# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-26-000537
**Filing Date:** 2026-4
**Character Count:** 90348
**Document Hash:** e897913fe8f20c01f27801d116571649
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-26-000537.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000898745-26-000537

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20260831

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07572
- **FILM NUMBER:** 26891045

**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

### Opportunistic Municipal Fund (Series ID: S000037379)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000115414 | Class A             | PMOAX           |
| C000153266 | Institutional Class | POMFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Principal Funds, Inc

- **b. Investment Company Act file number:** 811-07572

- **c. CIK number of Registrant:** 0000898745

- **d. LEI of Registrant:** 549300HZGBXSW6DSXF23

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 711 High St

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50392

  - **Telephone number:** 515-235-1719

**Item A.2. Information about the Series.**

- **a. Name of Series:** Opportunistic Municipal Fund

- **b. EDGAR series identifier (if any):** S000037379

- **c. LEI of Series:** 5493003HKOWWH1F8PO14

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2026-02-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $190523091.81

**Total Liabilities:** $4813455.32

**Net Assets:** $185709636.49

**Delayed Delivery Securities:** $3472050.00

**Cash Not Reported:** $12605.41

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 270.50150000 | **1-Year:** 523.60540000 | **5-Year:** 10527.04610000 | **10-Year:** 21350.69320000 | **30-Year:** 31845.03050000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 310.39360000 | **1-Year:** 600.82370000 | **5-Year:** 12079.51410000 | **10-Year:** 24499.37020000 | **30-Year:** 36541.35170000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000153266 | -0.01%               | 0.83%                | 1.10%                |
| Class ID C000115414 | -0.03%               | 0.80%                | 1.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-230781.71              | $-640635.74                                |
| Month 2  | $-139994.86              | $859603.67                                 |
| Month 3  | $-1160235.78             | $2605560.48                                |

### Schedule of Portfolio Investments

| Name                                                                                                      | Title                                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ohio Air Quality Development Authority                                                                    | Ohio Air Quality Development Authority                                                                    | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951853.00    | 0.51%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1154044.65   | 0.62%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                                                 | Development Authority of Burke County/The                                                                 | CUSIP: 121342PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.27%             | 2052-11-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAR5<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    505000 | PA      | $486586.13    | 0.26%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| iShares Short-Term National Muni Bond ETF                                                                 | iShares Short-Term National Muni Bond ETF                                                                 | CUSIP: 464288158<br>LEI: 5493006UX6BTVQQ8GI65 | Long             | EC               | RF                | US        |      1000 | NS      | $107440.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                                             | Palm Beach County Health Facilities Authority                                                             | CUSIP: 69651ACY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060811.70   | 0.57%             | 2050-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2355072.00   | 1.27%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CEH7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060543.90   | 0.57%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BL Train Holdings West LLC - Warrants                                                                     | BL Train Holdings West LLC - Warrants                                                                     | CUSIP: 05594N118<br>LEI: 254900UTS074X7B9VE11 | Long             | EC               | CORP              | US        |     21024 | NS      | $42048.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| State of Ohio                                                                                             | State of Ohio                                                                                             | CUSIP: 67756CCH9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.13%             | 2045-01-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| VanEck High Yield Muni ETF                                                                                | VanEck High Yield Muni ETF                                                                                | CUSIP: 92189H409<br>LEI: 549300UT41BWOPGYSE94 | Long             | EC               | RF                | US        |     14241 | NS      | $734835.60    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Community Development District No 16                                                              | Village Community Development District No 16                                                              | CUSIP: 92708MAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004534.20   | 0.54%             | 2056-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |        70 | PA      | $77.74        | 0.00%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88034NYC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.27%             | 2026-07-01      | Variable      | 1.94%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    112821 | PA      | $101712.82    | 0.05%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    133100 | PA      | $98398.23     | 0.05%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                                            | Mobile County Industrial Development Authority                                                            | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2869585.50   | 1.55%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                                         | Philadelphia Authority for Industrial Development                                                         | CUSIP: 717901CA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1876856.20   | 1.01%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       145 | PA      | $148.38       | 0.00%             | 2027-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650110AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986588.50    | 0.53%             | 2041-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035TRP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.11%             | 2032-03-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                                          | Oneida Indian Nation of New York                                                                          | CUSIP: 682504AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3277591.50   | 1.76%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88033MQP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2303000 | PA      | $2599525.37   | 1.40%             | 2040-01-01      | Variable      | 14.23%                | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $804600.56    | 0.43%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                                          | Maricopa County Industrial Development Authority                                                          | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885427.60    | 0.48%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                                                        | City of Whiting IN                                                                                        | CUSIP: 96634RAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $853533.49    | 0.46%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035JZQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.05%             | 2032-07-01      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                                                   | Bay Area Toll Authority                                                                                   | CUSIP: 072024XV9<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |      5000 | PA      | $3314.74      | 0.00%             | 2056-04-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                                     | County of Hamilton OH                                                                                     | CUSIP: 4072722W2<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029999.60   | 0.55%             | 2051-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                                       | California Public Finance Authority                                                                       | CUSIP: 13057TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2694423.25   | 1.45%             | 2065-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                                              | Charlotte-Mecklenburg Hospital Authority/The                                                              | CUSIP: 160853UL9<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.27%             | 2048-01-15      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                                               | New Hampshire Health and Education Facilities Authority Act                                               | CUSIP: 64461XGY5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061278.20   | 0.57%             | 2059-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp I                                                         | Texas Municipal Gas Acquisition and Supply Corp I                                                         | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77207.22     | 0.04%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Navajo Nation                                                                                             | Navajo Nation                                                                                             | CUSIP: 639185AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503661.50   | 1.35%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                                         | State of Nevada Department of Business & Industry                                                         | CUSIP: 25461PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    701627 | PA      | $7.02         | 0.00%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nashville Metropolitan Development & Housing Agency                                                       | Nashville Metropolitan Development & Housing Agency                                                       | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $766088.93    | 0.41%             | 2036-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74439YGC9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $748487.33    | 0.40%             | 2055-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago IL                                                                                        | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578309.15   | 0.85%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                                          | California Pollution Control Financing Authority                                                          | CUSIP: 13054WBD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1219739.20   | 0.66%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                                | Finance Authority of Maine                                                                                | CUSIP: 56042CAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082578.70   | 0.58%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAQ7<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001059.50   | 0.54%             | 2044-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032184.70   | 0.56%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2188142.10   | 1.18%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                                         | Tulsa County Industrial Authority                                                                         | CUSIP: 899530BA6<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004689.40   | 0.54%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                                  | Cleveland-Cuyahoga County Port Authority                                                                  | CUSIP: 18611HAA3<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $983399.31    | 0.53%             | 2055-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Western Regional Off-Track Betting Corp                                                                   | Western Regional Off-Track Betting Corp                                                                   | CUSIP: 959321AB6<br>LEI: 549300OJK9LIIXQUYY95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1914232.00   | 1.03%             | 2041-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                                                 | Westchester County Local Development Corp                                                                 | CUSIP: 95737TGB6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027902.50   | 0.55%             | 2055-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1513123.41   | 0.81%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| La Verne Public Financing Authority                                                                       | La Verne Public Financing Authority                                                                       | CUSIP: 505207AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80270.24     | 0.04%             | 2026-09-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74439YFV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010057.00   | 0.54%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 74528LAC5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1695449.08   | 0.91%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                                         | Michigan State Building Authority                                                                         | CUSIP: 594615KQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.27%             | 2058-04-15      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                                                         | Mississippi Business Finance Corp                                                                         | CUSIP: 60528ACC6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    320000 | PA      | $320000.00    | 0.17%             | 2035-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                                             | Palm Beach County Health Facilities Authority                                                             | CUSIP: 69651ACZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $620959.99    | 0.33%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88034YTB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $622764.23    | 0.34%             | 2036-05-15      | Variable      | 14.89%                | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                                      | County of Jefferson AL Sewer Revenue                                                                      | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1896130.08   | 1.02%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022737.60   | 0.55%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                                       | California Public Finance Authority                                                                       | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4878324.50   | 2.63%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070302.10   | 0.58%             | 2040-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Tech Ridge Public Infrastructure District                                                                 | Tech Ridge Public Infrastructure District                                                                 | CUSIP: 878296AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078733.00   | 1.12%             | 2054-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                                        | City of Detroit MI                                                                                        | CUSIP: 2510935F3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011838.60   | 0.54%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                                            | Lower Alabama Gas District/The                                                                            | CUSIP: 547804AE4<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3657081.85   | 1.97%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ocean Highway & Port Authority                                                                            | Ocean Highway & Port Authority                                                                            | CUSIP: 67482LAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1211860.50   | 0.65%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                                     | California Infrastructure & Economic Development Bank                                                     | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $688500.00    | 0.37%             | 2065-01-01      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                                                     | Parish of St James LA                                                                                     | CUSIP: 790103AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3317492.70   | 1.79%             | 2040-10-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| State Street SPDR Nuveen ICE High Yield Municipal Bond ETF                                                | State Street SPDR Nuveen ICE High Yield Municipal Bond ETF                                                | CUSIP: 78464A284<br>LEI: 54930036TY0W1EQHEK50 | Long             | EC               | RF                | US        |     26778 | NS      | $681500.10    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority                             | Columbus County Industrial Facilities & Pollution Control Financing Authority                             | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075525.90   | 0.58%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                                                       | Port of Portland OR Airport Revenue                                                                       | CUSIP: 735240WB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290000.00    | 0.16%             | 2026-07-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031WN9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    560000 | PA      | $549568.82    | 0.30%             | 2052-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       484 | PA      | $469.12       | 0.00%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035GWF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $768364.15    | 0.41%             | 2042-10-01      | Variable      | 17.83%                | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095781.80   | 0.59%             | 2055-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                                                        | City of Wichita KS                                                                                        | CUSIP: 967249RP0<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974531.40    | 0.52%             | 2054-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Kalispell MT                                                                                      | City of Kalispell MT                                                                                      | CUSIP: 48342YAP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1412115.32   | 0.76%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                                  | Cleveland-Cuyahoga County Port Authority                                                                  | CUSIP: 18611HAB1<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    800000 | PA      | $622015.12    | 0.33%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DR7<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $454669.65    | 0.24%             | 2051-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83704DAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $110000.00    | 0.06%             | 2040-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                                         | New York Liberty Development Corp                                                                         | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1557861.37   | 0.84%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp                                                                                   | Build NYC Resource Corp                                                                                   | CUSIP: 12008EXS0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003303.70   | 0.54%             | 2065-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                                                         | Mississippi Business Finance Corp                                                                         | CUSIP: 60528ACB8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.22%             | 2035-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Genesee County Funding Corp/The                                                                           | Genesee County Funding Corp/The                                                                           | CUSIP: 371669BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044225.90   | 0.56%             | 2055-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                                              | New York State Environmental Facilities Corp                                                              | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055314.40   | 0.57%             | 2050-09-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Mohegan Tribal Finance Authority                                                                          | Mohegan Tribal Finance Authority                                                                          | CUSIP: 608327AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1713713.56   | 0.92%             | 2045-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                                             | State of Ohio                                                                                             | CUSIP: 67756CFG8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.22%             | 2049-01-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                                           | Baldwin County Industrial Development Authority                                                           | CUSIP: 05786PAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026900.00   | 0.55%             | 2055-06-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority                     | Louisiana Local Government Environmental Facilities & Community Development Authority                     | CUSIP: 54628CJB9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    700000 | PA      | $701524.39    | 0.38%             | 2044-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                                                         | Mississippi Business Finance Corp                                                                         | CUSIP: 60528ABJ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.11%             | 2030-12-01      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008035.60   | 0.54%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1262845.27   | 0.68%             | 2060-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Appleton Redevelopment Authority                                                                          | Appleton Redevelopment Authority                                                                          | CUSIP: 038127AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.54%             | 2036-06-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88034NML5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    698000 | PA      | $746600.61    | 0.40%             | 2043-07-01      | Variable      | 10.26%                | No            |                  2 | On Loan: No      |
| Albany Capital Resource Corp                                                                              | Albany Capital Resource Corp                                                                              | CUSIP: 012432EU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070188.90   | 0.58%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                                                      | City of Henderson KY                                                                                      | CUSIP: 425099AA6<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010840.90   | 0.54%             | 2042-01-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                                 | City of Houston TX Airport System Revenue                                                                 | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1649650.20   | 0.89%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                                          | Regional Transportation District                                                                          | CUSIP: 759151BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001406.40   | 0.54%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa County Industrial Development Authority                                                        | Tuscaloosa County Industrial Development Authority                                                        | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3003000 | PA      | $3042127.29   | 1.64%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority/The                                                              | Metropolitan Nashville Airport Authority/The                                                              | CUSIP: 592190SW3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045812.40   | 0.56%             | 2056-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                                   | New York City Transitional Finance Authority Future Tax Secured Revenue                                   | CUSIP: 64972JBY3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1142201.80   | 0.62%             | 2042-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                                                 | Alameda Corridor Transportation Authority                                                                 | CUSIP: 010869JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037176.60   | 0.56%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                                                   | County of Palm Beach FL                                                                                   | CUSIP: 696547HX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036289.40   | 0.56%             | 2065-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047332.90   | 0.56%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                                              | Village Community Development District No 15                                                              | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1461416.40   | 0.79%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708692CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2154682.60   | 1.16%             | 2047-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Port of Port Arthur Navigation District                                                                   | Port of Port Arthur Navigation District                                                                   | CUSIP: 735225AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.16%             | 2033-05-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1106980.67   | 0.60%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2157354.40   | 1.16%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035RAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1359423.58   | 0.73%             | 2055-07-01      | Variable      | 15.15%                | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    397050 | PA      | $270986.92    | 0.15%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                                       | State of California                                                                                       | CUSIP: 13063ENB8<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118537.10   | 0.60%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88034WFS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.22%             | 2028-07-01      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                                         | Atlanta Development Authority/The                                                                         | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094931.20   | 1.13%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Economic Development Finance Authority                                                         | Washington Economic Development Finance Authority                                                         | CUSIP: 93975XAA1<br>LEI: 549300TQ7IXFA28IYO51 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016905.80   | 0.55%             | 2045-12-01      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                                                 | Tarrant County Cultural Education Facilities Finance Corp                                                 | CUSIP: 87638QTK5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914089.70    | 0.49%             | 2054-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035JKU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $688948.41    | 0.37%             | 2050-10-01      | Variable      | 14.19%                | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                                 | City of Houston TX Airport System Revenue                                                                 | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945567.20    | 0.51%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708686DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001332.80   | 1.08%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                                                       | New Hope Cultural Education Facilities Finance Corp                                                       | CUSIP: 64542PGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4197296.46   | 2.26%             | 2056-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                                           | City of Gainesville FL Utilities System Revenue                                                           | CUSIP: 362848RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.16%             | 2042-10-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035TAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.05%             | 2028-05-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                                      | Mida Mountain Village Public Infrastructure District                                                      | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546404.45   | 0.83%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 34061XAJ1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041857.40   | 1.10%             | 2037-07-01      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108WCD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021332.10   | 0.55%             | 2049-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                                                    | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                                                    | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2277193.35   | 1.23%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                                        | Greater Orlando Aviation Authority                                                                        | CUSIP: 39227AAD4<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1644055.35   | 0.89%             | 2037-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                                      | Virginia Beach Development Authority                                                                      | CUSIP: 92774NBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097125.10   | 0.59%             | 2059-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1285343.07   | 0.69%             | 2044-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 34061XAE2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039898.30   | 0.56%             | 2029-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VanEck Short High Yield Muni ETF                                                                          | VanEck Short High Yield Muni ETF                                                                          | CUSIP: 92189F387<br>LEI: 549300B6J4UH4T4ALL26 | Long             | EC               | RF                | US        |      1000 | NS      | $23090.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 34061QCU9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027939.00   | 0.55%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority                     | Louisiana Local Government Environmental Facilities & Community Development Authority                     | CUSIP: 54628CES7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    400000 | PA      | $418160.32    | 0.23%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                                                 | Westchester County Local Development Corp                                                                 | CUSIP: 95737TGC4<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1545166.80   | 0.83%             | 2065-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2132773.20   | 1.15%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                                      | County of Miami-Dade FL Water & Sewer System Revenue                                                      | CUSIP: 59334DQP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043007.60   | 0.56%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030293.40   | 1.09%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                                             | Palm Beach County Health Facilities Authority                                                             | CUSIP: 696507VT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113190.50   | 0.60%             | 2058-05-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                                                    | Lancaster County Hospital Authority/PA                                                                    | CUSIP: 514045J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999989.10    | 0.54%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                                               | California Educational Facilities Authority                                                               | CUSIP: 130179SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $452089.99    | 0.24%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                                                   | Suffolk Regional Off-Track Betting Corp                                                                   | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3069213.30   | 1.65%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                                 | City of Houston TX Airport System Revenue                                                                 | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472738.95    | 0.25%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035453.00   | 1.10%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 34061XAF9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003367.40   | 1.08%             | 2032-07-01      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       427 | PA      | $436.99       | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                                         | Rhode Island Health and Educational Building Corp                                                         | CUSIP: 762244PB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994165.30    | 0.54%             | 2065-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                       | Wisconsin Health & Educational Facilities Authority                                                       | CUSIP: 97671VBN4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471671.30    | 0.25%             | 2043-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport                              | San Francisco City & County Airport Comm-San Francisco International Airport                              | CUSIP: 79766DWX3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1587421.80   | 0.85%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Ultra-Short Municipal Income ETF                                                                 | JPMorgan Ultra-Short Municipal Income ETF                                                                 | CUSIP: 46641Q654<br>LEI: 549300C27W430AWFZC05 | Long             | EC               | RF                | US        |         6 | NS      | $306.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Development Authority of Burke County/The                                                                 | Development Authority of Burke County/The                                                                 | CUSIP: 121342MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.22%             | 2049-07-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                                               | George L Smith II Congress Center Authority                                                               | CUSIP: 37255MAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1527600 | PA      | $1586138.40   | 0.85%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    951069 | PA      | $991046.73    | 0.53%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                       | Wisconsin Health & Educational Facilities Authority                                                       | CUSIP: 97671VBM6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    300000 | PA      | $299691.12    | 0.16%             | 2033-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       293 | PA      | $312.97       | 0.00%             | 2029-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035MJW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $767391.23    | 0.41%             | 2049-10-01      | Variable      | 15.11%                | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000B4Y1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3350957.76   | 1.80%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74444VAL4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029180.10   | 0.55%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035RDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215000.00    | 0.12%             | 2043-11-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                                         | Atlanta Development Authority/The                                                                         | CUSIP: 04780NMY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3642908.80   | 1.96%             | 2048-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                                  | Arizona Industrial Development Authority                                                                  | CUSIP: 04052TDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170814 | PA      | $171447.21    | 0.09%             | 2059-01-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                                     | Illinois State Toll Highway Authority                                                                     | CUSIP: 452252PY9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    590000 | PA      | $555210.53    | 0.30%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83704DAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $220000.00    | 0.12%             | 2051-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                                     | Louisiana Public Facilities Authority                                                                     | CUSIP: 54640TAE9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    277888 | PA      | $2.78         | 0.00%             | 2039-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                                      | Mida Mountain Village Public Infrastructure District                                                      | CUSIP: 59561UAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500793.95   | 0.81%             | 2054-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                                               | California Educational Facilities Authority                                                               | CUSIP: 130179TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2532430.12   | 1.36%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035RQJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $229907.18    | 0.12%             | 2031-01-01      | Variable      | 15.04%                | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                                                  | California Statewide Financing Authority                                                                  | CUSIP: 130923BH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021120.00   | 0.55%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     79789 | PA      | $79886.45     | 0.04%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74439YFZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $760191.60    | 0.41%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority                     | Louisiana Local Government Environmental Facilities & Community Development Authority                     | CUSIP: 54628CER9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    600000 | PA      | $632320.56    | 0.34%             | 2037-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708692CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193271.60   | 1.18%             | 2051-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                                                     | Parish of St James LA                                                                                     | CUSIP: 790103AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.05%             | 2040-11-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-27

**Name of Applicant:** Principal Funds, Inc

**Signature:** Megan Hoffmann

**Name of Signer:** /s/ Megan Hoffmann

**Title:** Vice President and Treasurer