%,

05/14/2026

(b) 5,700

5,692

Cargill

Inc

3.65%,

05/04/2026

(b) 6,000

5,998

Philip

Morris

International

Inc

3.69%,

05/04/2026

(b) 6,000

5,998

3.69%,

05/06/2026

(b) 6,000

5,997

3.69%,

05/07/2026

(b) 7,000

6,996

$

42,674

Automobile

Manufacturers

-

3.32%

Cummins

Inc

3.80%,

05/13/2026

(b) 5,000

4,994

Mercedes-Benz

Finance

North

America

LLC

(credit

support

from

Mercedes

Benz

Group

AG)

3.77%,

05/26/2026

(b),(c)

6,000

5,984

3.77%,

05/28/2026

(b),(c)

6,000

5,983

3.77%,

05/29/2026

(b),(c)

6,000

5,982

3.80%,

05/01/2026

(b),(c)

6,000

6,000

PACCAR

Financial

Corp

(credit

support

from

Paccar

Inc)

3.67%,

05/01/2026

(c) 6,000

6,000

$

34,943

Banks

-

14.59%

Australia

&

New

Zealand

Banking

Group

Ltd

3.88%,

08/19/2026

(b),(e)

5,500

5,435

3.90%,

07/23/2026

(b),(e)

5,000

4,955

Barclays

Bank

PLC

3.68%,

05/05/2026

(b) 6,000

5,998

3.84%,

07/08/2026

(b) 6,000

5,956

3.88%,

07/14/2026

(b) 4,000

3,968

DBS

Bank

Ltd

3.71%,

05/07/2026

(b),(e)

6,000

5,996

3.73%,

05/15/2026

(b),(e)

5,800

5,792

3.75%,

05/05/2026

(b),(e)

5,000

4,998

3.87%,

05/27/2026

(b),(e)

5,700

5,684

HSBC

USA

Inc

4.03%,

08/27/2026

(b) 5,000

4,934

ING

Bank

NV

3.93%,

08/24/2026

(e) 4,468

4,412

Lloyds

Bank

PLC

3.72%,

05/11/2026

(e) 5,600

5,594

3.72%,

06/09/2026

(e) 5,500

5,478

Mizuho

Bank

Ltd/New

York

NY

3.92%,

06/10/2026

(b) 5,500

5,476

National

Bank

of

Canada

3.83%,

05/13/2026

(b),(e)

5,984

5,976

National

Bank

of

Kuwait/New

York

NY

3.75%,

05/01/2026

(b) 9,600

9,600

3.85%,

05/04/2026

(b) 6,500

6,498

Schedule

of

Investments

Money

Market

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Oversea-Chinese

Banking

Corp

Ltd

3.72%,

05/05/2026

(b),(e)

$

5,000

$

4,998

3.74%,

06/02/2026

(b),(e)

5,500

5,482

3.74%,

06/03/2026

(b),(e)

5,500

5,481

3.80%,

06/09/2026

(b),(e)

5,000

4,979

Sheffield

Receivables

Co

LLC

3.80%,

05/19/2026

(b) 3,400

3,394

3.80%,

05/27/2026

(b) 6,000

5,984

3.82%,

07/02/2026

(b) 5,000

4,967

3.95%,

07/07/2026

(b) 5,670

5,628

Skandinaviska

Enskilda

Banken

AB

3.85%,

10/20/2026

(b),(e)

5,800

5,693

Toronto-Dominion

Bank/The

3.75%,

05/19/2026

(b),(e)

5,500

5,490

3.94%,

09/16/2026

(b),(e)

5,000

4,924

$

153,770

Chemicals

-

1.99%

Chevron

Phillips

Chemical

Co

LLC

3.83%,

05/01/2026

(b) 21,000

21,000

Commercial

Services

-

2.12%

Experian

Finance

PLC

(credit

support

from

Experian

PLC)

3.75%,

05/07/2026

(b),(c)

5,340

5,337

3.85%,

05/08/2026

(b),(c)

6,000

5,996

4.00%,

05/11/2026

(b),(c)

6,000

5,993

Mastercard

Inc

3.78%,

06/02/2026

(b) 5,000

4,983

$

22,309

Consumer

Products

-

0.66%

Kimberly-Clark

Corp

3.70%,

05/07/2026

(b) 7,000

6,996

Diversified

Financial

Services

-

22.25%

AllianceBernstein

LP

3.80%,

05/01/2026

(b) 5,900

5,900

Anglesea

Funding

LLC

3.68%,

05/01/2026

(b) 6,000

6,000

3.69%,

05/05/2026

(b) 6,500

6,497

BofA

Securities

Inc

3.70%,

08/14/2026

4,560

4,511

4.03%,

12/11/2026

6,100

5,947

Cabot

Trail

Funding

LLC

3.72%,

05/07/2026

(b) 6,000

5,996

3.72%,

05/11/2026

(b) 6,000

5,994

3.95%,

09/02/2026

(b) 6,000

5,918

Chesham

Finance

Ltd

/

Chesham

Finance

LLC

-

Series

3.67%,

05/01/2026

(b) 21,000

21,000

Citigroup

Global

Markets

Holdings

Inc/United

States

3.86%,

09/24/2026

(b) 5,120

5,040

3.90%,

10/22/2026

(b) 5,400

5,298

Columbia

Funding

Co

LLC

3.81%,

05/21/2026

(b) 5,500

5,488

3.82%,

05/18/2026

(b) 3,300

3,294

3.83%,

05/07/2026

(b) 4,800

4,797

3.83%,

06/25/2026

(b) 5,000

4,971

3.88%,

05/27/2026

(b) 2,275

2,269

3.90%,

07/01/2026

(b) 5,000

4,967

DCAT

LLC

3.75%,

05/06/2026

6,000

5,997

Dealer

Capital

Access

Trust

LLC

3.70%,

05/04/2026

6,000

5,998

3.84%,

05/13/2026

6,000

5,992

3.85%,

05/20/2026

4,000

3,992

Equitable

Short

Term

Funding

LLC

4.00%,

09/21/2026

(b) 5,000

4,921

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Glencove

Funding

LLC

3.69%,

05/01/2026

(b) $

6,040

$

6,040

3.80%,

06/04/2026

(b) 5,040

5,022

Goldman

Sachs

International

3.82%,

06/11/2026

(b) 5,500

5,476

Gotham

Funding

Corp

3.80%,

05/08/2026

(b) 5,000

4,996

Great

Bear

Funding

LLC

3.68%,

05/06/2026

(b) 6,000

5,997

Liberty

Street

Funding

LLC

3.82%,

06/02/2026

(b) 1,020

1,017

3.91%,

06/05/2026

(b) 5,399

5,378

LMA-Americas

LLC

3.75%,

05/15/2026

(b) 2,740

2,736

3.84%,

06/08/2026

(b) 5,063

5,043

3.85%,

05/13/2026

(b) 5,100

5,093

3.93%,

06/17/2026

(b) 6,000

5,969

Longship

Funding

LLC

3.75%,

05/28/2026

(b) 5,500

5,485

3.80%,

05/18/2026

(b) 1,850

1,847

Lseg

US

Fin

Corp

(credit

support

from

London

Stock

Exchange

Group

PLC)

3.85%,

05/05/2026

(c) 2,000

1,999

3.88%,

05/14/2026

(c) 6,000

5,992

3.88%,

05/15/2026

(c) 6,500

6,490

3.90%,

05/18/2026

(c) 5,000

4,991

3.90%,

06/01/2026

(c) 6,500

6,478

Nieuw

Amsterdam

Receivables

Corp

BV

3.80%,

05/12/2026

(b) 5,630

5,623

Podium

Funding

Trust

3.83%,

05/12/2026

6,000

5,993

Starbird

Funding

Corp

3.69%,

05/04/2026

(b) 6,000

5,998

$

234,450

Electric

-

1.90%

National

Rural

Utilities

Cooperative

Finance

Corp

3.76%,

05/20/2026

5,000

4,990

3.82%,

05/01/2026

5,000

5,000

3.82%,

05/06/2026

4,000

3,998

3.83%,

05/05/2026

6,000

5,997

$

19,985

Healthcare

-

Services

-

0.57%

UnitedHealth

Group

Inc

3.68%,

05/06/2026

(b) 6,000

5,997

Holding

Companies

-

Diversified

-

1.09%

Koch

Cos

LLC

3.69%,

05/07/2026

5,500

5,496

3.70%,

05/08/2026

6,000

5,996

$

11,492

Insurance

-

2.56%

Chubb

INA

Holdings

LLC

(credit

support

from

Chubb

Limited)

3.80%,

05/28/2026

(b),(c)

3,500

3,490

Prudential

Financial

Inc

3.68%,

05/04/2026

(b) 6,000

5,998

3.68%,

05/05/2026

(b) 6,000

5,998

3.69%,

05/01/2026

(b) 6,000

6,000

3.69%,

05/08/2026

(b) 5,500

5,496

$

26,982

Investment

Companies

-

4.08%

St

Lawrence

Funding

LLC

3.67%,

05/01/2026

(b) 13,000

13,000

3.69%,

05/05/2026

(b) 6,000

5,997

3.69%,

05/06/2026

(b) 6,000

5,997

Schedule

of

Investments

Money

Market

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMERCIAL

PAPER

(continued)

Principal

Amount

(000's)

Value

(000's)

Investment

Companies

(continued)

Verto

Capital

I-A

LLC

3.72%,

05/06/2026

(b) $

6,000

$

5,997

3.72%,

05/12/2026

(b) 6,000

5,993

3.82%,

05/22/2026

(b) 6,000

5,987

$

42,971

Machinery

-

Construction

&

Mining

-

0.22%

Caterpillar

Financial

Services

Corp

(credit

support

from

Caterpillar

Inc)

3.70%,

05/06/2026

(c) 2,375

2,374

Media

-

0.19%

Walt

Disney

Co/The

(credit

support

from

TWDC

Enteprises)

3.80%,

06/03/2026

(b),(c)

2,000

1,993

Mining

-

0.55%

Rio

Tinto

Finance

USA

PLC

(credit

support

from

Rio

Tinto

PLC)

3.80%,

05/05/2026

(b),(c)

5,760

5,758

Miscellaneous

Manufacturers

-

0.57%

Illinois

Tool

Works

Inc

3.80%,

05/06/2026

(b) 6,000

5,997

Oil

&

Gas

-

3.48%

BP

Capital

Markets

PLC

(credit

support

from

BP

PLC)

3.78%,

05/20/2026

(b),(c)

1,700

1,697

3.89%,

06/11/2026

(b),(c)

5,000

4,978

3.90%,

06/26/2026

(b),(c)

5,500

5,467

TotalEnergies

Capital

SA

(credit

support

from

Total

Energies

SE)

3.70%,

05/05/2026

(b),(c)

6,000

5,997

3.70%,

05/07/2026

(b),(c)

6,500

6,496

TotalEnergies

Capital

USA

LLC

(credit

support

from

Total

Energies

SE)

3.70%,

05/01/2026

(b),(c)

6,000

6,000

3.70%,

05/04/2026

(b),(c)

6,000

5,998

$

36,633

Oil

&

Gas

Services

-

0.57%

Schlumberger

Investment

SA

(credit

support

from

Schlumberger

NV)

3.72%,

05/04/2026

(b),(c)

6,000

5,998

Pharmaceuticals

-

0.63%

Sanofi

SA

3.78%,

07/22/2026

(b) 6,680

6,622

Retail

-

1.11%

Home

Depot

Inc/The

3.72%,

05/12/2026

(b) 6,000

5,993

Walmart

Inc

3.66%,

05/04/2026

(b) 5,700

5,698

$

11,691

Telecommunications

-

2.44%

Telstra

Group

Ltd

(credit

support

from

Telstra

Corporation

Limitied)

3.82%,

06/04/2026

(b),(c)

6,000

5,978

3.83%,

05/26/2026

(b),(c)

5,000

4,987

3.85%,

06/10/2026

(b),(c)

5,300

5,277

3.90%,

07/17/2026

(b),(c)

4,500

4,463

3.95%,

05/18/2026

(b),(c)

5,000

4,991

$

25,696

Water

-

2.18%

American

Water

Capital

Corp

(credit

support

from

American

Water

Works)

3.95%,

05/11/2026

(b),(c)

6,000

5,994

3.95%,

05/13/2026

(b),(c)

5,000

4,993

3.95%,

05/14/2026

(b),(c)

6,040

6,031

3.96%,

05/12/2026

(b),(c)

6,000

5,993

$

23,011

TOTAL

COMMERCIAL

PAPER

$

749,342

REPURCHASE

AGREEMENTS

-

17.08%

Maturity

Amount

(000's)

Value

(000's)

Banks

-

17.08%

Barclays

Capital

Inc

Repurchase

Agreement;

3.64%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Security;

$40,800,035;

3.75%;

dated

05/15/2028)

$

40,004

$

40,000

Goldman

Sachs

&

Co.

LLC

Repurchase

Agreement;

3.62%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Security;

$20,400,085;

3.85%;

dated

10/31/2026)

20,002

20,000

HSBC

Securities

(USA)

Inc.

Repurchase

Agreement;

3.63%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Securities;

$40,800,021;

.0125%-6.625%;

dated

11/15/2026-12/15/2051)

40,004

40,000

Merrill

Lynch,

Pierce,

Fenner

&

Smith

Repurchase

Agreement;

3.64%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Securities;

$40,800,000;

2.50%-7.00%;

dated

07/20/2030-08/20/2070)

40,004

40,000

The

Bank

of

New

York

Mellon

Repurchase

Agreement;

3.64%

traded

04/30/2026

maturing

05/01/2026

(collateralized

by

US

Government

Security;

$40,800,035;

1.375%;

dated

07/15/2033)

40,004

40,000

$

180,000

TOTAL

REPURCHASE

AGREEMENTS

$

180,000

Total

Investments

$

1,054,210

Other

Assets

and

Liabilities

- (0.05)%

(576) TOTAL

NET

ASSETS

-

100.00%

$

1,053,634

(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

$666,304

or

63.24%

of

net

assets.

(c) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(d) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e) Security

issued

by

foreign

bank

and

denominated

in

USD.

Schedule

of

Investments

Overseas

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.77

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.13

%

iShares

MSCI

EAFE

Value

ETF

29,300

$

2,274

Money

Market

Funds

-

.64

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

1,496,862

1,497

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

45,163,538

45,164

$

46,661

TOTAL

INVESTMENT

COMPANIES

$

48,935

COMMON

STOCKS

-

.21

%

Shares

Held

Value

(000's)

Advertising

-

.01

%

Publicis

Groupe

SA

2,158

$

Aerospace

&

Defense

-

.61

%

Melrose

Industries

PLC

1,152,615

7,564

QinetiQ

Group

PLC

1,082,803

6,562

Rolls-Royce

Holdings

PLC

1,349,098

21,709

Thales

SA

36,943

10,149

$

45,984

Agriculture

-

.58

%

British

American

Tobacco

PLC

121,601

7,161

Imperial

Brands

PLC

7,150

Japan

Tobacco

Inc

11,400

KT&G

Corp

18,876

2,276

Wilmar

International

Ltd

18,400

$

10,186

Airlines

-

.41

%

ANA

Holdings

Inc

(d) 500

Deutsche

Lufthansa

AG

834,589

7,152

Japan

Airlines

Co

Ltd

500

Singapore

Airlines

Ltd

15,400

$

7,244

Apparel

-

.51

%

Kering

SA

124,622

34,285

LVMH

Moet

Hennessy

Louis

Vuitton

SE

18,686

9,983

$

44,268

Automobile

Manufacturers

-

.58

%

Bayerische

Motoren

Werke

AG

2,646

Daimler

Truck

Holding

AG

130,693

6,592

Honda

Motor

Co

Ltd

34,800

Isuzu

Motors

Ltd

5,200

Mercedes-Benz

Group

AG

6,815

Renault

SA

1,184

Stellantis

NV

(e) 19,023

Subaru

Corp

5,500

Suzuki

Motor

Corp

14,900

Toyota

Motor

Corp

89,750

1,723

Volvo

AB

-

B

Shares

15,006

523

$

10,261

Automobile

Parts

&

Equipment

-

.39

%

Aisin

Corp

4,800

Aumovio

SE

(e) 309,854

13,438

Bridgestone

Corp

10,900

Cie

Generale

des

Etablissements

Michelin

SCA

6,203

Continental

AG

137,656

10,415

Denso

Corp

16,600

$

24,579

Banks

-

.01

%

ABN

AMRO

Bank

NV

374,116

13,026

AIB

Group

PLC

20,174

ANZ

Group

Holdings

Ltd

686,441

18,233

Banca

Mediolanum

SpA

2,118

Banca

Monte

dei

Paschi

di

Siena

SpA

449,851

4,796

Banco

Bilbao

Vizcaya

Argentaria

SA

54,091

1,194

Banco

BPM

SpA

10,728

Banco

Comercial

Portugues

SA

45,660

Banco

de

Sabadell

SA

47,411

Banco

Santander

SA

139,001

1,696

Bank

Hapoalim

BM

11,812

Bank

Leumi

Le-Israel

BM

14,066

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Bank

Mandiri

Persero

Tbk

PT

50,800,500

$

12,926

Bank

of

Ireland

Group

PLC

9,011

Bank

of

Nova

Scotia/The

175,700

13,669

Bankinter

SA

6,365

Banque

Cantonale

Vaudoise

(d) 285

Barclays

PLC

5,964,612

35,060

BAWAG

Group

AG

(f) 364

BNP

Paribas

SA

384,560

40,388

BOC

Hong

Kong

Holdings

Ltd

34,800

BPER

Banca

SPA

14,813

CaixaBank

SA

36,638

Chiba

Bank

Ltd/The

5,400

Commerzbank

AG

2,419

Commonwealth

Bank

of

Australia

5,526

696

Credit

Agricole

SA

10,079

Danske

Bank

A/S

6,304

DBS

Group

Holdings

Ltd

7,100

Deutsche

Bank

AG

407,005

12,645

DNB

Bank

ASA

8,372

Erste

Group

Bank

AG

2,905

Eurobank

SA

1,016,485

4,423

FinecoBank

Banca

Fineco

SpA

5,775

Grupo

Financiero

Banorte

SAB

de

CV

1,438,400

15,676

HSBC

Holdings

PLC

162,526

2,990

ING

Groep

NV

405,696

11,741

Intesa

Sanpaolo

SpA

132,071

897

Israel

Discount

Bank

Ltd

11,542

Japan

Post

Bank

Co

Ltd

16,900

KBC

Group

NV

2,168

Lloyds

Banking

Group

PLC

362,666

Mitsubishi

UFJ

Financial

Group

Inc

106,800

1,918

Mizrahi

Tefahot

Bank

Ltd

1,471

Mizuho

Financial

Group

Inc

23,600

1,015

National

Australia

Bank

Ltd

29,065

841

National

Bank

of

Greece

SA

45,167

716

NatWest

Group

PLC

1,474,789

11,762

Nordea

Bank

Abp

693,478

13,041

Oversea-Chinese

Banking

Corp

Ltd

32,100

554

Raiffeisen

Bank

International

AG

820

Resona

Holdings

Inc

9,900

Skandinaviska

Enskilda

Banken

AB

14,302

Societe

Generale

SA

182,872

14,722

Standard

Chartered

PLC

953,319

24,276

Sumitomo

Mitsui

Financial

Group

Inc

232,800

8,220

Sumitomo

Mitsui

Trust

Group

Inc

6,014

Svenska

Handelsbanken

AB

13,774

Swedbank

AB

8,018

UniCredit

SpA

217,233

16,789

United

Overseas

Bank

Ltd

292,500

8,330

Westpac

Banking

Corp

32,396

906

Yokohama

Financial

Group

Inc

9,800

$

300,043

Beverages

-

.22

%

Anheuser-Busch

InBev

SA/NV

134,277

10,146

Asahi

Group

Holdings

Ltd

14,300

Carlsberg

AS

116,561

15,792

Davide

Campari-Milano

NV

5,855

Diageo

PLC

809,243

16,362

Heineken

Holding

NV

1,222

Heineken

NV

179,148

13,946

Kirin

Holdings

Co

Ltd

3,700

Pernod

Ricard

SA

1,903

Suntory

Beverage

&

Food

Ltd

1,300

$

56,756

Biotechnology

-

.00

%

Financiere

de

Tubize

SA

Schedule

of

Investments

Overseas

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Building

Materials

-

.32

%

AGC

Inc

1,900

$

Buzzi

SpA

749

Cie

de

Saint-Gobain

SA

226,611

20,762

Geberit

AG

Holcim

AG

(e) 4,813

Sika

AG

718

Svenska

Cellulosa

AB

SCA

5,730

TOTO

Ltd

552,100

19,394

$

40,986

Chemicals

-

.51

%

Akzo

Nobel

NV

225,812

13,255

Arkema

SA

63,053

4,602

Asahi

Kasei

Corp

12,200

BASF

SE

8,424

540

Brenntag

SE

1,155

DSM-Firmenich

AG

1,627

EMS-Chemie

Holding

AG

Evonik

Industries

AG

2,427

Givaudan

SA

Mitsubishi

Chemical

Group

Corp

11,500

Nitto

Denko

Corp

3,200

Syensqo

SA

111,105

7,371

Toray

Industries

Inc

13,400

Yara

International

ASA

1,560

$

26,607

Commercial

Services

-

.05

%

Ayvens

SA

(f) 3,596

Dai

Nippon

Printing

Co

Ltd

3,700

Intertek

Group

PLC

748

Randstad

NV

1,004

RELX

PLC

485,537

17,778

Rentokil

Initial

PLC

15,470

Secom

Co

Ltd

3,800

Securitas

AB

4,646

SGS

SA

1,014

TOPPAN

Holdings

Inc

2,200

$

18,470

Computers

-

.56

%

Capgemini

SE

79,378

9,654

Fujitsu

Ltd

5,900

Logitech

International

SA

507

Otsuka

Corp

2,200

$

9,863

Consumer

Products

-

.10

%

Henkel

AG

&

Co

KGaA

979

Reckitt

Benckiser

Group

PLC

304,178

19,354

$

19,422

Cosmetics

&

Personal

Care

-

.08

%

Essity

AB

5,692

Haleon

PLC

84,112

Kao

Corp

4,300

Unilever

PLC

13,419

783

$

1,482

Distribution

&

Wholesale

-

.18

%

Bunzl

PLC

3,066

Marubeni

Corp

13,400

522

Mitsubishi

Corp

30,500

977

Mitsui

&

Co

Ltd

23,400

879

Rexel

SA

2,114

Sumitomo

Corp

10,300

Toyota

Tsusho

Corp

6,500

$

3,206

Diversified

Financial

Services

-

.45

%

AerCap

Holdings

NV

1,588

Amundi

SA

(f) 586

Azimut

Holding

SpA

373,037

15,841

Daiwa

Securities

Group

Inc

12,600

Euronext

NV

(f) 368

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Japan

Exchange

Group

Inc

9,200

$

Julius

Baer

Group

Ltd

251,234

20,651

London

Stock

Exchange

Group

PLC

81,141

10,528

Mitsubishi

HC

Capital

Inc

8,400

Nomura

Holdings

Inc

28,400

ORIX

Corp

11,000

SBI

Holdings

Inc

5,200

Schroders

PLC

6,865

St

James's

Place

PLC

750,244

12,388

$

60,813

Electric

-

.45

%

Chubu

Electric

Power

Co

Inc

6,500

CLP

Holdings

Ltd

15,500

Contact

Energy

Ltd

8,514

E.ON

SE

102,924

2,285

EDP

SA

29,596

Elia

Group

SA/NV

(e) 412

Endesa

SA

2,997

Enel

SpA

1,799,109

21,006

Engie

SA

17,255

569

Fortum

Oyj

609,968

15,367

Hikari

Tsushin

Inc

Iberdrola

SA

60,884

1,427

Kansai

Electric

Power

Co

Inc/The

9,100

Meridian

Energy

Ltd

12,500

National

Grid

PLC

748,683

13,402

Origin

Energy

Ltd

16,255

Orsted

AS

(e),(f)

4,988

Power

Assets

Holdings

Ltd

13,000

Redeia

Corp

SA

3,833

RWE

AG

5,966

SSE

PLC

133,624

4,785

Terna

-

Rete

Elettrica

Nazionale

13,280

$

60,794

Electrical

Components

&

Equipment

-

.75

%

Signify

NV

(d),(f)

580,966

13,214

Electronics

-

.16

%

Kyocera

Corp

12,100

MINEBEA

MITSUMI

Inc

744,400

14,883

Murata

Manufacturing

Co

Ltd

613,686

20,352

Sensata

Technologies

Holding

PLC

487,702

20,308

Shimadzu

Corp

1,100

$

55,779

Energy

-

Alternate

Sources

-

.69

%

Vestas

Wind

Systems

A/S

398,508

12,254

Engineering

&

Construction

-

.63

%

Acciona

SA

Auckland

International

Airport

Ltd

15,963

Bouygues

SA

1,807

CK

Infrastructure

Holdings

Ltd

6,000

Eiffage

SA

647

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e) 128,346

10,531

Obayashi

Corp

6,100

Shimizu

Corp

3,100

Skanska

AB

3,210

$

11,193

Entertainment

-

.00

%

Evolution

AB

(f) 426

Food

-

.23

%

Carrefour

SA

5,563

Danone

SA

6,107

J

Sainsbury

PLC

16,187

Kerry

Group

PLC

1,529

Kesko

Oyj

2,577

Kikkoman

Corp

4,300

Koninklijke

Ahold

Delhaize

NV

8,436

Magnum

Ice

Cream

Co

NV/The

(e) 3,016

Nestle

SA

24,385

2,469

Schedule

of

Investments

Overseas

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Food

(continued)

Orkla

ASA

(e) 6,613

$

WH

Group

Ltd

(f) 78,500

$

3,980

Food

Service

-

.00

%

Sodexo

SA

838

Forest

Products

&

Paper

-

.01

%

Holmen

AB

644

UPM-Kymmene

Oyj

4,983

$

Gas

-

.84

%

Centrica

PLC

5,648,459

16,498

Enagas

SA

705,701

14,129

Italgas

SpA

5,794

Naturgy

Energy

Group

SA

2,508

Osaka

Gas

Co

Ltd

3,400

Sembcorp

Industries

Ltd

8,500

Snam

SpA

2,433,498

19,189

$

50,132

Hand

&

Machine

Tools

-

.01

%

Fuji

Electric

Co

Ltd

900

Makita

Corp

2,100

Schindler

Holding

AG

-

PC

Schindler

Holding

AG

-

REG

$

Healthcare

-

Products

-

.17

%

Coloplast

A/S

642

Elekta

AB

1,546,094

8,979

FUJIFILM

Holdings

Corp

10,600

Getinge

AB

461,687

9,295

Koninklijke

Philips

NV

635,477

16,763

Olympus

Corp

1,188,927

11,694

QIAGEN

NV

1,053

Siemens

Healthineers

AG

(f) 1,207

Smith

&

Nephew

PLC

574,940

8,896

$

55,947

Healthcare

-

Services

-

.02

%

Eurofins

Scientific

SE

603

Fresenius

Medical

Care

AG

2,075

Fresenius

SE

&

Co

KGaA

3,987

Sonic

Healthcare

Ltd

4,431

$

Holding

Companies

-

Diversified

-

.01

%

Jardine

Matheson

Holdings

Ltd

1,018

Swire

Pacific

Ltd

3,500

$

Home

Builders

-

.30

%

Barratt

Redrow

PLC

12,828

Berkeley

Group

Holdings

PLC

(e) 114,753

4,996

Daiwa

House

Industry

Co

Ltd

5,300

Sekisui

Chemical

Co

Ltd

3,500

$

5,255

Home

Furnishings

-

.05

%

Panasonic

Holdings

Corp

22,100

Sony

Group

Corp

20,400

$

861

Insurance

-

.45

%

Admiral

Group

PLC

2,455

Aegon

Ltd

11,935

Ageas

SA/NV

1,405

AIA

Group

Ltd

1,477,000

16,215

Allianz

SE

3,600

1,644

ASR

Nederland

NV

1,480

Aviva

PLC

28,864

AXA

SA

15,839

764

Daiichi

Life

Group

Inc

33,200

Generali

110,066

4,933

Hannover

Rueck

SE

568

Helvetia

Baloise

Holding

AG

749

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Japan

Post

Holdings

Co

Ltd

16,900

$

Japan

Post

Insurance

Co

Ltd

5,500

Legal

&

General

Group

PLC

3,329,149

11,425

M&G

PLC

3,331,621

13,692

Mapfre

SA

8,796

MS&AD

Insurance

Group

Holdings

Inc

12,200

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

1,235

739

NN

Group

NV

2,495

Phoenix

Financial

Ltd

2,158

Prudential

PLC

648,915

9,779

QBE

Insurance

Group

Ltd

14,260

Sampo

Oyj

22,859

Samsung

Fire

&

Marine

Insurance

Co

Ltd

6,636

2,072

SCOR

SE

468,284

17,473

Sompo

Holdings

Inc

329,600

12,267

Standard

Life

PLC

6,618

Suncorp

Group

Ltd

10,216

Swiss

Life

Holding

AG

Swiss

Re

AG

2,818

Tokio

Marine

Holdings

Inc

6,100

Tryg

A/S

3,173

Unipol

Assicurazioni

SpA

3,385

Zurich

Insurance

Group

AG

1,383

964

$

96,160

Internet

-

.69

%

Rakuten

Group

Inc

(e) 5,200

Tencent

Holdings

Ltd

199,600

12,122

$

12,147

Investment

Companies

-

.06

%

EXOR

NV

575

Groupe

Bruxelles

Lambert

NV

754

Industrivarden

AB

-

A

Shares

684

Industrivarden

AB

-

C

Shares

962

Investor

AB

-

B

Shares

17,209

699

L

E

Lundbergforetagen

AB

775

Sofina

SA

Washington

H

Soul

Pattinson

&

Co

Ltd

3,227

$

1,086

Iron

&

Steel

-

.23

%

ArcelorMittal

SA

62,559

3,632

Fortescue

Ltd

15,993

JFE

Holdings

Inc

(d) 5,500

Nippon

Steel

Corp

45,700

$

4,091

Leisure

Products

&

Services

-

.87

%

Carnival

Corp

575,380

15,253

Shimano

Inc

700

Yamaha

Motor

Co

Ltd

(d) 8,600

$

15,387

Machinery

-

Construction

&

Mining

-

.73

%

Komatsu

Ltd

298,647

12,787

Machinery

-

Diversified

-

.68

%

CNH

Industrial

NV

967,842

10,366

FANUC

Corp

306,700

13,547

Hexagon

AB

1,191,313

13,015

Kone

Oyj

1,600

Kubota

Corp

9,200

Nabtesco

Corp

544,058

17,994

Omron

Corp

594,679

21,361

SMC

Corp

48,000

23,604

Spirax

Group

PLC

$

100,174

Media

-

.00

%

Pearson

PLC

2,782

Schedule

of

Investments

Overseas

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

.33

%

MISUMI

Group

Inc

1,010,669

$

23,264

SKF

AB

3,218

Tenaris

SA

3,542

$

23,458

Mining

-

.83

%

Anglo

American

PLC

6,865

Barrick

Mining

Corp

204,716

8,043

BHP

Group

Ltd

48,060

1,902

Boliden

AB

223,895

11,770

Glencore

PLC

(e) 94,594

735

Norsk

Hydro

ASA

4,591

Northern

Star

Resources

Ltd

504,966

7,740

Rio

Tinto

Ltd

3,501

Rio

Tinto

PLC

10,684

1,076

South32

Ltd

42,456

Sumitomo

Metal

Mining

Co

Ltd

2,300

$

32,353

Miscellaneous

Manufacturers

-

.25

%

Alstom

SA

(e) 1,083,128

21,765

Chemring

Group

PLC

918,373

6,511

Siemens

AG

15,131

4,497

Smiths

Group

PLC

200,398

6,919

Trelleborg

AB

1,249

$

39,743

Office

&

Business

Equipment

-

.01

%

Canon

Inc

8,200

Oil

&

Gas

-

.71

%

Aker

BP

ASA

470,799

18,405

Bollore

SE

6,830

BP

PLC

863,853

6,839

ENEOS

Holdings

Inc

25,610

Eni

SpA

19,317

546

Equinor

ASA

443,819

18,062

Galp

Energia

SGPS

SA

1,419

Idemitsu

Kosan

Co

Ltd

7,200

Inpex

Corp

8,400

OMV

AG

1,388

Repsol

SA

10,654

Santos

Ltd

30,634

Shell

PLC

53,930

2,452

Suncor

Energy

Inc

230,432

15,790

TotalEnergies

SE

18,802

1,748

Woodside

Energy

Group

Ltd

17,959

$

65,404

Oil

&

Gas

Services

-

.97

%

Saipem

SpA

3,159,883

17,120

Packaging

&

Containers

-

.97

%

Amcor

PLC

335,915

12,778

Smurfit

Westrock

PLC

251,162

9,642

Stora

Enso

Oyj

1,105,904

12,314

$

34,734

Pharmaceuticals

-

.18

%

Astellas

Pharma

Inc

17,200

AstraZeneca

PLC

111,064

21,071

Bayer

AG

9,274

Eisai

Co

Ltd

2,500

GSK

PLC

38,633

1,013

Ipsen

SA

Merck

KGaA

1,220

Novo

Nordisk

A/S

367,711

15,641

Roche

Holding

AG

52,107

21,234

Roche

Holding

AG

Sanofi

SA

138,207

12,932

Shionogi

&

Co

Ltd

7,200

Takeda

Pharmaceutical

Co

Ltd

15,100

505

Teva

Pharmaceutical

Industries

Ltd

ADR

(e) 7,038

$

73,814

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pipelines

-

.01

%

APA

Group

12,386

$

Private

Equity

-

.02

%

3i

Group

PLC

6,093

CapitaLand

Investment

Ltd/Singapore

23,200

$

Real

Estate

-

.10

%

Azrieli

Group

Ltd

CK

Asset

Holdings

Ltd

18,500

Daito

Trust

Construction

Co

Ltd

2,800

Fastighets

AB

Balder

(e) 6,802

Henderson

Land

Development

Co

Ltd

13,438

Hongkong

Land

Holdings

Ltd

10,301

Hulic

Co

Ltd

4,400

LEG

Immobilien

SE

715

Mitsubishi

Estate

Co

Ltd

6,500

Sagax

AB

1,007

Sekisui

House

Ltd

5,700

Sino

Land

Co

Ltd

34,000

Sumitomo

Realty

&

Development

Co

Ltd

5,800

Sun

Hung

Kai

Properties

Ltd

13,883

Swiss

Prime

Site

AG

757

Vonovia

SE

7,225

Wharf

Real

Estate

Investment

Co

Ltd

15,000

$

1,698

REITs

-

.19

%

CapitaLand

Ascendas

REIT

38,900

CapitaLand

Integrated

Commercial

Trust

57,600

Covivio

SA/France

542

Gecina

SA

Klepierre

SA

2,029

Land

Securities

Group

PLC

6,711

Link

REIT

24,680

LondonMetric

Property

PLC

4,448,671

11,451

Nippon

Building

Fund

Inc

Scentre

Group

49,223

Segro

PLC

896,847

8,495

Stockland

22,828

Unibail-Rodamco-Westfield

(e) 1,147

Vicinity

Ltd

36,861

$

20,929

Retail

-

.77

%

Associated

British

Foods

PLC

3,040

CK

Hutchison

Holdings

Ltd

1,583,500

13,222

H

&

M

Hennes

&

Mauritz

AB

2,337

JD

Sports

Fashion

PLC

24,050

Kingfisher

PLC

16,376

Nitori

Holdings

Co

Ltd

4,000

Tsuruha

Holdings

Inc

2,200

$

13,513

Semiconductors

-

.04

%

Infineon

Technologies

AG

578,290

38,893

Kioxia

Holdings

Corp

(e) 600

Renesas

Electronics

Corp

1,691,700

34,211

Samsung

Electronics

Co

Ltd

83,907

12,635

SK

hynix

Inc

23,214

20,702

$

106,586

Shipbuilding

-

.00

%

Yangzijiang

Shipbuilding

Holdings

Ltd

12,300

Software

-

.10

%

SAP

SE

115,611

19,410

Telecommunications

-

.97

%

BT

Group

PLC

56,449

Deutsche

Telekom

AG

474,746

15,335

Elisa

Oyj

1,340

HKT

Trust

&

HKT

Ltd

37,000

KDDI

Corp

600,100

9,820

Koninklijke

KPN

NV

36,260

Nokia

OYJ

1,868,011

23,737

Schedule

of

Investments

Overseas

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Telecommunications

(continued)

NTT

Inc

284,100

$

Orange

SA

17,592

Singapore

Telecommunications

Ltd

70,400

SoftBank

Corp

272,900

SoftBank

Group

Corp

12,300

Swisscom

AG

(e) 244

Tele2

AB

3,359

Telecom

Italia

SpA/Milano

(e) 108,458

Telecom

Italia

SpA/Milano

-

RSP

(e) 29,305

Telefonaktiebolaget

LM

Ericsson

26,431

Telefonica

SA

34,769

Telenor

ASA

5,816

Vodafone

Group

PLC

178,083

$

52,318

Toys,

Games

&

Hobbies

-

.00

%

Bandai

Namco

Holdings

Inc

2,800

Transportation

-

.14

%

AP

Moller

-

Maersk

A/S

-

A

AP

Moller

-

Maersk

A/S

-

B

Canadian

Pacific

Kansas

City

Ltd

104,889

9,122

Central

Japan

Railway

Co

2,600

Deutsche

Post

AG

168,962

10,005

Getlink

SE

1,471

Hankyu

Hanshin

Holdings

Inc

1,100

Kawasaki

Kisen

Kaisha

Ltd

3,300

Kuehne

+

Nagel

International

AG

Mitsui

OSK

Lines

Ltd

3,300

MTR

Corp

Ltd

15,000

Nippon

Yusen

KK

3,900

Poste

Italiane

SpA

(f) 4,315

SITC

International

Holdings

Co

Ltd

12,000

West

Japan

Railway

Co

4,000

$

20,135

Water

-

.02

%

Severn

Trent

PLC

2,558

Veolia

Environnement

SA

5,952

$

TOTAL

COMMON

STOCKS

$

1,714,939

PREFERRED

STOCKS

-

.62

%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.61

%

Bayerische

Motoren

Werke

AG

4.32%

556

$

Dr

Ing

hc

F

Porsche

AG

1.01%

(d) 216,678

10,522

Porsche

Automobil

Holding

SE

1.51%

1,452

Volkswagen

AG

5.26%

1,946

$

10,823

Consumer

Products

-

.01

%

Henkel

AG

&

Co

KGaA

2.07%

1,512

TOTAL

PREFERRED

STOCKS

$

10,933

Total

Investments

$

1,774,807

Other

Assets

and

Liabilities

- (0.60)%

(10,656)

TOTAL

NET

ASSETS

-

100.00%

$

1,764,151

(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

$24,047

or

1.36%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$22,099

or

1.25%

of

net

assets.

(e) Non-income

producing

security

(f) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,867

or

0.79%

of

net

assets.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

177,143

$

504,344

$

636,323

$

45,164

$

177,143

$

504,344

$

636,323

$

45,164

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Overseas

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

eMini

MSCI

EAFE;

June

2026

Long

$

8,224

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.66

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.66

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

532,853

$

533

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(c)

135,810,029

135,810

$

136,343

TOTAL

INVESTMENT

COMPANIES

$

136,343

COMMON

STOCKS

-

.98

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.41

%

Boeing

Co/The

(d) 196,732

$

45,058

RTX

Corp

153,231

26,979

$

72,037

Apparel

-

.28

%

Birkenstock

Holding

Plc

(d),(e)

374,416

14,505

Automobile

Manufacturers

-

.86

%

Cummins

Inc

55,401

37,175

PACCAR

Inc

419,653

49,855

Tesla

Inc

(d) 155,542

59,359

$

146,389

Banks

-

.13

%

Bank

of

America

Corp

473,418

25,309

Citigroup

Inc

194,042

24,834

East

West

Bancorp

Inc

203,614

25,751

JPMorgan

Chase

&

Co

373,203

116,898

Morgan

Stanley

240,528

45,842

Wintrust

Financial

Corp

159,777

24,058

$

262,692

Biotechnology

-

.94

%

Gilead

Sciences

Inc

259,575

33,963

Insmed

Inc

(d) 140,670

19,178

Structure

Therapeutics

Inc

ADR

(d) 294,449

12,205

Vertex

Pharmaceuticals

Inc

(d) 80,000

34,190

$

99,536

Building

Materials

-

.80

%

Modine

Manufacturing

Co

(d) 81,970

20,872

Trane

Technologies

PLC

41,178

20,282

$

41,154

Chemicals

-

.12

%

Albemarle

Corp

60,900

11,979

Linde

PLC

90,393

45,300

$

57,279

Computers

-

.84

%

Apple

Inc

1,046,777

284,043

Lumentum

Holdings

Inc

(d) 29,760

26,853

Western

Digital

Corp

91,096

39,583

$

350,479

Cosmetics

&

Personal

Care

-

.40

%

Haleon

PLC

ADR

2,215,306

20,469

Diversified

Financial

Services

-

.96

%

American

Express

Co

131,143

42,366

Ameriprise

Financial

Inc

80,243

38,099

Nasdaq

Inc

531,141

48,817

Visa

Inc

377,914

124,651

$

253,933

Electric

-

.66

%

NRG

Energy

Inc

217,454

33,831

Electrical

Components

&

Equipment

-

.80

%

Eaton

Corp

PLC

94,132

40,760

Electronics

-

.29

%

Amphenol

Corp

101,972

15,017

Energy

-

Alternate

Sources

-

.15

%

Enphase

Energy

Inc

(d) 226,823

7,476

Environmental

Control

-

.87

%

Republic

Services

Inc

211,721

44,296

Food

-

.46

%

Sprouts

Farmers

Market

Inc

(d) 289,514

23,697

Gas

-

.91

%

Atmos

Energy

Corp

246,351

46,802

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

-

.44

%

Medtronic

PLC

116,657

$

9,446

Stryker

Corp

93,365

29,422

Thermo

Fisher

Scientific

Inc

73,259

35,088

$

73,956

Healthcare

-

Services

-

.36

%

HCA

Healthcare

Inc

76,034

33,033

UnitedHealth

Group

Inc

98,202

36,382

$

69,415

Home

Builders

-

.55

%

DR

Horton

Inc

182,641

28,101

Insurance

-

.58

%

Berkshire

Hathaway

Inc

-

Class

B

(d) 75,615

35,811

Chubb

Ltd

138,487

45,285

$

81,096

Internet

-

.48

%

Alphabet

Inc

-

A

Shares

804,204

309,458

Amazon.com

Inc

(d) 785,831

208,292

AppLovin

Corp

(d) 43,609

19,465

Meta

Platforms

Inc

165,050

100,996

Netflix

Inc

(d) 226,433

21,196

Palo

Alto

Networks

Inc

(d) 245,138

43,958

Reddit

Inc

(d) 126,508

18,626

Shopify

Inc

(d) 220,374

26,694

Spotify

Technology

SA

(d) 47,584

21,249

Uber

Technologies

Inc

(d) 306,516

22,869

$

792,803

Investment

Companies

-

.19

%

Riot

Platforms

Inc

(d) 546,477

9,421

Lodging

-

.50

%

Hilton

Worldwide

Holdings

Inc

78,875

25,561

Machinery

-

Construction

&

Mining

-

.11

%

Bloom

Energy

Corp

(d) 115,137

32,625

BWX

Technologies

Inc

111,463

24,120

GE

Vernova

Inc

47,476

51,438

$

108,183

Machinery

-

Diversified

-

.58

%

Deere

&

Co

50,326

29,686

Media

-

.75

%

Nexstar

Media

Group

Inc

185,517

38,613

Mining

-

.11

%

Cameco

Corp

162,890

20,042

Freeport-McMoRan

Inc

310,669

17,950

MP

Materials

Corp

(d) 284,144

18,765

$

56,757

Miscellaneous

Manufacturers

-

.09

%

Parker-Hannifin

Corp

61,137

55,599

Oil

&

Gas

-

.57

%

Expand

Energy

Corp

151,218

15,447

Exxon

Mobil

Corp

606,597

93,616

Marathon

Petroleum

Corp

297,391

73,839

$

182,902

Pharmaceuticals

-

.87

%

AbbVie

Inc

164,840

34,834

Eli

Lilly

&

Co

68,814

64,314

McKesson

Corp

57,482

46,859

Novartis

AG

ADR

353,550

52,272

$

198,279

REITs

-

.16

%

Regency

Centers

Corp

586,932

45,693

Terreno

Realty

Corp

448,776

29,260

Ventas

Inc

406,466

35,712

$

110,665

Retail

-

.44

%

Casey's

General

Stores

Inc

130,795

107,533

Costco

Wholesale

Corp

60,694

61,576

Dick's

Sporting

Goods

Inc

123,003

27,912

O'Reilly

Automotive

Inc

(d) 448,191

44,550

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

TJX

Cos

Inc/The

563,006

$

88,251

$

329,822

Semiconductors

-

.65

%

Advanced

Micro

Devices

Inc

(d) 93,078

32,995

Amkor

Technology

Inc

363,594

25,361

Broadcom

Inc

393,005

164,052

KLA

Corp

26,412

46,230

Lam

Research

Corp

180,907

46,649

Micron

Technology

Inc

48,605

25,137

NVIDIA

Corp

1,832,126

365,637

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

173,651

68,776

Teradyne

Inc

78,376

26,920

$

801,757

Software

-

.30

%

Cloudflare

Inc

(d) 150,207

30,788

Datadog

Inc

(d) 196,589

25,987

Microsoft

Corp

566,037

230,819

Oracle

Corp

131,968

21,298

Palantir

Technologies

Inc

(d) 131,051

18,231

ServiceNow

Inc

(d) 143,251

12,650

Twilio

Inc

(d) 230,060

34,063

$

373,836

Telecommunications

-

.87

%

Arista

Networks

Inc

(d) 168,236

29,056

Motorola

Solutions

Inc

52,591

23,089

T-Mobile

US

Inc

223,765

43,746

$

95,891

Transportation

-

.50

%

CH

Robinson

Worldwide

Inc

141,607

25,746

TOTAL

COMMON

STOCKS

$

5,018,441

Total

Investments

$

5,154,784

Other

Assets

and

Liabilities

- (0.64)%

(32,553)

TOTAL

NET

ASSETS

-

100.00%

$

5,122,231

(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

$533

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

$540

or

0.01%

of

net

assets.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

93,888

$

1,209,664

$

1,167,742

$

135,810

$

93,888

$

1,209,664

$

1,167,742

$

135,810

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

1,230

$

—

$

—

$

—

$

1,230

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

LifeTime

2015

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.03

%

Blue

Chip

Fund

(a),(b)

85,109

$

3,506

Core

Fixed

Income

Fund

(a) 6,803,380

58,645

Diversified

Real

Asset

Fund

(a) 89,222

1,248

Global

Emerging

Markets

Fund

(a) 110,496

4,367

High

Yield

Fund

(a) 1,666,075

11,046

International

Equity

Fund

(a) 937,295

15,953

International

Small

Company

Fund

(a) 61,522

801

LargeCap

Growth

Fund

I

(a) 237,628

3,795

MidCap

Fund

(a),(b)

29,378

1,162

Real

Estate

Securities

Fund

(a) 103,021

3,196

SmallCap

Fund

(a) 78,743

2,703

SmallCap

S&P

600

Index

Fund

(a) 11,281

Small-MidCap

Dividend

Income

Fund

(a) 73,710

1,626

$

108,365

Principal

Funds,

Inc.

Institutional

Class

-

.98

%

Equity

Income

Fund

(a) 101,865

4,542

Inflation

Protection

Fund

(a) 1,244,771

9,697

LargeCap

S&P

500

Index

Fund

(a) 487,172

16,661

LargeCap

Value

Fund

III

(a) 222,995

4,130

Short-Term

Income

Fund

(a) 2,359,458

28,549

$

63,579

TOTAL

INVESTMENT

COMPANIES

$

171,944

Total

Investments

$

171,944

Other

Assets

and

Liabilities

- (0.01)%

(12)

TOTAL

NET

ASSETS

-

100.00%

$

171,932

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Schedule

of

Investments

Principal

LifeTime

2015

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

7,084

$

894

$

3,358

$

3,506

Core

Fixed

Income

Fund

70,831

3,688

14,989

58,645

Diversified

Real

Asset

Fund

780

569

1,248

Equity

Income

Fund

7,337

614

3,625

4,542

Global

Emerging

Markets

Fund

3,828

1,150

1,089

4,367

High

Yield

Fund

13,129

881

2,792

11,046

Inflation

Protection

Fund

11,663

908

2,489

9,697

International

Equity

Fund

18,160

1,544

4,498

15,953

International

Small

Company

Fund

905

801

LargeCap

Growth

Fund

I

7,595

753

3,590

3,795

LargeCap

S&P

500

Index

Fund

12,030

9,322

5,171

16,661

LargeCap

Value

Fund

III

6,591

1,027

3,020

4,130

MidCap

Fund

1,580

1,162

Real

Estate

Securities

Fund

3,258

751

3,196

Short-Term

Income

Fund

34,130

1,809

7,264

28,549

SmallCap

Fund

3,065

798

2,703

SmallCap

S&P

600

Index

Fund

Small-MidCap

Dividend

Income

Fund

1,759

1,626

$

204,063

$

24,255

$

54,888

$

171,944

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

1,647

$

765

$

(2,761)

Core

Fixed

Income

Fund

1,233

(1,410)

—

525

Diversified

Real

Asset

Fund

(4)

—

Equity

Income

Fund

1,704

(1,488)

Global

Emerging

Markets

Fund

High

Yield

Fund

(38)

—

(134)

Inflation

Protection

Fund

502

—

(436)

International

Equity

Fund

691

535

—

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

2,034

528

(2,997)

LargeCap

S&P

500

Index

Fund

(12)

LargeCap

Value

Fund

III

724

722

(1,192)

MidCap

Fund

—

(339)

Real

Estate

Securities

Fund

(16)

—

Short-Term

Income

Fund

621

—

—

(126)

SmallCap

Fund

SmallCap

S&P

600

Index

Fund

(2)

Small-MidCap

Dividend

Income

Fund

$

4,120

$

5,418

$

3,097

$

(6,904)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2020

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.78

%

Blue

Chip

Fund

(a),(b)

1,001,415

$

41,258

Core

Fixed

Income

Fund

(a) 67,458,852

581,494

Diversified

Real

Asset

Fund

(a) 922,795

12,910

Global

Emerging

Markets

Fund

(a) 1,331,227

52,610

High

Yield

Fund

(a) 16,021,928

106,225

International

Equity

Fund

(a) 11,230,067

191,136

International

Small

Company

Fund

(a) 713,408

9,289

LargeCap

Growth

Fund

I

(a) 2,802,170

44,751

MidCap

Fund

(a),(b)

345,870

13,679

Real

Estate

Securities

Fund

(a) 1,069,107

33,164

SmallCap

Fund

(a) 931,195

31,968

SmallCap

S&P

600

Index

Fund

(a) 135,819

3,812

Small-MidCap

Dividend

Income

Fund

(a) 875,208

19,307

$

1,141,603

Principal

Funds,

Inc.

Institutional

Class

-

.23

%

Equity

Income

Fund

(a) 1,206,866

53,814

Inflation

Protection

Fund

(a) 12,018,803

93,626

LargeCap

S&P

500

Index

Fund

(a) 5,849,695

200,060

LargeCap

Value

Fund

III

(a) 2,635,084

48,802

Short-Term

Income

Fund

(a) 20,839,826

252,162

$

648,464

TOTAL

INVESTMENT

COMPANIES

$

1,790,067

Total

Investments

$

1,790,067

Other

Assets

and

Liabilities

- (0.01)%

(175)

TOTAL

NET

ASSETS

-

100.00%

$

1,789,892

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Schedule

of

Investments

Principal

LifeTime

2020

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

81,802

$

9,043

$

36,897

$

41,258

Core

Fixed

Income

Fund

664,038

22,695

96,991

581,494

Diversified

Real

Asset

Fund

7,379

5,630

1,451

12,910

Equity

Income

Fund

85,263

5,447

39,487

53,814

Global

Emerging

Markets

Fund

44,139

11,991

9,235

52,610

High

Yield

Fund

118,579

6,541

17,390

106,225

Inflation

Protection

Fund

105,451

7,144

15,492

93,626

International

Equity

Fund

209,395

12,668

39,856

191,136

International

Small

Company

Fund

10,504

827

2,461

9,289

LargeCap

Growth

Fund

I

87,682

7,336

39,304

44,751

LargeCap

S&P

500

Index

Fund

138,106

103,336

47,604

200,060

LargeCap

Value

Fund

III

76,127

10,352

32,318

48,802

MidCap

Fund

18,250

1,473

3,743

13,679

Real

Estate

Securities

Fund

31,851

3,091

4,982

33,164

Short-Term

Income

Fund

279,084

15,068

40,965

252,162

SmallCap

Fund

35,332

2,004

7,699

31,968

SmallCap

S&P

600

Index

Fund

3,873

697

3,812

Small-MidCap

Dividend

Income

Fund

20,343

1,081

4,582

19,307

$

2,017,198

$

226,145

$

441,154

$

1,790,067

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

18,772

$

8,898

$

(31,462)

Core

Fixed

Income

Fund

11,572

(8,485)

—

Diversified

Real

Asset

Fund

(44)

—

1,396

Equity

Income

Fund

594

19,296

4,550

(16,705)

Global

Emerging

Markets

Fund

754

5,663

High

Yield

Fund

3,832

(160)

—

(1,345)

Inflation

Protection

Fund

4,584

(951)

—

(2,526)

International

Equity

Fund

8,009

5,102

—

3,827

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

1,037

19,583

6,148

(30,546)

LargeCap

S&P

500

Index

Fund

2,245

(51)

4,452

6,273

LargeCap

Value

Fund

III

1,571

8,081

8,403

(13,440)

MidCap

Fund

—

1,078

977

(3,379)

Real

Estate

Securities

Fund

(181)

—

3,385

Short-Term

Income

Fund

5,093

(111)

—

(914)

SmallCap

Fund

1,653

2,051

SmallCap

S&P

600

Index

Fund

(20)

Small-MidCap

Dividend

Income

Fund

2,146

$

40,532

$

62,822

$

36,006

$

(74,944)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2025

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.52

%

Blue

Chip

Fund

(a),(b)

743,529

$

30,634

Core

Fixed

Income

Fund

(a) 41,246,357

355,544

Diversified

Real

Asset

Fund

(a) 587,642

8,221

Global

Emerging

Markets

Fund

(a) 994,065

39,286

High

Yield

Fund

(a) 9,008,855

59,729

International

Equity

Fund

(a) 8,393,433

142,856

International

Small

Company

Fund

(a) 535,741

6,975

LargeCap

Growth

Fund

I

(a) 2,081,334

33,239

MidCap

Fund

(a),(b)

259,423

10,260

Real

Estate

Securities

Fund

(a) 681,499

21,140

SmallCap

Fund

(a) 706,875

24,267

SmallCap

S&P

600

Index

Fund

(a) 100,147

2,811

Small-MidCap

Dividend

Income

Fund

(a) 654,589

14,440

$

749,402

Principal

Funds,

Inc.

Institutional

Class

-

.49

%

Equity

Income

Fund

(a) 897,114

40,002

Inflation

Protection

Fund

(a) 6,760,885

52,667

LargeCap

S&P

500

Index

Fund

(a) 4,413,202

150,931

LargeCap

Value

Fund

III

(a) 1,957,646

36,256

Short-Term

Income

Fund

(a) 9,474,926

114,647

$

394,503

TOTAL

INVESTMENT

COMPANIES

$

1,143,905

Total

Investments

$

1,143,905

Other

Assets

and

Liabilities

- (0.01)%

(59)

TOTAL

NET

ASSETS

-

100.00%

$

1,143,846

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Schedule

of

Investments

Principal

LifeTime

2025

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

65,444

$

7,697

$

32,050

$

30,634

Core

Fixed

Income

Fund

437,141

17,557

93,823

355,544

Diversified

Real

Asset

Fund

5,248

3,693

1,652

8,221

Equity

Income

Fund

68,178

4,732

34,803

40,002

Global

Emerging

Markets

Fund

35,266

10,055

10,399

39,286

High

Yield

Fund

71,439

4,629

15,414

59,729

Inflation

Protection

Fund

63,521

4,971

13,676

52,667

International

Equity

Fund

167,417

11,721

43,238

142,856

International

Small

Company

Fund

8,435

688

2,471

6,975

LargeCap

Growth

Fund

I

70,131

6,314

34,157

33,239

LargeCap

S&P

500

Index

Fund

110,357

83,903

47,516

150,931

LargeCap

Value

Fund

III

60,921

8,646

28,832

36,256

MidCap

Fund

14,620

1,273

3,764

10,260

Real

Estate

Securities

Fund

21,455

2,630

5,046

21,140

Short-Term

Income

Fund

133,970

10,168

29,002

114,647

SmallCap

Fund

28,296

1,822

7,587

24,267

SmallCap

S&P

600

Index

Fund

3,089

785

2,811

Small-MidCap

Dividend

Income

Fund

16,292

972

4,749

14,440

$

1,381,220

$

181,821

$

408,964

$

1,143,905

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

16,129

$

7,206

$

(26,586)

Core

Fixed

Income

Fund

7,578

(8,927)

—

3,596

Diversified

Real

Asset

Fund

(31)

—

963

Equity

Income

Fund

11,639

3,681

(9,744)

Global

Emerging

Markets

Fund

606

4,245

High

Yield

Fund

2,296

(205)

—

(720)

Inflation

Protection

Fund

2,787

(971)

—

(1,178)

International

Equity

Fund

6,448

5,821

—

1,135

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

837

16,088

4,961

(25,137)

LargeCap

S&P

500

Index

Fund

1,803

(205)

3,573

4,392

LargeCap

Value

Fund

III

1,268

6,862

6,782

(11,341)

MidCap

Fund

—

1,543

791

(3,412)

Real

Estate

Securities

Fund

(114)

—

2,215

Short-Term

Income

Fund

2,434

(23)

—

(466)

SmallCap

Fund

1,334

1,438

SmallCap

S&P

600

Index

Fund

(37)

Small-MidCap

Dividend

Income

Fund

1,605

$

27,474

$

48,525

$

29,072

$

(58,697)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2030

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.93

%

Blue

Chip

Fund

(a),(b)

3,650,866

$

150,416

Core

Fixed

Income

Fund

(a) 154,928,214

1,335,481

Diversified

Real

Asset

Fund

(a) 2,411,970

33,743

Global

Emerging

Markets

Fund

(a) 4,863,843

192,219

High

Yield

Fund

(a) 32,888,305

218,050

International

Equity

Fund

(a) 41,221,129

701,584

International

Small

Company

Fund

(a) 2,652,293

34,533

LargeCap

Growth

Fund

I

(a) 10,221,693

163,240

MidCap

Fund

(a),(b)

1,281,687

50,691

Real

Estate

Securities

Fund

(a) 2,805,233

87,018

SmallCap

Fund

(a) 3,449,144

118,409

SmallCap

S&P

600

Index

Fund

(a) 490,801

13,777

Small-MidCap

Dividend

Income

Fund

(a) 3,174,901

70,038

$

3,169,199

Principal

Funds,

Inc.

Institutional

Class

-

.08

%

Equity

Income

Fund

(a) 4,405,567

196,444

Inflation

Protection

Fund

(a) 23,517,551

183,201

LargeCap

S&P

500

Index

Fund

(a) 21,669,263

741,089

LargeCap

Value

Fund

III

(a) 9,613,707

178,046

Short-Term

Income

Fund

(a) 22,118,822

267,638

$

1,566,418

TOTAL

INVESTMENT

COMPANIES

$

4,735,617

Total

Investments

$

4,735,617

Other

Assets

and

Liabilities

- (0.01)%

(400)

TOTAL

NET

ASSETS

-

100.00%

$

4,735,217

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Schedule

of

Investments

Principal

LifeTime

2030

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

293,049

$

32,961

$

129,702

$

150,416

Core

Fixed

Income

Fund

1,490,600

63,936

200,023

1,335,481

Diversified

Real

Asset

Fund

24,346

9,397

4,098

33,743

Equity

Income

Fund

305,335

19,844

138,091

196,444

Global

Emerging

Markets

Fund

157,660

44,283

30,429

192,219

High

Yield

Fund

239,435

13,997

32,268

218,050

Inflation

Protection

Fund

200,090

16,719

26,960

183,201

International

Equity

Fund

748,866

47,648

127,007

701,584

International

Small

Company

Fund

37,949

2,515

7,464

34,533

LargeCap

Growth

Fund

I

313,946

26,765

137,913

163,240

LargeCap

S&P

500

Index

Fund

492,991

373,278

148,006

741,089

LargeCap

Value

Fund

III

272,874

37,500

113,009

178,046

MidCap

Fund

65,566

5,116

11,585

50,691

Real

Estate

Securities

Fund

83,197

7,377

11,964

87,018

Short-Term

Income

Fund

273,573

32,179

37,051

267,638

SmallCap

Fund

126,717

7,239

24,039

118,409

SmallCap

S&P

600

Index

Fund

13,782

1,476

2,268

13,777

Small-MidCap

Dividend

Income

Fund

73,001

3,645

15,513

70,038

$

5,212,977

$

745,875

$

1,197,390

$

4,735,617

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

64,360

$

32,177

$

(110,252)

Core

Fixed

Income

Fund

26,346

(13,793)

—

(5,239)

Diversified

Real

Asset

Fund

—

3,942

Equity

Income

Fund

2,160

23,557

16,447

(14,201)

Global

Emerging

Markets

Fund

2,714

1,319

20,574

High

Yield

Fund

7,844

(287)

—

(2,827)

Inflation

Protection

Fund

8,781

—

(6,670)

International

Equity

Fund

28,866

14,907

—

17,170

International

Small

Company

Fund

1,098

631

—

902

LargeCap

Growth

Fund

I

3,745

63,855

22,195

(103,413)

LargeCap

S&P

500

Index

Fund

8,096

(502)

16,045

23,328

LargeCap

Value

Fund

III

5,672

27,375

30,338

(46,694)

MidCap

Fund

—

3,550

(8,674)

Real

Estate

Securities

Fund

972

(1,060)

—

9,468

Short-Term

Income

Fund

5,082

—

(1,064)

SmallCap

Fund

758

5,982

7,734

SmallCap

S&P

600

Index

Fund

956

778

Small-MidCap

Dividend

Income

Fund

752

1,006

1,053

7,899

$

103,407

$

181,394

$

130,062

$

(207,239)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2035

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.81

%

Blue

Chip

Fund

(a),(b)

1,659,806

$

68,384

Core

Fixed

Income

Fund

(a) 62,901,181

542,208

Global

Emerging

Markets

Fund

(a) 2,187,524

86,451

High

Yield

Fund

(a) 11,854,393

78,594

International

Equity

Fund

(a) 18,550,999

315,738

International

Small

Company

Fund

(a) 1,197,005

15,585

LargeCap

Growth

Fund

I

(a) 4,643,453

74,156

MidCap

Fund

(a),(b)

578,584

22,883

Real

Estate

Securities

Fund

(a) 1,518,149

47,093

SmallCap

Fund

(a) 1,569,491

53,881

SmallCap

S&P

600

Index

Fund

(a) 218,136

6,123

Small-MidCap

Dividend

Income

Fund

(a) 1,451,636

32,023

$

1,343,119

Principal

Funds,

Inc.

Institutional

Class

-

.19

%

Equity

Income

Fund

(a) 1,997,555

89,071

LargeCap

S&P

500

Index

Fund

(a) 9,698,154

331,677

LargeCap

Value

Fund

III

(a) 4,363,117

80,805

$

501,553

TOTAL

INVESTMENT

COMPANIES

$

1,844,672

Total

Investments

$

1,844,672

Other

Assets

and

Liabilities

- 0.00%

(84)

TOTAL

NET

ASSETS

-

100.00%

$

1,844,588

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

132,083

$

16,658

$

59,447

$

68,384

Core

Fixed

Income

Fund

596,983

46,613

93,612

542,208

Equity

Income

Fund

136,792

10,853

62,762

89,071

Global

Emerging

Markets

Fund

70,964

21,728

15,534

86,451

High

Yield

Fund

87,088

6,340

13,684

78,594

International

Equity

Fund

337,257

28,169

64,072

315,738

International

Small

Company

Fund

17,159

1,383

3,648

15,585

LargeCap

Growth

Fund

I

141,453

13,932

63,206

74,156

LargeCap

S&P

500

Index

Fund

222,626

174,055

75,036

331,677

LargeCap

Value

Fund

III

123,011

18,753

52,136

80,805

MidCap

Fund

29,618

2,787

5,681

22,883

Real

Estate

Securities

Fund

40,859

9,048

7,275

47,093

SmallCap

Fund

57,136

4,326

11,398

53,881

SmallCap

S&P

600

Index

Fund

6,188

744

1,157

6,123

Small-MidCap

Dividend

Income

Fund

32,894

2,201

7,103

32,023

$

2,032,111

$

357,590

$

535,751

$

1,844,672

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

12,545

$

14,615

$

(33,455)

Core

Fixed

Income

Fund

10,657

—

(7,860)

Equity

Income

Fund

984

7,789

7,467

(3,601)

Global

Emerging

Markets

Fund

1,231

597

9,212

High

Yield

Fund

2,878

(133)

—

(1,017)

International

Equity

Fund

13,111

6,678

—

7,706

International

Small

Company

Fund

505

(10)

—

701

LargeCap

Growth

Fund

I

1,702

10,824

10,087

(28,847)

LargeCap

S&P

500

Index

Fund

3,670

(310)

7,271

10,342

LargeCap

Value

Fund

III

2,579

8,263

13,789

(17,086)

MidCap

Fund

—

659

1,619

(4,500)

Real

Estate

Securities

Fund

—

4,404

SmallCap

Fund

2,721

3,606

SmallCap

S&P

600

Index

Fund

Small-MidCap

Dividend

Income

Fund

3,676

$

38,524

$

47,094

$

59,074

$

(56,372)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2040

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.22

%

Blue

Chip

Fund

(a),(b)

4,670,646

$

192,430

Core

Fixed

Income

Fund

(a) 101,478,885

874,748

Global

Emerging

Markets

Fund

(a) 6,213,847

245,571

High

Yield

Fund

(a) 22,325,063

148,015

International

Equity

Fund

(a) 52,497,676

893,510

International

Small

Company

Fund

(a) 3,324,037

43,279

LargeCap

Growth

Fund

I

(a) 13,072,803

208,773

MidCap

Fund

(a),(b)

1,615,700

63,901

Real

Estate

Securities

Fund

(a) 3,653,512

113,332

SmallCap

Fund

(a) 4,422,508

151,825

SmallCap

S&P

600

Index

Fund

(a) 618,309

17,356

Small-MidCap

Dividend

Income

Fund

(a) 4,079,003

89,983

$

3,042,723

Principal

Funds,

Inc.

Institutional

Class

-

.79

%

Equity

Income

Fund

(a) 5,631,038

251,088

LargeCap

S&P

500

Index

Fund

(a) 27,452,956

938,892

LargeCap

Value

Fund

III

(a) 12,292,008

227,648

$

1,417,628

TOTAL

INVESTMENT

COMPANIES

$

4,460,351

Total

Investments

$

4,460,351

Other

Assets

and

Liabilities

- (0.01)%

(314)

TOTAL

NET

ASSETS

-

100.00%

$

4,460,037

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

363,957

$

42,242

$

156,489

$

192,430

Core

Fixed

Income

Fund

908,084

87,135

108,444

874,748

Equity

Income

Fund

377,218

25,461

163,380

251,088

Global

Emerging

Markets

Fund

195,662

56,349

32,434

245,571

High

Yield

Fund

154,516

14,025

18,500

148,015

International

Equity

Fund

929,677

63,424

139,700

893,510

International

Small

Company

Fund

47,233

2,888

8,799

43,279

LargeCap

Growth

Fund

I

389,820

34,352

166,300

208,773

LargeCap

S&P

500

Index

Fund

613,633

466,095

170,260

938,892

LargeCap

Value

Fund

III

338,933

47,088

134,490

227,648

MidCap

Fund

81,480

6,417

13,504

63,901

Real

Estate

Securities

Fund

92,749

22,447

12,385

113,332

SmallCap

Fund

157,433

9,407

25,837

151,825

SmallCap

S&P

600

Index

Fund

17,076

1,855

2,566

17,356

Small-MidCap

Dividend

Income

Fund

90,727

4,563

16,498

89,983

$

4,758,198

$

883,748

$

1,169,586

$

4,460,351

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

34,518

$

40,355

$

(91,798)

Core

Fixed

Income

Fund

16,224

(41)

—

(11,986)

Equity

Income

Fund

2,704

22,766

20,613

(10,977)

Global

Emerging

Markets

Fund

3,374

1,639

25,880

High

Yield

Fund

5,111

(54)

—

(1,972)

International

Equity

Fund

35,921

14,412

—

25,697

International

Small

Company

Fund

1,382

(152)

—

2,109

LargeCap

Growth

Fund

I

4,674

50,485

27,701

(99,584)

LargeCap

S&P

500

Index

Fund

10,054

(527)

19,923

29,951

LargeCap

Value

Fund

III

7,082

33,154

37,876

(57,037)

MidCap

Fund

—

1,658

4,458

(12,150)

Real

Estate

Securities

Fund

1,111

—

10,259

SmallCap

Fund

7,466

10,360

SmallCap

S&P

600

Index

Fund

548

1,179

969

Small-MidCap

Dividend

Income

Fund

942

900

1,322

10,291

$

89,605

$

157,979

$

162,532

$

(169,988)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2045

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.22

%

Blue

Chip

Fund

(a),(b)

1,922,132

$

79,192

Core

Fixed

Income

Fund

(a) 20,850,430

179,731

Global

Emerging

Markets

Fund

(a) 2,533,567

100,127

High

Yield

Fund

(a) 5,741,963

38,069

International

Equity

Fund

(a) 21,385,022

363,973

International

Small

Company

Fund

(a) 1,386,906

18,057

LargeCap

Growth

Fund

I

(a) 5,375,361

85,845

MidCap

Fund

(a),(b)

668,763

26,450

Real

Estate

Securities

Fund

(a) 1,317,533

40,870

SmallCap

Fund

(a) 1,798,294

61,735

SmallCap

S&P

600

Index

Fund

(a) 251,047

7,047

Small-MidCap

Dividend

Income

Fund

(a) 1,677,356

37,002

$

1,038,098

Principal

Funds,

Inc.

Institutional

Class

-

.78

%

Equity

Income

Fund

(a) 2,310,308

103,016

LargeCap

S&P

500

Index

Fund

(a) 11,164,436

381,824

LargeCap

Value

Fund

III

(a) 5,048,594

93,500

$

578,340

TOTAL

INVESTMENT

COMPANIES

$

1,616,438

Total

Investments

$

1,616,438

Other

Assets

and

Liabilities

- 0.00%

(70)

TOTAL

NET

ASSETS

-

100.00%

$

1,616,368

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

153,906

$

18,685

$

69,056

$

79,192

Core

Fixed

Income

Fund

192,444

22,008

32,191

179,731

Equity

Income

Fund

158,680

11,827

72,225

103,016

Global

Emerging

Markets

Fund

82,641

24,533

17,658

100,127

High

Yield

Fund

41,358

4,181

6,926

38,069

International

Equity

Fund

392,865

30,533

75,986

363,973

International

Small

Company

Fund

20,035

1,388

4,167

18,057

LargeCap

Growth

Fund

I

164,797

15,392

73,457

85,845

LargeCap

S&P

500

Index

Fund

259,925

200,131

89,593

381,824

LargeCap

Value

Fund

III

143,348

20,922

60,537

93,500

MidCap

Fund

34,514

2,992

6,627

26,450

Real

Estate

Securities

Fund

34,786

8,876

6,622

40,870

SmallCap

Fund

66,586

4,591

13,817

61,735

SmallCap

S&P

600

Index

Fund

7,204

845

1,398

7,047

Small-MidCap

Dividend

Income

Fund

38,365

2,287

8,281

37,002

$

1,791,454

$

369,191

$

538,541

$

1,616,438

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

14,005

$

17,022

$

(38,348)

Core

Fixed

Income

Fund

3,402

—

(2,547)

Equity

Income

Fund

1,136

6,355

8,697

(1,621)

Global

Emerging

Markets

Fund

1,422

690

10,515

High

Yield

Fund

1,353

(33)

—

(511)

International

Equity

Fund

15,143

8,336

—

8,225

International

Small

Company

Fund

584

(22)

—

823

LargeCap

Growth

Fund

I

1,968

4,430

11,665

(25,317)

LargeCap

S&P

500

Index

Fund

4,240

(430)

8,402

11,791

LargeCap

Value

Fund

III

2,982

4,057

15,946

(14,290)

MidCap

Fund

—

1,885

(4,922)

Real

Estate

Securities

Fund

—

3,791

SmallCap

Fund

3,147

4,030

SmallCap

S&P

600

Index

Fund

Small-MidCap

Dividend

Income

Fund

558

4,241

$

33,473

$

38,088

$

68,509

$

(43,754)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2050

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.91

%

Blue

Chip

Fund

(a),(b)

4,172,190

$

171,894

Core

Fixed

Income

Fund

(a) 16,845,966

145,212

Global

Emerging

Markets

Fund

(a) 5,493,472

217,102

High

Yield

Fund

(a) 6,076,052

40,284

International

Equity

Fund

(a) 46,474,783

791,001

International

Small

Company

Fund

(a) 3,011,508

39,210

LargeCap

Growth

Fund

I

(a) 11,665,459

186,297

MidCap

Fund

(a),(b)

1,450,286

57,359

Real

Estate

Securities

Fund

(a) 2,611,524

81,010

SmallCap

Fund

(a) 3,901,900

133,952

SmallCap

S&P

600

Index

Fund

(a) 543,145

15,246

Small-MidCap

Dividend

Income

Fund

(a) 3,640,370

80,307

$

1,958,874

Principal

Funds,

Inc.

Institutional

Class

-

.10

%

Equity

Income

Fund

(a) 5,013,474

223,551

LargeCap

S&P

500

Index

Fund

(a) 24,297,735

830,982

LargeCap

Value

Fund

III

(a) 10,956,678

202,918

$

1,257,451

TOTAL

INVESTMENT

COMPANIES

$

3,216,325

Total

Investments

$

3,216,325

Other

Assets

and

Liabilities

- (0.01)%

(229)

TOTAL

NET

ASSETS

-

100.00%

$

3,216,096

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

320,715

$

38,169

$

136,475

$

171,894

Core

Fixed

Income

Fund

141,608

24,070

18,510

145,212

Equity

Income

Fund

330,497

23,550

140,788

223,551

Global

Emerging

Markets

Fund

172,303

50,306

28,275

217,102

High

Yield

Fund

40,313

5,784

5,281

40,284

International

Equity

Fund

818,999

59,481

122,710

791,001

International

Small

Company

Fund

41,703

2,635

6,854

39,210

LargeCap

Growth

Fund

I

343,436

31,188

145,121

186,297

LargeCap

S&P

500

Index

Fund

542,143

412,476

149,420

830,982

LargeCap

Value

Fund

III

298,684

42,376

117,131

202,918

MidCap

Fund

71,852

5,888

11,147

57,359

Real

Estate

Securities

Fund

64,979

18,090

9,527

81,010

SmallCap

Fund

138,725

8,894

23,161

133,952

SmallCap

S&P

600

Index

Fund

15,023

1,686

2,328

15,246

Small-MidCap

Dividend

Income

Fund

79,985

4,307

13,821

80,307

$

3,420,965

$

728,900

$

930,549

$

3,216,325

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

28,826

$

35,618

$

(79,341)

Core

Fixed

Income

Fund

2,535

(2)

—

(1,954)

Equity

Income

Fund

2,379

14,233

18,191

(3,941)

Global

Emerging

Markets

Fund

2,967

1,441

22,664

High

Yield

Fund

1,335

(7)

—

(525)

International

Equity

Fund

31,608

11,850

—

23,381

International

Small

Company

Fund

1,220

(64)

—

1,790

LargeCap

Growth

Fund

I

4,114

15,793

24,382

(58,999)

LargeCap

S&P

500

Index

Fund

8,844

(629)

17,522

26,412

LargeCap

Value

Fund

III

6,234

14,986

33,337

(35,997)

MidCap

Fund

—

1,072

3,938

(10,306)

Real

Estate

Securities

Fund

780

—

7,316

SmallCap

Fund

6,571

9,147

SmallCap

S&P

600

Index

Fund

1,036

854

Small-MidCap

Dividend

Income

Fund

829

621

1,167

9,215

$

63,748

$

87,293

$

143,203

$

(90,284)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2055

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.75

%

Blue

Chip

Fund

(a),(b)

1,552,723

$

63,972

Core

Fixed

Income

Fund

(a) 2,862,750

24,677

Global

Emerging

Markets

Fund

(a) 2,014,332

79,606

High

Yield

Fund

(a) 1,227,512

8,139

International

Equity

Fund

(a) 17,099,908

291,041

International

Small

Company

Fund

(a) 1,122,362

14,613

LargeCap

Growth

Fund

I

(a) 4,336,060

69,247

MidCap

Fund

(a),(b)

538,259

21,288

Real

Estate

Securities

Fund

(a) 930,848

28,875

SmallCap

Fund

(a) 1,444,242

49,581

SmallCap

S&P

600

Index

Fund

(a) 197,123

5,533

Small-MidCap

Dividend

Income

Fund

(a) 1,341,584

29,595

$

686,167

Principal

Funds,

Inc.

Institutional

Class

-

.25

%

Equity

Income

Fund

(a) 1,858,393

82,866

LargeCap

S&P

500

Index

Fund

(a) 8,888,115

303,973

LargeCap

Value

Fund

III

(a) 4,067,482

75,330

$

462,169

TOTAL

INVESTMENT

COMPANIES

$

1,148,336

Total

Investments

$

1,148,336

Other

Assets

and

Liabilities

- 0.00%

(57)

TOTAL

NET

ASSETS

-

100.00%

$

1,148,279

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

116,857

$

15,296

$

49,614

$

63,972

Core

Fixed

Income

Fund

27,704

1,340

4,006

24,677

Equity

Income

Fund

119,801

10,215

50,889

82,866

Global

Emerging

Markets

Fund

62,667

19,846

11,157

79,606

High

Yield

Fund

8,992

573

1,307

8,139

International

Equity

Fund

298,095

27,376

47,054

291,041

International

Small

Company

Fund

15,268

1,167

2,444

14,613

LargeCap

Growth

Fund

I

125,087

12,891

52,782

69,247

LargeCap

S&P

500

Index

Fund

197,699

155,433

58,241

303,973

LargeCap

Value

Fund

III

108,859

17,061

42,809

75,330

MidCap

Fund

26,258

2,550

4,099

21,288

Real

Estate

Securities

Fund

23,408

6,636

3,830

28,875

SmallCap

Fund

50,573

4,147

8,568

49,581

SmallCap

S&P

600

Index

Fund

5,450

692

917

5,533

Small-MidCap

Dividend

Income

Fund

29,135

2,054

5,179

29,595

$

1,215,853

$

277,277

$

342,896

$

1,148,336

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

10,180

$

13,005

$

(28,747)

Core

Fixed

Income

Fund

—

(382)

Equity

Income

Fund

876

3,517

6,642

Global

Emerging

Markets

Fund

1,091

529

8,222

High

Yield

Fund

(14)

—

(105)

International

Equity

Fund

11,627

3,486

—

9,138

International

Small

Company

Fund

(1)

—

623

LargeCap

Growth

Fund

I

1,512

3,022

8,960

(18,971)

LargeCap

S&P

500

Index

Fund

3,249

(374)

6,436

9,456

LargeCap

Value

Fund

III

2,291

2,298

12,251

(10,079)

MidCap

Fund

—

1,444

(3,447)

Real

Estate

Securities

Fund

—

2,648

SmallCap

Fund

2,418

3,375

SmallCap

S&P

600

Index

Fund

Small-MidCap

Dividend

Income

Fund

3,402

$

22,813

$

22,443

$

52,490

$

(24,341)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2060

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.76

%

Blue

Chip

Fund

(a),(b)

1,569,936

$

64,681

Core

Fixed

Income

Fund

(a) 2,903,647

25,030

Global

Emerging

Markets

Fund

(a) 2,036,085

80,466

High

Yield

Fund

(a) 1,245,476

8,258

International

Equity

Fund

(a) 17,287,898

294,240

International

Small

Company

Fund

(a) 1,134,802

14,775

LargeCap

Growth

Fund

I

(a) 4,384,235

70,016

MidCap

Fund

(a),(b)

544,497

21,535

Real

Estate

Securities

Fund

(a) 941,148

29,194

SmallCap

Fund

(a) 1,461,449

50,172

SmallCap

S&P

600

Index

Fund

(a) 197,713

5,550

Small-MidCap

Dividend

Income

Fund

(a) 1,355,409

29,900

$

693,817

Principal

Funds,

Inc.

Institutional

Class

-

.24

%

Equity

Income

Fund

(a) 1,878,909

83,780

LargeCap

S&P

500

Index

Fund

(a) 8,986,635

307,343

LargeCap

Value

Fund

III

(a) 4,112,341

76,161

$

467,284

TOTAL

INVESTMENT

COMPANIES

$

1,161,101

Total

Investments

$

1,161,101

Other

Assets

and

Liabilities

- 0.00%

(37)

TOTAL

NET

ASSETS

-

100.00%

$

1,161,064

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

114,828

$

15,814

$

47,725

$

64,681

Core

Fixed

Income

Fund

27,244

1,557

3,410

25,030

Equity

Income

Fund

117,712

10,820

48,546

83,780

Global

Emerging

Markets

Fund

61,543

20,078

9,466

80,466

High

Yield

Fund

8,842

642

1,108

8,258

International

Equity

Fund

292,813

29,012

40,230

294,240

International

Small

Company

Fund

15,026

1,199

2,087

14,775

LargeCap

Growth

Fund

I

122,900

13,434

50,711

70,016

LargeCap

S&P

500

Index

Fund

194,130

154,597

50,962

307,343

LargeCap

Value

Fund

III

106,979

17,569

40,798

76,161

MidCap

Fund

25,818

2,668

3,573

21,535

Real

Estate

Securities

Fund

23,169

6,565

3,219

29,194

SmallCap

Fund

49,706

4,447

7,465

50,172

SmallCap

S&P

600

Index

Fund

5,348

689

799

5,550

Small-MidCap

Dividend

Income

Fund

28,632

2,175

4,489

29,900

$

1,194,690

$

281,266

$

314,588

$

1,161,101

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

9,697

$

12,878

$

(27,933)

Core

Fixed

Income

Fund

—

(374)

Equity

Income

Fund

867

3,039

6,574

755

Global

Emerging

Markets

Fund

1,074

521

8,284

High

Yield

Fund

(9)

—

(109)

International

Equity

Fund

11,458

2,051

—

10,594

International

Small

Company

Fund

—

—

637

LargeCap

Growth

Fund

I

1,495

2,691

8,860

(18,298)

LargeCap

S&P

500

Index

Fund

3,202

(256)

6,342

9,834

LargeCap

Value

Fund

III

2,266

2,030

12,117

(9,619)

MidCap

Fund

—

1,432

(3,414)

Real

Estate

Securities

Fund

—

2,675

SmallCap

Fund

2,392

3,438

SmallCap

S&P

600

Index

Fund

Small-MidCap

Dividend

Income

Fund

3,437

$

22,512

$

19,516

$

51,909

$

(19,783)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2065

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.76

%

Blue

Chip

Fund

(a),(b)

387,587

$

15,968

Core

Fixed

Income

Fund

(a) 716,686

6,178

Global

Emerging

Markets

Fund

(a) 502,217

19,848

High

Yield

Fund

(a) 307,395

2,038

International

Equity

Fund

(a) 4,266,792

72,622

International

Small

Company

Fund

(a) 280,064

3,646

LargeCap

Growth

Fund

I

(a) 1,082,483

17,287

MidCap

Fund

(a),(b)

134,394

5,315

Real

Estate

Securities

Fund

(a) 232,100

7,200

SmallCap

Fund

(a) 360,810

12,387

SmallCap

S&P

600

Index

Fund

(a) 48,768

1,369

Small-MidCap

Dividend

Income

Fund

(a) 334,643

7,382

$

171,240

Principal

Funds,

Inc.

Institutional

Class

-

.25

%

Equity

Income

Fund

(a) 463,769

20,680

LargeCap

S&P

500

Index

Fund

(a) 2,218,397

75,869

LargeCap

Value

Fund

III

(a) 1,015,032

18,798

$

115,347

TOTAL

INVESTMENT

COMPANIES

$

286,587

Total

Investments

$

286,587

Other

Assets

and

Liabilities

- (0.01)%

(24)

TOTAL

NET

ASSETS

-

100.00%

$

286,563

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

27,296

$

5,036

$

11,933

$

15,968

Core

Fixed

Income

Fund

6,502

826

1,058

6,178

Equity

Income

Fund

27,979

4,036

12,263

20,680

Global

Emerging

Markets

Fund

14,576

6,084

2,825

19,848

High

Yield

Fund

2,110

2,038

International

Equity

Fund

69,442

11,927

11,734

72,622

International

Small

Company

Fund

3,606

563

676

3,646

LargeCap

Growth

Fund

I

29,196

4,551

12,651

17,287

LargeCap

S&P

500

Index

Fund

45,934

41,549

13,893

75,869

LargeCap

Value

Fund

III

25,447

5,594

10,399

18,798

MidCap

Fund

6,163

999

1,009

5,315

Real

Estate

Securities

Fund

5,605

2,030

1,089

7,200

SmallCap

Fund

11,833

1,896

2,189

12,387

SmallCap

S&P

600

Index

Fund

1,259

1,369

Small-MidCap

Dividend

Income

Fund

6,812

984

1,287

7,382

$

283,760

$

86,636

$

83,576

$

286,587

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

1,090

$

3,102

$

(5,521)

Core

Fixed

Income

Fund

(1)

—

(91)

Equity

Income

Fund

1,582

Global

Emerging

Markets

Fund

2,012

High

Yield

Fund

(1)

—

(29)

International

Equity

Fund

2,768

(28)

—

3,015

International

Small

Company

Fund

—

—

LargeCap

Growth

Fund

I

(88)

2,148

(3,721)

LargeCap

S&P

500

Index

Fund

770

(80)

1,525

2,359

LargeCap

Value

Fund

III

550

2,939

(2,071)

MidCap

Fund

—

—

(838)

Real

Estate

Securities

Fund

—

—

654

SmallCap

Fund

581

845

SmallCap

S&P

600

Index

Fund

—

Small-MidCap

Dividend

Income

Fund

849

$

5,451

$

1,615

$

12,539

$

(1,848)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2070

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.00

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.74

%

Blue

Chip

Fund

(a),(b)

148,740

$

6,128

Core

Fixed

Income

Fund

(a) 274,954

2,370

Global

Emerging

Markets

Fund

(a) 192,335

7,601

High

Yield

Fund

(a) 117,921

782

International

Equity

Fund

(a) 1,636,165

27,848

International

Small

Company

Fund

(a) 107,416

1,399

LargeCap

Growth

Fund

I

(a) 415,372

6,633

MidCap

Fund

(a),(b)

51,536

2,038

Real

Estate

Securities

Fund

(a) 88,925

2,758

SmallCap

Fund

(a) 138,442

4,753

SmallCap

S&P

600

Index

Fund

(a) 18,689

525

Small-MidCap

Dividend

Income

Fund

(a) 128,400

2,832

$

65,667

Principal

Funds,

Inc.

Institutional

Class

-

.26

%

Equity

Income

Fund

(a) 177,877

7,932

LargeCap

S&P

500

Index

Fund

(a) 851,032

29,105

LargeCap

Value

Fund

III

(a) 389,326

7,210

$

44,247

TOTAL

INVESTMENT

COMPANIES

$

109,914

Total

Investments

$

109,914

Other

Assets

and

Liabilities

- 0.00%

TOTAL

NET

ASSETS

-

100.00%

$

109,916

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

8,908

$

2,566

$

3,910

$

6,128

Core

Fixed

Income

Fund

2,151

604

2,370

Equity

Income

Fund

9,122

2,385

3,928

7,932

Global

Emerging

Markets

Fund

4,693

2,908

727

7,601

High

Yield

Fund

697

782

International

Equity

Fund

22,469

7,470

3,092

27,848

International

Small

Company

Fund

1,218

1,399

LargeCap

Growth

Fund

I

9,505

2,441

4,102

6,633

LargeCap

S&P

500

Index

Fund

14,745

16,778

3,410

29,105

LargeCap

Value

Fund

III

8,324

2,836

3,376

7,210

MidCap

Fund

2,040

633

2,038

Real

Estate

Securities

Fund

1,890

1,007

2,758

SmallCap

Fund

3,882

1,225

676

4,753

SmallCap

S&P

600

Index

Fund

525

Small-MidCap

Dividend

Income

Fund

2,233

676

2,832

$

92,273

$

42,295

$

25,131

$

109,914

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

$

1,039

$

(1,514)

Core

Fixed

Income

Fund

—

—

(33)

Equity

Income

Fund

528

Global

Emerging

Markets

Fund

—

727

High

Yield

Fund

—

—

(10)

International

Equity

Fund

908

(1)

—

1,002

International

Small

Company

Fund

—

LargeCap

Growth

Fund

I

(30)

715

(1,181)

LargeCap

S&P

500

Index

Fund

(3)

995

LargeCap

Value

Fund

III

980

(630)

MidCap

Fund

—

—

(288)

Real

Estate

Securities

Fund

—

—

SmallCap

Fund

SmallCap

S&P

600

Index

Fund

—

Small-MidCap

Dividend

Income

Fund

$

1,803

$

$

4,173

$

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2015

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.69

%

Diversified

Real

Asset

Fund

(a) 270,914

$

3,790

Global

Emerging

Markets

Fund

(a) 335,954

13,277

High

Yield

Fund

(a) 5,087,478

33,730

International

Equity

Fund

(a) 2,855,843

48,606

International

Small

Company

Fund

(a) 187,540

2,442

MidCap

S&P

Index

Fund

(a) 377,431

9,006

Real

Estate

Securities

Fund

(a) 314,080

9,743

SmallCap

S&P

600

Index

Fund

(a) 333,256

9,354

$

129,948

Principal

Funds,

Inc.

Institutional

Class

-

.32

%

Bond

Market

Index

Fund

(a) 20,964,016

179,243

Inflation

Protection

Fund

(a) 3,850,175

29,993

LargeCap

S&P

500

Index

Fund

(a) 2,921,527

99,916

Short-Term

Income

Fund

(a) 7,211,013

87,253

$

396,405

TOTAL

INVESTMENT

COMPANIES

$

526,353

Total

Investments

$

526,353

Other

Assets

and

Liabilities

- (0.01)%

(77)

TOTAL

NET

ASSETS

-

100.00%

$

526,276

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

163,868

$

27,238

$

6,044

$

179,243

Diversified

Real

Asset

Fund

2,015

1,476

3,790

Global

Emerging

Markets

Fund

8,692

4,007

765

13,277

High

Yield

Fund

30,350

4,951

1,124

33,730

Inflation

Protection

Fund

27,125

4,812

1,017

29,993

International

Equity

Fund

41,461

8,273

2,982

48,606

International

Small

Company

Fund

2,191

2,442

LargeCap

S&P

500

Index

Fund

94,157

13,059

10,187

99,916

MidCap

S&P

Index

Fund

7,885

1,723

947

9,006

Real

Estate

Securities

Fund

7,885

1,253

9,743

Short-Term

Income

Fund

78,928

11,620

2,926

87,253

SmallCap

S&P

600

Index

Fund

7,690

1,839

730

9,354

$

472,247

$

80,667

$

27,403

$

526,353

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

6,615

$

—

$

—

$

(5,819)

Diversified

Real

Asset

Fund

—

—

Global

Emerging

Markets

Fund

1,340

High

Yield

Fund

1,114

—

—

(447)

Inflation

Protection

Fund

1,279

—

—

(927)

International

Equity

Fund

1,689

(2)

—

1,856

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

950

1,882

2,836

MidCap

S&P

Index

Fund

—

535

Real

Estate

Securities

Fund

—

—

919

Short-Term

Income

Fund

1,635

—

—

(369)

SmallCap

S&P

600

Index

Fund

559

554

$

14,091

$

$

3,052

$

789

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2020

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.52

%

Diversified

Real

Asset

Fund

(a) 341,784

$

4,782

Global

Emerging

Markets

Fund

(a) 495,303

19,574

High

Yield

Fund

(a) 5,986,617

39,691

International

Equity

Fund

(a) 4,184,353

71,218

International

Small

Company

Fund

(a) 266,087

3,465

MidCap

S&P

Index

Fund

(a) 546,485

13,039

Real

Estate

Securities

Fund

(a) 398,901

12,374

SmallCap

S&P

600

Index

Fund

(a) 483,129

13,561

$

177,704

Principal

Funds,

Inc.

Institutional

Class

-

.49

%

Bond

Market

Index

Fund

(a) 25,455,924

217,648

Inflation

Protection

Fund

(a) 4,506,309

35,104

LargeCap

S&P

500

Index

Fund

(a) 4,254,697

145,511

Short-Term

Income

Fund

(a) 7,788,093

94,236

$

492,499

TOTAL

INVESTMENT

COMPANIES

$

670,203

Total

Investments

$

670,203

Other

Assets

and

Liabilities

- (0.01)%

(48)

TOTAL

NET

ASSETS

-

100.00%

$

670,155

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

199,302

$

30,872

$

5,785

$

217,648

Diversified

Real

Asset

Fund

2,491

1,894

4,782

Global

Emerging

Markets

Fund

13,164

5,603

1,157

19,574

High

Yield

Fund

35,552

5,653

1,036

39,691

Inflation

Protection

Fund

31,668

5,403

944

35,104

International

Equity

Fund

62,561

10,929

5,060

71,218

International

Small

Company

Fund

3,184

532

3,465

LargeCap

S&P

500

Index

Fund

141,671

16,506

17,060

145,511

MidCap

S&P

Index

Fund

11,725

2,148

1,350

13,039

Real

Estate

Securities

Fund

9,669

1,890

12,374

Short-Term

Income

Fund

83,680

13,357

2,441

94,236

SmallCap

S&P

600

Index

Fund

11,549

2,526

1,341

13,561

$

606,216

$

97,313

$

36,945

$

670,203

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

7,670

$

(1)

$

—

$

(6,740)

Diversified

Real

Asset

Fund

—

—

Global

Emerging

Markets

Fund

1,959

High

Yield

Fund

1,238

—

—

(478)

Inflation

Protection

Fund

1,412

—

—

(1,023)

International

Equity

Fund

2,441

—

2,732

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

1,367

916

2,709

3,478

MidCap

S&P

Index

Fund

752

Real

Estate

Securities

Fund

—

—

1,114

Short-Term

Income

Fund

1,646

—

—

(360)

SmallCap

S&P

600

Index

Fund

802

807

$

16,885

$

1,028

$

4,374

$

2,591

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2025

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.89

%

Diversified

Real

Asset

Fund

(a) 626,872

$

8,770

Global

Emerging

Markets

Fund

(a) 1,062,628

41,995

High

Yield

Fund

(a) 9,672,288

64,127

International

Equity

Fund

(a) 8,988,381

152,982

International

Small

Company

Fund

(a) 574,214

7,476

MidCap

S&P

Index

Fund

(a) 1,176,040

28,060

Real

Estate

Securities

Fund

(a) 730,386

22,657

SmallCap

S&P

600

Index

Fund

(a) 1,050,141

29,478

$

355,545

Principal

Funds,

Inc.

Institutional

Class

-

.12

%

Bond

Market

Index

Fund

(a) 44,724,985

382,399

Inflation

Protection

Fund

(a) 7,292,200

56,806

LargeCap

S&P

500

Index

Fund

(a) 9,156,943

313,168

Short-Term

Income

Fund

(a) 10,171,837

123,079

$

875,452

TOTAL

INVESTMENT

COMPANIES

$

1,230,997

Total

Investments

$

1,230,997

Other

Assets

and

Liabilities

- (0.01)%

(97)

TOTAL

NET

ASSETS

-

100.00%

$

1,230,900

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

356,835

$

47,136

$

9,452

$

382,399

Diversified

Real

Asset

Fund

4,698

3,320

8,770

Global

Emerging

Markets

Fund

28,495

11,433

2,185

41,995

High

Yield

Fund

58,251

8,235

1,551

64,127

Inflation

Protection

Fund

51,961

7,965

1,434

56,806

International

Equity

Fund

135,720

20,764

9,510

152,982

International

Small

Company

Fund

7,048

886

761

7,476

LargeCap

S&P

500

Index

Fund

307,790

29,846

33,714

313,168

MidCap

S&P

Index

Fund

25,649

4,151

2,843

28,060

Real

Estate

Securities

Fund

18,079

3,022

526

22,657

Short-Term

Income

Fund

109,215

17,267

2,920

123,079

SmallCap

S&P

600

Index

Fund

25,148

4,866

2,314

29,478

$

1,128,889

$

158,891

$

67,360

$

1,230,997

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

13,804

$

—

$

—

$

(12,120)

Diversified

Real

Asset

Fund

—

—

902

Global

Emerging

Markets

Fund

4,241

High

Yield

Fund

2,045

—

—

(808)

Inflation

Protection

Fund

2,328

—

—

(1,686)

International

Equity

Fund

5,319

—

5,968

International

Small

Company

Fund

(1)

—

LargeCap

S&P

500

Index

Fund

2,985

961

5,912

8,285

MidCap

S&P

Index

Fund

545

1,653

1,048

Real

Estate

Securities

Fund

—

—

2,082

Short-Term

Income

Fund

2,167

—

—

(483)

SmallCap

S&P

600

Index

Fund

816

1,755

1,766

$

31,034

$

1,078

$

9,562

$

9,499

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2030

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.15

%

Diversified

Real

Asset

Fund

(a) 831,764

$

11,636

Global

Emerging

Markets

Fund

(a) 1,674,827

66,189

High

Yield

Fund

(a) 11,377,672

75,434

International

Equity

Fund

(a) 14,219,238

242,012

International

Small

Company

Fund

(a) 915,521

11,920

MidCap

S&P

Index

Fund

(a) 1,852,950

44,211

Real

Estate

Securities

Fund

(a) 969,149

30,063

SmallCap

S&P

600

Index

Fund

(a) 1,651,969

46,371

$

527,836

Principal

Funds,

Inc.

Institutional

Class

-

.86

%

Bond

Market

Index

Fund

(a) 54,112,864

462,665

Inflation

Protection

Fund

(a) 8,187,984

63,785

LargeCap

S&P

500

Index

Fund

(a) 14,483,761

495,345

Short-Term

Income

Fund

(a) 7,639,701

92,440

$

1,114,235

TOTAL

INVESTMENT

COMPANIES

$

1,642,071

Total

Investments

$

1,642,071

Other

Assets

and

Liabilities

- (0.01)%

(164)

TOTAL

NET

ASSETS

-

100.00%

$

1,641,907

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

397,206

$

81,128

$

1,721

$

462,665

Diversified

Real

Asset

Fund

6,475

3,947

11,636

Global

Emerging

Markets

Fund

41,613

20,240

2,232

66,189

High

Yield

Fund

63,741

12,898

75,434

Inflation

Protection

Fund

53,425

12,365

63,785

International

Equity

Fund

198,358

43,390

8,722

242,012

International

Small

Company

Fund

10,361

1,975

889

11,920

LargeCap

S&P

500

Index

Fund

450,007

69,388

39,104

495,345

MidCap

S&P

Index

Fund

37,573

8,624

3,724

44,211

Real

Estate

Securities

Fund

23,025

4,402

30,063

Short-Term

Income

Fund

72,744

20,366

92,440

SmallCap

S&P

600

Index

Fund

36,818

9,417

2,657

46,371

$

1,391,346

$

288,140

$

60,012

$

1,642,071

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

15,788

$

—

$

—

$

(13,948)

Diversified

Real

Asset

Fund

—

—

1,244

Global

Emerging

Markets

Fund

746

6,555

High

Yield

Fund

2,336

—

—

(928)

Inflation

Protection

Fund

2,477

—

—

(1,770)

International

Equity

Fund

7,975

(4)

—

8,990

International

Small

Company

Fund

—

LargeCap

S&P

500

Index

Fund

4,475

8,858

14,907

MidCap

S&P

Index

Fund

825

2,502

1,733

Real

Estate

Securities

Fund

—

—

2,741

Short-Term

Income

Fund

1,512

—

—

(354)

SmallCap

S&P

600

Index

Fund

1,228

2,641

2,792

$

38,117

$

$

14,361

$

22,434

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2035

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.75

%

Global

Emerging

Markets

Fund

(a) 1,366,005

$

53,985

High

Yield

Fund

(a) 7,432,616

49,278

International

Equity

Fund

(a) 11,601,050

197,450

International

Small

Company

Fund

(a) 748,856

9,750

MidCap

S&P

Index

Fund

(a) 1,526,545

36,423

Real

Estate

Securities

Fund

(a) 950,048

29,471

SmallCap

S&P

600

Index

Fund

(a) 1,358,851

38,143

$

414,500

Principal

Funds,

Inc.

Institutional

Class

-

.26

%

Bond

Market

Index

Fund

(a) 39,823,258

340,489

LargeCap

S&P

500

Index

Fund

(a) 11,831,161

404,625

$

745,114

TOTAL

INVESTMENT

COMPANIES

$

1,159,614

Total

Investments

$

1,159,614

Other

Assets

and

Liabilities

- (0.01)%

(89)

TOTAL

NET

ASSETS

-

100.00%

$

1,159,525

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

280,906

$

72,350

$

2,781

$

340,489

Global

Emerging

Markets

Fund

33,116

17,296

1,747

53,985

High

Yield

Fund

40,940

9,343

49,278

International

Equity

Fund

157,856

39,354

6,984

197,450

International

Small

Company

Fund

8,257

1,906

800

9,750

LargeCap

S&P

500

Index

Fund

358,105

65,108

31,028

404,625

MidCap

S&P

Index

Fund

29,901

7,871

2,774

36,423

Real

Estate

Securities

Fund

19,517

7,549

29,471

SmallCap

S&P

600

Index

Fund

29,290

8,414

1,846

38,143

$

957,888

$

229,191

$

48,574

$

1,159,614

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

11,286

$

—

$

—

$

(9,986)

Global

Emerging

Markets

Fund

597

5,313

High

Yield

Fund

1,518

—

—

(600)

International

Equity

Fund

6,394

—

—

7,224

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

3,596

7,123

12,402

MidCap

S&P

Index

Fund

664

2,017

1,423

Real

Estate

Securities

Fund

—

—

2,614

SmallCap

S&P

600

Index

Fund

988

2,125

2,284

$

25,566

$

$

11,554

$

21,061

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2040

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.67

%

Global

Emerging

Markets

Fund

(a) 1,980,337

$

78,263

High

Yield

Fund

(a) 7,146,251

47,380

International

Equity

Fund

(a) 16,759,059

285,239

International

Small

Company

Fund

(a) 1,061,928

13,826

MidCap

S&P

Index

Fund

(a) 2,185,362

52,143

Real

Estate

Securities

Fund

(a) 1,166,954

36,199

SmallCap

S&P

600

Index

Fund

(a) 1,956,092

54,907

$

567,957

Principal

Funds,

Inc.

Institutional

Class

-

.34

%

Bond

Market

Index

Fund

(a) 32,803,568

280,471

LargeCap

S&P

500

Index

Fund

(a) 17,055,624

583,302

$

863,773

TOTAL

INVESTMENT

COMPANIES

$

1,431,730

Total

Investments

$

1,431,730

Other

Assets

and

Liabilities

- (0.01)%

(143)

TOTAL

NET

ASSETS

-

100.00%

$

1,431,587

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

226,858

$

63,029

$

1,298

$

280,471

Global

Emerging

Markets

Fund

48,476

24,069

1,961

78,263

High

Yield

Fund

38,563

9,608

47,380

International

Equity

Fund

231,051

52,339

8,680

285,239

International

Small

Company

Fund

12,046

2,565

1,350

13,826

LargeCap

S&P

500

Index

Fund

523,988

84,821

43,018

583,302

MidCap

S&P

Index

Fund

43,712

10,650

4,244

52,143

Real

Estate

Securities

Fund

23,929

9,214

36,199

SmallCap

S&P

600

Index

Fund

42,833

11,361

2,549

54,907

$

1,191,456

$

267,656

$

63,465

$

1,431,730

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

9,120

$

—

$

—

$

(8,118)

Global

Emerging

Markets

Fund

875

7,673

High

Yield

Fund

1,430

—

—

(570)

International

Equity

Fund

9,372

(3)

—

10,532

International

Small

Company

Fund

—

563

LargeCap

S&P

500

Index

Fund

5,261

10,425

17,450

MidCap

S&P

Index

Fund

974

(3)

2,957

2,028

Real

Estate

Securities

Fund

—

—

3,200

SmallCap

S&P

600

Index

Fund

1,446

—

3,110

3,262

$

29,185

$

$

16,915

$

36,020

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2045

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.97

%

Global

Emerging

Markets

Fund

(a) 1,161,910

$

45,919

High

Yield

Fund

(a) 2,642,885

17,522

International

Equity

Fund

(a) 9,816,690

167,080

International

Small

Company

Fund

(a) 636,846

8,292

MidCap

S&P

Index

Fund

(a) 1,294,047

30,876

Real

Estate

Securities

Fund

(a) 605,869

18,794

SmallCap

S&P

600

Index

Fund

(a) 1,143,102

32,087

$

320,570

Principal

Funds,

Inc.

Institutional

Class

-

.04

%

Bond

Market

Index

Fund

(a) 9,691,625

82,863

LargeCap

S&P

500

Index

Fund

(a) 10,020,438

342,699

$

425,562

TOTAL

INVESTMENT

COMPANIES

$

746,132

Total

Investments

$

746,132

Other

Assets

and

Liabilities

- (0.01)%

(54)

TOTAL

NET

ASSETS

-

100.00%

$

746,078

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

68,763

$

17,416

$

902

$

82,863

Global

Emerging

Markets

Fund

29,403

12,989

1,003

45,919

High

Yield

Fund

14,762

3,168

17,522

International

Equity

Fund

139,977

25,800

4,992

167,080

International

Small

Company

Fund

7,214

1,156

8,292

LargeCap

S&P

500

Index

Fund

317,091

39,966

24,338

342,699

MidCap

S&P

Index

Fund

26,361

5,234

1,909

30,876

Real

Estate

Securities

Fund

12,504

4,802

18,794

SmallCap

S&P

600

Index

Fund

25,894

5,858

1,569

32,087

$

641,969

$

116,389

$

35,489

$

746,132

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

2,721

$

—

$

—

$

(2,414)

Global

Emerging

Markets

Fund

525

4,529

High

Yield

Fund

536

—

—

(214)

International

Equity

Fund

5,613

(3)

—

6,298

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

3,138

(25)

6,215

10,005

MidCap

S&P

Index

Fund

575

1,746

1,189

Real

Estate

Securities

Fund

—

—

1,669

SmallCap

S&P

600

Index

Fund

859

—

1,848

1,904

$

14,357

$

(26)

$

10,063

$

23,289

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2050

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.34

%

Global

Emerging

Markets

Fund

(a) 1,185,688

$

46,859

High

Yield

Fund

(a) 1,304,085

8,646

International

Equity

Fund

(a) 10,041,957

170,914

International

Small

Company

Fund

(a) 650,866

8,474

MidCap

S&P

Index

Fund

(a) 1,321,416

31,529

Real

Estate

Securities

Fund

(a) 564,507

17,511

SmallCap

S&P

600

Index

Fund

(a) 1,167,269

32,765

$

316,698

Principal

Funds,

Inc.

Institutional

Class

-

.67

%

Bond

Market

Index

Fund

(a) 3,650,582

31,213

LargeCap

S&P

500

Index

Fund

(a) 10,251,151

350,589

$

381,802

TOTAL

INVESTMENT

COMPANIES

$

698,500

Total

Investments

$

698,500

Other

Assets

and

Liabilities

- (0.01)%

(62)

TOTAL

NET

ASSETS

-

100.00%

$

698,438

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

25,080

$

7,241

$

$

31,213

Global

Emerging

Markets

Fund

30,358

12,519

654

46,859

High

Yield

Fund

7,131

1,681

8,646

International

Equity

Fund

144,487

23,148

3,236

170,914

International

Small

Company

Fund

7,428

1,009

8,474

LargeCap

S&P

500

Index

Fund

327,212

34,176

21,019

350,589

MidCap

S&P

Index

Fund

27,176

4,735

1,592

31,529

Real

Estate

Securities

Fund

11,711

4,354

17,511

SmallCap

S&P

600

Index

Fund

26,711

5,421

1,307

32,765

$

607,294

$

94,284

$

28,497

$

698,500

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

991

$

—

$

—

$

(888)

Global

Emerging

Markets

Fund

539

4,634

High

Yield

Fund

—

—

(103)

International

Equity

Fund

5,759

(2)

—

6,517

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

3,229

6,398

10,214

MidCap

S&P

Index

Fund

591

—

1,794

1,210

Real

Estate

Securities

Fund

—

—

1,555

SmallCap

S&P

600

Index

Fund

884

—

1,902

1,940

$

12,631

$

$

10,355

$

25,413

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2055

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.09

%

Global

Emerging

Markets

Fund

(a) 797,075

$

31,501

High

Yield

Fund

(a) 486,134

3,223

International

Equity

Fund

(a) 6,773,080

115,278

International

Small

Company

Fund

(a) 444,697

5,790

MidCap

S&P

Index

Fund

(a) 894,810

21,350

Real

Estate

Securities

Fund

(a) 369,048

11,448

SmallCap

S&P

600

Index

Fund

(a) 790,108

22,178

$

210,768

Principal

Funds,

Inc.

Institutional

Class

-

.92

%

Bond

Market

Index

Fund

(a) 1,145,123

9,791

LargeCap

S&P

500

Index

Fund

(a) 6,924,866

236,829

$

246,620

TOTAL

INVESTMENT

COMPANIES

$

457,388

Total

Investments

$

457,388

Other

Assets

and

Liabilities

- (0.01)%

(64)

TOTAL

NET

ASSETS

-

100.00%

$

457,324

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

8,882

$

1,357

$

$

9,791

Global

Emerging

Markets

Fund

19,939

8,927

31,501

High

Yield

Fund

2,879

3,223

International

Equity

Fund

94,971

17,928

1,916

115,278

International

Small

Company

Fund

4,914

815

5,790

LargeCap

S&P

500

Index

Fund

215,145

27,943

13,194

236,829

MidCap

S&P

Index

Fund

17,909

3,646

1,018

21,350

Real

Estate

Securities

Fund

7,552

2,998

11,448

SmallCap

S&P

600

Index

Fund

17,582

4,047

755

22,178

$

389,773

$

68,091

$

17,797

$

457,388

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

(311)

Global

Emerging

Markets

Fund

3,085

High

Yield

Fund

—

—

(41)

International

Equity

Fund

3,803

—

—

4,295

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

2,133

(15)

4,226

6,950

MidCap

S&P

Index

Fund

—

1,189

813

Real

Estate

Securities

Fund

—

—

1,016

SmallCap

S&P

600

Index

Fund

585

—

1,258

1,304

$

7,979

$

(14)

$

6,845

$

17,335

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2060

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.08

%

Global

Emerging

Markets

Fund

(a) 455,512

$

18,002

High

Yield

Fund

(a) 279,989

1,857

International

Equity

Fund

(a) 3,872,393

65,908

International

Small

Company

Fund

(a) 254,255

3,311

MidCap

S&P

Index

Fund

(a) 511,735

12,210

Real

Estate

Securities

Fund

(a) 211,031

6,546

SmallCap

S&P

600

Index

Fund

(a) 451,888

12,684

$

120,518

Principal

Funds,

Inc.

Institutional

Class

-

.93

%

Bond

Market

Index

Fund

(a) 659,495

5,639

LargeCap

S&P

500

Index

Fund

(a) 3,959,840

135,425

$

141,064

TOTAL

INVESTMENT

COMPANIES

$

261,582

Total

Investments

$

261,582

Other

Assets

and

Liabilities

- (0.01)%

(39)

TOTAL

NET

ASSETS

-

100.00%

$

261,543

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

5,043

$

826

$

$

5,639

Global

Emerging

Markets

Fund

11,268

5,159

18,002

High

Yield

Fund

1,634

1,857

International

Equity

Fund

53,717

10,542

786

65,908

International

Small

Company

Fund

2,797

507

3,311

LargeCap

S&P

500

Index

Fund

121,743

16,529

6,847

135,425

MidCap

S&P

Index

Fund

10,157

2,174

583

12,210

Real

Estate

Securities

Fund

4,351

1,659

6,546

SmallCap

S&P

600

Index

Fund

9,959

2,350

12,684

$

220,669

$

40,008

$

9,002

$

261,582

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

(180)

Global

Emerging

Markets

Fund

—

1,761

High

Yield

Fund

—

—

(24)

International

Equity

Fund

2,166

—

2,434

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

1,217

(3)

2,409

4,003

MidCap

S&P

Index

Fund

—

682

Real

Estate

Securities

Fund

—

—

581

SmallCap

S&P

600

Index

Fund

—

719

743

$

4,554

$

(2)

$

3,908

$

9,909

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2065

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.08

%

Global

Emerging

Markets

Fund

(a) 178,608

$

7,058

High

Yield

Fund

(a) 109,751

728

International

Equity

Fund

(a) 1,518,210

25,840

International

Small

Company

Fund

(a) 99,697

1,298

MidCap

S&P

Index

Fund

(a) 200,627

4,787

Real

Estate

Securities

Fund

(a) 82,589

2,562

SmallCap

S&P

600

Index

Fund

(a) 177,157

4,973

$

47,246

Principal

Funds,

Inc.

Institutional

Class

-

.94

%

Bond

Market

Index

Fund

(a) 258,550

2,210

LargeCap

S&P

500

Index

Fund

(a) 1,552,389

53,093

$

55,303

TOTAL

INVESTMENT

COMPANIES

$

102,549

Total

Investments

$

102,549

Other

Assets

and

Liabilities

- (0.02)%

(21)

TOTAL

NET

ASSETS

-

100.00%

$

102,528

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

1,882

$

$

$

2,210

Global

Emerging

Markets

Fund

4,166

2,324

7,058

High

Yield

Fund

610

728

International

Equity

Fund

19,893

5,559

526

25,840

International

Small

Company

Fund

1,053

1,298

LargeCap

S&P

500

Index

Fund

45,144

9,437

3,126

53,093

MidCap

S&P

Index

Fund

3,786

1,125

4,787

Real

Estate

Securities

Fund

1,627

766

2,562

SmallCap

S&P

600

Index

Fund

3,701

1,169

4,973

$

81,862

$

21,277

$

4,502

$

102,549

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

(67)

Global

Emerging

Markets

Fund

—

678

High

Yield

Fund

—

—

(9)

International

Equity

Fund

805

—

—

914

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

—

894

1,638

MidCap

S&P

Index

Fund

—

Real

Estate

Securities

Fund

—

—

SmallCap

S&P

600

Index

Fund

—

$

1,695

$

—

$

1,452

$

3,912

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2070

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.91

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.04

%

Global

Emerging

Markets

Fund

(a) 30,110

$

1,190

High

Yield

Fund

(a) 18,520

International

Equity

Fund

(a) 255,939

4,356

International

Small

Company

Fund

(a) 16,808

MidCap

S&P

Index

Fund

(a) 33,843

808

Real

Estate

Securities

Fund

(a) 13,939

SmallCap

S&P

600

Index

Fund

(a) 29,858

838

$

7,966

Principal

Funds,

Inc.

Institutional

Class

-

.87

%

Bond

Market

Index

Fund

(a) 43,614

LargeCap

S&P

500

Index

Fund

(a) 261,677

8,949

$

9,322

TOTAL

INVESTMENT

COMPANIES

$

17,288

Total

Investments

$

17,288

Other

Assets

and

Liabilities

- 0.09%

TOTAL

NET

ASSETS

-

100.00%

$

17,303

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

$

$

$

Global

Emerging

Markets

Fund

618

1,190

High

Yield

Fund

International

Equity

Fund

2,972

1,405

4,356

International

Small

Company

Fund

LargeCap

S&P

500

Index

Fund

6,786

2,525

648

8,949

MidCap

S&P

Index

Fund

582

808

Real

Estate

Securities

Fund

SmallCap

S&P

600

Index

Fund

562

838

$

12,325

$

5,367

$

1,048

$

17,288

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

$

—

$

—

$

(10)

Global

Emerging

Markets

Fund

—

High

Yield

Fund

—

—

(2)

International

Equity

Fund

—

—

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

—

MidCap

S&P

Index

Fund

—

Real

Estate

Securities

Fund

—

—

SmallCap

S&P

600

Index

Fund

—

$

$

—

$

$

644

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.70

%

Diversified

Real

Asset

Fund

(a) 105,647

$

1,478

Global

Emerging

Markets

Fund

(a) 131,493

5,197

High

Yield

Fund

(a) 1,988,997

13,187

International

Equity

Fund

(a) 1,116,418

19,001

International

Small

Company

Fund

(a) 73,313

955

MidCap

S&P

Index

Fund

(a) 147,436

3,518

Real

Estate

Securities

Fund

(a) 122,831

3,810

SmallCap

S&P

600

Index

Fund

(a) 130,246

3,656

$

50,802

Principal

Funds,

Inc.

Institutional

Class

-

.31

%

Bond

Market

Index

Fund

(a) 8,198,382

70,095

Inflation

Protection

Fund

(a) 1,497,424

11,665

LargeCap

S&P

500

Index

Fund

(a) 1,141,546

39,041

Short-Term

Income

Fund

(a) 2,818,514

34,104

$

154,905

TOTAL

INVESTMENT

COMPANIES

$

205,707

Total

Investments

$

205,707

Other

Assets

and

Liabilities

- (0.01)%

(23)

TOTAL

NET

ASSETS

-

100.00%

$

205,684

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

65,183

$

10,550

$

3,405

$

70,095

Diversified

Real

Asset

Fund

828

542

1,478

Global

Emerging

Markets

Fund

3,478

1,555

5,197

High

Yield

Fund

12,071

1,914

631

13,187

Inflation

Protection

Fund

10,765

1,826

571

11,665

International

Equity

Fund

16,555

3,201

1,488

19,001

International

Small

Company

Fund

857

955

LargeCap

S&P

500

Index

Fund

37,537

5,023

4,670

39,041

MidCap

S&P

Index

Fund

3,123

637

3,518

Real

Estate

Securities

Fund

3,064

563

3,810

Short-Term

Income

Fund

31,389

4,496

1,646

34,104

SmallCap

S&P

600

Index

Fund

3,062

722

3,656

$

187,912

$

31,175

$

13,802

$

205,707

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

2,555

$

$

—

$

(2,234)

Diversified

Real

Asset

Fund

—

—

Global

Emerging

Markets

Fund

525

High

Yield

Fund

—

—

(167)

Inflation

Protection

Fund

—

—

(355)

International

Equity

Fund

659

—

730

International

Small

Company

Fund

—

—

LargeCap

S&P

500

Index

Fund

731

1,119

MidCap

S&P

Index

Fund

Real

Estate

Securities

Fund

—

—

Short-Term

Income

Fund

626

—

—

(135)

SmallCap

S&P

600

Index

Fund

—

$

5,437

$

$

1,182

$

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

-

.01

%

Blue

Chip

Fund

(a),(b)

330,126

$

13,601

Core

Fixed

Income

Fund

(a) 26,373,251

227,338

Diversified

Real

Asset

Fund

(a) 344,244

4,816

Global

Emerging

Markets

Fund

(a) 428,789

16,946

High

Yield

Fund

(a) 6,458,964

42,823

International

Equity

Fund

(a) 3,636,145

61,887

International

Small

Company

Fund

(a) 238,648

3,107

LargeCap

Growth

Fund

I

(a) 921,770

14,721

MidCap

Fund

(a),(b)

114,208

4,517

Real

Estate

Securities

Fund

(a) 398,982

12,376

SmallCap

Fund

(a) 306,434

10,520

SmallCap

S&P

600

Index

Fund

(a) 42,624

1,197

Small-MidCap

Dividend

Income

Fund

(a) 285,465

6,297

$

420,146

Principal

Funds,

Inc.

Institutional

Class

-

.00

%

Equity

Income

Fund

(a) 395,157

17,620

Inflation

Protection

Fund

(a) 4,842,090

37,720

LargeCap

S&P

500

Index

Fund

(a) 1,889,740

64,629

LargeCap

Value

Fund

III

(a) 864,982

16,019

Short-Term

Income

Fund

(a) 9,149,736

110,712

$

246,700

TOTAL

INVESTMENT

COMPANIES

$

666,846

Total

Investments

$

666,846

Other

Assets

and

Liabilities

- (0.01)%

(62)

TOTAL

NET

ASSETS

-

100.00%

$

666,784

(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.

(b) Non-income

producing

security

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

25,158

$

2,993

$

10,612

$

13,601

Core

Fixed

Income

Fund

251,672

9,702

30,810

227,338

Diversified

Real

Asset

Fund

2,897

1,872

4,816

Equity

Income

Fund

26,102

1,886

11,208

17,620

Global

Emerging

Markets

Fund

13,528

4,002

2,398

16,946

High

Yield

Fund

46,653

2,516

5,736

42,823

Inflation

Protection

Fund

41,519

2,695

5,122

37,720

International

Equity

Fund

64,278

4,732

9,890

61,887

International

Small

Company

Fund

3,262

547

3,107

LargeCap

Growth

Fund

I

26,948

2,474

11,310

14,721

LargeCap

S&P

500

Index

Fund

42,404

32,483

12,294

64,629

LargeCap

Value

Fund

III

23,428

3,395

9,170

16,019

MidCap

Fund

5,637

886

4,517

Real

Estate

Securities

Fund

11,740

975

1,549

12,376

Short-Term

Income

Fund

121,298

4,787

14,911

110,712

SmallCap

Fund

10,888

713

1,831

10,520

SmallCap

S&P

600

Index

Fund

1,181

1,197

Small-MidCap

Dividend

Income

Fund

6,264

1,128

6,297

$

724,857

$

76,500

$

130,073

$

666,846

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

5,154

$

2,762

$

(9,092)

Core

Fixed

Income

Fund

4,498

(2,409)

—

(817)

Diversified

Real

Asset

Fund

(8)

—

536

Equity

Income

Fund

5,326

1,412

(4,486)

Global

Emerging

Markets

Fund

1,805

High

Yield

Fund

1,546

(53)

—

(557)

Inflation

Protection

Fund

1,828

(17)

—

(1,355)

International

Equity

Fund

2,485

971

—

1,796

International

Small

Company

Fund

(10)

—

LargeCap

Growth

Fund

I

(1,418)

1,908

(1,973)

LargeCap

S&P

500

Index

Fund

696

(21)

1,378

2,057

LargeCap

Value

Fund

III

961

2,608

(2,595)

MidCap

Fund

—

(54)

(678)

Real

Estate

Securities

Fund

(27)

—

1,237

Short-Term

Income

Fund

2,268

—

(468)

SmallCap

Fund

515

717

SmallCap

S&P

600

Index

Fund

—

Small-MidCap

Dividend

Income

Fund

717

$

14,974

$

8,505

$

11,174

$

(12,943)

Amounts

in

thousands.

Schedule

of

Investments

Real

Estate

Securities

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.46

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.46

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

30,826,147

$

30,826

TOTAL

INVESTMENT

COMPANIES

$

30,826

COMMON

STOCKS

-

.67

%

Shares

Held

Value

(000's)

Lodging

-

.61

%

Hilton

Worldwide

Holdings

Inc

212,986

$

69,023

Hyatt

Hotels

Corp

235,002

39,379

$

108,402

Real

Estate

-

.47

%

Jones

Lang

LaSalle

Inc

(c) 100,573

31,995

REITs

-

.59

%

Acadia

Realty

Trust

968,658

20,942

Agree

Realty

Corp

1,276,374

98,421

American

Healthcare

REIT

Inc

2,028,422

103,003

American

Homes

Rent

5,947,010

189,353

American

Tower

Corp

2,899,400

529,749

AvalonBay

Communities

Inc

1,297,826

237,502

Brixmor

Property

Group

Inc

1,084,306

32,627

Cousins

Properties

Inc

3,872,264

99,169

Crown

Castle

Inc

1,817,039

161,317

Digital

Realty

Trust

Inc

1,246,859

250,544

EastGroup

Properties

Inc

722,416

145,350

Equinix

Inc

650,195

704,051

Equity

LifeStyle

Properties

Inc

1,421,432

89,962

Essex

Property

Trust

Inc

735,438

193,575

Extra

Space

Storage

Inc

2,070,814

296,810

Gaming

and

Leisure

Properties

Inc

1,928,789

93,469

Healthpeak

Properties

Inc

6,602,959

106,770

Hudson

Pacific

Properties

Inc

(c) 1,058,102

9,745

InvenTrust

Properties

Corp

2,949,629

94,742

Invitation

Homes

Inc

4,453,376

128,124

Iron

Mountain

Inc

1,620,686

204,190

Kilroy

Realty

Corp

1,594,313

53,027

National

Health

Investors

Inc

821,316

63,167

National

Healthcare

Properties

Inc

(c) 2,776,639

35,596

NETSTREIT

Corp

(a) 4,394,371

90,392

Prologis

Inc

2,844,163

403,928

Regency

Centers

Corp

2,937,456

228,681

Rexford

Industrial

Realty

Inc

3,669,561

131,701

Ryman

Hospitality

Properties

Inc

599,156

62,965

Sabra

Health

Care

REIT

Inc

8,097,709

167,299

Saul

Centers

Inc

255,502

8,797

SBA

Communications

Corp

330,145

73,028

Simon

Property

Group

Inc

682,396

139,011

Smartstop

Self

Storage

REIT

Inc

1,352,106

42,564

Terreno

Realty

Corp

977,498

63,733

Ventas

Inc

5,342,572

469,398

Vornado

Realty

Trust

2,117,167

63,282

Welltower

Inc

2,963,581

644,105

Weyerhaeuser

Co

1,803,578

44,224

$

6,574,313

TOTAL

COMMON

STOCKS

$

6,714,710

Total

Investments

$

6,745,536

Other

Assets

and

Liabilities

- (0.13)%

(8,761)

TOTAL

NET

ASSETS

-

100.00%

$

6,736,775

(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,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

NETSTREIT

Corp

$

82,892

$

786

$

1,911

$

90,392

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

77,998

653,819

700,991

30,826

$

160,890

$

654,605

$

702,902

$

121,218

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

NETSTREIT

Corp

$

1,939

$

(12)

$

—

$

8,637

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

665

—

—

—

$

2,604

$

(12)

$

—

$

8,637

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.01

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.08

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

100,857,941

$

100,858

Principal

Exchange-Traded

Funds

-

.70

%

Principal

International

Equity

ETF

(a) 8,465,387

296,035

Principal

U.S.

Mega-Cap

ETF

(a) 7,570,257

532,946

Principal

U.S.

Small-Cap

ETF

(a) 3,129,700

198,157

Principal

Value

ETF

(a) 452,000

24,281

$

1,051,419

Principal

Funds,

Inc.

Class

-

.08

%

Blue

Chip

Fund

(a),(c)

1,785,682

73,570

Core

Fixed

Income

Fund

(a) 65,181,389

561,863

Diversified

Real

Asset

Fund

(a) 5,154,749

72,115

Global

Emerging

Markets

Fund

(a) 7,343,844

290,229

Global

Macro

Fund

(a) 4,825,999

53,086

High

Yield

Fund

(a) 25,999,639

172,377

International

Equity

Index

Fund

(a) 11,774,642

175,207

International

Small

Company

Fund

(a) 1,654,511

21,542

LargeCap

Growth

Fund

I

(a) 2,664,738

42,556

Real

Estate

Securities

Fund

(a) 3,231,899

100,253

Small-MidCap

Dividend

Income

Fund

(a) 2,111,955

46,590

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 9,735,706

90,445

$

1,699,833

Principal

Funds,

Inc.

Institutional

Class

-

.15

%

Bond

Market

Index

Fund

(a) 24,808,935

212,117

Equity

Income

Fund

(a) 8,030,057

358,060

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 14,891,204

143,700

Global

Listed

Infrastructure

Fund

(a) 1,814,320

24,366

Government

&

High

Quality

Bond

Fund

(a) 6,236,424

56,689

Inflation

Protection

Fund

(a) 4,149,349

32,324

LargeCap

S&P

500

Index

Fund

(a) 6,331,323

216,531

LargeCap

Value

Fund

III

(a) 9,142,563

169,320

Overseas

Fund

(a) 19,291,100

244,033

Principal

Capital

Appreciation

Fund

(a) 4,598,712

416,827

Short-Term

Income

Fund

(a) 9,948,622

120,378

$

1,994,345

TOTAL

INVESTMENT

COMPANIES

$

4,846,455

Total

Investments

$

4,846,455

Other

Assets

and

Liabilities

- (0.01)%

(511)

TOTAL

NET

ASSETS

-

100.00%

$

4,845,944

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Schedule

of

Investments

SAM

Balanced

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

84,782

$

13,654

$

7,056

$

73,570

Bond

Market

Index

Fund

284,130

17,699

82,496

212,117

Core

Fixed

Income

Fund

590,426

15,702

36,316

561,863

Diversified

Real

Asset

Fund

114,038

1,291

54,115

72,115

Equity

Income

Fund

344,036

81,812

83,682

358,060

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

110,374

38,970

5,618

143,700

Global

Emerging

Markets

Fund

209,935

55,028

6,320

290,229

Global

Listed

Infrastructure

Fund

22,961

573

2,015

24,366

Global

Macro

Fund

—

48,260

—

53,086

Government

&

High

Quality

Bond

Fund

53,457

6,877

3,059

56,689

High

Yield

Fund

206,171

6,607

38,034

172,377

Inflation

Protection

Fund

118,976

5,365

87,911

32,324

International

Equity

Index

Fund

160,030

146,705

148,500

175,207

International

Small

Company

Fund

41,127

1,258

22,957

21,542

LargeCap

Growth

Fund

I

73,251

8,885

27,116

42,556

LargeCap

S&P

500

Index

Fund

102,106

116,201

11,158

216,531

LargeCap

Value

Fund

III

166,021

30,434

11,960

169,320

MidCap

Fund

21,044

1,176

20,268

—

Overseas

Fund

238,446

22,728

28,553

244,033

Principal

Capital

Appreciation

Fund

472,255

33,520

73,640

416,827

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

31,088

99,906

30,136

100,858

Principal

International

Equity

ETF

271,147

—

—

296,035

Principal

U.S.

Mega-Cap

ETF

587,434

—

60,308

532,946

Principal

U.S.

Small-Cap

ETF

167,422

9,657

—

198,157

Principal

Value

ETF

—

23,663

—

24,281

Real

Estate

Securities

Fund

29,346

68,125

3,060

100,253

Short-Term

Income

Fund

128,727

2,573

10,424

120,378

Small-MidCap

Dividend

Income

Fund

72,082

1,755

35,431

46,590

Spectrum

Preferred

and

Capital

Securities

Income

Fund

95,367

2,884

6,822

90,445

$

4,796,179

$

861,308

$

896,955

$

4,846,455

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

(202)

$

13,593

$

(17,608)

Bond

Market

Index

Fund

8,097

1,154

—

(8,370)

Core

Fixed

Income

Fund

10,608

(1,106)

—

(6,843)

Diversified

Real

Asset

Fund

1,242

4,913

—

5,988

Equity

Income

Fund

3,109

29,021

21,184

(13,127)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

4,595

(476)

—

Global

Emerging

Markets

Fund

3,642

(73)

1,771

31,659

Global

Listed

Infrastructure

Fund

2,643

Global

Macro

Fund

—

—

4,826

Government

&

High

Quality

Bond

Fund

1,018

(86)

—

(500)

High

Yield

Fund

6,412

(232)

—

(2,135)

Inflation

Protection

Fund

5,246

(4,911)

—

805

International

Equity

Index

Fund

7,471

5,564

2,339

11,408

International

Small

Company

Fund

1,210

5,660

—

(3,546)

LargeCap

Growth

Fund

I

1,276

873

7,560

(13,337)

LargeCap

S&P

500

Index

Fund

937

1,824

1,862

7,558

LargeCap

Value

Fund

III

4,767

(361)

25,532

(14,814)

MidCap

Fund

—

4,377

1,139

(6,329)

Overseas

Fund

9,634

12,959

10,971

Principal

Capital

Appreciation

Fund

2,242

18,696

30,341

(34,004)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

1,768

—

—

—

Principal

International

Equity

ETF

3,580

—

—

24,888

Principal

U.S.

Mega-Cap

ETF

2,300

20,968

—

(15,148)

Principal

U.S.

Small-Cap

ETF

578

—

—

21,078

Principal

Value

ETF

—

—

618

Real

Estate

Securities

Fund

698

—

5,777

Short-Term

Income

Fund

2,388

—

(542)

Small-MidCap

Dividend

Income

Fund

641

4,399

1,040

3,785

Spectrum

Preferred

and

Capital

Securities

Income

Fund

2,765

(456)

—

(528)

$

86,891

$

90,300

$

119,444

$

(4,377)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Australia

Year

Bond;

June

2026

Long

$

2,158

$

(31)

Canada

Year

Bond;

June

2026

Long

2,894

(80)

Euro

Bond

Year

Bond;

June

2026

Long

7,209

(135)

Euro-BTP;

June

2026

Long

14,139

(346)

Euro-Oat;

June

2026

Long

10,779

(198)

Japan

Year

Bond

TSE;

June

2026

Long

25,595

(503)

UK

Year

Gilt;

June

2026

Long

8,366

(596)

Total

$

(1,889)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.96

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.58

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

85,222,741

$

85,223

Principal

Exchange-Traded

Funds

-

.57

%

Principal

International

Equity

ETF

(a) 2,065,178

72,219

Principal

U.S.

Mega-Cap

ETF

(a) 2,128,648

149,857

Principal

U.S.

Small-Cap

ETF

(a) 778,700

49,303

$

271,379

Principal

Funds,

Inc.

Class

-

.55

%

Blue

Chip

Fund

(a),(c)

539,532

22,229

Core

Fixed

Income

Fund

(a) 44,102,072

380,160

Diversified

Real

Asset

Fund

(a) 1,627,368

22,767

Global

Emerging

Markets

Fund

(a) 1,859,350

73,481

Global

Macro

Fund

(a) 1,881,678

20,698

High

Yield

Fund

(a) 13,073,291

86,676

International

Equity

Index

Fund

(a) 3,430,262

51,042

LargeCap

Growth

Fund

I

(a) 756,092

12,075

Real

Estate

Securities

Fund

(a) 718,530

22,289

Small-MidCap

Dividend

Income

Fund

(a) 838,744

18,503

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 4,850,024

45,057

$

754,977

Principal

Funds,

Inc.

Institutional

Class

-

.26

%

Bond

Market

Index

Fund

(a) 13,691,828

117,065

Equity

Income

Fund

(a) 2,240,331

99,896

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 13,196,937

127,351

Global

Listed

Infrastructure

Fund

(a) 726,555

9,758

Government

&

High

Quality

Bond

Fund

(a) 4,643,822

42,212

Inflation

Protection

Fund

(a) 7,606,814

59,257

LargeCap

S&P

500

Index

Fund

(a) 1,848,391

63,215

LargeCap

Value

Fund

III

(a) 1,008,541

18,678

Overseas

Fund

(a) 4,642,685

58,730

Principal

Capital

Appreciation

Fund

(a) 987,855

89,539

Short-Term

Income

Fund

(a) 5,287,932

63,984

$

749,685

TOTAL

INVESTMENT

COMPANIES

$

1,861,264

Total

Investments

$

1,861,264

Other

Assets

and

Liabilities

- 0.04%

813

TOTAL

NET

ASSETS

-

100.00%

$

1,862,077

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

25,708

$

4,264

$

2,314

$

22,229

Bond

Market

Index

Fund

193,078

8,905

80,913

117,065

Core

Fixed

Income

Fund

426,339

10,843

51,913

380,160

Diversified

Real

Asset

Fund

35,088

16,148

22,767

Equity

Income

Fund

106,795

12,665

23,868

99,896

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

104,037

28,794

5,648

127,351

Global

Emerging

Markets

Fund

54,062

19,219

7,731

73,481

Global

Listed

Infrastructure

Fund

8,820

9,758

Global

Macro

Fund

—

18,816

—

20,698

Government

&

High

Quality

Bond

Fund

41,826

4,837

4,026

42,212

High

Yield

Fund

99,804

3,565

15,500

86,676

Inflation

Protection

Fund

77,390

3,357

19,066

59,257

International

Equity

Index

Fund

40,957

34,039

28,204

51,042

International

Small

Company

Fund

10,851

11,752

—

LargeCap

Growth

Fund

I

14,337

1,807

1,681

12,075

LargeCap

S&P

500

Index

Fund

28,140

35,957

3,598

63,215

LargeCap

Value

Fund

III

18,642

3,468

1,703

18,678

MidCap

Fund

8,162

7,907

—

Overseas

Fund

58,987

5,729

8,792

58,730

Principal

Capital

Appreciation

Fund

108,020

7,812

22,925

89,539

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

12,321

106,124

33,222

85,223

Principal

International

Equity

ETF

66,148

—

—

72,219

Principal

U.S.

Mega-Cap

ETF

159,121

—

11,112

149,857

Principal

U.S.

Small-Cap

ETF

37,675

6,476

—

49,303

Real

Estate

Securities

Fund

11,422

10,994

1,669

22,289

Short-Term

Income

Fund

68,063

1,651

5,470

63,984

Small-MidCap

Dividend

Income

Fund

20,306

539

4,816

18,503

Spectrum

Preferred

and

Capital

Securities

Income

Fund

46,957

1,742

3,163

45,057

$

1,883,056

$

333,047

$

373,534

$

1,861,264

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

(136)

$

4,131

$

(5,293)

Bond

Market

Index

Fund

4,520

886

—

(4,891)

Core

Fixed

Income

Fund

7,543

(2,928)

—

(2,181)

Diversified

Real

Asset

Fund

1,742

—

1,662

Equity

Income

Fund

960

8,381

7,062

(4,077)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

4,060

(477)

—

645

Global

Emerging

Markets

Fund

940

(207)

8,138

Global

Listed

Infrastructure

Fund

1,074

Global

Macro

Fund

—

—

1,882

Government

&

High

Quality

Bond

Fund

769

(104)

—

(321)

High

Yield

Fund

3,170

—

(1,246)

Inflation

Protection

Fund

3,214

(2,008)

—

(416)

International

Equity

Index

Fund

1,841

952

570

3,298

International

Small

Company

Fund

3,096

—

(2,506)

LargeCap

Growth

Fund

I

(62)

1,482

(2,326)

LargeCap

S&P

500

Index

Fund

616

508

2,100

LargeCap

Value

Fund

III

536

2,869

(1,764)

MidCap

Fund

—

(872)

Overseas

Fund

2,390

3,211

2,649

Principal

Capital

Appreciation

Fund

5,840

6,586

(9,208)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

1,580

—

—

—

Principal

International

Equity

ETF

873

—

—

6,071

Principal

U.S.

Mega-Cap

ETF

635

2,654

—

(806)

Principal

U.S.

Small-Cap

ETF

—

—

5,152

Real

Estate

Securities

Fund

—

1,478

Short-Term

Income

Fund

1,262

—

(285)

Small-MidCap

Dividend

Income

Fund

1,036

1,438

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,358

(203)

—

(276)

$

38,054

$

18,576

$

27,653

$

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Australia

Year

Bond;

June

2026

Long

$

2,235

$

(32)

Canada

Year

Bond;

June

2026

Long

2,982

(82)

Euro

Bond

Year

Bond;

June

2026

Long

7,356

(138)

Euro-BTP;

June

2026

Long

14,688

(360)

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Euro-Oat;

June

2026

Long

$

11,059

$

(203)

Japan

Year

Bond

TSE;

June

2026

Long

26,421

(519)

UK

Year

Gilt;

June

2026

Long

8,601

(613)

Total

$

(1,947)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.75

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

26,021,109

$

26,021

Principal

Exchange-Traded

Funds

-

.65

%

Principal

International

Equity

ETF

(a) 7,404,025

258,919

Principal

U.S.

Mega-Cap

ETF

(a) 7,103,445

500,083

Principal

U.S.

Small-Cap

ETF

(a) 2,916,800

184,677

Principal

Value

ETF

(a) 323,000

17,351

$

961,030

Principal

Funds,

Inc.

Class

-

.84

%

Blue

Chip

Fund

(a),(c)

1,682,945

69,337

Core

Fixed

Income

Fund

(a) 20,273,402

174,757

Diversified

Real

Asset

Fund

(a) 4,434,872

62,044

Global

Emerging

Markets

Fund

(a) 7,093,240

280,325

Global

Macro

Fund

(a) 2,565,378

28,219

High

Yield

Fund

(a) 9,302,024

61,673

International

Equity

Index

Fund

(a) 10,063,647

149,747

International

Small

Company

Fund

(a) 1,498,405

19,509

LargeCap

Growth

Fund

I

(a) 1,815,668

28,996

Real

Estate

Securities

Fund

(a) 2,290,469

71,050

Small-MidCap

Dividend

Income

Fund

(a) 1,483,939

32,736

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 2,565,061

23,829

$

1,002,222

Principal

Funds,

Inc.

Institutional

Class

-

.80

%

Bond

Market

Index

Fund

(a) 9,853,438

84,247

Equity

Income

Fund

(a) 5,846,288

260,686

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 6,376,478

61,533

Global

Listed

Infrastructure

Fund

(a) 2,668,445

35,837

Government

&

High

Quality

Bond

Fund

(a) 1,840,309

16,728

Inflation

Protection

Fund

(a) 2,117,177

16,493

LargeCap

S&P

500

Index

Fund

(a) 5,239,754

179,200

LargeCap

Value

Fund

III

(a) 10,140,399

187,800

Overseas

Fund

(a) 19,052,316

241,012

Principal

Capital

Appreciation

Fund

(a) 4,456,627

403,949

$

1,487,485

TOTAL

INVESTMENT

COMPANIES

$

3,476,758

Total

Investments

$

3,476,758

Other

Assets

and

Liabilities

- (0.04)%

(1,357)

TOTAL

NET

ASSETS

-

100.00%

$

3,475,401

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

77,208

$

12,697

$

4,466

$

69,337

Bond

Market

Index

Fund

117,103

4,745

34,180

84,247

Core

Fixed

Income

Fund

197,777

3,891

24,410

174,757

Diversified

Real

Asset

Fund

76,189

1,135

24,309

62,044

Equity

Income

Fund

282,784

48,865

83,044

260,686

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

33,222

30,799

2,401

61,533

Global

Emerging

Markets

Fund

193,069

66,326

8,286

280,325

Global

Listed

Infrastructure

Fund

32,723

817

1,805

35,837

Global

Macro

Fund

—

25,653

—

28,219

Government

&

High

Quality

Bond

Fund

14,442

4,754

2,258

16,728

High

Yield

Fund

61,765

5,406

4,665

61,673

Inflation

Protection

Fund

46,690

2,195

30,784

16,493

International

Equity

Index

Fund

133,925

116,590

114,427

149,747

International

Small

Company

Fund

44,390

1,319

28,496

19,509

LargeCap

Growth

Fund

I

103,294

12,589

68,781

28,996

LargeCap

S&P

500

Index

Fund

77,879

104,148

10,604

179,200

LargeCap

Value

Fund

III

183,039

33,602

12,165

187,800

MidCap

Fund

16,455

885

15,942

—

Overseas

Fund

234,443

22,384

26,946

241,012

Principal

Capital

Appreciation

Fund

455,915

32,959

70,534

403,949

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

72,411

46,395

26,021

Principal

International

Equity

ETF

237,151

—

—

258,919

Principal

U.S.

Mega-Cap

ETF

492,584

—

—

500,083

Principal

U.S.

Small-Cap

ETF

155,391

9,657

—

184,677

Principal

Value

ETF

—

16,903

—

17,351

Real

Estate

Securities

Fund

35,444

33,369

2,749

71,050

Small-MidCap

Dividend

Income

Fund

50,865

1,267

25,147

32,736

Spectrum

Preferred

and

Capital

Securities

Income

Fund

26,655

828

3,389

23,829

$

3,380,407

$

666,194

$

646,183

$

3,476,758

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

(51)

$

12,390

$

(16,051)

Bond

Market

Index

Fund

4,477

(25)

—

(3,396)

Core

Fixed

Income

Fund

3,418

(416)

—

(2,085)

Diversified

Real

Asset

Fund

1,047

2,454

—

6,575

Equity

Income

Fund

2,382

46,375

16,820

(34,294)

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

1,609

(208)

—

Global

Emerging

Markets

Fund

3,320

(197)

1,619

29,413

Global

Listed

Infrastructure

Fund

640

3,921

Global

Macro

Fund

—

—

2,566

Government

&

High

Quality

Bond

Fund

(60)

—

(150)

High

Yield

Fund

2,059

(55)

—

(778)

Inflation

Protection

Fund

2,074

(665)

—

(943)

International

Equity

Index

Fund

6,002

3,958

1,895

9,701

International

Small

Company

Fund

1,260

6,964

—

(4,668)

LargeCap

Growth

Fund

I

1,801

10,674

(18,438)

LargeCap

S&P

500

Index

Fund

697

2,101

1,386

5,676

LargeCap

Value

Fund

III

5,239

(491)

28,091

(16,185)

MidCap

Fund

—

3,445

824

(4,843)

Overseas

Fund

9,426

12,699

10,826

Principal

Capital

Appreciation

Fund

2,144

17,297

28,970

(31,688)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

536

—

—

—

Principal

International

Equity

ETF

3,131

—

—

21,768

Principal

U.S.

Mega-Cap

ETF

2,038

—

—

7,499

Principal

U.S.

Small-Cap

ETF

538

—

—

19,629

Principal

Value

ETF

—

—

Real

Estate

Securities

Fund

587

—

4,912

Small-MidCap

Dividend

Income

Fund

2,792

732

2,959

Spectrum

Preferred

and

Capital

Securities

Income

Fund

734

(140)

—

(125)

$

56,016

$

83,970

$

116,277

$

(7,630)

Amounts

in

thousands.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.92

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.74

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

146,313,410

$

146,313

Principal

Exchange-Traded

Funds

-

.62

%

Principal

Active

High

Yield

ETF

(a) 2,073,084

39,513

Principal

International

Equity

ETF

(a) 2,286,147

79,947

Principal

U.S.

Mega-Cap

ETF

(a) 1,703,095

119,898

Principal

U.S.

Small-Cap

ETF

(a) 549,000

34,760

$

274,118

Principal

Funds,

Inc.

Class

-

.97

%

Core

Fixed

Income

Fund

(a) 74,473,350

641,960

Diversified

Real

Asset

Fund

(a) 1,210,237

16,931

Global

Emerging

Markets

Fund

(a) 1,254,293

49,570

Global

Macro

Fund

(a) 2,518,261

27,701

High

Yield

Fund

(a) 10,784,278

71,500

International

Equity

Index

Fund

(a) 2,728,501

40,600

LargeCap

Growth

Fund

I

(a) 430,693

6,878

Real

Estate

Securities

Fund

(a) 346,519

10,749

Small-MidCap

Dividend

Income

Fund

(a) 485,288

10,705

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a) 6,097,495

56,646

$

933,240

Principal

Funds,

Inc.

Institutional

Class

-

.59

%

Bond

Market

Index

Fund

(a) 15,547,603

132,932

Equity

Income

Fund

(a) 1,725,790

76,953

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

(a) 21,494,373

207,421

Government

&

High

Quality

Bond

Fund

(a) 8,647,752

78,608

Inflation

Protection

Fund

(a) 11,451,664

89,209

LargeCap

S&P

500

Index

Fund

(a) 674,212

23,058

LargeCap

Value

Fund

III

(a) 2,058,393

38,121

Overseas

Fund

(a) 1,605,614

20,311

Principal

Capital

Appreciation

Fund

(a) 588,108

53,306

Short-Term

Income

Fund

(a) 7,956,946

96,279

$

816,198

TOTAL

INVESTMENT

COMPANIES

$

2,169,869

Total

Investments

$

2,169,869

Other

Assets

and

Liabilities

- 0.08%

1,815

TOTAL

NET

ASSETS

-

100.00%

$

2,171,684

(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,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

277,815

$

5,753

$

145,729

$

132,932

Core

Fixed

Income

Fund

664,890

27,318

41,114

641,960

Diversified

Real

Asset

Fund

23,610

9,617

16,931

Equity

Income

Fund

78,885

7,043

12,060

76,953

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

166,788

49,128

8,850

207,421

Global

Emerging

Markets

Fund

16,899

30,688

1,267

49,570

Global

Macro

Fund

—

25,182

—

27,701

Government

&

High

Quality

Bond

Fund

98,056

2,324

21,276

78,608

High

Yield

Fund

91,815

3,368

22,658

71,500

Inflation

Protection

Fund

134,589

5,126

46,654

89,209

International

Equity

Index

Fund

28,095

24,159

14,633

40,600

LargeCap

Growth

Fund

I

8,381

1,185

1,421

6,878

LargeCap

S&P

500

Index

Fund

13,000

10,838

1,726

23,058

LargeCap

Value

Fund

III

39,882

7,278

5,425

38,121

MidCap

Fund

11,127

699

10,849

—

Overseas

Fund

20,663

1,999

3,319

20,311

Principal

Active

High

Yield

ETF

39,876

—

—

39,513

Principal

Capital

Appreciation

Fund

74,467

4,534

23,653

53,306

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

11,601

163,897

29,185

146,313

Principal

International

Equity

ETF

73,225

—

—

79,947

Principal

U.S.

Mega-Cap

ETF

129,889

—

11,377

119,898

Principal

U.S.

Small-Cap

ETF

29,159

1,908

—

34,760

Real

Estate

Securities

Fund

10,688

1,182

10,749

Short-Term

Income

Fund

101,952

2,607

7,888

96,279

Small-MidCap

Dividend

Income

Fund

28,131

774

21,170

10,705

Spectrum

Preferred

and

Capital

Securities

Income

Fund

59,325

1,946

4,018

56,646

$

2,232,808

$

378,307

$

445,071

$

2,169,869

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Bond

Market

Index

Fund

$

5,498

$

1,909

$

—

$

(6,816)

Core

Fixed

Income

Fund

12,067

(1,805)

—

(7,329)

Diversified

Real

Asset

Fund

1,526

—

1,035

Equity

Income

Fund

785

922

6,029

2,163

Finisterre

Emerging

Markets

Total

Return

Bond

Fund

6,467

(669)

—

1,024

Global

Emerging

Markets

Fund

(38)

3,288

Global

Macro

Fund

—

—

2,519

Government

&

High

Quality

Bond

Fund

1,725

(366)

—

(130)

High

Yield

Fund

2,839

(28)

—

(997)

Inflation

Protection

Fund

5,028

(4,739)

—

887

International

Equity

Index

Fund

1,301

2,592

LargeCap

Growth

Fund

I

796

(1,406)

LargeCap

S&P

500

Index

Fund

617

LargeCap

Value

Fund

III

1,112

(240)

5,949

(3,374)

MidCap

Fund

—

(1,179)

585

Overseas

Fund

828

1,114

685

Principal

Active

High

Yield

ETF

1,490

—

—

(363)

Principal

Capital

Appreciation

Fund

7,156

3,935

(9,198)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

2,627

—

—

—

Principal

International

Equity

ETF

967

—

—

6,722

Principal

U.S.

Mega-Cap

ETF

513

5,067

—

(3,681)

Principal

U.S.

Small-Cap

ETF

—

—

3,693

Real

Estate

Securities

Fund

—

985

Short-Term

Income

Fund

1,928

—

(427)

Small-MidCap

Dividend

Income

Fund

4,584

(1,614)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,718

(121)

—

(486)

$

48,532

$

13,234

$

19,591

$

(9,409)

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Australia

Year

Bond;

June

2026

Long

$

4,008

$

(58)

Canada

Year

Bond;

June

2026

Long

5,262

(145)

Euro

Bond

Year

Bond;

June

2026

Long

13,095

(245)

Euro-BTP;

June

2026

Long

25,807

(632)

Euro-Oat;

June

2026

Long

19,457

(357)

Japan

Year

Bond

TSE;

June

2026

Long

47,062

(924)

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

UK

Year

Gilt;

June

2026

Long

$

15,200

$

(1,084)

Total

$

(3,445)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.04

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.68

%

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b)

17,324,441

$

17,324

Principal

Exchange-Traded

Funds

-

.96

%

Principal

International

Equity

ETF

(a) 5,724,130

200,173

Principal

U.S.

Mega-Cap

ETF

(a) 5,430,800

382,329

Principal

U.S.

Small-Cap

ETF

(a) 2,516,500

159,332

Principal

Value

ETF

(a) 477,000

25,624

$

767,458

Principal

Funds,

Inc.

Class

-

.52

%

Blue

Chip

Fund

(a),(c)

1,499,053

61,761

Diversified

Real

Asset

Fund

(a) 3,262,808

45,647

Global

Emerging

Markets

Fund

(a) 7,283,371

287,839

Global

Macro

Fund

(a) 1,860,626

20,467

International

Equity

Index

Fund

(a) 5,699,486

84,808

International

Small

Company

Fund

(a) 2,375,345

30,927

LargeCap

Growth

Fund

I

(a) 2,021,180

32,278

Real

Estate

Securities

Fund

(a) 472,894

14,669

Small-MidCap

Dividend

Income

Fund

(a) 1,101,355

24,296

$

602,692

Principal

Funds,

Inc.

Institutional

Class

-

.88

%

Equity

Income

Fund

(a) 6,814,947

303,878

Global

Listed

Infrastructure

Fund

(a) 1,801,017

24,188

Inflation

Protection

Fund

(a) 2,267,442

17,663

LargeCap

S&P

500

Index

Fund

(a) 4,032,238

137,903

LargeCap

Value

Fund

III

(a) 7,557,575

139,966

Overseas

Fund

(a) 16,436,966

207,928

Principal

Capital

Appreciation

Fund

(a) 3,794,725

343,954

$

1,175,480

TOTAL

INVESTMENT

COMPANIES

$

2,562,954

Total

Investments

$

2,562,954

Other

Assets

and

Liabilities

- (0.04)%

(1,047)

TOTAL

NET

ASSETS

-

100.00%

$

2,561,907

(a) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Non-income

producing

security

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

67,895

$

11,907

$

3,957

$

61,761

Diversified

Real

Asset

Fund

57,727

887

19,971

45,647

Equity

Income

Fund

221,990

116,582

47,367

303,878

Global

Emerging

Markets

Fund

170,520

93,658

5,328

287,839

Global

Listed

Infrastructure

Fund

23,398

585

2,684

24,188

Global

Macro

Fund

—

18,606

—

20,467

Inflation

Protection

Fund

34,105

1,270

16,859

17,663

International

Equity

Index

Fund

118,984

78,766

123,992

84,808

International

Small

Company

Fund

51,957

2,213

25,820

30,927

LargeCap

Growth

Fund

I

111,534

13,824

73,620

32,278

LargeCap

S&P

500

Index

Fund

70,166

77,757

16,034

137,903

LargeCap

Value

Fund

III

150,918

28,534

25,655

139,966

MidCap

Fund

12,971

780

12,557

—

Overseas

Fund

201,201

20,783

23,804

207,928

Principal

Capital

Appreciation

Fund

369,118

31,440

44,557

343,954

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

14,720

13,784

11,180

17,324

Principal

International

Equity

ETF

183,344

—

—

200,173

Principal

U.S.

Mega-Cap

ETF

376,596

—

—

382,329

Principal

U.S.

Small-Cap

ETF

134,013

8,385

—

159,332

Principal

Value

ETF

12,019

12,769

—

25,624

Real

Estate

Securities

Fund

18,133

832

5,922

14,669

Small-MidCap

Dividend

Income

Fund

56,330

1,551

39,583

24,296

$

2,457,639

$

534,913

$

498,890

$

2,562,954

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Blue

Chip

Fund

$

—

$

$

10,833

$

(14,189)

Diversified

Real

Asset

Fund

820

597

—

6,407

Equity

Income

Fund

2,357

19,582

14,327

(6,909)

Global

Emerging

Markets

Fund

2,962

(100)

1,440

29,089

Global

Listed

Infrastructure

Fund

2,603

Global

Macro

Fund

—

—

1,861

Inflation

Protection

Fund

1,098

—

(912)

International

Equity

Index

Fund

4,843

5,487

1,511

5,563

International

Small

Company

Fund

1,488

5,862

—

(3,285)

LargeCap

Growth

Fund

I

1,939

11,493

(19,654)

LargeCap

S&P

500

Index

Fund

633

2,577

1,275

3,437

LargeCap

Value

Fund

III

4,306

23,073

(14,298)

MidCap

Fund

—

3,251

708

(4,445)

Overseas

Fund

8,153

10,969

9,349

Principal

Capital

Appreciation

Fund

1,817

11,072

24,528

(23,119)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

—

—

—

Principal

International

Equity

ETF

2,421

—

—

16,829

Principal

U.S.

Mega-Cap

ETF

1,559

—

—

5,733

Principal

U.S.

Small-Cap

ETF

—

—

16,934

Principal

Value

ETF

—

—

836

Real

Estate

Securities

Fund

—

1,222

Small-MidCap

Dividend

Income

Fund

4,345

820

1,653

$

36,516

$

54,587

$

101,104

$

14,705

Amounts

in

thousands.

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.92

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.92

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

290,554

$

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

64,581,422

64,581

$

64,872

TOTAL

INVESTMENT

COMPANIES

$

64,872

BONDS

-

.39

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.31

%

BAE

Systems

PLC

5.13%,

03/26/2029

(d) $

8,600

$

8,778

General

Electric

Co

4.30%,

07/29/2030

6,000

5,988

Lockheed

Martin

Corp

4.50%,

02/15/2029

11,350

11,418

Northrop

Grumman

Corp

4.60%,

02/01/2029

10,000

10,067

RTX

Corp

5.75%,

11/08/2026

8,075

8,133

$

44,384

Agriculture

-

.43

%

Bunge

Ltd

Finance

Corp

4.10%,

01/07/2028

5,500

5,474

4.20%,

09/17/2029

9,000

8,920

$

14,394

Airlines

-

.53

%

Alaska

Airlines

2020-1

Class

A

Pass

Through

Trust

4.80%,

02/15/2029

(d) 7,395

7,397

AS

Mileage

Plan

IP

Ltd

5.02%,

10/20/2029

(d) 10,600

10,490

$

17,887

Automobile

Asset

Backed

Securities

-

.71

%

AmeriCredit

Automobile

Receivables

Trust

2025-1

4.22%,

03/19/2029

(d) 6,562

6,568

AmeriCredit

Automobile

Receivables

Trust

2026-1

4.03%,

04/18/2029

(d) 9,000

8,997

BofA

Auto

Trust

2025-1

4.52%,

11/22/2027

(d) 1,017

1,018

Chase

Auto

Owner

Trust

2025-1

4.40%,

07/25/2028

(d) 5,998

6,007

Consumer

Portfolio

Services

Auto

Trust

2025-A

4.77%,

10/16/2028

(d) 1,877

1,879

Consumer

Portfolio

Services

Auto

Trust

2025-B

4.74%,

02/15/2029

(d) 2,663

2,668

CPS

Auto

Receivables

Trust

2024-D

4.91%,

06/15/2028

(d) 74

CPS

Auto

Receivables

Trust

2025-C

4.71%,

03/15/2029

(d) 3,250

3,256

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-4

4.53%,

10/18/2027

GM

Financial

Consumer

Automobile

Receivables

Trust

2025-1

4.44%,

01/18/2028

2,397

2,399

GM

Financial

Consumer

Automobile

Receivables

Trust

2025-3

4.32%,

06/16/2028

5,918

5,929

GM

Financial

Consumer

Automobile

Receivables

Trust

2025-4

3.88%,

12/18/2028

8,786

8,779

GM

Financial

Consumer

Automobile

Receivables

Trust

2026-2

4.05%,

05/16/2029

9,300

9,305

LAD

Auto

Receivables

Trust

2025-3

4.06%,

03/15/2029

(d) 10,530

10,530

Nissan

Auto

Receivables

2024-B

Owner

Trust

4.51%,

06/15/2027

681

681

Nissan

Auto

Receivables

2025-B

Owner

Trust

4.00%,

07/17/2028

18,000

17,997

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

Onemain

Direct

Auto

Receivables

Trust

2022-1

4.65%,

03/14/2029

(d) $

$

Toyota

Auto

Loan

Extended

Note

Trust

2023-1

4.93%,

06/25/2036

(d) 7,600

7,698

Toyota

Auto

Receivables

2024-D

Owner

Trust

4.55%,

08/16/2027

Westlake

Automobile

Receivables

Trust

2024-3

4.82%,

09/15/2027

(d) 46

Westlake

Automobile

Receivables

Trust

2025-1

4.66%,

01/18/2028

(d) 2,437

2,439

Westlake

Automobile

Receivables

Trust

2025-2

4.66%,

09/15/2028

(d) 4,210

4,219

Westlake

Automobile

Receivables

Trust

2025-3

4.31%,

04/17/2028

(d) 8,539

8,545

Westlake

Automobile

Receivables

Trust

2025-P1

4.65%,

02/15/2028

(d) 4,364

4,371

World

Omni

Auto

Receivables

Trust

2025-A

4.49%,

04/17/2028

3,236

3,238

World

Omni

Auto

Receivables

Trust

2025-C

4.19%,

10/16/2028

9,704

9,710

World

Omni

Auto

Receivables

Trust

2025-D

3.91%,

02/15/2029

12,324

12,314

World

Omni

Auto

Receivables

Trust

2026-A

3.71%,

04/16/2029

9,900

9,881

World

Omni

Select

Auto

Trust

2025-A

4.14%,

05/15/2030

9,531

9,535

$

159,199

Banks

-

.99

%

AIB

Group

PLC

5.32%,

05/15/2031

(d),(e)

2,500

2,549

Secured

Overnight

Financing

Rate

+

1.65%

Bank

of

America

Corp

4.70%,

04/23/2032

(e) 7,400

7,370

Secured

Overnight

Financing

Rate

+

1.04%

4.98%,

01/24/2029

(e) 9,400

9,476

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)

12,100

12,401

Secured

Overnight

Financing

Rate

+

1.62%

Bank

of

Montreal

4.34%,

03/19/2030

(e) 5,250

5,222

Secured

Overnight

Financing

Rate

+

0.89%

5.00%,

01/27/2029

(e) 2,000

2,017

Secured

Overnight

Financing

Rate

+

0.67%

Bank

of

New

York

Mellon

Corp/The

4.44%,

06/09/2028

(e) 9,200

9,219

Secured

Overnight

Financing

Rate

+

0.68%

Bank

of

New

York

Mellon/The

4.73%,

04/20/2029

(e) 5,750

5,796

Secured

Overnight

Financing

Rate

+

1.14%

Bank

of

Nova

Scotia/The

1.30%,

09/15/2026

5,300

5,246

4.25%,

02/02/2030

(e) 8,000

7,934

Secured

Overnight

Financing

Rate

+

0.73%

4.40%,

09/08/2028

(e) 9,400

9,394

Secured

Overnight

Financing

Rate

+

1.00%

Barclays

PLC

2.28%,

11/24/2027

(e) 7,308

7,217

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

4.22%,

05/24/2030

(e) 11,000

10,848

Secured

Overnight

Financing

Rate

+

0.93%

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BNP

Paribas

SA

4.79%,

05/09/2029

(d),(e)

$

8,000

$

8,023

Secured

Overnight

Financing

Rate

+

1.45%

5.09%,

05/09/2031

(d),(e)

8,600

8,679

Secured

Overnight

Financing

Rate

+

1.68%

CaixaBank

SA

4.82%,

04/22/2032

(d),(e)

2,700

2,682

Secured

Overnight

Financing

Rate

+

1.21%

Canadian

Imperial

Bank

of

Commerce

5.93%,

10/02/2026

6,900

6,949

5.99%,

10/03/2028

3,440

3,561

Citibank

NA

4.88%,

11/19/2027

(e) 8,000

8,027

Secured

Overnight

Financing

Rate

+

0.71%

Citigroup

Inc

4.54%,

09/19/2030

(e) 9,500

9,464

Secured

Overnight

Financing

Rate

+

1.34%

5.17%,

02/13/2030

(e) 8,000

8,122

Secured

Overnight

Financing

Rate

+

1.36%

Danske

Bank

A/S

5.00%,

03/27/2032

(d),(e)

12,000

12,039

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.98%

Deutsche

Bank

AG/New

York

NY

4.47%,

12/10/2031

(e) 5,000

4,921

Secured

Overnight

Financing

Rate

+

1.10%

5.41%,

05/10/2029

6,100

6,259

6.82%,

11/20/2029

(e) 7,100

7,451

Secured

Overnight

Financing

Rate

+

2.51%

Fifth

Third

Bancorp

4.89%,

09/06/2030

(e) 3,400

3,413

Secured

Overnight

Financing

Rate

+

1.49%

Fifth

Third

Bank

NA

4.97%,

01/28/2028

(e) 2,800

2,808

Secured

Overnight

Financing

Rate

+

0.81%

Goldman

Sachs

Group

Inc/The

2.64%,

02/24/2028

(e) 8,600

8,474

Secured

Overnight

Financing

Rate

+

1.11%

4.48%,

08/23/2028

(e) 9,500

9,504

Secured

Overnight

Financing

Rate

+

1.73%

4.52%,

01/21/2032

(e) 5,000

4,927

Secured

Overnight

Financing

Rate

+

0.96%

5.21%,

01/28/2031

(e) 11,000

11,176

Secured

Overnight

Financing

Rate

+

1.08%

5.22%,

04/23/2031

(e) 11,000

11,179

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(e) 8,235

8,481

Secured

Overnight

Financing

Rate

+

1.27%

Huntington

Bancshares

Inc/OH

4.62%,

01/28/2032

(e) 11,000

10,874

Secured

Overnight

Financing

Rate

+

0.99%

JPMorgan

Chase

&

Co

4.45%,

12/05/2029

(e) 6,650

6,637

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

4.51%,

10/22/2028

(e) 8,400

8,410

Secured

Overnight

Financing

Rate

+

0.86%

4.92%,

01/24/2029

(e) 6,000

6,048

Secured

Overnight

Financing

Rate

+

0.80%

5.57%,

04/22/2028

(e) 6,200

6,269

Secured

Overnight

Financing

Rate

+

0.93%

5.58%,

04/22/2030

(e) 6,200

6,374

Secured

Overnight

Financing

Rate

+

1.16%

Keybank

National

Association

5.85%,

11/15/2027

13,900

14,166

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Lloyds

Banking

Group

PLC

4.24%,

02/10/2030

(e) $

6,600

$

6,536

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.60%

Mizuho

Bank

Ltd

4.70%,

04/16/2031

(d),(f)

2,300

2,313

Mizuho

Financial

Group

Inc

4.71%,

07/08/2031

(e) 9,300

9,295

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%

Morgan

Stanley

1.59%,

05/04/2027

(e) 10,750

10,747

Secured

Overnight

Financing

Rate

+

0.88%

2.48%,

01/21/2028

(e) 6,000

5,916

Secured

Overnight

Financing

Rate

+

1.00%

4.65%,

10/18/2030

(e) 10,000

9,983

Secured

Overnight

Financing

Rate

+

1.10%

5.17%,

01/16/2030

(e) 9,350

9,474

Secured

Overnight

Financing

Rate

+

1.45%

5.23%,

01/15/2031

(e) 7,500

7,624

Secured

Overnight

Financing

Rate

+

1.11%

5.65%,

04/13/2028

(e) 2,575

2,604

Secured

Overnight

Financing

Rate

+

1.01%

5.66%,

04/18/2030

(e) 6,200

6,369

Secured

Overnight

Financing

Rate

+

1.26%

Morgan

Stanley

Bank

NA

5.02%,

01/12/2029

(e) 10,500

10,598

Secured

Overnight

Financing

Rate

+

0.91%

NatWest

Group

PLC

4.93%,

11/15/2028

9,500

9,581

Secured

Overnight

Financing

Rate

+

1.30%

4.96%,

08/15/2030

(e) 9,500

9,590

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.22%

PNC

Bank

NA

4.54%,

05/13/2027

(e) 8,750

8,751

Secured

Overnight

Financing

Rate

+

0.63%

PNC

Financial

Services

Group

Inc/The

4.90%,

05/13/2031

(e) 8,750

8,818

Secured

Overnight

Financing

Rate

+

1.33%

5.22%,

01/29/2031

(e),(f)

6,400

6,533

Secured

Overnight

Financing

Rate

+

1.07%

Royal

Bank

of

Canada

4.40%,

04/17/2030

(e) 5,800

5,776

Secured

Overnight

Financing

Rate

+

0.84%

4.70%,

08/06/2031

(e) 9,300

9,287

Secured

Overnight

Financing

Rate

+

1.06%

Societe

Generale

SA

5.50%,

04/13/2029

(d),(e)

10,500

10,650

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

5.51%,

05/22/2031

(d),(e)

9,300

9,497

Secured

Overnight

Financing

Rate

+

1.65%

Swedbank

AB

5.00%,

11/20/2029

(d) 8,500

8,672

Texas

Capital

Bancshares

Inc

5.30%,

02/27/2032

(e) 9,500

9,423

Secured

Overnight

Financing

Rate

+

1.94%

Toronto-Dominion

Bank/The

4.36%,

04/23/2029

6,200

6,183

Truist

Financial

Corp

4.60%,

01/27/2032

(e) 4,600

4,554

Secured

Overnight

Financing

Rate

+

0.97%

4.68%,

04/23/2032

(e) 7,800

7,730

Secured

Overnight

Financing

Rate

+

1.09%

7.16%,

10/30/2029

(e) 8,000

8,487

Secured

Overnight

Financing

Rate

+

2.45%

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

UBS

Group

AG

3.87%,

01/12/2029

(d),(e)

$

13,000

$

12,855

Month

USD

LIBOR

+

1.41%

US

Bancorp

4.48%,

01/26/2032

(e) 9,250

9,143

Secured

Overnight

Financing

Rate

+

0.87%

5.10%,

07/23/2030

(e) 4,800

4,881

Secured

Overnight

Financing

Rate

+

1.25%

5.38%,

01/23/2030

(e) 3,675

3,758

Secured

Overnight

Financing

Rate

+

1.56%

US

Bank

NA/Cincinnati

OH

4.73%,

05/15/2028

(e) 8,750

8,781

Secured

Overnight

Financing

Rate

+

0.91%

Wells

Fargo

&

Co

5.15%,

04/23/2031

(e) 9,500

9,664

Secured

Overnight

Financing

Rate

+

1.50%

5.24%,

01/24/2031

(e) 4,250

4,332

Secured

Overnight

Financing

Rate

+

1.11%

5.71%,

04/22/2028

(e) 6,200

6,274

Secured

Overnight

Financing

Rate

+

1.07%

$

573,860

Biotechnology

-

.44

%

Amgen

Inc

5.15%,

03/02/2028

9,100

9,226

Gilead

Sciences

Inc

4.80%,

11/15/2029

5,500

5,592

$

14,818

Building

Materials

-

.27

%

Vulcan

Materials

Co

4.95%,

12/01/2029

9,000

9,147

Chemicals

-

.66

%

Sherwin-Williams

Co/The

4.30%,

08/15/2028

8,000

7,977

4.50%,

08/15/2030

6,500

6,487

Westlake

Corp

3.60%,

08/15/2026

7,900

7,893

$

22,357

Commercial

Mortgage

Backed

Securities

-

.05

%

1301

Trust

2025-AOA

5.23%,

08/11/2042

(d),(g)

8,400

8,437

ALA

Trust

2025-OANA

5.40%,

06/15/2040

(d) 9,300

9,335

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.74%

Arbor

Multifamily

Mortgage

Securities

Trust

2022-MF4

3.27%,

02/15/2055

(d),(g)

5,369

5,338

ARES

Trust

2025-IND3

5.15%,

04/15/2042

(d) 9,200

9,211

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

BFLD

Commercial

Mortgage

Trust

2024-UNIV

5.15%,

11/15/2041

(d) 8,900

8,906

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.49%

BFLD

Commercial

Mortgage

Trust

2025-5MW

4.83%,

10/10/2042

(d),(g)

8,200

8,142

BFLD

Commercial

Mortgage

Trust

2025-660F

5.15%,

11/15/2042

(d) 8,750

8,755

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

BX

2024-PALM

5.20%,

06/15/2037

(d) 10,125

10,125

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.54%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

BX

Commercial

Mortgage

Trust

2021-ACNT

4.62%,

11/15/2038

(d) $

8,088

$

8,089

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.96%

BX

Commercial

Mortgage

Trust

2024-AIRC

5.35%,

08/15/2041

(d) 14,743

14,784

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

BX

Commercial

Mortgage

Trust

2024-GPA3

4.95%,

12/15/2039

(d) 1,490

1,492

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

BX

Commercial

Mortgage

Trust

2026-VLT9

5.35%,

03/15/2045

(d) 12,400

12,377

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.70%

BX

Trust

2021-BXMF

4.41%,

10/15/2026

(d) 8,595

8,592

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.75%

BX

Trust

2021-LGCY

4.28%,

10/15/2036

(d) 10,700

10,697

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.62%

BX

Trust

2025-DIME

4.80%,

02/15/2035

(d) 9,400

9,359

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.15%

BX

Trust

2025-TAIL

5.05%,

06/15/2035

(d) 12,200

12,208

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

BX

Trust

2025-VOLT

5.35%,

12/15/2044

(d) 12,000

11,992

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.70%

BX

Trust

2026-OPTM

4.85%,

03/15/2039

(d) 9,500

9,476

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

CHI

Commercial

Mortgage

Trust

2025-110W

5.10%,

12/13/2040

(d),(g)

9,700

9,646

CRSNT

Trust

2026-MOON

5.05%,

02/15/2043

(d) 10,000

9,981

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

DBC

2025-DBC

Mortgage

Trust

5.01%,

11/15/2042

(d) 10,000

10,006

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

ELP

Commercial

Mortgage

Trust

2025-ELP

4.76%,

11/13/2042

(d),(g)

10,000

9,874

GSAT

Trust

2025-BMF

5.15%,

07/15/2040

(d) 8,800

8,789

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

GSJP

Trust

2025-BEDS

5.15%,

12/15/2042

(d) 9,500

9,448

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

KRE

Commercial

Mortgage

Trust

2025-AIP4

4.95%,

03/15/2042

(d) 11,773

11,762

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

KRE

Commercial

Mortgage

Trust

2026-ICNA

5.50%,

05/15/2043

(d) 9,300

9,323

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.85%

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

LBA

Trust

2024-7IND

5.10%,

10/15/2041

(d) $

6,534

$

6,538

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

LEX

Trust

2026-450

5.00%,

03/15/2043

(d) 3,750

3,745

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

Life

2022-BMR

Mortgage

Trust

4.95%,

05/15/2039

(d) 18,400

17,781

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

MED

Commercial

Mortgage

Trust

2024-MOB

5.25%,

05/15/2041

(d) 15,000

14,787

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.59%

MHP

2021-STOR

4.47%,

07/15/2038

(d) 8,800

8,795

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.81%

MTN

Commercial

Mortgage

Trust

2026-LPFX

0.00%,

05/15/2043

(d),(g),(h),(i)

7,000

7,033

NYC

Commercial

Mortgage

Trust

2025-28L

4.67%,

11/05/2038

(d),(g)

9,000

8,975

NYC

Commercial

Mortgage

Trust

2026-1PARK

4.91%,

02/15/2043

(d) 8,000

7,993

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

PENN

Commercial

Mortgage

Trust

2025-P11

5.52%,

08/10/2042

(d),(g)

7,000

7,110

PRM5

Trust

2025-PRM5

4.62%,

03/10/2033

(d),(g)

5,000

4,971

SLG

Office

Trust

2026-OMA

4.97%,

04/15/2041

(d),(g)

9,500

9,534

SPGN

Trust

2026-TFLM

4.95%,

02/15/2041

(d) 12,500

12,469

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

TEXAS

Commercial

Mortgage

Trust

2025-TWR

4.95%,

04/15/2042

(d) 7,500

7,477

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

WB

Commercial

Mortgage

Trust

2024-HQ

6.13%,

03/15/2040

(d),(g)

10,000

10,012

$

373,364

Computers

-

.33

%

Apple

Inc

4.00%,

05/12/2028

9,500

9,495

Dell

International

LLC

/

EMC

Corp

4.75%,

04/01/2028

4,000

4,024

5.00%,

04/01/2030

9,250

9,378

Hewlett

Packard

Enterprise

Co

4.40%,

09/25/2027

12,500

12,489

4.55%,

10/15/2029

9,500

9,466

$

44,852

Diversified

Financial

Services

-

.80

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.38%,

11/15/2030

7,500

7,361

6.45%,

04/15/2027

9,127

9,295

Citadel

Finance

LLC

5.15%,

02/14/2031

(d) 7,500

7,324

Citadel

Securities

Global

Holdings

LLC

5.13%,

01/27/2032

(d) 3,000

2,964

$

26,944

Electric

-

.10

%

Alliant

Energy

Finance

LLC

5.95%,

03/30/2029

(d) 8,800

9,097

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Black

Hills

Corp

4.55%,

01/31/2031

$

5,750

$

5,694

Consumers

Energy

Co

4.90%,

02/15/2029

8,200

8,315

Dominion

Energy

Inc

4.60%,

05/15/2028

9,000

9,030

DTE

Energy

Co

3.40%,

06/15/2029

2,000

1,934

5.10%,

03/01/2029

5,000

5,079

Evergy

Inc

4.25%,

03/15/2029

4,000

3,968

Evergy

Kansas

Central

Inc

4.70%,

03/13/2028

4,100

4,116

Exelon

Corp

5.15%,

03/15/2029

6,330

6,447

Fortis

Inc/Canada

3.06%,

10/04/2026

14,594

14,497

ITC

Holdings

Corp

4.88%,

04/15/2031

(d) 5,200

5,193

NextEra

Energy

Capital

Holdings

Inc

4.69%,

09/01/2027

5,000

5,022

4.90%,

02/28/2028

3,458

3,487

4.90%,

03/15/2029

10,000

10,131

NRG

Energy

Inc

4.73%,

10/15/2030

(d) 7,100

7,024

OGE

Energy

Corp

5.45%,

05/15/2029

10,000

10,233

PacifiCorp

4.25%,

03/15/2029

6,250

6,191

5.10%,

02/15/2029

9,050

9,159

Public

Service

Enterprise

Group

Inc

4.90%,

03/15/2030

4,100

4,140

5.20%,

04/01/2029

10,000

10,175

5.88%,

10/15/2028

8,000

8,246

Southern

Co/The

5.50%,

03/15/2029

8,300

8,534

Southern

Power

Co

4.25%,

10/01/2030

6,250

6,176

Tampa

Electric

Co

4.90%,

03/01/2029

2,340

2,370

Vistra

Operations

Co

LLC

3.70%,

01/30/2027

(d) 19,500

19,381

5.00%,

04/30/2031

(d) 4,975

4,961

WEC

Energy

Group

Inc

4.75%,

01/15/2028

5,000

5,028

Wisconsin

Public

Service

Corp

4.55%,

12/01/2029

5,500

5,524

Xcel

Energy

Inc

1.75%,

03/15/2027

7,000

6,853

$

206,005

Electronics

-

.19

%

Tyco

Electronics

Group

SA

4.50%,

02/09/2031

6,400

6,373

Environmental

Control

-

.27

%

Republic

Services

Inc

4.75%,

07/15/2030

9,000

9,107

Food

-

.47

%

Mars

Inc

4.60%,

03/01/2028

(d) 6,300

6,338

4.80%,

03/01/2030

(d) 9,400

9,495

$

15,833

Forest

Products

&

Paper

-

.29

%

Georgia-Pacific

LLC

4.40%,

05/15/2029

(d),(h)

4,900

4,893

4.60%,

05/15/2031

(d),(h)

4,900

4,894

$

9,787

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

-

.08

%

NiSource

Inc

5.25%,

03/30/2028

$

2,700

$

2,741

Healthcare

-

Products

-

.05

%

Abbott

Laboratories

3.70%,

03/09/2029

9,000

8,877

4.00%,

03/15/2031

11,000

10,795

Augusta

SpinCo

Corp

4.40%,

03/23/2029

6,000

5,981

4.66%,

03/23/2031

6,000

5,987

Solventum

Corp

5.40%,

03/01/2029

3,877

3,964

$

35,604

Healthcare

-

Services

-

.01

%

Centene

Corp

4.25%,

12/15/2027

8,956

8,904

HCA

Inc

4.30%,

11/15/2030

2,000

1,965

5.25%,

06/15/2026

20,000

20,015

5.88%,

02/01/2029

3,000

3,083

$

33,967

Home

Equity

Asset

Backed

Securities

-

.79

%

JP

Morgan

Mortgage

Trust

2023-HE1

5.39%,

11/25/2053

(d) 991

992

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.75%

JP

Morgan

Mortgage

Trust

2023-HE2

5.34%,

03/20/2054

(d) 4,305

4,314

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.70%

JP

Morgan

Mortgage

Trust

2023-HE3

5.24%,

05/20/2054

(d) 3,404

3,414

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.60%

JP

Morgan

Mortgage

Trust

2025-HE3

4.99%,

03/20/2056

(d) 10,123

10,155

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.35%

JP

Morgan

Mortgage

Trust

2026-CES1

4.91%,

06/25/2056

(d),(g)

11,876

11,786

JP

Morgan

Mortgage

Trust

Series

2024-CES1

5.92%,

06/25/2054

(d),(g)

5,832

5,857

JP

Morgan

Mortgage

Trust

Series

2024-HE3

4.84%,

02/25/2055

(d) 7,591

7,586

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.20%

JP

Morgan

Mortgage

Trust

Series

2025-CES1

5.67%,

05/25/2055

(d),(g)

6,023

6,044

JP

Morgan

Mortgage

Trust

Series

2025-CES2

5.59%,

06/25/2055

(d),(g)

9,975

10,008

JP

Morgan

Mortgage

Trust

Series

2025-CES7

5.06%,

04/25/2056

(d),(g)

8,701

8,662

JP

Morgan

Mortgage

Trust

Series

2025-HE1

4.79%,

07/20/2055

(d) 17,806

17,795

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.15%

JP

Morgan

Mortgage

Trust

Series

2026-HE1

4.90%,

09/20/2056

(d) 7,600

7,606

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

1.25%

$

94,219

Insurance

-

.08

%

Aon

North

America

Inc

5.15%,

03/01/2029

12,000

12,213

Arthur

J

Gallagher

&

Co

4.85%,

12/15/2029

4,200

4,240

Brown

&

Brown

Inc

4.90%,

06/23/2030

3,700

3,695

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Guardian

Life

Global

Funding

4.40%,

12/11/2030

(d) $

9,400

$

9,333

Markel

Group

Inc

3.50%,

11/01/2027

4,719

4,648

New

York

Life

Global

Funding

4.60%,

12/05/2029

(d) 4,800

4,829

4.60%,

06/03/2030

(d) 9,350

9,384

Northwestern

Mutual

Global

Funding

4.96%,

01/13/2030

(d) 12,200

12,357

5.07%,

03/25/2027

(d) 9,500

9,588

$

70,287

Internet

-

.46

%

Alphabet

Inc

3.70%,

02/15/2029

7,800

7,711

3.88%,

11/15/2028

4,500

4,478

4.10%,

11/15/2030

7,250

7,188

Amazon.com

Inc

4.25%,

03/13/2031

9,000

8,912

eBay

Inc

1.40%,

05/10/2026

13,530

13,519

4.25%,

03/06/2029

7,500

7,469

$

49,277

Machinery

-

Diversified

-

.29

%

Ingersoll

Rand

Inc

5.20%,

06/15/2027

6,000

6,048

Westinghouse

Air

Brake

Technologies

Corp

4.90%,

05/29/2030

3,850

3,896

$

9,944

Media

-

.40

%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.10%,

06/01/2029

13,000

13,427

Mining

-

.44

%

Anglo

American

Capital

PLC

4.63%,

03/19/2031

(d) 9,000

8,900

Glencore

Funding

LLC

5.19%,

04/01/2030

(d) 6,000

6,093

$

14,993

Miscellaneous

Manufacturers

-

.33

%

Eaton

Corp

3.95%,

03/06/2029

8,000

7,920

4.20%,

03/06/2031

3,300

3,254

$

11,174

Mortgage

Backed

Securities

-

.46

%

Chase

Home

Lending

Mortgage

Trust

2025-3

5.50%,

02/25/2056

(d),(g)

5,996

5,996

Chase

Home

Lending

Mortgage

Trust

Series

2024-2

6.50%,

02/25/2055

(d),(g)

3,690

3,712

CHL

Mortgage

Pass-Through

Trust

2003-46

5.75%,

01/19/2034

(g) 89

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),(g)

2,782

2,504

JP

Morgan

Mortgage

Trust

2004-A3

6.15%,

07/25/2034

(g) 67

JP

Morgan

Mortgage

Trust

2004-S1

5.00%,

09/25/2034

JP

Morgan

Mortgage

Trust

2021-1

2.50%,

06/25/2051

(d),(g)

8,650

7,976

JP

Morgan

Mortgage

Trust

2023-10

6.00%,

05/25/2054

(d),(g)

JP

Morgan

Mortgage

Trust

2023-8

6.00%,

02/25/2054

(d),(g)

4,347

4,364

JP

Morgan

Mortgage

Trust

2025-1

6.00%,

06/25/2055

(d),(g)

1,282

1,287

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

JP

Morgan

Mortgage

Trust

2026-ACES1

4.89%,

04/25/2066

(d),(g)

$

9,582

$

9,516

Metlife

Securitization

Trust

2019-1

3.75%,

04/25/2058

(d),(g)

591

585

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2020-1

2.50%,

12/25/2050

(d),(g)

3,481

3,181

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2025-1

5.50%,

03/25/2055

(d),(g)

4,172

4,175

Oceanview

Mortgage

Trust

2021-3

2.50%,

06/25/2051

(d),(g)

9,133

8,194

PHH

Mortgage

Trust

Series

2008-CIM1

6.03%,

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),(g)

8,046

7,261

Sequoia

Mortgage

Trust

2020-4

2.50%,

11/25/2050

(d),(g)

5,498

5,096

Sequoia

Mortgage

Trust

2021-3

2.50%,

05/25/2051

(d),(g)

14,889

13,375

Sequoia

Mortgage

Trust

2021-4

2.50%,

06/25/2051

(d),(g)

14,837

13,329

Sequoia

Mortgage

Trust

2024-1

5.52%,

01/25/2054

(d),(g)

Sequoia

Mortgage

Trust

2024-2

5.97%,

03/25/2054

(d),(g)

695

694

Sequoia

Mortgage

Trust

2024-4

6.00%,

05/25/2054

(d),(g)

4,203

4,216

Sequoia

Mortgage

Trust

2025-1

6.00%,

01/25/2055

(d),(g)

1,382

1,385

Sequoia

Mortgage

Trust

2025-S2

4.00%,

11/25/2055

(d),(g)

1,908

1,832

Sequoia

Mortgage

Trust

2026-HYB1

4.67%,

04/25/2056

(d),(g)

8,835

8,674

Wells

Fargo

Mortgage

Backed

Securities

2020-3

Trust

3.00%,

06/25/2050

(d),(g)

Wells

Fargo

Mortgage

Backed

Securities

2020-4

Trust

3.00%,

07/25/2050

(d),(g)

4,053

3,543

Wells

Fargo

Mortgage

Backed

Securities

2020-5

Trust

2.50%,

09/25/2050

(d),(g)

3,466

3,195

Wells

Fargo

Mortgage

Backed

Securities

2021-1

Trust

2.50%,

12/25/2050

(d),(g)

1,419

1,290

$

116,690

Office

&

Business

Equipment

-

.32

%

CDW

LLC

/

CDW

Finance

Corp

2.67%,

12/01/2026

11,000

10,891

Oil

&

Gas

-

.98

%

Canadian

Natural

Resources

Ltd

5.00%,

12/15/2029

4,800

4,869

Diamondback

Energy

Inc

5.15%,

01/30/2030

7,500

7,672

5.20%,

04/18/2027

8,150

8,220

EOG

Resources

Inc

4.40%,

07/15/2028

4,600

4,613

Shell

Finance

US

Inc

4.13%,

11/06/2030

7,800

7,710

$

33,084

Oil

&

Gas

Services

-

.38

%

Schlumberger

Holdings

Corp

5.00%,

05/29/2027

(d) 6,400

6,452

5.00%,

11/15/2029

(d) 6,400

6,526

$

12,978

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

-

.90

%

1988

CLO

Ltd

4.87%,

04/15/2038

(d) $

12,500

$

12,494

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

1988

CLO

Ltd

4.92%,

10/15/2038

(d) 9,500

9,497

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

Capital

CLO

II

4.96%,

07/15/2034

(d) 10,000

9,999

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

720

East

CLO

V

Ltd

5.21%,

07/20/2037

(d) 5,500

5,505

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.53%

AB

BSL

CLO

Ltd

4.98%,

04/20/2038

(d) 9,500

9,507

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

Ares

LIV

CLO

Ltd

4.98%,

07/15/2038

(d) 4,500

4,505

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

Bardot

CLO

Ltd

4.64%,

10/22/2032

(d) 7,795

7,793

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.98%

CCG

Receivables

Trust

2024-1

4.99%,

03/15/2032

(d) 2,248

2,263

CCG

Receivables

Trust

2025-2

4.12%,

10/14/2026

(d) 687

687

4.14%,

08/15/2034

(d) 6,250

6,248

Cerberus

Loan

Funding

XXIV

LP

5.02%,

07/15/2030

(d) 6,310

6,305

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

CF

Hippolyta

Issuer

LLC

1.53%,

03/15/2061

(d) 18,028

14,681

1.69%,

07/15/2060

(d) 13,052

10,864

Dell

Equipment

Finance

Trust

2025-2

4.10%,

02/22/2028

(d) 6,350

6,352

Dell

Equipment

Finance

Trust

2026-1

4.24%,

07/24/2028

(d) 8,400

8,401

DLLAA

2025-1

LLC

4.70%,

10/20/2027

(d) 4,236

4,246

DLLAD

2024-1

LLC

5.50%,

08/20/2027

(d) 1,025

1,027

DLLAD

2025-1

LLC

4.46%,

11/20/2028

(d) 11,955

11,990

Empower

CLO

2025-1

Ltd

4.99%,

07/20/2038

(d) 12,600

12,613

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

Kubota

Credit

Owner

Trust

2026-1

3.84%,

01/16/2029

(d) 9,500

9,461

Lake

Shore

MM

CLO

II

Ltd

5.08%,

10/17/2031

(d) 2,042

2,040

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

Madison

Park

Funding

XL-R

Ltd

4.97%,

10/16/2038

(d) 12,750

12,779

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

Magnetite

XLVII

Ltd

5.00%,

01/25/2038

(d) 6,250

6,263

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Maranon

Loan

Funding

2021-3

Ltd

5.42%,

10/15/2036

(d) $

6,300

$

6,292

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

MVW

2021-1W

LLC

1.14%,

01/22/2041

(d) 1,051

1,019

MVW

2023-2

LLC

6.18%,

11/20/2040

(d) 4,105

4,212

MVW

2024-2

LLC

4.43%,

03/20/2042

(d) 10,126

10,076

MVW

2026-1

LLC

4.67%,

03/20/2043

(d) 7,150

7,129

Navesink

CLO

Ltd

4.86%,

01/15/2036

(d) 6,250

6,245

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.19%

New

Mountain

CLO

Ltd

5.08%,

10/15/2037

(d) 6,300

6,311

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

New

Mountain

CLO

Ltd

4.88%,

03/31/2038

(d) 9,500

9,484

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.20%

Oaktree

CLO

2019-4

Ltd

5.19%,

07/20/2037

(d) 19,000

19,020

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

Oaktree

CLO

2024-25

Ltd

5.23%,

04/20/2037

(d) 6,300

6,308

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

PFS

Financing

Corp

4.18%,

03/17/2031

(d) 8,000

7,938

4.85%,

02/15/2030

(d) 12,550

12,671

4.95%,

02/15/2029

(d) 13,350

13,435

5.52%,

10/15/2028

(d) 4,500

4,529

Signal

Peak

CLO

Ltd

5.13%,

07/18/2037

(d) 6,250

6,255

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.45%

T-Mobile

US

Trust

2025-2

4.34%,

04/22/2030

(d) 13,000

13,019

Trafigura

Securitisation

Finance

PLC

5.98%,

11/15/2027

(d) 15,000

15,014

Verizon

Master

Trust

4.17%,

08/20/2030

5,500

5,504

4.35%,

08/20/2032

(d) 5,500

5,502

4.62%,

11/20/2030

9,700

9,773

5.16%,

06/20/2029

13,800

13,823

Verizon

Master

Trust

Series

2026-1

3.94%,

02/20/2031

9,000

8,957

$

368,036

Packaging

&

Containers

-

.24

%

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

8,000

8,146

Pharmaceuticals

-

.63

%

AbbVie

Inc

4.13%,

03/15/2031

6,900

6,790

4.80%,

03/15/2029

10,000

10,145

Astrazeneca

Finance

LLC

4.00%,

03/02/2031

9,250

9,082

4.85%,

02/26/2029

9,400

9,551

Eli

Lilly

&

Co

4.50%,

02/09/2029

10,000

10,090

4.55%,

02/12/2028

6,250

6,293

4.75%,

02/12/2030

4,300

4,372

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Novartis

Capital

Corp

3.90%,

11/05/2028

$

7,250

$

7,210

4.10%,

11/05/2030

7,500

7,402

Pfizer

Inc

3.88%,

11/15/2027

9,000

8,978

4.20%,

11/15/2030

9,000

8,929

$

88,842

Pipelines

-

.74

%

Columbia

Pipelines

Holding

Co

LLC

6.04%,

08/15/2028

(d) 11,350

11,713

6.06%,

08/15/2026

(d) 3,450

3,461

Enbridge

Inc

5.30%,

04/05/2029

3,850

3,932

5.90%,

11/15/2026

11,275

11,366

Energy

Transfer

LP

4.40%,

03/15/2027

5,250

5,253

5.55%,

02/15/2028

8,000

8,143

Kinder

Morgan

Inc

5.00%,

02/01/2029

8,000

8,121

5.10%,

08/01/2029

6,000

6,112

ONEOK

Inc

4.25%,

09/24/2027

11,700

11,668

4.40%,

10/15/2029

7,900

7,854

5.55%,

11/01/2026

6,000

6,031

Williams

Cos

Inc/The

4.63%,

06/30/2030

8,750

8,740

$

92,394

REITs

-

.71

%

American

Homes

Rent

LP

4.95%,

06/15/2030

5,998

6,034

American

Tower

Trust

#1

3.65%,

03/15/2048

(d) 6,300

6,227

5.49%,

03/15/2053

(d) 11,585

11,704

Omega

Healthcare

Investors

Inc

5.20%,

07/01/2030

6,000

6,046

Public

Storage

Operating

Co

4.33%,

04/16/2027

9,550

9,567

Secured

Overnight

Financing

Rate

+

0.70%

4.38%,

07/01/2030

9,250

9,251

SBA

Tower

Trust

1.63%,

05/15/2051

(d) 19,400

19,132

2.33%,

07/15/2052

(d) 2,800

2,700

Store

Capital

LLC

4.95%,

02/11/2031

(d) 8,800

8,737

Welltower

OP

LLC

4.50%,

07/01/2030

12,000

12,000

$

91,398

Semiconductors

-

.50

%

Advanced

Micro

Devices

Inc

4.21%,

09/24/2026

6,300

6,306

4.32%,

03/24/2028

6,300

6,329

Broadcom

Inc

4.60%,

07/15/2030

9,500

9,542

5.05%,

07/12/2029

7,400

7,544

Intel

Corp

4.65%,

06/01/2031

3,300

3,287

Marvell

Technology

Inc

4.75%,

07/15/2030

9,500

9,543

Texas

Instruments

Inc

4.60%,

02/08/2029

8,000

8,098

$

50,649

Software

-

.99

%

Fidelity

National

Information

Services

Inc

4.55%,

03/10/2029

9,000

8,965

4.80%,

03/10/2031

7,000

6,962

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Oracle

Corp

4.20%,

09/27/2029

$

9,300

$

9,041

4.80%,

08/03/2028

9,400

9,387

4.95%,

02/04/2031

9,500

9,293

Roper

Technologies

Inc

4.50%,

10/15/2029

7,400

7,363

Take-Two

Interactive

Software

Inc

4.95%,

03/28/2028

8,700

8,765

5.40%,

06/12/2029

7,400

7,549

$

67,325

Student

Loan

Asset

Backed

Securities

-

.22

%

Commonbond

Student

Loan

Trust

2018-BGS

3.56%,

09/25/2045

(d) 1,375

1,319

Commonbond

Student

Loan

Trust

2018-C-GS

3.87%,

02/25/2046

(d) 1,734

1,686

Commonbond

Student

Loan

Trust

2019-A-GS

2.54%,

01/25/2047

(d) 3,558

3,279

Commonbond

Student

Loan

Trust

2020-A-GS

1.98%,

08/25/2050

(d) 1,478

1,336

Commonbond

Student

Loan

Trust

2021-A-GS

1.20%,

03/25/2052

(d) 6,884

5,973

Commonbond

Student

Loan

Trust

2021-B-GS

1.17%,

09/25/2051

(d) 2,124

1,864

EDvestinU

Private

Education

Loan

Issue

No

LLC

1.80%,

11/25/2045

(d) 4,410

4,126

ELFI

Graduate

Loan

Program

2024-A

LLC

5.56%,

08/25/2049

(d) 3,265

3,279

Navient

Education

Loan

Trust

2025-A

5.02%,

07/15/2055

(d) 4,023

4,039

Navient

Education

Loan

Trust

2026-A

4.86%,

09/15/2056

(d),(h)

6,700

6,674

Navient

Private

Education

Refi

Loan

Trust

2019-A

3.42%,

01/15/2043

(d) 93

Navient

Private

Education

Refi

Loan

Trust

2019-G

2.40%,

10/15/2068

(d) 1,474

1,438

Navient

Private

Education

Refi

Loan

Trust

2020-D

1.69%,

05/15/2069

(d) 2,216

2,115

Navient

Private

Education

Refi

Loan

Trust

2020-F

1.22%,

07/15/2069

(d) 1,447

1,367

Navient

Private

Education

Refi

Loan

Trust

2020-G

1.17%,

09/16/2069

(d) 1,617

1,518

Navient

Private

Education

Refi

Loan

Trust

2020-H

1.31%,

01/15/2069

(d) 2,049

1,947

Navient

Private

Education

Refi

Loan

Trust

2021-A

0.84%,

05/15/2069

(d) 2,283

2,089

Navient

Private

Education

Refi

Loan

Trust

2021-B

0.94%,

07/15/2069

(d) 5,190

4,729

Navient

Private

Education

Refi

Loan

Trust

2021-C

1.06%,

10/15/2069

(d) 4,987

4,542

Navient

Private

Education

Refi

Loan

Trust

2021-E

0.97%,

12/16/2069

(d) 7,479

6,685

Navient

Private

Education

Refi

Loan

Trust

2021-F

1.11%,

02/18/2070

(d) 3,280

2,918

Navient

Private

Education

Refi

Loan

Trust

2022-A

2.23%,

07/15/2070

(d) 3,082

2,813

Navient

Private

Education

Refi

Loan

Trust

2023-A

5.51%,

10/15/2071

(d) 1,785

1,819

Navient

Private

Education

Refi

Loan

Trust

2024-A

5.66%,

10/15/2072

(d) 6,656

6,746

Navient

Refinance

Loan

Trust

2025-B

4.72%,

09/15/2055

(d) 10,610

10,515

Navient

Refinance

Loan

Trust

2026-A

4.50%,

01/18/2056

(d) 7,723

7,612

Nelnet

Student

Loan

Trust

2021-A

1.36%,

04/20/2062

(d) 9,941

9,479

Nelnet

Student

Loan

Trust

2021-C

1.32%,

04/20/2062

(d) 3,509

3,307

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Student

Loan

Asset

Backed

Securities

(continued)

Nelnet

Student

Loan

Trust

2021-D

1.63%,

04/20/2062

(d) $

4,776

$

4,558

SLM

Private

Credit

Student

Loan

Trust

2004-A

4.34%,

06/15/2033

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.66%

SLM

Private

Credit

Student

Loan

Trust

2006-A

4.23%,

06/15/2039

7,418

7,275

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.55%

SLM

Private

Credit

Student

Loan

Trust

2006-B

4.14%,

12/15/2039

4,192

4,112

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.46%

SMB

Private

Education

Loan

Trust

2021-A

1.07%,

01/15/2053

(d) 4,400

4,024

SMB

Private

Education

Loan

Trust

2021-B

1.31%,

07/17/2051

(d) 6,035

5,705

SMB

Private

Education

Loan

Trust

2021-E

1.68%,

02/15/2051

(d) 5,978

5,672

SMB

Private

Education

Loan

Trust

2022-C

4.48%,

05/16/2050

(d) 5,762

5,696

$

142,426

Telecommunications

-

.23

%

AT&T

Inc

4.70%,

08/15/2030

9,000

9,063

Cisco

Systems

Inc

4.75%,

02/24/2030

9,400

9,549

4.85%,

02/26/2029

8,000

8,132

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(d) 1,650

1,639

NTT

Finance

Corp

4.62%,

07/16/2028

(d) 9,300

9,336

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

5.15%,

03/20/2028

(d) 3,800

3,806

$

41,525

Transportation

-

.32

%

Ryder

System

Inc

1.75%,

09/01/2026

11,000

10,910

TOTAL

BONDS

$

3,019,238

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.38

%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

.00

%

6.17%,

09/01/2035

$

$

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Federal

National

Mortgage

Association

(FNMA)

-

.00

%

5.86%,

02/01/2037

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

5.92%,

11/01/2032

1.00 x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.29%

6.00%,

01/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.75%

6.01%,

07/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

6.02%,

12/01/2032

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.64%

6.14%,

07/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.56%

Schedule

of

Investments

Short-Term

Income

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)

(continued)

6.26%,

02/01/2035

$

$

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

6-Month

+

2.01%

6.37%,

08/01/2034

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.63%

6.42%,

10/01/2035

1.00 x

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

12-Month

+

1.68%

$

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

.00

%

7.50%,

10/01/2029

U.S.

Treasury

-

.38

%

3.25%,

06/30/2029

114,100

111,827

3.88%,

07/31/2027

10,000

10,003

3.88%,

03/31/2028

45,000

44,990

4.00%,

01/15/2027

97,600

97,783

4.50%,

07/15/2026

52,200

52,284

$

316,887

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

316,970

Total

Investments

$

3,401,080

Other

Assets

and

Liabilities

- (0.69)%

(23,296)

TOTAL

NET

ASSETS

-

100.00%

$

3,377,784

(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

$4,461

or

0.13%

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

$1,463,638

or

43.33%

of

net

assets.

(e) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,311

or

0.13%

of

net

assets.

(g) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(h) Security

purchased

on

a

when-issued

basis.

(i) Non-income

producing

security

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

179,090

$

889,695

$

1,004,204

$

64,581

$

179,090

$

889,695

$

1,004,204

$

64,581

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

2,002

$

—

$

—

$

—

$

2,002

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

Year

Treasury

Note;

June

2026

Long

$

68,351

$

(114)

US

Year

Treasury Note;

June

2026

Short

537

57,908

907

Total

$

793

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.60

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.60

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

1,698,958

$

1,699

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

32,000,413

32,000

$

33,699

TOTAL

INVESTMENT

COMPANIES

$

33,699

COMMON

STOCKS

-

.38

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.70

%

AAR

Corp

(d) 185,200

$

20,441

Aevex

Corp

(d),(e)

647,535

19,588

Kratos

Defense

&

Security

Solutions

Inc

(d) 265,300

16,727

$

56,756

Agriculture

-

.54

%

Darling

Ingredients

Inc

(d) 338,900

21,768

Vital

Farms

Inc

(d) 772,600

10,546

$

32,314

Banks

-

.73

%

Ameris

Bancorp

276,200

23,546

First

Horizon

Corp

1,158,300

28,911

FNB

Corp/PA

1,288,996

23,008

Independent

Bank

Corp/MI

129,200

4,291

Old

National

Bancorp/IN

1,491,100

35,742

Renasant

Corp

738,800

29,471

UMB

Financial

Corp

250,600

31,618

Wintrust

Financial

Corp

184,200

27,735

$

204,322

Biotechnology

-

.87

%

Alumis

Inc

(d) 421,500

10,407

Avalo

Therapeutics

Inc

(d),(e)

224,700

3,011

Axsome

Therapeutics

Inc

(d) 138,600

28,794

Bicycle

Therapeutics

PLC

ADR

(d) 516,100

2,436

Bridgebio

Pharma

Inc

(d) 448,200

31,871

Cytokinetics

Inc

(d) 349,900

22,383

Denali

Therapeutics

Inc

(d) 585,400

10,959

Immunocore

Holdings

PLC

ADR

(d) 227,200

6,341

Immunome

Inc

(d) 550,700

12,633

Insmed

Inc

(d) 279,900

38,159

Structure

Therapeutics

Inc

ADR

(d) 299,400

12,410

Viking

Therapeutics

Inc

(d) 218,300

6,807

$

186,211

Building

Materials

-

.41

%

Louisiana-Pacific

Corp

123,300

8,901

Modine

Manufacturing

Co

(d) 163,600

41,658

$

50,559

Chemicals

-

.80

%

Ingevity

Corp

(d) 223,100

16,998

Perimeter

Solutions

Inc

(d) 687,000

20,816

$

37,814

Commercial

Services

-

.99

%

BOYD

GROUP

INC

92,300

11,425

Huron

Consulting

Group

Inc

(d) 174,600

22,814

Stride

Inc

(d) 294,200

28,584

$

62,823

Computers

-

.43

%

Netskope

Inc

(d) 1,025,800

10,217

Parsons

Corp

(d) 98,400

4,960

Varonis

Systems

Inc

(d) 563,100

14,810

$

29,987

Distribution

&

Wholesale

-

.22

%

WESCO

International

Inc

73,400

25,625

Diversified

Financial

Services

-

.09

%

Hamilton

Lane

Inc

159,200

14,645

Jefferson

Capital

Inc

629,500

13,056

Lazard

Inc

491,900

23,857

OneMain

Holdings

Inc

203,300

11,948

Stifel

Financial

Corp

283,400

22,334

$

85,840

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

-

.87

%

Algonquin

Power

&

Utilities

Corp

2,917,600

$

18,323

Electrical

Components

&

Equipment

-

.73

%

EnerSys

170,207

36,298

Electronics

-

.82

%

Advanced

Energy

Industries

Inc

125,100

48,027

Arxis

Inc

(d),(e)

128,600

4,501

TD

SYNNEX

Corp

120,977

27,605

$

80,133

Engineering

&

Construction

-

.68

%

Cardinal

Infrastructure

Group

Inc

(d) 226,300

12,001

Dycom

Industries

Inc

(d) 71,800

29,732

MYR

Group

Inc

(d) 72,500

29,349

Tutor

Perini

Corp

293,900

27,309

$

98,391

Entertainment

-

.80

%

TKO

Group

Holdings

Inc

90,300

16,804

Environmental

Control

-

.54

%

Montrose

Environmental

Group

Inc

(d) 533,800

11,237

Food

-

.68

%

Performance

Food

Group

Co

(d) 158,118

14,319

Gas

-

.67

%

Southwest

Gas

Holdings

Inc

372,700

35,052

Healthcare

-

Products

-

.58

%

Adaptive

Biotechnologies

Corp

(d) 852,660

12,022

Castle

Biosciences

Inc

(d) 708,238

17,345

Natera

Inc

(d) 120,400

24,822

$

54,189

Healthcare

-

Services

-

.01

%

Addus

HomeCare

Corp

(d) 131,600

12,751

LifeStance

Health

Group

Inc

(d) 1,134,800

8,590

Lumexa

Imaging

Holdings

Inc

(d) 279,360

2,673

Privia

Health

Group

Inc

(d) 842,939

20,947

RadNet

Inc

(d) 324,700

18,362

$

63,323

Home

Builders

-

.21

%

Taylor

Morrison

Home

Corp

(d) 418,900

25,444

Insurance

-

.61

%

CNO

Financial

Group

Inc

429,566

19,094

Essent

Group

Ltd

225,500

13,647

Lincoln

National

Corp

585,100

22,123

$

54,864

Internet

-

.61

%

Lyft

Inc

(d) 900,600

12,744

Investment

Companies

-

.72

%

Riot

Platforms

Inc

(d) 880,800

15,185

Iron

&

Steel

-

.83

%

Commercial

Metals

Co

253,800

17,502

Leisure

Products

&

Services

-

.51

%

Callaway

Golf

Co

(d) 1,270,200

19,434

Life

Time

Group

Holdings

Inc

(d) 823,500

22,078

Lindblad

Expeditions

Holdings

Inc

(d) 608,600

11,277

$

52,789

Machinery

-

Construction

&

Mining

-

.61

%

Bloom

Energy

Corp

(d) 45,800

12,978

Forgent

Power

Solutions

Inc

(d) 554,300

20,853

$

33,831

Machinery

-

Diversified

-

.08

%

Mueller

Water

Products

Inc

-

Class

A

812,900

22,672

Mining

-

.16

%

MP

Materials

Corp

(d) 167,300

11,048

Novagold

Resources

Inc

(d) 1,643,648

13,248

$

24,296

Miscellaneous

Manufacturers

-

.45

%

Fabrinet

(d) 44,651

30,518

Schedule

of

Investments

SmallCap

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.53

%

Chord

Energy

Corp

100,100

$

14,574

Gulfport

Energy

Corp

(d) 129,500

24,934

Patterson-UTI

Energy

Inc

2,839,030

34,693

$

74,201

Oil

&

Gas

Services

-

.41

%

Helix

Energy

Solutions

Group

Inc

(d) 1,589,900

16,455

Solaris

Energy

Infrastructure

Inc

464,000

34,262

$

50,717

Pharmaceuticals

-

.16

%

Abivax

SA

ADR

(d) 97,900

11,491

AdaptHealth

Corp

(d) 865,200

11,343

BellRing

Brands

Inc

(d) 389,200

6,928

Collegium

Pharmaceutical

Inc

(d) 460,700

15,539

$

45,301

Pipelines

-

.72

%

Kinetik

Holdings

Inc

(e) 297,500

15,036

REITs

-

.86

%

American

Healthcare

REIT

Inc

318,000

16,148

American

Homes

Rent

505,100

16,082

Cousins

Properties

Inc

672,000

17,210

InvenTrust

Properties

Corp

513,600

16,497

Rexford

Industrial

Realty

Inc

466,300

16,736

Sabra

Health

Care

REIT

Inc

935,100

19,319

$

101,992

Retail

-

.16

%

BJ's

Wholesale

Club

Holdings

Inc

(d) 151,800

14,252

Boot

Barn

Holdings

Inc

(d) 133,500

22,889

Cava

Group

Inc

(d) 120,300

11,237

Yesway

Inc

(d) 700,800

18,025

$

66,403

Semiconductors

-

.30

%

Allegro

MicroSystems

Inc

(d) 714,300

34,643

Entegris

Inc

107,440

15,190

SiTime

Corp

(d) 72,100

40,531

$

90,364

Software

-

.38

%

Agilysys

Inc

(d) 142,700

9,141

DigitalOcean

Holdings

Inc

(d) 203,900

19,662

JFrog

Ltd

(d) 480,600

22,319

ServiceTitan

Inc

(d) 157,100

9,341

Sophia

Genetics

SA

(d) 629,300

3,285

Via

Transportation

Inc

(d) 475,452

7,232

$

70,980

Telecommunications

-

.95

%

Credo

Technology

Group

Holding

Ltd

(d) 235,795

41,031

Transportation

-

.96

%

ArcBest

Corp

157,300

20,067

TOTAL

COMMON

STOCKS

$

2,066,257

Total

Investments

$

2,099,956

Other

Assets

and

Liabilities

- 0.02%

TOTAL

NET

ASSETS

-

100.00%

$

2,100,327

(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

$26,679

or

1.27%

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

$26,220

or

1.25%

of

net

assets.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

52,827

$

627,470

$

648,297

$

32,000

$

52,827

$

627,470

$

648,297

$

32,000

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.10

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.10

%

iShares

Russell

2000

Growth

ETF

(a) 6,600

$

2,375

Money

Market

Funds

-

.00

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(b),(c)

1,801,407

1,801

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(b),(c),(d)

91,887,631

91,888

$

93,689

TOTAL

INVESTMENT

COMPANIES

$

96,064

COMMON

STOCKS

-

.44

%

Shares

Held

Value

(000's)

Advertising

-

.00

%

Arena

Group

Holdings

Inc/The

(a),(e)

1,321

$

Boston

Omaha

Corp

(a),(e)

Stagwell

Inc

(e) 6,857

TechTarget

Inc

(e) 186

$

Aerospace

&

Defense

-

.62

%

AAR

Corp

(e) 115,517

12,750

AeroVironment

Inc

(e) 45,924

8,956

Aevex

Corp

(e) 331,806

10,037

AIRO

Group

Holdings

Inc

(a),(e)

1,200

Amprius

Technologies

Inc

(e) 7,247

Archer

Aviation

Inc

(e) 38,441

Astronics

Corp

(e) 111,269

7,945

ATI

Inc

(e) 31,435

4,887

Beta

Technologies

Inc

(e) 1,319

Curtiss-Wright

Corp

12,721

9,162

Eve

Holding

Inc

(e) 7,193

Firefly

Aerospace

Inc

(a),(e)

931

Intuitive

Machines

Inc

(e) 429

Joby

Aviation

Inc

(a),(e)

37,006

Karman

Holdings

Inc

(e) 72,036

4,897

Kratos

Defense

&

Security

Solutions

Inc

(e) 371,182

23,404

Mercury

Systems

Inc

(e) 145,655

11,493

Moog

Inc

1,776

535

Red

Cat

Holdings

Inc

(a),(e)

6,515

Redwire

Corp

(e) 6,672

StandardAero

Inc

(e) 396,234

9,850

Voyager

Technologies

Inc

(e) 131,615

3,476

York

Space

Systems

Inc

(a),(e)

704

$

108,360

Agriculture

-

.01

%

Ispire

Technology

Inc

(e) 1,929

Turning

Point

Brands

Inc

1,000

Vital

Farms

Inc

(e) 2,183

$

Airlines

-

.27

%

Allegiant

Travel

Co

(e) 84,531

6,394

flyExclusive

Inc

(e) 256

Frontier

Group

Holdings

Inc

(e) 3,166

Sun

Country

Airlines

Holdings

Inc

(e) 1,864

$

6,435

Apparel

-

.02

%

Ermenegildo

Zegna

NV

3,936

Kontoor

Brands

Inc

2,789

Steven

Madden

Ltd

Wolverine

World

Wide

Inc

5,127

$

Automobile

Manufacturers

-

.01

%

Blue

Bird

Corp

(e) 1,992

Automobile

Parts

&

Equipment

-

.15

%

Aeva

Technologies

Inc

(e) 2,493

Dorman

Products

Inc

(e) 1,741

Douglas

Dynamics

Inc

1,220

Fox

Factory

Holding

Corp

(e) 792

indie

Semiconductor

Inc

(a),(e)

5,648

Microvast

Holdings

Inc

(e) 9,517

Solid

Power

Inc

(e) 1,400

Visteon

Corp

27,794

3,105

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

(continued)

XPEL

Inc

(e) 1,582

$

$

3,535

Banks

-

.72

%

Amerant

Bancorp

Inc

942

Arrow

Financial

Corp

Avidbank

Holdings

Inc

(e) 20

BancFirst

Corp

1,205

Bancorp

Inc/The

(e) 119,000

7,120

Bank

First

Corp

Bank

of

Hawaii

Corp

1,890

Bank7

Corp

Bankwell

Financial

Group

Inc

Bridgewater

Bancshares

Inc

(e) 740

California

BanCorp

Capital

Bancorp

Inc

Carter

Bankshares

Inc

Citizens

Financial

Services

Inc

City

Holding

Co

559

Coastal

Financial

Corp/WA

(e) 55,645

4,208

CoastalSouth

Bancshares

Inc

Commercial

Bancgroup

Inc

Community

Financial

System

Inc

723

Community

West

Bancshares

ConnectOne

Bancorp

Inc

790

Customers

Bancorp

Inc

(e) 84,443

6,440

Dime

Community

Bancshares

Inc

540

Eagle

Bancorp

Inc

Eagle

Financial

Services

Inc

Esquire

Financial

Holdings

Inc

Finwise

Bancorp

(e) 420

First

BanCorp/Puerto

Rico

5,341

First

Business

Financial

Services

Inc

First

Community

Corp/SC

First

Financial

Bankshares

Inc

8,476

First

Financial

Corp

First

Internet

Bancorp

First

Merchants

Corp

First

National

Corp/VA

Five

Star

Bancorp

634

GBank

Financial

Holdings

Inc

(e) 43,342

1,276

Glacier

Bancorp

Inc

1,596

Hanover

Bancorp

Inc

(a) 19

—

Hope

Bancorp

Inc

International

Bancshares

Corp

Lakeland

Financial

Corp

863

Live

Oak

Bancshares

Inc

947

MainStreet

Bancshares

Inc

Meridian

Corp

Metrocity

Bankshares

Inc

836

Metropolitan

Bank

Holding

Corp

NBT

Bancorp

Inc

Nicolet

Bankshares

Inc

Northeast

Bank

Northrim

BanCorp

Inc

760

Norwood

Financial

Corp

(a) 40

Old

National

Bancorp/IN

2,598

OP

Bancorp

Orange

County

Bancorp

Inc

(a) 254

Origin

Bancorp

Inc

Pathward

Financial

Inc

1,394

Patriot

National

Bancorp

Inc

(e) 5,142

PCB

Bancorp

Peapack-Gladstone

Financial

Corp

Peoples

Financial

Services

Corp

Princeton

Bancorp

Inc

Prosperity

Bancshares

Inc

249,529

17,380

Richmond

Mutual

BanCorp

Inc

Seacoast

Banking

Corp

of

Florida

165,806

5,218

ServisFirst

Bancshares

Inc

3,234

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Shore

Bancshares

Inc

$

SmartFinancial

Inc

Stock

Yards

Bancorp

Inc

1,555

Texas

Capital

Bancshares

Inc

Triumph

Financial

Inc

(e) 632

UMB

Financial

Corp

65,581

8,274

Union

Bankshares

Inc/Morrisville

VT

(a) 256

Unity

Bancorp

Inc

Valley

National

Bancorp

7,537

WesBanco

Inc

91,282

3,138

West

BanCorp

Inc

Western

Alliance

Bancorp

103,851

8,468

$

63,745

Beverages

-

.01

%

BRC

Inc

(a),(e)

6,938

National

Beverage

Corp

(e) 1,505

Vita

Coco

Co

Inc/The

(e) 2,983

Westrock

Coffee

Co

(a),(e)

2,705

Zevia

PBC

(e) 4,168

$

Biotechnology

-

.41

%

Aardvark

Therapeutics

Inc

(a),(e)

731

Abeona

Therapeutics

Inc

(a),(e)

2,925

Absci

Corp

(a),(e)

6,818

ACADIA

Pharmaceuticals

Inc

(e) 7,937

ADC

Therapeutics

SA

(e) 6,456

ADMA

Biologics

Inc

(e) 14,621

Aktis

Oncology

Inc

(e) 728

Aldeyra

Therapeutics

Inc

(e) 3,968

Alector

Inc

(e) 635

Alpha

Teknova

Inc

(a),(e)

533

Altimmune

Inc

(e) 8,267

AnaptysBio

Inc

(e) 1,144

Anavex

Life

Sciences

Corp

(e) 5,889

ANI

Pharmaceuticals

Inc

(e) 1,164

Apogee

Therapeutics

Inc

(e) 74,739

6,196

Arbutus

Biopharma

Corp

(e) 9,130

Arcturus

Therapeutics

Holdings

Inc

(a),(e)

731

Arcus

Biosciences

Inc

(e) 3,869

Arcutis

Biotherapeutics

Inc

(e) 6,925

Ardelyx

Inc

(e) 15,247

ArriVent

Biopharma

Inc

(e) 2,004

Arrowhead

Pharmaceuticals

Inc

(e) 8,556

629

ARS

Pharmaceuticals

Inc

(a),(e)

3,742

Atlantic

International

Corp

(a),(e)

Aura

Biosciences

Inc

(e) 1,065

Aurinia

Pharmaceuticals

Inc

(e) 7,576

Axsome

Therapeutics

Inc

(e) 28,823

5,988

Beam

Therapeutics

Inc

(e) 6,010

Benitec

Biopharma

Inc

(a),(e)

1,306

Bicara

Therapeutics

Inc

(e) 145

BioCryst

Pharmaceuticals

Inc

(e) 12,781

Biohaven

Ltd

(e) 7,398

Blueprint

Medicines

Corp

-

Contingent

Value

Rights

(e),(f)

65,056

—

Bridgebio

Pharma

Inc

(e) 267,739

19,039

Bright

Minds

Biosciences

Inc

(e) 410

Capricor

Therapeutics

Inc

(e) 2,721

Cardiff

Oncology

Inc

(e) 2,986

Cartesian

Therapeutics

Inc

(e) 84

Celcuity

Inc

(e) 54,346

6,595

CG

oncology

Inc

(e) 93,016

6,207

Cogent

Biosciences

Inc

(e) 428,834

15,348

Compass

Therapeutics

Inc

(e) 4,342

Crinetics

Pharmaceuticals

Inc

(e) 6,151

Cytokinetics

Inc

(e) 131,757

8,428

Definium

Therapeutics

Inc

(e) 1,911

Denali

Therapeutics

Inc

(e) 199,188

3,729

DiaMedica

Therapeutics

Inc

(e) 2,547

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Dianthus

Therapeutics

Inc

(e) 74,897

$

6,576

Disc

Medicine

Inc

(e) 1,707

Dyne

Therapeutics

Inc

(e) 2,661

Edgewise

Therapeutics

Inc

(e) 138,615

4,291

Eikon

Therapeutics

Inc

(a),(e)

138,867

1,335

Eledon

Pharmaceuticals

Inc

(e) 260

Erasca

Inc

(e) 190,775

2,032

Esperion

Therapeutics

Inc

(e) 5,940

Evolus

Inc

(e) 4,323

Evommune

Inc

(e) 449

First

Tracks

Biotherapeutics

Inc

(e) 1,223

Forafric

Global

PLC

(e) 300

Geron

Corp

(e) 34,418

Gossamer

Bio

Inc

(e) 17,586

Greenwich

Lifesciences

Inc

(a),(e)

Halozyme

Therapeutics

Inc

(e) 53,231

3,389

Humacyte

Inc

(e) 1,536

ImmunityBio

Inc

(a),(e)

15,349

Immunome

Inc

(e) 6,420

Immunovant

Inc

(e) 5,120

Inmune

Bio

Inc

(e) 1,530

Innoviva

Inc

(e) 4,130

Janux

Therapeutics

Inc

(e) 1,036

Krystal

Biotech

Inc

(e) 1,564

Kymera

Therapeutics

Inc

(e) 68,052

5,517

LB

Pharmaceuticals

Inc

(a),(e)

760

LENZ

Therapeutics

Inc

(a),(e)

1,343

Ligand

Pharmaceuticals

Inc

(e) 136

Liquidia

Corp

(e) 4,100

MapLight

Therapeutics

Inc

(e) 686

Maze

Therapeutics

Inc

(e) 109

MeiraGTx

Holdings

plc

(e) 2,121

Mineralys

Therapeutics

Inc

(e) 120,917

3,223

Monopar

Therapeutics

Inc

(a),(e)

Nektar

Therapeutics

(e) 90,281

7,677

NeoGenomics

Inc

(e) 922

Newamsterdam

Pharma

Co

NV

(e) 87,095

2,487

Niagen

Bioscience

Inc

(e) 3,562

Novavax

Inc

(e) 7,856

Nuvalent

Inc

(e) 59,890

6,006

Nuvation

Bio

Inc

(e) 1,662

Omeros

Corp

(e) 3,733

Organogenesis

Holdings

Inc

(e) 5,124

Palvella

Therapeutics

Inc

(e) 71,816

9,215

Phathom

Pharmaceuticals

Inc

(e) 1,016

Praxis

Precision

Medicines

Inc

(e) 124

Precigen

Inc

(e) 10,733

Protalix

BioTherapeutics

Inc

(e) 5,418

Prothena

Corp

PLC

(e) 257

PTC

Therapeutics

Inc

(e) 4,035

Rapport

Therapeutics

Inc

(e) 86,494

2,866

Recursion

Pharmaceuticals

Inc

(a),(e)

28,907

Relay

Therapeutics

Inc

(e) 160,328

2,078

Rezolute

Inc

(e) 4,206

Rigel

Pharmaceuticals

Inc

(e) 1,092

Rocket

Pharmaceuticals

Inc

(e) 677

Sana

Biotechnology

Inc

(e) 1,902

Savara

Inc

(e) 927,791

4,861

Scholar

Rock

Holding

Corp

(e) 5,039

Sionna

Therapeutics

Inc

(e) 984

Soleno

Therapeutics

Inc

(e) 3,153

Stoke

Therapeutics

Inc

(e) 3,063

Structure

Therapeutics

Inc

ADR

(e) 48,498

2,010

Syndax

Pharmaceuticals

Inc

(e) 5,054

Tarsus

Pharmaceuticals

Inc

(e) 2,476

Taysha

Gene

Therapies

Inc

(e) 13,977

Tectonic

Therapeutic

Inc

(a),(e)

Tevogen

Bio

Holdings

Inc

(a),(e)

—

TG

Therapeutics

Inc

(e) 9,148

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Theravance

Biopharma

Inc

(e) 1,908

$

Travere

Therapeutics

Inc

(e) 378,615

15,947

TriSalus

Life

Sciences

Inc

(a),(e)

727

Tvardi

Therapeutics

Inc

(e) 29

—

UroGen

Pharma

Ltd

(e) 2,062

Vera

Therapeutics

Inc

(e) 107,113

3,814

Veracyte

Inc

(e) 4,922

Verastem

Inc

(e) 2,529

Vericel

Corp

(e) 3,191

Viridian

Therapeutics

Inc

(e) 148,703

2,004

WaVe

Life

Sciences

Ltd

(e) 312,518

2,206

Xenon

Pharmaceuticals

Inc

(e) 106,150

5,948

XOMA

Royalty

Corp

(e) 503

Zenas

Biopharma

Inc

(a),(e)

112,770

2,179

Zevra

Therapeutics

Inc

(a),(e)

3,497

Zymeworks

Inc

(e) 3,155

$

173,829

Building

Materials

-

.09

%

AAON

Inc

95,078

8,872

Eagle

Materials

Inc

34,937

7,341

Griffon

Corp

2,397

James

Hardie

Industries

PLC

(e) 141,399

2,968

Knife

River

Corp

(e) 27,147

2,512

LSI

Industries

Inc

1,332

Modine

Manufacturing

Co

(e) 151,206

38,502

Simpson

Manufacturing

Co

Inc

46,282

8,827

Smith-Midland

Corp

(e) 205

SPX

Technologies

Inc

(e) 121,586

26,616

Tecnoglass

Inc

1,693

Titan

America

SA

(e) 1,533

UFP

Industries

Inc

$

96,013

Chemicals

-

.96

%

Balchem

Corp

2,072

Cabot

Corp

3,057

Calumet

Inc

(e) 598

Chemours

Co/The

9,491

Codexis

Inc

(e) 4,903

Element

Solutions

Inc

242,148

10,313

Hawkins

Inc

1,229

HB

Fuller

Co

126,203

7,638

Ingevity

Corp

(e) 2,245

Innospec

Inc

Oil-Dri

Corp

of

America

Sensient

Technologies

Corp

27,924

3,173

$

22,402

Coal

-

.01

%

Alpha

Metallurgical

Resources

Inc

(e) 214

Core

Natural

Resources

Inc

1,110

Hallador

Energy

Co

(e) 1,961

Ramaco

Resources

Inc

-

A

Shares

(e) 2,610

$

Commercial

Services

-

.71

%

AirSculpt

Technologies

Inc

(a),(e)

644

Alarm.com

Holdings

Inc

(e) 3,014

Alta

Equipment

Group

Inc

American

Public

Education

Inc

(e) 1,013

Andersen

Group

Inc

(a),(e)

342,926

12,133

Arlo

Technologies

Inc

(e) 484,307

6,804

Barrett

Business

Services

Inc

1,563

Bright

Horizons

Family

Solutions

Inc

(e) 85,257

6,915

Brink's

Co/The

2,631

Cadiz

Inc

(e) 3,761

Carriage

Services

Inc

877

Cass

Information

Systems

Inc

643

CBIZ

Inc

(e) 3,126

Chaince

Digital

Holdings

Inc

(a),(e)

Cimpress

PLC

(e) 244

CoreCivic

Inc

(e) 1,074

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Coursera

Inc

(e) 9,051

$

Covista

Inc

(e) 2,152

CPI

Card

Group

Inc

(e) 634

CRA

International

Inc

Distribution

Solutions

Group

Inc

(a),(e)

666

Driven

Brands

Holdings

Inc

(e) 3,790

Emerald

Holding

Inc

1,046

European

Wax

Center

Inc

(e) 2,057

EVERTEC

Inc

4,088

First

Advantage

Corp

(e) 336,529

4,294

Flywire

Corp

(e) 6,757

Franklin

Covey

Co

(e) 571

FTAI

Infrastructure

Inc

7,014

FTI

Consulting

Inc

(e) 89,661

16,076

GEO

Group

Inc/The

(e) 8,394

GPGI

Inc

(a) 10,031

Hackett

Group

Inc/The

1,528

Healthcare

Services

Group

Inc

(e) 2,003

Herc

Holdings

Inc

38,409

4,875

Hertz

Global

Holdings

Inc

(a),(e)

7,521

HireQuest

Inc

Huron

Consulting

Group

Inc

(e) 1,073

Information

Services

Group

Inc

1,294

Insperity

Inc

2,271

John

Wiley

&

Sons

Inc

2,361

Kforce

Inc

927

KinderCare

Learning

Cos

Inc

(a),(e)

2,367

Korn

Ferry

1,506

Laureate

Education

Inc

(e) 2,790

Legalzoom.com

Inc

(e) 7,851

Legence

Corp

(e) 1,826

Lifecore

Biomedical

Inc

(e) 1,512

Lincoln

Educational

Services

Corp

(e) 1,861

Marqeta

Inc

(e) 10,394

Mister

Car

Wash

Inc

(e) 1,151,480

8,152

NRC

Health

892

Payoneer

Global

Inc

(e) 17,643

Priority

Technology

Holdings

Inc

(e) 2,060

Progyny

Inc

(e) 4,776

Public

Policy

Holding

Co

Inc

Quad/Graphics

Inc

1,525

RCM

Technologies

Inc

(e) 369

Remitly

Global

Inc

(e) 10,786

Sezzle

Inc

(e) 917

SoundThinking

Inc

(e) 717

Spire

Global

Inc

(a),(e)

1,847

StoneCo

Ltd

15,850

Stride

Inc

(e) 2,642

TIC

Solutions

Inc

(e) 2,989

Transcat

Inc

(e) 288

TriNet

Group

Inc

1,883

Udemy

Inc

(e) 5,964

Universal

Technical

Institute

Inc

(e) 2,986

Upbound

Group

Inc

1,150

USCB

Financial

Holdings

Inc

Verra

Mobility

Corp

(e) 10,067

Willdan

Group

Inc

(e) 592

$

63,557

Computers

-

.19

%

Cantaloupe

Inc

(e) 3,528

CSP

Inc

(a) 608

Diebold

Nixdorf

Inc

(e) 1,409

D-Wave

Quantum

Inc

(e) 159,040

3,225

Figure

Technology

Solutions

Inc

(e) 156,179

5,482

Grid

Dynamics

Holdings

Inc

(e) 3,642

Insight

Enterprises

Inc

(e) 603

Maximus

Inc

3,420

Mitek

Systems

Inc

(e) 675

NCR

Atleos

Corp

(e) 4,603

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

NextNav

Inc

(e) 6,002

$

OneSpan

Inc

PAR

Technology

Corp

(e) 1,574

Parsons

Corp

(e) 98,584

4,970

Pitney

Bowes

Inc

3,760

Qualys

Inc

(e) 2,277

Rapid7

Inc

(e) 4,115

Rigetti

Computing

Inc

(e) 20,627

Rimini

Street

Inc

(e) 413

Rubrik

Inc

(e) 126,707

6,738

Tenable

Holdings

Inc

(e) 7,470

Unisys

Corp

(e) 3,989

V2X

Inc

(e) 154

Varonis

Systems

Inc

(e) 218,557

5,749

Vuzix

Corp

(e) 4,777

$

27,788

Consumer

Products

-

.01

%

Co

856

Cosmetics

&

Personal

Care

-

.01

%

Honest

Co

Inc/The

(a),(e)

3,191

Interparfums

Inc

1,155

Prestige

Consumer

Healthcare

Inc

(e) 522

SkinHealth

Systems

Inc

(a),(e)

7,276

Solesence

Inc

(e) 927

$

Distribution

&

Wholesale

-

.18

%

Global

Industrial

Co

908

OPENLANE

Inc

(e) 273,215

8,590

Rush

Enterprises

Inc

-

Class

A

2,060

Rush

Enterprises

Inc

-

Class

B

SiteOne

Landscape

Supply

Inc

(e) 42,780

5,392

ThredUp

Inc

(e) 6,325

VSE

Corp

78,570

13,489

$

27,704

Diversified

Financial

Services

-

.16

%

Acadian

Asset

Management

Inc

1,682

Artisan

Partners

Asset

Management

Inc

2,167

Atlanticus

Holdings

Corp

(e) 18

Bakkt

Inc

(a),(e)

BGC

Group

Inc

22,893

Burford

Capital

Ltd

8,151

Cohen

&

Steers

Inc

1,581

Columbia

Financial

Inc

(e) 125

Dave

Inc

(e) 650

DigitalBridge

Group

Inc

249,403

3,881

Enova

International

Inc

(e) 6,608

1,120

Federal

Agricultural

Mortgage

Corp

530

First

Western

Financial

Inc

(e) 219

Fold

Holdings

Inc

(e) 195

—

GCM

Grosvenor

Inc

3,434

Houlihan

Lokey

Inc

17,867

2,765

International

Money

Express

Inc

(e) 1,765

Jefferson

Capital

Inc

583

LendingClub

Corp

(e) 299,263

5,108

LendingTree

Inc

(e) 82,024

4,068

Marex

Group

PLC

227,535

12,139

Miami

International

Holdings

Inc

(e) 796

Moelis

&

Co

139,778

9,102

NerdWallet

Inc

(e) 2,503

OppFi

Inc

(e) 2,003

Pagseguro

Digital

Ltd

7,081

Paysign

Inc

(e) 2,611

Perella

Weinberg

Partners

254,897

5,796

Piper

Sandler

Cos

219,898

19,176

PJT

Partners

Inc

1,449

Regional

Management

Corp

Resolute

Holdings

Management

Inc

(e) 125

Siebert

Financial

Corp

(e) 104

—

StepStone

Group

Inc

4,383

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Stifel

Financial

Corp

103,699

$

8,173

StoneX

Group

Inc

(e) 4,646

Strive

Inc

(a),(e)

699

Upstart

Holdings

Inc

(e) 5,422

Victory

Capital

Holdings

Inc

2,822

Vroom

Inc

(e) 9

—

Wealthfront

Corp

(e) 1,596

Webull

Corp

(e) 2,669

WisdomTree

Inc

7,809

$

73,997

Electric

-

.28

%

Genie

Energy

Ltd

MGE

Energy

Inc

1,199

Oklo

Inc

(e) 1,775

Otter

Tail

Corp

Talen

Energy

Corp

(e) 16,722

6,228

$

6,472

Electrical

Components

&

Equipment

-

.90

%

American

Superconductor

Corp

(e) 177,759

9,517

AZZ

Inc

1,874

Belden

Inc

2,473

Energizer

Holdings

Inc

3,111

EnerSys

Generac

Holdings

Inc

(e) 41,507

10,760

Graham

Corp

(e) 630

Insteel

Industries

Inc

689

Littelfuse

Inc

18,715

7,564

nLight

Inc

(e) 320,363

22,377

Novanta

Inc

(e) 62,921

8,150

Powell

Industries

Inc

1,809

502

Universal

Display

Corp

97,658

8,505

$

68,087

Electronics

-

.54

%

Advanced

Energy

Industries

Inc

46,417

17,820

Allient

Inc

Applied

Optoelectronics

Inc

(e) 97,842

16,082

Atmus

Filtration

Technologies

Inc

4,675

Badger

Meter

Inc

1,872

CTS

Corp

Enovix

Corp

(a),(e)

12,152

ESCO

Technologies

Inc

83,637

27,094

Evolv

Technologies

Holdings

Inc

(e) 1,057,700

7,615

Itron

Inc

(e) 1,364

Knowles

Corp

(e) 439

Kopin

Corp

(e) 10,792

KULR

Technology

Group

Inc

(a),(e)

2,963

Mesa

Laboratories

Inc

MicroVision

Inc

(e) 14,296

Mirion

Technologies

Inc

(e) 356,078

7,033

M-Tron

Industries

Inc

(e) 222

Napco

Security

Technologies

Inc

2,178

Neonode

Inc

(e) 871

NVE

Corp

OSI

Systems

Inc

(e) 990

Plexus

Corp

(e) 68,591

17,188

Sanmina

Corp

(e) 1,508

SKYX

Platforms

Corp

(e) 7,347

TTM

Technologies

Inc

(e) 205,709

32,548

Turtle

Beach

Corp

(e) 803

Vicor

Corp

(e) 1,450

Woodward

Inc

6,725

2,441

$

129,833

Energy

-

Alternate

Sources

-

.69

%

Array

Technologies

Inc

(e) 2,468

ASP

Isotopes

Inc

(a),(e)

7,148

Eos

Energy

Enterprises

Inc

(e) 19,597

Fluence

Energy

Inc

(e) 3,627

Montauk

Renewables

Inc

(e) 1,021

Nextpower

Inc

(e) 132,933

15,837

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Energy

-

Alternate

Sources

(continued)

REX

American

Resources

Corp

(e) 520

$

Shoals

Technologies

Group

Inc

(e) 2,027

SunPower

Inc

(a),(e)

1,002

Verde

Clean

Fuels

Inc

(e) 442

XCF

Global

Inc

(e) 1,019

—

$

16,113

Engineering

&

Construction

-

.77

%

908

Devices

Inc

(a),(e)

1,574

Arcosa

Inc

856

Argan

Inc

21,048

14,102

Bowman

Consulting

Group

Ltd

(e) 14,024

Cardinal

Infrastructure

Group

Inc

(e) 134,944

7,156

Centuri

Holdings

Inc

(e) 5,538

Concrete

Pumping

Holdings

Inc

(e) 89

Construction

Partners

Inc

(e) 2,995

Dycom

Industries

Inc

(e) 1,842

763

Energy

Services

of

America

Corp

(a) 887

Everus

Construction

Group

Inc

(e) 68,762

10,138

Exponent

Inc

3,130

Frontdoor

Inc

(e) 4,564

Granite

Construction

Inc

2,381

IES

Holdings

Inc

(e) 568

Latham

Group

Inc

(e) 293,856

1,784

Limbach

Holdings

Inc

(e) 644

MYR

Group

Inc

(e) 970

Orion

Group

Holdings

Inc

(e) 525

Primoris

Services

Corp

82,529

14,951

Sterling

Infrastructure

Inc

(e) 21,093

10,876

TopBuild

Corp

(e) 5,351

2,369

TSS

Inc/MD

(a),(e)

1,494

$

64,995

Entertainment

-

.43

%

Accel

Entertainment

Inc

(e) 3,237

Atlanta

Braves

Holdings

Inc

-

A

shares

(a),(e)

Atlanta

Braves

Holdings

Inc

-

C

shares

(e) 2,922

Bally's

Corp

(e) 724

Cinemark

Holdings

Inc

6,672

Falcon's

Beyond

Global

Inc

(a),(e)

841

IMAX

Corp

(e) 210,269

7,994

Inspired

Entertainment

Inc

(e) 1,875

Madison

Square

Garden

Entertainment

Corp

(e) 2,477

Monarch

Casino

&

Resort

Inc

782

Pursuit

Attractions

and

Hospitality

Inc

(e) 68

RCI

Hospitality

Holdings

Inc

Red

Rock

Resorts

Inc

1,694

Reservoir

Media

Inc

(e) 178

Rush

Street

Interactive

Inc

(e) 872,153

24,507

Six

Flags

Entertainment

Corp

(e) 4,878

Super

Group

SGHC

Ltd

10,062

United

Parks

&

Resorts

Inc

(e) 1,615

$

33,586

Environmental

Control

-

.50

%

Casella

Waste

Systems

Inc

(e) 109,301

8,662

CECO

Environmental

Corp

(e) 154,760

11,474

Energy

Recovery

Inc

(e) 3,277

Perma-Fix

Environmental

Services

Inc

(a),(e)

PureCycle

Technologies

Inc

(a),(e)

8,284

Waste

Connections

Inc

90,703

14,941

$

35,177

Food

-

.74

%

Beyond

Meat

Inc

(e) 1,891

Calavo

Growers

Inc

965

Cal-Maine

Foods

Inc

2,720

Chefs'

Warehouse

Inc/The

(e) 163,598

12,695

J

&

J

Snack

Foods

Corp

926

John

B

Sanfilippo

&

Son

Inc

Lifeway

Foods

Inc

(e) 422

Mama's

Creations

Inc

(e) 2,305

Marzetti

Company/The

1,267

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Food

(continued)

Nathan's

Famous

Inc

$

Natural

Grocers

by

Vitamin

Cottage

Inc

802

Once

Upon

a

Farm

PBC

(a),(e)

263,131

4,013

Simply

Good

Foods

Co/The

(e) 3,403

SunOpta

Inc

(e) 6,049

Tootsie

Roll

Industries

Inc

1,158

$

17,437

Forest

Products

&

Paper

-

.00

%

Sylvamo

Corp

562

Gas

-

.00

%

Chesapeake

Utilities

Corp

RGC

Resources

Inc

$

Hand

&

Machine

Tools

-

.50

%

Cadre

Holdings

Inc

1,784

Enerpac

Tool

Group

Corp

97,671

3,428

Franklin

Electric

Co

Inc

2,450

MSA

Safety

Inc

48,654

8,096

$

11,822

Healthcare

-

Products

-

.80

%

10X

Genomics

Inc

(e) 1,768

Accuray

Inc

(e) 9,624

Adaptive

Biotechnologies

Corp

(e) 9,413

Alamar

Biosciences

Inc

(e) 213,152

5,338

Alphatec

Holdings

Inc

(e) 453,394

4,425

AngioDynamics

Inc

(e) 652

Anteris

Technologies

Global

Corp

(a),(e)

5,012

Artivion

Inc

(e) 2,215

AtriCure

Inc

(e) 233,431

6,562

Avita

Medical

Inc

(a),(e)

1,248

Axogen

Inc

(e) 3,020

Beta

Bionics

Inc

(e) 2,156

Billiontoone

Inc

(a),(e)

84,183

6,318

BioLife

Solutions

Inc

(e) 2,583

Bio-Techne

Corp

218,475

12,086

Bioventus

Inc

(e) 2,945

Bruker

Corp

239,862

8,805

Butterfly

Network

Inc

(e) 12,412

CapsoVision

Inc

(a),(e)

1,551

CareDx

Inc

(e) 3,151

Ceribell

Inc

(e) 1,657

Cerus

Corp

(e) 11,702

ClearPoint

Neuro

Inc

(a),(e)

1,864

CVRx

Inc

(e) 1,303

Delcath

Systems

Inc

(a),(e)

2,032

Electromed

Inc

(e) 508

Embecta

Corp

503

Establishment

Labs

Holdings

Inc

(e) 231,604

15,895

Glaukos

Corp

(e) 94,798

13,619

Guardant

Health

Inc

(e) 376,019

32,745

Haemonetics

Corp

(e) 2,939

ICU

Medical

Inc

(e) 1,142

Integer

Holdings

Corp

(e) 2,176

iRadimed

Corp

IRhythm

Holdings

Inc

(e) 2,012

Kestra

Medical

Technologies

Ltd

(a),(e)

391,958

8,122

KORU

Medical

Systems

Inc

(e) 3,243

Lantheus

Holdings

Inc

(e) 79,068

6,691

LeMaitre

Vascular

Inc

1,315

LENSAR

Inc

(a),(e)

832

LivaNova

PLC

(e) 161,233

9,690

Lucid

Diagnostics

Inc

(e) 2,113

Merit

Medical

Systems

Inc

(e) 3,405

MiMedx

Group

Inc

(e) 7,516

Myomo

Inc

(e) 1,742

NeuroPace

Inc

(e) 1,606

Novocure

Ltd

(e) 6,473

OmniAb

Inc

(e) 998

OmniAb

Inc

-

Rights

(e) 95

—

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

OmniAb

Inc

-

Rights

(e) 95

$

—

OrthoPediatrics

Corp

(e) 216,656

3,263

Outset

Medical

Inc

(e) 335

Picard

Medical

Inc

(e) 199

—

Procept

Biorobotics

Corp

(e) 3,380

Pulmonx

Corp

(e) 3,960

Pulse

Biosciences

Inc

(a),(e)

1,116

Quanterix

Corp

(e) 252

QuidelOrtho

Corp

(e) 1,847

Repligen

Corp

(e) 56,210

6,650

RxSight

Inc

(e) 2,630

Sanara

Medtech

Inc

(a),(e)

SANUWAVE

Health

Inc

(e) 559

Shoulder

Innovations

Inc

(e) 579

SI-BONE

Inc

(e) 314,014

3,891

STAAR

Surgical

Co

(e) 1,831

Stereotaxis

Inc

(e) 4,266

Tandem

Diabetes

Care

Inc

(e) 4,256

TransMedics

Group

Inc

(e) 63,079

6,358

Treace

Medical

Concepts

Inc

(e) 3,577

Twist

Bioscience

Corp

(e) 3,823

UFP

Technologies

Inc

(e) 470

West

Pharmaceutical

Services

Inc

20,932

6,229

$

159,474

Healthcare

-

Services

-

.72

%

Addus

HomeCare

Corp

(e) 540

agilon

health

Inc

(e) 782

Alignment

Healthcare

Inc

(e) 12,322

Ardent

Health

Inc

(e) 116

Astrana

Health

Inc

(e) 2,604

Aveanna

Healthcare

Holdings

Inc

(e) 419,337

2,742

Biote

Corp

(a),(e)

620

BrightSpring

Health

Services

Inc

(e) 425,402

20,407

Brookdale

Senior

Living

Inc

(e) 12,994

Clover

Health

Investments

Corp

(e) 25,928

Community

Health

Systems

Inc

(e) 6,129

Concentra

Group

Holdings

Parent

Inc

6,919

CorVel

Corp

(e) 1,829

Encompass

Health

Corp

87,942

8,794

Ensign

Group

Inc/The

3,550

663

GeneDx

Holdings

Corp

(e) 1,172

Ginkgo

Bioworks

Holdings

Inc

(e) 177

HealthEquity

Inc

(e) 199,718

16,383

Innovage

Holding

Corp

(e) 481

Joint

Corp/The

(e) 729

LifeMD

Inc

(e) 2,064

LifeStance

Health

Group

Inc

(e) 5,872

Lumexa

Imaging

Holdings

Inc

(e) 754,282

7,219

Nano-X

Imaging

Ltd

(a),(e)

801

Neuronetics

Inc

(e) 2,502

Oncology

Institute

Inc/The

(e) 5,367

Option

Care

Health

Inc

(e) 10,066

Oscar

Health

Inc

(e) 12,801

PACS

Group

Inc

(e) 2,589

Pennant

Group

Inc/The

(e) 2,136

Privia

Health

Group

Inc

(e) 7,324

RadNet

Inc

(e) 97,358

5,506

SBC

Medical

Group

Holdings

Inc

(a),(e)

—

Sonida

Senior

Living

Inc

(e) 261

Teladoc

Health

Inc

(e) 2,568

US

Physical

Therapy

Inc

550

Viemed

Healthcare

Inc

(e) 2,257

$

63,723

Home

Builders

-

.04

%

Cavco

Industries

Inc

(e) 493

Champion

Homes

Inc

(e) 3,504

Dream

Finders

Homes

Inc

(e) 531

Green

Brick

Partners

Inc

(e) 644

Installed

Building

Products

Inc

1,462

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Home

Builders

(continued)

LCI

Industries

$

$

1,010

Home

Furnishings

-

.58

%

Alliance

Laundry

Holdings

Inc

(e) 753

Arhaus

Inc

439,241

3,251

Daktronics

Inc

(e) 503

Lovesac

Co/The

(e) 625

SharkNinja

Inc

(e) 89,009

10,283

Sonos

Inc

(e) 6,894

$

13,675

Insurance

-

.04

%

Abacus

Global

Management

Inc

926

Accelerant

Holdings

(e) 211,875

2,757

American

Coastal

Insurance

Corp

969

American

Integrity

Insurance

Group

Inc

AMERISAFE

Inc

669

Ategrity

Specialty

Holdings

LLC

(e) 283

Baldwin

Insurance

Group

Inc/The

(e) 6,018

Bowhead

Specialty

Holdings

Inc

(e) 1,120

Crawford

&

Co

1,226

Exzeo

Group

Inc

(e) 238

F&G

Annuities

&

Life

Inc

Goosehead

Insurance

Inc

(e) 1,166

HCI

Group

Inc

676

Heritage

Insurance

Holdings

Inc

(e) 1,171

Hippo

Holdings

Inc

(e) 725

Investors

Title

Co

Kestrel

Group

Ltd

(e) 104

Kingstone

Cos

Inc

795

Kingsway

Financial

Services

Inc

(e) 1,584

Lemonade

Inc

(e) 3,870

Neptune

Insurance

Holdings

Inc

(e) 172,339

4,331

Palomar

Holdings

Inc

(e) 62,838

7,564

Root

Inc/OH

(e) 754

Selective

Insurance

Group

Inc

3,325

Selectquote

Inc

(e) 7,553

SiriusPoint

Ltd

(e) 801

Skyward

Specialty

Insurance

Group

Inc

(e) 127,935

5,815

Slide

Insurance

Holdings

Inc

(e) 143,678

2,680

Tiptree

Inc

551

Trupanion

Inc

(e) 2,340

Universal

Insurance

Holdings

Inc

$

24,281

Internet

-

.51

%

AudioEye

Inc

(e) 818

Backblaze

Inc

(a),(e)

4,138

BARK

Inc

(e) 327

Bumble

Inc

(e) 429

Cargurus

Inc

(e) 4,963

Cogent

Communications

Holdings

Inc

3,074

Crexendo

Inc

(e) 1,484

Entravision

Communications

Corp

835

EverQuote

Inc

(e) 170,996

2,465

Figs

Inc

(e) 5,630

fuboTV

Inc

(e) 1,811

Gambling.com

Group

Ltd

(e) 1,664

Grindr

Inc

(e) 1,986

Groupon

Inc

(a),(e)

1,602

HealthStream

Inc

755

Hims

&

Hers

Health

Inc

(a),(e)

12,934

Liquidity

Services

Inc

(e) 1,481

Magnite

Inc

(e) 8,935

MediaAlpha

Inc

(e) 2,282

Nerdy

Inc

(e) 6,089

OptimizeRx

Corp

(a),(e)

1,186

Phoenix

Education

Partners

Inc

Q2

Holdings

Inc

(e) 159,892

8,114

QuinStreet

Inc

(e) 3,508

RealReal

Inc/The

(e) 1,837

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Internet

(continued)

Revolve

Group

Inc

(e) 2,584

$

Rumble

Inc

(a),(e)

1,873

Serve

Robotics

Inc

(a),(e)

3,657

Sprinklr

Inc

(a),(e)

7,231

Stitch

Fix

Inc

(e) 536

Travelzoo

(e) 431

TripAdvisor

Inc

(e) 3,490

Tucows

Inc

(e) 73

Upwork

Inc

(e) 7,847

Vivid

Seats

Inc

(a),(e)

Yelp

Inc

(e) 3,702

ZipRecruiter

Inc

(e) 4,701

$

12,069

Investment

Companies

-

.16

%

Bitdeer

Technologies

Group

(a),(e)

7,708

Brookfield

Business

Corp

544

Core

Scientific

Inc

(e) 15,230

Innventure

Inc

(e) 210

Terawulf

Inc

(e) 20,612

Trinity

Capital

Inc

(a) 179,519

2,982

$

3,841

Iron

&

Steel

-

.16

%

Carpenter

Technology

Corp

8,932

3,825

Leisure

Products

&

Services

-

.72

%

Acushnet

Holdings

Corp

1,741

Global

Business

Travel

Group

I

(a),(e)

7,378

Life

Time

Group

Holdings

Inc

(e) 164,692

4,415

Lindblad

Expeditions

Holdings

Inc

(e) 2,390

Livewire

Group

Inc

(a),(e)

886

Marine

Products

Corp

OneSpaWorld

Holdings

Ltd

218,681

5,393

Patrick

Industries

Inc

2,052

Peloton

Interactive

Inc

(e) 8,883

Sabre

Corp

(e) 7,299

Xponential

Fitness

Inc

(e) 2,061

YETI

Holdings

Inc

(e) 164,647

6,497

$

16,831

Lodging

-

.01

%

Hilton

Grand

Vacations

Inc

(e) 3,816

Machinery

-

Construction

&

Mining

-

.26

%

Bloom

Energy

Corp

(e) 240,475

68,142

BWX

Technologies

Inc

5,448

1,179

Forgent

Power

Solutions

Inc

(e) 176,965

6,657

Lightbridge

Corp

(a),(e)

1,847

NANO

Nuclear

Energy

Inc

(a),(e)

2,366

NuScale

Power

Corp

(e) 10,030

Terex

Corp

2,979

$

76,367

Machinery

-

Diversified

-

.79

%

Aebi

Schmidt

Holding

AG

Alamo

Group

Inc

Albany

International

Corp

533

Applied

Industrial

Technologies

Inc

28,517

8,719

Cactus

Inc

4,305

Chart

Industries

Inc

(e) 2,858

594

CSW

Industrials

Inc

1,006

DXP

Enterprises

Inc/TX

(e) 816

Gorman-Rupp

Co/The

1,296

IDEX

Corp

23,388

5,095

Kadant

Inc

23,322

6,837

Lindsay

Corp

658

Mueller

Water

Products

Inc

-

Class

A

70,261

1,959

Power

Solutions

International

Inc

(a),(e)

Pro-Dex

Inc

(e) 159

Richtech

Robotics

Inc

(a),(e)

10,705

Thermon

Group

Holdings

Inc

(e) 305

Watts

Water

Technologies

Inc

1,734

521

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

(continued)

Zurn

Elkay

Water

Solutions

Corp

331,972

$

17,249

$

41,972

Media

-

.00

%

CuriosityStream

Inc

(a) 2,820

Optimum

Communications

Inc

(e) 4,032

Thryv

Holdings

Inc

(e) 2,798

USA

TODAY

Co

Inc

(e) 8,088

Value

Line

Inc

$

Metal

Fabrication

&

Hardware

-

.51

%

Janus

International

Group

Inc

(e) 3,387

Mayville

Engineering

Co

Inc

(e) 74

Metallus

Inc

(e) 93,363

1,796

Omega

Flex

Inc

Standex

International

Corp

615

Valmont

Industries

Inc

19,275

9,792

Worthington

Enterprises

Inc

620

Xometry

Inc

(e) 2,752

$

11,959

Mining

-

.99

%

American

Battery

Technology

Co

(e) 4,423

Centrus

Energy

Corp

(e) 821

Century

Aluminum

Co

(e) 3,564

Coeur

Mining

Inc

(e) 32,231

579

Compass

Minerals

International

Inc

(e) 1,473

Constellium

SE

(e) 291,333

9,113

Contango

Silver

&

Gold

Inc

(e) 1,326

Critical

Metals

Corp

(a),(e)

1,460

Dakota

Gold

Corp

(e) 5,678

Energy

Fuels

Inc/Canada

(a),(e)

3,945

Hecla

Mining

Co

9,490

Idaho

Strategic

Resources

Inc

(e) 941

Ivanhoe

Electric

Inc

/

US

(e) 5,788

Kaiser

Aluminum

Corp

516

Lifezone

Metals

Ltd

(a),(e)

2,083

NioCorp

Developments

Ltd

(e) 7,394

Novagold

Resources

Inc

(e) 16,512

Perpetua

Resources

Corp

(e) 5,450

United

States

Antimony

Corp

(e) 7,577

United

States

Lime

&

Minerals

Inc

680

Uranium

Energy

Corp

(e) 501,490

7,467

US

Gold

Corp

(a),(e)

909

US

Goldmining

Inc

(e) 115

USA

Rare

Earth

Inc

(a),(e)

171,058

4,442

Vox

Royalty

Corp

4,007

$

23,119

Miscellaneous

Manufacturers

-

.91

%

Byrna

Technologies

Inc

(a),(e)

1,360

Enpro

Inc

74,161

21,622

Fabrinet

(e) 54,044

36,937

Federal

Signal

Corp

3,797

ITT

Inc

41,426

8,879

JBT

Marel

Corp

1,588

Materion

Corp

Myers

Industries

Inc

Park

Aerospace

Corp

644

Sight

Sciences

Inc

(e) 3,140

Sturm

Ruger

&

Co

Inc

Trinity

Industries

Inc

2,377

$

68,281

Office

Furnishings

-

.00

%

CompX

International

Inc

HNI

Corp

1,796

Interface

Inc

513

$

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.78

%

Comstock

Resources

Inc

(a),(e)

3,262

$

CVR

Energy

Inc

1,926

Delek

US

Holdings

Inc

3,704

Empire

Petroleum

Corp

(e) 727

Epsilon

Energy

Ltd

Evolution

Petroleum

Corp

2,089

Gulfport

Energy

Corp

(e) 1,001

Infinity

Natural

Resources

Inc

(e) 131

Kolibri

Global

Energy

Inc

(e) 330

Magnolia

Oil

&

Gas

Corp

2,286

Matador

Resources

Co

101,550

6,442

NextNRG

Inc

(e) 307

—

Par

Pacific

Holdings

Inc

(e) 881

Permian

Resources

Corp

509,685

11,019

PrimeEnergy

Resources

Corp

(e) 6

Riley

Exploration

Permian

Inc

Sable

Offshore

Corp

(a),(e)

7,837

Seadrill

Ltd

(e) 1,423

VAALCO

Energy

Inc

915

$

18,289

Oil

&

Gas

Services

-

.81

%

Archrock

Inc

10,895

Atlas

Energy

Solutions

Inc

(a) 3,505

DMC

Global

Inc

(e) 640

Flotek

Industries

Inc

(a),(e)

Flowco

Holdings

Inc

91,578

2,274

Helix

Energy

Solutions

Group

Inc

(e) 2,213

Kodiak

Gas

Services

Inc

5,251

Matrix

Service

Co

(e) 468

National

Energy

Services

Reunited

Corp

(e) 556

Natural

Gas

Services

Group

Inc

Oceaneering

International

Inc

(e) 574,597

21,570

Select

Water

Solutions

Inc

Solaris

Energy

Infrastructure

Inc

(a) 158,665

11,716

TETRA

Technologies

Inc

(e) 591,698

5,633

Tidewater

Inc

(e) 2,943

$

42,361

Packaging

&

Containers

-

.00

%

Ardagh

Metal

Packaging

SA

2,675

Karat

Packaging

Inc

645

O-I

Glass

Inc

(e) 2,380

$

Pharmaceuticals

-

.65

%

Actuate

Therapeutics

Inc

(e) 553

Akebia

Therapeutics

Inc

(e) 1,451

Alkermes

PLC

(e) 7,656

Amneal

Pharmaceuticals

Inc

(e) 8,289

Amphastar

Pharmaceuticals

Inc

(e) 260

Amylyx

Pharmaceuticals

Inc

(e) 4,426

Aquestive

Therapeutics

Inc

(a),(e)

2,320

Arvinas

Inc

(e) 501

Ascendis

Pharma

A/S

(e) 18,214

4,178

Atrium

Therapeutics

Inc

(e) 798

aTyr

Pharma

Inc

(e) 6,709

Candel

Therapeutics

Inc

(a),(e)

2,991

Catalyst

Pharmaceuticals

Inc

(e) 7,285

Coherus

Oncology

Inc

(e) 3,526

Collegium

Pharmaceutical

Inc

(e) 1,973

Corcept

Therapeutics

Inc

(e) 53,708

2,499

CorMedix

Inc

(a),(e)

4,710

Corvus

Pharmaceuticals

Inc

(e) 174,676

2,653

Enliven

Therapeutics

Inc

(e) 92,383

3,809

Eton

Pharmaceuticals

Inc

(e) 1,586

Fennec

Pharmaceuticals

Inc

(e) 636

FitLife

Brands

Inc

(e) 399

Foghorn

Therapeutics

Inc

(e) 1,724

Fulcrum

Therapeutics

Inc

(e) 167

Guardian

Pharmacy

Services

Inc

(e) 1,396

Gyre

Therapeutics

Inc

(a),(e)

887

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

(continued)

Harmony

Biosciences

Holdings

Inc

(e) 2,765

$

Harrow

Inc

(e) 1,986

Herbalife

Ltd

(e) 4,756

Heron

Therapeutics

Inc

(a),(e)

901

Indivior

Pharmaceuticals

Inc

(e) 6,495

Inhibikase

Therapeutics

Inc

(e) 370

Ironwood

Pharmaceuticals

Inc

(e) 9,365

Journey

Medical

Corp

(a),(e)

1,687

KalVista

Pharmaceuticals

Inc

(a),(e)

321,051

8,559

Lifevantage

Corp

(a) 1,095

Madrigal

Pharmaceuticals

Inc

(e) 19,012

9,836

MannKind

Corp

(e) 19,305

MediWound

Ltd

(e) 680

Mirum

Pharmaceuticals

Inc

(e) 96,909

9,430

Nature's

Sunshine

Products

Inc

(e) 322

Novo

Nordisk

A/S

(e),(f)

4,758

Nuvectis

Pharma

Inc

(a),(e)

1,162

Ocular

Therapeutix

Inc

(e) 303,709

2,846

ORIC

Pharmaceuticals

Inc

(e) 1,409

Pacira

BioSciences

Inc

(e) 292

Pfizer

Inc

-

Contingent

Value

Rights

(a),(e)

2,300

Phibro

Animal

Health

Corp

1,287

Protagonist

Therapeutics

Inc

(e) 3,678

Rhythm

Pharmaceuticals

Inc

(e) 70,242

5,715

SELLAS

Life

Sciences

Group

Inc

(a),(e)

10,828

SIGA

Technologies

Inc

2,446

Spyre

Therapeutics

Inc

(e) 158,331

11,787

Supernus

Pharmaceuticals

Inc

(e) 341

Trevi

Therapeutics

Inc

(e) 803,124

11,052

TuHURA

Biosciences

Inc

(a),(e)

3,508

Vaxcyte

Inc

(e) 65,638

3,757

VeraDermics

Inc

(a),(e)

72,651

7,192

Xeris

Biopharma

Holdings

Inc

(e) 9,999

$

85,476

Pipelines

-

.58

%

Antero

Midstream

Corp

450,840

9,855

Excelerate

Energy

Inc

104,442

3,645

Kinetik

Holdings

Inc

2,090

NextDecade

Corp

(e) 11,051

$

13,693

Private

Equity

-

.00

%

Patria

Investments

Ltd

4,175

Ridgepost

Capital

Inc

3,692

$

Real

Estate

-

.56

%

Compass

Inc

(e) 680,177

5,148

eXp

World

Holdings

Inc

5,613

FirstService

Corp

57,123

7,644

Maui

Land

&

Pineapple

Co

Inc

(e) 571

McGrath

RentCorp

1,174

Real

Brokerage

Inc/The

(e) 8,926

Sky

Harbour

Group

Corp

(a),(e)

1,597

St

Joe

Co/The

2,379

$

13,155

REITs

-

.39

%

ACRES

Commercial

Realty

Corp

(e) 56

Alexander's

Inc

American

Healthcare

REIT

Inc

3,969

Angel

Oak

Mortgage

REIT

Inc

586

Apollo

Commercial

Real

Estate

Finance

Inc

4,397

CareTrust

REIT

Inc

1,372

CBL

&

Associates

Properties

Inc

859

Clipper

Realty

Inc

DiamondRock

Hospitality

Co

7,407

EastGroup

Properties

Inc

36,260

7,296

Gladstone

Commercial

Corp

650

National

Health

Investors

Inc

659

NETSTREIT

Corp

1,303

NexPoint

Residential

Trust

Inc

546

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Outfront

Media

Inc

9,319

$

Phillips

Edison

&

Co

Inc

1,444

Ryman

Hospitality

Properties

Inc

3,906

Saul

Centers

Inc

712

Strawberry

Fields

REIT

Inc

521

Sunstone

Hotel

Investors

Inc

977

Tanger

Inc

6,442

Two

Harbors

Investment

Corp

3,460

UMH

Properties

Inc

5,107

Universal

Health

Realty

Income

Trust

690

Xenia

Hotels

&

Resorts

Inc

1,067

$

9,057

Retail

-

.13

%

Abercrombie

&

Fitch

Co

(e) 2,867

Arko

Corp

BJ's

Restaurants

Inc

(e) 124,789

4,792

Black

Rock

Coffee

Bar

Inc

(e) 184,764

2,269

Bloomin'

Brands

Inc

3,319

Bob's

Discount

Furniture

Inc

(a),(e)

330,746

3,552

Boot

Barn

Holdings

Inc

(e) 52,785

9,050

Brinker

International

Inc

(e) 2,741

Buckle

Inc/The

1,853

Build-A-Bear

Workshop

Inc

(a) 755

Camping

World

Holdings

Inc

3,808

Casey's

General

Stores

Inc

6,743

5,544

Cava

Group

Inc

(e) 102,710

9,594

Cheesecake

Factory

Inc/The

2,894

Cracker

Barrel

Old

Country

Store

Inc

(a) 458

Dave

&

Buster's

Entertainment

Inc

(e) 1,715

Dine

Brands

Global

Inc

Envela

Corp

(e) 500

EVgo

Inc

(a),(e)

1,994

First

Watch

Restaurant

Group

Inc

(e) 336,059

4,409

FirstCash

Holdings

Inc

64,981

14,180

Five

Below

Inc

(e) 19,695

4,641

Freshpet

Inc

(e) 263,402

17,748

Genesco

Inc

(e) 47

Group

Automotive

Inc

Jack

in

the

Box

Inc

(a),(e)

1,112

Krispy

Kreme

Inc

(e) 684

Kura

Sushi

USA

Inc

(e) 429

MarineMax

Inc

(e) 71

Murphy

USA

Inc

18,890

11,107

National

Vision

Holdings

Inc

(e) 701,235

16,283

Ollie's

Bargain

Outlet

Holdings

Inc

(e) 113,207

9,794

OPAL

Fuels

Inc

(e) 967

Papa

John's

International

Inc

Petco

Health

&

Wellness

Co

Inc

(e) 434

Portillo's

Inc

(e) 703,558

4,397

PriceSmart

Inc

1,620

Savers

Value

Village

Inc

(a),(e)

2,410

Shake

Shack

Inc

(e) 2,455

Sonic

Automotive

Inc

Sweetgreen

Inc

(e) 6,593

Texas

Roadhouse

Inc

4,476

721

Urban

Outfitters

Inc

(e) 1,411

Victoria's

Secret

&

Co

(e) 1,256

Warby

Parker

Inc

(e) 6,261

$

120,232

Savings

&

Loans

-

.56

%

Axos

Financial

Inc

(e) 135,421

13,060

Banc

of

California

Inc

623

Greene

County

Bancorp

Inc

Hingham

Institution

For

Savings

The

(a) 2

Northfield

Bancorp

Inc

Provident

Financial

Services

Inc

1,344

Southern

Missouri

Bancorp

Inc

$

13,121

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

-

.54

%

Aehr

Test

Systems

(e) 1,481

$

Aeluma

Inc

(a),(e)

Allegro

MicroSystems

Inc

(e) 172,804

8,381

Ambarella

Inc

(e) 2,574

Ambiq

Micro

Inc

(e) 92,805

3,478

Arteris

Inc

(e) 187

Atomera

Inc

(a),(e)

2,266

Axcelis

Technologies

Inc

(e) 56,834

7,907

Blaize

Holdings

Inc

(a),(e)

3,805

CEVA

Inc

(e) 1,474

Cohu

Inc

(e) 210,356

9,960

Diodes

Inc

(e) 54,331

5,822

Entegris

Inc

62,052

8,773

FormFactor

Inc

(e) 67,295

9,147

Impinj

Inc

(e) 45,294

6,564

IPG

Photonics

Corp

(e) 75,451

8,973

Kulicke

&

Soffa

Industries

Inc

139,603

11,936

Lattice

Semiconductor

Corp

(e) 68,461

8,371

MACOM

Technology

Solutions

Holdings

Inc

(e) 36,764

10,353

MaxLinear

Inc

(e) 669

Navitas

Semiconductor

Corp

(e) 2,150

Onto

Innovation

Inc

(e) 28,928

8,536

Ouster

Inc

(e) 3,553

Power

Integrations

Inc

91,625

6,662

Rambus

Inc

(e) 107,901

12,421

Semtech

Corp

(e) 248,948

26,152

Silicon

Laboratories

Inc

(e) 2,059

SiTime

Corp

(e) 54,653

30,722

SkyWater

Technology

Inc

(e) 2,212

Synaptics

Inc

(e) 67,078

6,278

Tower

Semiconductor

Ltd

(e) 20,958

4,633

Ultra

Clean

Holdings

Inc

(e) 52,104

4,072

$

200,228

Software

-

.87

%

ACI

Worldwide

Inc

(e) 6,513

ACV

Auctions

Inc

(e) 144,258

749

Adeia

Inc

5,991

Agilysys

Inc

(e) 79,333

5,082

Airship

AI

Holdings

Inc

(a),(e)

1,853

Alkami

Technology

Inc

(e) 4,380

Amplitude

Inc

(e) 6,176

Appian

Corp

(e) 2,487

Arrive

AI

Inc

(e) 45

—

Asana

Inc

(e) 5,507

AvePoint

Inc

(e) 9,370

Bandwidth

Inc

(e) 490

BigBear.ai

Holdings

Inc

(a),(e)

6,412

Blackbaud

Inc

(e) 1,890

BlackLine

Inc

(e) 3,111

Blend

Labs

Inc

(e) 13,283

Box

Inc

(e) 6,874

Braze

Inc

(e) 5,536

C3.ai

Inc

(e) 7,972

Carlsmed

Inc

(e) 473

CCC

Intelligent

Solutions

Holdings

Inc

(e) 2,377,092

12,456

Cerence

Inc

(e) 947

Chime

Financial

Inc

(e) 219,140

4,790

Claritev

Corp

(a),(e)

752

Clear

Secure

Inc

5,581

Clearwater

Analytics

Holdings

Inc

(e) 17,614

Climb

Global

Solutions

Inc

975

Commerce.com

Inc

(e) 5,011

Commvault

Systems

Inc

(e) 49,955

4,940

CS

Disco

Inc

(e) 1,286

CSG

Systems

International

Inc

1,539

Daily

Journal

Corp

(e) 59

Digimarc

Corp

(a),(e)

1,173

Digital

Turbine

Inc

(e) 5,295

DigitalOcean

Holdings

Inc

(e) 129,119

12,451

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Domo

Inc

(e) 2,184

$

Donnelley

Financial

Solutions

Inc

(e) 1,144

Dynatrace

Inc

(e) 206,805

7,488

eGain

Corp

(e) 899

EverCommerce

Inc

(a),(e)

1,104

Evolent

Health

Inc

(e) 2,866

Expensify

Inc

(e) 1,682

Five9

Inc

(e) 4,926

Freshworks

Inc

(e) 13,156

Genius

Sports

Ltd

(e) 13,976

Guidewire

Software

Inc

(e) 51,222

7,089

HeartFlow

Inc

(e) 214,739

6,391

Hinge

Health

Inc

(e) 69,281

3,090

I3

Verticals

Inc

(e) 85

IBEX

Holdings

Ltd

(e) 675

Ibotta

Inc

(a),(e)

696

Innodata

Inc

(a),(e)

1,931

Intapp

Inc

(e) 3,624

IonQ

Inc

(a),(e)

127,189

5,739

JFrog

Ltd

(e) 102,567

4,763

Kaltura

Inc

(e) 6,773

Klaviyo

Inc

(e) 235,269

4,727

Life360

Inc

(e) 1,268

LiveRamp

Holdings

Inc

(e) 3,924

McGraw

Hill

Inc

(a),(e)

1,392

Meridian

Holdings

Inc

(e) 85

Navan

Inc

(e) 1,902

Nutex

Health

Inc

(a),(e)

Omada

Health

Inc

(e) 1,401

Pagaya

Technologies

Ltd

(e) 3,783

PagerDuty

Inc

(e) 5,567

PDF

Solutions

Inc

(e) 182,681

7,828

Phreesia

Inc

(e) 3,632

Planet

Labs

PBC

(e) 379,226

14,020

Playtika

Holding

Corp

689

Porch

Group

Inc

(e) 4,434

Progress

Software

Corp

(e) 2,618

Quantum

Computing

Inc

(a),(e)

12,762

Rackspace

Technology

Inc

(a),(e)

1,508

Red

Violet

Inc

(e) 710

ReposiTrak

Inc

845

Rezolve

AI

PLC

(a),(e)

13,962

Schrodinger

Inc/United

States

(e) 3,571

ServiceTitan

Inc

(e) 82,819

4,924

Simulations

Plus

Inc

(e) 1,254

SoundHound

AI

Inc

(a),(e)

24,460

Sprout

Social

Inc

(e) 3,570

SPS

Commerce

Inc

(e) 2,379

Talkspace

Inc

(e) 8,986

TruBridge

Inc

(e) 750

Vertex

Inc

(e) 245,884

3,042

Via

Transportation

Inc

(e) 622

Viant

Technology

Inc

(e) 1,117

VTEX

(e) 3,634

Waystar

Holding

Corp

(e) 5,867

Weave

Communications

Inc

(e) 4,168

Whitefiber

Inc

(a),(e)

528

Workiva

Inc

(e) 3,187

Yext

Inc

(e) 6,412

Zeta

Global

Holdings

Corp

(e) 13,267

$

114,279

Telecommunications

-

.83

%

A10

Networks

Inc

3,886

ADTRAN

Holdings

Inc

(e) 4,731

Anterix

Inc

(e) 713

Applied

Digital

Corp

(e) 11,382

BK

Technologies

Corp

(e) 192

BlackSky

Technology

Inc

(e) 1,955

Calix

Inc

(e) 3,782

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Telecommunications

(continued)

Clearfield

Inc

(a),(e)

$

Credo

Technology

Group

Holding

Ltd

(e) 238,238

41,456

Extreme

Networks

Inc

(e) 8,418

Frequency

Electronics

Inc

(e) 415

Globalstar

Inc

(e) 3,142

Gogo

Inc

(e) 5,044

Harmonic

Inc

(e) 1,878

IDT

Corp

-

Class

B

765

Inseego

Corp

(e) 165

InterDigital

Inc

26,637

7,900

Lumen

Technologies

Inc

(e) 53,283

Ooma

Inc

(e) 1,600

Preformed

Line

Products

Co

Satellogic

Inc

(e) 4,145

Viavi

Solutions

Inc

(e) 285,521

14,961

Vistance

Networks

Inc

8,473

$

66,374

Transportation

-

.64

%

Costamare

Bulkers

Holdings

Ltd

(e) 51

Covenant

Logistics

Group

Inc

CryoPort

Inc

(e) 942

FLEX

LNG

Ltd

(a) 353

Forward

Air

Corp

(e) 604

RXO

Inc

(e) 194,573

3,885

Saia

Inc

(e) 24,576

11,030

Werner

Enterprises

Inc

610

World

Kinect

Corp

508

$

14,995

Trucking

&

Leasing

-

.00

%

GATX

Corp

Willis

Lease

Finance

Corp

$

Water

-

.01

%

American

States

Water

Co

1,567

Consolidated

Water

Co

Ltd

Global

Water

Resources

Inc

(a) 892

Middlesex

Water

Co

York

Water

Co/The

$

TOTAL

COMMON

STOCKS

$

2,284,793

Total

Investments

$

2,380,857

Other

Assets

and

Liabilities

- (1.54)%

(36,066)

TOTAL

NET

ASSETS

-

100.00%

$

2,344,791

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$28,788

or

1.23%

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

$28,411

or

1.21%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Schedule

of

Investments

SmallCap

Growth

Fund

I

April

30,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

105,600

$

881,639

$

895,351

$

91,888

$

105,600

$

881,639

$

895,351

$

91,888

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

873

$

—

$

—

$

—

$

873

$

—

$

—

$

—

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

2026

Long

$

3,369

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.42

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.52

%

iShares

Core

S&P

Small-Cap

ETF

50,644

$

6,943

Money

Market

Funds

-

.90

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

318,348

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

11,724,820

11,725

$

12,043

TOTAL

INVESTMENT

COMPANIES

$

18,986

COMMON

STOCKS

-

.03

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.54

%

AAR

Corp

(d) 30,684

$

3,386

Mercury

Systems

Inc

(d) 41,512

3,276

National

Presto

Industries

Inc

4,161

582

$

7,244

Agriculture

-

.35

%

Andersons

Inc/The

26,407

2,074

Fresh

Del

Monte

Produce

Inc

25,911

1,085

Universal

Corp/VA

19,589

1,050

Vital

Farms

Inc

(d) 29,210

$

4,608

Airlines

-

.38

%

Allegiant

Travel

Co

(d) 10,574

800

JetBlue

Airways

Corp

(d) 232,741

1,083

SkyWest

Inc

(d) 31,523

2,589

Sun

Country

Airlines

Holdings

Inc

(d) 42,016

664

$

5,136

Apparel

-

.69

%

Carter's

Inc

28,649

1,035

Kontoor

Brands

Inc

40,202

2,949

Oxford

Industries

Inc

10,991

Steven

Madden

Ltd

57,111

2,145

Under

Armour

Inc

-

Class

A

(d),(e)

148,429

934

Under

Armour

Inc

-

Class

C

(d) 93,960

570

Wolverine

World

Wide

Inc

64,429

1,096

$

9,200

Automobile

Parts

&

Equipment

-

.12

%

Adient

PLC

(d) 61,578

1,296

Dana

Inc

88,271

3,218

Dauch

Corporation

(d) 185,492

1,059

Dorman

Products

Inc

(d) 21,862

2,460

Fox

Factory

Holding

Corp

(d) 32,857

583

Gentherm

Inc

(d) 23,963

721

Phinia

Inc

29,802

2,150

Standard

Motor

Products

Inc

16,427

614

Versigent

PLC

(d) 55,742

1,949

XPEL

Inc

(d) 19,798

943

$

14,993

Banks

-

.16

%

Ameris

Bancorp

50,476

4,303

Atlantic

Union

Bankshares

Corp

111,441

4,196

BancFirst

Corp

16,345

1,824

Bancorp

Inc/The

(d) 33,291

1,992

Bank

of

Hawaii

Corp

31,272

2,486

BankUnited

Inc

58,275

2,709

Banner

Corp

26,801

1,793

Cathay

General

Bancorp

52,821

2,960

Central

Pacific

Financial

Corp

20,730

690

City

Holding

Co

11,326

1,393

Community

Financial

System

Inc

41,409

2,624

Customers

Bancorp

Inc

(d) 24,993

1,906

CVB

Financial

Corp

131,101

2,670

Dime

Community

Bancshares

Inc

32,063

1,151

Eagle

Bancorp

Inc

21,723

562

FB

Financial

Corp

31,728

1,715

First

BanCorp/Puerto

Rico

122,293

2,969

First

Bancorp/Southern

Pines

NC

32,592

1,882

First

Commonwealth

Financial

Corp

80,569

1,483

First

Financial

Bancorp

81,327

2,463

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

First

Hawaiian

Inc

96,437

$

2,631

First

Interstate

BancSystem

Inc

69,141

2,454

Fulton

Financial

Corp

150,491

3,249

Hanmi

Financial

Corp

23,294

697

Heritage

Financial

Corp/WA

32,325

890

Hilltop

Holdings

Inc

32,759

1,234

Hope

Bancorp

Inc

100,771

1,255

Independent

Bank

Corp

38,968

3,039

Lakeland

Financial

Corp

19,823

1,200

Merchants

Bancorp/IN

23,086

1,074

National

Bank

Holdings

Corp

35,411

1,512

NBT

Bancorp

Inc

41,121

1,797

OFG

Bancorp

34,001

1,563

Park

National

Corp

12,639

2,176

Pathward

Financial

Inc

17,108

1,486

Preferred

Bank/Los

Angeles

CA

8,903

843

Renasant

Corp

74,387

2,967

S&T

Bancorp

Inc

29,400

1,297

Seacoast

Banking

Corp

of

Florida

76,130

2,396

ServisFirst

Bancshares

Inc

39,501

3,145

Simmons

First

National

Corp

113,788

2,419

Southside

Bancshares

Inc

21,961

725

Stellar

Bancorp

Inc

35,908

1,349

Tompkins

Financial

Corp

9,924

836

Triumph

Financial

Inc

(d) 17,767

1,202

TrustCo

Bank

Corp

NY

14,171

675

Trustmark

Corp

46,384

2,058

United

Community

Banks

Inc/GA

94,794

3,159

Walker

&

Dunlop

Inc

26,775

1,348

Westamerica

BanCorp

19,354

1,061

$

95,508

Beverages

-

.22

%

National

Beverage

Corp

(d) 18,399

630

Vita

Coco

Co

Inc/The

(d) 34,467

2,274

$

2,904

Biotechnology

-

.76

%

ACADIA

Pharmaceuticals

Inc

(d) 98,407

2,209

ADMA

Biologics

Inc

(d) 187,074

1,917

ANI

Pharmaceuticals

Inc

(d) 14,129

1,123

Apellis

Pharmaceuticals

Inc

(d) 80,557

3,299

Arcus

Biosciences

Inc

(d) 66,632

1,699

Certara

Inc

(d) 93,895

576

Cytek

Biosciences

Inc

(d) 86,434

Innoviva

Inc

(d) 55,832

1,284

Krystal

Biotech

Inc

(d) 20,287

5,320

Ligand

Pharmaceuticals

Inc

(d) 15,472

3,550

NeoGenomics

Inc

(d) 101,703

942

PTC

Therapeutics

Inc

(d) 63,108

4,106

Sarepta

Therapeutics

Inc

(d) 82,365

1,720

TG

Therapeutics

Inc

(d) 106,872

3,610

Veracyte

Inc

(d) 62,135

2,045

Vericel

Corp

(d) 39,752

1,381

Vir

Biotechnology

Inc

(d) 88,724

906

Xencor

Inc

(d) 56,130

670

$

36,751

Building

Materials

-

.53

%

American

Woodmark

Corp

(d) 11,451

500

Apogee

Enterprises

Inc

16,907

616

Armstrong

World

Industries

Inc

33,901

5,776

Boise

Cascade

Co

29,117

2,308

Gibraltar

Industries

Inc

(d) 23,221

906

Griffon

Corp

30,755

2,804

Hayward

Holdings

Inc

(d) 156,825

2,354

Masterbrand

Inc

(d) 99,652

895

Mohawk

Industries

Inc

(d) 40,818

4,309

$

20,468

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Chemicals

-

.60

%

Balchem

Corp

25,456

$

4,114

Celanese

Corp

86,074

5,832

Chemours

Co/The

117,820

3,175

Eastman

Chemical

Co

89,686

6,555

Element

Solutions

Inc

178,807

7,615

FMC

Corp

98,191

1,510

Hawkins

Inc

16,430

2,751

HB

Fuller

Co

42,691

2,584

Ingevity

Corp

(d) 28,268

2,154

Innospec

Inc

19,475

1,485

Koppers

Holdings

Inc

15,417

630

Minerals

Technologies

Inc

24,472

1,761

Quaker

Chemical

Corp

10,769

1,463

Rogers

Corp

(d) 13,147

1,785

Sensient

Technologies

Corp

33,392

3,795

Stepan

Co

16,890

845

$

48,054

Coal

-

.86

%

Alpha

Metallurgical

Resources

Inc

(d) 8,489

1,583

Core

Natural

Resources

Inc

40,276

3,614

Peabody

Energy

Corp

95,581

2,548

Warrior

Met

Coal

Inc

41,322

3,713

$

11,458

Commercial

Services

-

.14

%

ABM

Industries

Inc

46,059

1,879

ADT

Inc

399,372

3,007

Alarm.com

Holdings

Inc

(d) 39,207

1,741

AMN

Healthcare

Services

Inc

(d) 30,194

618

Arlo

Technologies

Inc

(d) 83,312

1,171

CoreCivic

Inc

(d) 78,643

1,609

Covista

Inc

(d) 27,125

3,125

Deluxe

Corp

35,377

1,102

EVERTEC

Inc

50,293

1,485

GEO

Group

Inc/The

(d) 107,469

1,989

Healthcare

Services

Group

Inc

(d) 55,380

1,186

Hertz

Global

Holdings

Inc

(d),(e)

97,968

623

Insperity

Inc

28,172

1,002

John

Wiley

&

Sons

Inc

31,667

1,296

Korn

Ferry

41,026

2,726

Laureate

Education

Inc

(d) 105,411

3,172

Legalzoom.com

Inc

(d) 90,571

584

ManpowerGroup

Inc

36,390

1,102

MarketAxess

Holdings

Inc

29,218

4,593

Matthews

International

Corp

24,465

698

Mister

Car

Wash

Inc

(d) 77,243

547

Monro

Inc

23,596

Payoneer

Global

Inc

(d) 226,940

1,130

Perdoceo

Education

Corp

47,525

1,613

PROG

Holdings

Inc

31,083

1,114

Progyny

Inc

(d) 63,021

1,171

Robert

Half

Inc

78,121

2,079

Sezzle

Inc

(d) 13,422

1,069

Strategic

Education

Inc

18,268

1,432

Stride

Inc

(d) 33,032

3,209

Upbound

Group

Inc

40,964

810

Verra

Mobility

Corp

(d) 125,422

1,860

Vestis

Corp

(d) 88,158

857

WillScot

Holdings

Corp

143,015

3,238

$

55,251

Computers

-

.26

%

Amentum

Holdings

Inc

(d) 120,796

3,169

Corsair

Gaming

Inc

(d) 36,858

Diebold

Nixdorf

Inc

(d) 27,648

2,124

DXC

Technology

Co

(d) 133,436

1,511

Everforth

Inc

(d) 33,563

708

Grid

Dynamics

Holdings

Inc

(d) 51,993

Insight

Enterprises

Inc

(d) 24,364

1,776

NCR

Atleos

Corp

(d) 58,090

2,578

NCR

Voyix

Corp

(d) 108,863

750

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Computers

(continued)

NetScout

Systems

Inc

(d) 53,928

$

1,817

Pitney

Bowes

Inc

116,368

1,799

$

16,778

Consumer

Products

-

.29

%

Quanex

Building

Products

Corp

36,108

720

Reynolds

Consumer

Products

Inc

42,987

901

Co

10,601

2,226

$

3,847

Cosmetics

&

Personal

Care

-

.41

%

Edgewell

Personal

Care

Co

36,721

828

Interparfums

Inc

14,366

1,310

Perrigo

Co

PLC

108,177

1,281

Prestige

Consumer

Healthcare

Inc

(d) 37,193

2,095

$

5,514

Distribution

&

Wholesale

-

.68

%

G-III

Apparel

Group

Ltd

29,182

910

LKQ

Corp

201,198

6,354

OPENLANE

Inc

(d) 83,525

2,626

Resideo

Technologies

Inc

(d) 108,266

4,479

Rush

Enterprises

Inc

-

Class

A

47,667

3,529

ScanSource

Inc

(d) 15,533

638

VSE

Corp

22,635

3,886

$

22,422

Diversified

Financial

Services

-

.09

%

Acadian

Asset

Management

Inc

20,770

1,399

Artisan

Partners

Asset

Management

Inc

55,385

2,074

BGC

Group

Inc

285,468

3,206

Bread

Financial

Holdings

Inc

34,664

2,939

Cohen

&

Steers

Inc

21,650

1,522

Enact

Holdings

Inc

22,700

970

Encore

Capital

Group

Inc

(d) 17,532

1,451

Enova

International

Inc

(d) 19,428

3,291

EZCORP

Inc

(d) 46,160

1,513

Moelis

&

Co

58,163

3,788

Navient

Corp

52,066

Piper

Sandler

Cos

53,136

4,634

PJT

Partners

Inc

19,107

2,918

PRA

Group

Inc

(d) 30,666

668

Radian

Group

Inc

106,499

3,816

StepStone

Group

Inc

57,956

3,066

StoneX

Group

Inc

(d) 55,053

5,837

Victory

Capital

Holdings

Inc

37,313

2,930

Virtu

Financial

Inc

62,735

3,115

Virtus

Investment

Partners

Inc

4,991

726

Western

Union

Co/The

249,837

2,271

WisdomTree

Inc

90,308

1,535

World

Acceptance

Corp

(d) 2,243

$

54,480

Electric

-

.08

%

Avista

Corp

63,960

2,629

Clearway

Energy

Inc

-

Class

C

93,847

3,788

Hawaiian

Electric

Industries

Inc

(d) 135,685

2,045

MGE

Energy

Inc

28,723

2,304

Otter

Tail

Corp

32,940

2,939

Unitil

Corp

14,135

741

$

14,446

Electrical

Components

&

Equipment

-

.82

%

AZZ

Inc

23,468

3,357

Energizer

Holdings

Inc

47,898

938

Insteel

Industries

Inc

15,245

Powell

Industries

Inc

22,334

6,192

$

10,886

Electronics

-

.13

%

Atmus

Filtration

Technologies

Inc

64,069

4,062

Badger

Meter

Inc

23,164

2,801

Benchmark

Electronics

Inc

28,045

2,301

Brady

Corp

34,301

2,806

CTS

Corp

22,835

1,304

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

(continued)

ESCO

Technologies

Inc

20,355

$

6,594

Itron

Inc

(d) 36,001

3,017

Knowles

Corp

(d) 66,745

2,082

Mirion

Technologies

Inc

(d) 192,313

3,798

Napco

Security

Technologies

Inc

28,033

1,311

OSI

Systems

Inc

(d) 12,172

3,492

Plexus

Corp

(d) 21,055

5,276

Ralliant

Corp

88,669

4,029

Sanmina

Corp

(d) 42,921

9,349

Vishay

Intertechnology

Inc

97,068

2,812

$

55,034

Energy

-

Alternate

Sources

-

.66

%

Enphase

Energy

Inc

(d) 102,860

3,390

REX

American

Resources

Corp

(d) 22,265

1,080

SolarEdge

Technologies

Inc

(d) 47,004

2,015

Sunrun

Inc

(d) 182,393

2,322

$

8,807

Engineering

&

Construction

-

.95

%

Arcosa

Inc

38,551

4,876

Argan

Inc

10,904

7,305

Everus

Construction

Group

Inc

(d) 40,093

5,911

Frontdoor

Inc

(d) 56,683

3,890

Granite

Construction

Inc

34,190

4,686

MYR

Group

Inc

(d) 12,202

4,940

Primoris

Services

Corp

42,472

7,694

$

39,302

Entertainment

-

.62

%

Caesars

Entertainment

Inc

(d) 160,435

4,460

Cinemark

Holdings

Inc

81,111

2,394

Golden

Entertainment

Inc

15,432

Madison

Square

Garden

Sports

Corp

(d) 14,130

4,839

Marriott

Vacations

Worldwide

Corp

21,766

1,567

Monarch

Casino

&

Resort

Inc

9,525

1,131

Penn

Entertainment

Inc

(d) 100,113

1,748

Pursuit

Attractions

and

Hospitality

Inc

(d) 16,895

711

Red

Rock

Resorts

Inc

38,154

2,059

Six

Flags

Entertainment

Corp

(d) 79,761

1,498

United

Parks

&

Resorts

Inc

(d) 21,439

756

$

21,561

Environmental

Control

-

.39

%

Casella

Waste

Systems

Inc

(d) 49,131

3,894

Enviri

Corp

(d) 63,396

1,248

$

5,142

Food

-

.19

%

Cal-Maine

Foods

Inc

35,209

2,720

Chefs'

Warehouse

Inc/The

(d) 28,462

2,209

Grocery

Outlet

Holding

Corp

(d) 77,138

610

J

&

J

Snack

Foods

Corp

11,955

1,055

John

B

Sanfilippo

&

Son

Inc

7,144

584

Lamb

Weston

Holdings

Inc

109,164

4,754

Simply

Good

Foods

Co/The

(d) 66,945

895

Tootsie

Roll

Industries

Inc

15,913

672

United

Natural

Foods

Inc

(d) 47,894

2,396

$

15,895

Forest

Products

&

Paper

-

.08

%

Sylvamo

Corp

26,014

1,112

Gas

-

.58

%

Chesapeake

Utilities

Corp

18,591

2,345

MDU

Resources

Group

Inc

160,651

3,619

Northwest

Natural

Holding

Co

32,625

1,729

$

7,693

Hand

&

Machine

Tools

-

.51

%

Enerpac

Tool

Group

Corp

41,483

1,456

Franklin

Electric

Co

Inc

30,088

3,015

Kennametal

Inc

59,894

2,318

$

6,789

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

-

.83

%

Artivion

Inc

(d) 33,092

$

1,186

Avanos

Medical

Inc

(d) 36,486

898

Azenta

Inc

(d) 32,223

792

BioLife

Solutions

Inc

(d) 30,655

646

CONMED

Corp

24,341

892

Embecta

Corp

46,548

Enovis

Corp

(d) 44,952

1,054

Glaukos

Corp

(d) 45,146

6,486

ICU

Medical

Inc

(d) 19,405

2,313

Inspire

Medical

Systems

Inc

(d) 20,441

1,147

Integer

Holdings

Corp

(d) 27,541

2,438

Integra

LifeSciences

Holdings

Corp

(d),(e)

52,653

555

LeMaitre

Vascular

Inc

16,406

1,801

Merit

Medical

Systems

Inc

(d) 46,603

3,177

Neogen

Corp

(d) 170,983

1,607

OmniAb

Inc

-

Rights

(d) 7,689

—

OmniAb

Inc

-

Rights

(d) 7,689

—

Omnicell

Inc

(d) 35,274

1,461

QuidelOrtho

Corp

(d) 53,396

657

STAAR

Surgical

Co

(d) 39,098

1,031

Tandem

Diabetes

Care

Inc

(d) 53,294

1,041

Teleflex

Inc

34,739

4,304

TransMedics

Group

Inc

(d) 26,862

2,707

UFP

Technologies

Inc

(d) 6,063

1,162

$

37,781

Healthcare

-

Services

-

.52

%

Acadia

Healthcare

Co

Inc

(d) 72,518

1,878

Addus

HomeCare

Corp

(d) 14,337

1,389

Astrana

Health

Inc

(d) 33,911

1,158

BrightSpring

Health

Services

Inc

(d) 104,052

4,991

Concentra

Group

Holdings

Parent

Inc

93,693

2,105

CorVel

Corp

(d) 24,525

1,409

Fortrea

Holdings

Inc

(d) 72,629

835

LifeStance

Health

Group

Inc

(d) 153,051

1,159

Molina

Healthcare

Inc

(d) 40,481

7,878

National

HealthCare

Corp

9,757

1,691

Pediatrix

Medical

Group

Inc

(d) 66,168

1,490

Privia

Health

Group

Inc

(d) 90,882

2,258

RadNet

Inc

(d) 54,750

3,096

Select

Medical

Holdings

Corp

86,619

1,422

US

Physical

Therapy

Inc

11,950

851

$

33,610

Home

Builders

-

.08

%

Cavco

Industries

Inc

(d) 6,100

3,093

Century

Communities

Inc

19,866

1,113

Champion

Homes

Inc

(d) 43,469

3,314

Dream

Finders

Homes

Inc

(d) 22,577

Green

Brick

Partners

Inc

(d) 23,969

1,616

Installed

Building

Products

Inc

17,802

5,137

LCI

Industries

19,021

2,268

LGI

Homes

Inc

(d) 15,964

782

M/I

Homes

Inc

(d) 20,554

2,703

Meritage

Homes

Corp

52,507

3,536

Tri

Pointe

Homes

Inc

(d) 66,403

3,113

Winnebago

Industries

Inc

22,182

723

$

27,727

Home

Furnishings

-

.29

%

Ethan

Allen

Interiors

Inc

18,201

Leggett

&

Platt

Inc

106,457

1,157

MillerKnoll

Inc

53,646

863

Sonos

Inc

(d) 95,010

1,409

$

3,817

Housewares

-

.22

%

Central

Garden

&

Pet

Co

(d) 6,371

Central

Garden

&

Pet

Co

-

A

Shares

(d) 40,098

1,346

Newell

Brands

Inc

329,505

1,344

$

2,926

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

-

.78

%

AMERISAFE

Inc

14,865

$

Assured

Guaranty

Ltd

34,052

2,789

Employers

Holdings

Inc

17,669

744

Genworth

Financial

Inc

(d) 313,928

2,760

Goosehead

Insurance

Inc

(d) 19,578

877

HCI

Group

Inc

8,443

1,297

Horace

Mann

Educators

Corp

31,979

1,453

Jackson

Financial

Inc

55,665

6,444

Kemper

Corp

46,152

1,555

Lincoln

National

Corp

132,875

5,024

Mercury

General

Corp

20,899

2,034

NMI

Holdings

Inc

(d) 59,763

2,313

Palomar

Holdings

Inc

(d) 20,831

2,508

ProAssurance

Corp

(d) 40,412

998

Safety

Insurance

Group

Inc

11,707

880

SiriusPoint

Ltd

(d) 81,720

1,913

Stewart

Information

Services

Corp

23,756

1,663

Trupanion

Inc

(d) 26,609

638

United

Fire

Group

Inc

17,247

695

$

37,035

Internet

-

.49

%

Cargurus

Inc

(d) 63,854

2,328

Cogent

Communications

Holdings

Inc

37,307

845

ePlus

Inc

20,552

1,741

Etsy

Inc

(d) 77,585

4,992

HealthStream

Inc

18,655

IAC

Inc

(d) 51,239

2,283

Liquidity

Services

Inc

(d) 18,526

660

Lyft

Inc

(d) 312,926

4,428

Match

Group

Inc

185,558

6,944

Q2

Holdings

Inc

(d) 49,051

2,489

QuinStreet

Inc

(d) 44,798

572

Shutterstock

Inc

18,985

Sprinklr

Inc

(d) 97,168

TripAdvisor

Inc

(d) 89,979

1,002

Upwork

Inc

(d) 102,699

1,063

Yelp

Inc

(d) 45,918

1,267

Ziff

Davis

Inc

(d) 31,052

1,421

$

33,207

Investment

Companies

-

.77

%

Cleanspark

Inc

(d) 201,031

2,519

HA

Sustainable

Infrastructure

Capital

Inc

100,332

4,209

MARA

Holdings

Inc

(d),(e)

297,266

3,564

$

10,292

Leisure

Products

&

Services

-

.90

%

Acushnet

Holdings

Corp

21,671

2,098

Callaway

Golf

Co

(d) 109,849

1,681

Life

Time

Group

Holdings

Inc

(d) 119,598

3,206

OneSpaWorld

Holdings

Ltd

80,137

1,976

Patrick

Industries

Inc

26,157

2,433

Sabre

Corp

(d) 310,393

568

$

11,962

Machinery

-

Construction

&

Mining

-

.09

%

Astec

Industries

Inc

17,981

1,169

Machinery

-

Diversified

-

.44

%

Alamo

Group

Inc

8,476

1,470

Albany

International

Corp

22,558

1,309

Cactus

Inc

54,109

3,015

CSW

Industrials

Inc

12,946

3,770

DXP

Enterprises

Inc/TX

(d) 9,983

1,705

Gates

Industrial

Corp

PLC

(d) 199,540

5,110

Ichor

Holdings

Ltd

(d) 27,066

1,786

Kadant

Inc

9,258

2,714

Lindsay

Corp

8,219

920

Mueller

Water

Products

Inc

-

Class

A

122,924

3,428

Tennant

Co

14,248

1,183

Zurn

Elkay

Water

Solutions

Corp

116,687

6,063

$

32,473

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

-

.64

%

Cable

One

Inc

(d) 3,632

$

Scholastic

Corp

(e) 15,907

642

Sphere

Entertainment

Co

(d) 20,932

2,982

Versant

Media

Group

Inc

114,272

4,593

$

8,549

Metal

Fabrication

&

Hardware

-

.50

%

Metallus

Inc

(d) 28,153

542

Proto

Labs

Inc

(d) 18,612

1,206

Standex

International

Corp

9,526

2,601

Worthington

Enterprises

Inc

24,535

1,331

Worthington

Steel

Inc

25,557

982

$

6,662

Mining

-

.35

%

Century

Aluminum

Co

(d) 41,820

2,486

Kaiser

Aluminum

Corp

12,620

2,151

$

4,637

Miscellaneous

Manufacturers

-

.54

%

Enpro

Inc

16,558

4,828

Federal

Signal

Corp

47,798

5,885

JBT

Marel

Corp

40,851

4,825

Materion

Corp

16,300

2,996

Trinity

Industries

Inc

63,024

2,055

$

20,589

Office

Furnishings

-

.25

%

HNI

Corp

54,514

1,992

Interface

Inc

45,897

1,280

$

3,272

Oil

&

Gas

-

.73

%

California

Resources

Corp

61,758

4,216

Comstock

Resources

Inc

(d) 62,194

1,083

Crescent

Energy

Co

191,008

2,569

CVR

Energy

Inc

23,705

785

Helmerich

&

Payne

Inc

78,485

3,169

Magnolia

Oil

&

Gas

Corp

142,179

4,299

Noble

Corp

PLC

98,856

5,045

Northern

Oil

&

Gas

Inc

82,020

2,228

Par

Pacific

Holdings

Inc

(d) 39,530

2,596

Patterson-UTI

Energy

Inc

271,507

3,318

SM

Energy

Co

177,920

5,521

Talos

Energy

Inc

(d) 98,876

1,574

$

36,403

Oil

&

Gas

Services

-

.05

%

Archrock

Inc

137,846

5,341

Atlas

Energy

Solutions

Inc

(e) 60,421

1,050

Bristow

Group

Inc

19,776

972

Core

Laboratories

Inc

36,599

536

DNOW

Inc

(d) 145,936

1,969

Helix

Energy

Solutions

Group

Inc

(d) 107,517

1,113

Innovex

International

Inc

(d) 30,340

843

Kodiak

Gas

Services

Inc

65,329

4,429

Liberty

Energy

Inc

127,378

4,304

Oceaneering

International

Inc

(d) 78,426

2,944

RPC

Inc

69,896

551

Tidewater

Inc

(d) 36,231

3,236

$

27,288

Packaging

&

Containers

-

.08

%

O-I

Glass

Inc

(d) 119,761

1,091

Pharmaceuticals

-

.28

%

AdaptHealth

Corp

(d) 84,353

1,106

Alkermes

PLC

(d) 129,788

4,375

Amneal

Pharmaceuticals

Inc

(d) 133,433

1,717

Amphastar

Pharmaceuticals

Inc

(d) 27,812

611

Catalyst

Pharmaceuticals

Inc

(d) 90,816

2,555

Collegium

Pharmaceutical

Inc

(d) 24,846

838

Corcept

Therapeutics

Inc

(d) 73,585

3,423

Harmony

Biosciences

Holdings

Inc

(d) 31,237

976

Indivior

Pharmaceuticals

Inc

(d) 98,139

3,610

Organon

&

Co

204,356

2,708

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Pharmaceuticals

(continued)

Pacira

BioSciences

Inc

(d) 32,305

$

823

Phibro

Animal

Health

Corp

16,211

862

Protagonist

Therapeutics

Inc

(d) 46,191

4,572

Supernus

Pharmaceuticals

Inc

(d) 45,070

2,163

$

30,339

Pipelines

-

.14

%

Kinetik

Holdings

Inc

(e) 35,732

1,806

Real

Estate

-

.49

%

Cushman

&

Wakefield

Ltd

(d) 182,049

2,556

eXp

World

Holdings

Inc

71,164

Kennedy-Wilson

Holdings

Inc

94,305

1,028

Marcus

&

Millichap

Inc

18,719

520

St

Joe

Co/The

31,318

2,022

$

6,569

REITs

-

.91

%

Acadia

Realty

Trust

102,999

2,227

Adamas

Trust

Inc

66,016

593

American

Assets

Trust

Inc

37,214

772

Apollo

Commercial

Real

Estate

Finance

Inc

103,145

1,128

Apple

Hospitality

REIT

Inc

172,940

2,330

Arbor

Realty

Trust

Inc

153,836

1,215

ARMOUR

Residential

REIT

Inc

87,955

1,543

Blackstone

Mortgage

Trust

Inc

124,676

2,368

Broadstone

Net

Lease

Inc

148,731

2,945

Centerspace

13,128

896

Curbline

Properties

Corp

76,196

2,103

DiamondRock

Hospitality

Co

160,118

1,633

Douglas

Emmett

Inc

131,631

1,423

Easterly

Government

Properties

Inc

34,395

805

Ellington

Financial

Inc

97,978

1,298

Essential

Properties

Realty

Trust

Inc

164,972

5,185

Four

Corners

Property

Trust

Inc

86,262

2,206

Franklin

BSP

Realty

Trust

Inc

64,104

583

Getty

Realty

Corp

43,256

1,433

Global

Net

Lease

Inc

154,971

1,482

Highwoods

Properties

Inc

86,409

2,101

Innovative

Industrial

Properties

Inc

22,026

1,195

JBG

SMITH

Properties

46,517

698

LTC

Properties

Inc

37,426

1,430

LXP

Industrial

Trust

46,436

2,365

Macerich

Co/The

201,318

4,375

Medical

Properties

Trust

Inc

387,695

1,915

Millrose

Properties

Inc

121,193

3,717

NexPoint

Residential

Trust

Inc

17,146

Outfront

Media

Inc

114,363

3,528

Pebblebrook

Hotel

Trust

89,289

1,255

PennyMac

Mortgage

Investment

Trust

68,398

833

Phillips

Edison

&

Co

Inc

98,883

3,972

Redwood

Trust

Inc

97,830

544

Rithm

Capital

Corp

436,942

4,273

Ryman

Hospitality

Properties

Inc

49,523

5,204

Safehold

Inc

36,098

578

Saul

Centers

Inc

9,786

SL

Green

Realty

Corp

55,933

2,372

Sunstone

Hotel

Investors

Inc

149,270

1,466

Tanger

Inc

90,480

3,355

Terreno

Realty

Corp

81,887

5,339

Two

Harbors

Investment

Corp

82,380

953

Universal

Health

Realty

Income

Trust

10,033

Urban

Edge

Properties

99,005

2,170

Veris

Residential

Inc

63,842

1,211

Whitestone

REIT

35,290

668

Xenia

Hotels

&

Resorts

Inc

74,520

1,212

$

92,137

Retail

-

.52

%

Academy

Sports

&

Outdoors

Inc

52,413

2,874

Advance

Auto

Parts

Inc

47,179

2,808

American

Eagle

Outfitters

Inc

123,914

2,159

Asbury

Automotive

Group

Inc

(d) 15,281

3,113

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

BJ's

Restaurants

Inc

(d) 16,612

$

638

Boot

Barn

Holdings

Inc

(d) 23,911

4,100

Brinker

International

Inc

(d) 34,232

5,211

Buckle

Inc/The

23,674

1,316

CarMax

Inc

(d) 111,456

4,381

Cheesecake

Factory

Inc/The

36,042

2,266

Cracker

Barrel

Old

Country

Store

Inc

(e) 17,550

550

Freshpet

Inc

(d) 38,364

2,585

Group

Automotive

Inc

9,273

3,309

Kohl's

Corp

88,184

1,250

La-Z-Boy

Inc

32,423

1,126

MarineMax

Inc

(d) 15,235

National

Vision

Holdings

Inc

(d) 62,340

1,447

Papa

John's

International

Inc

25,772

933

PC

Connection

Inc

8,929

569

PriceSmart

Inc

19,845

3,114

Sally

Beauty

Holdings

Inc

(d) 76,252

1,081

Shake

Shack

Inc

(d) 31,641

3,242

Signet

Jewelers

Ltd

31,979

2,847

Sonic

Automotive

Inc

11,661

918

Urban

Outfitters

Inc

(d) 42,293

2,975

Victoria's

Secret

&

Co

(d) 63,094

3,270

Wendy's

Co/The

(e) 124,219

865

Winmark

Corp

2,325

885

$

60,270

Savings

&

Loans

-

.34

%

Axos

Financial

Inc

(d) 44,551

4,297

Banc

of

California

Inc

105,521

1,976

Beacon

Financial

Corp

65,882

1,880

Capitol

Federal

Financial

Inc

93,896

721

Northwest

Bancshares

Inc

114,845

1,588

Provident

Financial

Services

Inc

102,671

2,329

WaFd

Inc

59,630

2,111

WSFS

Financial

Corp

41,981

3,021

$

17,923

Semiconductors

-

.28

%

ACM

Research

Inc

(d) 41,872

2,165

Alpha

&

Omega

Semiconductor

Ltd

(d) 19,415

843

Axcelis

Technologies

Inc

(d) 24,131

3,357

Cohu

Inc

(d) 36,702

1,738

Diodes

Inc

(d) 36,061

3,864

FormFactor

Inc

(d) 60,931

8,282

Impinj

Inc

(d) 21,149

3,065

Kulicke

&

Soffa

Industries

Inc

41,131

3,517

MaxLinear

Inc

(d) 63,875

4,519

Penguin

Solutions

Inc

(d) 37,595

1,143

Photronics

Inc

(d) 46,426

2,297

Power

Integrations

Inc

43,628

3,172

Qorvo

Inc

(d) 66,312

6,248

Semtech

Corp

(d) 72,739

7,641

Ultra

Clean

Holdings

Inc

(d) 35,676

2,788

Veeco

Instruments

Inc

(d) 47,395

2,363

$

57,002

Software

-

.14

%

ACI

Worldwide

Inc

(d) 81,030

3,502

Adeia

Inc

86,078

2,742

Agilysys

Inc

(d) 20,050

1,284

BlackLine

Inc

(d) 39,276

1,227

Box

Inc

(d) 112,582

2,725

Clear

Secure

Inc

69,692

3,721

CSG

Systems

International

Inc

21,233

1,707

Digi

International

Inc

(d) 29,563

1,657

Donnelley

Financial

Solutions

Inc

(d) 20,858

1,049

DoubleVerify

Holdings

Inc

(d) 105,107

1,158

Life360

Inc

(d) 61,625

2,655

LiveRamp

Holdings

Inc

(d) 49,617

1,450

N-able

Inc/US

(d) 58,583

Paycom

Software

Inc

38,410

4,869

PDF

Solutions

Inc

(d) 25,157

1,078

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Progress

Software

Corp

(d) 33,102

$

922

RingCentral

Inc

59,597

2,397

Schrodinger

Inc/United

States

(d) 44,108

528

SPS

Commerce

Inc

(d) 29,639

1,663

Teradata

Corp

(d) 73,257

1,930

Waystar

Holding

Corp

(d) 90,228

1,929

ZoomInfo

Technologies

Inc

(d) 211,176

1,320

$

41,817

Telecommunications

-

.94

%

A10

Networks

Inc

56,199

1,500

Calix

Inc

(d) 47,406

2,065

Extreme

Networks

Inc

(d) 105,540

2,331

Gogo

Inc

(d) 61,022

Harmonic

Inc

(d) 88,219

1,008

Iridium

Communications

Inc

82,499

3,223

Lumen

Technologies

Inc

(d) 741,698

6,557

Shenandoah

Telecommunications

Co

35,815

563

Telephone

and

Data

Systems

Inc

77,250

3,481

Uniti

Group

Inc

(d) 140,917

1,667

Viasat

Inc

(d) 106,767

7,037

Viavi

Solutions

Inc

(d) 181,880

9,531

$

39,218

Textiles

-

.22

%

UniFirst

Corp/MA

11,414

2,916

Transportation

-

.54

%

ArcBest

Corp

17,568

2,241

Dorian

LPG

Ltd

28,893

1,114

Forward

Air

Corp

(d) 17,438

Heartland

Express

Inc

35,915

Hub

Group

Inc

47,617

2,087

International

Seaways

Inc

31,836

2,641

Marten

Transport

Ltd

45,507

686

Matson

Inc

24,508

4,275

RXO

Inc

(d) 129,061

2,577

Schneider

National

Inc

39,164

1,218

Werner

Enterprises

Inc

47,058

1,735

World

Kinect

Corp

43,670

1,178

$

20,600

Trucking

&

Leasing

-

.09

%

Greenbrier

Cos

Inc/The

24,277

1,192

Water

-

.50

%

American

States

Water

Co

30,431

2,291

California

Water

Service

Group

46,840

1,979

H2O

America

29,364

1,650

Middlesex

Water

Co

14,414

733

$

6,653

TOTAL

COMMON

STOCKS

$

1,320,215

Total

Investments

$

1,339,201

Other

Assets

and

Liabilities

- (0.45)%

(6,047)

TOTAL

NET

ASSETS

-

100.00%

$

1,333,154

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,018

or

0.38%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,070

or

0.38%

of

net

assets.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

40,747

$

243,686

$

272,708

$

11,725

$

40,747

$

243,686

$

272,708

$

11,725

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

June

2026

Long

$

6,458

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.10

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.08

%

iShares

Russell

2000

Value

ETF

5,009

$

1,041

Money

Market

Funds

-

.02

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.53%

(a),(b)

775,298

775

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

(a),(b),(c)

49,156,846

49,157

$

49,932

TOTAL

INVESTMENT

COMPANIES

$

50,973

COMMON

STOCKS

-

.80

%

Shares

Held

Value

(000's)

Advertising

-

.43

%

Advantage

Solutions

Inc

(d) 130

$

Boston

Omaha

Corp

(d),(e)

619

National

CineMedia

Inc

357,637

1,213

Nexxen

International

Ltd

(d) 949

Stagwell

Inc

(d),(e)

327,300

2,052

TechTarget

Inc

(d) 902

WPP

PLC

ADR

(e) 115,800

2,095

$

5,383

Aerospace

&

Defense

-

.03

%

AAR

Corp

(d) 898

AerSale

Corp

(d) 1,098

AIRO

Group

Holdings

Inc

(d),(e)

Astronics

Corp

(d) 81

Beta

Technologies

Inc

(d),(e)

Ducommun

Inc

(d) 421

Firefly

Aerospace

Inc

(d),(e)

Intuitive

Machines

Inc

(d) 3,190

Mercury

Systems

Inc

(d) 1,283

National

Presto

Industries

Inc

Voyager

Technologies

Inc

(d) 447

York

Space

Systems

Inc

(d),(e)

$

Agriculture

-

.02

%

Alico

Inc

Andersons

Inc/The

991

Dole

PLC

2,008

Fresh

Del

Monte

Produce

Inc

1,017

Limoneira

Co

577

Tejon

Ranch

Co

(d) 650

Turning

Point

Brands

Inc

Universal

Corp/VA

741

$

Airlines

-

.01

%

Allegiant

Travel

Co

(d) 363

flyExclusive

Inc

(d) 271

Frontier

Group

Holdings

Inc

(d) 569

JetBlue

Airways

Corp

(d) 9,107

SkyWest

Inc

(d) 1,240

Sun

Country

Airlines

Holdings

Inc

(d) 677

$

Apparel

-

.71

%

Capri

Holdings

Ltd

(d) 3,601

Carter's

Inc

13,771

Columbia

Sportswear

Co

19,200

1,170

Crocs

Inc

(d) 20,700

2,111

Kontoor

Brands

Inc

23,522

1,726

Lakeland

Industries

Inc

Oxford

Industries

Inc

26,970

1,155

PVH

Corp

10,900

997

Rocky

Brands

Inc

Steven

Madden

Ltd

28,229

1,061

Superior

Group

of

Cos

Inc

Torrid

Holdings

Inc

(d) 1,168

Weyco

Group

Inc

$

8,810

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

.12

%

Blue

Bird

Corp

(d) 22,800

$

1,462

Faraday

Future

Intelligent

Electric

Inc

(d) 6,120

Hyliion

Holdings

Corp

(d) 3,796

Wabash

National

Corp

1,209

$

1,482

Automobile

Parts

&

Equipment

-

.31

%

Adient

PLC

(d) 100,884

2,124

Cooper-Standard

Holdings

Inc

(d) 491

Dana

Inc

3,448

Dauch

Corporation

(d) 7,017

Douglas

Dynamics

Inc

24,464

1,128

Fox

Factory

Holding

Corp

(d) 55,233

980

Garrett

Motion

Inc

111,393

2,853

Gentex

Corp

84,100

1,943

Gentherm

Inc

(d) 909

Goodyear

Tire

&

Rubber

Co/The

(d) 8,434

Holley

Inc

(d) 2,340

indie

Semiconductor

Inc

(d),(e)

3,763

Lear

Corp

15,100

1,920

Methode

Electronics

Inc

198,887

1,595

Microvast

Holdings

Inc

(d) 2,497

Miller

Industries

Inc/TN

21,410

1,028

Motorcar

Parts

of

America

Inc

(d) 465

Phinia

Inc

1,166

Solid

Power

Inc

(d) 4,825

Standard

Motor

Products

Inc

635

Strattec

Security

Corp

(d) 125

Titan

International

Inc

(d) 1,593

Visteon

Corp

20,697

2,312

$

16,332

Banks

-

.57

%

1st

Source

Corp

23,172

1,704

ACNB

Corp

(e) 311

Alerus

Financial

Corp

702

Amalgamated

Financial

Corp

703

Amerant

Bancorp

Inc

72,968

1,676

Ameris

Bancorp

104,824

8,936

Ames

National

Corp

Arrow

Financial

Corp

30,021

1,107

Associated

Banc-Corp

78,410

2,208

Atlantic

Union

Bankshares

Corp

4,367

Avidbank

Holdings

Inc

(d) 106

BancFirst

Corp

Bank

First

Corp

Bank

of

Hawaii

Corp

Bank

of

Marin

Bancorp

44,429

1,139

Bank

of

NT

Butterfield

&

Son

Ltd/The

1,277

Bank7

Corp

11,629

BankUnited

Inc

47,787

2,221

Bankwell

Financial

Group

Inc

Banner

Corp

1,031

Bar

Harbor

Bankshares

515

BayCom

Corp

16,286

BCB

Bancorp

Inc

538

Blue

Ridge

Bankshares

Inc

2,066

Bridgewater

Bancshares

Inc

(d) 23,102

Burke

&

Herbert

Financial

Services

Corp

16,046

1,032

Business

First

Bancshares

Inc

963

Byline

Bancorp

Inc

945

C&F

Financial

Corp

California

BanCorp

585

Camden

National

Corp

27,794

1,339

Capital

Bancorp

Inc

16,339

515

Capital

City

Bank

Group

Inc

Carter

Bankshares

Inc

29,230

748

Cathay

General

Bancorp

40,408

2,264

CB

Financial

Services

Inc

Central

Pacific

Financial

Corp

28,297

942

Chain

Bridge

Bancorp

Inc

(d) 66

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Chemung

Financial

Corp

$

ChoiceOne

Financial

Services

Inc

35,022

1,052

Citizens

&

Northern

Corp

508

Citizens

Financial

Services

Inc

City

Holding

Co

Civista

Bancshares

Inc

43,504

1,082

CNB

Financial

Corp/PA

52,805

1,604

CoastalSouth

Bancshares

Inc

Colony

Bankcorp

Inc

592

Columbia

Banking

System

Inc

282,410

8,359

Commercial

Bancgroup

Inc

Community

Financial

System

Inc

1,256

Community

Trust

Bancorp

Inc

17,538

1,139

Community

West

Bancshares

42,784

1,015

ConnectOne

Bancorp

Inc

82,384

2,408

Cullen/Frost

Bankers

Inc

60,030

8,700

Customers

Bancorp

Inc

(d) 902

CVB

Financial

Corp

133,193

2,713

Dime

Community

Bancshares

Inc

58,813

2,111

Eagle

Bancorp

Inc

90,593

2,342

Eagle

Financial

Services

Inc

Eastern

Bankshares

Inc

6,641

ECB

Bancorp

Inc/MD

(d) 277

Enterprise

Financial

Services

Corp

34,937

2,020

Equity

Bancshares

Inc

529

Farmers

&

Merchants

Bancorp

Inc/Archbold

OH

Farmers

National

Banc

Corp

78,572

1,106

FB

Bancorp

Inc

(d),(e)

FB

Financial

Corp

1,340

Fidelity

D&D

Bancorp

Inc

Financial

Institutions

Inc

31,736

1,081

Finwise

Bancorp

(d) 129

First

Bancorp

Inc/The

First

BanCorp/Puerto

Rico

2,193

First

Bancorp/Southern

Pines

NC

1,236

First

Bank/Hamilton

NJ

661

First

Busey

Corp

84,382

2,210

First

Business

Financial

Services

Inc

First

Commonwealth

Financial

Corp

3,161

First

Community

Bankshares

Inc

524

First

Community

Corp/SC

First

Financial

Bancorp

274,996

8,327

First

Financial

Corp

17,225

1,131

First

Hawaiian

Inc

75,707

2,065

First

Internet

Bancorp

25,150

576

First

Interstate

BancSystem

Inc

2,627

First

Merchants

Corp

49,816

2,015

First

Mid

Bancshares

Inc

25,569

1,076

First

National

Corp/VA

First

United

Corp

Firstsun

Capital

Bancorp

(d) 80,263

2,838

Five

Star

Bancorp

25,578

1,035

Flagstar

Bank

NA

160,380

2,241

Franklin

Financial

Services

Corp

Fulton

Financial

Corp

5,877

FVCBankcorp

Inc

(e) 472

GBank

Financial

Holdings

Inc

(d) 261

German

American

Bancorp

Inc

1,110

Glacier

Bancorp

Inc

162,085

7,950

Great

Southern

Bancorp

Inc

24,322

1,659

Hancock

Whitney

Corp

2,561

Hanmi

Financial

Corp

76,677

2,294

Hanover

Bancorp

Inc

(e) 131

Hawthorn

Bancshares

Inc

HBT

Financial

Inc

Heritage

Financial

Corp/WA

43,862

1,207

Hilltop

Holdings

Inc

56,785

2,139

Home

BancShares

Inc/AR

5,770

Hope

Bancorp

Inc

171,864

2,139

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Horizon

Bancorp

Inc/IN

1,519

$

Independent

Bank

Corp

7,750

604

Independent

Bank

Corp/MI

28,795

957

International

Bancshares

Corp

1,493

Investar

Holding

Corp

John

Marshall

Bancorp

Inc

Kearny

Financial

Corp/MD

170,473

1,370

Lakeland

Financial

Corp

Landmark

Bancorp

Inc/Manhattan

KS

LCNB

Corp

Live

Oak

Bancshares

Inc

38,734

1,456

MainStreet

Bancshares

Inc

Mechanics

Bancorp

(e) 1,464

Mercantile

Bank

Corp

31,015

1,592

Merchants

Bancorp/IN

47,532

2,212

Meridian

Corp

Metrocity

Bankshares

Inc

Metropolitan

Bank

Holding

Corp

Mid

Penn

Bancorp

Inc

17,001

561

Midland

States

Bancorp

Inc

82,026

2,133

MVB

Financial

Corp

9,443

National

Bank

Holdings

Corp

1,161

National

Bankshares

Inc

NB

Bancorp

Inc

70,855

1,391

NBT

Bancorp

Inc

1,468

NewtekOne

Inc

754

Nicolet

Bankshares

Inc

Northeast

Bank

12,996

1,616

Northeast

Community

Bancorp

Inc

10,879

Northpointe

Bancshares

Inc

114,328

2,038

Northrim

BanCorp

Inc

Norwood

Financial

Corp

(e) 282

Oak

Valley

Bancorp

OFG

Bancorp

1,308

Ohio

Valley

Banc

Corp

Old

National

Bancorp/IN

360,767

8,647

Old

Second

Bancorp

Inc

1,525

OP

Bancorp

Orange

County

Bancorp

Inc

(e) 254

Origin

Bancorp

Inc

12,605

590

Orrstown

Financial

Services

Inc

593

Park

National

Corp

Parke

Bancorp

Inc

PCB

Bancorp

Peapack-Gladstone

Financial

Corp

37,707

1,574

Peoples

Bancorp

Inc/OH

46,947

1,615

Peoples

Bancorp

of

North

Carolina

Inc

Peoples

Financial

Services

Corp

4,860

Pioneer

Bancorp

Inc/NY

(d) 338

Plumas

Bancorp

Ponce

Financial

Group

Inc

(d) 603

Preferred

Bank/Los

Angeles

CA

20,752

1,966

Primis

Financial

Corp

644

Princeton

Bancorp

Inc

Prosperity

Bancshares

Inc

118,365

8,244

QCR

Holdings

Inc

RBB

Bancorp

27,931

674

Red

River

Bancshares

Inc

Renasant

Corp

2,870

Republic

Bancorp

Inc/KY

Rhinebeck

Bancorp

Inc

(d) 139

Richmond

Mutual

BanCorp

Inc

S&T

Bancorp

Inc

24,630

1,087

SB

Financial

Group

Inc

Seacoast

Banking

Corp

of

Florida

2,958

Shore

Bancshares

Inc

47,255

912

Sierra

Bancorp

16,345

590

Simmons

First

National

Corp

77,297

1,644

SmartFinancial

Inc

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

South

Plains

Financial

Inc

$

Southern

First

Bancshares

Inc

(d) 17,839

1,004

Southside

Bancshares

Inc

32,162

1,062

Southstate

Bank

Corp

90,460

8,835

SR

Bancorp

Inc

Stellar

Bancorp

Inc

1,405

Stock

Yards

Bancorp

Inc

Texas

Capital

Bancshares

Inc

1,160

Third

Coast

Bancshares

Inc

(d) 377

Tompkins

Financial

Corp

Towne

Bank/Portsmouth

VA

16,778

597

TriCo

Bancshares

17,651

888

Triumph

Financial

Inc

(d) 381

TrustCo

Bank

Corp

NY

45,547

2,168

Trustmark

Corp

1,673

UMB

Financial

Corp

64,790

8,175

Union

Bankshares

Inc/Morrisville

VT

(e) 46

United

Bankshares

Inc/WV

183,388

8,035

United

Community

Banks

Inc/GA

244,511

8,150

Unity

Bancorp

Inc

Univest

Financial

Corp

49,557

1,882

Valley

National

Bancorp

145,553

1,976

Virginia

National

Bankshares

Corp

Walker

&

Dunlop

Inc

17,610

887

Washington

Trust

Bancorp

Inc

51,222

1,610

WesBanco

Inc

2,726

West

BanCorp

Inc

Westamerica

BanCorp

715

Western

New

England

Bancorp

Inc

556

Wintrust

Financial

Corp

54,165

8,156

$

206,067

Beverages

-

.08

%

Coca-Cola

Consolidated

Inc

65,275

13,386

MGP

Ingredients

Inc

$

13,395

Biotechnology

-

.46

%

4D

Molecular

Therapeutics

Inc

(d) 1,339

Aardvark

Therapeutics

Inc

(d),(e)

Abeona

Therapeutics

Inc

(d),(e)

Absci

Corp

(d),(e)

988

Aktis

Oncology

Inc

(d) 298

Aldeyra

Therapeutics

Inc

(d) 484

Alector

Inc

(d) 2,560

Allogene

Therapeutics

Inc

(d) 5,158

Alpha

Teknova

Inc

(d),(e)

—

Alumis

Inc

(d) 2,098

ANI

Pharmaceuticals

Inc

(d) 13,100

1,041

Annexon

Inc

(d) 3,971

Arbutus

Biopharma

Corp

(d) 251

Arcturus

Therapeutics

Holdings

Inc

(d),(e)

Arcus

Biosciences

Inc

(d) 692

Atea

Pharmaceuticals

Inc

(d) 2,143

Atlantic

International

Corp

(d),(e)

—

Aura

Biosciences

Inc

(d) 933

Bicara

Therapeutics

Inc

(d),(e)

883

BioAge

Labs

Inc

(d) 884

BioCryst

Pharmaceuticals

Inc

(d) 723

Cardiff

Oncology

Inc

(d),(e)

1,018

Cartesian

Therapeutics

Inc

(d) 394

Celcuity

Inc

(d) 61

Celldex

Therapeutics

Inc

(d) 2,318

Cogent

Biosciences

Inc

(d) 255

Compass

Therapeutics

Inc

(d) 2,088

CRISPR

Therapeutics

AG

(d) 2,796

Cullinan

Therapeutics

Inc

(d) 1,648

Cytek

Biosciences

Inc

(d) 3,536

Cytokinetics

Inc

(d) 3,261

Definium

Therapeutics

Inc

(d) 2,073

Denali

Therapeutics

Inc

(d) 4,086

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Design

Therapeutics

Inc

(d) 731

$

Dianthus

Therapeutics

Inc

(d) 1,002

Dyne

Therapeutics

Inc

(d) 2,775

Editas

Medicine

Inc

(d) 3,013

Eledon

Pharmaceuticals

Inc

(d) 2,146

Emergent

BioSolutions

Inc

(d) 1,575

Entrada

Therapeutics

Inc

(d) 871

Erasca

Inc

(d) 5,784

Esperion

Therapeutics

Inc

(d) 4,880

Evommune

Inc

(d) 171

EyePoint

Inc

(d) 2,357

Fate

Therapeutics

Inc

(d) 3,330

Forafric

Global

PLC

(d) 51

—

Humacyte

Inc

(d) 4,595

Ideaya

Biosciences

Inc

(d) 2,578

ImmunityBio

Inc

(d),(e)

1,585

Inhibrx

Biosciences

Inc

(d) 277

Innoviva

Inc

(d) 317

Intellia

Therapeutics

Inc

(d) 3,399

Iovance

Biotherapeutics

Inc

(d) 10,190

Jade

Biosciences

Inc

(d) 1,011

Janux

Therapeutics

Inc

(d) 884

Keros

Therapeutics

Inc

(d) 896

Kodiak

Sciences

Inc

(d) 1,146

Korro

Bio

Inc

(d),(e)

Kura

Oncology

Inc

(d) 2,464

Larimar

Therapeutics

Inc

(d),(e)

1,445

LB

Pharmaceuticals

Inc

(d),(e)

Lexeo

Therapeutics

Inc

(d) 2,011

Ligand

Pharmaceuticals

Inc

(d) 525

MapLight

Therapeutics

Inc

(d) 281

Maravai

LifeSciences

Holdings

Inc

(d) 3,323

Maze

Therapeutics

Inc

(d) 776

MBX

Biosciences

Inc

(d) 848

MeiraGTx

Holdings

plc

(d) 403

Monte

Rosa

Therapeutics

Inc

(d) 1,852

Myriad

Genetics

Inc

(d) 2,819

NeoGenomics

Inc

(d) 3,567

Nkarta

Inc

(d) 1,431

Novavax

Inc

(d) 812

Nurix

Therapeutics

Inc

(d) 3,113

Nuvation

Bio

Inc

(d) 6,803

Olema

Pharmaceuticals

Inc

(d) 2,089

Omeros

Corp

(d) 287

Oruka

Therapeutics

Inc

(d),(e)

1,181

Palvella

Therapeutics

Inc

(d) 21

Perspective

Therapeutics

Inc

(d) 1,904

Phathom

Pharmaceuticals

Inc

(d) 1,078

Praxis

Precision

Medicines

Inc

(d) 727

Precigen

Inc

(d) 524

Prime

Medicine

Inc

(d) 3,320

Protara

Therapeutics

Inc

(d) 1,574

Prothena

Corp

PLC

(d) 1,228

PTC

Therapeutics

Inc

(d) 440

Puma

Biotechnology

Inc

(d) 1,320

Rapport

Therapeutics

Inc

(d) 880

REGENXBIO

Inc

(d) 1,449

Relay

Therapeutics

Inc

(d) 4,304

Replimune

Group

Inc

(d) 2,480

Rezolute

Inc

(d) 507

Rocket

Pharmaceuticals

Inc

(d) 2,200

Sana

Biotechnology

Inc

(d) 4,466

Sarepta

Therapeutics

Inc

(d) 86,800

1,812

Scholar

Rock

Holding

Corp

(d) 218

Septerna

Inc

(d) 631

Solid

Biosciences

Inc

(d) 1,771

Syndax

Pharmaceuticals

Inc

(d) 214

Tango

Therapeutics

Inc

(d) 3,381

Tectonic

Therapeutic

Inc

(d),(e)

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Terns

Pharmaceuticals

Inc

(d) 2,933

$

Tevogen

Bio

Holdings

Inc

(d),(e)

—

Theravance

Biopharma

Inc

(d) 279

Third

Harmonic

Bio

Inc

(d),(f)

1,482

—

Travere

Therapeutics

Inc

(d) 160

TriSalus

Life

Sciences

Inc

(d),(e)

745

Tvardi

Therapeutics

Inc

(d) 250

Tyra

Biosciences

Inc

(d) 771

Upstream

Bio

Inc

(d) 1,006

UroGen

Pharma

Ltd

(d) 246

Verastem

Inc

(d) 902

Vir

Biotechnology

Inc

(d) 2,802

Viridian

Therapeutics

Inc

(d) 571

WaVe

Life

Sciences

Ltd

(d) 555

Xencor

Inc

(d) 2,155

XOMA

Royalty

Corp

(d) 100

Zenas

Biopharma

Inc

(d) 685

$

5,692

Building

Materials

-

.61

%

AirJoule

Technologies

Corp

(d) 1,026

American

Woodmark

Corp

(d) 38,831

1,696

Apogee

Enterprises

Inc

26,111

950

Aspen

Aerogels

Inc

(d) 2,031

Boise

Cascade

Co

1,137

Carlisle

Cos

Inc

43,495

15,452

Fortune

Brands

Innovations

Inc

46,200

1,873

Gibraltar

Industries

Inc

(d) 913

JELD-WEN

Holding

Inc

(d) 2,603

LSI

Industries

Inc

Masterbrand

Inc

(d) 3,901

NWPX

Infrastructure

Inc

(d) 289

Owens

Corning

81,530

10,056

UFP

Industries

Inc

24,660

2,207

$

32,443

Chemicals

-

.12

%

AdvanSix

Inc

775

American

Vanguard

Corp

(d) 782

Axalta

Coating

Systems

Ltd

(d) 65,800

1,871

Cabot

Corp

6,439

Calumet

Inc

(d) 1,849

Codexis

Inc

(d) 567

Ecovyst

Inc

(d) 465,106

6,595

Element

Solutions

Inc

538,960

22,954

Hawkins

Inc

40,725

6,819

HB

Fuller

Co

32,612

1,973

Huntsman

Corp

162,500

2,335

Innospec

Inc

18,963

1,446

Intrepid

Potash

Inc

(d) 326

Koppers

Holdings

Inc

600

Kronos

Worldwide

Inc

669

Mativ

Holdings

Inc

1,657

Minerals

Technologies

Inc

967

Oil-Dri

Corp

of

America

Olin

Corp

86,700

2,469

Orion

SA

1,691

Perimeter

Solutions

Inc

(d) 4,242

Quaker

Chemical

Corp

Rayonier

Advanced

Materials

Inc

(d) 1,982

Rogers

Corp

(d) 553

Sensient

Technologies

Corp

141,940

16,130

Stepan

Co

660

Tronox

Holdings

PLC

3,623

Valhi

Inc

$

63,669

Coal

-

.03

%

Alpha

Metallurgical

Resources

Inc

(d) 242

Core

Natural

Resources

Inc

1,020

Hallador

Energy

Co

(d) 89

NACCO

Industries

Inc

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Coal

(continued)

Peabody

Energy

Corp

3,730

$

SunCoke

Energy

Inc

2,576

Warrior

Met

Coal

Inc

1,596

$

Commercial

Services

-

.71

%

ABM

Industries

Inc

36,804

1,501

Acacia

Research

Corp

(d) 1,047

AirSculpt

Technologies

Inc

(d),(e)

Alight

Inc

14,225

Alta

Equipment

Group

Inc

600

American

Public

Education

Inc

(d) 29

AMN

Healthcare

Services

Inc

(d) 1,146

BrightView

Holdings

Inc

2,129

Brink's

Co/The

15,800

1,687

Cass

Information

Systems

Inc

11,173

528

CBIZ

Inc

(d) 55,400

1,690

Chaince

Digital

Holdings

Inc

(d),(e)

1,099

Cimpress

PLC

(d) 408

CoreCivic

Inc

(d) 2,673

Cross

Country

Healthcare

Inc

(d) 958

Custom

Truck

One

Source

Inc

(d) 71,422

704

Deluxe

Corp

1,336

Distribution

Solutions

Group

Inc

(d),(e)

Emerald

Holding

Inc

113,900

532

Ennis

Inc

25,089

523

Euronet

Worldwide

Inc

(d) 29,300

2,121

European

Wax

Center

Inc

(d) 107

First

Advantage

Corp

(d) 771

Flywire

Corp

(d) 344

Forrester

Research

Inc

(d) 63,139

Franklin

Covey

Co

(d) 71

FTI

Consulting

Inc

(d) 78,535

14,081

GPGI

Inc

(e) 574

Graham

Holdings

Co

Green

Dot

Corp

(d) 1,646

H&R

Block

Inc

50,800

1,612

Hackett

Group

Inc/The

Healthcare

Services

Group

Inc

(d) 50,614

1,084

Herc

Holdings

Inc

7,400

939

HireQuest

Inc

ICF

International

Inc

561

Information

Services

Group

Inc

783

Insperity

Inc

41,500

1,476

John

Wiley

&

Sons

Inc

Kelly

Services

Inc

940

Kforce

Inc

(e) 65,348

2,955

Korn

Ferry

17,771

1,181

Laureate

Education

Inc

(d) 17,364

522

Legence

Corp

(d) 680

Lifecore

Biomedical

Inc

(d) 368

ManpowerGroup

Inc

35,900

1,087

MarketWise

Inc

Marqeta

Inc

(d) 5,933

Matthews

International

Corp

904

Medifast

Inc

(d) 373

Mister

Car

Wash

Inc

(d) 326

Monro

Inc

829

NPK

International

Inc

(d) 2,499

NRC

Health

51,600

849

Paysafe

Ltd

(d) 964

Perdoceo

Education

Corp

1,955

PROG

Holdings

Inc

1,183

Public

Policy

Holding

Co

Inc

Quad/Graphics

Inc

Repay

Holdings

Corp

(d) 2,065

Resources

Connection

Inc

129,905

550

Robert

Half

Inc

83,400

2,219

Sezzle

Inc

(d) 54

Strategic

Education

Inc

703

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Target

Hospitality

Corp

(d) 985

$

TIC

Solutions

Inc

(d) 4,678

Transcat

Inc

(d) 140

TrueBlue

Inc

(d) 207,197

1,137

Upbound

Group

Inc

105,328

2,081

USCB

Financial

Holdings

Inc

Valvoline

Inc

(d),(e)

424,855

14,118

Vestis

Corp

(d) 2,751

WEX

Inc

(d) 13,400

2,014

Willdan

Group

Inc

(d) 138

$

58,501

Computers

-

.04

%

3D

Systems

Corp

(d),(e)

4,348

Amdocs

Ltd

30,200

1,953

Amentum

Holdings

Inc

(d) 51,600

1,353

Conduent

Inc

(d) 4,313

Corsair

Gaming

Inc

(d) 1,429

Crane

NXT

Co

38,900

1,738

Cricut

Inc

1,454

CSP

Inc

(e) 80

Diebold

Nixdorf

Inc

(d) 53

Everforth

Inc

(d) 55,174

1,164

Genpact

Ltd

54,800

1,904

Grid

Dynamics

Holdings

Inc

(d) 386

Insight

Enterprises

Inc

(d) 19,290

1,406

Maximus

Inc

20,800

1,365

Mitek

Systems

Inc

(d) 1,041

NCR

Voyix

Corp

(d) 4,244

NetScout

Systems

Inc

(d) 2,126

OneSpan

Inc

1,013

PAR

Technology

Corp

(d) 513

Pitney

Bowes

Inc

3,115

Rimini

Street

Inc

(d) 1,240

Science

Applications

International

Corp

18,200

1,761

Telos

Corp

(d) 1,564

TTEC

Holdings

Inc

(d),(e)

618

Unisys

Corp

(d) 579

V2X

Inc

(d) 747

Vuzix

Corp

(d) 299

$

12,934

Consumer

Products

-

.26

%

ACCO

Brands

Corp

2,677

Acme

United

Corp

Helen

of

Troy

Ltd

(d) 58,263

1,349

Quanex

Building

Products

Corp

1,390

Reynolds

Consumer

Products

Inc

87,600

1,837

Spectrum

Brands

Holdings

Inc

693

$

3,284

Cosmetics

&

Personal

Care

-

.34

%

Edgewell

Personal

Care

Co

46,483

1,048

Honest

Co

Inc/The

(d),(e)

1,448

Interparfums

Inc

20,500

1,870

Olaplex

Holdings

Inc

(d),(e)

4,302

Prestige

Consumer

Healthcare

Inc

(d) 21,990

1,238

SkinHealth

Systems

Inc

(d),(e)

1,205

Waldencast

plc

(d) 2,028

$

4,173

Distribution

&

Wholesale

-

.63

%

EVI

Industries

Inc

G-III

Apparel

Group

Ltd

46,298

1,444

Global

Industrial

Co

33,161

1,098

Gold.com

Inc

596

Hudson

Technologies

Inc

(d) 1,178

OPENLANE

Inc

(d) 3,205

Resideo

Technologies

Inc

(d) 36,555

1,513

Rush

Enterprises

Inc

-

Class

A

134,017

9,921

Rush

Enterprises

Inc

-

Class

B

ScanSource

Inc

(d) 43,099

1,772

Titan

Machinery

Inc

(d) 68,107

1,424

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Distribution

&

Wholesale

(continued)

VSE

Corp

$

WESCO

International

Inc

43,950

15,344

$

32,684

Diversified

Financial

Services

-

.53

%

AlTi

Global

Inc

(d) 1,499

Artisan

Partners

Asset

Management

Inc

338,752

12,683

Atlanticus

Holdings

Corp

(d) 150

Bakkt

Inc

(d),(e)

Better

Home

&

Finance

Holding

Co

(d) 182

Bread

Financial

Holdings

Inc

31,830

2,699

Burford

Capital

Ltd

2,247

Cohen

&

Steers

Inc

Columbia

Financial

Inc

(d) 751

Consumer

Portfolio

Services

Inc

(d),(e)

DigitalBridge

Group

Inc

5,425

Enact

Holdings

Inc

53,833

2,300

Encore

Capital

Group

Inc

(d) 666

Federal

Agricultural

Mortgage

Corp

Federated

Hermes

Inc

38,900

2,260

Finance

Of

America

Cos

Inc

(d) 155

First

Western

Financial

Inc

(d) 20,204

572

Fold

Holdings

Inc

(d) 125

—

GCM

Grosvenor

Inc

Houlihan

Lokey

Inc

65,235

10,095

International

Money

Express

Inc

(d) 70,600

1,123

Jefferson

Capital

Inc

LendingClub

Corp

(d) 3,459

LendingTree

Inc

(d) 26

loanDepot

Inc

(d) 3,075

Marex

Group

PLC

529

Medallion

Financial

Corp

Miami

International

Holdings

Inc

(d) 350

Navient

Corp

220,312

2,035

Nelnet

Inc

Onity

Group

Inc

(d) 217

Oportun

Financial

Corp

(d) 1,241

Pagseguro

Digital

Ltd

2,086

PennyMac

Financial

Services

Inc

896

PRA

Group

Inc

(d) 1,189

Radian

Group

Inc

67,367

2,414

Regional

Management

Corp

Resolute

Holdings

Management

Inc

(d) 86

Security

National

Financial

Corp

(d) 498

Siebert

Financial

Corp

(d) 543

Silvercrest

Asset

Management

Group

Inc

(e) 204

SLM

Corp

86,600

1,999

Strive

Inc

(d),(e)

1,293

Velocity

Financial

Inc

(d) 356

Virtu

Financial

Inc

26,500

1,316

Virtus

Investment

Partners

Inc

15,178

2,209

Voya

Financial

Inc

18,400

1,508

Vroom

Inc

(d) 38

Wealthfront

Corp

(d) 394

Webull

Corp

(d) 7,274

Westwood

Holdings

Group

Inc

World

Acceptance

Corp

(d) 73

$

43,875

Electric

-

.92

%

Ameresco

Inc

(d) 961

Avista

Corp

52,030

2,139

Black

Hills

Corp

34,992

2,635

Genie

Energy

Ltd

579

Hawaiian

Electric

Industries

Inc

(d) 5,011

MGE

Energy

Inc

541

Net

Power

Inc

(d) 1,350

Northwestern

Energy

Group

Inc

16,787

1,215

Oklo

Inc

(d) 2,863

Ormat

Technologies

Inc

1,870

Otter

Tail

Corp

11,808

1,054

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electric

(continued)

Portland

General

Electric

Co

48,001

$

2,492

TXNM

Energy

Inc

3,086

Unitil

Corp

21,758

1,141

$

11,438

Electrical

Components

&

Equipment

-

.13

%

Energizer

Holdings

Inc

62,690

1,228

EnerSys

1,060

Insteel

Industries

Inc

nLight

Inc

(d) 1,362

$

1,556

Electronics

-

.50

%

Allient

Inc

Applied

Optoelectronics

Inc

(d) 414

Arrow

Electronics

Inc

(d) 12,500

2,348

Atkore

Inc

21,656

1,693

Atmus

Filtration

Technologies

Inc

24,448

1,550

Avnet

Inc

37,000

3,053

Bel

Fuse

Inc

-

A

Shares

Bel

Fuse

Inc

-

B

Shares

Benchmark

Electronics

Inc

1,081

CTS

Corp

754

Ingram

Micro

Holding

Corp

72,500

2,231

Itron

Inc

(d) 16,817

1,409

Kimball

Electronics

Inc

(d) 45,151

1,219

Knowles

Corp

(d) 2,424

MicroVision

Inc

(d) 4,387

Neonode

Inc

(d) 109

—

Plexus

Corp

(d) 54

Sanmina

Corp

(d) 83,627

18,215

Sensata

Technologies

Holding

PLC

55,600

2,315

Standard

BioTools

Inc

(d) 8,802

TTM

Technologies

Inc

(d) 3,135

Turtle

Beach

Corp

(d) 152

Vicor

Corp

(d) 15,850

4,268

Vishay

Intertechnology

Inc

84,090

2,436

Vontier

Corp

50,900

1,826

$

43,492

Energy

-

Alternate

Sources

-

.26

%

Array

Technologies

Inc

(d) 3,632

Fluence

Energy

Inc

(d) 415

FutureFuel

Corp

872

Gevo

Inc

(d) 7,085

Green

Plains

Inc

(d) 2,100

Montauk

Renewables

Inc

(d) 1,622

Nextpower

Inc

(d) 888

Plug

Power

Inc

(d) 40,553

REX

American

Resources

Corp

(d) 57,117

2,770

Shoals

Technologies

Group

Inc

(d) 4,324

SunPower

Inc

(d),(e)

2,213

Sunrun

Inc

(d) 6,932

T1

Energy

Inc

(d) 6,140

XCF

Global

Inc

(d) 1,506

$

3,247

Engineering

&

Construction

-

.23

%

908

Devices

Inc

(d),(e)

Arcosa

Inc

1,070

Bowman

Consulting

Group

Ltd

(d) 33

Cardinal

Infrastructure

Group

Inc

(d) 180

Concrete

Pumping

Holdings

Inc

(d) 711

Fluor

Corp

(d) 47,560

2,537

Granite

Construction

Inc

Latham

Group

Inc

(d) 229

Mistras

Group

Inc

(d) 337

Orion

Group

Holdings

Inc

(d) 1,012

Primoris

Services

Corp

Southland

Holdings

Inc

(d) 757

Tutor

Perini

Corp

1,363

$

2,885

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Entertainment

-

.42

%

Accel

Entertainment

Inc

(d) 135,900

$

1,697

AMC

Entertainment

Holdings

Inc

(d),(e)

15,780

Brightstar

Lottery

PLC

157,359

2,066

Churchill

Downs

Inc

17,600

1,777

Falcon's

Beyond

Global

Inc

(d),(e)

Lionsgate

Studios

Corp

(d) 6,274

Marriott

Vacations

Worldwide

Corp

36,197

2,607

Monarch

Casino

&

Resort

Inc

5,700

677

Pursuit

Attractions

and

Hospitality

Inc

(d) 610

RCI

Hospitality

Holdings

Inc

Red

Rock

Resorts

Inc

101,491

5,476

Reservoir

Media

Inc

(d) 649

Six

Flags

Entertainment

Corp

(d) 592

Starz

Entertainment

Corp

(d),(e)

United

Parks

&

Resorts

Inc

(d) 34,981

1,233

Vail

Resorts

Inc

(e) 15,000

1,908

Webtoon

Entertainment

Inc

(d) 550

$

17,605

Environmental

Control

-

.37

%

Arq

Inc

(d) 980

Clean

Harbors

Inc

(d) 54,365

16,999

Enviri

Corp

(d) 2,313

Montrose

Environmental

Group

Inc

(d) 990

Perma-Fix

Environmental

Services

Inc

(d),(e)

Pure

Cycle

Corp

(d) 639

$

17,081

Food

-

.97

%

B&G

Foods

Inc

167,175

926

Beyond

Meat

Inc

(d) 12,539

Calavo

Growers

Inc

(e) 59,751

1,682

Flowers

Foods

Inc

160,600

1,455

Grocery

Outlet

Holding

Corp

(d) 157,404

1,245

Hain

Celestial

Group

Inc/The

(d) 3,130

HF

Foods

Group

Inc

(d) 1,391

Ingles

Markets

Inc

John

B

Sanfilippo

&

Son

Inc

24,045

1,967

Lamb

Weston

Holdings

Inc

42,900

1,868

Mission

Produce

Inc

(d),(e)

1,287

Nathan's

Famous

Inc

10,309

1,035

Seneca

Foods

Corp

-

Class

A

(d) 137

Simply

Good

Foods

Co/The

(d) 121,052

1,619

United

Natural

Foods

Inc

(d) 1,836

Utz

Brands

Inc

2,236

Village

Super

Market

Inc

Weis

Markets

Inc

(e) 420

$

12,043

Forest

Products

&

Paper

-

.08

%

Magnera

Corp

(d) 992

Sylvamo

Corp

22,121

945

$

955

Gas

-

.87

%

Brookfield

Infrastructure

Corp

3,690

Chesapeake

Utilities

Corp

MDU

Resources

Group

Inc

438,745

9,885

National

Fuel

Gas

Co

98,830

8,339

New

Jersey

Resources

Corp

43,275

2,437

Northwest

Natural

Holding

Co

233,988

12,401

ONE

Gas

Inc

19,922

1,778

RGC

Resources

Inc

Southwest

Gas

Holdings

Inc

2,105

Spire

Inc

140,875

12,845

$

48,084

Hand

&

Machine

Tools

-

.01

%

Kennametal

Inc

2,317

Luxfer

Holdings

PLC

819

$

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

-

.57

%

10X

Genomics

Inc

(d) 2,529

$

Accuray

Inc

(d) 651

—

AngioDynamics

Inc

(d) 894

Artivion

Inc

(d) 250

Avanos

Medical

Inc

(d) 1,358

Azenta

Inc

(d) 1,228

Beta

Bionics

Inc

(d) 224

CapsoVision

Inc

(d),(e)

Castle

Biosciences

Inc

(d) 912

CONMED

Corp

49,553

1,817

Embecta

Corp

1,568

Enovis

Corp

(d) 1,730

GRAIL

Inc

(d) 1,076

ICU

Medical

Inc

(d) 178

Inmode

Ltd

(d) 119,000

1,722

Inogen

Inc

(d) 728

Integra

LifeSciences

Holdings

Corp

(d),(e)

2,040

Kestra

Medical

Technologies

Ltd

(d),(e)

Lantheus

Holdings

Inc

(d) 29,000

2,454

LivaNova

PLC

(d) 35,615

2,140

Lucid

Diagnostics

Inc

(d) 1,938

MaxCyte

Inc

(d) 3,496

Merit

Medical

Systems

Inc

(d) 128

Neogen

Corp

(d) 6,695

OmniAb

Inc

(d) 3,299

OmniAb

Inc

-

Rights

(d) 476

—

OmniAb

Inc

-

Rights

(d) 476

—

Omnicell

Inc

(d) 1,353

OraSure

Technologies

Inc

(d) 2,411

Orthofix

Medical

Inc

(d) 1,193

OrthoPediatrics

Corp

(d) 445

Outset

Medical

Inc

(d) 316

Pacific

Biosciences

of

California

Inc

(d) 8,489

Picard

Medical

Inc

(d) 68

—

Quanterix

Corp

(d) 1,394

Quantum-Si

Inc

(d) 5,847

QuidelOrtho

Corp

(d) 1,157

Revvity

Inc

112,260

9,724

Shoulder

Innovations

Inc

(d) 96

STAAR

Surgical

Co

(d) 167

Stereotaxis

Inc

(d) 231

—

Tactile

Systems

Technology

Inc

(d) 654

Utah

Medical

Products

Inc

16,244

1,063

Varex

Imaging

Corp

(d) 1,240

$

19,489

Healthcare

-

Services

-

.54

%

Acadia

Healthcare

Co

Inc

(d) 415,165

10,751

Addus

HomeCare

Corp

(d) 285

Ardent

Health

Inc

(d) 72,557

708

Astrana

Health

Inc

(d) 80,700

2,755

Aveanna

Healthcare

Holdings

Inc

(d) 489

Biote

Corp

(d),(e)

878

Brookdale

Senior

Living

Inc

(d) 832

Community

Health

Systems

Inc

(d),(e)

1,721

Concentra

Group

Holdings

Parent

Inc

64,548

1,451

DocGo

Inc

(d) 2,752

Enhabit

Inc

(d) 1,521

Fortrea

Holdings

Inc

(d) 2,783

Fulgent

Genetics

Inc

(d) 643

Ginkgo

Bioworks

Holdings

Inc

(d) 1,220

Innovage

Holding

Corp

(d) 381

LifeMD

Inc

(d) 410

LifeStance

Health

Group

Inc

(d) 2,246

Lumexa

Imaging

Holdings

Inc

(d) 628

Molina

Healthcare

Inc

(d) 15,200

2,958

Nano-X

Imaging

Ltd

(d),(e)

1,840

National

HealthCare

Corp

OPKO

Health

Inc

(d) 12,531

PACS

Group

Inc

(d) 105

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Services

(continued)

Pediatrix

Medical

Group

Inc

(d) 2,616

$

Personalis

Inc

(d) 1,536

RadNet

Inc

(d) 406

SBC

Medical

Group

Holdings

Inc

(d),(e)

Select

Medical

Holdings

Corp

3,282

Sonida

Senior

Living

Inc

(d) 75

Strata

Critical

Medical

Inc

(d),(e)

2,121

Surgery

Partners

Inc

(d) 2,357

Teladoc

Health

Inc

(d) 4,351

US

Physical

Therapy

Inc

$

19,094

Home

Builders

-

.45

%

Beazer

Homes

USA

Inc

(d) 818

Century

Communities

Inc

7,858

Dream

Finders

Homes

Inc

(d) 687

Forestar

Group

Inc

(d) 576

Green

Brick

Partners

Inc

(d) 7,617

513

Hovnanian

Enterprises

Inc

(d) 146

KB

Home

10,332

548

LCI

Industries

648

LGI

Homes

Inc

(d) 627

M/I

Homes

Inc

(d) 4,798

631

Meritage

Homes

Corp

154,356

10,394

Taylor

Morrison

Home

Corp

(d) 2,941

Thor

Industries

Inc

24,300

1,921

Tri

Pointe

Homes

Inc

(d) 24,976

1,171

Winnebago

Industries

Inc

61,398

2,003

$

17,968

Home

Furnishings

-

.40

%

Alliance

Laundry

Holdings

Inc

(d) 1,009

Arhaus

Inc

172,600

1,277

Daktronics

Inc

(d) 1,013

Dolby

Laboratories

Inc

24,400

1,565

Ethan

Allen

Interiors

Inc

684

Flexsteel

Industries

Inc

Hamilton

Beach

Brands

Holding

Co

(e) 215

Leggett

&

Platt

Inc

107,586

1,169

Lovesac

Co/The

(d) 172

MillerKnoll

Inc

56,293

905

Sleep

Number

Corp

(d),(e)

787

Sonos

Inc

(d) 342

Traeger

Inc

(d),(e)

Xperi

Inc

(d) 1,390

$

5,009

Housewares

-

.09

%

Central

Garden

&

Pet

Co

(d),(e)

29,056

1,076

Central

Garden

&

Pet

Co

-

A

Shares

(d) 1,502

$

1,126

Insurance

-

.20

%

Abacus

Global

Management

Inc

858

American

Coastal

Insurance

Corp

American

Integrity

Insurance

Group

Inc

AMERISAFE

Inc

Assured

Guaranty

Ltd

12,700

1,040

Ategrity

Specialty

Holdings

LLC

(d) 187

Citizens

Inc/TX

(d) 1,385

CNO

Financial

Group

Inc

52,524

2,334

Donegal

Group

Inc

515

eHealth

Inc

(d) 894

Employers

Holdings

Inc

21,092

889

Essent

Group

Ltd

33,069

2,001

Exzeo

Group

Inc

(d) 146

F&G

Annuities

&

Life

Inc

55,373

1,586

Fidelis

Insurance

Holdings

Ltd

1,683

Genworth

Financial

Inc

(d) 12,113

GoHealth

Inc

(d) 415

—

Goosehead

Insurance

Inc

(d) 151

Greenlight

Capital

Re

Ltd

(d) 762

Hamilton

Insurance

Group

Ltd

1,353

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Hanover

Insurance

Group

Inc/The

56,220

$

10,552

Heritage

Insurance

Holdings

Inc

(d) 192

Hippo

Holdings

Inc

(d) 252

Horace

Mann

Educators

Corp

37,261

1,693

Investors

Title

Co

Jackson

Financial

Inc

2,070

James

River

Group

Holdings

Inc

1,130

Kemper

Corp

64,000

2,156

Kestrel

Group

Ltd

(d) 74

Kingstone

Cos

Inc

Lincoln

National

Corp

47,800

1,807

MBIA

Inc

(d) 1,400

Mercury

General

Corp

824

MGIC

Investment

Corp

19,300

511

NI

Holdings

Inc

(d) 237

NMI

Holdings

Inc

(d) 52,934

2,050

Octave

Specialty

Group

Inc

(d) 1,194

ProAssurance

Corp

(d) 1,545

Safety

Insurance

Group

Inc

Selective

Insurance

Group

Inc

104,767

8,795

Selectquote

Inc

(d) 1,218

SiriusPoint

Ltd

(d) 2,799

Slide

Insurance

Holdings

Inc

(d) 1,306

Stewart

Information

Services

Corp

20,368

1,425

Tiptree

Inc

515

United

Fire

Group

Inc

645

Universal

Insurance

Holdings

Inc

600

White

Mountains

Insurance

Group

Ltd

940

2,098

$

39,783

Internet

-

.20

%

1-800-Flowers.com

Inc

(d),(e)

722

Angi

Inc

(d) 1,076

BARK

Inc

(d) 76

Bed

Bath

&

Beyond

Inc

(d),(e)

2,241

Bumble

Inc

(d) 1,955

Cars.com

Inc

(d) 1,590

Entravision

Communications

Corp

1,546

ePlus

Inc

25,952

2,198

Gaia

Inc

(d) 715

Getty

Images

Holdings

Inc

(d) 2,436

HealthStream

Inc

Lands'

End

Inc

(d) 283

Newsmax

Inc

(d),(e)

1,455

Nextdoor

Holdings

Inc

(d) 6,809

Open

Lending

Corp

(d) 3,097

Phoenix

Education

Partners

Inc

RealReal

Inc/The

(d) 2,403

Rumble

Inc

(d),(e)

2,534

Serve

Robotics

Inc

(d),(e)

Shutterstock

Inc

754

Stitch

Fix

Inc

(d) 3,393

TripAdvisor

Inc

(d) 1,801

Tucows

Inc

(d) 198

Vivid

Seats

Inc

(d),(e)

Ziff

Davis

Inc

(d) 1,187

$

2,448

Investment

Companies

-

.09

%

Bit

Digital

Inc

(d) 9,756

Brookfield

Business

Corp

Cannae

Holdings

Inc

1,243

Cipher

Digital

Inc

(d) 9,937

Cleanspark

Inc

(d) 7,714

Compass

Diversified

Holdings

(d) 2,126

Core

Scientific

Inc

(d) 1,477

HA

Sustainable

Infrastructure

Capital

Inc

3,827

Hut

Corp

(d) 3,002

Innventure

Inc

(d),(e)

1,379

MARA

Holdings

Inc

(d) 11,621

Riot

Platforms

Inc

(d) 10,680

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Investment

Companies

(continued)

Terawulf

Inc

(d) 575

$

$

1,107

Iron

&

Steel

-

.78

%

Commercial

Metals

Co

140,996

9,723

Friedman

Industries

Inc

$

9,728

Leisure

Products

&

Services

-

.13

%

American

Outdoor

Brands

Inc

(d) 454

Brunswick

Corp/DE

27,400

2,177

Callaway

Golf

Co

(d) 4,036

Clarus

Corp

1,023

Escalade

Inc

Global

Business

Travel

Group

I

(d),(e)

Harley-Davidson

Inc

67,600

1,615

Johnson

Outdoors

Inc

Malibu

Boats

Inc

(d) 549

Marine

Products

Corp

MasterCraft

Boat

Holdings

Inc

(d),(e)

519

Norwegian

Cruise

Line

Holdings

Ltd

(d) 424,170

7,711

Peloton

Interactive

Inc

(d) 7,871

Polaris

Inc

17,338

1,149

Sabre

Corp

(d) 8,359

YETI

Holdings

Inc

(d) 32,300

1,274

$

14,099

Lodging

-

.40

%

Boyd

Gaming

Corp

12,600

1,096

Hilton

Grand

Vacations

Inc

(d) 41,500

1,949

Marcus

Corp/The

679

Travel

+

Leisure

Co

30,200

1,953

$

5,010

Machinery

-

Construction

&

Mining

-

.02

%

Astec

Industries

Inc

700

Hyster-Yale

Inc

Manitowoc

Co

Inc/The

(d) 1,060

NANO

Nuclear

Energy

Inc

(d),(e)

Terex

Corp

1,975

$

Machinery

-

Diversified

-

.94

%

Aebi

Schmidt

Holding

AG

1,045

Alamo

Group

Inc

58,443

10,137

Albany

International

Corp

26,675

1,548

Cactus

Inc

26,000

1,449

Columbus

McKinnon

Corp/NY

104,978

1,622

CSW

Industrials

Inc

19,825

5,773

Eastman

Kodak

Co

(d) 1,877

Gencor

Industries

Inc

(d) 316

Ichor

Holdings

Ltd

(d) 1,040

Lindsay

Corp

11,600

1,299

Palladyne

AI

Corp

(d),(e)

1,049

Power

Solutions

International

Inc

(d),(e)

Tennant

Co

18,140

1,506

Thermon

Group

Holdings

Inc

(d) 10,995

665

$

24,118

Media

-

.06

%

AMC

Global

Media

Inc

(d) 944

Cable

One

Inc

(d) 164

CuriosityStream

Inc

(e) 222

EchoStar

Corp

(d) 4,153

511

EW

Scripps

Co/The

(d) 2,017

Gray

Media

Inc

2,720

iHeartMedia

Inc

(d) 3,723

Liberty

Latin

America

Ltd

-

Class

A

(d) 895

Liberty

Latin

America

Ltd

-

Class

C

(d) 4,176

Optimum

Communications

Inc

(d) 6,798

Scholastic

Corp

(e) 620

Sinclair

Inc

1,161

Sphere

Entertainment

Co

(d) 831

USA

TODAY

Co

Inc

(d) 493

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Media

(continued)

Value

Line

Inc

$

$

801

Metal

Fabrication

&

Hardware

-

.43

%

Ascent

Industries

Co

(d) 303

Eastern

Co/The

Helios

Technologies

Inc

1,015

Hillman

Solutions

Corp

(d) 6,067

Janus

International

Group

Inc

(d) 204,473

1,064

L

B

Foster

Co

(d) 14,182

Mayville

Engineering

Co

Inc

(d) 363

Metallus

Inc

(d) 1,105

Mueller

Industries

Inc

93,775

12,700

Park-Ohio

Holdings

Corp

Proto

Labs

Inc

(d) 729

Ryerson

Holding

Corp

1,325

Standex

International

Corp

Timken

Co/The

19,600

2,173

Tredegar

Corp

(d) 819

Valmont

Industries

Inc

26,625

13,527

Worthington

Enterprises

Inc

654

Worthington

Steel

Inc

985

$

30,247

Mining

-

.33

%

American

Battery

Technology

Co

(d) 1,803

Caledonia

Mining

Corp

PLC

505

Centrus

Energy

Corp

(d) 117

Coeur

Mining

Inc

(d) 15,647

Compass

Minerals

International

Inc

(d) 228

Constellium

SE

(d) 2,639

Critical

Metals

Corp

(d),(e)

1,106

Encore

Energy

Corp

(d) 5,638

Energy

Fuels

Inc/Canada

(d),(e)

5,254

Ferroglobe

PLC

3,649

Hecla

Mining

Co

14,859

Ivanhoe

Electric

Inc

/

US

(d) 475

Kaiser

Aluminum

Corp

17,465

2,976

Novagold

Resources

Inc

(d) 674

SSR

Mining

Inc

(d) 6,237

USA

Rare

Earth

Inc

(d),(e)

2,848

$

4,077

Miscellaneous

Manufacturers

-

.89

%

Avient

Corp

2,797

Core

Molding

Technologies

Inc

(d) 248

Enpro

Inc

563

Federal

Signal

Corp

90,845

11,186

JBT

Marel

Corp

86,484

10,214

LSB

Industries

Inc

(d) 1,633

Materion

Corp

511

Myers

Industries

Inc

80,002

1,649

NL

Industries

Inc

Outdoor

Holding

Co

(d) 3,243

Park

Aerospace

Corp

Smith

&

Wesson

Brands

Inc

1,345

Sturm

Ruger

&

Co

Inc

Trinity

Industries

Inc

1,291

$

23,534

Office

&

Business

Equipment

-

.00

%

Xerox

Holdings

Corp

(e) 3,606

Office

Furnishings

-

.01

%

CompX

International

Inc

HNI

Corp

1,258

Interface

Inc

1,549

Virco

Mfg.

Corp

$

Oil

&

Gas

-

.50

%

Antero

Resources

Corp

(d) 224,150

8,800

Baytex

Energy

Corp

451,071

2,282

BKV

Corp

(d) 796

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Borr

Drilling

Ltd

(d) 8,629

$

California

Resources

Corp

29,663

2,025

CNX

Resources

Corp

(d) 4,220

Comstock

Resources

Inc

(d),(e)

682

Crescent

Energy

Co

215,601

2,900

CVR

Energy

Inc

57,900

1,919

Delek

US

Holdings

Inc

44,300

2,064

Diversified

Energy

Co

1,910

Empire

Petroleum

Corp

(d) 192

—

Epsilon

Energy

Ltd

604

Evolution

Petroleum

Corp

Granite

Ridge

Resources

Inc

1,656

Helmerich

&

Payne

Inc

3,011

HighPeak

Energy

Inc

681

Infinity

Natural

Resources

Inc

(d) 407

Kolibri

Global

Energy

Inc

(d) 720

Kosmos

Energy

Ltd

(d) 1,170,779

3,606

Magnolia

Oil

&

Gas

Corp

4,414

Matador

Resources

Co

80,135

5,084

Murphy

Oil

Corp

202,262

8,446

Nabors

Industries

Ltd

(d) 433

NextNRG

Inc

(d) 1,044

—

Noble

Corp

PLC

145,247

7,412

Northern

Oil

&

Gas

Inc

63,767

1,732

Par

Pacific

Holdings

Inc

(d) 37,148

2,439

Patterson-UTI

Energy

Inc

10,628

PBF

Energy

Inc

48,197

2,090

Permian

Resources

Corp

308,200

6,663

Prairie

Operating

Co

(d),(e)

1,055

PrimeEnergy

Resources

Corp

(d) 9

Riley

Exploration

Permian

Inc

SandRidge

Energy

Inc

929

Seadrill

Ltd

(d) 1,221

SM

Energy

Co

89,879

2,789

Talos

Energy

Inc

(d) 126,733

2,018

Transocean

Ltd

(d) 28,453

VAALCO

Energy

Inc

322,739

2,121

Valaris

Ltd

(d) 13,489

1,376

Vitesse

Energy

Inc

(e) 875

W&T

Offshore

Inc

3,037

Weatherford

International

PLC

13,600

1,501

$

68,327

Oil

&

Gas

Services

-

.37

%

Archrock

Inc

384,640

14,905

Atlas

Energy

Solutions

Inc

(e) 672

Bristow

Group

Inc

870

Core

Laboratories

Inc

29,032

DMC

Global

Inc

(d) 401

DNOW

Inc

(d) 69,791

942

Expro

Group

Holdings

NV

(d) 145,676

2,653

Flotek

Industries

Inc

(d),(e)

Flowco

Holdings

Inc

Forum

Energy

Technologies

Inc

(d) 331

Helix

Energy

Solutions

Group

Inc

(d) 169,006

1,750

Innovex

International

Inc

(d) 77,774

2,159

Liberty

Energy

Inc

4,817

Mammoth

Energy

Services

Inc

(d) 1,039

Matrix

Service

Co

(d) 640

National

Energy

Services

Reunited

Corp

(d) 23,202

579

Natural

Gas

Services

Group

Inc

NOV

Inc

108,500

2,220

Oceaneering

International

Inc

(d) 361

Oil

States

International

Inc

(d) 168,561

1,935

ProFrac

Holding

Corp

(d) 237,981

1,795

ProPetro

Holding

Corp

(d) 175,848

3,012

Ranger

Energy

Services

Inc

687

RPC

Inc

228,470

1,800

SEACOR

Marine

Holdings

Inc

(d) 669

Select

Water

Solutions

Inc

81,711

1,367

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

Services

(continued)

TETRA

Technologies

Inc

(d) 531,018

$

5,055

Tidewater

Inc

(d) 10,560

943

$

41,844

Packaging

&

Containers

-

.25

%

Ardagh

Metal

Packaging

SA

3,163

Clearwater

Paper

Corp

(d) 477

Graphic

Packaging

Holding

Co

54,700

521

Greif

Inc

-

Class

A

735

Greif

Inc

-

Class

B

O-I

Glass

Inc

(d) 3,547

Ranpak

Holdings

Corp

(d) 1,438

Sonoco

Products

Co

27,400

1,369

TriMas

Corp

29,261

1,083

$

3,091

Pharmaceuticals

-

.53

%

Accendra

Health

Inc

(d) 2,309

Aclaris

Therapeutics

Inc

(d) 2,789

AdaptHealth

Corp

(d) 3,107

Agios

Pharmaceuticals

Inc

(d) 1,710

Akebia

Therapeutics

Inc

(d) 6,892

Alkermes

PLC

(d) 1,220

Amneal

Pharmaceuticals

Inc

(d) 586

Amphastar

Pharmaceuticals

Inc

(d) 1,010

Amylyx

Pharmaceuticals

Inc

(d) 631

Anika

Therapeutics

Inc

(d) 381

Aquestive

Therapeutics

Inc

(d),(e)

2,067

Arvinas

Inc

(d) 1,487

AstraZeneca

PLC

-

Contingent

Value

Rights

(d),(f)

3,047

—

Atrium

Therapeutics

Inc

(d) 46

aTyr

Pharma

Inc

(d) 620

—

BellRing

Brands

Inc

(d) 114,400

2,036

Candel

Therapeutics

Inc

(d),(e)

Coherus

Oncology

Inc

(d) 2,421

Enanta

Pharmaceuticals

Inc

(d) 845

Fennec

Pharmaceuticals

Inc

(d) 650

Foghorn

Therapeutics

Inc

(d) 370

Fulcrum

Therapeutics

Inc

(d) 1,644

Herbalife

Ltd

(d) 32,008

531

Heron

Therapeutics

Inc

(d),(e)

4,720

Indivior

Pharmaceuticals

Inc

(d) 570

Inhibikase

Therapeutics

Inc

(d) 2,999

Ironwood

Pharmaceuticals

Inc

(d) 392

MediWound

Ltd

(d) 33

Nature's

Sunshine

Products

Inc

(d) 378

Neurogene

Inc

(d) 346

Organon

&

Co

213,100

2,824

ORIC

Pharmaceuticals

Inc

(d) 1,460

Pacira

BioSciences

Inc

(d) 1,143

Pfizer

Inc

-

Contingent

Value

Rights

(d),(e)

1,179

SIGA

Technologies

Inc

100,347

Spyre

Therapeutics

Inc

(d) 753

Supernus

Pharmaceuticals

Inc

(d) 1,549

Tonix

Pharmaceuticals

Holding

Corp

(d) 416

USANA

Health

Sciences

Inc

(d) 331

Vanda

Pharmaceuticals

Inc

(d) 1,700

Vaxcyte

Inc

(d) 3,804

Voyager

Therapeutics

Inc

(d) 1,426

$

6,597

Pipelines

-

.46

%

Excelerate

Energy

Inc

37,895

1,322

Golar

LNG

Ltd

2,992

Kinetik

Holdings

Inc

(e) 38,312

1,936

New

Fortress

Energy

Inc

(d) 5,374

NextDecade

Corp

(d),(e)

294,100

2,303

Summit

Midstream

Corp

(d),(e)

$

5,738

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Real

Estate

-

.22

%

American

Realty

Investors

Inc

(d) 54

$

Compass

Inc

(d) 4,653

Cushman

&

Wakefield

Ltd

(d) 993,919

13,954

Douglas

Elliman

Inc

(d) 2,539

FRP

Holdings

Inc

(d) 356

Kennedy-Wilson

Holdings

Inc

3,694

Legacy

Housing

Corp

(d) 23,722

516

Logistic

Properties

Of

The

Americas

(d) 269

Marcus

&

Millichap

Inc

706

Maui

Land

&

Pineapple

Co

Inc

(d) 20

—

McGrath

RentCorp

3,988

Mobile

Infrastructure

Corp

(d) 689

Newmark

Group

Inc

4,613

RE/MAX

Holdings

Inc

(d) 635

RMR

Group

Inc/The

Seaport

Entertainment

Group

Inc

(d) 229

Stratus

Properties

Inc

(d) 231

Transcontinental

Realty

Investors

Inc

(d) 48

$

15,126

REITs

-

.72

%

Acadia

Realty

Trust

4,023

ACRES

Commercial

Realty

Corp

(d) 183

Adamas

Trust

Inc

2,590

AH

Realty

Trust

Inc

2,434

Alpine

Income

Property

Trust

Inc

American

Assets

Trust

Inc

84,364

1,750

American

Healthcare

REIT

Inc

3,537

Angel

Oak

Mortgage

REIT

Inc

Apollo

Commercial

Real

Estate

Finance

Inc

95,322

1,043

Apple

Hospitality

REIT

Inc

6,859

Arbor

Realty

Trust

Inc

5,926

Ares

Commercial

Real

Estate

Corp

203,602

1,064

ARMOUR

Residential

REIT

Inc

3,440

Blackstone

Mortgage

Trust

Inc

4,848

Braemar

Hotels

&

Resorts

Inc

1,909

Brandywine

Realty

Trust

5,221

BrightSpire

Capital

Inc

186,939

1,084

Broadstone

Net

Lease

Inc

5,787

BRT

Apartments

Corp

CareTrust

REIT

Inc

6,207

CBL

&

Associates

Properties

Inc

Centerspace

515

Chatham

Lodging

Trust

1,419

Chicago

Atlantic

Real

Estate

Finance

Inc

556

Chimera

Investment

Corp

2,494

Chiron

Real

Estate

Inc

28,739

1,008

Claros

Mortgage

Trust

Inc

(d) 285,371

753

Clipper

Realty

Inc

616

Community

Healthcare

Trust

Inc

837

COPT

Defense

Properties

3,473

CTO

Realty

Growth

Inc

947

Curbline

Properties

Corp

2,964

DiamondRock

Hospitality

Co

128,482

1,310

Diversified

Healthcare

Trust

6,680

Douglas

Emmett

Inc

160,570

1,736

Dynex

Capital

Inc

6,117

Easterly

Government

Properties

Inc

1,275

Ellington

Financial

Inc

3,732

Empire

State

Realty

Trust

Inc

166,159

926

Essential

Properties

Realty

Trust

Inc

6,086

Farmland

Partners

Inc

1,190

Four

Corners

Property

Trust

Inc

3,225

Franklin

BSP

Realty

Trust

Inc

2,483

Franklin

Street

Properties

Corp

3,785

FrontView

REIT

Inc

642

Getty

Realty

Corp

1,636

Gladstone

Commercial

Corp

1,161

Gladstone

Land

Corp

1,075

Global

Net

Lease

Inc

6,071

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

Granite

Point

Mortgage

Trust

Inc

231,115

$

Hudson

Pacific

Properties

Inc

(d) 1,613

Independence

Realty

Trust

Inc

7,344

Industrial

Logistics

Properties

Trust

1,687

Innovative

Industrial

Properties

Inc

851

InvenTrust

Properties

Corp

2,374

Invesco

Mortgage

Capital

Inc

2,333

JBG

SMITH

Properties

1,815

Kite

Realty

Group

Trust

6,664

KKR

Real

Estate

Finance

Trust

Inc

1,690

Ladder

Capital

Corp

3,491

LTC

Properties

Inc

1,431

Lument

Finance

Trust

Inc

1,397

LXP

Industrial

Trust

1,771

Macerich

Co/The

7,891

MFA

Financial

Inc

3,136

Modiv

Industrial

Inc

National

Health

Investors

Inc

1,114

NET

Lease

Office

Properties

NETSTREIT

Corp

1,925

NexPoint

Diversified

Real

Estate

Trust

1,123

Nexpoint

Real

Estate

Finance

Inc

NexPoint

Residential

Trust

Inc

One

Liberty

Properties

Inc

562

Orchid

Island

Capital

Inc

5,594

Park

Hotels

&

Resorts

Inc

164,200

1,883

Peakstone

Realty

Trust

1,109

Pebblebrook

Hotel

Trust

126,123

1,772

PennyMac

Mortgage

Investment

Trust

2,661

Phillips

Edison

&

Co

Inc

3,154

Piedmont

Realty

Trust

Inc

(d) 3,797

Postal

Realty

Trust

Inc

724

Ready

Capital

Corp

4,484

Redwood

Trust

Inc

3,871

Rithm

Property

Trust

Inc

RLJ

Lodging

Trust

3,736

Sabra

Health

Care

REIT

Inc

7,632

Safehold

Inc

1,705

Saul

Centers

Inc

Service

Properties

Trust

16,555

Seven

Hills

Realty

Trust

29,477

Sila

Realty

Trust

Inc

1,686

SITE

Centers

Corp

1,538

SL

Green

Realty

Corp

2,186

Smartstop

Self

Storage

REIT

Inc

1,689

Strawberry

Fields

REIT

Inc

—

Summit

Hotel

Properties

Inc

3,317

Sunrise

Realty

Trust

Inc

Sunstone

Hotel

Investors

Inc

5,175

Tanger

Inc

Terreno

Realty

Corp

3,132

TPG

Mortgage

Investment

Trust

Inc

877

TPG

RE

Finance

Trust

Inc

2,213

Two

Harbors

Investment

Corp

1,545

Universal

Health

Realty

Income

Trust

Urban

Edge

Properties

3,879

Veris

Residential

Inc

2,432

Vornado

Realty

Trust

71,300

2,131

Whitestone

REIT

1,379

Xenia

Hotels

&

Resorts

Inc

2,460

$

21,376

Retail

-

.27

%

Abercrombie

&

Fitch

Co

(d) 11,000

939

Academy

Sports

&

Outdoors

Inc

11,347

622

Advance

Auto

Parts

Inc

1,838

American

Eagle

Outfitters

Inc

4,864

America's

Car-Mart

Inc/TX

(d) 246

Arko

Corp

1,905

Asbury

Automotive

Group

Inc

(d) 6,142

1,251

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Retail

(continued)

AutoNation

Inc

(d) 10,300

$

2,188

Barnes

&

Noble

Education

Inc

(d),(e)

Bassett

Furniture

Industries

Inc

Bath

&

Body

Works

Inc

523,305

10,173

Biglari

Holdings

Inc

(d) 21

BJ's

Restaurants

Inc

(d) 211

Black

Rock

Coffee

Bar

Inc

(d) 278

Bloomin'

Brands

Inc

963

BlueLinx

Holdings

Inc

(d) 231

Buckle

Inc/The

Caleres

Inc

992

Citi

Trends

Inc

(d) 146

Clean

Energy

Fuels

Corp

(d) 5,321

Cracker

Barrel

Old

Country

Store

Inc

(e) 505

Designer

Brands

Inc

1,023

Dine

Brands

Global

Inc

El

Pollo

Loco

Holdings

Inc

(d) 99,292

1,343

EVgo

Inc

(d),(e)

3,371

FirstCash

Holdings

Inc

62,275

13,590

Genesco

Inc

(d) 288

Group

Automotive

Inc

4,886

1,744

Haverty

Furniture

Cos

Inc

56,464

1,250

J

Jill

Inc

(e) 251

Jack

in

the

Box

Inc

(d),(e)

Kohl's

Corp

3,331

Krispy

Kreme

Inc

(d) 2,068

La-Z-Boy

Inc

1,250

Macy's

Inc

46,500

909

MarineMax

Inc

(d) 571

Movado

Group

Inc

MSC

Industrial

Direct

Co

Inc

21,300

2,178

National

Vision

Holdings

Inc

(d) 2,371

Nu

Skin

Enterprises

Inc

1,477

OneWater

Marine

Inc

(d) 61,258

575

OPAL

Fuels

Inc

(d) 526

Papa

John's

International

Inc

899

PC

Connection

Inc

7,781

Petco

Health

&

Wellness

Co

Inc

(d) 2,456

PetMed

Express

Inc

(d) 25,008

Portillo's

Inc

(d) 94,535

591

Sally

Beauty

Holdings

Inc

(d) 3,025

Savers

Value

Village

Inc

(d),(e)

Shoe

Carnival

Inc

556

Signet

Jewelers

Ltd

1,214

Sonic

Automotive

Inc

35,831

2,821

Urban

Outfitters

Inc

(d) 1,301

Victoria's

Secret

&

Co

(d) 1,504

Warby

Parker

Inc

(d) 434,610

9,614

Wendy's

Co/The

(e) 256,600

1,786

Winmark

Corp

Zumiez

Inc

(d) 400

$

53,084

Savings

&

Loans

-

.23

%

Axos

Financial

Inc

(d) 1,451

Banc

of

California

Inc

55,340

1,036

Beacon

Financial

Corp

75,493

2,153

BV

Financial

Inc

(d) 254

Capitol

Federal

Financial

Inc

277,584

2,132

CF

Bankshares

Inc

Citizens

Community

Bancorp

Inc/WI

Eagle

Bancorp

Montana

Inc

Finward

Bancorp

7,026

First

Capital

Inc

Flushing

Financial

Corp

123,776

1,996

FS

Bancorp

Inc

Greene

County

Bancorp

Inc

Hingham

Institution

For

Savings

The

(e) 5,981

1,700

Home

Bancorp

Inc

18,265

1,136

HomeTrust

Bancshares

Inc

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Savings

&

Loans

(continued)

Northfield

Bancorp

Inc

38,810

$

542

Northwest

Bancshares

Inc

4,442

OceanFirst

Financial

Corp

97,717

1,863

Provident

Financial

Services

Inc

106,016

2,404

Riverview

Bancorp

Inc

749

Sound

Financial

Bancorp

Inc

Southern

Missouri

Bancorp

Inc

24,240

1,654

Timberland

Bancorp

Inc/WA

WaFd

Inc

64,907

2,298

Waterstone

Financial

Inc

WSFS

Financial

Corp

115,176

8,290

$

27,713

Semiconductors

-

.17

%

ACM

Research

Inc

(d) 1,573

Aehr

Test

Systems

(d) 184

Aeluma

Inc

(d),(e)

Alpha

&

Omega

Semiconductor

Ltd

(d) 773

Ambiq

Micro

Inc

(d) 197

Arteris

Inc

(d) 872

Axcelis

Technologies

Inc

(d) 878

Blaize

Holdings

Inc

(d),(e)

1,086

CEVA

Inc

(d) 97

Cohu

Inc

(d) 1,400

Diodes

Inc

(d) 1,405

FormFactor

Inc

(d) 601

Kulicke

&

Soffa

Industries

Inc

652

MaxLinear

Inc

(d) 2,178

Navitas

Semiconductor

Corp

(d) 5,183

Penguin

Solutions

Inc

(d) 1,582

Photronics

Inc

(d) 268,336

13,277

Richardson

Electronics

Ltd/United

States

(e) 371

Synaptics

Inc

(d) 1,086

Ultra

Clean

Holdings

Inc

(d) 1,273

Veeco

Instruments

Inc

(d) 1,819

Vishay

Precision

Group

Inc

(d) 375

$

14,539

Shipbuilding

-

.87

%

Huntington

Ingalls

Industries

Inc

29,760

10,841

Software

-

.65

%

8x8

Inc

(d) 4,203

ACI

Worldwide

Inc

(d) 38,200

1,651

Adeia

Inc

Airship

AI

Holdings

Inc

(d),(e)

Arrive

AI

Inc

(d) 385

—

Asure

Software

Inc

(d) 723

Bandwidth

Inc

(d) 645

BigBear.ai

Holdings

Inc

(d),(e)

10,184

Blackbaud

Inc

(d) 226

Box

Inc

(d) 947

Carlsmed

Inc

(d) 141

Cerence

Inc

(d) 929

Consensus

Cloud

Solutions

Inc

(d) 562

CS

Disco

Inc

(d) 333

CSG

Systems

International

Inc

Daily

Journal

Corp

(d) 10

Definitive

Healthcare

Corp

(d) 1,289

Digi

International

Inc

(d) 1,137

Digital

Turbine

Inc

(d) 1,311

Domo

Inc

(d) 260

Donnelley

Financial

Solutions

Inc

(d) 223

eGain

Corp

(d) 215

Evolent

Health

Inc

(d) 2,305

Expensify

Inc

(d) 1,326

Fastly

Inc

(d) 4,331

GigaCloud

Technology

Inc

(d) 720

Health

Catalyst

Inc

(d),(e)

2,209

HeartFlow

Inc

(d) 288

I3

Verticals

Inc

(d) 606

Ibotta

Inc

(d),(e)

24,300

855

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Immersion

Corp

859

$

McGraw

Hill

Inc

(d),(e)

N-able

Inc/US

(d) 202,276

1,048

Navan

Inc

(d) 226

Omada

Health

Inc

(d) 431

Paycom

Software

Inc

16,900

2,142

Playstudios

Inc

(d) 2,730

Playtika

Holding

Corp

1,493

Porch

Group

Inc

(d) 588

PubMatic

Inc

(d) 1,174

Rackspace

Technology

Inc

(d),(e)

2,217

Silvaco

Group

Inc

(d) 301

Skillsoft

Corp

(d) 254

Teads

Holding

Co

(d) 1,117

Via

Transportation

Inc

(d) 82

Waystar

Holding

Corp

(d) 547

Whitefiber

Inc

(d),(e)

Workiva

Inc

(d) 35,700

1,909

$

8,096

Supranational

Bank

-

.00

%

Banco

Latinoamericano

de

Comercio

Exterior

SA

862

Telecommunications

-

.59

%

A10

Networks

Inc

Applied

Digital

Corp

(d) 1,731

ATN

International

Inc

Aviat

Networks

Inc

(d) 21,267

Clearfield

Inc

(d),(e)

Harmonic

Inc

(d) 2,561

IDT

Corp

-

Class

B

Inseego

Corp

(d) 332

Lumen

Technologies

Inc

(d) 697,122

6,162

NETGEAR

Inc

(d) 820

Powerfleet

Inc

NJ

(d) 3,822

Preformed

Line

Products

Co

Ribbon

Communications

Inc

(d) 2,872

Satellogic

Inc

(d) 653

Shenandoah

Telecommunications

Co

1,535

Spok

Holdings

Inc

625

Telephone

and

Data

Systems

Inc

3,048

Uniti

Group

Inc

(d) 5,118

Viasat

Inc

(d) 3,785

Vistance

Networks

Inc

2,555

$

7,353

Textiles

-

.12

%

UniFirst

Corp/MA

5,713

1,460

Toys,

Games

&

Hobbies

-

.17

%

Funko

Inc

(d) 1,411

JAKKS

Pacific

Inc

58,478

1,273

Mattel

Inc

(d) 57,700

870

$

2,149

Transportation

-

.67

%

ArcBest

Corp

685

Ardmore

Shipping

Corp

1,081

Costamare

Bulkers

Holdings

Ltd

(d) 250

Costamare

Inc

1,356

Covenant

Logistics

Group

Inc

CryoPort

Inc

(d) 1,151

DHT

Holdings

Inc

4,114

Dorian

LPG

Ltd

1,118

FLEX

LNG

Ltd

(e) 802

Forward

Air

Corp

(d) 417

Genco

Shipping

&

Trading

Ltd

942

Heartland

Express

Inc

1,346

Himalaya

Shipping

Ltd

(d) 854

Hub

Group

Inc

1,812

International

Seaways

Inc

1,232

Landstar

System

Inc

14,400

2,651

Marten

Transport

Ltd

1,773

Matson

Inc

10,554

1,841

Schedule

of

Investments

SmallCap

Value

Fund

II

April

30,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

(continued)

Navigator

Holdings

Ltd

846

$

Nordic

American

Tankers

Ltd

6,235

PAMT

CORP

(d) 201

Pangaea

Logistics

Solutions

Ltd

914

Proficient

Auto

Logistics

Inc

(d) 743

Radiant

Logistics

Inc

(d) 1,111

RXO

Inc

(d) 4,684

Safe

Bulkers

Inc

1,574

Schneider

National

Inc

38,800

1,206

Scorpio

Tankers

Inc

1,382

SFL

Corp

Ltd

3,711

Teekay

Corp

Ltd

1,616

Teekay

Tankers

Ltd

736

Universal

Logistics

Holdings

Inc

Werner

Enterprises

Inc

1,485

World

Kinect

Corp

59,680

1,610

$

8,355

Trucking

&

Leasing

-

.53

%

GATX

Corp

87,804

17,203

Greenbrier

Cos

Inc/The

37,072

1,821

Willis

Lease

Finance

Corp

$

19,039

Water

-

.18

%

American

States

Water

Co

Artesian

Resources

Corp

15,200

California

Water

Service

Group

1,816

Consolidated

Water

Co

Ltd

Global

Water

Resources

Inc

(e) 140

H2O

America

29,483

1,656

Middlesex

Water

Co

York

Water

Co/The

$

2,287

TOTAL

COMMON

STOCKS

$

1,203,433

Total

Investments

$

1,254,406

Other

Assets

and

Liabilities

- (0.90)%

(11,158)

TOTAL

NET

ASSETS

-

100.00%

$

1,243,248

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$12,075

or

0.97%

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

$11,938

or

0.96%

of

net

assets.

(f) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Affiliated

Securities

October

31,

2025

Purchases

Sales

April

30,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

52,211

$

569,718

$

572,772

$

49,157

$

52,211

$

569,718

$

572,772

$

49,157

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.55%

$

638

$

—

$

—

$

—

$

638

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

June

2026

Long

$

3,229

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Tax-Exempt

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.46

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.46

%

iShares

National

Muni

Bond

ETF

5,528

$

592

iShares

Short-Term

National

Muni

Bond

ETF

JPMorgan

Ultra-Short

Municipal

Income

ETF

State

Street

SPDR

Nuveen

ICE

High

Yield

Municipal

Bond

ETF

30,004

754

VanEck

High

Yield

Muni

ETF

18,363

938

$

2,329

TOTAL

INVESTMENT

COMPANIES

$

2,329

COMMON

STOCKS

-

.01

%

Shares

Held

Value

(000's)

Transportation

-

.01

%

BL

Train

Holdings

West

LLC

-

Warrants

(a),(b)

45,054

$

TOTAL

COMMON

STOCKS

$

MUNICIPAL

BONDS

-

.57

%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

.68

%

Baldwin

County

Industrial

Development

Authority

4.30%,

03/01/2056

(c),(d)

$

2,500

$

2,450

Black

Belt

Energy

Gas

District

5.00%,

06/01/2036

5,000

5,152

Energy

Southeast

A

Cooperative

District

5.25%,

07/01/2054

(c) 3,220

3,438

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

3.28%,

06/01/2034

(c) 3,100

3,100

Lower

Alabama

Gas

District/The

5.00%,

09/01/2034

5,000

5,249

5.00%,

09/01/2046

3,445

3,556

Phenix

City

Industrial

Development

Board

4.13%,

05/15/2035

3,000

3,001

Tuscaloosa

County

Industrial

Development

Authority

5.25%,

05/01/2044

(d) 2,997

3,018

$

28,964

Arizona

-

.64

%

Arizona

Industrial

Development

Authority

5.13%,

01/01/2059

575

535

Maricopa

County

Industrial

Development

Authority

4.00%,

01/01/2041

6,000

5,844

Navajo

Nation

5.50%,

12/01/2030

(d) 1,990

1,992

$

8,371

Arkansas

-

.20

%

Arkansas

Development

Finance

Authority

5.45%,

09/01/2052

1,000

1,012

California

-

.55

%

California

Community

Choice

Financing

Authority

5.00%,

07/01/2053

(c) 5,000

5,217

California

Educational

Facilities

Authority

5.00%,

04/01/2051

3,000

3,360

California

Housing

Finance

Agency

(credit

support

from

Federal

Home

Loan

Mortgage

Corporation

Collateral)

3.75%,

03/25/2035

(e) 6,752

6,831

California

Infrastructure

&

Economic

Development

Bank

12.00%,

01/01/2065

(c),(d)

1,835

1,064

California

Municipal

Finance

Authority

4.00%,

07/15/2029

2,050

2,062

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

05/15/2031

(e) 2,240

2,351

California

Public

Finance

Authority

6.50%,

06/01/2054

(d) 8,000

7,596

California

Statewide

Communities

Development

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

05/15/2031

(e) 2,000

2,180

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

Chino

Valley

Unified

School

District

5.00%,

08/01/2055

(f) $

2,430

$

2,499

City

of

Long

Beach

CA

Airport

System

Revenue

(credit

support

from

Assured

Guaranty)

5.25%,

06/01/2047

(e) 1,300

1,344

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2029

1,250

1,329

5.00%,

05/15/2037

(f) 3,824

4,092

Los

Angeles

Department

of

Water

&

Power

Water

System

Revenue

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

07/01/2046

(e) 6,500

6,827

Sacramento

Area

Flood

Control

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp)

5.00%,

10/01/2039

(e) 1,340

1,341

San

Diego

Unified

School

District/CA

0.00%,

07/01/2032

(a) 5,000

4,151

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.00%,

05/01/2040

1,500

1,551

$

53,795

Colorado

-

.63

%

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

5.00%,

04/01/2035

(d) 3,000

3,238

Connecticut

-

.20

%

Connecticut

State

Health

&

Educational

Facilities

Authority

5.00%,

07/01/2064

(c) 2,000

2,307

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(d) 3,800

3,831

$

6,138

District

of

Columbia

-

.43

%

District

of

Columbia

5.00%,

04/01/2060

(c) 2,000

2,198

Florida

-

.34

%

City

of

Lakeland

FL

Department

of

Electric

Utilities

5.25%,

10/01/2036

5,010

5,733

Collier

County

Health

Facilities

Authority

5.00%,

05/01/2043

3,050

3,071

Collier

County

Industrial

Development

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

10/01/2049

(e) 1,500

1,535

County

of

Miami-Dade

FL

Aviation

Revenue

5.00%,

10/01/2049

(f) 7,000

7,033

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue

5.00%,

10/01/2055

2,400

2,476

Florida

Development

Finance

Corp

4.50%,

07/01/2032

(d) 4,000

4,003

Florida

Development

Finance

Corp

(credit

support

from

Assured

Guaranty)

5.25%,

07/01/2047

(e) 3,375

3,373

Greater

Orlando

Aviation

Authority

5.25%,

10/01/2049

(f) 3,000

3,125

Miami-Dade

County

Educational

Facilities

Authority

5.00%,

04/01/2053

2,000

2,001

Palm

Beach

County

Health

Facilities

Authority

7.50%,

05/15/2053

1,000

1,108

Sarasota

County

Public

Hospital

District

5.00%,

07/01/2037

3,500

3,977

$

37,435

Georgia

-

.84

%

Atlanta

Development

Authority/The

5.00%,

04/01/2034

(d) 5,650

5,777

5.50%,

04/01/2039

(d) 2,500

2,556

Schedule

of

Investments

Tax-Exempt

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Georgia

(continued)

City

of

Atlanta

GA

Airport

Passenger

Facility

Charge

5.00%,

07/01/2032

$

9,235

$

10,161

George

L

Smith

II

Congress

Center

Authority

5.00%,

01/01/2036

(d) 1,752

1,782

Georgia

Ports

Authority

5.00%,

07/01/2047

1,000

1,040

5.25%,

07/01/2043

3,585

3,898

Main

Street

Natural

Gas

Inc

5.00%,

12/01/2055

(c) 4,300

4,536

$

29,750

Idaho

-

.25

%

Idaho

Health

Facilities

Authority

3.45%,

03/01/2048

(c) 1,265

1,265

Illinois

-

.78

%

City

of

Chicago

IL

6.00%,

01/01/2050

4,500

4,692

6.00%,

01/01/2050

1,000

1,044

6.00%,

01/01/2055

1,500

1,556

County

of

Cook

IL

Sales

Tax

Revenue

5.25%,

11/15/2035

1,500

1,547

Illinois

State

Toll

Highway

Authority

4.00%,

01/01/2046

5.00%,

12/01/2031

5,200

5,209

5.00%,

01/01/2047

(f) 1,400

1,478

5.25%,

01/01/2043

(f) 2,340

2,554

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

4.00%,

12/15/2042

(e) 5,000

4,887

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp)

5.50%,

06/15/2029

(e) 1,615

1,676

Sales

Tax

Securitization

Corp

5.00%,

01/01/2036

2,700

2,830

5.00%,

01/01/2040

3,000

3,053

State

of

Illinois

5.50%,

10/01/2044

6,855

7,293

5.50%,

04/01/2051

1,000

1,046

United

City

of

Yorkville

IL

5.75%,

03/01/2028

Village

of

Gilberts

IL

Special

Service

Area

No

5.38%,

03/01/2034

$

39,672

Indiana

-

.14

%

City

of

Whiting

IN

3.00%,

11/01/2051

1,000

715

Iowa

-

.11

%

Iowa

Finance

Authority

7.50%,

05/15/2053

500

552

Kentucky

-

.05

%

Kentucky

Public

Energy

Authority

5.00%,

12/01/2033

5,000

5,097

5.00%,

01/01/2055

(c) 3,000

3,180

Kentucky

Turnpike

Authority

5.00%,

07/01/2031

6,550

7,251

$

15,528

Louisiana

-

.16

%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

4.40%,

11/01/2044

(d) 1,500

1,450

5.50%,

11/01/2039

(d) 1,325

1,351

Parish

of

St

James

LA

6.10%,

12/01/2040

(c),(d)

1,000

1,100

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Louisiana

(continued)

Parish

of

St

John

the

Baptist

LA

3.30%,

06/01/2037

(c) $

2,000

$

2,012

$

5,913

Maryland

-

.33

%

Maryland

Economic

Development

Corp

5.00%,

07/01/2048

(c),(d)

3,000

3,189

Tender

Option

Bond

Trust

Receipts/Certificates

3.50%,

08/15/2033

(c),(d)

1,345

1,345

3.52%,

07/01/2032

(c),(d)

2,250

2,250

$

6,784

Massachusetts

-

.83

%

Massachusetts

Development

Finance

Agency

5.00%,

07/15/2040

10,770

12,651

5.00%,

07/01/2050

1,000

1,106

5.00%,

05/15/2055

(c) 5,000

5,781

$

19,538

Michigan

-

.23

%

City

of

Detroit

MI

5.00%,

04/01/2050

1,000

1,005

5.50%,

04/01/2050

1,000

1,025

Kentwood

Economic

Development

Corp

5.00%,

11/15/2041

1,000

1,005

Michigan

Finance

Authority

4.00%,

02/15/2044

3,500

3,237

$

6,272

Minnesota

-

.00

%

State

of

Minnesota

4.00%,

08/01/2041

5,000

5,091

Mississippi

-

.13

%

Mississippi

Business

Finance

Corp

3.40%,

12/01/2030

(c) 370

3.40%,

12/01/2030

(c) 280

$

650

Montana

-

.55

%

Montana

Board

of

Housing

(credit

support

from

Federal

Housing

Administration,

Guaranteed

by

the

Department

of

Veterans

Affairs

and

HUD)

4.00%,

06/01/2045

(e) 805

794

Montana

Facility

Finance

Authority

4.13%,

07/01/2038

2,000

2,012

$

2,806

Nevada

-

.91

%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(f) 8,950

9,183

5.25%,

07/01/2049

(f) 5,400

5,630

$

14,813

New

Hampshire

-

.41

%

New

Hampshire

Business

Finance

Authority

3.75%,

07/01/2045

(c),(d)

1,000

814

4.13%,

01/20/2034

4.88%,

11/01/2042

(d) 1,000

907

$

2,105

New

Jersey

-

.39

%

Casino

Reinvestment

Development

Authority

Inc

(credit

support

from

Assured

Guaranty)

5.00%,

11/01/2042

(e) 1,000

1,076

New

Jersey

Economic

Development

Authority

5.75%,

04/01/2031

1,005

1,010

New

Jersey

Turnpike

Authority

5.25%,

01/01/2049

1,000

1,067

State

of

New

Jersey

4.00%,

06/01/2031

5,000

5,302

Tobacco

Settlement

Financing

Corp

4.00%,

06/01/2037

5,195

5,205

5.25%,

06/01/2046

8,680

8,697

$

22,357

Schedule

of

Investments

Tax-Exempt

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

New

Mexico

-

.10

%

City

of

Farmington

NM

2.15%,

04/01/2033

$

600

$

523

New

York

-

.27

%

Hempstead

Town

Local

Development

Corp

5.00%,

10/01/2056

3,000

2,962

Metropolitan

Transportation

Authority

4.00%,

11/15/2044

735

696

5.00%,

11/15/2032

1,000

1,091

5.00%,

11/15/2045

3,025

3,101

New

York

City

Municipal

Water

Finance

Authority

3.40%,

06/15/2043

(c) 215

3.40%,

06/15/2044

(c) 400

5.25%,

06/15/2046

2,000

2,145

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

5.25%,

11/01/2038

2,835

3,137

5.50%,

05/01/2042

3,050

3,410

New

York

Energy

Finance

Development

Corp

5.00%,

07/01/2056

(c) 2,050

2,111

New

York

State

Dormitory

Authority

4.00%,

09/01/2045

1,500

1,352

5.00%,

10/01/2038

1,000

1,035

5.00%,

10/01/2048

(f) 2,000

2,240

5.00%,

10/01/2050

(f) 5,500

6,117

5.25%,

03/15/2049

1,000

1,058

New

York

State

Dormitory

Authority

(credit

support

from

Assured

Guaranty)

5.25%,

10/01/2043

(e) 1,000

1,081

5.50%,

10/01/2054

(e) 3,000

3,170

New

York

State

Housing

Finance

Agency

3.37%,

11/01/2044

(c) 1,500

1,500

New

York

Transportation

Development

Corp

4.00%,

10/31/2041

1,000

971

5.00%,

01/01/2032

5,000

5,118

5.00%,

01/01/2034

3,200

3,261

5.63%,

04/01/2040

1,000

1,059

6.00%,

06/30/2059

1,500

1,582

New

York

Transportation

Development

Corp

(credit

support

from

Assured

Guaranty)

6.00%,

06/30/2050

(e) 4,000

4,319

Oneida

Indian

Nation

of

New

York

6.00%,

09/01/2043

(d) 1,900

2,053

Tompkins

County

Development

Corp

0.00%,

07/01/2027

(a) 115

Westchester

County

Local

Development

Corp

(credit

support

from

Assured

Guaranty)

5.75%,

11/01/2048

(e) 2,075

2,236

$

57,443

Ohio

-

.83

%

Buckeye

Tobacco

Settlement

Financing

Authority

4.00%,

06/01/2037

1,125

1,133

4.00%,

06/01/2039

1,850

1,831

5.00%,

06/01/2055

5,000

3,966

County

of

Cuyahoga

OH

5.00%,

12/01/2049

2,655

2,746

County

of

Hamilton

OH

5.00%,

01/01/2036

1,435

1,436

Ohio

Air

Quality

Development

Authority

4.50%,

01/15/2048

(d) 850

788

Ohio

State

University/The

5.00%,

12/01/2033

5,000

5,669

Ohio

Water

Development

Authority

5.00%,

12/01/2039

2,000

2,274

State

of

Ohio

3.85%,

01/15/2045

(c) 3,600

3,600

3.85%,

01/15/2051

(c) 200

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Ohio

(continued)

Tender

Option

Bond

Trust

Receipts/Certificates

3.40%,

06/01/2031

(c),(d)

$

1,000

$

1,000

$

24,643

Oklahoma

-

.55

%

Tulsa

Municipal

Airport

Trust

Trustees/OK

6.25%,

12/01/2035

2,500

2,816

Oregon

-

.08

%

State

of

Oregon

Department

of

Transportation

5.00%,

11/15/2034

4,750

5,488

Other

Territory

-

.03

%

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

3.54%,

03/01/2029

(c) 150

Pennsylvania

-

.87

%

Allegheny

County

Higher

Education

Building

Authority

3.40%,

12/01/2037

(c) 1,000

1,000

Allegheny

County

Industrial

Development

Authority

5.13%,

05/01/2030

1,630

1,719

City

of

Philadelphia

PA

5.00%,

02/01/2037

2,000

2,102

General

Authority

of

Southcentral

Pennsylvania

(credit

support

from

Assured

Guaranty)

4.00%,

06/01/2049

(e) 3,400

3,090

Lancaster

Industrial

Development

Authority

4.00%,

07/01/2051

1,000

815

Pennsylvania

Economic

Development

Financing

Authority

5.45%,

03/01/2056

(c),(d)

2,500

2,516

5.50%,

06/30/2043

4,100

4,348

Pennsylvania

Turnpike

Commission

5.00%,

12/01/2029

2,000

2,149

Philadelphia

Authority

for

Industrial

Development

4.00%,

07/01/2049

1,050

962

Philadelphia

Gas

Works

Co

(credit

support

from

Assured

Guaranty)

5.25%,

08/01/2054

(e) 1,000

1,049

$

19,750

Puerto

Rico

-

.73

%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(a) 428

0.00%,

11/01/2043

(a),(c)

1,278

869

4.00%,

07/01/2033

4.00%,

07/01/2037

4.00%,

07/01/2046

5.75%,

07/01/2031

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

1,850

1,797

$

3,725

Rhode

Island

-

.46

%

Rhode

Island

Health

and

Educational

Building

Corp

3.53%,

06/01/2035

(c) 750

750

Tender

Option

Bond

Trust

Receipts/

Certificates

(credit

support

from

Ginnie

Mae

Collateral)

3.12%,

04/01/2031

(c),(d),(e)

1,600

1,600

$

2,350

South

Carolina

-

.79

%

City

of

North

Charleston

SC

3.83%,

09/01/2037

(c) 100

South

Carolina

Jobs-Economic

Development

Authority

0.00%,

06/01/2031

(a),(d)

1,000

0.00%,

06/01/2051

(a),(d)

4,500

5.25%,

11/15/2047

1,830

1,823

5.25%,

11/15/2052

1,500

1,448

Schedule

of

Investments

Tax-Exempt

Bond

Fund

April

30,

2026

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

South

Carolina

(continued)

South

Carolina

Public

Service

Authority

5.25%,

12/01/2050

$

2,930

$

3,102

South

Carolina

Public

Service

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

12/01/2055

(e) 2,000

2,044

$

9,122

Texas

-

.89

%

Central

Texas

Regional

Mobility

Authority

5.00%,

01/01/2048

2,740

2,764

City

of

Houston

TX

Airport

System

Revenue

5.50%,

07/15/2036

4,550

4,853

5.50%,

07/15/2038

1,000

1,059

City

of

Houston

TX

Hotel

Occupancy

Tax

&

Special

Revenue

(credit

support

from

Assured

Guaranty)

5.25%,

09/01/2051

(e) 2,000

2,086

5.50%,

09/01/2058

(e) 1,250

1,326

Lower

Colorado

River

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

05/15/2044

(e) 4,055

4,358

Mission

Economic

Development

Corp

5.00%,

12/01/2064

(c) 2,500

2,603

New

Hope

Higher

Education

Finance

Corp

5.00%,

03/15/2055

2,000

2,042

Permanent

University

Fund

-

University

of

Texas

System

5.00%,

07/01/2036

6,305

7,328

5.25%,

07/01/2041

8,945

10,760

Port

of

Beaumont

Navigation

District

3.63%,

01/01/2035

(d) 4,335

3,940

Port

of

Port

Arthur

Navigation

District

3.40%,

04/01/2040

(c) 700

700

Tarrant

County

Cultural

Education

Facilities

Finance

Corp

4.13%,

12/01/2054

1,000

893

5.00%,

11/15/2037

2,060

2,067

5.00%,

12/01/2044

2,000

2,135

Tender

Option

Bond

Trust

Receipts/Certificates

3.40%,

03/01/2033

(c),(d)

3,300

3,300

Texas

Municipal

Gas

Acquisition

&

Supply

Corp

V

5.00%,

04/01/2036

(g) 3,725

3,881

5.00%,

01/01/2055

(c) 4,225

4,505

$

60,600

Utah

-

.24

%

City

of

Salt

Lake

City

UT

Airport

Revenue

5.00%,

07/01/2050

(f) 1,360

1,447

5.00%,

07/01/2055

(f) 1,360

1,433

5.50%,

07/01/2040

(f) 2,040

2,211

5.50%,

07/01/2042

(f) 2,040

2,238

Mida

Mountain

Village

Public

Infrastructure

District

6.00%,

06/15/2054

(d) 2,000

2,058

Utah

Infrastructure

Agency

5.00%,

10/15/2032

4,385

4,409

5.00%,

10/15/2037

1,500

1,502

5.38%,

10/15/2040

1,200

1,207

$

16,505

Virginia

-

.61

%

County

of

Fairfax

VA

(credit

support

from

State

Aid

Withholding)

4.00%,

10/01/2039

(e) 5,000

5,105

Fairfax

County

Redevelopment

&

Housing

Authority

5.00%,

10/01/2039

2,720

2,817

Virginia

Housing

Development

Authority

4.60%,

07/01/2046

2,590

2,558

Virginia

Small

Business

Financing

Authority

3.00%,

01/01/2041

3,480

2,850

$

13,330

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Wisconsin

-

.34

%

Public

Finance

Authority

5.75%,

06/30/2060

$

600

$

614

6.50%,

06/30/2060

1,000

1,101

$

1,715

TOTAL

MUNICIPAL

BONDS

$

533,122

Total

Investments

$

535,507

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(5.51)%

Notes

with

interest

rates

of

3.10%

-

3.21%

at

April

30,

2026

and

contractual

maturities

of

collateral

from

2026-2049.

(h) $

(28,065)

(28,065)

Total

Net

Investments

$

507,442

Other

Assets

and

Liabilities

- 0.47%

2,371

TOTAL

NET

ASSETS

-

100.00%

$

509,813

(a) Non-income

producing

security

(b) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(c) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$67,573

or

13.25%

of

net

assets.

(e) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(f) Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(g) Security

purchased

on

a

when-issued

basis.

(h) Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

April

30,

2026. Glossary

to

the

Schedule

of

Investments

April

30,

2026

See

accompanying

notes.

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Renminbi

COP

Colombian

Peso

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

Sterling

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

RON

Romanian

New

Leu

TRY

Turkish

Lira

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

2026(b)

$

.83

$

.17

($

.04)

$

.13

($

.17)

($

.17)

$

.79

2025

.86

.33

(0

.02)

.31

(0

.34)

(0

.34)

.83

2024

.30

.30

.56

.86

(0

.30)

(0

.30)

.86

2023

.27

.28

.02

.30

(0

.27)

(0

.27)

.30

2022

.02

.25

(1

.75)

(1

.50)

(0

.25)

(0

.25)

.27

2021

.85

.24

.17

.41

(0

.24)

(0

.24)

.02

Class

C

shares

2026(b)

.85

.13

(0

.03)

.10

(0

.13)

(0

.13)

.82

2025

.88

.25

(0

.02)

.23

(0

.26)

(0

.26)

.85

2024

.32

.21

.56

.77

(0

.21)

(0

.21)

.88

2023

.29

.20

.02

.22

(0

.19)

(0

.19)

.32

2022

.05

.16

(1

.76)

(1

.60)

(0

.16)

(0

.16)

.29

2021

.87

.15

.18

.33

(0

.15)

(0

.15)

.05

Institutional

shares

2026(b)

.84

.18

(0

.04)

.14

(0

.18)

(0

.18)

.80

2025

.87

.35

(0

.02)

.33

(0

.36)

(0

.36)

.84

2024

.30

.32

.57

.89

(0

.32)

(0

.32)

.87

2023

.27

.31

.02

.33

(0

.30)

(0

.30)

.30

2022

.03

.27

(1

.76)

(1

.49)

(0

.27)

(0

.27)

.27

2021

.86

.26

.18

.44

(0

.27)

(0

.27)

.03

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.30

%

(c) ,(d)

$

357,516

.83

%

(e) 0

.71

%

(e) ,(f)

.52

%

(e) 37

.5

%

(e) 3

.19

(d) 335,447

.85

.71

(f) 3

.40

.2

.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

.97

(c) ,(d)

15,168

.69

(e) 1

.57

(e) ,(f)

.66

(e) 37

.5

(e) 2

.34

(d) 16,019

.67

.53

(f) 2

.57

.2

.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

.42

(c) 314,151

.58

(e) ,(h)

.46

(e) ,(f)

,(h)

.76

(e) 37

.5

(e) 3

.44

293,382

.60

(h) 0

.46

(f) ,(h)

.64

.2

.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

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

8.72 $

0.14 ($

.11)

$

0.03 ($

0.15)

($

0.15)

$

8.60 2025

8.53 0.27 0.21 0.48 (0.29)

(0.29)

8.72 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

10.17 0.13 (0.16)

(0.03)

(0.19)

(0.19)

9.95 Class

J

shares

2026(b)

8.74 0.15 (0.11)

0.04 (0.15)

(0.15)

8.63 2025

8.55 0.28 0.21 0.49 (0.30)

(0.30)

8.74 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)

8.21 2021

10.19 0.15 (0.15)

–

(0.21)

(0.21)

9.98 Institutional

shares

2026(b)

8.75 0.15 (0.11)

0.04 (0.16)

(0.16)

8.63 2025

8.56 0.29 0.21 0.50 (0.31)

(0.31)

8.75 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

9.99 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 R-3

shares

2026(b)

8.78 0.13 (0.11)

0.02 (0.14)

(0.14)

8.66 2025

8.58 0.25 0.22 0.47 (0.27)

(0.27)

8.78 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 R-5

shares

2026(b)

8.74 0.15 (0.12)

0.03 (0.15)

(0.15)

8.62 2025

8.55 0.28 0.21 0.49 (0.30)

(0.30)

8.74 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 R-6

shares

2026(b)

8.74 0.16 (0.12)

0.04 (0.16)

(0.16)

8.62 2025

8.55 0.30 0.21 0.51 (0.32)

(0.32)

8.74 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 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

0.29 %

(c),(d)

$

185,340

0.71 %

(e) –

%

3.26 %

(e) 9.3 %

(e) 5.74 (d) 194,772

0.71 –

3.15 13.4 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 0.47 (c),(d)

76,194

0.58 (e) –

3.39 (e) 9.3 (e) 5.88 (d) 79,136

0.57 (g) 0.57 (h) 3.29 13.4 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 0.42 (c) 613,558

0.43 (e),(i)

–

3.54 (e) 9.3 (e) 6.01 603,826

0.43 (i) –

3.43 13.4 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 0.19 (c) 16,708

0.90 (e) –

3.07 (e) 9.3 (e) 5.62 16,453

0.90 –

2.96 13.4 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 0.34 (c) 20,842

0.59 (e) –

3.37 (e) 9.3 (e) 5.85 21,689

0.59 –

3.27 13.4 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 0.47 (c) 9,519,968

0.34 (e) –

.63

(e) 9.3 (e) 6.12 9,816,682

0.34 –

3.53 13.4 11.14 9,972,321

0.34 –

.31

13.9 0.32 8,552,003

0.38 –

2.97 9.9 (15.54)

8,288,998

0.38 –

.10

13.7 0.18 9,159,603

0.41 (i) –

1.67 15.8 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

9.20 $

0.21 ($

0.15)

$

0.06 ($

0.21)

$

–

($

0.21)

$

9.05 2025

9.07 0.39 0.13 0.52 (0.39)

–

(0.39)

9.20 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 Class

J

shares

2026(b)

9.28 0.21 (0.14)

0.07 (0.21)

–

(0.21)

9.14 2025

9.15 0.39 0.13 0.52 (0.39)

–

(0.39)

9.28 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)

.91

2021

11.66 0.18 (0.03)

0.15 (0.20)

(0.53)

(0.73)

11.08 Institutional

shares

2026(b)

.19

0.22 (0.15)

0.07 (0.22)

–

(0.22)

9.04 2025

9.06 0.42 0.13 0.55 (0.42)

–

(0.42)

9.19 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 R-3

shares

2026(b)

9.11 0.19 (0.13)

0.06 (0.20)

–

(0.20)

8.97 2025

8.99 0.37 0

.12

0.49 (0.37)

–

(0.37)

9.11 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 R-5

shares

2026(b)

9.13 0.21 (0.14)

0.07 (0.21)

–

(0.21)

8.99 2025

9.00 0.40 0.13 0.53 (0.40)

–

(0.40)

9.13 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 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

0.61 %

(c),(d)

$

59,462

0.80 %

(e),(f)

–

%

4.52 %

(e) 98.4 %

(e) 5.89 (d) 63,683

0.80 (f) –

4.33 165.0 10.68 (d) 64,346

0.81 (f) –

3.83 159.6 (0

.83)

(d) 65,589

0.84 (f) –

3.16 156.0 (17.03)

(d) 69,698

0.84 (f) –

2.04 160.7 1.24 (d) 94,268

0.84 (f) –

1.54 181.5 0.72 (c),(d)

90,328

0.80 (e) –

4.51 (e) 98.4 (e) 5.83 (d) 94,654

0.81 (g) 0.81 (h) 4.32 165.0 10.72 (d) 95,565

0.80 (g) 0

.81

(h) 3.85 159.6 (0.93)

(d) 94,195

0.94 (g) 0.98 (h) 3.06 156.0 (17.08)

(d) 103,790

0.85 (g) 0.93 (h) 2.04 160.7 1.25 (d) 142,242

0.82 (g) 0.91 (h) 1.56 181.5 0.77 (c) 305,793

0.48 (e),(f)

–

4.84 (e) 98.4 (e) 6.24 322,956

0.48 (f) –

.65

165.0 10.90 330,925

0.51 (f) –

4.14 159.6 (0.44)

(i) 330,432

0.56 (f) –

3.44 156.0 (16.89)

(i) 350,465

0.56 (f) –

2.34 160.7 1.54 (i) 398,554

0.56 (f) –

1.85 181.5 0.63 (c) 14,674

1.01 (e) –

4.31 (e) 98.4 (e) 5.62 16,579

1.01 –

4.13 165.0 10.42 13,628

1.02 –

3.62 159.6 (1.06)

14,967

1.07 (f) –

2.93 156.0 (17.25)

13,893

1.07 (f) –

1.81 160.7 1.03 20,465

1.07 (f) –

1.33 181.5 0.78 (c) 20,201

0.70 (e) –

4.62 (e) 98.4 (e) 6.04 20,704

0.70 –

4.43 165.0 10.62 37,351

0.71 –

3.94 159.6 (0.64)

37,949

0.76 (f) –

3.24 156.0 (16.98)

38,423

0.76 (f) –

2.16 160.7 1.34 44,691

0.76 (f) –

1.64 181.5 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

Tax

Return

of

Capital

Distribution

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

INCOME

FUND

Class

A

shares

2026(b)

$

.05

$

.34

($

.40)

($

.06)

($

.36)

$

–

($

.36)

$

.63

2025

.96

.69

.08

.77

(0

.68)

–

(0

.68)

.05

2024

.26

.73

.71

.44

(0

.74)

–

(0

.74)

.96

2023

.58

.70

(0

.35)

.35

(0

.67)

–

(0

.67)

.26

2022

.87

.55

(2

.27)

(1

.72)

(0

.56)

(0

.01)

(0

.57)

.58

2021

.57

.56

.32

.88

(0

.58)

–

(0

.58)

.87

Class

C

shares

2026(b)

.97

.29

(0

.38)

(0

.09)

(0

.32)

–

(0

.32)

.56

2025

.89

.59

.07

.66

(0

.58)

–

(0

.58)

.97

2024

.19

.64

.71

.35

(0

.65)

–

(0

.65)

.89

2023

.51

.61

(0

.35)

.26

(0

.58)

–

(0

.58)

.19

2022

.78

.45

(2

.25)

(1

.80)

(0

.47)

–

(0

.47)

.51

2021

.49

.47

.29

.76

(0

.47)

–

(0

.47)

.78

Institutional

shares

2026(b)

.96

.36

(0

.39)

(0

.03)

(0

.38)

–

(0

.38)

.55

2025

.89

.73

.06

.79

(0

.72)

–

(0

.72)

.96

2024

.20

.76

.71

.47

(0

.78)

–

(0

.78)

.89

2023

.52

.74

(0

.35)

.39

(0

.71)

–

(0

.71)

.20

2022

.79

.59

(2

.24)

(1

.65)

(0

.61)

(0

.01)

(0

.62)

.52

2021

.50

.61

.31

.92

(0

.63)

–

(0

.63)

.79

shares

2026(b)

.96

.36

(0

.39)

(0

.03)

(0

.38)

–

(0

.38)

.55

2025

.88

.73

.07

.80

(0

.72)

–

(0

.72)

.96

2024

.19

.76

.71

.47

(0

.78)

–

(0

.78)

.88

2023

.51

.73

(0

.33)

.40

(0

.72)

–

(0

.72)

.19

2022

.78

.58

(2

.23)

(1

.65)

(0

.61)

(0

.01)

(0

.62)

.51

2021

.49

.62

.30

.92

(0

.63)

–

(0

.63)

.78

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.47)

%

(c) ,(d)

$

807,358

.03

%

(e) 5

.85

%

(e) 86

.6

%

(e) 6

.65

(d) 881,096

.03

(f) 5

.77

.9

.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

(0

.80)

(c) ,(d)

64,988

.84

(e) 5

.05

(e) 86

.6

(e) 5

.75

(d) 83,393

.80

(f) 5

.01

.9

.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

(0

.22)

(c) 1,252,883

.68

(e) ,(g)

.20

(e) 86

.6

(e) 6

.89

1,361,939

.69

(f) ,(g)

.12

.9

.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

(0

.21)

(c) 63,310

.68

(e) ,(g)

.20

(e) 86

.6

(e) 6

.98

70,372

.68

(f) ,(g)

.14

.9

.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

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

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

2026(b)

$

16.74 $

0.05 $

1.23 $

1.28 ($

0.37)

$

–

($

0.37)

$

17.65 2025

14.22 0.21 2.99 3.20 (0.28)

(0.40)

(0.68)

16.74 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 Class

J

shares

2026(b)

16.47 0.06 1.21 1.27 (0.39)

–

(0.39)

17.35 2025

14.02 0.22 2.93 3.15 (0.30)

(0.40)

(0.70)

16.47 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 Institutional

shares

2026(b)

16.65 0.08 1.22 1.30 (0.43)

–

(0.43)

17.52 2025

14.14 0.24 2.99 3.23 (0.32)

(0.40)

(0.72)

.65

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 R-3

shares

2026(b)

16.66 0.03 1.23 1.26 (0.35)

–

(0.35)

17.57 2025

14.17 0.18 2.98 3.16 (0.27)

(0.40)

(0.67)

16.66 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 R-5

shares

2026(b)

16.92 0.07 1.24 1.31 (0.39)

–

(0.39)

17.84 2025

14.38 0.23 3.02 3.25 (0.31)

(0.40)

(0.71)

16.92 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 R-6

shares

2026(b)

16.65 0.08 1.21 1.29 (0.43)

–

(0.43)

17.51 2025

14.15 0.11 3.13 3.24 (0.34)

(0.40)

(0.74)

16.65 2024

11.82 0.25 2.43 2.68 (0.35)

–

(0.35)

14.15 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 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

7.74 %

(c),(d)

$

237,302

1.20 %

(e) –

%

0.57 %

(e) 51.8 %

(e) 23.68 (d) 249,627

1.22 (f) –

1.40 38.2 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 7.74 (c),(d),(i)

192,440

1.08 (e) –

0.73 (e) 51.8 (e) 23.79 (d),(i)

183,313

1.11 (f),(j)

1.12 (k) 1.51 38.2 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 7.90 (c) 177,506

0.84 (e),(l)

–

0.98 (e) 51.8 (e) 24.12 165,766

0.86 (f),(l)

–

1.63 38.2 22.79 197,038

0.86 (g),(l)

–

1.67 35.0 11.40 388,034

0.88 (h),(l)

–

1.70 42.2 (24.77)

402,288

0.88 (h),(l)

–

1.99 57.0 29.63 (i) 557,003

0.85 (l) –

1.50 48.7 7.62 (c) 13,667

1.37 (e) –

0.39 (e) 51.8 (e) 23.43 14,816

1.39 (f) –

1.22 38.2 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 7.83 (c) 25,924

1.06 (e) –

0.77 (e) 51.8 (e) 23.83 24,228

1.08 (f) –

1.53 38.2 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 7.87 (c) 368,229

0.81 (e),(l)

–

0.96 (e) 51.8 (e) 24.23 554,680

0.76 (f),(l)

–

0.76 38.2 22.89 6,157,664

0.76 (g) –

1.80 35.0 11.40 3,725,314

0.79 (h),(l)

–

1.78 42.2 (24.66)

3,254,802

0.78 (h),(l)

–

2.08 57.0 29.71 4,491,999

0.74 (l) –

1.51 48.7 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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) 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.

(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) 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

EQUITY

INCOME

FUND

Class

A

shares

2026(b)

$

42.84 $

0.25 $

5.13 $

5.38 ($

0.24)

($

3.49)

($

3.73)

$

44.49 2025

43.04 0.52 3.59 4.11 (0.59)

(3.72)

(4.31)

42.84 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 Class

C

shares

2026(b)

41.29 0.08 4.94 5.02 (0.09)

(3.49)

(3.58)

42.73 2025

41.64 0.19 3.47 3.66 (0.29)

(3.72)

(4.01)

41.29 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 Class

J

shares

2026(b)

42.90 0.27 5.15 5.42 (0.26)

(3.49)

(3.75)

44.57 2025

43.10 0.56 3.59 4.15 (0.63)

(3.72)

(4.35)

42.90 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 Institutional

shares

2026(b)

42.92 0.32 5.15 5.47 (0.31)

(3.49)

(3.80)

44.59 2025

43.11 0.65 3.60 4.25 (0.72)

(3.72)

(4.44)

42.92 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 R-3

shares

2026(b)

42.65 0.20 5.11 5.31 (0.19)

(3.49)

(3.68)

44.28 2025

42.87 0.42 3.58 4.00 (0.50)

(3.72)

(4.22)

42.65 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 R-5

shares

2026(b)

42.84 0.26 5.15 5.41 (0.26)

(3.49)

(3.75)

44.50 2025

.05

0.55 3.59 4.14 (0.63)

(3.72)

(4.35)

42.84 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 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

13.27 %

(c),(d)

$

1,344,056

0.84 %

(e) –

%

1.18 %

(e) 9.3 %

(e) 10.27 (d) 1,255,226

0.85 –

1.27 16.7 33.11 (d) 1,296,060

0.85 –

1.68 16.3 (0.83)

(d) 1,078,315

0.87 –

1.96 13.3 (10.64)

(d) 1,176,246

0.86 –

1.48 16.9 37.51 (d) 1,424,668

0.86 –

1.33 22.0 12.82 (c),(d)

66,954

1.63 (e) –

0.39 (e) 9.3 (e) 9.41 (d) 66,019

1.63 –

0.49 16.7 32.10 (d) 74,647

1.62 –

0.94 16.3 (1.59)

(d) 72,774

1.65 –

1.20 13.3 (11.33)

(d),(f)

97,145

1.62 –

0.72 16.9 36.49 (d),(f)

125,768

1.61 –

0.61 22.0 13.35 (c),(d)

99,099

0.75 (e) –

1.27 (e) 9.3 (e) 10.37 (d) 91,168

0.74 (g) 0.74 (h) 1.37 16.7 33.27 (d) 89,080

0.74 (g) 0.75 (h) 1.79 16.3 (0.75)

(d) 70,291

0.79 (g) 0.81 (h) 2.05 13.3 (10.55)

(d) 76,630

0.77 (g) 0.79 (h) 1.58 16.9 37.60 (d) 86,651

0.77 (g) 0.79 (h) 1.42 22.0 13.47 (c) 6,419,776

0.52 (e),(i)

–

1.50 (e) 9.3 (e) 10.64 6,860,500

0.52 (i) –

1.59 16.7 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)

(f) 7,731,338

0.52 (i) –

1.82 16.9 37.97 (f) 9,001,763

0.52 (i) –

1.68 22.0 13.14 (c) 28,041

1.08 (e) –

0.94 (e) 9.3 (e) 10.02 29,054

1.08 –

1.04 16.7 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 13.33 (c) 175,031

0.77 (e) –

1.25 (e) 9.3 (e) 10.34 166,162

0.77 –

1.34 16.7 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

Tax

Return

of

Capital

Distribution

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

FINISTERRE

EMERGING

MARKETS

TOTAL

RETURN

BOND

FUND

Institutional

shares

2026(b)

$

.62

$

.33

$

.04

$

.37

($

.35)

$

–

$

–

($

.35)

$

.64

2025

.93

.68

.57

.25

(0

.56)

–

–

(0

.56)

.62

2024

.25

.72

.61

.33

(0

.65)

–

–

(0

.65)

.93

2023

.92

.61

.26

.87

(0

.54)

–

–

(0

.54)

.25

2022

.28

.49

(2

.21)

(1

.72)

(0

.64)

–

–

(0

.64)

.92

2021

.24

.39

.07

.46

(0

.29)

(0

.09)

(0

.04)

(0

.42)

.28

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.96

%

(c) ,(d)

$

994,547

.83

%

(e) ,(f)

.94

%

(e) 134

.7

%

(e) 14

.54

810,064

.84

(f) 7

.43

.7

.48

660,597

.85

(f) 8

.18

.3

.97

447,683

.85

(f) 7

.02

.8

(17

.17)

378,572

.84

(f) 5

.24

.4

.47

770,197

.85

(f) 3

.69

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

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

2026(b)

$

35.24 $

–

$

5.46 $

5.46 ($

0.21)

($

0.55)

($

0.76)

$

39.94 2025

26.87 0.25 8.12 8.37 –

–

–

35.24 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 Class

J

shares

2026(b)

33.72 0.02 5.21 5.23 (0.26)

(0.55)

(0.81)

38.14 2025

25.70 0.28 7.76 8.04 (0.02)

–

(0.02)

33.72 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 Institutional

shares

2026(b)

34.86 0.05 5.39 5.44 (0.32)

(0.55)

(0.87)

39.43 2025

26.57 0.36 8.00 8.36 (0.07)

–

(0.07)

34.86 2024

22.44 0.22 4.45 4.67 (0.54)

–

(0.54)

26.57 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 R-3

shares

2026(b)

34.70 (0.03)

5.38 5.35 (0.19)

(0.55)

(0.74)

39.31 2025

26.49 0.22 7.99 8.21 –

–

–

34.70 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 R-5

shares

2026(b)

35.07 0.03 5.42 5.45 (0.28)

(0.55)

(0.83)

.69

2025

26.72 0.31 8.08 8.39 (0.04)

–

(0.04)

35.07 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 R-6

shares

2026(b)

34.94 0.07 5.41 5.48 (0.35)

(0.55)

(0.90)

39.52 2025

26.62 0.37 8.04 8.41 (0.09)

–

(0.09)

34.94 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 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

15.88 %

(c),(d)

$

99,305

1.40 %

(e),(f),(g)

–

%

(0.02)

%

(e) 59.2 %

(e) 31.15 (d) 81,802

1.45 (f),(g)

–

0.86 32.3 20.63 (d) 67,819

1.46 (f),(h)

–

1.06 28.5 14.33 (d) 63,629

1.47 (f) –

1.20 32.4 (32.46)

(d) 60,893

1.55 (f) –

1.44 34.7 18.27 (d) 91,585

1.56 (f),(h)

–

0.63 43.9 15.95 (c),(d)

116,048

1.28 (e),(f),(g)

–

0.09 (e) 59.2 (e) 31.30 (d) 94,926

1.31 (g),(i)

1.35 (j) 1.00 32.3 20.84 (d) 71,586

1.31 (h),(i)

1.45 (j) 1.22 28.5 14.46 (d) 65,679

1.31 (i) 1.59 (j) 1.35 32.4 (32.31)

(d) 61,730

1.37 (i) 1.52 (j) 1.58 34.7 18.46 (d) 99,899

1.38 (h),(i)

1.48 (j) 0.80 43.9 16.03 (c) 64,214

1.11 (e),(f),(g)

–

0.27 (e) 59.2 (e) 31.57 51,112

1.11 (f),(g)

–

1.25 32.3 21.07 31,746

1.11 (f),(h)

–

0.89 28.5 14.66 67,145

1.12 (f) –

1.54 32.4 (32.20)

60,449

1.20 (f) –

1.90 34.7 18.66 73,485

1.21 (f),(h)

–

0.98 43.9 15.81 (c) 8,262

1.54 (e),(g)

–

(0

.19)

(e) 59.2 (e) 30.99 6,676

1.56 (g) –

0.75 32.3 20.45 3,762

1.63 (h) –

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 (h) –

0.53 43.9 15.98 (c),(k)

8,040

1.23 (e),(g)

–

0.16 (e) 59.2 (e) 31.43 6,200

1.25 (g) –

1.07 32.3 20.81 3,027

1.32 (h) –

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 (h) –

0.79 43.9 16.13 (c) 7,449,184

0.97 (e),(f),(g)

–

0.41 (e) 59.2 (e) 31.70 5,299,251

1.00 (f),(g)

–

1.25 32.3 21.16 2,240,199

1.02 (f),(h)

–

0.51 28.5 14.81 3,961

1.04 (f) –

1.51 32.4 (32.14)

(k) 2,165

1.09 (f) –

1.71 34.7 18.79 (k) 4,121

1.10 (f),(h)

–

1.12 43.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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) Includes

0.01%

of

expense

associated

with

consulting

fees.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(h) 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.

(i) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(j) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(k) 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

GLOBAL

REAL

ESTATE

SECURITIES

FUND

Class

A

shares

2026(b)

$

.96

$

.07

$

.78

$

.85

($

.21)

$

–

($

.21)

$

.60

2025

.04

.16

(0

.04)

.12

(0

.20)

–

(0

.20)

.96

2024

.25

.16

.83

.99

(0

.20)

–

(0

.20)

.04

2023

.69

.16

(0

.54)

(0

.38)

(0

.06)

–

(0

.06)

.25

2022

.83

.14

(3

.03)

(2

.89)

(0

.21)

(0

.04)

(0

.25)

.69

2021

.98

.12

.80

.92

(0

.07)

–

(0

.07)

.83

Institutional

shares

2026(b)

.80

.09

.87

.96

(0

.25)

–

(0

.25)

.51

2025

.86

.21

(0

.04)

.17

(0

.23)

–

(0

.23)

.80

2024

.90

.21

.99

.20

(0

.24)

–

(0

.24)

.86

2023

.37

.21

(0

.58)

(0

.37)

(0

.10)

–

(0

.10)

.90

2022

.76

.19

(3

.30)

(3

.11)

(0

.24)

(0

.04)

(0

.28)

.37

2021

.64

.16

.04

.20

(0

.08)

–

(0

.08)

.76

shares

2026(b)

.68

.07

.85

.92

(0

.19)

–

(0

.19)

.41

2025

.78

.19

(0

.08)

.11

(0

.21)

–

(0

.21)

.68

2024

.84

.15

.00

.15

(0

.21)

–

(0

.21)

.78

2023

.31

.16

(0

.58)

(0

.42)

(0

.05)

–

(0

.05)

.84

2022

.68

.13

(3

.26)

(3

.13)

(0

.20)

(0

.04)

(0

.24)

.31

2021

.61

.12

.02

.14

(0

.07)

–

(0

.07)

.68

shares

2026(b)

.76

.09

.84

.93

(0

.23)

–

(0

.23)

.46

2025

.83

.19

(0

.04)

.15

(0

.22)

–

(0

.22)

.76

2024

.87

.20

.99

.19

(0

.23)

–

(0

.23)

.83

2023

.35

.19

(0

.59)

(0

.40)

(0

.08)

–

(0

.08)

.87

2022

.74

.18

(3

.28)

(3

.10)

(0

.25)

(0

.04)

(0

.29)

.35

2021

.64

.14

.03

.17

(0

.07)

–

(0

.07)

.74

shares

2026(b)

.81

.10

.86

.96

(0

.26)

–

(0

.26)

.51

2025

.87

.22

(0

.04)

.18

(0

.24)

–

(0

.24)

.81

2024

.91

.22

.99

.21

(0

.25)

–

(0

.25)

.87

2023

.38

.22

(0

.59)

(0

.37)

(0

.10)

–

(0

.10)

.91

2022

.77

.19

(3

.29)

(3

.10)

(0

.25)

(0

.04)

(0

.29)

.38

2021

.64

.17

.04

.21

(0

.08)

–

(0

.08)

.77

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.84

%

(c) ,(d)

,(e)

$

49,383

.36

%

(f) ,(g)

.50

%

(f) 41

.6

%

(f) 1

.47

(e) 48,016

.36

.82

.1

.66

(e) 58,008

.33

(h) 1

.95

.5

(4

.98)

(e) 55,011

.36

.01

.3

(27

.34)

(e) 82,943

.31

.45

.8

.76

(e) 112,900

.29

.22

.9

.05

(c) 1,104,589

.95

(f) ,(g)

,(i)

.91

(f) 41

.6

(f) 1

.94

1,015,951

.94

(i) 2

.22

.1

.08

1,044,659

.95

(h) ,(i)

.33

.5

(4

.54)

1,090,278

.94

(i) 2

.43

.3

(27

.10)

1,422,719

.94

(i) 1

.79

.8

.21

2,394,983

.94

(i) 1

.53

.9

.71

(c) 619

.47

(f) ,(g)

.43

(f) 41

.6

(f) 1

.27

.46

.02

.1

.53

1,846

.46

(h) 1

.62

.5

(5

.13)

724

.45

.88

.3

(27

.40)

578

.45

.27

.8

.57

544

.44

.11

.9

.78

(c) 2,803

.16

(f) ,(g)

.85

(f) 41

.6

(f) 1

.66

10,798

.15

.01

.1

.97

8,510

.15

(h) 2

.13

.5

(4

.84)

6,431

.14

.24

.3

(27

.13)

5,935

.14

.79

.8

.91

.13

.27

.9

.98

(c) 557,262

.91

(f) ,(g)

.95

(f) 41

.6

(f) 2

.00

524,726

.90

.33

.1

.27

(d) 721,279

.90

(h) 2

.39

.5

(4

.59)

(d) 650,870

.89

.47

.3

(27

.02)

707,703

.88

(i) 1

.84

.8

.35

1,585,562

.87

(i) 1

.59

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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) 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

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(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

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

GOVERNMENT

&

HIGH

QUALITY

BOND

FUND

Class

A

shares

2026(b)

$

9.16 $

0.17 ($

0.10)

$

0.07 ($

0.16)

($

0.16)

$

9.07 2025

8.89 0.32 0.26 0.58 (0.31)

(0.31)

9.16 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 Class

J

shares

2026(b)

9.18 0.16 (0.08)

0.08 (0.16)

(0.16)

9.10 2025

8.92 0.31 0.25 0.56 (0.30)

(0.30)

9.18 2024

8.28 0.24 0.64 0.88 (0.24)

(0.24)

8.92 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 Institutional

shares

2026(b)

9.17 0.18 (0.09)

0.09 (0.17)

(0.17)

9.09 2025

8.91 0.34 0.26 0.60 (0.34)

(0.34)

9.17 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 R-3

shares

2026(b)

9.18 0.16 (0.10)

0.06 (0.15)

(0.15)

9.09 2025

8.92 0.30 0.25 0.55 (0.29)

(0.29)

9.18 2024

8.28 0.23 0.64 0.87 (0.23)

(0.23)

.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 R-5

shares

2026(b)

9.19 0.17 (0.09)

0.08 (0.17)

(0.17)

9.10 2025

8.92 0.33 0.26 0.59 (0.32)

(0.32)

9.19 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 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

0.76 %

(c),(d)

$

126,575

0.81 %

(e) –

%

3.64 %

(e) 124.8 %

(e) 6.67 (d) 134,176

0.80 –

3.54 268.0 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 –

.32

343.7 0.84 (c),(d)

64,882

0.87 (e) –

3.58 (e) 124.8 (e) 6.45 (d) 68,322

0.87 (f) 0.87 (g) 3.46 268.0 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 1.01 (c) 379,324

0.53 (e),(h)

–

3.92 (e) 124.8 (e) 6.82 410,206

0.53 (h) –

3.80 268.0 10.93 444,116

0.53 (h) –

.99

233.7 (1.22)

393,944

0.53 (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 0.68 (c) 2,965

0.98 (e),(h)

–

3.47 (e) 124.8 (e) 6.34 3,816

0.98 (h) –

3.36 268.0 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 0.83 (c) 8,428

0.67 (e),(h)

–

3.78 (e) 124.8 (e) 6.78 7,974

0.67 (h) –

3.67 268.0 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

.00

$

.02

$

–

$

.02

($

.02)

($

.02)

$

.00

2025

.00

.04

–

.04

(0

.04)

(0

.04)

.00

2024

.00

.05

–

.05

(0

.05)

(0

.05)

.00

2023

.00

.04

.01

.05

(0

.05)

(0

.05)

.00

2022

.00

.01

–

.01

(0

.01)

(0

.01)

.00

2021

.00

–

–

–

–

–

.00

shares

2026(b)

.00

.02

–

.02

(0

.02)

(0

.02)

.00

2025

.00

.04

–

.04

(0

.04)

(0

.04)

.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

.77

%

(c) $

868,807

.19

%

(d) ,(e)

.20

%

(d) ,(f)

.56

%

(d) 4

.28

746,786

.19

(e) 0

.21

(f) 4

.15

.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

.79

(c) 3,530,636

.14

(d) ,(e)

.16

(d) ,(f)

.63

(d) 4

.33

4,133,987

.14

(e) 0

.16

(f) 4

.22

.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,

2026. (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

2026(b)

$

.79

$

.21

($

.07)

$

.14

($

.22)

($

.22)

$

.71

2025

.83

.43

(0

.03)

.40

(0

.44)

(0

.44)

.79

2024

.31

.42

.52

.94

(0

.42)

(0

.42)

.83

2023

.29

.37

.03

.40

(0

.38)

(0

.38)

.31

2022

.33

.32

(1

.02)

(0

.70)

(0

.34)

(0

.34)

.29

2021

.01

.32

.35

.67

(0

.35)

(0

.35)

.33

Class

C

shares

2026(b)

.90

.19

(0

.09)

.10

(0

.19)

(0

.19)

.81

2025

.93

.38

(0

.03)

.35

(0

.38)

(0

.38)

.90

2024

.40

.37

.53

.90

(0

.37)

(0

.37)

.93

2023

.38

.32

.02

.34

(0

.32)

(0

.32)

.40

2022

.43

.27

(1

.03)

(0

.76)

(0

.29)

(0

.29)

.38

2021

.10

.28

.34

.62

(0

.29)

(0

.29)

.43

Institutional

shares

2026(b)

.72

.22

(0

.08)

.14

(0

.23)

(0

.23)

.63

2025

.76

.44

(0

.02)

.42

(0

.46)

(0

.46)

.72

2024

.25

.43

.52

.95

(0

.44)

(0

.44)

.76

2023

.24

.39

.02

.41

(0

.40)

(0

.40)

.25

2022

.27

.34

(1

.01)

(0

.67)

(0

.36)

(0

.36)

.24

2021

.96

.34

.34

.68

(0

.37)

(0

.37)

.27

shares

2026(b)

.72

.22

(0

.08)

.14

(0

.23)

(0

.23)

.63

2025

.76

.45

(0

.02)

.43

(0

.47)

(0

.47)

.72

2024

.25

.44

.51

.95

(0

.44)

(0

.44)

.76

2023

.24

.39

.02

.41

(0

.40)

(0

.40)

.25

2022

.27

.35

(1

.01)

(0

.66)

(0

.37)

(0

.37)

.24

2021

.96

.35

.34

.69

(0

.38)

(0

.38)

.27

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.03

%

(c) ,(d)

$

379,554

.89

%

(e) 6

.36

%

(e) 34

.1

%

(e) 6

.04

(d) 398,406

.89

.32

.3

.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

.44

(c) ,(d)

18,004

.71

(e) 5

.54

(e) 34

.1

(e) 5

.26

(d) 19,944

.68

.54

.3

.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

.05

(c) 1,215,957

.60

(e) ,(f)

.66

(e) 34

.1

(e) 6

.41

1,413,016

.60

(f) 6

.60

.3

.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

.10

(c) 4,849,110

.51

(e) 6

.75

(e) 34

.1

(e) 6

.51

4,828,028

.51

.70

.3

.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

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

7.54 $

0.11 ($

0.04)

$

0.07 ($

0.33)

$

–

($

0.33)

$

7.28 2025

7.40 0.29 0.08 0.37 (0.23)

–

(0.23)

7.54 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 Institutional

shares

2026(b)

8.06 0.13 (0.05)

0.08 (0.36)

–

(0.36)

7.78 2025

7.88 0.34 0.10 0.44 (0.26)

–

(0.26)

8.06 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 R-3

shares

2026(b)

7.59 0.10 (0.05)

0.05 (0.31)

–

(0.31)

7.33 2025

7.43 0.28 0.10 0.38 (0.22)

–

(0.22)

7.59 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 R-5

shares

2026(b)

7.86 0.13 (0.05)

0.08 (0.34)

–

(0.34)

7.60 2025

7.71 0.32 0.07 0.39 (0.24)

–

(0.24)

7.86 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 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

0.98 %

(c),(d)

$

12,551

0.68 %

(e) –

%

3.06 %

(e) 71.3 %

(e) 5.20 (d) 11,859

0.79 (f) 0.79 (g) 4.00 155.4 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 1.19 (c),(h)

2,121,534

0.30 (e) –

3.30 (e) 71.3 (e) 5.78 2,364,710

0.38 –

4.38 155.4 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 0.75 (c) 4,485

0.85 (e) –

2.82 (e) 71.3 (e) 5.26 4,557

0.95 –

3.82 155.4 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 1.08 (c) 4,053

0.54 (e) –

3.36 (e) 71.3 (e) 5.34 3,347

0.64 –

4.16 155.4 8.15 1,719

0.65 –

3.24 109.6 (1.14)

3,492

0.65 –

.48

106.3 (11.83)

4,251

0.65 –

6.26 108.3 6.16 4,114

0.65 –

3.06 67.7 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

INTERNATIONAL

EQUITY

FUND

Institutional

shares

2026(b)

$

.34

$

.13

$

.20

$

.33

($

.30)

($

.31)

($

.61)

$

.06

2025

.60

.23

.28

.51

(0

.47)

(1

.30)

(1

.77)

.34

2024

.01

.29

.70

.99

(0

.40)

–

(0

.40)

.60

2023

.24

.38

.74

.12

(0

.35)

–

(0

.35)

.01

2022

.41

.41

(5

.23)

(4

.82)

(0

.41)

(1

.94)

(2

.35)

.24

2021

.19

.44

.88

.32

(0

.21)

(0

.89)

(1

.10)

.41

shares

2026(b)

.25

.08

.21

.29

(0

.24)

(0

.31)

(0

.55)

.99

2025

.59

.18

.25

.43

(0

.47)

(1

.30)

(1

.77)

.25

2024

.99

.22

.70

.92

(0

.32)

–

(0

.32)

.59

2023

.21

.31

.75

.06

(0

.28)

–

(0

.28)

.99

2022

.35

.34

(5

.22)

(4

.88)

(0

.32)

(1

.94)

(2

.26)

.21

2021

.15

.38

.85

.23

(0

.14)

(0

.89)

(1

.03)

.35

shares

2026(b)

.33

.11

.20

.31

(0

.28)

(0

.31)

(0

.59)

.05

2025

.62

.23

.26

.49

(0

.48)

(1

.30)

(1

.78)

.33

2024

.02

.27

.70

.97

(0

.37)

–

(0

.37)

.62

2023

.26

.40

.70

.10

(0

.34)

–

(0

.34)

.02

2022

.39

.38

(5

.23)

(4

.85)

(0

.34)

(1

.94)

(2

.28)

.26

2021

.17

.40

.90

.30

(0

.19)

(0

.89)

(1

.08)

.39

shares

2026(b)

.31

.13

.21

.34

(0

.32)

(0

.31)

(0

.63)

.02

2025

.60

.35

.17

.52

(0

.51)

(1

.30)

(1

.81)

.31

2024

.01

.31

.69

.00

(0

.41)

–

(0

.41)

.60

2023

.25

.39

.74

.13

(0

.37)

–

(0

.37)

.01

2022

.41

.42

(5

.22)

(4

.80)

(0

.42)

(1

.94)

(2

.36)

.25

2021

.19

.45

.89

.34

(0

.23)

(0

.89)

(1

.12)

.41

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.34

%

(c) $

23,119

.72

%

(d) ,(e)

.53

%

(d) 65

.4

%

(d) 27

.59

19,871

.77

(e) 1

.63

.3

.19

18,176

.81

(e) ,(f)

.12

.0

.06

88,447

.92

(e) ,(g)

.98

.8

(29

.86)

88,476

.87

(e) 2

.93

.5

.33

133,135

.90

(e) 2

.43

.0

.11

(c) 3,115

.18

(d) 0

.98

(d) 65

.4

(d) 27

.02

2,879

.20

.24

.3

.58

1,110

.29

(f) 1

.56

.0

.50

969

.40

(g) 2

.45

.8

(30

.14)

1,649

.34

.40

.5

.72

3,029

.36

.11

.0

.23

(c) 4,147

.87

(d) 1

.36

(d) 65

.4

(d) 27

.40

3,473

.89

.55

.3

.06

2,462

.98

(f) 1

.92

.0

.81

2,058

.09

(g) 3

.09

.8

(29

.95)

.03

.73

.5

.12

(h) 755

.05

.21

.0

.42

(c) 6,622,771

.61

(d) ,(e)

.56

(d) 65

.4

(d) 27

.75

6,504,278

.62

(e) 2

.35

.3

.30

208,314

.71

(e) ,(f)

.21

.0

.09

180,658

.82

(e) ,(g)

.09

.8

(29

.73)

181,468

.76

(e) 3

.06

.5

.47

204,338

.79

(e) 2

.51

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (c) Total

return

amounts

have

not

been

annualized.

(d) Computed

on

an

annualized

basis.

(e) Subject

to

Manager's

contractual

expense

limit.

(f) 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.

(g) 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.

(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

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

LARGECAP

GROWTH

FUND

I

Class

A

shares

2026(b)

$

17.10 ($

0.03)

($

.68)

($

0.71)

($

2.32)

($

2.32)

$

14.07 2025

19.24 (0.07)

3.19 3.12 (5.26)

(5.26)

17.10 2024

14.77 (0.05)

5.56 5.51 (1.04)

(1.04)

19.24 2023

14.20 (0.05)

2.14 2.09 (1.52)

(1.52)

14.77 2022

23.75 (0.08)

(6.95)

(7.03)

(2.52)

(2.52)

14.20 2021

18.39 (0.11)

6.91 6.80 (1.44)

(1.44)

23.75 Class

J

shares

2026(b)

11.29 (0.01)

(0.46)

(0.47)

(2.32)

(2.32)

8.50 2025

14.38 (0.03)

2.20 2.17 (5.26)

(5.26)

11.29 2024

11.25 (0.01)

4.18 4.17 (1.04)

(1.04)

14.38 2023

.17

(0.02)

1.62 1.60 (1.52)

(1.52)

11.25 2022

19.22 (0.04)

(5.49)

(5.53)

(2.52)

(2.52)

11.17 2021

15.10 (0.06)

5.62 5.56 (1.44)

(1.44)

19.22 Institutional

shares

2026(b)

18.96 (0.01)

(0.76)

(0.77)

(2.32)

(2.32)

15.87 2025

20.74 (0.04)

3.52 3.48 (5.26)

(5.26)

18.96 2024

15.82 0.01 5.95 5.96 (1.04)

(1.04)

20.74 2023

15.05 (0.01)

2.30 2.29 (1.52)

(1.52)

15.82 2022

24.95 (0.03)

(7.35)

(7.38)

(2.52)

(2.52)

15.05 2021

19.20 (0.05)

7.24 7.19 (1.44)

(1.44)

24.95 R-3

shares

2026(b)

14.25 (0.04)

(0.57)

(0.61)

(2.32)

(2.32)

11.32 2025

16.89 (0.09)

2.71 2.62 (5.26)

(5.26)

14.25 2024

13.11 (0.08)

4.90 4.82 (1.04)

(1.04)

16.89 2023

12.80 (0.07)

1.90 1.83 (1.52)

(1.52)

13.11 2022

21.70 (0.10)

(6.28)

(6.38)

(2.52)

(2.52)

12.80 2021

16.94 (0.14)

6.34 6.20 (1.44)

(1

.44)

21.70 R-5

shares

2026(b)

17.08 (0.02)

(0.69)

(0.71)

(2.32)

(2.32)

14.05 2025

.20

(0.06)

3.20 3.14 (5.26)

(5.26)

17.08 2024

14.73 (0.03)

5.54 5.51 (1.04)

(1.04)

19.20 2023

14.15 (0.03)

2.13 2.10 (1.52)

(1.52)

14.73 2022

23.65 (0.06)

(6.92)

(6.98)

(2.52)

(2.52)

14.15 2021

18.29 (0.08)

6.88 6.80 (1.44)

(1.44)

23.65 R-6

shares

2026(b)

19.06 –

(0.77)

(0.77)

(2.32)

(2.32)

15.97 2025

20.81 (0.02)

3.53 3.51 (5.26)

(5.26)

19.06 2024

15.85 0.01 5.99 6.00 (1.04)

(1.04)

20.81 2023

15.07 0.01 2.29 2.30 (1.52)

(1.52)

15.85 2022

24.96 (0.02)

(7.35)

(7.37)

(2

.52)

(2.52)

15.07 2021

19.19 (0.03)

7.25 7.22 (1.45)

(1.45)

24.96 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

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(4.11)

%

(c),(d)

$

506,260

0.94 %

(e),(f)

–

%

(0.39)

%

(e) 129.5 %

(e) 20.09 (d) 569,409

0.93 (f) –

(0.45)

.7

38.80 (d) 533,056

0.94 (f) –

(0.28)

39.6 16.90 (d),(g)

423,684

1.00 (f) –

(0.37)

26.5 (32.72)

(d) 389,907

0.96 (f) –

(0.46)

28.4 38.72 (d) 632,010

0.95 (f) –

(0.51)

23.1 (4.09)

(c),(d)

396,953

0.79 (e),(f)

–

(0.24)

(e) 129.5 (e) 20.36 (d) 454,528

0.78 (h) 0.80 (i) (0.30)

34.7 39.04 (d) 424,765

0.77 (h) 0.80 (i) (0.11)

39.6 17.11 (d),(g)

319,716

0.80 (h) 0.84 (i) (0.17)

26.5 (32.65)

(d),(j)

269,806

0.79 (h) 0.83 (i) (0.29)

28.4 39.03 (d),(j)

445,587

0.78 (h) 0.82 (i) (0.34)

23.1 (4.02)

(c) 351,245

0.68 (e),(f)

–

(0.13)

(e) 129.5 (e) 20.44 487,852

0.67 (f) –

(0.20)

34.7 39.08 693,756

0.67 (f) –

0.06 39.6 17.31 (g) 2,516,629

0.68 (f) –

(0.05)

26.5 (32.53)

2,371,763

0.68 (f) –

(0.18)

28.4 39.14 3,460,761

0.67 (f) –

(0.23)

23.1 (4.25)

(c) 59,767

1.17 (e),(f)

–

(0.61)

(e) 129.5 (e) 19.85 76,190

1.16 (f) –

(0.69)

34.7 38.43 71,500

1.16 (f) –

(0.50)

39.6 16

.69

(g) 63,841

1.16 (f) –

(0.53)

26.5 (32.85)

(j) 58,977

1.16 (f) –

(0.66)

28.4 38.54 (j) 102,793

1.15 (f) –

(0.71)

23.1 (4.12)

(c) 102,765

0.86 (e),(f)

–

(0.29)

(e) 129.5 (e) 20.26 154,277

0.85 (f) –

(0.38)

34.7 38.91 133,666

0.85 (f) –

(0.18)

39.6 17.04 (g) 148,543

0.85 (f) –

(0.21)

26.5 (32.64)

158,035

0.85 (f) –

(0.35)

28.4 38.94 364,553

0.84 (f) –

(0.40)

23.1 (3.99)

(c) 4,768,878

0.60 (e),(f)

–

(0.04)

(e) 129.5 (e) 20.55 6,704,503

0.59 (f) –

(0.11)

34.7 39.27 8,162,259

0.59 (f) –

0.07 39.6 17.36 (g) 6,955,555

0.59 (f) –

0.04 26.5 (32.47)

6,257,991

0.59 (f) –

(0.09)

28.4 39.24 (j) 9,740,176

0.59 (f) –

(0.15)

23.1 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

33.18 $

0.15 $

1.74 $

1.89 ($

0.23)

($

0.66)

($

0.89)

$

34.18 2025

28.11 0.30 5.49 5.79 (0.29)

(0.43)

(0.72)

33.18 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 Class

J

shares

2026(b)

32.70 0.16 1.71 1.87 (0.25)

(0.66)

(0.91)

33.66 2025

27.72 0.31 5.40 5.71 (0.30)

(0.43)

(0.73)

32.70 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 Institutional

shares

2026(b)

33.24 0.19 1.73 1.92 (0.30)

(0.66)

(0.96)

34.20 2025

28.15 0.37 5.49 5.86 (0.34)

(0.43)

(0.77)

33.24 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 R-3

shares

2026(b)

33.18 0.10 1.74 1.84 (0.12)

(0.66)

(0.78)

34.24 2025

28.13 0.20 5.48 5.68 (0.20)

(0.43)

(0.63)

33.18 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 R-5

shares

2026(b)

33.83 0.15 1.77 1.92 (0.22)

(0

.66)

(0.88)

34.87 2025

28.67 0.30 5.58 5.88 (0.29)

(0.43)

(0.72)

33.83 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 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

5.87 %

(c),(d)

$

980,486

0.30 %

(e) –

%

0.95 %

(e) 14.0 %

(e) 21

.03

(d) 963,461

0.31 –

1.03 4.2 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 5.88 (c),(d)

1,485,930

0.26 (e) –

0.99 (e) 14.0 (e) 21.08 (d) 1,445,305

0.27 (f) 0.27 (g) 1.08 4.2 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 5.95 (c) 10,042,609

0.09 (e) –

1.15 (e) 14.0 (e) 21.32 7,790,209

0.10 –

1.24 4.2 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 5.70 (c) 198,199

0.65 (e) –

0.60 (e) 14.0 (e) 20.60 197,091

0.66 –

0.69 4.2 37.03 169,311

.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 5.82 (c) 416,029

0.34 (e) –

0.92 (e) 14.0 (e) 20.97 446,848

0.35 –

0.99 4.2 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 –

1.08 3.7 42.22 327,673

0.41 –

0.99 3

.8

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

LARGECAP

VALUE

FUND

III

Class

J

shares

2026(b)

$

20.09 $

0.10 $

1.49 $

1.59 ($

0.31)

($

3.36)

($

3.67)

$

18.01 2025

20.31 0.23 1.11 1.34 (0.23)

(1.33)

(1.56)

20.09 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 Institutional

shares

2026(b)

20.58 0.13 1.52 1.65 (0.35)

(3.36)

(3.71)

18.52 2025

20.76 0.29 1.13 1.42 (0.27)

(1.33)

(1.60)

20.58 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 R-3

shares

2026(b)

21.94 0.08 1.65 1.73 (0.24)

(3.36)

(3.60)

20.07 2025

22.05 0.18 1.23 1.41 (0.19)

(1.33)

(1.52)

21.94 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 R-5

shares

2026(b)

20.80 0.10 1.56 1.66 (0.30)

(3.36)

(3.66)

18.80 2025

20.97 0.24 1.14 1.38 (0.22)

(1.33)

(1.55)

20.80 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)

.52

2021

15.04 0.16 6.25 6.41 (0.23)

–

(0.23)

21.22 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

9.26 %

(c),(d)

$

90,080

0.92 %

(e),(f)

–

%

1.10 %

(e) 51.5 %

(e) 7.28 (d) 86,965

0.91 (g) 0.95 (h) 1.19 60.5 28.69 (d) 88,878

0.93 (g) 1.01 (h) 1.36 41.1 (0.46)

(d) 76,888

1.00 (g) 1.09 (h) 1.31 44.9 (4.80)

(d) 82,605

0.97 (g) 1.06 (h) 1.13 42.6 42.96 (d) 84,871

0.98 (g) 1.07 (h) 0.82 46.3 9

.37

(c) 2,151,245

0.68 (e),(f)

–

1.37 (e) 51.5 (e) 7.54 2,767,672

0.67 (f) –

1.45 60.5 28.97 3,682,407

0.70 (f) –

1.57 41.1 (0.13)

2,556,406

0.72 (f) –

1.59 44.9 (4.56)

2,634,970

0.70 (f) –

1.39 42.6 43.27 3,457,999

0.70 (f) –

1.07 46.3 9.09 (c) 7,830

1.24 (e),(f)

–

0.81 (e) 51.5 (e) 7.00 9,191

1.23 (f) –

0.88 60.5 28.19 6,886

1.26 (f) –

1.03 41.1 (0.67)

5,941

1.27 (f) –

1.04 44.9 (5.11)

6,078

1.26 (f) –

0.83 42.6 42.56 7,133

1.27 (f) –

0.52 46.3 9.27 (c) 5,578

0.93 (e),(f)

–

1.09 (e) 51.5 (e) 7.24 4,891

0.92 (f) –

1.20 60.5 28.61 5,485

0.95 (f) –

1.36 41.1 (0.34)

5,618

0.96 (f) –

1.34 44.9 (4.81)

5,432

0.95 (f) –

1.15 42.6 42.94 8,722

0.96 (f) –

0.84 46.3 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

MIDCAP

FUND

Class

A

shares

2026(b)

$

43.17 ($

0.05)

($

3.13)

($

3.18)

$

–

($

2.49)

($

2.49)

$

37.50 2025

43.52 (0.12)

1.17 1.05 –

(1.40)

(1.40)

43.17 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 Class

C

shares

2026(b)

35.31 (0.17)

(2.51)

(2.68)

–

(2.49)

(2.49)

30.14 2025

36.12 (0.40)

0.99 0.59 –

(1.40)

(1.40)

35.31 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 Class

J

shares

2026(b)

41.38 (0.02)

(2.99)

(3.01)

–

(2.49)

(2.49)

35.88 2025

41.73 (0.07)

1.15 1.08 (0.03)

(1.40)

(1.43)

41.38 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 Institutional

shares

2026(b)

45.24 –

(3.30)

(3.30)

–

(2.49)

(2.49)

39.45 2025

45.49 (0.02)

1.23 1.21 (0.06)

(1.40)

(1.46)

45.24 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 R-3

shares

2026(b)

41.30 (0.09)

(2.99)

(3.08)

–

(2.49)

(2.49)

35.73 2025

41.79 (0.25)

1.17 0.92 (0.01)

(1.40)

(1.41)

41.30 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 R-5

shares

2026(b)

44.07 (0.03)

(3.20)

(3.23)

–

(2.49)

(2.49)

38.35 2025

44.34 (0.12)

1.25 1.13 –

(1.40)

(1.40)

44.07 2024

32.31 0.10 12.88 12.98 –

(0.95)

(0.95)

44.34 2023

.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 R-6

shares

2026(b)

45.32 0.02 (3.30)

(3.28)

–

(2.49)

(2.49)

39.55 2025

45.56 0.02 1.23 1.25 (0.09)

(1.40)

(1.49)

45.32 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 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

(7.89)

%

(c),(d)

$

1,622,336

0.91 %

(e) –

%

(0.25)

%

(e) 16.8 %

(e) 2.28 (d) 1,893,507

0.90 –

(0.28)

13.7 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 (8.26)

(c),(d)

23,932

1.75 (e) –

(1.08)

(e) 16.8 (e) 1.45 (d) 29,747

1.71 –

(1.10)

13.7 39.55 (d) 34,593

1.72 –

(0.64)

10.5 5.71 (d) 29,926

1.78 –

(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 (7.82)

(c),(d)

395,084

0.78 (e) –

(0.11)

(e) 16.8 (e) 2.45 (d) 471,374

0.76 (f) 0.76 (g) (0.15)

13.7 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 (7.79)

(c) 12,109,729

0.68 (e) –

(0.01)

(e) 16.8 (e) 2.54 15,681,298

0.67 –

(0.04)

13.7 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 (7.99)

(c),(h)

135,599

1.14 (e) –

(0.47)

(e) 16.8 (e) 2.06 164,861

1.13 –

(0.60)

13.7 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 (7.85)

(c) 180,868

0.83 (e) –

(0.16)

(e) 16.8 (e) 2.43 235,966

0.82 –

(0.26)

13.7 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 (7.73)

(c) 10,698,161

0.58 (e) –

0.09 (e) 16.8 (e) 2.63 13,049,550

0.57 –

0.05 13.7 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

S&P

INDEX

FUND

Class

J

shares

2026(b)

$

21.94 $

0.12 $

2.48 $

2.60 ($

0.25)

($

1.66)

($

1.91)

$

22.63 2025

23.74 0.25 1.00 1.25 (0.29)

(2.76)

(3.05)

21.94 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 Institutional

shares

2026(b)

23.06 0.14 2.61 2.75 (0.27)

(1.66)

(1.93)

.88

2025

24.79 0.29 1.06 1.35 (0.32)

(2.76)

(3.08)

23.06 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 R-3

shares

2026(b)

23.70 0.09 2.69 2.78 (0.17)

(1.66)

(1.83)

24.65 2025

25.40 0.19 1.08 1.27 (0.21)

(2.76)

(2.97)

23.70 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 R-5

shares

2026(b)

24.21 0.13 2.75 2.88 (0.23)

(1.66)

(1.89)

25.20 2025

.90

0.26 1.10 1.36 (0.29)

(2.76)

(3.05)

24.21 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 R-6

shares

2026(b)

23.05 0.15 2.61 2.76 (0.29)

(1.66)

(1.95)

23.86 2025

24.78 0.31 1.05 1.36 (0.33)

(2.76)

(3.09)

23.05 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 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

12.70 %

(c),(d)

$

158,894

0.38 %

(e) –

%

1.12 %

(e) 22.2 %

(e) 5

.96

(d) 147,752

0.38 (f) 0.38 (g) 1.15 16.2 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 12.78 (c) 259,053

0.24 (e) –

1.26 (e) 22.2 (e) 6.10 221,252

0.25 –

1.28 16.2 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 12.49 (c) 71,796

0.73 (e) –

0.77 (e) 22.2 (e) 5.59 63,217

0.73 –

0.80 16.2 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 12.67 (c) 115,597

0.42 (e) –

1.10 (e) 22.2 (e) 5.88 112,221

0.42 –

1.11 16.2 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 12.83 (c) 713,813

0.16 (e) –

1.34 (e) 22.2 (e) 6.19 665,695

0.16 –

1.36 16.2 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 (h) –

1.36 20.9 48.58 740,456

0.16 (h) –

1.34 19.2 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

VALUE

FUND

I

Class

A

shares

2026(b)

$

15.94 $

0.08 $

2.00 $

2.08 ($

0.12)

($

0.93)

($

1.05)

$

16.97 2025

18.40 0.12 0.13 0.25 (0.19)

(2.52)

(2.71)

15.94 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 Class

J

shares

2026(b)

15.72 0.09 1.97 2.06 (0.15)

(0.93)

(1.08)

16.70 2025

18.19 0.15 0.12 0.27 (0.22)

(2.52)

(2.74)

15.72 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 Institutional

shares

2026(b)

16.02 0.11 2.01 2.12 (0.18)

(0.93)

(1.11)

17.03 2025

18.48 0.19 0.11 0.30 (0.24)

(2.52)

(2.76)

16.02 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 R-3

shares

2026(b)

15.60 0.07 1.96 2.03 (0.10)

(0.93)

(1.03)

16.60 2025

18.08 0.10 0.12 0.22 (0.18)

(2.52)

(2.70)

15.60 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 R-5

shares

2026(b)

15.84 0.09 1.99 2.08 (0.15)

(0.93)

(1.08)

16.84 2025

18.31 0.15 0.12 0.27 (0.22)

(2.52)

(2.74)

15.84 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 R-6

shares

2026(b)

16.07 0.11 2.03 2.14 (0.19)

(0.93)

(1.12)

17.09 2025

18.53 0.19 0

.12

0.31 (0.25)

(2.52)

(2.77)

16.07 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 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

13.73 %

(c),(d)

$

45,338

1.06 %

(e),(f)

–

%

0.98 %

(e) 81.5 %

(e) 1.91 (d) 46,944

1.06 (f) –

0.77 79.6 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 13.82 (c),(d)

183,898

0.88 (e),(f)

–

1.15 (e) 81.5 (e) 2.06 (d) 170,931

0.87 (g) 0.89 (h) 0.95 79.6 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 13.95 (c) 945,562

0.69 (e),(f)

–

1.34 (e) 81.5 (e) 2.23 864,142

0.69 (f) –

1.15 79.6 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 13.70 (c) 12,503

1.20 (e),(f)

–

0.83 (e) 81.5 (e) 1.74 12,331

1.20 (f) –

0.62 79.6 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 13.81 (c) 30,068

0.89 (e),(f)

–

1.15 (e) 81.5 (e) 2.05 31,004

0.89 (f) –

0.93 79.6 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 14.03 (c) 1,204,639

0.64 (e),(f)

–

1.39 (e) 81.5 (e) 2.28 1,145,435

0.64 (f) –

1.19 79.6 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

.00

$

.02

$

.02

($

.02)

($

.02)

$

.00

2025

.00

.04

.04

(0

.04)

(0

.04)

.00

2024

.00

.05

.05

(0

.05)

(0

.05)

.00

2023

.00

.04

.04

(0

.04)

(0

.04)

.00

2022

.00

.01

.01

(0

.01)

(0

.01)

.00

2021

.00

–

–

–

–

.00

Class

J

shares

2026(b)

.00

.02

.02

(0

.02)

(0

.02)

.00

2025

.00

.04

.04

(0

.04)

(0

.04)

.00

2024

.00

.05

.05

(0

.05)

(0

.05)

.00

2023

.00

.04

.04

(0

.04)

(0

.04)

.00

2022

.00

.01

.01

(0

.01)

(0

.01)

.00

2021

.00

–

–

–

–

.00

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.69

%

(c) ,(d)

$

334,398

.47

%

(e) ,(f)

.47

%

(e) ,(g)

.42

%

(e) 4

.12

(d) 348,977

.46

(f) 0

.46

(g) 4

.02

.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

.70

(c) ,(d)

719,236

.44

(e) ,(h)

.59

(e) ,(i)

.45

(e) 4

.15

(d) 728,054

.43

(h) 0

.58

(i) 4

.05

.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

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

.12

$

.12

$

.55

$

.67

($

.24)

($

.90)

($

.14)

$

.65

2025

.15

.28

.28

.56

(0

.51)

(1

.08)

(1

.59)

.12

2024

.03

.31

.48

.79

(0

.30)

(0

.37)

(0

.67)

.15

2023

.90

.30

.59

.89

(0

.23)

(0

.53)

(0

.76)

.03

2022

.44

.26

(1

.98)

(1

.72)

(0

.28)

(0

.54)

(0

.82)

.90

2021

.12

.20

.31

.51

(0

.19)

–

(0

.19)

.44

shares

2026(b)

.98

.10

.52

.62

(0

.19)

(0

.90)

(1

.09)

.51

2025

.97

.25

.23

.48

(0

.39)

(1

.08)

(1

.47)

.98

2024

.88

.25

.46

.71

(0

.25)

(0

.37)

(0

.62)

.97

2023

.78

.24

.57

.81

(0

.18)

(0

.53)

(0

.71)

.88

2022

.30

.20

(1

.96)

(1

.76)

(0

.22)

(0

.54)

(0

.76)

.78

2021

.02

.14

.27

.41

(0

.13)

–

(0

.13)

.30

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.64

%

(c) $

1,763,049

.91

%

(d) ,(e)

.03

%

(d) 56

.0

%

(d) 27

.66

1,639,934

.91

(e) 2

.57

.5

.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

.37

(c) 1,102

.45

(d) ,(e)

.63

(d) 56

.0

(d) 26

.92

826

.46

(e) 2

.34

.5

.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

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

.63

$

.12

$

.27

$

.39

($

.25)

($

.96)

($

.21)

$

.81

2025

.71

.24

.84

.08

(0

.37)

(3

.79)

(4

.16)

.63

2024

.41

.44

.33

.77

(0

.47)

–

(0

.47)

.71

2023

.59

.44

.75

.19

(0

.37)

–

(0

.37)

.41

2022

.28

.38

(8

.95)

(8

.57)

(0

.27)

(5

.85)

(6

.12)

.59

2021

.30

.36

.57

.93

(0

.43)

(2

.52)

(2

.95)

.28

Institutional

shares

2026(b)

.41

.24

.44

.68

(0

.48)

(6

.96)

(7

.44)

.65

2025

.89

.49

.40

.89

(0

.58)

(3

.79)

(4

.37)

.41

2024

.69

.67

.19

.86

(0

.66)

–

(0

.66)

.89

2023

.67

.64

.93

.57

(0

.55)

–

(0

.55)

.69

2022

.67

.57

(9

.26)

(8

.69)

(0

.46)

(5

.85)

(6

.31)

.67

2021

.00

.57

.22

.79

(0

.60)

(2

.52)

(3

.12)

.67

shares

2026(b)

.50

.01

.27

.28

(0

.06)

(6

.96)

(7

.02)

.76

2025

.68

.03

.82

.85

(0

.24)

(3

.79)

(4

.03)

.50

2024

.45

.24

.36

.60

(0

.37)

–

(0

.37)

.68

2023

.61

.30

.77

.07

(0

.23)

–

(0

.23)

.45

2022

.37

.24

(8

.98)

(8

.74)

(0

.17)

(5

.85)

(6

.02)

.61

2021

.37

.21

.62

.83

(0

.31)

(2

.52)

(2

.83)

.37

shares

2026(b)

.93

.14

.37

.51

(0

.27)

(6

.96)

(7

.23)

.21

2025

.68

.29

.18

.47

(0

.43)

(3

.79)

(4

.22)

.93

2024

.83

.50

.86

.36

(0

.51)

–

(0

.51)

.68

2023

.88

.49

.87

.36

(0

.41)

–

(0

.41)

.83

2022

.77

.43

(9

.17)

(8

.74)

(0

.30)

(5

.85)

(6

.15)

.88

2021

.35

.42

.98

.40

(0

.46)

(2

.52)

(2

.98)

.77

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.24

%

(c) ,(d)

,(e)

$

1,502,237

.73

%

(f) 0

.28

%

(f) 71

.5

%

(f) 18

.18

(e) 1,520,610

.73

.29

.8

.15

(e) 1,405,974

.74

.60

.4

.75

(e) 1,085,264

.78

.76

.2

(13

.77)

(d) ,(e)

1,037,510

.77

.66

.5

.26

(d) ,(e)

1,288,915

.80

.59

.9

.37

(c) ,(d)

3,528,569

.45

(f) 0

.56

(f) 71

.5

(f) 18

.52

(d) 3,566,464

.45

.57

.8

.55

3,171,457

.45

.88

.4

.12

2,351,308

.46

.07

.2

(13

.51)

(d) 2,022,614

.46

.97

.5

.71

(d) 961,957

.49

(g) 0

.90

.9

.09

(c) ,(d)

52,606

.99

(f) 0

.02

(f) 71

.5

(f) 17

.88

(d) 51,979

.99

.03

.8

.81

41,756

.99

.32

.4

.51

24,142

.01

.52

.2

(13

.98)

19,275

.01

.42

.5

.94

20,459

.04

.35

.9

.27

(c) 38,819

.68

(f) 0

.33

(f) 71

.5

(f) 18

.23

43,314

.68

.35

.8

.24

35,981

.68

.66

.4

.85

31,171

.70

.83

.2

(13

.72)

27,542

.70

.73

.5

.37

33,672

.73

.68

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

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

2026(b)

$

.10

$

.18

$

.09

$

.27

($

.30)

($

.68)

($

.98)

$

.39

2025

.89

.27

.53

.80

(0

.28)

(0

.31)

(0

.59)

.10

2024

.96

.27

.05

.32

(0

.25)

(0

.14)

(0

.39)

.89

2023

.28

.24

.07

.31

(0

.22)

(0

.41)

(0

.63)

.96

2022

.57

.29

(1

.78)

(1

.49)

(0

.26)

(0

.54)

(0

.80)

.28

2021

.66

.20

.26

.46

(0

.20)

(0

.35)

(0

.55)

.57

shares

2026(b)

.77

.14

.10

.24

(0

.25)

(0

.68)

(0

.93)

.08

2025

.59

.22

.50

.72

(0

.23)

(0

.31)

(0

.54)

.77

2024

.70

.21

.02

.23

(0

.20)

(0

.14)

(0

.34)

.59

2023

.02

.19

.07

.26

(0

.17)

(0

.41)

(0

.58)

.70

2022

.25

.23

(1

.72)

(1

.49)

(0

.20)

(0

.54)

(0

.74)

.02

2021

.38

.14

.22

.36

(0

.14)

(0

.35)

(0

.49)

.25

shares

2026(b)

.90

.17

.08

.25

(0

.28)

(0

.68)

(0

.96)

.19

2025

.71

.25

.51

.76

(0

.26)

(0

.31)

(0

.57)

.90

2024

.80

.25

.03

.28

(0

.23)

(0

.14)

(0

.37)

.71

2023

.13

.22

.06

.28

(0

.20)

(0

.41)

(0

.61)

.80

2022

.39

.27

(1

.76)

(1

.49)

(0

.23)

(0

.54)

(0

.77)

.13

2021

.50

.17

.24

.41

(0

.17)

(0

.35)

(0

.52)

.39

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.21

%

(c) $

144,128

.03

%

(d) 4

.28

%

(d) 25

.1

%

(d) 9

.60

171,205

.03

.14

.3

.00

198,424

.02

.13

.8

.80

204,780

.02

.98

.5

(15

.15)

223,930

.02

.16

.2

.48

304,277

.02

.91

.3

.98

(c) 15,225

.59

(d) 3

.54

(d) 25

.1

(d) 8

.95

13,511

.58

.59

.3

.35

14,578

.58

.57

.8

.21

16,887

.58

.41

.5

(15

.57)

19,212

.58

.64

.2

.85

28,808

.58

.38

.3

.03

(c) 12,579

.28

(d) 4

.10

(d) 25

.1

(d) 9

.36

19,319

.27

.92

.3

.80

13,193

.27

.94

.8

.44

17,102

.27

.74

.5

(15

.35)

18,499

.27

.97

.2

.25

26,565

.27

.67

.3

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

13.35 $

0.24 $

0.18 $

0.42 ($

0.38)

($

0.80)

($

1.18)

$

12.59 2025

13.00 0.33 0.88 1.21 (0.33)

(0.53)

(0.86)

13.35 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 Class

J

shares

2026(b)

13.10 0.25 0.16 0.41 (0.40)

(0.80)

(1.20)

12.31 2025

12.78 0.35 0.85 1.20 (0.35)

(0.53)

(0.88)

13.10 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 Institutional

shares

2026(b)

13.23 0.27 0.15 0.42 (0.42)

(0.80)

(1.22)

12.43 2025

12.89 0.38 0.86 1.24 (0.37)

(0.53)

(0.90)

.23

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 R-3

shares

2026(b)

13.02 0.23 0.16 0.39 (0.35)

(0.80)

(1.15)

12.26 2025

12.70 0.30 0.86 1.16 (0.31)

(0.53)

(0.84)

13.02 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 R-5

shares

2026(b)

13.12 0.25 0.16 0.41 (0.39)

(0.80)

(1.19)

12.34 2025

12.79 0.34 0.86 1.20 (0.34)

(0.53)

(0.87)

13.12 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 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

3.40 %

(c),(d)

$

78,712

0.34 %

(e) –

%

3.90 %

(e) 23.6 %

(e) 9.98 (d) 82,201

0.33 –

2.63 25.6 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 3.40 (c),(d)

632,541

0.17 (e) –

4.05 (e) 23.6 (e) 10.12 (d) 649,774

0.17 (g) 0.17 (h) 2.79 25.6 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 3.45 (c) 955,581

0.01 (e) –

4.29 (e) 23.6 (e) 10.36 1,143,548

0.01 –

2.99 25.6 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 3.22 (c) 49,746

0.57 (e) –

3.78 (e) 23.6 (e) 9.76 61,765

0.57 –

2.43 25.6 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 3.36 (c) 73,312

0.26 (e) –

3.99 (e) 23.6 (e) 10.10 79,695

0.26 –

2.75 25.6 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

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

.20

$

.24

$

.19

$

.43

($

.36)

($

.98)

($

.34)

$

.29

2025

.67

.32

.90

.22

(0

.31)

(0

.38)

(0

.69)

.20

2024

.13

.31

.69

.00

(0

.28)

(0

.18)

(0

.46)

.67

2023

.47

.27

.18

.45

(0

.24)

(0

.55)

(0

.79)

.13

2022

.55

.37

(2

.48)

(2

.11)

(0

.33)

(0

.64)

(0

.97)

.47

2021

.64

.23

.33

.56

(0

.23)

(0

.42)

(0

.65)

.55

shares

2026(b)

.81

.20

.18

.38

(0

.29)

(0

.98)

(1

.27)

.92

2025

.31

.25

.88

.13

(0

.25)

(0

.38)

(0

.63)

.81

2024

.83

.24

.65

.89

(0

.23)

(0

.18)

(0

.41)

.31

2023

.18

.21

.17

.38

(0

.18)

(0

.55)

(0

.73)

.83

2022

.20

.31

(2

.43)

(2

.12)

(0

.26)

(0

.64)

(0

.90)

.18

2021

.35

.16

.27

.43

(0

.16)

(0

.42)

(0

.58)

.20

shares

2026(b)

.06

.22

.19

.41

(0

.33)

(0

.98)

(1

.31)

.16

2025

.54

.29

.90

.19

(0

.29)

(0

.38)

(0

.67)

.06

2024

.02

.28

.68

.96

(0

.26)

(0

.18)

(0

.44)

.54

2023

.36

.25

.17

.42

(0

.21)

(0

.55)

(0

.76)

.02

2022

.42

.36

(2

.48)

(2

.12)

(0

.30)

(0

.64)

(0

.94)

.36

2021

.54

.20

.30

.50

(0

.20)

(0

.42)

(0

.62)

.42

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.87

%

(c) $

982,707

.01

%

(d) 4

.24

%

(d) 27

.9

%

(d) 11

.12

1,198,282

.01

.80

.0

.13

1,357,468

.01

.78

.4

.49

1,267,266

.01

.60

.4

(16

.71)

1,283,002

.01

.21

.6

.55

1,534,067

.01

.76

.0

.59

(c) 79,600

.58

(d) 3

.66

(d) 27

.9

(d) 10

.57

90,789

.57

.21

.0

.46

91,488

.57

.23

.4

.83

86,339

.58

.07

.4

(17

.18)

98,077

.57

.73

.6

.95

132,449

.57

.23

.0

.74

(c) 81,539

.27

(d) 3

.97

(d) 27

.9

(d) 10

.92

92,061

.26

.56

.0

.84

73,269

.26

.58

.4

.25

81,215

.27

.40

.4

(16

.95)

89,987

.26

.09

.6

.20

123,237

.26

.54

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

15.55 $

0.28 $

0.33 $

0.61 ($

0.38)

($

0.96)

($

1.34)

$

14.82 2025

14.71 0.32 1.32 1.64 (0.32)

(0.48)

(0.80)

15.55 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 Class

J

shares

2026(b)

15.43 0.28 0.33 0.61 (0.40)

(0.96)

(1.36)

14.68 2025

14.60 0.34 1.32 1.66 (0.35)

(0.48)

(0.83)

15.43 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 Institutional

shares

2026(b)

15.52 0.31 0.32 0.63 (0.43)

(0.96)

(1.39)

14.76 2025

14.68 0.37 1.32 1.69 (0.37)

(0.48)

(0.85)

15.52 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 R-3

shares

2026(b)

15.37 0.26 0.32 0.58 (0.35)

(0.96)

(1.31)

14.64 2025

14.55 0.29 1.30 1.59 (0.29)

(0.48)

(0.77)

15.37 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 R-5

shares

2026(b)

15.47 0.28 0.32 0.60 (0.39)

(0.96)

(1.35)

14.72 2025

14.64 0.34 1.31 1.65 (0.34)

(0.48)

(0.82)

15.47 2024

.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 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

4.23 %

(c),(d)

$

138,215

0.33 %

(e) –

%

3.77 %

(e) 29.6 %

(e) 11

.81

(d) 141,118

0.32 –

2.20 32.1 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 4.29 (c),(d)

1,119,432

0.18 (e) –

3.91 (e) 29.6 (e) 12.03 (d) 1,127,744

0.17 (g) 0.17 (h) 2.36 32.1 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 4.37 (c) 3,155,233

0.01 (e) –

4.17 (e) 29.6 (e) 12.21 3,610,149

0.01 –

2.54 32.1 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 4.04 (c) 138,840

0.57 (e) –

3.59 (e) 29.6 (e) 11.59 145,283

0.57 –

1.99 32.1 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 4.18 (c) 183,497

0.26 (e) –

3.85 (e) 29.6 (e) 11.93 188,240

0.26 –

2.32 32.1 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

.26

–

1.49 24.0 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

.33

$

.27

$

.36

$

.63

($

.36)

($

.84)

($

.20)

$

.76

2025

.41

.31

.35

.66

(0

.29)

(0

.45)

(0

.74)

.33

2024

.22

.30

.40

.70

(0

.27)

(0

.24)

(0

.51)

.41

2023

.43

.23

.37

.60

(0

.19)

(0

.62)

(0

.81)

.22

2022

.10

.41

(3

.07)

(2

.66)

(0

.40)

(0

.61)

(1

.01)

.43

2021

.34

.24

.24

.48

(0

.23)

(0

.49)

(0

.72)

.10

shares

2026(b)

.94

.22

.36

.58

(0

.29)

(0

.84)

(1

.13)

.39

2025

.06

.23

.32

.55

(0

.22)

(0

.45)

(0

.67)

.94

2024

.95

.23

.32

.55

(0

.20)

(0

.24)

(0

.44)

.06

2023

.17

.16

.37

.53

(0

.13)

(0

.62)

(0

.75)

.95

2022

.78

.34

(3

.02)

(2

.68)

(0

.32)

(0

.61)

(0

.93)

.17

2021

.09

.15

.19

.34

(0

.16)

(0

.49)

(0

.65)

.78

shares

2026(b)

.18

.24

.38

.62

(0

.33)

(0

.84)

(1

.17)

.63

2025

.29

.27

.34

.61

(0

.27)

(0

.45)

(0

.72)

.18

2024

.13

.27

.37

.64

(0

.24)

(0

.24)

(0

.48)

.29

2023

.34

.20

.37

.57

(0

.16)

(0

.62)

(0

.78)

.13

2022

.99

.40

(3

.08)

(2

.68)

(0

.36)

(0

.61)

(0

.97)

.34

2021

.26

.21

.21

.42

(0

.20)

(0

.49)

(0

.69)

.99

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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) $

1,610,739

.01

%

(d) 3

.93

%

(d) 36

.1

%

(d) 13

.16

1,802,566

.01

.33

.2

.53

1,765,103

.01

.36

.5

.54

1,439,309

.01

.97

.3

(18

.85)

1,301,768

.01

.19

.6

.95

1,468,727

.01

.66

.5

.46

(c) 104,182

.57

(d) 3

.28

(d) 36

.1

(d) 12

.56

101,596

.57

.76

.2

.73

97,523

.57

.82

.5

.94

86,441

.58

.42

.3

(19

.30)

85,620

.57

.75

.6

.31

110,352

.57

.11

.5

.69

(c) 129,667

.26

(d) 3

.61

(d) 36

.1

(d) 12

.82

127,839

.26

.07

.2

.16

80,745

.26

.17

.5

.30

83,168

.27

.77

.3

(19

.06)

86,155

.26

.14

.6

.61

113,877

.26

.45

.5

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

17.50 $

0.29 $

0.55 $

0.84 ($

0.36)

($

1.22)

($

1.58)

$

16.76 2025

16.41 0.27 1.89 2.16 (0.26)

(0.81)

(1.07)

17.50 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 Class

J

shares

2026(b)

17.81 0.31 0.57 0.88 (0.39)

(1.22)

(1.61)

17.08 2025

16.69 0.30 1.92 2.22 (0.29)

(0.81)

(1.10)

17.81 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 Institutional

shares

2026(b)

18.08 0.33 0.58 0.91 (0.41)

(1.22)

(1.63)

17.36 2025

16.92 0.34 1.95 2.29 (0.32)

(0.81)

(1.13)

18.08 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 R-3

shares

2026(b)

17.63 0.28 0.56 0.84 (0.32)

(1.22)

(1.54)

16.93 2025

16.53 0.24 1.91 2.15 (0.24)

(0.81)

(1.05)

17.63 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 R-5

shares

2026(b)

17.91 0.30 0.57 0.87 (0.37)

(1.22)

(1.59)

17.19 2025

16.78 0.30 1.92 2.22 (0.28)

(0.81)

(1.09)

17.91 2024

.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 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

5.24 %

(c),(d)

$

138,911

0.34 %

(e),(f)

–

%

3.49 %

(e) 38.0 %

(e) 14.15 (d) 134,166

0.34 (f) –

1.65 38.9 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 5.35 (c),(d)

942,361

0.18 (e) –

3.66 (e) 38.0 (e) 14.28 (d) 929,280

0.18 (g) 0.18 (h) 1.83 38.9 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 5.49 (c) 3,074,046

0.01 (e) –

3.92 (e) 38.0 (e) 14.50 3,388,019

0.01 –

2.01 38.9 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 5.17 (c) 125,502

0.57 (e) –

3.32 (e) 38.0 (e) 13.89 127,899

0.57 –

1.48 38.9 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 5.27 (c) 179,217

0.26 (e) –

3.58 (e) 38.0 (e) 14.21 178,469

0.26 –

1.83 38.9 26.45 146,695

0.26 –

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

.26

–

1.39 20.0 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

.45

$

.30

$

.62

$

.92

($

.35)

($

.07)

($

.42)

$

.95

2025

.03

.27

.94

.21

(0

.25)

(0

.54)

(0

.79)

.45

2024

.22

.26

.12

.38

(0

.24)

(0

.33)

(0

.57)

.03

2023

.43

.18

.63

.81

(0

.16)

(0

.86)

(1

.02)

.22

2022

.56

.44

(3

.51)

(3

.07)

(0

.47)

(0

.59)

(1

.06)

.43

2021

.95

.23

.05

.28

(0

.24)

(0

.43)

(0

.67)

.56

shares

2026(b)

.79

.25

.59

.84

(0

.27)

(1

.07)

(1

.34)

.29

2025

.46

.18

.87

.05

(0

.18)

(0

.54)

(0

.72)

.79

2024

.78

.18

.00

.18

(0

.17)

(0

.33)

(0

.50)

.46

2023

.01

.11

.61

.72

(0

.09)

(0

.86)

(0

.95)

.78

2022

.03

.38

(3

.43)

(3

.05)

(0

.38)

(0

.59)

(0

.97)

.01

2021

.57

.14

.91

.05

(0

.16)

(0

.43)

(0

.59)

.03

shares

2026(b)

.07

.27

.60

.87

(0

.31)

(1

.07)

(1

.38)

.56

2025

.71

.22

.90

.12

(0

.22)

(0

.54)

(0

.76)

.07

2024

.97

.23

.05

.28

(0

.21)

(0

.33)

(0

.54)

.71

2023

.20

.16

.60

.76

(0

.13)

(0

.86)

(0

.99)

.97

2022

.26

.43

(3

.47)

(3

.04)

(0

.43)

(0

.59)

(1

.02)

.20

2021

.74

.19

.96

.15

(0

.20)

(0

.43)

(0

.63)

.26

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.05

%

(c) $

1,423,714

.01

%

(d) 3

.91

%

(d) 42

.6

%

(d) 15

.58

1,597,934

.01

.76

.6

.28

1,502,321

.01

.85

.7

.92

1,152,378

.01

.46

.4

(19

.76)

1,010,879

.01

.21

.8

.82

1,139,261

.01

.50

.2

.74

(c) 82,844

.57

(d) 3

.29

(d) 42

.6

(d) 14

.92

83,240

.57

.21

.6

.56

79,631

.57

.34

.7

.35

68,323

.58

.92

.4

(20

.17)

66,131

.57

.85

.8

.97

88,634

.57

.93

.2

.89

(c) 109,810

.26

(d) 3

.61

(d) 42

.6

(d) 15

.26

110,179

.26

.51

.6

.98

72,547

.26

.67

.7

.60

68,730

.27

.28

.4

(19

.89)

69,495

.26

.17

.8

.37

91,388

.26

.28

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

19.71 $

0.32 $

0.81 $

1.13 ($

0.32)

($

1.41)

($

1.73)

$

19.11 2025

18.04 0.21 2.51 2.72 (0.21)

(0.84)

(1.05)

19.71 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 Class

J

shares

2026(b)

18.74 0.31 0.77 1.08 (0.35)

(1.41)

(1.76)

18.06 2025

17.21 0.23 2.38 2.61 (0.24)

(0.84)

(1.08)

18.74 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 Institutional

shares

2026(b)

19.64 0.36 0.80 1.16 (0.39)

(1.41)

(1.80)

19.00 2025

17.98 0.28 2.49 2.77 (0.27)

(0.84)

(1

.11)

19.64 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 R-3

shares

2026(b)

19.17 0.30 0.78 1.08 (0.29)

(1.41)

(1.70)

18.55 2025

17.58 0.18 2.43 2.61 (0.18)

(0.84)

(1.02)

19.17 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 R-5

shares

2026(b)

19.47 0.32 0.81 1.13 (0

.34)

(1.41)

(1.75)

18.85 2025

17.85 0.24 2.46 2.70 (0.24)

(0.84)

(1.08)

19.47 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 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

6.28 %

(c),(d)

$

133,139

0.36 %

(e),(f)

–

%

3.40 %

(e) 43.6 %

(e) 16.01 (d) 128,223

0.38 (f) –

1.16 44.7 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 6.35 (c),(d)

327,593

0.20 (e) –

3.57 (e) 43.6 (e) 16.21 (d) 318,377

0.20 (g) 0.21 (h) 1.34 44.7 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 6.45 (c) 2,502,652

0.01 (e) –

3.88 (e) 43.6 (e) 16.43 2,728,357

0.01 –

1.56 44.7 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 6.15 (c) 102,880

0.57 (e) –

3.28 (e) 43.6 (e) 15.80 104,059

0.57 –

1.02 44.7 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 6.36 (c) 149,832

0.26 (e) –

3.50 (e) 43.6 (e) 16.09 141,677

0.26 –

1.36 44.7 29.30 102,140

0.26 –

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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

.75

$

.34

$

.82

$

.16

($

.37)

($

.16)

($

.53)

$

.38

2025

.89

.26

.41

.67

(0

.26)

(0

.55)

(0

.81)

.75

2024

.59

.26

.66

.92

(0

.25)

(0

.37)

(0

.62)

.89

2023

.75

.18

.78

.96

(0

.17)

(0

.95)

(1

.12)

.59

2022

.20

.48

(3

.92)

(3

.44)

(0

.51)

(0

.50)

(1

.01)

.75

2021

.87

.23

.71

.94

(0

.25)

(0

.36)

(0

.61)

.20

shares

2026(b)

.96

.27

.79

.06

(0

.28)

(1

.16)

(1

.44)

.58

2025

.21

.16

.31

.47

(0

.17)

(0

.55)

(0

.72)

.96

2024

.07

.17

.52

.69

(0

.18)

(0

.37)

(0

.55)

.21

2023

.27

.10

.74

.84

(0

.09)

(0

.95)

(1

.04)

.07

2022

.60

.41

(3

.82)

(3

.41)

(0

.42)

(0

.50)

(0

.92)

.27

2021

.45

.13

.56

.69

(0

.18)

(0

.36)

(0

.54)

.60

shares

2026(b)

.36

.31

.80

.11

(0

.33)

(1

.16)

(1

.49)

.98

2025

.56

.20

.38

.58

(0

.23)

(0

.55)

(0

.78)

.36

2024

.33

.23

.59

.82

(0

.22)

(0

.37)

(0

.59)

.56

2023

.52

.17

.72

.89

(0

.13)

(0

.95)

(1

.08)

.33

2022

.91

.47

(3

.90)

(3

.43)

(0

.46)

(0

.50)

(0

.96)

.52

2021

.66

.20

.63

.83

(0

.22)

(0

.36)

(0

.58)

.91

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.66

%

(c) $

1,017,585

.01

%

(d) 3

.86

%

(d) 46

.3

%

(d) 16

.61

1,089,194

.01

.52

.3

.52

1,016,220

.01

.63

.6

.38

744,667

.01

.28

.3

(19

.95)

613,004

.01

.12

.6

.38

658,064

.01

.37

.9

.33

(c) 58,526

.58

(d) 3

.18

(d) 46

.3

(d) 16

.00

56,461

.58

.98

.3

.82

53,518

.58

.12

.6

.72

43,506

.58

.74

.3

(20

.37)

38,419

.58

.78

.6

.53

48,174

.58

.81

.9

.51

(c) 72,168

.27

(d) 3

.50

(d) 46

.3

(d) 16

.35

70,119

.27

.21

.3

.27

40,644

.27

.46

.6

.00

35,853

.27

.22

.3

(20

.14)

40,556

.27

.12

.6

.08

50,443

.27

.19

.9

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

19.87 $

0.33 $

0.86 $

1.19 ($

0.34)

($

1.17)

($

1.51)

$

19.55 2025

17.86 0.21 2.56 2.77 (0.22)

(0.54)

(0.76)

19.87 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 Institutional

shares

2026(b)

20.12 0.37 0.87 1.24 (0.40)

(1.17)

(1.57)

19.79 2025

18.07 0.28 2.59 2.87 (0.28)

(0.54)

(0.82)

20.12 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 R-3

shares

2026(b)

19.65 0.30 0.86 1.16 (0.30)

(1.17)

(1.47)

19.34 2025

17.68 0.17 2.53 2.70 (0.19)

(0.54)

(0.73)

19.65 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 R-5

shares

2026(b)

19.87 0.33 0.87 1.20 (0.36)

(1.17)

(1.53)

19.54 2025

17.87 0.22 2.56 2.78 (0.24)

(0.54)

(0.78)

19.87 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 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

6.43 %

(c),(d)

$

20,640

0.32 %

(e),(f)

–

%

3.42 %

(e) 47.4 %

(e) 16.21 (d) 19,658

0.35 (g) 0.35 (h) 1.15 47.4 29.17 (d) 17,409

0.35 (g) 0.36 (h) 1.37 37.3 6.96 (d) 14,751

0.38 (g) 0.46 (h) 0.98 10.6 (20.23)

(d) 14,614

0.38 (g) 0.43 (h) 2.94 21.7 36.62 (d) 18,803

0.38 (g) 0.43 (h) 0.94 18.3 6

.63

(c) 1,045,663

0.01 (e) –

3.84 (e) 47.4 (e) 16.61 1,088,171

0.01 –

1.50 47.4 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 6.35 (c) 42,053

0.58 (e) –

3.21 (e) 47.4 (e) 15.94 40,226

.58

–

0.95 47.4 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 6.48 (c) 52,708

0.27 (e) –

3.44 (e) 47.4 (e) 16.29 46,564

0.27 –

1.22 47.4 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

0.27 –

1.13 18.3 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2065

FUND

Institutional

shares

2026(b)

$

.54

$

.30

$

.73

$

.03

($

.32)

($

.76)

($

.08)

$

.49

2025

.73

.22

.13

.35

(0

.22)

(0

.32)

(0

.54)

.54

2024

.79

.21

.20

.41

(0

.21)

(0

.26)

(0

.47)

.73

2023

.71

.14

.68

.82

(0

.14)

(0

.60)

(0

.74)

.79

2022

.19

.38

(3

.30)

(2

.92)

(0

.42)

(0

.14)

(0

.56)

.71

2021

.33

.15

.03

.18

(0

.19)

(0

.13)

(0

.32)

.19

shares

2026(b)

.29

.25

.72

.97

(0

.25)

(0

.76)

(1

.01)

.25

2025

.52

.14

.10

.24

(0

.15)

(0

.32)

(0

.47)

.29

2024

.63

.14

.16

.30

(0

.15)

(0

.26)

(0

.41)

.52

2023

.57

.08

.66

.74

(0

.08)

(0

.60)

(0

.68)

.63

2022

.04

.30

(3

.26)

(2

.96)

(0

.37)

(0

.14)

(0

.51)

.57

2021

.21

.07

.00

.07

(0

.11)

(0

.13)

(0

.24)

.04

shares

2026(b)

.39

.27

.73

.00

(0

.29)

(0

.76)

(1

.05)

.34

2025

.61

.17

.13

.30

(0

.20)

(0

.32)

(0

.52)

.39

2024

.70

.18

.18

.36

(0

.19)

(0

.26)

(0

.45)

.61

2023

.63

.15

.63

.78

(0

.11)

(0

.60)

(0

.71)

.70

2022

.10

.33

(3

.26)

(2

.93)

(0

.40)

(0

.14)

(0

.54)

.63

2021

.27

.14

.99

.13

(0

.17)

(0

.13)

(0

.30)

.10

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(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

.61

%

(c) $

257,539

.02

%

(d) 3

.78

%

(d) 57

.4

%

(d) 16

.57

257,069

.03

.45

.3

.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

.27

(c) 12,629

.58

(d) 3

.21

(d) 57

.4

(d) 15

.94

12,318

.58

.91

.3

.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

.46

(c) 16,395

.27

(d) 3

.47

(d) 57

.4

(d) 16

.31

14,343

.27

.14

.3

.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

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

14.56 $

0.21 $

0.70 $

0.91 ($

0.26)

($

0.41)

($

0.67)

2025

12.86 0.11 1.92 2.03 (0.15)

(0.18)

(0.33)

2024

10.09 0.11 2.83 2.94 (0.17)

–

(0.17)

2023(i)

10.00 0.02 0.07 0.09 –

–

–

Institutional

shares

2026(b)

14.54 0.26 0.66 0.92 (0.28)

(0.41)

(0.69)

2025

12.83 0.16 1.91 2.07 (0.18)

(0.18)

(0.36)

2024

10.06 0.13 2.81 2.94 (0.17)

–

(0.17)

2023(i)

10.00 0.03 0.03 0.06 –

–

–

shares

2026(b)

14.36 0.22 0.65 0.87 (0.22)

(0.41)

(0

.63)

2025

12.71 0.10 1.87 1.97 (0.14)

(0.18)

(0.32)

2024

10.02 0.06 2.80 2.86 (0.17)

–

(0.17)

2023(i)

10.00 (0.01)

0.03 0.02 –

–

–

shares

2026(b)

14.46 0.23 0.67 0.90 (0.26)

(0.41)

(0.67)

2025

12.78 0.13 1.89 2.02 (0.16)

(0.18)

(0.34)

2024

10.04 0.09 2.82 2.91 (0.17)

–

(0.17)

2023(i)

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

$

14.80 6.46 %

(c),(d)

$

1,512

0.30 %

(e),(f)

–

%

3.02 %

(e) 49.8 %

(e) 14.56 16.22 (d) 1,032

0.30 (g) 3.36 (h) 0.81 47.9 12.86 29.36 (d) 330

0.30 (g) 8.13 (h) 0.89 54.0 10.09 0.90 (c),(d)

0.30 (e),(g)

62.61 (e),(h)

0.24 (e) 94.1 (e) 14.77 6.58 (c) 102,419

0.05 (e),(f)

–

3.59 (e) 49.8 (e) 14.54 16.57 86,735

0.05 (f) –

1.20 47.9 12.83 29.45 41,700

0.05 (f) –

1.08 54.0 10.06 0.60 (c) 8,476

0.05 (e),(f)

–

0.49 (e) 94.1 (e) 14.60 6.28 (c) 2,156

0.60 (e),(f)

–

3.18 (e) 49.8 (e) 14.36 15.91 1,699

0.61 (f) –

0.73 47.9 12.71 28.76 772

0.62 (f) –

0.45 54.0 10.02 0.20 (c) 282

0.62 (e),(f)

–

(0.14)

(e) 94.1 (e) 14.69 6.44 (c) 3,829

0.29 (e),(f)

–

3.21 (e) 49.8 (e) 14.46 16.26 2,793

0.30 (f) –

0.96 47.9 12.78 29.20 1,074

0.31 (f) –

0.72 54.0 10.04 0.40 (c) 136

.31

(e),(f)

–

0.23 (e) 94.1 (e) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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) Period

from

March

1,

2023,

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

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

HYBRID

2015

FUND

Class

J

shares

2026(b)

$

12.43 $

0.33 $

0.09 $

0.42 ($

0.38)

($

0.14)

($

0.52)

$

12.33 2025

11.64 0.32 0.85 1.17 (0.33)

(0.05)

(0.38)

.43

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 Institutional

shares

2026(b)

12.51 0.38 0.05 0.43 (0.39)

(0.14)

(0.53)

.41

2025

11.71 0.39 0.80 1.19 (0.34)

(0.05)

(0.39)

12.51 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 R-6

shares

2026(b)

12.54 0.34 0.09 0.43 (0.39)

(0.14)

(0.53)

12.44 2025

11.73 0.38 0.83 1.21 (0.35)

(0.05)

(0.40)

12.54 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 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

3.51 %

(c),(d)

$

476,557

0.18 %

(e) –

%

5.41 %

(e) 10.8 %

(e) 10.40 (d) 421,875

0.17 (f) 0.18 (g) 2.69 19.5 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 3.58 (c) 9,354

0.05 (e),(h)

–

6.22 (e) 10.8 (e) 10.52 12,172

0.05 (h) –

3.30 19.5 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 3.61 (c) 40,365

0.02 (e),(h)

–

5.49 (e) 10.8 (e) 10.62 38,109

0.02 (h) –

3.21 19.5 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

12.98 $

0.33 $

0.15 $

0.48 ($

0.39)

($

0.36)

($

0.75)

$

12.71 2025

12.04 0.34 0.98 1.32 (0.34)

(0.04)

(0.38)

.98

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 Institutional

shares

2026(b)

13.07 0.37 0.12 0.49 (0.40)

(0.36)

(0.76)

12.80 2025

12.12 0.38 0.96 1.34 (0.35)

(0.04)

(0.39)

13.07 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 R-6

shares

2026(b)

13.07 0.35 0.15 0.50 (0.41)

(0.36)

(0.77)

12.80 2025

12.12 0.36 0.99 1.35 (0.36)

(0.04)

(0.40)

13.07 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 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

3.86 %

(c),(d)

$

450,105

0.17 %

(e) –

%

5.30 %

(e) 11.9 %

(e) 11.32 (d) 390,600

0.17 (f) 0.17 (g) 2.77 28.1 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 3.95 (c) 28,971

0.05 (e),(h)

–

5.84 (e) 11.9 (e) 11.43 33,850

0.05 (h) –

3.09 28.1 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 3.98 (c) 191,079

0.02 (e),(h)

–

5.48 (e) 11.9 (e) 11.47 181,694

0.02 (h) –

2.90 28.1 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

14.13 $

0.36 $

0.23 $

0.59 ($

0.40)

($

0.26)

($

0.66)

$

14.06 2025

13.00 0.33 1.22 1.55 (0.35)

(0.07)

(0.42)

.13

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 Institutional

shares

2026(b)

14.22 0.40 0.21 0.61 (0.42)

(0.26)

(0.68)

14.15 2025

13.07 0.39 1.19 1.58 (0.36)

(0.07)

(0.43)

14.22 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 R-6

shares

2026(b)

14.23 0.37 0.24 0.61 (0.42)

(0.26)

(0.68)

14.16 2025

13.08 0.36 1.22 1.58 (0.36)

(0.07)

(0.43)

14.23 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 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

4.34 %

(c),(d)

$

932,566

0.16 %

(e) –

%

5.19 %

(e) 11.5 %

(e) 12.27 (d) 836,376

0.16 (f) 0.16 (g) 2.52 24.4 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 4.41 (c) 46,114

0.05 (e),(h)

–

5.82 (e) 11.5 (e) 12.45 56,365

0.05 (h) –

2.94 24.4 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 4.45 (c) 252,220

0.02 (e),(h)

–

5.33 (e) 11.5 (e) 12.47 236,018

0.02 (h) –

2.71 24.4 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

14.77 $

0.36 $

0.34 $

0.70 ($

0.39)

($

0.26)

($

0.65)

$

14.82 2025

13.40 0.30 1.48 1.78 (0.33)

(0.08)

(0.41)

.77

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 Institutional

shares

2026(b)

14.90 0.39 0.32 0.71 (0.40)

(0.26)

(0.66)

14.95 2025

13.51 0.38 1.43 1.81 (0.34)

(0.08)

(0.42)

14.90 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 R-6

shares

2026(b)

14.89 0.38 0.34 0.72 (0.41)

(0.26)

(0.67)

14.94 2025

13.50 0.34 1.47 1.81 (0.34)

(0.08)

(0.42)

14.89 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 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

4.93 %

(c),(d)

$

1,133,910

0.17 %

(e) –

%

4.92 %

(e) 8.0 %

(e) 13.62 (d) 921,591

0.17 (f) 0.17 (g) 2.22 25.4 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 4.98 (c) 68,815

0.05 (e),(h)

–

5.39 (e) 8.0 (e) 13.74 76,499

0.05 (h) –

2.74 25.4 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 5.02 (c) 439,182

0.01 (e),(h)

–

5.16 (e) 8.0 (e) 13.80 393,066

0.01 (h) –

2.47 25.4 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2026(b)

$

15.95 $

0.37 $

0.46 $

0.83 ($

0.40)

($

0.31)

($

0.71)

$

16.07 2025

14.33 0.30 1.77 2.07 (0.34)

(0.11)

(0.45)

15.95 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 Institutional

shares

2026(b)

16.08 0.41 0.43 0.84 (0.41)

(0.31)

(0.72)

.20

2025

14.44 0.37 1.73 2.10 (0.35)

(0.11)

(0.46)

16.08 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 R-6

shares

2026(b)

16.10 0.38 0.48 0.86 (0.42)

(0.31)

(0.73)

16.23 2025

14.46 0.34 1.77 2.11 (0.36)

(0.11)

(0.47)

16.10 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 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

5.43 %

(c),(d)

$

705,408

0.18 %

(e) –

%

4.74 %

(e) 9.3 %

(e) 14.89 (d) 563,757

0.17 (f) 0.17 (g) 2.07 28.3 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 5.48 (c) 78,404

0.05 (e),(h)

–

5.26 (e) 9.3 (e) 15.03 84,443

0.05 (h) –

2.48 28.3 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 5.57 (c) 375,713

0.02 (e),(h)

–

4.88 (e) 9.3 (e) 15.04 309,571

0.02 (h) –

2.33 28.3 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2040

FUND

Class

J

shares

2026(b)

$

16.87 $

0.36 $

0.67 $

1.03 ($

0.38)

($

0.35)

($

0.73)

$

17.17 2025

14.93 0.27 2.13 2.40 (0.32)

(0.14)

(0.46)

16.87 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 Institutional

shares

2026(b)

17.03 0.39 0.66 1.05 (0.40)

(0.35)

(0.75)

.33

2025

15.06 0.35 2.09 2.44 (0.33)

(0.14)

(0.47)

17.03 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 R-6

shares

2026(b)

17.06 0.38 0.67 1.05 (0.40)

(0.35)

(0.75)

17.36 2025

15.08 0.31 2.14 2.45 (0.33)

(0.14)

(0.47)

17.06 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 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

6.32 %

(c),(d)

$

906,685

0.19 %

(e) –

%

4.30 %

(e) 9.8 %

(e) 16.57 (d) 716,575

0.18 (f) 0.18 (g) 1.76 29.8 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 6.36 (c) 79,995

0.05 (e),(h)

–

4.72 (e) 9.8 (e) 16.72 79,643

0.05 (h) –

2.28 29.8 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 6.38 (c) 444,907

0.01 (e),(h)

–

4.58 (e) 9.8 (e) 16.80 395,084

0.02 (h) –

1.97 29.8 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2045

FUND

Class

J

shares

2026(b)

$

17.86 $

0.35 $

0.84 $

1.19 ($

0.36)

($

0.47)

($

0.83)

$

18.22 2025

15.63 0.28 2.43 2.71 (0.30)

(0.18)

(0.48)

.86

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 Institutional

shares

2026(b)

18.00 0.38 0.83 1.21 (0.38)

(0.47)

(0.85)

.36

2025

15.74 0.34 2.42 2.76 (0.32)

(0.18)

(0.50)

18.00 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 R-6

shares

2026(b)

18.03 0.37 0.85 1.22 (0.39)

(0.47)

(0.86)

18.39 2025

15.77 0.30 2.47 2.77 (0.33)

(0.18)

(0.51)

18.03 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 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

7.00 %

(c),(d)

$

345,376

0.20 %

(e) –

%

4.02 %

(e) 10.3 %

(e) 17.88 (d) 293,165

0.19 (f) 0.19 (g) 1.72 35.2 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 7.06 (c) 67,003

0.05 (e),(h)

–

4.28 (e) 10.3 (e) 18.08 64,961

0.05 (h) –

2.07 35.2 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 7.08 (c) 333,699

0.02 (e),(h)

–

4.19 (e) 10.3 (e) 18.08 283,766

0.02 (h) –

1.83 35.2 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2050

FUND

Class

J

shares

2026(b)

$

18.58 $

0.34 $

1.01 $

1.35 ($

0.35)

($

0.51)

($

0.86)

$

19.07 2025

16.10 0.26 2.70 2.96 (0.28)

(0.20)

(0.48)

18.58 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 Institutional

shares

2026(b)

18.71 0.37 0.99 1.36 (0.37)

(0.51)

(0.88)

19.19 2025

16.20 0.30 2.72 3.02 (0.31)

(0.20)

(0.51)

18.71 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 R-6

shares

2026(b)

18.72 0.36 1.00 1.36 (0.37)

(0.51)

(0.88)

19.20 2025

16.20 0.27 2.76 3.03 (0.31)

(0.20)

(0.51)

18.72 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 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

7.55 %

(c),(d)

$

282,325

0.21 %

(e) –

%

3.73 %

(e) 8.8 %

(e) 18.95 (d) 238,731

0.21 (f) 0.21 (g) 1.53 33.7 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 7.58 (c) 72,235

0.05 (e),(h)

–

4.02 (e) 8.8 (e) 19.18 68,856

0.05 (h) –

1.79 33.7 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 7.61 (c) 343,878

0.02 (e),(h)

–

3.94 (e) 8.8 (e) 19

.27

299,635

0.02 (h) –

1.63 33.7 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

2055

FUND

Class

J

shares

2026(b)

$

19.17 $

0.33 $

1.08 $

1.41 ($

0.34)

($

0.49)

($

0.83)

$

19.75 2025

16.57 0.24 2.85 3.09 (0.29)

(0.20)

(0.49)

19.17 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 Institutional

shares

2026(b)

19.35 0.38 1.07 1.45 (0.38)

(0.49)

(0.87)

19.93 2025

16.71 0.33 2.82 3.15 (0.31)

(0.20)

(0.51)

19.35 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 R-6

shares

2026(b)

19.39 0.37 1.09 1.46 (0.38)

(0.49)

(0.87)

19.98 2025

16.75 0.28 2.88 3.16 (0.32)

(0.20)

(0.52)

19.39 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 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

7.65 %

(c),(d)

$

198,840

0.25 %

(e),(f)

–

%

3.55 %

(e) 8.5 %

(e) 19.19 (d) 162,437

0.26 (g) 0.26 (h) 1.40 33.7 30.91 (d) 106,439

0.26 (g) 0.27 (h) 1.30 16.8 6.44 (d) 55,536

0.30 (g) 0.35 (h) 0.91 7.3 (18.06)

(d) 32,146

0.30 (g) 0.39 (h) 1.96 13

.4

35.47 (d) 24,427

0.30 (g) 0.44 (h) 1.30 9.1 7.75 (c) 39,727

0.05 (e),(f)

–

3.95 (e) 8.5 (e) 19.46 38,515

0.05 (f) –

1.90 33.7 31.21 37,805

0.05 (f) –

1.81 16.8 6.70 30,824

0.05 (f) –

1.27 7.3 (17.82)

24,173

0.05 (f) –

2.45 13.4 35.76 25,049

0.05 (f) –

1.74 9.1 7.82 (c) 218,757

0.02 (e),(f)

–

3.86 (e) 8.5 (e) 19.45 188,760

0.02 (f) –

1.61 33.7 31.25 125,778

0.02 (f) –

1.66 16.8 6.72 80,370

0.02 (f) –

1.24 7.3 (17.77)

55,493

0.02 (f) –

2.39 13.4 35.79 50,453

0.02 (f) –

1.92 9.1 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

HYBRID

2060

FUND

Class

J

shares

2026(b)

$

19.76 $

0.35 $

1.10 $

1.45 ($

0.35)

($

0.46)

($

0.81)

$

20.40 2025

17.08 0.24 2.93 3.17 (0.29)

(0.20)

(0.49)

19.76 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 Institutional

shares

2026(b)

20.04 0.38 1.12 1.50 (0.39)

(0.46)

(0.85)

20.69 2025

17.30 0.33 2.93 3.26 (0.32)

(0.20)

(0.52)

20.04 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 R-6

shares

2026(b)

20.11 0.38 1.13 1.51 (0.40)

(0.46)

(0.86)

20.76 2025

17.36 0.29 2.99 3.28 (0.33)

(0.20)

(0.53)

20.11 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 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

7.63 %

(c),(d)

$

112,888

0.30 %

(e),(f)

–

%

3.56 %

(e) 7.5 %

(e) 19.09 (d) 93,839

0.30 (g) 0.35 (h) 1.35 33.5 30.91 (d) 58,029

0.30 (g) 0.37 (h) 1.21 17.4 6.47 (d) 27,750

0.30 (g) 0.52 (h) 0.89 7.6 (18.08)

(d) 15,523

0.30 (g) 0.58 (h) 1.79 13.8 36.20 (d) 9,593

0.30 (g) 0.82 (h) 1.16 12.9 7.78 (c) 25,644

0.05 (e),(f)

–

3.82 (e) 7.5 (e) 19.43 23,393

0.05 (f) –

1.84 33.5 31.22 18,781

0.05 (f) –

1.80 17.4 6.68 14,276

0.05 (f) –

1.23 7.6 (17.80)

10,035

0.05 (f) –

2.35 13.8 36.46 9,423

0.05 (f) –

1.48 12.9 7.78 (c) 123,011

0.02 (e),(f)

–

3.84 (e) 7.5 (e) 19

.45

103,388

0.02 (f) –

1.59 33.5 31.29 66,316

0.02 (f) –

1.64 17.4 6.74 39,797

0.02 (f) –

1.20 7.6 (17.81)

24,880

0.02 (f) –

2.30 13.8 36.56 19,773

0.02 (f) –

1.70 12.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

Tax

Return

of

Capital

Distribution

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

HYBRID

2065

FUND

Class

J

shares

2026(b)

$

17.92 $

0.31 $

1.02 $

1.33 ($

0.32)

($

0.34)

$

–

($

0.66)

$

18.59 2025

15.47 0.19 2.69 2.88 (0.27)

(0.16)

–

(0.43)

17.92 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 Institutional

shares

2026(b)

18.25 0

.34

1.04 1.38 (0.36)

(0.34)

–

(0.70)

18.93 2025

15.74 0.28 2.68 2.96 (0.29)

(0.16)

–

(0.45)

18.25 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)

.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 R-6

shares

2026(b)

18.29 0.34 1.04 1.38 (0.36)

(0.34)

–

(0.70)

18.97 2025

15.76 0.26 2.72 2.98 (0.29)

(0.16)

–

(0.45)

18.29 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 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

7.66 %

(c),(d)

$

48,994

0.30 %

(e),(f)

–

%

3.47 %

(e) 9.9 %

(e) 19.12 (d) 38,114

0.30 (g) 0.53 (h) 1.20 34.6 30.91 (d) 20,034

0.30 (g) 0.62 (h) 1.17 18.7 6.37 (d) 8,800

0.30 (g) 0.87 (h) 0.96 16.3 (18

.04)

(d) 5,632

0.30 (g) 0.89 (h) 2.26 28.4 36.67 (d) 5,381

0.30 (g) 1.24 (h) 1.19 31.3 7.77 (c) 5,273

0.05 (e),(f)

–

3.74 (e) 9.9 (e) 19.39 4,973

0.05 (f) –

1.71 34.6 31.25 3,547

0.05 (f) –

1.52 18.7 6.67 1,946

0.05 (f) –

1.11 16.3 (17.81)

1,463

0.05 (f) –

2.12 28.4 37.00 1,312

0.05 (f) –

1.29 31.3 7.77 (c) 48,261

0.02 (e),(f)

–

3.78 (e) 9.9 (e) 19.49 38,740

0.02 (f) –

1.58 34.6 31.20 23,393

0.02 (f) –

1.56 18.7 6.75 12,636

0.02 (f) –

1.04 16.3 (17.80)

5,956

0.02 (f) –

2.07 28.4 37.09 3,340

0.02 (f) –

1.91 31.3 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

HYBRID

2070

FUND

Class

J

shares

2026(b)

$

15.20 $

0.26 $

0.86 $

1.12 ($

0.28)

($

0.17)

($

0.45)

$

15.87 2025

13.10 0.13 2.31 2.44 (0.24)

(0.10)

(0.34)

.20

2024

10.15 0.12 3.04 3.16 (0.20)

(0.01)

(0.21)

13.10 2023(i)

10.00 (0.01)

0.16 0

.15

–

–

–

10.15 Institutional

shares

2026(b)

15.11 0.29 0.84 1.13 (0.28)

(0.17)

(0.45)

15.79 2025

12.99 0.08 2.38 2.46 (0.24)

(0.10)

(0.34)

15.11 2024

10.06 0.10 3.04 3.14 (0.20)

(0.01)

(0.21)

.99

2023(i)

10.00 0.01 0.05 0.06 –

–

–

10.06 R-6

shares

2026(b)

15.12 0.26 0.88 1.14 (0

.28)

(0.17)

(0.45)

15.81 2025

13.00 0.20 2.26 2.46 (0.24)

(0.10)

(0.34)

15.12 2024

10.07 0.09 3.05 3.14 (0.20)

(0.01)

(0.21)

13.00 2023(i)

10.00 0.01 0.06 0.07 –

–

–

10.07 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

7.62 %

(c),(d)

$

4,437

0.30 %

(e),(f)

–

%

3.43 %

(e) 14.5 %

(e) 19.07 (d) 3,513

0.30 (g) 1.49 (h) 0.94 49.5 31.44 (d) 1,164

0.30 (g) 3.97 (h) 0.98 48.0 1.50 (c),(d)

0.30 (e),(g)

40.52 (e),(h)

(0.14)

(e) 130.0 (e) 7.73 (c) 2,857

0.05 (e) ,(f)

–

3.86 (e) 14.5 (e) 19.39 2,396

0.05 (f) –

0.61 49.5 31.53 263

0.05 (f) –

0.76 48.0 0.60 (c) 36

0.05 (e),(f)

–

0.10 (e) 130.0 (e) 7.79 (c) 10,009

0.02 (e),(f)

–

3.47 (e) 14.5 (e) 19.37 6,408

0.02 (f) –

1.47 49.5 31.50 2,667

0.02 (f) –

0.74 48.0 0.70 (c) 282

0.02 (e),(f)

–

0.16 (e) 130.0 (e) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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) Period

from

March

1,

2023,

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

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

PRINCIPAL

LIFETIME

HYBRID

INCOME

FUND

Class

J

shares

2026(b)

$

11.28 $

0.30 $

0.09 $

0.39 ($

0.36)

($

0.13)

($

0.49)

$

11.18 2025

10.54 0.31 0.74 1.05 (0.30)

(0.01)

(0.31)

.28

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 Institutional

shares

2026(b)

11.35 0.31 0.09 0.40 (0.37)

(0.13)

(0.50)

11.25 2025

10.60 0.37 0.70 1.07 (0.31)

(0.01)

(0.32)

11.35 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 R-6

shares

2026(b)

11.38 0.30 0.09 0.39 (0.37)

(0.13)

(0.50)

11.27 2025

10.62 0.32 0.77 1.09 (0.32)

(0.01)

(0.33)

11.38 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)

.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 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

3.51 %

(c),(d)

$

146,454

0.19 %

(e) –

%

5.48 %

(e) 14.1 %

(e) 10.33 (d) 133,941

0.19 (f) 0.19 (g) 2.89 27.3 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 3.63 (c) 7,630

0.05 (e),(h)

–

5.63 (e) 14.1 (e) 10.50 7,746

0.05 (h) –

3.50 27.3 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 3.55 (c) 51,600

0.02 (e),(h)

–

5.49 (e) 14.1 (e) 10.61 46,188

0.02 (h) –

2.96 27.3 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

STRATEGIC

INCOME

FUND

Class

A

shares

2026(b)

$

12.28 $

0.23 $

0.13 $

0.36 ($

0.37)

($

0.26)

($

0.63)

$

12.01 2025

11.73 0.32 0.71 1.03 (0.32)

(0.16)

(0.48)

12.28 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 Class

J

shares

2026(b)

12.06 0.24 0.12 0.36 (0.39)

(0.26)

(0.65)

11.77 2025

11.53 0.34 0.70 1.04 (0.35)

(0.16)

(0.51)

12.06 2024

10.14 0.33 1.33 1.66 (0.27)

–

(0.27)

.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 Institutional

shares

2026(b)

12.17 0.25 0.11 0.36 (0.41)

(0.26)

(0.67)

11.86 2025

11.62 0.37 0.70 1.07 (0.36)

(0.16)

(0.52)

12.17 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 R-3

shares

2026(b)

12.00 0.22 0.11 0.33 (0.34)

(0.26)

(0.60)

11.73 2025

11.48 0.29 0.70 0.99 (0.31)

(0.16)

(0.47)

12.00 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 R-5

shares

2026(b)

12.15 0.24 0.11 0.35 (0.38)

(0.26)

(0

.64)

11.86 2025

11.61 0.34 0.70 1.04 (0.34)

(0.16)

(0.50)

12.15 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 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

3.02 %

(c),(d)

$

35,606

0.38 %

(e),(f)

–

%

3.88 %

(e) 21.7 %

(e) 9.19 (d) 37,164

0.38 (f) –

2.77 24.4 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 3.12 (c),(d)

236,332

0.19 (e) –

4.07 (e) 21.7 (e) 9.41 (d) 239,340

0.18 (g) 0.18 (h) 2.96 24.4 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 3.10 (c) 355,097

0.00 (e),(f)

–

4.30 (e) 21.7 (e) 9.69 403,206

0.00 (f) –

3.18 24.4 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 2.88 (c) 17,476

0.58 (e) –

3.82 (e) 21.7 (e) 8.98 20,320

0.58 –

2.57 24.4 16.12 17,650

0.58 –

.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 3.03 (c) 22,273

0.27 (e) –

4.08 (e) 21.7 (e) 9.38 24,751

0.27 –

2.92 24.4 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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

Tax

Return

of

Capital

Distribution

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

REAL

ESTATE

SECURITIES

FUND

Class

A

shares

2026(b)

$

28.06 $

0.26 $

2.99 $

3.25 ($

0.29)

$

–

$

–

($

0.29)

$

31.02 2025

29.94 0.53 (1.32)

(0.79)

(0.64)

(0.45)

–

(1.09)

28.06 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 Class

C

shares

2026(b)

27.47 0.11 2.92 3.03 (0.13)

–

–

(0.13)

30.37 2025

29.32 0.27 (1.29)

(1.02)

(0.38)

(0.45)

–

(0.83)

27.47 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)

25.11 2021

23.08 0.05 10.20 10.25 (0.08)

(0.32)

–

(0.40)

32.93 Class

J

shares

2026(b)

26.99 0.26 2.87 3.13 (0.30)

–

–

(0.30)

29.82 2025

28.84 0.54 (1.27)

(0.73)

(0.67)

(0.45)

–

(1.12)

26.99 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 Institutional

shares

2026(b)

28.08 0.30 2.99 3.29 (0.33)

–

–

(0.33)

31.04 2025

29.96 0.62 (1.32)

(0.70)

(0.73)

(0.45)

–

(1.18)

28.08 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)

.65

2021

23.55 0.32 10.46 10.78 (0.40)

(0.32)

–

(0.72)

33.61 R-3

shares

2026(b)

27.17 0.22 2

.88

3.10 (0.26)

–

–

(0.26)

30.01 2025

29.02 0.46 (1.27)

(0.81)

(0.59)

(0.45)

–

(1.04)

27.17 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 R-5

shares

2026(b)

26.84 0.27 2.85 3.12 (0.31)

–

–

(0.31)

29.65 2025

28.69 0.55 (1.27)

(0.72)

(0.68)

(0.45)

–

(1.13)

26.84 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 R-6

shares

2026(b)

28.07 0.31 2.98 3.29 (0.34)

–

–

(0.34)

31.02 2025

29.94 0.64 (1.31)

(0.67)

(0.75)

(0.45)

–

(1.20)

28.07 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 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

11.66 %

(c),(d)

$

182,693

1.19 %

(e) –

%

1.80 %

(e) 25.5 %

(e) (2.61)

(d) 177,425

1.19 –

1.85 18.5 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 11.08 (c),(d)

10,267

2.19 (e) –

0.79 (e) 25.5 (e) (3.45)

(d) 11,469

2.07 –

0.96 18.5 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 11.71 (c),(d)

125,540

1.09 (e) –

1.89 (e) 25.5 (e) (2.49)

(d) 120,178

1.09 (g) 1.09 (h) 1.95 18.5 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

.08

(g) 1.10 (h) 1.00 31.0 11.84 (c) 3,711,951

0.86 (e),(i)

–

2.13 (e) 25.5 (e) (2.29)

3,571,229

0.86 (i) –

2.18 18.5 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 11.51 (c) 27,974

1.37 (e) –

1.62 (e) 25.5 (e) (2.76)

27,109

1.37 –

.67

18.5 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 11.72 (c) 57,161

1.06 (e) –

1.99 (e) 25.5 (e) (2.47)

71,628

1.06 –

1.99 18.5 31.00 76,319

.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 11.83 (c) 2,621,189

0.81 (e) –

2.19 (e) 25.5 (e) (2.21)

2,206,181

0.81 –

2.23 18.5 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

500

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

BALANCED

PORTFOLIO

Class

A

shares

2026(b)

$

17.98 $

0.26 $

0.72 $

0.98 ($

0.25)

($

1.44)

($

1.69)

$

17.27 2025

16.96 0.31 1.81 2.12 (0.30)

(0.80)

(1.10)

17.98 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 Class

C

shares

2026(b)

17.47 0.19 0.69 0.88 (0.18)

(1.44)

(1.62)

16.73 2025

16.51 0.18 1.76 1.94 (0.18)

(0.80)

(0.98)

17.47 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 Class

J

shares

2026(b)

17.05 0.26 0.67 0.93 (0.26)

(1.44)

(1.70)

16.28 2025

16.14 0.32 1.72 2.04 (0.33)

(0.80)

(1.13)

17.05 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 Institutional

shares

2026(b)

17.54 0.28 0.69 0.97 (0.27)

(1.44)

(1.71)

16.80 2025

16.57 0.35 1.77 2.12 (0.35)

(0.80)

(1.15)

17.54 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 R-3

shares

2026(b)

17.43 0.24 0.69 0.93 (0.23)

(1.44)

(1.67)

16.69 2025

16.48 0.27 1.74 2.01 (0.26)

(0.80)

(1.06)

17.43 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 R-5

shares

2026(b)

17.50 0.26 0.69 0.95 (0.25)

(1.44)

(1.69)

16.76 2025

16.54 0.32 1.76 2.08 (0.32)

(0.80)

(1.12)

.50

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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

501

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

5.94 %

(c),(d)

$

2,203,480

0.59 %

(e) –

%

3.08 %

(e) 32.4 %

(e) 13.30 (d) 2,202,184

0.59 –

1.85 44.7 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 5.53 (c),(d)

94,705

1.36 (e) –

.34

(e) 32.4 (e) 12.44 (d) 102,794

1.36 –

1.13 44.7 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 5.99 (c),(d)

1,751,949

0.44 (e) –

3.23 (e) 32.4 (e) 13.49 (d) 1,712,349

0.44 (f) 0.45 (g) 1.99 44.7 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 6.08 (c) 736,343

0.29 (e) –

3.37 (e) 32.4 (e) 13.66 717,428

0.29 –

2.15 44.7 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 5.81 (c) 23,213

0.85 (e) –

2.94 (e) 32.4 (e) 12.99 24,411

0.85 –

1.65 44.7 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 5.96 (c) 36,254

0.54 (e) –

3.14 (e) 32.4 (e) 13.37 34,970

0.54 –

1.94 44.7 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

502

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

CONSERVATIVE

BALANCED

PORTFOLIO

Class

A

shares

2026(b)

$

13.42 $

0.23 $

0.30 $

0.53 ($

0.22)

($

0.68)

($

0.90)

$

13.05 2025

12.56 0.31 0.99 1.30 (0.30)

(0.14)

(0.44)

.42

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 Class

C

shares

2026(b)

13.25 0.17 0.29 0.46 (0.16)

(0.68)

(0.84)

12.87 2025

12.40 0.21 0.98 1.19 (0.20)

(0.14)

(0.34)

13.25 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 Class

J

shares

2026(b)

13.17 0.23 0.30 0.53 (0.23)

(0.68)

(0.91)

12.79 2025

12.34 0.32 0.97 1.29 (0.32)

(0.14)

(0.46)

13.17 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 Institutional

shares

2026(b)

13.23 0.24 0.31 0.55 (0.24)

(0.68)

(0.92)

12.86 2025

12.39 0.34 0.98 1.32 (0.34)

(0.14)

(0.48)

13.23 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 R-3

shares

2026(b)

13.20 0.21 0.29 0.50 (0.20)

(0.68)

(0.88)

12.82 2025

12.36 0.28 0.97 1.25 (0.27)

(0.14)

(0.41)

13.20 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 R-5

shares

2026(b)

13.22 0.23 0.29 0.52 (0.22)

(0.68)

(0.90)

12.84 2025

12.38 0.31 0.98 1.29 (0.31)

(0.14)

(0.45)

13.22 2024

10.58 0.30 1.79 2.09 (0.29)

–

(0.29)

12.38 2023

10.71 0.23 0.14 0.37 (0.23)

(0.27)

(0.50)

.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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

503

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

4.18 %

(c),(d)

$

516,157

0.59 %

(e) –

%

3.53 %

(e) 25.4 %

(e) 10.72 (d) 522,349

0.59 –

2.43 32.3 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 3.70 (c),(d)

27,351

1.41 (e) –

.71

(e) 25.4 (e) 9.87 (d) 30,894

1.39 –

1.69 32.3 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 4.26 (c),(d)

1,060,366

0.44 (e) –

3.68 (e) 25.4 (e) 10.85 (d) 1,074,776

0.44 (f) 0.44 (g) 2

.58

32.3 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 4.39 (c) 217,544

0.30 (e) –

3.82 (e) 25.4 (e) 11.03 213,226

0.30 –

2.71 32.3 20.17 212,509

.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 4.03 (c) 10,569

0.85 (e) –

3.32 (e) 25.4 (e) 10.46 12,775

0.85 –

2.23 32.3 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 4.19 (c) 30,090

0.54 (e) –

3.59 (e) 25.4 (e) 10.80 28,303

0.54 –

2.50 32.3 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

504

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

CONSERVATIVE

GROWTH

PORTFOLIO

Class

A

shares

2026(b)

$

21.76 $

0.28 $

1.12 $

1.40 ($

0.30)

($

2.30)

($

2.60)

$

20.56 2025

20.30 0.26 2.59 2.85 (0.26)

(1.13)

(1.39)

.76

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 Class

C

shares

2026(b)

19.29 0.18 0.98 1.16 (0.17)

(2.30)

(2.47)

17.98 2025

18.14 0.11 2.28 2.39 (0.11)

(1.13)

(1.24)

19.29 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)

14.22 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 Class

J

shares

2026(b)

20.52 0.27 1.05 1.32 (0.33)

(2.30)

(2.63)

19.21 2025

19.23 0.27 2.44 2.71 (0.29)

(1.13)

(1.42)

20.52 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 Institutional

shares

2026(b)

21.02 0.29 1.08 1.37 (0.36)

(2.30)

(2.66)

19.73 2025

19.66 0.31 2.49 2.80 (0.31)

(1.13)

(1.44)

21.02 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 R-3

shares

2026(b)

20.46 0.24 1.04 1.28 (0.26)

(2.30)

(2.56)

19.18 2025

19.19 0.20 2.43 2.63 (0.23)

(1.13)

(1.36)

20.46 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

.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 R-5

shares

2026(b)

20.78 0.27 1.06 1.33 (0.31)

(2.30)

(2.61)

19.50 2025

19.45 0.27 2.46 2.73 (0.27)

(1.13)

(1.40)

.78

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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

505

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

7.30 %

(c),(d)

$

1,813,234

0.59 %

(e) –

%

2.75 %

(e) 35.2 %

(e) 15.00 (d) 1,803,526

0.59 –

1.31 41.9 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 6.85 (c),(d)

67,846

1.37 (e) –

2.01 (e) 35.2 (e) 14.11 (d) 74,549

1.36 –

0.59 41.9 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 7.37 (c),(d)

1,057,273

0.45 (e) –

2.88 (e) 35.2 (e) 15.17 (d) 1,009,226

0.45 (f) 0

.45

(g) 1.43 41.9 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 7.42 (c) 495,476

0.30 (e) –

3.02 (e) 35.2 (e) 15.33 468,388

0.30 –

1.60 41.9 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 7.15 (c) 10,686

0.85 (e) –

2.57 (e) 35.2 (e) 14.69 11,586

0.85 –

1.06 41.9 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 7.30 (c) 30,886

0.54 (e) –

2.82 (e) 35.2 (e) 15.10 29,749

0.54 –

1.39 41.9 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

506

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

FLEXIBLE

INCOME

PORTFOLIO

Class

A

shares

2026(b)

$

12.87 $

0.25 $

0.11 $

0.36 ($

0.25)

($

0.09)

($

0.34)

$

12.89 2025

12.17 0.36 0.69 1.05 (0.35)

–

(0.35)

12.87 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)

.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 Class

C

shares

2026(b)

12.72 0.19 0.11 0.30 (0.20)

(0.09)

(0.29)

12.73 2025

12.02 0.27 0.68 0.95 (0.25)

–

(0.25)

12.72 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 Class

J

shares

2026(b)

12.73 0.25 0.11 0.36 (0.26)

(0

.09)

(0.35)

12.74 2025

12.03 0.37 0.70 1.07 (0.37)

–

(0.37)

12.73 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 Institutional

shares

2026(b)

12.82 0.26 0.11 0.37 (0.27)

(0.09)

(0.36)

12.83 2025

12.12 0.38 0.70 1.08 (0.38)

–

(0.38)

12.82 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 R-3

shares

2026(b)

12.79 0.23 0.10 0.33 (0.23)

(0.09)

(0.32)

12.80 2025

12.09 0.37 0.65 1.02 (0.32)

–

(0.32)

12.79 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 R-5

shares

2026(b)

12.80 0.25 0.10 0.35 (0.25)

(0.09)

(0.34)

12.81 2025

12.09 0.37 0.70 1.07 (0.36)

–

(0.36)

12.80 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

.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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

507

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

2.88 %

(c),(d)

$

843,999

0.59 %

(e) –

%

3.86 %

(e) 20.7 %

(e) 8.82 (d) 868,475

0.59 –

2.91 23.9 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 2.42 (c),(d)

44,545

1.39 (e) –

3.08 (e) 20.7 (e) 8.06 (d) 51,518

1.38 –

2.19 23.9 15.67 (d) 71,603

1.38 –

.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 2.91 (c),(d)

1,082,029

0.44 (e) –

4.01 (e) 20.7 (e) 9.09 (d) 1,114,673

0.44 (f) 0.44 (g) 3.05 23.9 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 2.95 (c) 191,569

0.32 (e) –

4.10 (e) 20.7 (e) 9.15 186,610

0.32 –

3.12 23.9 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 –

.62

57.3 12.68 236,379

0.31 –

2.00 29.3 2.69 (c) 2,626

0.85 (e) –

3.58 (e) 20.7 (e) 8.59 2,603

0.85 –

3.04 23.9 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 2.85 (c) 6,916

0.54 (e) –

3.93 (e) 20.7 (e) 9.00 8,083

0.54 –

2.99 23.9 16.67 20,849

0.54 –

2.58 19.8 2.03 7,888

0.54 –

2.37 20.8 (15.16)

8,059

0.54 –

2.38 57.3 12.46 10,225

0.53 –

1.78 29.3 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

508

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SAM

STRATEGIC

GROWTH

PORTFOLIO

Class

A

shares

2026(b)

$

25.64 $

0.29 $

1.61 $

1.90 ($

0.27)

($

2.50)

($

2.77)

$

24.77 2025

23.61 0.23 3.39 3.62 (0.21)

(1.38)

(1.59)

.64

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 Class

C

shares

2026(b)

21.70 0.17 1.34 1.51 (0.14)

(2.50)

(2.64)

20.57 2025

20.22 0.04 2.88 2.92 (0.06)

(1.38)

(1.44)

21.70 2024

15.54 0.03 4.74 4.77 (0.03)

(0.06)

(0.09)

.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 Class

J

shares

2026(b)

24.19 0.28 1.53 1.81 (0.31)

(2.50)

(2.81)

23.19 2025

22.38 0.24 3.20 3.44 (0.25)

(1.38)

(1.63)

24.19 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 Institutional

shares

2026(b)

24.70 0.31 1.55 1.86 (0.34)

(2.50)

(2.84)

23.72 2025

22.80 0.29 3.27 3.56 (0.28)

(1.38)

(1.66)

24.70 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 R-3

shares

2026(b)

24.09 0.26 1.48 1.74 (0.23)

(2.50)

(2.73)

23.10 2025

22.27 0.14 3.21 3.35 (0.15)

(1.38)

(1.53)

24.09 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)

17.31 2021

17.72 0.08 6.40 6.48 (0.10)

(0.67)

(0.77)

23.43 R-5

shares

2026(b)

24.26 0.27 1.53 1.80 (0.29)

(2.50)

(2.79)

23.27 2025

22.43 0.23 3.22 3.45 (0.24)

(1.38)

(1.62)

24.26 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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

509

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

8.30 %

(c),(d)

$

1,434,637

0.59 %

(e) –

%

2.39 %

(e) 39.5 %

(e) 16.41 (d) 1,394,075

0.59 –

0.96 44.8 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 7.90 (c),(d)

67,506

1.37 (e) –

1.67 (e) 39.5 (e) 15.53 (d) 66,773

1.38 –

0.22 44.8 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 8.41 (c),(d)

610,453

0.46 (e) –

2.49 (e) 39.5 (e) 16.52 (d) 573,321

0.46 (f) 0.46 (g) 1.07 44.8 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 8.48 (c) 408,248

0.30 (e) –

2.66 (e) 39.5 (e) 16.77 381,234

0.30 –

1.26 44.8 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 8.14 (c) 7,795

0.85 (e) –

2.34 (e) 39.5 (e) 16.13 9,073

0.85 –

0.65 44.8 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 8.35 (c) 33,268

0.54 (e) –

2.44 (e) 39.5 (e) 16.50 32,154

0.54 –

1.05 44.8 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

510

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SHORT-TERM

INCOME

FUND

Class

A

shares

2026(b)

$

12.16 $

0.23 ($

0.06)

$

0.17 ($

0.22)

$

–

($

0.22)

$

12.11 2025

11.99 0.44 0.18 0.62 (0.45)

–

(0.45)

12.16 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 Class

C

shares

2026(b)

12.16 0.17 (0.06)

0.11 (0.16)

–

(0.16)

12.11 2025

11.99 0.33 0.17 0.50 (0.33)

–

(0.33)

12.16 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 Class

J

shares

2026(b)

12.15 0.23 (0.06)

0.17 (0.22)

–

(0.22)

12.10 2025

11.98 0.44 0.18 0.62 (0.45)

–

(0.45)

12.15 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 Institutional

shares

2026(b)

12.15 0.24 (0.06)

0.18 (0.23)

–

(0.23)

12.10 2025

11.98 0.47 0.17 0.64 (0.47)

–

(0.47)

12.15 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 R-3

shares

2026(b)

12.16 0.21 (0.06)

0.15 (0.20)

–

(0.20)

12.11 2025

11.99 0.40 0.18 0.58 (0.41)

–

(0.41)

12.16 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 R-5

shares

2026(b)

12.16 0.23 (0.06)

.17

(0.22)

–

(0.22)

12.11 2025

11.99 0.44 0.17 0.61 (0.44)

–

(0.44)

12.16 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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

511

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

1.43 %

(c),(d)

$

311,886

0.60 %

(e) –

%

3.80 %

(e) 45.3 %

(e) 5.22 (d) 325,160

0.60 –

3.67 42.3 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 0.95 (c),(d)

10,252

1.57 (e) –

2.82 (e) 45.3 (e) 4.23 (d) 12,936

1.54 –

2.73 42.3 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 1.44 (c),(d)

100,359

0.57 (e) –

3.82 (e) 45.3 (e) 5.24 (d) 104,710

0.59 (f) 0.59 (g) 3.69 42.3 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 1.53 (c) 2,938,944

0.39 (e) –

4.00 (e) 45.3 (e) 5.44 3,069,877

0.39 –

3.88 42.3 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 1.27 (c) 6,495

0.91 (e) –

3.49 (e) 45.3 (e) 4.88 6,658

0.92 –

3.35 42.3 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 1.42 (c) 9,848

0.60 (e) –

3.79 (e) 45.3 (e) 5.21 11,445

0.61 –

3.67 42.3 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

512

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SMALLCAP

FUND

Class

A

shares

2026(b)

$

28.70 $

–

$

3.51 $

3.51 $

–

($

1.54)

($

1.54)

$

30.67 2025

25.95 (0.01)

3.24 3.23 (0.02)

(0.46)

(0.48)

28.70 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 Class

J

shares

2026(b)

27.06 0.01 3.30 3.31 (0.03)

(1.54)

(1.57)

28.80 2025

24.50 0.03 3.05 3.08 (0.06)

(0.46)

(0.52)

27.06 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 Institutional

shares

2026(b)

31.93 0.03 3.93 3.96 (0.06)

(1.54)

(1.60)

34.29 2025

28.80 0.06 3.61 3.67 (0.08)

(0.46)

(0.54)

31.93 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 R-3

shares

2026(b)

28.36 (0.03)

3.46 3.43 –

(1.54)

(1.54)

30.25 2025

25.67 (0.06)

3.21 3.15 –

(0.46)

(0.46)

28.36 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 R-5

shares

2026(b)

31.36 0.02 3.84 3.86 (0.01)

(1.54)

(1.55)

33.67 2025

28.32 0.03 3.53 3.56 (0.06)

(0.46)

(0.52)

31.36 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 R-6

shares

2026(b)

31.97 0.06 3.92 3.98 (0.09)

(1.54)

(1.63)

34.32 2025

28.84 0.10 3.60 3.70 (0.11)

(0.46)

(0.57)

31.97 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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

513

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

12.77 %

(c),(d),(e)

$

280,186

1.10 %

(f) –

%

(0.02)

%

(f) 65.4 %

(f) 12.68 (e) 262,541

1.11 –

(0.03)

31.4 27.75 (e) 263,797

1.11 –

0.19 41.1 (8.88)

(e) 230,211

1.19 –

0.08 28.7 (19.05)

(e) 253,893

1.14 –

(0.07)

18.7 54.21 (e) 348,066

1.12 –

(0.35)

38.0 12.83 (c),(d),(e)

207,483

0.97 (f) –

0.11 (f) 65.4 (f) 12.85 (e) 192,751

0.97 (g) 0.97 (h) 0.10 31.4 27.94 (e) 192,105

0.96 (g) 0.97 (h) 0.34 41.1 (8.75)

(e) 165,565

1.02 (g) 1.04 (h) 0.24 28.7 (18.88)

(e) 193,888

0.99 (g) 1.01 (h) 0.08 18.7 54.39 (d),(e)

259,335

0.98 (g) 1.00 (h) (0.20)

38.0 12.87 (c) 649,465

0.85 (f),(i)

–

0.21 (f) 65.4 (f) 12

.99

751,830

0.85 (i) –

0.22 31.4 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 12.63 (c),(d)

16,780

1.30 (f) –

(0.22)

(f) 65.4 (f) 12.51 17,143

1.30 –

(0.23)

31.4 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 12.81 (c),(d)

40,623

0.99 (f) –

0.10 (f) 65.4 (f) 12.83 58,569

0.99 –

0.09 31.4 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 12.98 (c),(d)

905,790

0.73 (f),(i)

–

0.35 (f) 65.4 (f) 13.10 981,889

0.73 (i) –

0.35 31.4 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 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

514

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SMALLCAP

GROWTH

FUND

I

Class

J

shares

2026(b)

$

9.31 ($

0.03)

$

1.05 $

1.02 $

–

($

1.41)

($

1.41)

$

8.92 2025

9.29 (0.05)

1.27 1.22 (0.08)

(1.12)

(1.20)

9.31 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 Institutional

shares

2026(b)

16.74 (0.04)

2.04 2.00 –

(1.41)

(1.41)

17.33 2025

15.75 (0.07)

2.26 2.19 (0.08)

(1.12)

(1.20)

16.74 2024

11.66 (0.05)

4.14 4.09 –

–

–

.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 R-3

shares

2026(b)

11.85 (0.05)

1.38 1.33 –

(1.41)

(1.41)

11.77 2025

11.51 (0.10)

1.61 1.51 (0.05)

(1.12)

(1.17)

11.85 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 R-5

shares

2026(b)

14.78 (0.04)

1.78 1.74 –

(1.41)

(1.41)

15.11 2025

14.06 (0.08)

1.99 1.91 (0.07)

(1.12)

(1.19)

14.78 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 R-6

shares

2026(b)

16.81 (0.03)

2.05 2.02 –

(1.41)

(1.41)

17.42 2025

15.81 (0.05)

2.27 2.22 (0.10)

(1.12)

(1.22)

16.81 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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

515

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

12.95 %

(c),(d)

$

76,707

1.10 %

(e),(f)

–

%

(0.62)

%

(e) 77.9 %

(e) 14.71 (d) 71,569

1.11 (g) 1.13 (h) (0.62)

70.1 34.83 (d) 69,270

1.09 (g) 1.13 (h) (0.49)

61.2 (6.47)

(d) 56,943

1.14 (g) 1.18 (h) (0.49)

50.3 (29.78)

(d) 63,827

1.11 (g) 1.15 (h) (0.64)

50.7 38.18 (d) 103,343

1.07 (g) 1.11 (h) (0.74)

62.1 13.06 (c) 94,913

.95

(e),(f)

–

(0.47)

(e) 77.9 (e) 14.83 96,068

0.95 (f) –

(0.46)

70.1 35.08 114,047

0.96 (f) –

(0.35)

61.2 (6.25)

133,979

0.97 (f) –

(0.32)

50.3 (29.74)

(i) 195,117

0.94 (f) –

(0.47)

50.7 38.44 (i) 300,718

0.93 (f) –

(0.60)

62.1 12.77 (c) 16,507

1.41 (e),(f)

–

(0.93)

(e) 77.9 (e) 14.32 16,554

1.41 (f) –

(0.93)

70.1 34.46 15,205

1.41 (f) –

(0.80)

61.2 (6.62)

(i) 11,855

1.41 (f) –

(0.75)

50.3 (30.07)

(i) 13,703

1.40 (f) –

(0.94)

50.7 37.78 18,489

1.40 (f) –

(1.07)

62.1 13.03 (c) 32,133

1.10 (e),(f)

–

(0.62)

(e) 77.9 (e) 14.65 29,868

1.10 (f) –

(0.62)

70.1 34.80 23,968

1.10 (f) –

(0.49)

61.2 (6.34)

20,970

1.10 (f) –

(0.44)

50.3 (29.79)

32,559

1.09 (f) –

(0.63)

50.7 38.24 50,285

1.09 (f) –

(0.75)

62.1 13.13 (c) 2,124,531

0.84 (e),(f)

–

(0.36)

(e) 77.9 (e) 14.99 1,976,046

0.84 (f) –

(0.36)

70.1 35.13 1,892,007

0.84 (f) –

(0.23)

61.2 (6.07)

(i) 1,786,028

0.84 (f) –

(0.19)

50.3 (29.67)

(i) 1,935,411

0.84 (f) –

(0.37)

50.7 38.60 2,780,704

0.83 (f) –

(0.50)

62.1 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

516

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SMALLCAP

S&P

600

INDEX

FUND

Class

J

shares

2026(b)

$

24.14 $

0.17 $

3.60 $

3.77 ($

0.29)

($

2.34)

($

2.63)

$

25.28 2025

25.21 0.25 0.99 1.24 (0.30)

(2.01)

(2.31)

24.14 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 Institutional

shares

2026(b)

26.56 0.22 3.99 4.21 (0.33)

(2.34)

(2.67)

28.10 2025

27.51 0.32 1.07 1.39 (0.33)

(2.01)

(2.34)

26.56 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 R-3

shares

2026(b)

27.34 0.15 4.13 4.28 (0.21)

(2.34)

(2.55)

29.07 2025

28.25 0.19 1.11 1.30 (0.20)

(2.01)

(2.21)

27.34 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 R-5

shares

2026(b)

28.11 0.20 4.25 4.45 (0.27)

(2.34)

(2.61)

29.95 2025

28.99 0.28 1.14 1.42 (0.29)

(2.01)

(2.30)

28.11 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 R-6

shares

2026(b)

26.55 0.22 3.99 4.21 (0.35)

(2.34)

(2.69)

28.07 2025

27.49 0.33 1.09 1.42 (0.35)

(2.01)

(2.36)

26.55 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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

517

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

16.97 %

(c),(d)

$

193,293

0.39 %

(e) –

%

1.48 %

(e) 28.1 %

(e) 5

.21

(d) 172,867

0.39 (f) 0.39 (g) 1.07 35.9 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 17.10 (c) 182,173

0.21 (e),(h)

–

1.66 (e) 28.1 (e) 5.35 173,727

0.21 (h) –

1.25 35.9 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 16.77 (c) 71,542

0.73 (e) –

1.14 (e) 28.1 (e) 4.84 63,644

0.73 –

0.73 35.9 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 –

0.49 11.9 16.96 (c) 83,452

0.42 (e) –

1.45 (e) 28.1 (e) 5.16 86,244

0.42 –

1.04 35.9 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 17.08 (c) 802,694

0.16 (e) –

1.71 (e) 28.1 (e) 5.45 723,748

0.17 –

1.29 35.9 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

.16

(h) –

1.06 11.9 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

518

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SMALLCAP

VALUE

FUND

II

Class

J

shares

2026(b)

$

11.37 $

0.05 $

1.73 $

1.78 ($

0.12)

($

0.87)

($

0.99)

$

12.16 2025

12.06 0.11 0.46 0.57 (0.14)

(1.12)

(1.26)

11.37 2024

9.88 0.12 2.41 2.53 (0.10)

(0.25)

(0.35)

12.06 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 Institutional

shares

2026(b)

11.97 0.07 1.82 1.89 (0.15)

(0.87)

(1.02)

12.84 2025

12.62 0.15 0.48 0.63 (0.16)

(1.12)

(1.28)

11.97 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 R-3

shares

2026(b)

11.05 0.04 1.67 1.71 (0.09)

(0.87)

(0.96)

11.80 2025

11.75 0.08 0.45 0.53 (0.11)

(1.12)

(1.23)

11.05 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 R-5

shares

2026(b)

11.60 0.06 1.76 1.82 (0.12)

(0.87)

(0.99)

12.43 2025

12.28 0.12 0.46 0.58 (0.14)

(1.12)

(1.26)

11.60 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 R-6

shares

2026(b)

11.96 0.08 1.81 1.89 (0.15)

(0.87)

(1.02)

12.83 2025

12.61 0.15 0.48 0.63 (0.16)

(1.12)

(1.28)

11.96 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 Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

519

Total

Return

Net

Assets,

End

of

Period

(in

thousands)

Ratio

of

Expenses

to

Average

Net

Assets

Ratio

of

Gross

Expenses

to

Average

Net

Assets

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

16.50 %

(c),(d)

$

22,320

1.19 %

(e),(f)

–

%

0.96 %

(e) 100.7 %

(e) 5.13 (d) 18,883

1.21 (g) 1.23 (h) 0.99 89.9 25.67 (d) 23,814

1.21 (g) 1.25 (h) 1.01 73.9 (2.93)

(d) 19,813

1.31 (g) 1.35 (h) 0.81 65.2 (5.41)

(d) 20,790

1.28 (g) 1.32 (h) 0.40 55.4 63.03 (d) 23,564

1.29 (g) 1.33 (h) 0.35 87.5 16.64 (c) 161,080

0.93 (e),(f)

–

1.21 (e) 100.7 (e) 5.47 146,676

0.94 (f) –

1.28 89.9 25.89 171,914

0.96 (f) –

1.30 73.9 (2.58)

193,833

0.96 (f) –

1.18 65.2 (5.02)

185,308

0.96 (f) –

0.73 55.4 63.45 204,526

0.96 (f) –

0.70 87.5 16.40 (c) 6,089

1.44 (e),(f)

–

0.71 (e) 100.7 (e) 4

.92

5,422

1.45 (f) –

0.75 89.9 25.27 5,036

1.49 (f) –

0.75 73.9 (3.12)

4,937

1.50 (f) –

0.63 65.2 (5.59)

5,063

1.49 (f) –

0.19 55.4 62.67 6,089

1.49 (f) –

0.14 87.5 16.56 (c) 8,175

1.13 (e),(f)

–

1.02 (e) 100.7 (e) 5.18 6,748

1.14 (f) –

1.08 89.9 25.69 6,507

1.18 (f) –

1.10 73.9 (2.82)

10,587

1.19 (f) –

0.94 65.2 (5.28)

13,339

1.18 (f) –

0.51 55.4 63.22 16,754

1.18 (f) –

0.49 87.5 16.61 (c),(i)

1,045,584

0.88 (e),(f)

–

1.27 (e) 100.7 (e) 5.59 (i) 917,627

0.89 (f) –

1.31 89.9 25.94 907,192

0.94 (f) –

1.29 73.9 (2.55)

935,878

0.93 (f) –

.19

65.2 (5.07)

895,326

0.93 (f) –

0.76 55.4 63.66 1,150,438

0.93 (f) –

0.72 87.5 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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.

520

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

October

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

TAX-EXEMPT

BOND

FUND

Class

A

shares

2026(b)

$

.69

$

.12

($

.05)

$

.07

($

.12)

($

.12)

$

.64

2025

.71

.24

(0

.01)

.23

(0

.25)

(0

.25)

.69

2024

.34

.23

.37

.60

(0

.23)

(0

.23)

.71

2023

.31

.21

.03

.24

(0

.21)

(0

.21)

.34

2022

.61

.17

(1

.30)

(1

.13)

(0

.17)

(0

.17)

.31

2021

.40

.17

.21

.38

(0

.17)

(0

.17)

.61

Class

C

shares

2026(b)

.72

.09

(0

.05)

.04

(0

.09)

(0

.09)

.67

2025

.74

.18

(0

.01)

.17

(0

.19)

(0

.19)

.72

2024

.36

.17

.38

.55

(0

.17)

(0

.17)

.74

2023

.33

.16

.02

.18

(0

.15)

(0

.15)

.36

2022

.63

.11

(1

.30)

(1

.19)

(0

.11)

(0

.11)

.33

2021

.43

.11

.20

.31

(0

.11)

(0

.11)

.63

Institutional

shares

2026(b)

.70

.13

(0

.05)

.08

(0

.13)

(0

.13)

.65

2025

.72

.26

(0

.01)

.25

(0

.27)

(0

.27)

.70

2024

.35

.25

.37

.62

(0

.25)

(0

.25)

.72

2023

.31

.23

.03

.26

(0

.22)

(0

.22)

.35

2022

.61

.19

(1

.30)

(1

.11)

(0

.19)

(0

.19)

.31

2021

.41

.19

.20

.39

(0

.19)

(0

.19)

.61

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

521

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

.05

%

(c) ,(d)

$

244,039

.93

%

(e) 0

.73

%

(e) ,(f)

.71

%

(e) 60

.8

%

(e) 3

.60

(d) 228,582

.92

.73

(f) 3

.65

.2

.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

.58

(c) ,(d)

9,298

.88

(e) 1

.68

(e) ,(f)

.76

(e) 60

.8

(e) 2

.65

(d) 10,791

.82

.63

(f) 2

.73

.2

.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

.19

(c) 256,476

.65

(e) ,(g)

.45

(e) ,(f)

,(g)

.99

(e) 60

.8

(e) 3

.88

255,757

.64

(g) 0

.45

(f) ,(g)

.92

.2

.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

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

April

30,

2026. (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)

522

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

2025,

January

2026,

February

2026,

March

2026,

April

2026

and

May

2026

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

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

81.77 0.00 18.23 Diversified

Income

Fund

62.50 0.00 37.50 Diversified

International

Fund

0.00 100.00 0.00 Global

Emerging

Markets

Fund

40.14 59.86 0.00 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

33.80 0.00 66.20 Inflation

Protection

Fund

98.03 0.00 1.97 International

Equity

Fund

84.10 15.90 0.00 Overseas

Fund

89.20 10.80 0.00 Principal

Lifetime

Hybrid

2055

Fund

99.96 0.04 0.00 Principal

Lifetime

Hybrid

2060

Fund

99.41 0.59 0.00 Principal

Lifetime

Hybrid

2065

Fund

99.10 0.90 0.00 SAM

Flexible

Income

Portfolio

99.05 0.00 0.95 January

2026

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

73.23 0.00 26.77 Diversified

Income

Fund

39.04 0.00 60.96 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

28.59 0.00 71.41 Short-Term

Income

Fund

99.97 0.00 0.03 SAM

Flexible

Income

Portfolio

86.23 0.00 13.77 February

2026

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

73.99 0.00 26.01 Diversified

Income

Fund

39.24 0.00 60.76 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

20.28 0.00 79.72 SAM

Flexible

Income

Portfolio

77.39 0.00 22.61 March

2026

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Core

Plus

Bond

Fund

77.98 0.00 22.02 Diversified

Income

Fund

50.60 0.00 49.40 Equity

Income

Fund

93.04 6.96 0.00 Government

&

High

Quality

Bond

Fund

0.00 0.00 100.00 High

Yield

Fund

25.79 0.00 74.21 SAM

Flexible

Income

Portfolio

84.41 0.00 15.59 Principal

Funds,

Inc.

(unaudited)

523

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.

April

2026

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Diversified

Income

Fund

28.30 0.00 71.70 Government

&

High

Quality

Bond

Fund

50.43 0.00 49.57 High

Yield

Fund

23.66 0.00 76.34 SAM

Flexible

Income

Portfolio

86.57 0.00 13.43 May

2026

Fund

Net

Income

Realized

Gain

Capital

Sources

Core

Fixed

Income

Fund

0.00%

0.00%

100.00%

Diversified

Income

Fund

33.92 0.00 66.08 Government

&

High

Quality

Bond

Fund

47.32 0.00 52.68 High

Yield

Fund

0.00 0.00 100.00 SAM

Flexible

Income

Portfolio

91.44 0.00 8.56 Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

524

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,

2026

(unaudited)

525

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,

2026

(unaudited)

526

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

compensation

of

the

Chief

Compliance

Officer

("CCO").

If

the

proposal

is

adopted,

these

amounts

are

allocated

across

all

Funds

and

other

PGI

sponsored

registered

investment

companies

for

which

the

CCO

serves

as

the

Chief

Compliance

Officer.

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,

2026

(unaudited)

527

During

the

period

covered

by

this

report,

the

Board

of

Directors

of

Principal

Funds,

Inc.

("PFI")

(1) approved

an

amended

Management

Agreement

between

Principal

Global

Investors,

LLC

("PGI"

or

the

"Manager")

and

PFI

with

respect

to

the

Inflation

Protection

Fund;

(2) approved

amended

sub-advisory

agreements

between

PGI

and

T. Rowe

Price

Associates,

Inc.

("T.

Rowe")

with

respect

to

the

PFI

LargeCap

Growth

Fund

I,

Westwood

Management

Corp.

("Westwood")

with

respect

to

the

PFI

LargeCap

Value

Fund

III,

AllianceBernstein

L.P.

("AllianceBernstein")

and

Brown

Advisory,

LLC

("Brown")

with

respect

to

the

PFI

SmallCap

Growth

Fund

I,

and

Hotchkis

and

Wiley

Capital

Management,

LLC

("Hotchkis

and

Wiley")

and

Vaughan

Nelson

Investment

Management,

LP

("Vaughan")

with

respect

to

the

PFI

SmallCap

Value

Fund

II;

and

(3) approved

sub-advisory

agreements

between

PGI

and

Los

Angeles

Capital

Management

LLC

("LA

Capital")

and

Westfield

Capital

Management

Company,

L.P.

("Westfield")

with

respect

to

the

PFI

LargeCap

Growth

Fund

I. Approval

of

Amended

Management

Agreement

for

Inflation

Protection

Fund

On

December

9,

2025,

the

Board

of

Directors

of

Principal

Funds,

Inc.

(the

"Board")

met

to

consider

for

PFI

Inflation

Protection

Fund

(the

"Fund")

the

approval

of

an

amended

management

agreement

(the

"Management

Agreement")

between

PFI,

for

the

Fund,

and

Principal

Global

Investors,

LLC

(the

"Manager")

in

connection

with

a

proposal

to

amend

the

management

fee

schedule

to

reduce

the

effective

management

fee

rate

payable

at

all

asset

levels.

The

Board

noted

that

the

Manager

had

proposed

the

amended

management

fee

schedule

in

connection

with

a

proposal

to

terminate

the

Fund's

current

investment

sub-advisor

and

change

the

Fund's

principal

investment

strategy

to

a

passive

investment

strategy.

The

Board

reviewed

materials

received

from

the

Manager

regarding

the

proposed

change

in

the

Fund's

management

fee

schedule.

The

Board

considered

the

Manager's

representation

that

the

change

in

the

Fund's

management

fee

schedule

would

not

reduce

the

quality

or

quantity

of

the

services

the

Manager

provides

to

the

Fund

and

that

the

Manager's

obligations

under

the

Management

Agreement

would

remain

the

same

in

all

material

respects.

The

Board

also

considered

that

the

Manager

was

not

proposing

any

material

changes

to

the

terms

of

the

Management

Agreement

other

than

to

the

Fund's

management

fee

schedule.

The

Board

considered

that

they

had

last

approved

the

Management

Agreement

for

the

Fund

during

the

annual

contract

renewal

process

that

concluded

at

the

Board's

September

2025

meeting.

They

noted

that

during

the

annual

contract

renewal

process,

they

had

considered

the

nature,

quality

and

extent

of

the

services

provided

by

the

Manager

under

the

Management

Agreement

and

had

concluded,

based

upon

the

information

provided,

that

the

terms

of

the

Management

Agreement

were

reasonable

and

that

approval

of

the

Management

Agreement

was

in

the

best

interests

of

the

Fund.

Based

upon

all

of

the

information

considered,

the

Board

concluded

that

it

was

in

the

best

interests

of

the

Fund

to

approve

the

amended

Management

Agreement.

Approval

of

Amended

Sub-Advisory

Agreements

for

PFI

LargeCap

Growth

Fund

I,

PFI

LargeCap

Value

Fund

III,

PFI

SmallCap

Growth

Fund

I

and

PFI

SmallCap

Value

Fund

II

On

March

10,

2026,

the

Board

met

to

consider

for

PFI

LargeCap

Growth

Fund

I,

PFI

LargeCap

Value

Fund

III,

PFI

SmallCap

Growth

Fund

I

and

PFI

SmallCap

Value

Fund

II

(each,

a

"Fund"

and

together

the

"Funds"):

The

approval

of

an

amended

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

T. Rowe

(a

"Sub-Advisor")

in

connection

with

a

proposal

to

amend

the

sub-advisory

fee

schedule

to

reduce

the

effective

sub-advisory

fee

rate

payable

at

certain

asset

levels

for

PFI

LargeCap

Growth

Fund

I;

The

approval

of

an

amended

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

Westwood

(a

"Sub-Advisor")

in

connection

with

a

proposal

to

amend

the

sub-advisory

fee

schedule

to

reduce

the

effective

sub-advisory

fee

rate

payable

at

all

asset

levels

for

PFI

LargeCap

Value

Fund

III;

The

approval

of

an

amended

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

AllianceBernstein

(a

"Sub-

Advisor")

in

connection

with

a

proposal

to

amend

the

sub-advisory

fee

schedule

to

reduce

the

effective

sub-advisory

fee

rate

payable

at

all

asset

levels

for

PFI

SmallCap

Growth

Fund

I;

The

approval

of

an

amended

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

Brown

(a

"Sub-Advisor")

in

connection

with

a

proposal

to

amend

the

sub-advisory

fee

schedule

to

reduce

the

effective

sub-advisory

fee

rate

payable

at

all

asset

levels

for

PFI

SmallCap

Growth

Fund

I;

The

approval

of

an

amended

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

Hotchkis

and

Wiley

(a

"Sub-

Advisor")

in

connection

with

a

proposal

to

amend

the

sub-advisory

fee

schedule

to

reduce

the

effective

sub-advisory

fee

rate

payable

at

all

asset

levels

for

PFI

SmallCap

Value

Fund

II;

and

The

approval

of

an

amended

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

Vaughan

Nelson

(a

"Sub-

Advisor")

in

connection

with

a

proposal

to

amend

the

sub-advisory

fee

schedule

to

reduce

the

effective

sub-advisory

fee

rate

payable

at

all

asset

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

528

levels

for

PFI

SmallCap

Value

Fund

II. The

Board

reviewed

materials

received

from

the

Manager

regarding

the

proposed

amendments

to

the

Sub-Advisory

Agreements

and

noted

that

because

the

sub-advisory

fees

were

paid

by

the

Manager,

the

amendments

would

not

change

the

management

fee

rate

paid

by

each

Fund.

The

Board

considered

the

Manager's

representation

that

the

amendments

would

not

reduce

the

quality

or

quantity

of

the

services

each

Sub-

Advisor

provides

to

each

Fund

and

that

each

Sub-Advisor's

obligations

under

its

respective

Sub-Advisory

Agreement

would

remain

the

same

in

all

material

respects.

The

Board

also

considered

that

the

Manager

was

not

proposing

any

material

changes

to

the

terms

of

any

Sub-Advisory

Agreement

other

than

to

the

sub-advisory

fee

schedule.

The

Board

considered

that

they

had

last

approved

each

Sub-Advisory

Agreement

during

the

annual

contract

renewal

process

that

concluded

at

the

Board's

September

2025

meeting.

They

noted

that

during

the

annual

contract

renewal

process,

they

had

considered

the

nature,

quality

and

extent

of

the

services

provided

by

each

Sub-Advisor

under

the

applicable

Sub-Advisory

Agreement

and

had

concluded,

based

upon

the

information

provided,

that

the

terms

of

each

Sub-Advisory

Agreement

were

reasonable

and

that

approval

of

each

Sub-Advisory

Agreement

was

in

the

best

interests

of

each

Fund.

Based

upon

all

of

the

information

considered,

the

Board

concluded

that

it

was

in

the

best

interests

of

each

Fund

to

approve

the

amended

Sub-

Advisory

Agreements.

Approval

of

Sub-Advisory

Agreements

for

PFI

LargeCap

Growth

Fund

I

On

March 10,

2026,

the

Board

to

consider

for

PFI

LargeCap

Growth

Fund

I

(the

"Fund"):

The

approval

of

a

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

LA

Capital

("Sub-Advisor")

with

respect

to

the

Fund;

and

The

approval

of

a

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

Westfield

("Sub-Advisor")

with

respect

to

the

Fund.

As

part

of

their

review

process,

the

Board

reviewed

materials

received

from

the

Manager

regarding

each

Sub-Advisor.

Based

upon

their

review,

the

Board

concluded

that

it

was

in

the

best

interests

of

the

Fund

to

approve

each

Sub-Advisory

Agreement.

In

reaching

this

conclusion,

no

single

factor

was

determinative

in

the

Boards'

analysis,

but

rather

the

Board

considered

a

variety

of

factors.

The

Board

considered

various

factors,

including

the

following,

and

made

certain

findings

and

conclusions

with

regard

thereto,

in

approving

the

Sub-Advisory

Agreements.

Nature,

Quality

and

Extent

of

Services

The

Board

considered

the

nature,

quality

and

extent

of

the

services

to

be

provided

under

each

Sub-Advisory

Agreement.

The

Board

considered

the

reputation,

qualifications

and

background

of

each

Sub-Advisor,

the

investment

approach

of

each

Sub-Advisor,

the

experience

and

skills

of

each

Sub-Advisor's

investment

personnel

who

would

be

responsible

for

the

day-to-day

management

of

the

Fund

and

the

resources

made

available

to

such

personnel.

The

Board

noted

that

LA

Capital

currently

provides

sub-advisory

services

to

two

other

series

of

PFI

that

are

overseen

by

the

Board,

and

that

the

Board

has

reviewed

and

had

approved

for

renewal

those

sub-advisory

agreements

at

its

September

2025

Board

meeting.

In

addition,

the

Board

considered

the

Manager's

program

for

recommending,

monitoring

and

replacing

sub-advisors

and

that

the

Manager

recommended

each

Sub-Advisor

based

upon

that

program.

Based

upon

all

relevant

factors,

the

Board

concluded

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

each

Sub-Advisor

to

the

Fund

under

the

applicable

Sub-Advisory

Agreement

are

expected

to

be

satisfactory.

Investment

Performance

The

Board

reviewed

the

historical

one,

three-

and

five-year

performance

returns,

gross

of

proposed

fees,

as

of

December

31,

2025

of

each

Sub-

Advisor

in

a

composite

managed

in

the

investment

strategy

for

the

investment

sleeve

of

the

Fund

that

the

Sub-Advisor

is

proposed

to

manage,

as

compared

to

historical

performance

returns

of

a

current

sub-advisor

to

the

Fund,

a

relevant

benchmark

index

and

a

relevant

Morningstar

category.

The

Board

concluded,

based

upon

the

information

provided,

that

each

Sub-Advisor

is

qualified.

Fees,

Economies

of

Scale

and

Profitability

The

Board

considered

the

proposed

sub-advisory

fee

under

each

Sub-Advisory

Agreement,

noting

that

the

Manager

compensates

sub-advisors

from

its

own

management

fee

so

that

shareholders

pay

only

the

management

fee.

The

Board

considered

whether

there

are

economies

of

scale

with

respect

to

the

sub-advisory

services

to

be

provided

to

the

Fund

under

each

Sub-Advisory

Agreement.

The

Board

noted

that

the

proposed

sub-advisory

fee

schedule

under

each

Sub-Advisory

Agreement

includes

breakpoints.

The

Board

noted

that

the

Sub-Advisors

advised

that

they

each

have

one

advisory

client

for

which

they

offer

their

respective

strategies

at

a

lower

fee

due

to

their

respective

client's

role

in

gaining

material

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Funds,

Inc.

April

30,

2026

(unaudited)

529

scale,

and

that

the

Manager

found

the

proposed

sub-advisory

fee

schedules

to

be

competitive.

On

the

basis

of

the

information

provided,

the

Board

concluded

that

the

proposed

sub-advisory

fee

schedule

under

each

Sub-Advisory

Agreement

was

reasonable.

Other

Benefits

The

Board

also

considered

the

character

and

amount

of

other

indirect

benefits

to

be

received

by

each

Sub-Advisor.

The

Board

noted

that

both

LA

Capital

and

Westfield

have

soft

dollar

arrangements

in

place

that

are

structured

to

comply

with

the

safe

harbor

provisions

under

Section

28(e)

and

that

the

Manager

identified

no

other

indirect

benefits

to

be

received

by

the

Sub-Advisors.

Overall

Conclusions

Based

upon

all

of

the

information

considered

and

the

conclusions

reached,

the

Board

determined

that

the

terms

of

each

Sub-Advisory

Agreement

are

fair

and

reasonable

and

that

approval

of

each

Sub-Advisory

Agreement

is

in

the

best

interests

of

the

Fund.

#### 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.©

2026

Principal

Financial

Services,

Inc.

\|

FV942SAR-05

\|

04/2026

\|

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> 6/9/2026 </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> 6/9/2026 </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> 6/9/2026 </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> 6/9/2026 </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> 6/9/2026 </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> 6/9/2026 </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> 6/9/2026 </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.