# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-26-000508
**Filing Date:** 2026-4
**Character Count:** 923021
**Document Hash:** f0614ef66159a173f7b891361f0bd644
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-26-000508.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0000898745-26-000508

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**EFFECTIVENESS DATE**: 20260422

**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:** 26881530

**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

### Spectrum Preferred and Capital Securities Income Fund (f/k/a Preferred Securities) (Series ID: S000007170)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019591 | R-3                 | PNARX           |
| C000019592 | R-5                 | PPARX           |
| C000019595 | Institutional Class | PPSIX           |
| C000019596 | Class J             | PPSJX           |
| C000019597 | Class A             | PPSAX           |
| C000038790 | Class C             | PRFCX           |
| C000176328 | R-6                 | PPREX           |

### Bond Market Index Fund (Series ID: S000027178)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000082026 | Institutional Class | PNIIX           |
| C000082029 | R-3                 | PBOIX           |
| C000082031 | R-5                 | PBIQX           |
| C000085837 | Class J             | PBIJX           |

### International Equity Index Fund (Series ID: S000027179)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000082032 | R-3                 | PIIOX           |
| C000082034 | R-5                 | PIIQX           |
| C000082035 | Institutional Class | PIDIX           |
| C000176329 | R-6                 | PFIEX           |

### Diversified Real Asset Fund (Series ID: S000028139)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000085834 | Class A             | PRDAX           |
| C000085836 | Institutional Class | PDRDX           |
| C000150253 | R-6                 | PDARX           |
| C000167692 | R-3                 | PGDRX           |

### Small-MidCap Dividend Income Fund (Series ID: S000032942)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000101659 | Class A             | PMDAX           |
| C000101661 | Institutional Class | PMDIX           |
| C000115416 | Class C             | PMDDX           |
| C000176330 | R-6                 | PMDHX           |

### Global Multi-Strategy Fund (Series ID: S000033960)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000104712 | Class A             | PMSAX           |
| C000104714 | Institutional Class | PSMIX           |
| C000190071 | R-6                 | PGLSX           |

### Blue Chip Fund (Series ID: S000037378)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000115413 | Institutional Class | PBCKX           |
| C000131723 | Class A             | PBLAX           |
| C000131724 | Class C             | PBLCX           |
| C000167694 | R-3                 | PGBEX           |
| C000167696 | R-5                 | PGBGX           |
| C000176331 | R-6                 | PGBHX           |
| C000193661 | Class J             | PBCJX           |

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

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

### Capital Securities Fund (Series ID: S000041598)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129138 | Class S      | PCSFX           |

### International Small Company Fund (Series ID: S000045671)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000150254 | Institutional | PISMX           |
| C000176332 | R-6           | PFISX           |

### Global Listed Infrastructure Fund (formerly, Global Sustainable Listed Infrastructure Fund) (Series ID: S000077513)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000237990 | Institutional Class | PGSLX           |

### Global Macro Fund (Series ID: S000093270)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261435 | R-6          | PAFIX           |

?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> August 31, 2026 </u>

Date of reporting period: <u> February 28, 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

# PBLAX

# Blue Chip Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,485,976

* Total Number of Portfolio Holdings39

* Portfolio Turnover Rate (annualized)28.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.08% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 33.07% |
| Communications | 26.86% |
| Financial | 21.79% |
| Industrial | 8.77% |
| Consumer, Non-cyclical | 6.36% |
| Consumer, Cyclical | 2.55% |
| Basic Materials | 0.68% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

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

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

# FV823SARA-0

# Class C

# PBLCX

# Blue Chip Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $79 | 1.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,485,976

* Total Number of Portfolio Holdings39

* Portfolio Turnover Rate (annualized)28.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.08% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 33.07% |
| Communications | 26.86% |
| Financial | 21.79% |
| Industrial | 8.77% |
| Consumer, Non-cyclical | 6.36% |
| Consumer, Cyclical | 2.55% |
| Basic Materials | 0.68% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

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

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

# FV823SARC-0

# Class J

# PBCJX

# Blue Chip Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $36 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,485,976

* Total Number of Portfolio Holdings39

* Portfolio Turnover Rate (annualized)28.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.08% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 33.07% |
| Communications | 26.86% |
| Financial | 21.79% |
| Industrial | 8.77% |
| Consumer, Non-cyclical | 6.36% |
| Consumer, Cyclical | 2.55% |
| Basic Materials | 0.68% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

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

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

# FV823SARJ-0

# Institutional

# PBCKX

# Blue Chip Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $31 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,485,976

* Total Number of Portfolio Holdings39

* Portfolio Turnover Rate (annualized)28.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.08% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 33.07% |
| Communications | 26.86% |
| Financial | 21.79% |
| Industrial | 8.77% |
| Consumer, Non-cyclical | 6.36% |
| Consumer, Cyclical | 2.55% |
| Basic Materials | 0.68% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

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

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

# FV823SARI-0

# R-3

# PGBEX

# Blue Chip Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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)$8,485,976

* Total Number of Portfolio Holdings39

* Portfolio Turnover Rate (annualized)28.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.08% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 33.07% |
| Communications | 26.86% |
| Financial | 21.79% |
| Industrial | 8.77% |
| Consumer, Non-cyclical | 6.36% |
| Consumer, Cyclical | 2.55% |
| Basic Materials | 0.68% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

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

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

# FV823SARR3-0

# R-5

# PGBGX

# Blue Chip Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | $39 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,485,976

* Total Number of Portfolio Holdings39

* Portfolio Turnover Rate (annualized)28.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.08% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 33.07% |
| Communications | 26.86% |
| Financial | 21.79% |
| Industrial | 8.77% |
| Consumer, Non-cyclical | 6.36% |
| Consumer, Cyclical | 2.55% |
| Basic Materials | 0.68% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

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

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

# FV823SARR5-0

# R-6

# PGBHX

# Blue Chip Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | $27 | 0.57%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$8,485,976

* Total Number of Portfolio Holdings39

* Portfolio Turnover Rate (annualized)28.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 100.08% |
| Investment Companies | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Technology | 33.07% |
| Communications | 26.86% |
| Financial | 21.79% |
| Industrial | 8.77% |
| Consumer, Non-cyclical | 6.36% |
| Consumer, Cyclical | 2.55% |
| Basic Materials | 0.68% |
| Money Market Funds | 0.02% |
| Other Assets and Liabilities | (0.10)% |
| Total Net Assets | 100.00% |

---

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

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

# FV823SARR6-0

# Class J

# PBIJX

# Bond Market Index Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | 0.40%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,831,002

* Total Number of Portfolio Holdings4,041

* Portfolio Turnover Rate (annualized)42.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 71.12% |
| Bonds | 27.17% |
| Investment Companies | 2.89% |
| Municipal Bonds | 0.10% |
| Other Assets and Liabilities | (1.28)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 49.35% |
| Mortgage Securities | 25.07% |
| Financial | 7.71% |
| Consumer, Non-cyclical | 4.28% |
| Money Market Funds | 2.42% |
| Communications | 2.31% |
| Utilities | 2.28% |
| Technology | 1.88% |
| Industrial | 1.84% |
| Energy | 1.78% |
| Consumer, Cyclical | 1.30% |
| Basic Materials | 0.49% |
| Exchange-Traded Funds | 0.47% |
| Revenue Bonds | 0.05% |
| General Obligation Unlimited | 0.04% |
| Insured | 0.01% |
| Other Assets and Liabilities | (1.28)% |
| Total Net Assets | 100.00% |

---

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

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

# FV824SARJ-0

# Institutional

# PNIIX

# Bond Market Index Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $6 | 0.12%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,831,002

* Total Number of Portfolio Holdings4,041

* Portfolio Turnover Rate (annualized)42.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 71.12% |
| Bonds | 27.17% |
| Investment Companies | 2.89% |
| Municipal Bonds | 0.10% |
| Other Assets and Liabilities | (1.28)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 49.35% |
| Mortgage Securities | 25.07% |
| Financial | 7.71% |
| Consumer, Non-cyclical | 4.28% |
| Money Market Funds | 2.42% |
| Communications | 2.31% |
| Utilities | 2.28% |
| Technology | 1.88% |
| Industrial | 1.84% |
| Energy | 1.78% |
| Consumer, Cyclical | 1.30% |
| Basic Materials | 0.49% |
| Exchange-Traded Funds | 0.47% |
| Revenue Bonds | 0.05% |
| General Obligation Unlimited | 0.04% |
| Insured | 0.01% |
| Other Assets and Liabilities | (1.28)% |
| Total Net Assets | 100.00% |

---

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

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

# FV824SARI-0

# R-3

# PBOIX

# Bond Market Index Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R-3 | $35 | 0.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,831,002

* Total Number of Portfolio Holdings4,041

* Portfolio Turnover Rate (annualized)42.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 71.12% |
| Bonds | 27.17% |
| Investment Companies | 2.89% |
| Municipal Bonds | 0.10% |
| Other Assets and Liabilities | (1.28)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 49.35% |
| Mortgage Securities | 25.07% |
| Financial | 7.71% |
| Consumer, Non-cyclical | 4.28% |
| Money Market Funds | 2.42% |
| Communications | 2.31% |
| Utilities | 2.28% |
| Technology | 1.88% |
| Industrial | 1.84% |
| Energy | 1.78% |
| Consumer, Cyclical | 1.30% |
| Basic Materials | 0.49% |
| Exchange-Traded Funds | 0.47% |
| Revenue Bonds | 0.05% |
| General Obligation Unlimited | 0.04% |
| Insured | 0.01% |
| Other Assets and Liabilities | (1.28)% |
| Total Net Assets | 100.00% |

---

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

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

# FV824SARR3-0

# R-5

# PBIQX

# Bond Market Index Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | $19 | 0.38%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,831,002

* Total Number of Portfolio Holdings4,041

* Portfolio Turnover Rate (annualized)42.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| U.S. Government & Government Agency Obligations | 71.12% |
| Bonds | 27.17% |
| Investment Companies | 2.89% |
| Municipal Bonds | 0.10% |
| Other Assets and Liabilities | (1.28)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Government | 49.35% |
| Mortgage Securities | 25.07% |
| Financial | 7.71% |
| Consumer, Non-cyclical | 4.28% |
| Money Market Funds | 2.42% |
| Communications | 2.31% |
| Utilities | 2.28% |
| Technology | 1.88% |
| Industrial | 1.84% |
| Energy | 1.78% |
| Consumer, Cyclical | 1.30% |
| Basic Materials | 0.49% |
| Exchange-Traded Funds | 0.47% |
| Revenue Bonds | 0.05% |
| General Obligation Unlimited | 0.04% |
| Insured | 0.01% |
| Other Assets and Liabilities | (1.28)% |
| Total Net Assets | 100.00% |

---

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

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

# FV824SARR5-0

# Class S

# PCSFX

# Capital Securities Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Capital Securities Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 S | $0 | 0.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$955,168

* Total Number of Portfolio Holdings186

* Portfolio Turnover Rate (annualized)38.2%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 96.85% |
| Investment Companies | 2.82% |
| Preferred Stocks | 1.27% |
| Other Assets and Liabilities | (0.94)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 80.95% |
| Energy | 7.89% |
| Utilities | 6.88% |
| Money Market Funds | 2.67% |
| Government | 1.54% |
| Consumer, Non-cyclical | 0.74% |
| Exchange-Traded Funds | 0.15% |
| Communications | 0.12% |
| Other Assets and Liabilities | (0.94)% |
| Total Net Assets | 100.00% |

---

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

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

# FV828SARS-0

# Class A

# PRDAX

# Diversified Real Asset Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $65 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,661,658

* Total Number of Portfolio Holdings511

* Portfolio Turnover Rate (annualized)82.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 78.71% |
| Investment Companies | 11.24% |
| U.S. Government & Government Agency Obligations | 10.69% |
| Senior Floating Rate Interests | 0.02% |
| Preferred Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.67)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 20.87% |
| Utilities | 17.09% |
| Energy | 14.90% |
| Basic Materials | 11.38% |
| Government | 10.69% |
| Industrial | 10.43% |
| Exchange-Traded Funds | 7.35% |
| Money Market Funds | 3.69% |
| Consumer, Non-cyclical | 3.45% |
| Consumer, Cyclical | 0.41% |
| Communications | 0.20% |
| Closed-End Funds | 0.20% |
| Technology | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.67)% |
| 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.

# FV832SARA-0

# Institutional

# PDRDX

# Diversified Real Asset Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,661,658

* Total Number of Portfolio Holdings511

* Portfolio Turnover Rate (annualized)82.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 78.71% |
| Investment Companies | 11.24% |
| U.S. Government & Government Agency Obligations | 10.69% |
| Senior Floating Rate Interests | 0.02% |
| Preferred Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.67)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 20.87% |
| Utilities | 17.09% |
| Energy | 14.90% |
| Basic Materials | 11.38% |
| Government | 10.69% |
| Industrial | 10.43% |
| Exchange-Traded Funds | 7.35% |
| Money Market Funds | 3.69% |
| Consumer, Non-cyclical | 3.45% |
| Consumer, Cyclical | 0.41% |
| Communications | 0.20% |
| Closed-End Funds | 0.20% |
| Technology | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.67)% |
| 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.

# FV832SARI-0

# R-3

# PGDRX

# Diversified Real Asset Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,661,658

* Total Number of Portfolio Holdings511

* Portfolio Turnover Rate (annualized)82.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 78.71% |
| Investment Companies | 11.24% |
| U.S. Government & Government Agency Obligations | 10.69% |
| Senior Floating Rate Interests | 0.02% |
| Preferred Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.67)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 20.87% |
| Utilities | 17.09% |
| Energy | 14.90% |
| Basic Materials | 11.38% |
| Government | 10.69% |
| Industrial | 10.43% |
| Exchange-Traded Funds | 7.35% |
| Money Market Funds | 3.69% |
| Consumer, Non-cyclical | 3.45% |
| Consumer, Cyclical | 0.41% |
| Communications | 0.20% |
| Closed-End Funds | 0.20% |
| Technology | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.67)% |
| 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.

# FV832SARR3-0

# R-6

# PDARX

# Diversified Real Asset Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$2,661,658

* Total Number of Portfolio Holdings511

* Portfolio Turnover Rate (annualized)82.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 78.71% |
| Investment Companies | 11.24% |
| U.S. Government & Government Agency Obligations | 10.69% |
| Senior Floating Rate Interests | 0.02% |
| Preferred Stocks | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.67)% |
| Total Net Assets | 100.00% |

---

---

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

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 20.87% |
| Utilities | 17.09% |
| Energy | 14.90% |
| Basic Materials | 11.38% |
| Government | 10.69% |
| Industrial | 10.43% |
| Exchange-Traded Funds | 7.35% |
| Money Market Funds | 3.69% |
| Consumer, Non-cyclical | 3.45% |
| Consumer, Cyclical | 0.41% |
| Communications | 0.20% |
| Closed-End Funds | 0.20% |
| Technology | 0.01% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (0.67)% |
| 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.

# FV832SARR6-0

# R-6

# PAFIX

# Global Macro Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Global Macro Fund (the "Fund") for the period of November 14, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | $24<sup>Footnote Reference\*</sup> | 0.79%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Expenses are for the period from November 14, 2025, date operations commenced, through February 28, 2026. Expenses for the full reporting period would be higher. |
| Footnote<sup>†</sup> | Computed on an annualized basis. |

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$160,215

* Total Number of Portfolio Holdings136

* Portfolio Turnover Rate (annualized)0.0%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Investment Companies | 84.68% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 15.32% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Other Locations<sup>Footnote Reference\*</sup> | 84.68% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | 15.32% |
| 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.

# FV960SARR6-0

# Class A

# PMSAX

# Global Multi-Strategy Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Global Multi-Strategy Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $89 | 1.73%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$527,262

* Total Number of Portfolio Holdings2,135

* Portfolio Turnover Rate (annualized)180.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 37.19% |
| Bonds | 29.03% |
| Investment Companies | 25.24% |
| U.S. Government & Government Agency Obligations | 2.02% |
| Senior Floating Rate Interests | 0.56% |
| Convertible Bonds | 0.46% |
| Preferred Stocks | 0.10% |
| Convertible Preferred Stocks | 0.02% |
| Purchased Options | 0.02% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 5.36% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 36.37% |
| Japan | 6.74% |
| Canada | 2.57% |
| Cayman Islands | 1.84% |
| United Kingdom | 1.65% |
| Netherlands | 1.59% |
| Mexico | 1.21% |
| Ireland | 0.93% |
| South Africa | 0.91% |
| Romania | 0.84% |
| Israel | 0.70% |
| Switzerland | 0.64% |
| Brazil | 0.63% |
| Germany | 0.57% |
| Supranational | 0.57% |
| Egypt | 0.52% |
| Colombia | 0.52% |
| Australia | 0.50% |
| Peru | 0.49% |
| Hong Kong | 0.48% |
| Other Locations<sup>Footnote Reference\*</sup> | 34.37% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 5.36% |
| 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 |
| 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.

# FV838SARA-0

# Institutional

# PSMIX

# Global Multi-Strategy Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Global Multi-Strategy Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $73 | 1.41%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$527,262

* Total Number of Portfolio Holdings2,135

* Portfolio Turnover Rate (annualized)180.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 37.19% |
| Bonds | 29.03% |
| Investment Companies | 25.24% |
| U.S. Government & Government Agency Obligations | 2.02% |
| Senior Floating Rate Interests | 0.56% |
| Convertible Bonds | 0.46% |
| Preferred Stocks | 0.10% |
| Convertible Preferred Stocks | 0.02% |
| Purchased Options | 0.02% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 5.36% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 36.37% |
| Japan | 6.74% |
| Canada | 2.57% |
| Cayman Islands | 1.84% |
| United Kingdom | 1.65% |
| Netherlands | 1.59% |
| Mexico | 1.21% |
| Ireland | 0.93% |
| South Africa | 0.91% |
| Romania | 0.84% |
| Israel | 0.70% |
| Switzerland | 0.64% |
| Brazil | 0.63% |
| Germany | 0.57% |
| Supranational | 0.57% |
| Egypt | 0.52% |
| Colombia | 0.52% |
| Australia | 0.50% |
| Peru | 0.49% |
| Hong Kong | 0.48% |
| Other Locations<sup>Footnote Reference\*</sup> | 34.37% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 5.36% |
| 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 |
| 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.

# FV838SARI-0

# R-6

# PGLSX

# Global Multi-Strategy Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Global Multi-Strategy Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | $66 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$527,262

* Total Number of Portfolio Holdings2,135

* Portfolio Turnover Rate (annualized)180.8%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 37.19% |
| Bonds | 29.03% |
| Investment Companies | 25.24% |
| U.S. Government & Government Agency Obligations | 2.02% |
| Senior Floating Rate Interests | 0.56% |
| Convertible Bonds | 0.46% |
| Preferred Stocks | 0.10% |
| Convertible Preferred Stocks | 0.02% |
| Purchased Options | 0.02% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 5.36% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 36.37% |
| Japan | 6.74% |
| Canada | 2.57% |
| Cayman Islands | 1.84% |
| United Kingdom | 1.65% |
| Netherlands | 1.59% |
| Mexico | 1.21% |
| Ireland | 0.93% |
| South Africa | 0.91% |
| Romania | 0.84% |
| Israel | 0.70% |
| Switzerland | 0.64% |
| Brazil | 0.63% |
| Germany | 0.57% |
| Supranational | 0.57% |
| Egypt | 0.52% |
| Colombia | 0.52% |
| Australia | 0.50% |
| Peru | 0.49% |
| Hong Kong | 0.48% |
| Other Locations<sup>Footnote Reference\*</sup> | 34.37% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup><sup>Footnote Reference‡</sup> | 5.36% |
| 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 |
| 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.

# FV838SARR6-0

# Institutional

# PGSLX

# Global Listed Infrastructure Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Global Listed Infrastructure Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$126,043

* Total Number of Portfolio Holdings41

* Portfolio Turnover Rate (annualized)35.6%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.42% |
| Investment Companies | 2.18% |
| Other Assets and Liabilities | (0.60)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| United States | 55.18% |
| Canada | 9.72% |
| United Kingdom | 6.92% |
| Brazil | 5.09% |
| Australia | 4.96% |
| China | 3.98% |
| Spain | 2.98% |
| Belgium | 2.70% |
| France | 1.93% |
| Hong Kong | 1.68% |
| India | 1.17% |
| Indonesia | 1.07% |
| Italy | 1.04% |
| Other Locations<sup>Footnote Reference\*</sup> | 2.18% |
| Other Assets and Liabilities | (0.60)% |
| 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.

# FV944SARI-0

# Institutional

# PIDIX

# International Equity Index Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,407,425

* Total Number of Portfolio Holdings695

* Portfolio Turnover Rate (annualized)89.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.44% |
| Investment Companies | 2.18% |
| Preferred Stocks | 0.28% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.10% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 22.70% |
| United Kingdom | 13.87% |
| Switzerland | 9.86% |
| France | 9.75% |
| Germany | 8.92% |
| Australia | 6.46% |
| Netherlands | 5.34% |
| Sweden | 3.66% |
| Spain | 3.53% |
| Italy | 3.00% |
| Hong Kong | 2.07% |
| Singapore | 1.54% |
| Denmark | 1.52% |
| Finland | 1.13% |
| Israel | 1.01% |
| Belgium | 0.87% |
| Ireland | 0.69% |
| Norway | 0.62% |
| Austria | 0.30% |
| Luxembourg | 0.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 2.83% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | 0.10% |
| 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.

# FV845SARI-0

# R-3

# PIIOX

# International Equity Index Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,407,425

* Total Number of Portfolio Holdings695

* Portfolio Turnover Rate (annualized)89.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.44% |
| Investment Companies | 2.18% |
| Preferred Stocks | 0.28% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.10% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 22.70% |
| United Kingdom | 13.87% |
| Switzerland | 9.86% |
| France | 9.75% |
| Germany | 8.92% |
| Australia | 6.46% |
| Netherlands | 5.34% |
| Sweden | 3.66% |
| Spain | 3.53% |
| Italy | 3.00% |
| Hong Kong | 2.07% |
| Singapore | 1.54% |
| Denmark | 1.52% |
| Finland | 1.13% |
| Israel | 1.01% |
| Belgium | 0.87% |
| Ireland | 0.69% |
| Norway | 0.62% |
| Austria | 0.30% |
| Luxembourg | 0.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 2.83% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | 0.10% |
| 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.

# FV845SARR3-0

# R-5

# PIIQX

# International Equity Index Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,407,425

* Total Number of Portfolio Holdings695

* Portfolio Turnover Rate (annualized)89.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.44% |
| Investment Companies | 2.18% |
| Preferred Stocks | 0.28% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.10% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 22.70% |
| United Kingdom | 13.87% |
| Switzerland | 9.86% |
| France | 9.75% |
| Germany | 8.92% |
| Australia | 6.46% |
| Netherlands | 5.34% |
| Sweden | 3.66% |
| Spain | 3.53% |
| Italy | 3.00% |
| Hong Kong | 2.07% |
| Singapore | 1.54% |
| Denmark | 1.52% |
| Finland | 1.13% |
| Israel | 1.01% |
| Belgium | 0.87% |
| Ireland | 0.69% |
| Norway | 0.62% |
| Austria | 0.30% |
| Luxembourg | 0.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 2.83% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | 0.10% |
| 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.

# FV845SARR5-0

# R-6

# PFIEX

# International Equity Index Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | $14 | 0.26%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,407,425

* Total Number of Portfolio Holdings695

* Portfolio Turnover Rate (annualized)89.1%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 97.44% |
| Investment Companies | 2.18% |
| Preferred Stocks | 0.28% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | 0.10% |
| Total Net Assets | 100.00% |

---

---

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

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 22.70% |
| United Kingdom | 13.87% |
| Switzerland | 9.86% |
| France | 9.75% |
| Germany | 8.92% |
| Australia | 6.46% |
| Netherlands | 5.34% |
| Sweden | 3.66% |
| Spain | 3.53% |
| Italy | 3.00% |
| Hong Kong | 2.07% |
| Singapore | 1.54% |
| Denmark | 1.52% |
| Finland | 1.13% |
| Israel | 1.01% |
| Belgium | 0.87% |
| Ireland | 0.69% |
| Norway | 0.62% |
| Austria | 0.30% |
| Luxembourg | 0.23% |
| Other Locations<sup>Footnote Reference\*</sup> | 2.83% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | 0.10% |
| 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.

# FV845SARR6-0

# Institutional

# PISMX

# International Small Company Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about International Small Company Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $58 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$459,937

* Total Number of Portfolio Holdings108

* Portfolio Turnover Rate (annualized)56.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.45% |
| Investment Companies | 2.64% |
| Other Assets and Liabilities | (1.09)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 35.71% |
| Canada | 16.37% |
| United Kingdom | 11.83% |
| Australia | 5.29% |
| Germany | 5.08% |
| France | 4.03% |
| Netherlands | 2.95% |
| Denmark | 2.90% |
| Israel | 2.77% |
| Italy | 2.20% |
| Spain | 1.95% |
| Sweden | 1.62% |
| Portugal | 1.07% |
| Switzerland | 1.06% |
| Singapore | 0.97% |
| Austria | 0.97% |
| Macao | 0.90% |
| Finland | 0.78% |
| Other Locations<sup>Footnote Reference\*</sup> | 2.64% |
| Other Assets and Liabilities | (1.09)% |
| 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.

# FV847SARI-0

# R-6

# PFISX

# International Small Company Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about International Small Company Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$459,937

* Total Number of Portfolio Holdings108

* Portfolio Turnover Rate (annualized)56.7%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.45% |
| Investment Companies | 2.64% |
| Other Assets and Liabilities | (1.09)% |
| Total Net Assets | 100.00% |

---

### Geographic Allocation

---

| | |
|:---|:---|
| **Top Locations** | **Percent of Net Assets** |
| Japan | 35.71% |
| Canada | 16.37% |
| United Kingdom | 11.83% |
| Australia | 5.29% |
| Germany | 5.08% |
| France | 4.03% |
| Netherlands | 2.95% |
| Denmark | 2.90% |
| Israel | 2.77% |
| Italy | 2.20% |
| Spain | 1.95% |
| Sweden | 1.62% |
| Portugal | 1.07% |
| Switzerland | 1.06% |
| Singapore | 0.97% |
| Austria | 0.97% |
| Macao | 0.90% |
| Finland | 0.78% |
| Other Locations<sup>Footnote Reference\*</sup> | 2.64% |
| Other Assets and Liabilities | (1.09)% |
| 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.

# FV847SARR6-0

# Class A

# PMOAX

# Opportunistic Municipal Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Opportunistic Municipal Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $55 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$186,003

* Total Number of Portfolio Holdings172

* Portfolio Turnover Rate (annualized)37.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 106.90% |
| Investment Companies | 0.83% |
| Common Stocks | 0.03% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (7.76)% |
| Total Net Assets | 100.00% |

---

---

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

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| New York | 18.04% |
| Florida | 12.78% |
| California | 10.32% |
| Alabama | 6.72% |
| Texas | 6.67% |
| Illinois | 5.89% |
| Pennsylvania | 4.96% |
| Wisconsin | 4.87% |
| Utah | 4.64% |
| Georgia | 4.42% |
| Ohio | 3.45% |
| Louisiana | 2.78% |
| Puerto Rico | 2.43% |
| Arkansas | 2.25% |
| Arizona | 1.91% |
| Nevada | 1.12% |
| New Hampshire | 1.10% |
| Virginia | 1.02% |
| Tennessee | 0.97% |
| Connecticut | 0.92% |
| Other States<sup>Footnote Reference\*</sup> | 10.50% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (7.76)% |
| 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.

# FV885SARA-0

# Institutional

# POMFX

# Opportunistic Municipal Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Opportunistic Municipal Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $41 | 0.80%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$186,003

* Total Number of Portfolio Holdings172

* Portfolio Turnover Rate (annualized)37.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Municipal Bonds | 106.90% |
| Investment Companies | 0.83% |
| Common Stocks | 0.03% |
| Other Assets and Liabilities<sup>Footnote Reference\*</sup> | (7.76)% |
| Total Net Assets | 100.00% |

---

---

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

---

### State Allocation

---

| | |
|:---|:---|
| **Top States/Territories** | **Percent of Net Assets** |
| New York | 18.04% |
| Florida | 12.78% |
| California | 10.32% |
| Alabama | 6.72% |
| Texas | 6.67% |
| Illinois | 5.89% |
| Pennsylvania | 4.96% |
| Wisconsin | 4.87% |
| Utah | 4.64% |
| Georgia | 4.42% |
| Ohio | 3.45% |
| Louisiana | 2.78% |
| Puerto Rico | 2.43% |
| Arkansas | 2.25% |
| Arizona | 1.91% |
| Nevada | 1.12% |
| New Hampshire | 1.10% |
| Virginia | 1.02% |
| Tennessee | 0.97% |
| Connecticut | 0.92% |
| Other States<sup>Footnote Reference\*</sup> | 10.50% |
| Other Assets and Liabilities<sup>Footnote Reference†</sup> | (7.76)% |
| 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.

# FV885SARI-0

# Class A

# PMDAX

# Small-MidCap Dividend Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $59 | 1.12%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,665,290

* Total Number of Portfolio Holdings75

* Portfolio Turnover Rate (annualized)28.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.56% |
| Investment Companies | 2.26% |
| Other Assets and Liabilities | (0.82)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 25.58% |
| Industrial | 24.33% |
| Consumer, Non-cyclical | 12.50% |
| Consumer, Cyclical | 11.62% |
| Technology | 9.29% |
| Energy | 5.61% |
| Utilities | 5.03% |
| Basic Materials | 2.55% |
| Money Market Funds | 2.26% |
| Communications | 2.05% |
| Other Assets and Liabilities | (0.82)% |
| Total Net Assets | 100.00% |

---

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

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

# FV898SARA-0

# Class C

# PMDDX

# Small-MidCap Dividend Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $98 | 1.87%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,665,290

* Total Number of Portfolio Holdings75

* Portfolio Turnover Rate (annualized)28.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.56% |
| Investment Companies | 2.26% |
| Other Assets and Liabilities | (0.82)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 25.58% |
| Industrial | 24.33% |
| Consumer, Non-cyclical | 12.50% |
| Consumer, Cyclical | 11.62% |
| Technology | 9.29% |
| Energy | 5.61% |
| Utilities | 5.03% |
| Basic Materials | 2.55% |
| Money Market Funds | 2.26% |
| Communications | 2.05% |
| Other Assets and Liabilities | (0.82)% |
| Total Net Assets | 100.00% |

---

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

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

# FV898SARC-0

# Institutional

# PMDIX

# Small-MidCap Dividend Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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)$1,665,290

* Total Number of Portfolio Holdings75

* Portfolio Turnover Rate (annualized)28.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.56% |
| Investment Companies | 2.26% |
| Other Assets and Liabilities | (0.82)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 25.58% |
| Industrial | 24.33% |
| Consumer, Non-cyclical | 12.50% |
| Consumer, Cyclical | 11.62% |
| Technology | 9.29% |
| Energy | 5.61% |
| Utilities | 5.03% |
| Basic Materials | 2.55% |
| Money Market Funds | 2.26% |
| Communications | 2.05% |
| Other Assets and Liabilities | (0.82)% |
| Total Net Assets | 100.00% |

---

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

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

# FV898SARI-0

# R-6

# PMDHX

# Small-MidCap Dividend Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | $41 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$1,665,290

* Total Number of Portfolio Holdings75

* Portfolio Turnover Rate (annualized)28.3%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Common Stocks | 98.56% |
| Investment Companies | 2.26% |
| Other Assets and Liabilities | (0.82)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 25.58% |
| Industrial | 24.33% |
| Consumer, Non-cyclical | 12.50% |
| Consumer, Cyclical | 11.62% |
| Technology | 9.29% |
| Energy | 5.61% |
| Utilities | 5.03% |
| Basic Materials | 2.55% |
| Money Market Funds | 2.26% |
| Communications | 2.05% |
| Other Assets and Liabilities | (0.82)% |
| Total Net Assets | 100.00% |

---

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

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

# FV898SARR6-0

# Class A

# PPSAX

# Spectrum Preferred and Capital Securities Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,177,627

* Total Number of Portfolio Holdings321

* Portfolio Turnover Rate (annualized)50.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.20% |
| Preferred Stocks | 10.56% |
| Investment Companies | 2.83% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 82.42% |
| Utilities | 7.25% |
| Energy | 5.37% |
| Money Market Funds | 2.07% |
| Communications | 1.40% |
| Government | 1.17% |
| Exchange-Traded Funds | 0.76% |
| Consumer, Non-cyclical | 0.21% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

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

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

# FV887SARA-0

# Class C

# PRFCX

# Spectrum Preferred and Capital Securities Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based 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 | $92 | 1.82%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,177,627

* Total Number of Portfolio Holdings321

* Portfolio Turnover Rate (annualized)50.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.20% |
| Preferred Stocks | 10.56% |
| Investment Companies | 2.83% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 82.42% |
| Utilities | 7.25% |
| Energy | 5.37% |
| Money Market Funds | 2.07% |
| Communications | 1.40% |
| Government | 1.17% |
| Exchange-Traded Funds | 0.76% |
| Consumer, Non-cyclical | 0.21% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

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

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

# FV887SARC-0

# Class J

# PPSJX

# Spectrum Preferred and Capital Securities Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,177,627

* Total Number of Portfolio Holdings321

* Portfolio Turnover Rate (annualized)50.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.20% |
| Preferred Stocks | 10.56% |
| Investment Companies | 2.83% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 82.42% |
| Utilities | 7.25% |
| Energy | 5.37% |
| Money Market Funds | 2.07% |
| Communications | 1.40% |
| Government | 1.17% |
| Exchange-Traded Funds | 0.76% |
| Consumer, Non-cyclical | 0.21% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

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

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

# FV887SARJ-0

# Institutional

# PPSIX

# Spectrum Preferred and Capital Securities Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $41 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,177,627

* Total Number of Portfolio Holdings321

* Portfolio Turnover Rate (annualized)50.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.20% |
| Preferred Stocks | 10.56% |
| Investment Companies | 2.83% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 82.42% |
| Utilities | 7.25% |
| Energy | 5.37% |
| Money Market Funds | 2.07% |
| Communications | 1.40% |
| Government | 1.17% |
| Exchange-Traded Funds | 0.76% |
| Consumer, Non-cyclical | 0.21% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

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

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

# FV887SARI-0

# R-3

# PNARX

# Spectrum Preferred and Capital Securities Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | 1.27%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,177,627

* Total Number of Portfolio Holdings321

* Portfolio Turnover Rate (annualized)50.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.20% |
| Preferred Stocks | 10.56% |
| Investment Companies | 2.83% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 82.42% |
| Utilities | 7.25% |
| Energy | 5.37% |
| Money Market Funds | 2.07% |
| Communications | 1.40% |
| Government | 1.17% |
| Exchange-Traded Funds | 0.76% |
| Consumer, Non-cyclical | 0.21% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

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

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

# FV887SARR3-0

# R-5

# PPARX

# Spectrum Preferred and Capital Securities Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | $49 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,177,627

* Total Number of Portfolio Holdings321

* Portfolio Turnover Rate (annualized)50.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.20% |
| Preferred Stocks | 10.56% |
| Investment Companies | 2.83% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 82.42% |
| Utilities | 7.25% |
| Energy | 5.37% |
| Money Market Funds | 2.07% |
| Communications | 1.40% |
| Government | 1.17% |
| Exchange-Traded Funds | 0.76% |
| Consumer, Non-cyclical | 0.21% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

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

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

# FV887SARR5-0

# R-6

# PPREX

# Spectrum Preferred and Capital Securities Income Fund
![Image](if15139c3a8b49cda65e49db9.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at <u>1-800-222-5852</u> or emailing prospectus@principalfunds.com.

## What were the Fund costs for the last six months?
(based on 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 | $36 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

### **Fund Statistics** 
* Net Assets (amount in thousands)$5,177,627

* Total Number of Portfolio Holdings321

* Portfolio Turnover Rate (annualized)50.9%

## Graphical Representation of Holdings

### **Portfolio Allocation** 

---

| | |
|:---|:---|
| **Asset Weighting** | **Percent of Net Assets** |
| Bonds | 87.20% |
| Preferred Stocks | 10.56% |
| Investment Companies | 2.83% |
| Convertible Preferred Stocks | 0.06% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

### Sector Allocation

---

| | |
|:---|:---|
| **Sector** | **Percent of Net Assets** |
| Financial | 82.42% |
| Utilities | 7.25% |
| Energy | 5.37% |
| Money Market Funds | 2.07% |
| Communications | 1.40% |
| Government | 1.17% |
| Exchange-Traded Funds | 0.76% |
| Consumer, Non-cyclical | 0.21% |
| Other Assets and Liabilities | (0.65)% |
| Total Net Assets | 100.00% |

---

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

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

# FV887SARR6-0

#### 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

February

28,

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

Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

Proxy

Disclosures

(N-CSR

Item

9)

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Blue

Chip

Fund

Bond

Market

Index

Fund

Capital

Securities

Fund

Investment

in

securities--at

cost

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

$

5,100,247

$

2,819,726

$

921,107

Investment

in

affiliated

Funds--at

cost

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

$

$

66,614

$

23,767

Assets

Investment

in

securities--at

value

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

$

8,494,641

(a) $

2,800,719

(a) $

940,375

(a) Investment

in

affiliated

Funds--at

value

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

66,614

23,767

Cash

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

–

1,906

–

Receivables:

Dividends

and

interest

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

4,879

19,777

12,070

Expense

reimbursement

from

Manager

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

–

Fund

shares

sold

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

4,041

16,488

867

Investment

securities

sold

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

31,299

29,568

–

Prepaid

directors'

expenses

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

–

Prepaid

expenses

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

–

–

Total

Assets

8,535,101

2,935,074

977,116

Liabilities

Accrued

management

and

investment

advisory

fees

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

3,955

–

Accrued

administrative

service

fees

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

–

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

Accrued

transfer

agent

fees

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

893

Accrued

professional

fees

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

Accrued

other

expenses

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

–

Payables:

Fund

shares

redeemed

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

12,835

34,657

1,000

Interfund

borrowing

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

23,435

–

–

Investment

securities

purchased

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

5,951

48,114

2,200

Collateral

obligation

on

securities

loaned,

at

value

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

1,402

21,030

18,653

Total

Liabilities

49,125

104,072

21,948

Net

Assets

Applicable

to

Outstanding

Shares

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

$

8,485,976

$

2,831,002

$

955,168

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

4,272,567

$

2,939,134

$

1,024,147

Total

distributable

earnings

(accumulated

loss)

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

4,213,409

(108,132)

(68,979)

Total

Net

Assets

$

8,485,976

$

2,831,002

$

955,168

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,300,000

710,000

500,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

1,067,388

N/A

N/A

Shares

Issued

and

Outstanding

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

28,965

Net

Asset

Value

per

share

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

$

.85

(b) Maximum

Offering

Price

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

$

.99

Class

C

:

Net

Assets

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

$

255,248

N/A

N/A

Shares

Issued

and

Outstanding

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

7,897

Net

Asset

Value

per

share

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

$

.32

(b) Class

J

:

Net

Assets

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

$

237,035

$

41,376

N/A

Shares

Issued

and

Outstanding

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

6,244

4,882

Net

Asset

Value

per

share

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

$

.96

(b) $

.47

(b) Class

S

:

Net

Assets

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

N/A

N/A

$

955,168

Shares

Issued

and

Outstanding

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

98,047

Net

Asset

Value

per

share

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

$

.74

Institutional

:

Net

Assets

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

$

2,739,661

$

2,767,453

N/A

Shares

Issued

and

Outstanding

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

71,144

318,280

Net

Asset

Value

per

share

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

$

.51

$

.69

:

Net

Assets

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

$

19,644

$

8,094

N/A

Shares

Issued

and

Outstanding

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

540

954

Net

Asset

Value

per

share

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

$

.35

$

.49

:

Net

Assets

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

$

31,425

$

14,079

N/A

Shares

Issued

and

Outstanding

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

831

1,651

Net

Asset

Value

per

share

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

$

.81

$

.53

:

Net

Assets

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

$

4,135,575

N/A

N/A

Shares

Issued

and

Outstanding

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

106,560

Net

Asset

Value

per

share

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

$

.81

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(b) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Diversified

Real

Asset

Fund

(a) Global

Listed

Infrastructure

Fund

Global

Macro

Fund

(a) Investment

in

securities--at

cost

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

$

2,192,501

$

108,179

$

32,039

Investment

in

affiliated

Funds--at

cost

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

$

84,116

$

1,585

$

103,637

Foreign

currency--at

cost

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

$

$

–

$

–

Assets

Investment

in

securities--at

value

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

$

2,595,445

(b) $

125,219

(b) $

32,039

Investment

in

affiliated

Funds--at

value

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

84,116

1,585

103,637

Foreign

currency--at

value

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

–

–

Cash

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

–

1,315

Deposits

with

counterparty

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

–

22,155

Receivables:

Dividends

and

interest

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

5,502

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

–

6,864

Fund

shares

sold

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

537

–

Investment

securities

sold

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

47,972

777

–

OTC

swap

agreements--at

value

(premiums

paid

$

,

$

and

$

,

net)

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

1,119

–

–

Variation

margin

on

futures

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

12,804

–

1,778

Prepaid

directors'

expenses

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

–

–

Prepaid

expenses

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

–

–

Total

Assets

2,748,179

127,891

168,147

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,530

Accrued

distribution

fees

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

–

–

Accrued

transfer

agent

fees

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

–

Accrued

directors'

expenses

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

–

–

Accrued

foreign

tax

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

–

Cash

overdraft

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

–

–

Deposits

from

counterparty

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

–

1,315

Payables:

Foreign

currency

contracts

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

–

4,957

Fund

shares

redeemed

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

2,017

–

Investment

securities

purchased

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

33,305

–

–

OTC

swap

agreements--at

value

(premiums

received

$

,

$

and

$

,

net)

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

–

–

Variation

margin

on

futures

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

1,975

–

1,560

Collateral

obligation

on

securities

loaned,

at

value

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

46,879

1,164

–

Total

Liabilities

86,521

1,848

7,932

Net

Assets

Applicable

to

Outstanding

Shares

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

$

2,661,658

$

126,043

$

160,215

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

2,226,307

$

107,089

$

152,198

Total

distributable

earnings

(accumulated

loss)

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

435,351

18,954

8,017

Total

Net

Assets

$

2,661,658

$

126,043

$

160,215

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,775,000

200,000

200,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

50,379

N/A

N/A

Shares

Issued

and

Outstanding

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

3,609

Net

Asset

Value

per

share

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

$

.96

(c) Maximum

Offering

Price

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

$

.50

Institutional

:

Net

Assets

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

$

1,473,703

$

126,043

N/A

Shares

Issued

and

Outstanding

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

105,733

9,522

Net

Asset

Value

per

share

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

$

.94

$

.24

:

Net

Assets

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

$

N/A

N/A

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.83

:

Net

Assets

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

$

1,137,559

N/A

$

160,215

Shares

Issued

and

Outstanding

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

81,667

15,220

Net

Asset

Value

per

share

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

$

.93

$

.53

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(c) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Global

Multi-Strategy

Fund

(a) International

Equity

Index

Fund

International

Small

Company

Fund

Investment

in

securities--at

cost

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

$

,831

$

1,145,229

$

334,679

Investment

in

affiliated

Funds--at

cost

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

$

107,394

$

7,898

$

11,577

Foreign

currency--at

cost

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

$

1,297

$

–

$

Assets

Investment

in

securities--at

value

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

$

391,624

$

1,398,173

(b) $

453,354

(b) Investment

in

affiliated

Funds--at

value

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

107,394

7,898

11,577

Foreign

currency--at

value

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

1,296

–

Cash

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

–

Deposits

with

counterparty

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

21,097

–

Receivables:

Dividends

and

interest

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

2,572

4,666

1,443

Expense

reimbursement

from

Manager

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

Foreign

currency

contracts

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

1,988

–

–

Fund

shares

sold

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

1,353

Investment

securities

sold

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

7,536

259,716

4,896

OTC

swap

agreements--at

value

(premiums

paid

$0,

$0

and

$0,

net)

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

5,910

–

–

Variation

margin

on

futures

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

1,967

–

–

Variation

margin

on

swaps

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

–

–

Other

assets

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

–

–

Prepaid

directors'

expenses

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

–

Total

Assets

542,902

1,670,923

471,422

Liabilities

Accrued

management

and

investment

advisory

fees

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

Accrued

administrative

service

fees

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

–

–

Accrued

distribution

fees

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

–

Accrued

service

fees

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

–

–

Accrued

transfer

agent

fees

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

Accrued

directors'

expenses

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

–

–

Accrued

foreign

tax

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

–

–

Accrued

professional

fees

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

Accrued

other

expenses

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

Cash

overdraft

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

–

59,794

Deposits

from

counterparty

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

–

–

Payables:

Foreign

currency

contracts

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

1,262

–

–

Fund

shares

redeemed

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

189,122

Investment

securities

purchased

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

8,503

10,354

4,091

Options

and

swaptions

contracts

written (premiums

received

$945,

$0

and

$0)

...........

1,087

–

–

Short

sales

(proceeds

received

$6,

$0

and

$0)

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

–

–

OTC

swap

agreements--at

value

(premiums

received

$222,

$0

and

$0,

net)

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

2,897

–

–

Variation

margin

on

futures

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

826

–

Collateral

obligation

on

securities

loaned,

at

value

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

–

3,774

6,135

Total

Liabilities

15,640

263,498

11,485

Net

Assets

Applicable

to

Outstanding

Shares

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

$

527,262

$

1,407,425

$

459,937

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

485,612

$

1,043,497

$

328,097

Total

distributable

earnings

(accumulated

loss)

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

41,650

363,928

131,840

Total

Net

Assets

$

527,262

$

1,407,425

$

459,937

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Global

Multi-Strategy

Fund

(a) International

Equity

Index

Fund

International

Small

Company

Fund

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

1,750,000

1,150,000

300,000

Net

Asset

Value

Per

Share:

Class

A:

Net

Assets

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

$

36,751

N/A

N/A

Shares

Issued

and

Outstanding

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

3,120

Net

Asset

Value

per

share

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

$

11.78 (c) Maximum

Offering

Price

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

$

12.24 Institutional:

Net

Assets

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

$

353,654

$

105,457

$

22,959

Shares

Issued

and

Outstanding

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

29,478

6,895

1,677

Net

Asset

Value

per

share

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

$

12.00 $

15.29 $

13.69 R-3:

Net

Assets

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

N/A

$

25,506

N/A

Shares

Issued

and

Outstanding

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

1,709

Net

Asset

Value

per

share

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

$

14.92 R-5:

Net

Assets

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

N/A

$

30,235

N/A

Shares

Issued

and

Outstanding

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

1,991

Net

Asset

Value

per

share

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

$

15.19 R-6:

Net

Assets

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

$

136,857

$

1,246,227

$

436,978

Shares

Issued

and

Outstanding

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

11,381

81,339

31,717

Net

Asset

Value

per

share

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

$

12.02 $

15.32 $

13.78 (a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(c) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Opportunistic

Municipal

Fund

Small-MidCap

Dividend

Income

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Investment

in

securities--at

cost

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

$

199,695

$

990,359

$

5,016,813

Investment

in

affiliated

Funds--at

cost

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

$

–

$

35,695

$

101,003

Assets

Investment

in

securities--at

value

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

$

200,431

$

1,643,296

(a) $

5,110,056

(a) Investment

in

affiliated

Funds--at

value

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

–

35,695

101,003

Cash

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

–

Deposits

with

counterparty

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

–

–

5,219

Receivables:

Dividends

and

interest

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

2,645

1,568

65,760

Expense

reimbursement

from

Manager

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

–

Fund

shares

sold

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

642

3,370

Investment

securities

sold

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

1,020

70,976

Total

Assets

204,757

1,751,886

5,285,487

Liabilities

Accrued

management

and

investment

advisory

fees

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

1,027

2,773

Accrued

distribution

fees

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

Accrued

service

fees

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

–

–

Accrued

transfer

agent

fees

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

747

Accrued

directors'

expenses

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

Accrued

professional

fees

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

Accrued

other

expenses

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

Payables:

Borrowing

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

570

–

–

Dividends

payable

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

641

–

–

Fund

shares

redeemed

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

63,872

3,631

Interest

expense

and

fees

payable

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

–

–

Investment

securities

purchased

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

3,472

–

30,671

Collateral

obligation

on

securities

loaned,

at

value

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

–

21,554

69,648

Floating

rate

notes

issued

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

13,560

–

–

Total

Liabilities

18,754

86,596

107,860

Net

Assets

Applicable

to

Outstanding

Shares

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

$

186,003

$

1,665,290

$

5,177,627

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

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

$

208,607

$

966,783

$

5,545,253

Total

distributable

earnings

(accumulated

loss)

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

(22,604)

698,507

(367,626)

Total

Net

Assets

$

186,003

$

1,665,290

$

5,177,627

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

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

300,000

1,700,000

2,500,000

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

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

$

38,718

$

195,657

$

622,159

Shares

Issued

and

Outstanding

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

4,025

9,052

65,404

Net

Asset

Value

per

share

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

$

.62

(b) $

.61

(b) $

.51

(b) Maximum

Offering

Price

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

$

.99

$

.87

$

.88

Class

C

:

Net

Assets

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

N/A

$

16,097

$

110,243

Shares

Issued

and

Outstanding

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

754

11,588

Net

Asset

Value

per

share

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

$

.35

(b) $

.51

(b) Class

J

:

Net

Assets

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

N/A

N/A

$

33,356

Shares

Issued

and

Outstanding

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

3,650

Net

Asset

Value

per

share

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

$

.14

(b) Institutional

:

Net

Assets

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

$

147,285

$

689,960

$

3,616,141

Shares

Issued

and

Outstanding

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

15,296

31,705

384,069

Net

Asset

Value

per

share

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

$

.63

$

.76

$

.42

:

Net

Assets

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

N/A

N/A

$

2,384

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.34

:

Net

Assets

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

N/A

N/A

$

3,546

Shares

Issued

and

Outstanding

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

Net

Asset

Value

per

share

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

$

.36

:

Net

Assets

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

N/A

$

763,576

$

789,798

Shares

Issued

and

Outstanding

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

34,881

83,942

Net

Asset

Value

per

share

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

$

.89

$

.41

(a) Includes

fair

market

value

of

securities

loaned;

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

(b) Redemption

price

per

share

is

equal

to

net

asset

value

per

share

less

any

applicable

contingent

deferred

sales

charge.

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

February

28,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Fund

Bond

Market

Index

Fund

Capital

Securities

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

$

528

$

Dividends

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

57,772

Withholding

tax

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

(365)

(2)

(5)

Interest

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

58,102

28,482

Securities

lending

-

net

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

Total

Income

57,530

59,108

29,176

Expenses:

Management

and

investment

advisory

fees

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

30,020

1,575

N/A

Distribution

f

ees

-

Class

A

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

1,524

N/A

N/A

Distribution

f

ees

-

Class

C

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

1,518

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

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

N/A

N/A

Registration

fees

-

Class

C

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

N/A

N/A

Registration

fees

-

Class

J

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

N/A

Registration

fees

-

Class

S

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

N/A

N/A

Registration

fees

-

Institutional

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

N/A

Registration

fees

-

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

N/A

N/A

Service

fees

-

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

N/A

Service

fees

-

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

N/A

Shareholder

reports

-

Class

A

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

N/A

N/A

Shareholder

reports

-

Class

C

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

N/A

N/A

Shareholder

reports

-

Class

J

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

N/A

Shareholder

reports

-

Class

S

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

N/A

N/A

Shareholder

reports

-

Institutional

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

N/A

Shareholder

reports

-

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

N/A

N/A

Transfer agent

fees

-

Class

A

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

647

N/A

N/A

Transfer agent

fees

-

Class

C

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

N/A

N/A

Transfer agent

fees

-

Class

J

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

N/A

Transfer agent

fees

-

Class

S

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

N/A

N/A

Transfer agent

fees

-

Institutional

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

1,465

N/A

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

36,456

1,823

Less: Reimbursement

from

Manager

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

1,530

–

–

Less:

Reimbursement

from

Manager

-

Class

S

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

N/A

N/A

Less:

Reimbursement

from

Manager

-

Institutional

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

–

N/A

Total

Net

Expenses

34,891

1,823

Net

Investment

Income

(Loss)

22,639

57,285

29,159

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

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

1,216,043

(6,387)

5,011

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

(2,186,295)

58,232

10,296

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(970,252)

51,845

15,307

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(947,613)

$

109,130

$

44,466

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

February

28,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Real

Asset

Fund

(a) Global

Listed

Infrastructure

Fund

Global

Macro

Fund

(a),(b)

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

808

$

$

1,118

Dividends

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

29,325

1,750

Withholding

tax

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

(1,138)

(54)

–

Interest

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

10,738

Securities

lending

-

net

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

–

Total

Income

39,906

1,749

1,487

Expenses:

Management

and

investment

advisory

fees

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

9,438

Distribution

f

ees

-

Class

A

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

N/A

N/A

Registration

fees

-

Class

A

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

N/A

N/A

Registration

fees

-

Institutional

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

N/A

Registration

fees

-

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

N/A

Shareholder

reports

-

Class

A

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

N/A

N/A

Shareholder

reports

-

Institutional

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

N/A

Shareholder

reports

-

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

N/A

–

Transfer agent

fees

-

Class

A

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

N/A

N/A

Transfer agent

fees

-

Institutional

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

690

N/A

Transfer agent

fees

-

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

N/A

Chief

compliance

officer

expenses

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

–

–

Custodian

fees

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

–

Directors'

expenses

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

Professional fees

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

Technology

fees

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

Other

expenses

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

–

Total

Gross

Expenses

10,513

504

Less: Reimbursement

from

Manager

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

–

–

Less:

Reimbursement

from

Manager

-

Class

A

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

N/A

N/A

Less:

Reimbursement

from

Manager

-

Institutional

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

N/A

Less:

Reimbursement

from

Manager

-

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

N/A

Total

Net

Expenses

10,100

Net

Investment

Income

(Loss)

29,806

1,348

1,142

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

$

–

,

$

(5)

and

$

–

,

respectively)

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

67,566

2,816

(2)

Foreign

currency

contracts

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

(73)

–

–

Foreign

currency

transactions

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

(98)

Futures

contracts

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

27,714

–

2,821

Options

and

swaptions

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

–

–

Short

sales

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

(3)

–

–

Swap

agreements

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

10,848

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

(net

of

foreign

taxes

of

$

–

,

$

(44)

and

$

–

,

respectively)

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

286,202

14,867

–

Foreign

currency

contracts

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

–

1,907

Futures

contracts

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

12,590

–

2,359

Options

and

swaptions

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

(2)

–

–

Swap

agreements

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

(716)

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

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

–

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

404,159

17,693

7,253

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

433,965

$

19,041

$

8,395

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b) Period

from

November

14,

2025,

date

operations

commenced,

through

February

28,

2026. Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

February

28,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Global

Multi-

Strategy

Fund

(a) International

Equity

Index

Fund

International

Small

Company

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

1,622

$

$

Dividends

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

1,937

10,557

5,610

Foreign

tax

reclaims

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

–

–

Withholding

tax

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

(107)

(600)

(411)

Interest

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

5,906

Securities

lending

-

net

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

–

Total

Income

9,358

10,134

5,802

Expenses:

Management

and

investment

advisory

fees

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

2,895

1,392

2,457

Distribution

f

ees

-

Class

A

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

N/A

N/A

Distribution

f

ees

-

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

N/A

N/A

Administrative

service

fees

-

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

N/A

N/A

Administrative

service

fees

-

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

N/A

N/A

Registration

fees

-

Class

A

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

N/A

N/A

Registration

fees

-

Institutional

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

Registration

fees

-

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

Service

fees

-

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

N/A

N/A

Service

fees

-

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

N/A

N/A

Shareholder

reports

-

Class

A

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

N/A

N/A

Shareholder

reports

-

Institutional

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

Shareholder

reports

-

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

–

–

Transfer agent

fees

-

Class

A

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

N/A

N/A

Transfer agent

fees

-

Institutional

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

Transfer agent

fees

-

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

Custodian

fees

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

Directors'

expenses

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

Dividends

and

interest

on

securities

sold

short

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

–

–

Index

license

fees

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

–

–

Professional fees

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

Short

sale

fees

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

–

–

Technology

fees

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

Other

expenses

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

Total

Gross

Expenses

3,526

1,818

2,649

Less:

Reimbursement

from

Manager

-

Institutional

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

–

Less:

Reimbursement

from

Manager

-

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

Total

Net

Expenses

3,345

1,755

2,609

Net

Investment

Income

(Loss)

6,013

8,379

3,193

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

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

14,885

126,040

51,354

Foreign

currency

contracts

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

3,315

–

–

Foreign

currency

transactions

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

(765)

(197)

Futures

contracts

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

7,396

–

Options

and

swaptions

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

(101)

–

–

Short

sales

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

(1,327)

–

–

Swap

agreements

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

(2,422)

–

–

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

7,442

85,226

12,128

Foreign

currency

contracts

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

–

–

Futures

contracts

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

2,835

–

Options

and

swaptions

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

(341)

–

–

Short

sales

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

812

–

–

Swap

agreements

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

(2,768)

–

–

Translation

of

assets

and

liabilities

in

foreign

currencies

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

(5)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

30,197

211,085

63,290

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

36,210

$

219,464

$

66,483

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

Statements

of

Operations

Principal

Funds,

Inc.

Six

Months

Ended

February

28,

2026

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Opportunistic

Municipal

Fund

Small-MidCap

Dividend

Income

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

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

$

–

$

$

1,051

Dividends

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

16,714

19,122

Withholding

tax

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

–

–

(16)

Interest

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

4,948

139,257

Securities

lending

-

net

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

–

Total

Income

4,981

17,067

159,661

Expenses:

Management

and

investment

advisory

fees

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

6,252

18,194

Distribution

f

ees

-

Class

A

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

779

Distribution

f

ees

-

Class

C

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

N/A

570

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

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

Registration

fees

-

Class

C

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

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

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

–

Shareholder

reports

-

Class

C

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

N/A

Shareholder

reports

-

Class

J

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

N/A

N/A

Shareholder

reports

-

Institutional

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

Shareholder

reports

-

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

N/A

–

Transfer agent

fees

-

Class

A

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

Transfer agent

fees

-

Class

C

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

N/A

Transfer agent

fees

-

Class

J

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

N/A

N/A

Transfer agent

fees

-

Institutional

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

1,765

Transfer agent

fees

-

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

N/A

Chief

compliance

officer

expenses

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

–

–

Custodian

fees

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

Directors'

expenses

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

Interest

expense

and

fees

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

–

–

Professional fees

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

Technology

fees

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

Other

expenses

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

Total

Gross

Expenses

798

7,061

22,065

Less:

Reimbursement

from

Manager

-

Class

A

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

–

–

Less:

Reimbursement

from

Manager

-

Class

C

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

N/A

–

Less:

Reimbursement

from

Manager

-

Institutional

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

–

Total

Net

Expenses

768

6,982

22,065

Net

Investment

Income

(Loss)

4,213

10,085

137,596

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

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

(1,787)

75,054

31,193

Futures

contracts

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

–

–

(171)

Options

and

swaptions

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

–

–

(286)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

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

9,700

118,478

33,226

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

futures

and

options

and

swaptions

7,913

193,532

63,962

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

12,126

$

203,617

$

201,558

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Fund

Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

(a) Operations

Net

investment

income

(loss)

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

$

22,639

$

(5,720)

Net

realized

gain

(loss)

on

investments

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

1,216,043

1,691,386

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

(2,186,295)

63,909

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(947,613)

1,749,575

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(1,660,214)

(503,177)

Total

Dividends

and

Distributions

(1,660,214)

(503,177)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(455,741)

(1,368,568)

Total

Increase

(Decrease)

in

Net

Assets

(3,063,568)

(122,170)

Net

Assets

Beginning

of

period

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

11,549,544

11,671,714

End

of

period

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

$

8,485,976

$

11,549,544

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

67,193

$

12,567

$

15,069

$

445,671

$

4,441

N/A

$

3,511

$

259,519

Reinvested

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

211,560

58,273

46,390

521,381

4,097

N/A

5,935

791,921

Redeemed

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

(187,310)

(59,978)

(48,287)

(740,298)

(7,337)

N/A

(4,763)

(1,855,296)

Net

Increase

(Decrease)

$

91,443

$

10,862

$

13,172

$

226,754

$

1,201

N/A

$

4,683

$

(803,856)

Shares:

Sold

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

1,531

10,106

N/A

5,917

Reinvested

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

5,254

1,647

1,119

12,396

N/A

18,686

Redeemed

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

(4,423)

(1,592)

(1,080)

(16,909)

(173)

N/A

(108)

(38,873)

Net

Increase

(Decrease)

2,362

5,593

N/A

(14,270)

Year

Ended

August

31,

2025

(a) Dollars:

Sold

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

$

162,722

$

32,395

$

53,321

$

534,594

$

10,767

$

$

12,740

$

580,573

Reinvested

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

53,552

16,387

12,074

135,974

832

–

1,197

276,781

Redeemed

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

(243,358)

(84,879)

(64,805)

(883,818)

(6,111)

(3,131)

(6,900)

(1,959,531)

Net

Increase

(Decrease)

$

(27,084)

$

(36,097)

$

590

$

(213,250)

$

5,488

$

(3,075)

$

7,037

$

(1,102,177)

Shares:

Sold

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

3,617

786

1,148

11,377

12,422

Reinvested

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

1,160

2,849

–

5,765

Redeemed

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

(5,360)

(2,071)

(1,413)

(18,854)

(136)

(67)

(152)

(41,790)

Net

Increase

(Decrease)

(583)

(893)

(9)

(4,628)

(65)

(23,603)

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(216,456)

$

(59,276)

$

(46,430)

$

(531,948)

$

(4,097)

$

N/A

$

(5,935)

$

(796,072)

Total

Dividends

and

Distributions

$

(216,456)

$

(59,276)

$

(46,430)

$

(531,948)

$

(4,097)

$

N/A

$

(5,935)

$

(796,072)

Year

Ended

August

31,

2025

(a) From

net

investment

income

and

net

realized

gain

on

investments

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

$

(54,586)

$

(16,877)

$

(12,091)

$

(138,900)

$

(832)

$

–

$

(1,197)

$

(278,694)

Total

Dividends

and

Distributions

$

(54,586)

$

(16,877)

$

(12,091)

$

(138,900)

$

(832)

$

–

$

(1,197)

$

(278,694)

(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

Bond

Market

Index

Fund

Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

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

$

57,285

$

101,551

Net

realized

gain

(loss)

on

investments

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

(6,387)

(5,783)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

58,232

(15,778)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

109,130

79,990

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(105,481)

(81,344)

Total

Dividends

and

Distributions

(105,481)

(81,344)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

10,602

524,091

Total

Increase

(Decrease)

in

Net

Assets

14,251

522,737

Net

Assets

Beginning

of

period

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

2,816,751

2,294,014

End

of

period

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

$

2,831,002

$

2,816,751

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

6,552

$

341,259

N/A

$

1,476

N/A

$

2,051

Reinvested

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

1,506

103,160

N/A

N/A

530

Redeemed

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

(4,093)

(436,015)

N/A

(1,800)

N/A

(4,305)

Net

Increase

(Decrease)

$

3,965

$

8,404

N/A

$

(43)

N/A

$

(1,724)

Shares:

Sold

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

766

38,923

N/A

N/A

Reinvested

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

12,094

N/A

N/A

Redeemed

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

(481)

(49,498)

N/A

(213)

N/A

(503)

Net

Increase

(Decrease)

1,519

N/A

(5)

N/A

(200)

Year

Ended

August

31,

2025

(a),

(b) Dollars:

Sold

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

$

18,204

$

775,875

$

$

2,753

$

1,265

$

9,314

Reinvested

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

1,018

79,612

–

–

Redeemed

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

(12,648)

(337,659)

(840)

(3,589)

(6,336)

(3,610)

Net

Increase

(Decrease)

$

6,574

$

517,828

$

(816)

$

(573)

$

(5,071)

$

6,149

Shares:

Sold

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

2,187

90,725

1,104

Reinvested

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

9,603

–

–

Redeemed

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

(1,521)

(39,330)

(100)

(431)

(746)

(428)

Net

Increase

(Decrease)

792

60,998

(97)

(67)

(598)

731

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,510)

$

(103,160)

$

N/A

$

(281)

$

N/A

$

(530)

Total

Dividends

and

Distributions

$

(1,510)

$

(103,160)

$

N/A

$

(281)

$

N/A

$

(530)

Year

Ended

August

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,024)

$

(79,612)

$

–

$

(263)

$

–

$

(445)

Total

Dividends

and

Distributions

$

(1,024)

$

(79,612)

$

–

$

(263)

$

–

$

(445)

(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

Capital

Securities

Fund

Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

Operations

Net

investment

income

(loss)

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

$

29,159

$

62,676

Net

realized

gain

(loss)

on

investments

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

5,011

2,787

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

10,296

29,903

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

44,466

95,366

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(32,588)

(68,240)

Total

Dividends

and

Distributions

(32,588)

(68,240)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(131,450)

(153,965)

Total

Increase

(Decrease)

in

Net

Assets

(119,572)

(126,839)

Net

Assets

Beginning

of

period

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

1,074,740

1,201,579

End

of

period

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

$

955,168

$

1,074,740

Class

S

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

78,470

Reinvested

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

19,521

Redeemed

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

(229,441)

Net

Increase

(Decrease)

$

(131,450)

Shares:

Sold

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

8,079

Reinvested

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

2,014

Redeemed

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

(23,619)

Net

Increase

(Decrease)

(13,526)

Year

Ended

August

31,

2025

Dollars:

Sold

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

$

217,037

Reinvested

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

40,300

Redeemed

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

(411,302)

Net

Increase

(Decrease)

$

(153,965)

Shares:

Sold

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

22,841

Reinvested

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

4,245

Redeemed

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

(43,270)

Net

Increase

(Decrease)

(16,184)

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(32,588)

Total

Dividends

and

Distributions

$

(32,588)

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(68,240)

Total

Dividends

and

Distributions

$

(68,240)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Diversified

Real

Asset

Fund

(a) Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

Operations

Net

investment

income

(loss)

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

$

29,806

$

75,176

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

....

105,994

50,397

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

swap

agreements

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

298,165

27,081

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

433,965

152,654

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(75,155)

(58,284)

Total

Dividends

and

Distributions

(75,155)

(58,284)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(142,216)

(766,557)

Total

Increase

(Decrease)

in

Net

Assets

216,594

(672,187)

Net

Assets

Beginning

of

period

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

2,445,064

3,117,251

End

of

period

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

$

2,661,658

$

2,445,064

Class

A

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

3,960

$

87,109

$

$

91,229

Reinvested

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

1,214

38,078

31,860

Redeemed

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

(5,411)

(165,579)

(7)

(224,671)

Net

Increase

(Decrease)

$

(237)

$

(40,392)

$

(5)

$

(101,582)

Shares:

Sold

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

7,071

–

7,352

Reinvested

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

3,147

–

2,637

Redeemed

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

(427)

(13,099)

(1)

(18,138)

Net

Increase

(Decrease)

(23)

(2,881)

(1)

(8,149)

Year

Ended

August

31,

2025

Dollars:

Sold

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

$

3,190

$

155,242

$

$

136,127

Reinvested

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

770

26,920

–

27,652

Redeemed

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

(11,256)

(438,535)

(10)

(666,662)

Net

Increase

(Decrease)

$

(7,296)

$

(256,373)

$

(5)

$

(502,883)

Shares:

Sold

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

13,467

11,769

Reinvested

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

2,327

–

2,393

Redeemed

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

(973)

(37,965)

(1)

(58,016)

Net

Increase

(Decrease)

(630)

(22,171)

–

(43,854)

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,267)

$

(41,082)

$

(1)

$

(32,805)

Total

Dividends

and

Distributions

$

(1,267)

$

(41,082)

$

(1)

$

(32,805)

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(810)

$

(29,133)

$

–

$

(28,341)

Total

Dividends

and

Distributions

$

(810)

$

(29,133)

$

–

$

(28,341)

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Global

Listed

Infrastructure

Fund

Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

Operations

Net

investment

income

(loss)

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

$

1,348

$

781

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

2,820

688

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

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

14,873

920

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

19,041

2,389

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(3,130)

(1,067)

Total

Dividends

and

Distributions

(3,130)

(1,067)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(13,332)

102,547

Total

Increase

(Decrease)

in

Net

Assets

2,579

103,869

Net

Assets

Beginning

of

period

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

123,464

19,595

End

of

period

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

$

126,043

$

123,464

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

586

Reinvested

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

2,973

Redeemed

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

(16,891)

Net

Increase

(Decrease)

$

(13,332)

Shares:

Sold

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

Reinvested

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

Redeemed

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

(1,424)

Net

Increase

(Decrease)

(1,122)

Year

Ended

August

31,

2025

Dollars:

Sold

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

$

103,033

Reinvested

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

789

Redeemed

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

(1,275)

Net

Increase

(Decrease)

$

102,547

Shares:

Sold

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

8,952

Reinvested

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

Redeemed

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

(111)

Net

Increase

(Decrease)

8,917

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(3,130)

Total

Dividends

and

Distributions

$

(3,130)

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,067)

Total

Dividends

and

Distributions

$

(1,067)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Global

Macro

Fund

(a) Period Ended

February

28,

2026

(b) Operations

Net

investment

income

(loss)

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

$

1,142

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

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

2,911

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

foreign

currencies

and

futures

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

4,342

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

8,395

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(378)

Total

Dividends

and

Distributions

(378)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

152,198

Total

Increase

(Decrease)

in

Net

Assets

160,215

Net

Assets

Beginning

of

period

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

–

End

of

period

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

$

160,215

Capital

Share

Transactions:

Period Ended

February

28,

2026

(b) Dollars:

Sold

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

$

151,820

Reinvested

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

Net

Increase

(Decrease)

$

152,198

Shares:

Sold

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

15,182

Reinvested

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

Net

Increase

(Decrease)

15,220

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

(b) From

net

investment

income

and

net

realized

gain

on

investments

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

$

(378)

Total

Dividends

and

Distributions

$

(378)

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b) Period

from

November

14,

2025,

date

operations

commenced,

through

February

28,

2026. Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Global

Multi-Strategy

Fund

(a) Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

Operations

Net

investment

income

(loss)

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

$

6,013

$

12,161

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

....

21,827

9,735

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

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

8,370

7,681

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

36,210

29,577

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(26,847)

(6,643)

Total

Dividends

and

Distributions

(26,847)

(6,643)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

88,347

(8,102)

Total

Increase

(Decrease)

in

Net

Assets

97,710

14,832

Net

Assets

Beginning

of

period

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

429,552

414,720

End

of

period

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

$

527,262

$

429,552

Class

A

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

3,423

$

90,184

$

13,962

Reinvested

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

1,548

15,337

4,876

Redeemed

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

(2,553)

(23,020)

(15,410)

Net

Increase

(Decrease)

$

2,418

$

82,501

$

3,428

Shares:

Sold

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

7,512

1,163

Reinvested

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

1,302

Redeemed

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

(217)

(1,929)

(1,286)

Net

Increase

(Decrease)

6,885

Year

Ended

August

31,

2025

Dollars:

Sold

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

$

6,273

$

71,081

$

19,889

Reinvested

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

3,566

1,293

Redeemed

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

(10,677)

(79,584)

(20,269)

Net

Increase

(Decrease)

$

(4,078)

$

(4,937)

$

913

Shares:

Sold

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

568

6,306

1,757

Reinvested

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

Redeemed

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

(964)

(7,053)

(1,795)

Net

Increase

(Decrease)

(366)

(428)

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,857)

$

(17,674)

$

(7,316)

Total

Dividends

and

Distributions

$

(1,857)

$

(17,674)

$

(7,316)

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(388)

$

(4,223)

$

(2,032)

Total

Dividends

and

Distributions

$

(388)

$

(4,223)

$

(2,032)

(a) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

International

Equity

Index

Fund

Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

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

$

8,379

$

30,063

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

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

125,400

229,694

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

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

85,685

(135,450)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

219,464

124,307

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(51,989)

(49,386)

Total

Dividends

and

Distributions

(51,989)

(49,386)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

547,799

(583,561)

Total

Increase

(Decrease)

in

Net

Assets

715,274

(508,640)

Net

Assets

Beginning

of

period

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

692,151

1,200,791

End

of

period

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

$

1,407,425

$

692,151

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

18,360

N/A

$

12,189

N/A

$

3,867

$

887,690

Reinvested

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

3,115

N/A

672

N/A

997

47,205

Redeemed

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

(10,322)

N/A

(3,648)

N/A

(10,458)

(401,868)

Net

Increase

(Decrease)

$

11,153

N/A

$

9,213

N/A

$

(5,594)

$

533,027

Shares:

Sold

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

1,297

N/A

873

N/A

63,353

Reinvested

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

N/A

N/A

3,373

Redeemed

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

(726)

N/A

(265)

N/A

(727)

(27,185)

Net

Increase

(Decrease)

794

N/A

657

N/A

(383)

39,541

Year

Ended

August

31,

2025

(a),

(b) Dollars:

Sold

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

$

40,126

$

$

3,603

$

$

17,074

$

107,062

Reinvested

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

3,842

–

522

–

1,018

44,004

Redeemed

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

(54,445)

(189)

(5,000)

(9,269)

(5,623)

(726,710)

Net

Increase

(Decrease)

$

(10,477)

$

(184)

$

(875)

$

(8,850)

$

12,469

$

(575,644)

Shares:

Sold

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

3,265

–

1,437

8,874

Reinvested

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

–

–

3,957

Redeemed

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

(4,407)

(16)

(410)

(807)

(466)

(57,364)

Net

Increase

(Decrease)

(796)

(16)

(59)

(772)

1,063

(44,533)

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(3,115)

$

N/A

$

(672)

$

N/A

$

(997)

$

(47,205)

Total

Dividends

and

Distributions

$

(3,115)

$

N/A

$

(672)

$

N/A

$

(997)

$

(47,205)

Year

Ended

August

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

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

$

(3,842)

$

–

$

(522)

$

–

$

(1,018)

$

(44,004)

Total

Dividends

and

Distributions

$

(3,842)

$

–

$

(522)

$

–

$

(1,018)

$

(44,004)

(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

Small

Company

Fund

Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

Operations

Net

investment

income

(loss)

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

$

3,193

$

8,019

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

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

51,157

50,825

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

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

12,133

1,187

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

66,483

60,031

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(14,560)

(21,552)

Total

Dividends

and

Distributions

(14,560)

(21,552)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(99,089)

(274,144)

Total

Increase

(Decrease)

in

Net

Assets

(47,166)

(235,665)

Net

Assets

Beginning

of

period

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

507,103

742,768

End

of

period

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

$

459,937

$

507,103

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

670

$

40,136

Reinvested

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

609

13,951

Redeemed

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

(5,158)

(149,297)

Net

Increase

(Decrease)

$

(3,879)

$

(95,210)

Shares:

Sold

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

3,152

Reinvested

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

1,103

Redeemed

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

(409)

(11,467)

Net

Increase

(Decrease)

(308)

(7,212)

Year

Ended

August

31,

2025

Dollars:

Sold

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

$

6,183

$

93,807

Reinvested

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

857

20,695

Redeemed

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

(14,987)

(380,699)

Net

Increase

(Decrease)

$

(7,947)

$

(266,197)

Shares:

Sold

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

571

8,477

Reinvested

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

2,109

Redeemed

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

(1,424)

(36,775)

Net

Increase

(Decrease)

(765)

(26,189)

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(609)

$

(13,951)

Total

Dividends

and

Distributions

$

(609)

$

(13,951)

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(857)

$

(20,695)

Total

Dividends

and

Distributions

$

(857)

$

(20,695)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Opportunistic

Municipal

Fund

Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

Operations

Net

investment

income

(loss)

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

$

4,213

$

7,358

Net

realized

gain

(loss)

on

investments

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

(1,787)

(3,297)

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

9,700

(7,671)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

12,126

(3,610)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(4,126)

(7,803)

Total

Dividends

and

Distributions

(4,126)

(7,803)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

19,330

16,356

Total

Increase

(Decrease)

in

Net

Assets

27,330

4,943

Net

Assets

Beginning

of

period

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

158,673

153,730

End

of

period

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

$

186,003

$

158,673

Class

A

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

11,137

$

30,751

Reinvested

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

785

3,319

Redeemed

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

(5,395)

(21,267)

Net

Increase

(Decrease)

$

6,527

$

12,803

Shares:

Sold

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

1,176

3,244

Reinvested

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

Redeemed

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

(572)

(2,233)

Net

Increase

(Decrease)

686

1,359

Year

Ended

August

31,

2025

Dollars:

Sold

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

$

7,452

$

62,258

Reinvested

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

1,502

6,248

Redeemed

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

(10,803)

(50,301)

Net

Increase

(Decrease)

$

(1,849)

$

18,205

Shares:

Sold

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

769

6,500

Reinvested

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

656

Redeemed

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

(1,139)

(5,313)

Net

Increase

(Decrease)

(212)

1,843

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(807)

$

(3,319)

Total

Dividends

and

Distributions

$

(807)

$

(3,319)

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(1,555)

$

(6,248)

Total

Dividends

and

Distributions

$

(1,555)

$

(6,248)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Small-MidCap

Dividend

Income

Fund

Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

Operations

Net

investment

income

(loss)

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

$

10,085

$

22,566

Net

realized

gain

(loss)

on

investments

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

75,054

15,129

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

118,478

68,330

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

203,617

106,025

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(38,067)

(76,239)

Total

Dividends

and

Distributions

(38,067)

(76,239)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(118,803)

96,625

Total

Increase

(Decrease)

in

Net

Assets

46,747

126,411

Net

Assets

Beginning

of

period

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

1,618,543

1,492,132

End

of

period

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

$

1,665,290

$

1,618,543

Class

A

Class

C

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

6,897

$

1,153

$

40,393

$

118,110

Reinvested

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

3,679

14,769

18,104

Redeemed

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

(13,508)

(3,118)

(159,145)

(146,420)

Net

Increase

(Decrease)

$

(2,932)

$

(1,682)

$

(103,983)

$

(10,206)

Shares:

Sold

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

1,976

5,932

Reinvested

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

735

896

Redeemed

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

(677)

(156)

(7,927)

(6,970)

Net

Increase

(Decrease)

(155)

(85)

(5,216)

(142)

Year

Ended

August

31,

2025

Dollars:

Sold

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

$

18,797

$

2,319

$

108,469

$

314,297

Reinvested

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

7,055

684

31,699

34,319

Redeemed

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

(27,730)

(10,479)

(177,955)

(204,850)

Net

Increase

(Decrease)

$

(1,878)

$

(7,476)

$

(37,787)

$

143,766

Shares:

Sold

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

1,003

5,808

16,541

Reinvested

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

1,641

1,767

Redeemed

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

(1,488)

(561)

(9,520)

(10,909)

Net

Increase

(Decrease)

(118)

(400)

(2,071)

7,399

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(3,998)

$

(290)

$

(15,658)

$

(18,121)

Total

Dividends

and

Distributions

$

(3,998)

$

(290)

$

(15,658)

$

(18,121)

Year

Ended

August

31,

2025

From

net

investment

income

and

net

realized

gain

on

investments

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

$

(7,660)

$

(705)

$

(33,550)

$

(34,324)

Total

Dividends

and

Distributions

$

(7,660)

$

(705)

$

(33,550)

$

(34,324)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Amounts

in

thousands

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Period

Ended

February

28,

2026

Year

Ended

August

31,

2025

(a),

(b) Operations

Net

investment

income

(loss)

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

$

137,596

$

283,453

Net

realized

gain

(loss)

on

investments,

futures

and

options

and

swaptions

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

30,736

7,899

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

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

33,226

88,998

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

201,558

380,350

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

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

(156,836)

(319,009)

Total

Dividends

and

Distributions

(156,836)

(319,009)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

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

(275,411)

(887,481)

Total

Increase

(Decrease)

in

Net

Assets

(230,689)

(826,140)

Net

Assets

Beginning

of

period

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

5,408,316

6,234,456

End

of

period

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

$

5,177,627

$

5,408,316

Class

A

Class

C

Class

J

Institutional

Capital

Share

Transactions:

Period

Ended

February

28,

2026

Dollars:

Sold

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

$

49,504

$

8,614

$

2,484

$

411,333

N/A

$

N/A

$

$

82,089

Reinvested

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

14,856

2,539

1,012

94,067

N/A

N/A

12,607

Redeemed

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

(81,546)

(20,431)

(3,593)

(638,986)

N/A

(63) N/A

(294) (210,108)

Net

Increase

(Decrease)

$

(17,186)

$

(9,278)

$

(97) $

(133,586)

N/A

$

N/A

$

(12) $

(115,412)

Shares:

Sold

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

5,210

907

43,745

N/A

N/A

8,738

Reinvested

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

1,567

10,024

N/A

N/A

1,344

Redeemed

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

(8,585)

(2,152)

(393) (68,010)

N/A

(7) N/A

(31) (22,349)

Net

Increase

(Decrease)

(1,808)

(977) (10) (14,241)

N/A

N/A

(1) (12,267)

Year

Ended

August

31,

2025

(a),

(b) Dollars:

Sold

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

$

89,250

$

21,102

$

5,168

$

1,106,027

$

$

853

$

$

1,320

$

206,062

Reinvested

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

28,426

5,066

1,818

193,026

27,454

Redeemed

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

(196,305)

(43,668)

(8,213)

(2,016,694)

(500) (524) (1,012)

(555) (305,885)

Net

Increase

(Decrease)

$

(78,629)

$

(17,500)

$

(1,227)

$

(717,641)

$

(494) $

$

(987) $

936

$

(72,369)

Shares:

Sold

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

9,557

2,258

574

119,750

–

22,309

Reinvested

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

3,048

543

20,899

–

2,975

Redeemed

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

(21,052)

(4,679)

(915) (218,765)

(54) (57) (111) (61) (33,075)

Net

Increase

(Decrease)

(8,447)

(1,878)

(138) (78,116)

(54) 47

(108) 102

(7,791)

Dividends

and

Distributions

to

Shareholders:

Period Ended

February

28,

2026

From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(17,935)

$

(2,827)

$

(1,026)

$

(109,625)

$

N/A

$

(65) $

N/A

$

(102) $

(25,256)

Total

Dividends

and

Distributions

$

(17,935)

$

(2,827)

$

(1,026)

$

(109,625)

$

N/A

$

(65) $

N/A

$

(102) $

(25,256)

Year

Ended

August

31,

2025

(a),

(b) From

net

investment

income

and

net

realized

gain

on

investments

.........

$

(34,702)

$

(5,706)

$

(1,842)

$

(225,926)

$

(7) $

(109) $

(15) $

(171) $

(50,531)

Total

Dividends

and

Distributions

$

(34,702)

$

(5,706)

$

(1,842)

$

(225,926)

$

(7) $

(109) $

(15) $

(171) $

(50,531)

(a) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. (b) Class

shares

discontinued

operations

and

converted

to

Class

shares

on

November

22,

2024. Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

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

Blue

Chip

Fund,

Bond

Market

Index

Fund,

Capital

Securities

Fund,

Diversified

Real

Asset

Fund,

Global

Listed

Infrastructure

Fund,

Global

Macro

Fund,

Global

Multi-

Strategy

Fund,

International

Equity

Index

Fund,

International

Small

Company

Fund,

Opportunistic

Municipal

Fund,

Small-MidCap

Dividend

Income

Fund,

and

Spectrum

Preferred

and

Capital

Securities

Income

Fund,

each

a

series

of

the

Fund,

(known

as

the

"Funds")

are

presented

herein.

The

Funds

may

offer

up

to

eight

classes

of

shares:

Class

A,

Class

C,

Class

J,

Class

S,

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,

and

shares

discontinued

operations

and

converted

to

and

shares,

respectively.

Effective

June

20,

2025,

Global

Sustainable

Listed

Infrastructure

Fund

changed

its

name

to

Global

Listed

Infrastructure

Fund.

Effective

November

14,

2025,

Global

Macro

Fund

commenced

operations

with

Principal

Global

Investors

(the

"Manager")

making

an

initial

$10,000

purchase

of

shares.

On

December

9,

2025,

the

Fund's

Board

of

Directors

approved

the

liquidation

of

Class

shares

of

the

Diversified

Real

Asset

Fund.

Following

the

close

of

business

on

or

about

March

27,

2026,

outstanding

Class

shares

will

be

redeemed

at

net

asset

value

on

such

date.

All

classes

of

shares

for

each

of

the

Funds

represent

interests

in

the

same

portfolio

of

investments

and

will

vote

together

as

a

single

class

except

where

otherwise

required

by

law

or

as

determined

by

the

Fund's

Board

of

Directors.

In

addition,

the

Fund's

Board

of

Directors

declares

separate

dividends

on

each

class

of

shares.

2. Significant

Accounting

Policies

The

preparation

of

financial

statements

in

conformity

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

of

the

Funds:

Security

Valuation.

The

Funds

may

invest

in

other

series

of the

Fund

and

other

investment

funds,

which

may

include

closed-end

investment

companies,

exchange-traded

funds,

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered open-

end

investment

companies,

other

than

exchange-traded

funds, are

valued

at

the

respective

fund's

closing

net

asset

value

per

share

on

the

day

of

valuation.

The

Funds

value

securities,

including

exchange-traded

funds,

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Fund's

Board

of

Directors.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange,

but

prior

to

the

calculation

of

the

Funds'

net

asset

values

are

reflected

in

the

Funds'

net

asset

values

and

these

securities

are

valued

at

fair

value.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security's

fair

value,

including,

but

not

limited

to,

price

movements

in

American

depository

receipts

("ADRs"),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Funds

invest

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Funds

do

not

determine

net

asset

values,

for

example,

weekends

and

other

customary

national

U.S.

holidays,

the

Funds'

net

asset

values

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

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

of

Directors

as

may

occasionally

be

necessary.

Currency

Translation.

Foreign

holdings

are

translated

to

U.S.

dollars

using

the

exchange

rate

at

the

daily

close

of

the

New

York

Stock

Exchange.

The

identified

cost

of

the

Funds'

holdings

is

translated

at

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

at

approximate

rates

prevailing

when

received

or

paid,

with

daily

accruals

of

such

amounts

reported

at

approximate

rates

prevailing

at

the

date

of

valuation.

Since

the

carrying

amount

of

the

foreign

securities

is

determined

based

on

the

exchange

rate

and

market

values

at

the

close

of

the

period,

it

is

not

practicable

to

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

during

the

period.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

trade

and

settlement

dates

on

security

transactions,

and

the

difference

between

the

amount

of

dividends,

interest

income,

interest

expense,

and

foreign

withholding

taxes

recorded

on

the

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

appreciation

(depreciation)

on

translation

of

assets

and

liabilities

in

foreign

currencies

arise

from

changes

in

the

exchange

rate

relating

to

assets

and

liabilities,

other

than

investments

in

securities,

purchased

and

held

in

non-U.S.

denominated

currencies.

The

following

Funds

held

securities

denominated

in

foreign

currencies

that

exceeded

5%

of

net

assets

of

the

respective

fund

as

of

February

28,

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

of

each

class.

Diversified

Real

Asset

Fund

Euro

.5%

Canadian

Dollar

.0

British

Pound

Sterling

.7

Global

Listed

Infrastructure

Fund

Canadian

Dollar

.7%

Euro

.6

British

Pound

Sterling

.9

Hong

Kong

Dollar

.7

Brazilian

Real

.1

Global

Multi-Strategy

Fund

Japanese

Yen

.7%

International

Equity

Index

Fund

Euro

.9%

Japanese

Yen

.7

British

Pound

Sterling

.5

Swiss

Franc

.3

Australian

Dollar

.5

International

Small

Company

Fund

Japanese

Yen

.7%

Euro

.7

Canadian

Dollar

.4

British

Pound

Sterling

.8

Australian

Dollar

.3

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

Distributions

received

from

other

series

of

the

Fund

and

other

investment

companies

(collectively,

"Underlying

Funds")

are

recorded

in

accordance

with

the

character

of

the

distributions

as

designated

by

the

Underlying

Funds.

Distributions

received

from

Real

Estate

Investment

Trusts

("REITs")

may

be

characterized

as

ordinary

income,

capital

gain,

or

a

return

of

capital

to

the

Funds.

The

proper

characterization

of

distributions

from

REITs

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Expenses.

Expenses

directly

attributed

to

a

particular

fund

are

charged

to

that

fund.

Other

expenses

not

directly

attributed

to

a

particular

fund

are

apportioned

among

the

registered

investment

companies

managed

by

the

Manager.

Management

fees

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

the

value

of

shares

outstanding

of

each

class.

Expenses

specifically

attributable

to

a

particular

class

are

charged

directly

to

such

class

and

are

included

separately

in

the

statements

of

operations.

In

addition

to

the

expenses

the

Funds

bear

directly,

each

of

the

Funds

may

indirectly

bear

a

pro

rata

share

of

the

fees

and

expenses

of

the

other

series

of

the

Fund

and

other

investment

companies

in

which

they

invest.

Because

the

Underlying

Funds

have

varied

expense

levels

and

each

of

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

at

different

times,

the

amount

of

expense

incurred

indirectly

by

each

Fund

will

vary.

Expenses

included

in

the

statements

of

operations

and

financial

highlights

of

the

Funds

do

not

include

any

expenses

associated

with

the

Underlying

Funds.

Dividends

and

Distributions

to

Shareholders.

With

respect

to

Opportunistic

Municipal

Fund,

net

investment

income

is

declared

as

dividends

daily

to

settled

shares

of

record

as

of

that

day,

and

all

distributions

of

realized

gains

from

investment

transactions

are

recorded

on

the

ex-

dividend

date.

Dividends

and

distributions

to

shareholders

of

the

other

Funds

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

from

net

investment

income

and

net

realized

gain

from

investments

and

foreign

currency

transactions

are

determined

in

accordance

with

federal

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

differences

are

primarily

due

to

differing

treatments

for

amortization

of

premiums

and

discounts,

net

operating

losses,

foreign

currency

transactions,

options

and

futures

contracts,

certain

defaulted

securities,

sales

of

passive

foreign

investment

companies,

losses

deferred

due

to

wash

sales,

tax

straddles,

mortgage-backed

securities,

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

–

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

February

28,

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

on

the

statements

of

operations.

In

the

event

that

foreign

tax

reclaims

received

during

the

fiscal

year

exceed

foreign

withholding

tax

paid,

and

a

fund

previously

passed

through

foreign

tax

credits

to

its

shareholders,

a

fund will

enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

("IRS"),

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the

fund's

shareholders.

Any

IRS

closing

agreement

fees

related

to

foreign

tax

reclaims are

reflected

as

a

reduction

to

income

on

the

statements

of

operations.

Adjustments

and

final

payments

to

previously

estimated

IRS

closing

agreement

fee

liabilities

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

may

result

in

an

increase

to

income

on

the

statements

of

operations.

Any

accrued

IRS

closing

agreement

fees

related

to

foreign

tax

reclaims

are

reflected

on

the

statements

of

assets

and

liabilities.

Gains

realized

upon

the

disposition

of

certain

foreign

securities

held

by

certain

Funds

may

be

subject

to

capital

gains

tax,

payable

prior

to

the

repatriation

of

sale

proceeds.

The

tax

is

computed

on

certain

net

realized

gains

and,

if

any,

is

shown

on

the

statements

of

operations.

Realized

losses

in

excess

of

gains

may

be

carried

forward

to

offset

future

gains.

In

addition,

the

Funds

accrue

an

estimated

tax

liability

for

future

gains

on

certain

foreign

securities.

Any

foreign

tax

refund

receivables and

any

accrued

foreign

tax

liabilities

are

shown

on

the

statements

of

assets

and

liabilities.

Basis

for

Consolidation.

Diversified

Real

Asset

Fund,

Global

Macro

Fund, and

Global

Multi-Strategy

Fund

(the

"Consolidated

Funds")

may

invest

up

to

25%

of

their

total

net

assets

in

their

respective

wholly-owned

subsidiaries

DRA

Cayman

Corporation,

GM

Cayman

Corporation, and

GMS

Cayman

Corporation

(the

"Cayman

Subsidiaries"),

each

organized

under

the

laws

of

the

Cayman

Islands.

The

Consolidated

Funds

are

the

sole

shareholder

of

their

respective

Cayman

Subsidiaries,

and

shares

of

the

Cayman

Subsidiaries

will

not

be

sold

or

offered

to

other

investors.

To

the

extent

that

the

Consolidated

Funds

invest

in

their

Cayman

Subsidiaries,

they

will

be

subject

to

the

particular

risks

associated

with

the

Cayman

Subsidiaries'

investments,

which

are

discussed

in

the

applicable

Prospectus

and

Statement

of

Additional

Information.

The

principal

purpose

of

investing

in

the

Cayman

Subsidiaries

is

to

allow

the

Consolidated

Funds

to

gain

exposure

to

the

commodity

markets

within

the

limitations

of

federal

tax

laws

applicable

to

regulated

investment

companies.

Each

of

the

Consolidated

Funds'

investment

portfolio

has

been

consolidated

and

includes

the

portfolio

holdings

of

its

Cayman

subsidiary.

The

consolidated

financial

statements

for

each

of

the

Consolidated

Funds

includes

the

accounts

of

its

Cayman

subsidiary.

All

intercompany

transactions

and

balances

have

been

eliminated

in

consolidation.

At

February

28,

2026,

the

net

assets

of

the

Cayman

Subsidiaries

were

as

follows

(amounts

in

thousands):

Global

Macro

Fund

has

entered

into

an

agreement

(the

"Guaranty")

with

Goldman

Sachs

&

Co.

LLC

in

connection

with

trading

futures

contracts.

Under

the

terms

of

this

agreement,

Global

Macro

Fund

may

be

responsible

for

satisfying

GM

Cayman

Corporation's

obligations

arising

from

its

futures

trading

activities

and

may

be

required

to

indemnify

Goldman

Sachs

&

Co.

LLC

for

certain

losses

or

expenses

incurred

in

connection

with

those

obligations.

Recent

Accounting

Pronouncements.

In

December

2023,

the

Financial

Accounting

Standards

Board

("FASB")

issued

Accounting

Standards

Update

("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. There

was

no

outstanding

lending

as

of February

28,

2026. Any

outstanding

borrowing as

of February

28,

2026 is

included

in

interfund

borrowing

on

the

statements

of

assets

and

liabilities.

During

the

period

ended

February

28,

2026,

Funds

lending

to

the

Facility

were

as

follows

(amount

in

thousands):

Net

Assets

Percent

of

Consolidated

Fund's

Net

Assets

DRA

Cayman

Corporation

$

388,013

14.58 %

GM

Cayman

Corporation

37,537

23.43 GMS

Cayman

Corporation

11,284

2.14 Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Blue

Chip

Fund

$

4.70 %

$

Bond

Market

Index

Fund

4.26 8

2. Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

During

the period

ended

February

28,

2026,

Funds

borrowing

from

the

Facility

were

as

follows

(amounts

in

thousands):

In

addition,

the

Funds,

except

Global

Macro

Fund,

participate

with

other

registered

investment

companies

managed

by

the

Manager

in

an

unsecured

joint

line

of

credit

with

a

group

of

financial

institutions

which

allows

the

participants

to

borrow

up

to

$300

million,

collectively.

Borrowings

are

made

solely

to

facilitate

the

handling

of

unusual

and/or

unanticipated

short-term

cash

requirements. The

line

of

credit

is

available

under

a

group

of

revolving

financial

institutions

and

lending

is

carried

out

with

unaffiliated

financial

institutions.

Interest

is

charged

to

each

participant,

based

on

its

borrowings,

at

a

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

plus

the

applicable

margin

of

1.00%.

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Additionally,

a

commitment

fee

is

charged

at

an

annual

rate

of

.15%

on

the

amount

of

the

line

of

credit

which

is

allocated

to

each

participant

based

on

average

net

assets.

The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statements

of

operations.

Any

outstanding

borrowing

as

of

February

28,

2026 is

included

in

borrowing

on

the

statements

of

assets

and

liabilities.

During

the period ended

February

28,

2026,

Funds

borrowing

against

the

line

of

credit

were

as

follows

(amounts

in

thousands):

Contingent

Convertible

Securities.

As

footnoted

in

the

schedules

of

investm

ents,

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.

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Interest

Income

Capital

Securities

Fund

$

4.70 %

$

Diversified

Real

Asset

Fund

4.38 10

Global

Listed

Infrastructure

Fund

4.26 1

Global

Multi-Strategy

Fund

4.33 9

International

Equity

Index

Fund

4.70 1

International

Small

Company

Fund

4.52 2

Small-

MidCap

Dividend

Income

Fund

522

4.49 12

Spectrum

Preferred

and

Capital

Securities

Income

Fund

4.33 10

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Interest

Expense

Blue

Chip

Fund

$

7,204

4.39 %

$

Capital

Securities

Fund

518

4.34 —

Diversified

Real

Asset

Fund

4.26 2

International

Equity

Index

Fund

4.30 4

International

Small

Company

Fund

4.58 1

Opportunistic

Municipal

Fund

4.47 3

Small-

MidCap

Dividend

Income

Fund

4.51 6

Spectrum

Preferred

and

Capital

Securities

Income

Fund

4.75 7

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Opportunistic

Municipal

Fund

$

4.78 %

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

Counterparties.

The

Funds

may

be

exposed

to

counterparty

risk,

or

the

risk

that

another

party

with

which

the

Funds

have

unsettled

or

open

transactions

will

fail

to

perform

on

their

commitment.

To

the

extent

that

unpaid

amounts

owed

to

the

Funds

exceed

a

predetermined

threshold

agreed

to

with

the

counterparty,

as

stated

in

the

counterparties'

master

netting

agreements

("Master

Netting

Agreements"),

such

counterparty

shall

advance

collateral

to

the

Funds

in

the

form

of

cash

or

cash

equivalents

equal

in

value

to

the

unpaid

amount

owed

to

the

Funds.

If

the

unpaid

amount

owed

to

the

Funds

subsequently

decreases,

the

Funds

would

be

required

to

return

all

or

a

portion

of

the

collateral.

Master

Netting

Agreements

may

also

help

limit

counterparty

risk

by

specifying

collateral

posting

arrangements

at

pre-arranged

exposure

levels.

Under

the

Master

Netting

Agreements,

collateral

is

routinely

transferred

if

the

total

net

exposure

to

certain

transactions

governed

under

the

relevant

master

netting

agreement

with

a

counterparty

exceeds

a

specified

threshold.

The

financial

instruments

that

are

subject

to

Master

Netting

Agreements

or

similar

agreements

may

include

right

of

setoff

provisions.

Derivative

instruments

include

provisions

to

setoff

positions

covered

under

the

agreements

with

the

same

counterparties

and

provisions

to

setoff

positions

outside

of

the

agreements

with

the

same

counterparties

in

the

event

of

default

by

one

of

the

parties.

Derivative

instruments

are

shown gross

on

the

statements

of

assets

and

liabilities.

Derivative

instruments

also

include

collateral

provisions.

Collateral

received

and

pledged

are

generally

settled

daily

with

each

counterparty.

As

of

February

28,

2026,

financial

assets

and

liabilities

subject

to

Master

Netting

Agreements

or

similar

agreements

were

as

follows

(amounts

in

thousands):

Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Diversified

Real

Asset

Fund

Bank

of

America

NA

Total

Return

Swaps

$

$

(82) $

(65) $

$

(82) $

(65) $

—

$

(65) Barclays

Bank

PLC

Foreign

Currency

Contracts

(11) (10) $

$

(11) $

(10) $

—

$

(10) Citigroup

Inc

Foreign

Currency

Contracts

—

Total

Return

Swaps

(48) 389

$

$

(48) $

$

(1) $

Deutsche

Bank

AG

Foreign

Currency

Contracts

—

(13) (13) $

—

$

(13) $

(13) $

$

(4) Goldman

Sachs

&

Co

Total

Return

Swaps

665

—

665

$

665

$

—

$

665

$

(31) $

634

Morgan

Stanley

&

Co

Foreign

Currency

Contracts

—

(51) (51) $

—

$

(51) $

(51) $

$

(21) Toronto

Dominion

Bank

Foreign

Currency

Contracts

—

$

$

—

$

$

—

$

Total

OTC

$

1,205

$

(205) $

1,000

$

1,007

Global

Macro

Fund

ANZ

Stockbroking

Foreign

Currency

Contracts

1,154

(2,486)

(1,332)

$

1,154

$

(2,486)

$

(1,332)

$

—

$

(1,332)

RBC

Dominon

Securities

Corp

Foreign

Currency

Contracts

1,196

(988) 208

$

1,196

$

(988) $

$

—

$

Standard

Chartered

Bank,

Hong

Kong

Foreign

Currency

Contracts

4,514

(1,483)

3,031

$

4,514

$

(1,483)

$

3,031

$

(1,315)

$

1,716

Total

OTC

$

6,864

$

(4,957)

$

1,907

$

592

Global

Multi-Strategy

Fund

Bank

of

America

NA

Foreign

Currency

Contracts

990

(604) 386

$

990

$

(604) $

$

—

$

Barclays

Bank

PLC

Foreign

Currency

Contracts

—

$

$

—

$

$

—

$

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

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

February

28,

2026,

none

of

the

Funds

had

material

cross

trades.

Deposits

with

Counterparty.

Cash

pledged

as

collateral

is

reflected

as

an

asset

on

the

statements

of

assets

and

liabilities

as

deposits

with

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

Customer

account

agreements

govern

cleared

derivatives

transactions

such

as

futures

contracts

and

certain

swap

agreements.

Such

transactions

require

posting

of

initial

margin

as

determined

by

each

relevant

clearing

agency

which

is

segregated

in

an

account

at

a

futures

commission

merchant

("FCM")

registered

with

the

Commodity

Futures

Trading

Commission.

International

Swaps

and

Derivatives

Association

("ISDA")

accounts

are

maintained

in

a

segregated

account

at

the

custodian

for

over-the-counter

("OTC")

derivatives.

Master

Securities

Forward

Transaction

Agreements

("MSFTA")

accounts

are

also

maintained

in

a

segregated

account

at

the

custodian

for

collateral

related

to

forward

currency

contracts

and

"to-be-announced"

("TBA")

securities.

Certain

of

the Funds may

pledge

cash

to

a

broker

for

securities

sold

short

and

repurchase

agreements.

As

of

February

28,

2026,

deposits

with

counterparty

were

as

follows

(amounts

in

thousands):

Assets

\*

Liabilities

\*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Global

Multi-Strategy

Fund

(continued)

BNP

Paribas

Foreign

Currency

Contracts

$

$

(132) $

(27) $

$

(132) $

(27) $

—

$

(27) Citigroup

Inc

Foreign

Currency

Contracts

(4) 8

Total

Return

Swaps

—

$

$

(4) $

$

—

$

Credit

Agricole

Foreign

Currency

Contracts

(151) 93

$

$

(151) $

$

—

$

Deutsche

Bank

AG

Foreign

Currency

Contracts

(34) (22) $

$

(34) $

(22) $

—

$

(22) Goldman

Sachs

&

Co

Credit

Default

Swaps

—

(238) (238) Foreign

Currency

Contracts

(9) 11

Total

Return

Swaps

—

(478) (478) $

$

(725) $

(705) $

705

$

—

HSBC

Securities

Inc

Foreign

Currency

Contracts

—

Total

Return

Swaps

—

$

$

—

$

$

—

$

JPMorgan

Chase

Foreign

Currency

Contracts

(251) 167

Total

Return

Swaps

(198) (127) $

$

(449) $

$

—

$

Morgan

Stanley

&

Co

Total

Return

Swaps

5,675

(1,983)

3,692

$

5,675

$

(1,983)

$

3,692

$

—

$

3,692

RBC

Dominon

Securities

Corp

Foreign

Currency

Contracts

(77) 34

$

$

(77) $

$

(34) $

—

Total

OTC

$

7,898

$

(4,159)

$

3,739

$

4,410

\*

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)

Shorts

Total

Deposits

with

Counterparty

Diversified

Real

Asset

Fund

$

—

$

$

—

$

Global

Macro

Fund

22,155

—

—

22,155

Global

Multi-Strategy

Fund

8,046

11,161

1,890

21,097

International

Equity

Index

Fund

—

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

5,219

—

—

5,219

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

Deposits

from

Counterparty.

Cash

received

from

a

counterparty

as

collateral

is

reflected

as

a

liability

on

the

statements

of

assets

and

liabilities

as

deposits

from

counterparty.

There

are

a

variety

of

security

types

which

require

varying

levels

of

pledged

collateral.

The

collateral

posted

to

the Funds

by

the

broker

is

received

in

the

fund's

custodian

account.

As

of

February

28,

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

period

ended February

28,

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.

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

ISDA

(OTC

Derivatives)

Diversified

Real

Asset

Fund

$

Global

Macro

Fund

1,315

Global

Multi-Strategy

Fund

Average

Outstanding

Balance

Weighted

Average

Annual

Interest

Rate

Opportunistic

Municipal

Fund

$

13,417

2.72 %

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

statements

of

assets

and

liabilities.

When

the

contracts

are

closed,

the

fund

recognizes

a

realized

gain

or

loss

equal

to

the

difference

between

the

proceeds

from,

or

cost

of,

the

closing

transaction

and

the

fund's

cost

basis

in

the

contract.

There

is

minimal

counterparty

credit

risk

to

the

Funds

because

futures

are

exchange

traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange

traded

futures,

guarantees

the

futures

against

default.

Long

equity

futures

contracts

are

used

to

obtain

market

exposure

for

the

cash

balances

that

are

maintained

by

certain

of

the

Funds

and

the

notional

values

of

the

futures

contracts

will

vary

in

accordance

with

changing

cash

balances.

Long

and

short

U.S.

Treasury

futures

contracts

are

used

to

obtain

interest

rate

exposure

in

order

to

manage

duration

of

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.

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

swaps,

securities,

indices

and

currencies

they

own

or

in

which

they

may

invest

for

both

hedging

and

non-hedging

purposes.

Writing

put

options

tends

to

increase

a

fund's

exposure

to

the

underlying

instrument.

Writing

call

options

tends

to

decrease

a

fund's

exposure

to

the

underlying

instrument.

When

a

fund

writes

a

call

or

put

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option

written.

These

liabilities

are

reflected

as

options

contracts

written

on

the

statements

of

assets

and

liabilities.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

or

offset

against

amounts

paid

on

the

underlying

swap,

security,

index

or

currency

transaction

to

determine

the

realized

gain

or

loss.

A

fund,

as

a

writer

of

an

option,

has

no

control

over

whether

the

underlying

swap,

security,

index

or

currency

may

be

sold

(call)

or

purchased

(put)

and

as

a

result

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

swap,

security,

index

or

currency

underlying

the

written

option.

There

is

the

risk

a

fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund

as

a

writer

of

put

options

could

be

required

to

make

is

equal

to

the

notional

amount

multiplied

by

the

exercise

price

as

shown

in

the

schedules

of

investments.

A

fund

may

also

purchase

put

and

call

options.

Purchasing

call

options

tends

to

increase

a

fund's

exposure

to

the

underlying

instrument.

Purchasing

put

options

tends

to

decrease

a

fund's

exposure

to

the

underlying

instrument.

A

fund

pays

a

premium

which

is

included

on

the

fund's

statements

of

assets

and

liabilities

as

an

investment

and

subsequently

marked

to

market

to

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

reflect

the

current

value

of

the

option.

Premiums

paid

for

purchasing

options

which

expire

are

treated

as

realized

losses.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

Premiums

paid

for

purchasing

options

which

are

exercised

or

closed

are

added

to

the

amounts

paid

or

offset

against

the

proceeds

on

the

underlying

swap,

security,

index

or

currency

transaction

to

determine

the

realized

gain

or

loss.

Details

of

options

contracts

open

at 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

February

28,

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.

Restricted

Securities.

Certain

of

the

Funds

may

invest

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

These

securities

generally

may

be

resold

in

transactions

exempt

from

registration

or

to

the

public

if

the

securities

are

registered.

Disposal

of

these

securities

may

involve

time-consuming

negotiations

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

Securities

Lending.

As

footnoted

in

the

schedules

of

investments,

certain

of

the

Funds

may

lend

portfolio

securities

to

approved

brokerage

firms

to

earn

additional

income.

The

Funds

receive

collateral,

in

the

form

of

cash,

against

the

loaned

securities.

During

the

period

of

the

loan,

the

borrower

must

maintain

collateral

in

an

amount

not

less

than

102%

of

the

market

value

of

the

domestic

and

foreign

fixed

income

loaned

securities

and

105%

of

the

market

value

of

the

foreign

equity

loaned

securities.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

The

transactions

are

accounted

for

as

secured

borrowings

and

the

remaining

contractual

maturity

is

overnight

and

continuous

for

all

securities.

The

cash

collateral

received

is

usually

invested

in

an

SEC-registered

money

market

mutual

fund

and

the

Funds

could

realize

a

loss

on

such

investments.

Further,

the

Funds

could

experience

a

delay

in

recovering

their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

Securities

lending

income,

net

of

related

fees,

is

shown

on

the

statements

of

operations.

Senior

Floating

Rate

Interests.

The

Funds

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

typically hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

"Borrower"),

and

are

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below-investment-grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

fund

and

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower's

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

Senior

floating

rate

interests

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank,

LIBOR,

SOFR,

or

a similar reference

rate.

Senior

floating

rate

interests

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

the

Borrower

to

repay,

prepayments

of

senior

floating

rate

interests

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

floating

rate

interests

may

be

substantially

less

than

stated

maturities

shown

in

the

schedules

of

investments.

In

connection

with

the

senior

floating

rate

interests,

the

Funds

may

also

enter

into

unfunded

loan

commitments.

All

or

a

portion

of

the

loan

commitments

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

Borrower's

discretion.

Therefore,

the

Funds

must

have

funds

sufficient

to

cover their

contractual

obligation.

Unfunded

loan

commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

statements

of

assets

and

liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

statements

of

operations,

as

applicable.

As

of

period

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

end,

the

unfunded

loan

commitments

are

categorized

as

Level

within

the

disclosure

hierarchy.

As

of

February

28,

2026,

the

Funds

had

no

unfunded

loan

commitments.

Short

Sales.

Certain

of

the

Funds

entered

into

short

sales

transactions

during

the

period.

A

short

sale

is

a

transaction

in

which

a

fund

sells

a

security

it

does

not

own

as

a

hedge

against

some

of

its

long

positions

and/or

in

anticipation

of

a

decline

in

the

market

price

of

the

security.

The

fund

must

borrow

the

security

sold

short

and

deliver

it

to

the

broker

dealer

which

made

the

short

sale.

A

security

sold

in

a

short

sale

transaction

and

the

interest

or

dividend

payable

on

the

security

if

any,

is

reflected

as

a

liability

on

the

statements

of

assets

and

liabilities.

The

fund

is

obligated

to

pay

any

interest

or

dividends

received

on

the

borrowed

securities.

Interest

accrued

and

dividends

declared

on

short

positions

are

recorded

as

an

expense

and,

if

any,

appear

as

dividends

and

interest

on

shorts

on

the

statements

of

operations.

A

fund

is

obligated

to

deliver

the

security

at

the

market

price

at

the

time

the

short

position

is

closed.

Possible

losses

from

short

sales

may

be

unlimited.

The

fund

is

required

to

pledge

cash

or

securities

to

the

broker

as

collateral

for

securities

sold

short.

Collateral

requirements

are

calculated

daily

based

on

the

current

market

value

of

the

short

positions.

Cash

deposited

with

the

broker

for

collateral

is

included

in

deposits

with

counterparty

on

the

statements

of

assets

and

liabilities

and

securities

segregated

as

collateral

are

footnoted

in

the

schedules

of

investments.

The

fund

may

pay

broker's

fees

on

the

borrowed

securities

and

may

also

pay

a

financing

charge

for

the

difference

in

the

market

value

of

the

short

position

and

cash

collateral

deposited

with

the

broker.

These

fees

are

included

as

short

sale

fees

on

the

statements

of

operations.

Swap

Agreements.

Certain

of

the

Funds

invested

in

swap

agreements

during

the

period.

Swap

agreements

are

negotiated

agreements

between

a

fund

and

a

counterparty

to

exchange

a

series

of

cash

flows

at

specified

intervals

based

upon,

or

calculated

by

reference

to,

changes

in

specified

prices

or

rates

for

a

specified

amount

of

an

underlying

asset.

A

fund

may

enter

into

credit

default,

currency,

interest

rate,

or

total

return

swap

agreements

to

manage

its

exposure

to

credit,

currency,

interest

rate,

or

market

risk.

In

connection

with

these

agreements,

securities

may

be

identified

as

collateral

in

accordance

with

the

terms

of

the

respective

swap

agreements

to

provide

assets

of

value

and

recourse

in

the

event

of

default

or

bankruptcy/insolvency.

Swap

agreements

are

valued

through

a

pricing

service

or

using

procedures

established

and

periodically

reviewed

by

the

Fund's

Board

of

Directors.

Centrally

cleared

swaps

are

valued

using

the

last

traded

price

from

the

primary

trading

exchange.

OTC

swaps

are

modeled

taking

into

account

the

counterparties'

creditworthiness

and

using

a

series

of

techniques,

including

simulation

models.

Changes

in

value

are

recorded

as

unrealized

gain

or

loss

which

is

included

as

a

component

of

total

distributable

earnings

(accumulated

loss)

on

the

statements

of

assets

and

liabilities.

Certain

Total

Return

Swaps

are

valued

using

the

closing

price

of

their

underlying

custom

basket

of

equity

securities

multiplied

by

the

quantity

of

each

position.

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.

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

If

a

fund

is

a

seller

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

the

fund

will

either

(i) pay

to

the

buyer

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii) pay

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

If

a

fund

is

a

buyer

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

a

fund

will

either

(i) receive

from

the

seller

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

(ii) receive

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset

backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name's

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

A

fund

may

use

credit

default

swaps

on

credit

indices

to

hedge

a

portfolio

of

credit

default

swaps

or

bonds,

which

is

less

expensive

than

it

would

be

to

buy

many

credit

default

swaps

to

achieve

a

similar

effect.

Credit

default

swaps

on

indices

are

benchmarks

for

protecting

investors

owning

bonds

against

default,

and

traders

use

them

to

speculate

on

changes

in

credit

quality.

Credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(the

buyer

of

protection's

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Funds

may

use

credit

default

swaps

on

corporate

issues

or

sovereign

issues

of

an

emerging

country

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Funds

own

or

have

exposure

to

the

referenced

obligation).

For

credit

default

swap

agreements

on

asset-backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

February

28,

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.

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

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

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 February

28,

2026,

series

of

the

Fund

and

Principal

Variable

Contracts

Funds,

Inc.

owned

the

following

percentages,

in

the

aggregate,

of

the

outstanding

shares

of

the

Funds

listed

below:

U.S.

Government

Agencies

or

Government-Sponsored

Enterprises.

Certain

of

the

Funds

may

invest

in

U.S.

Government

agencies

or

government-sponsored

enterprises.

U.S.

Government

securities

are

obligations

of,

and

in

certain

cases,

guaranteed

by,

the

U.S.

Government

or

its

agencies.

The

U.S.

Government

does

not

guarantee

the

net

asset

value

of

the

Funds'

shares.

Some

U.S.

Government

securities

such

as

treasury

bills,

notes

and

bonds,

and

securities

guaranteed

by

the

Government

National

Mortgage

Association

("GNMA")

are

supported

by

the

full

faith

and

credit

of

the

U.S.

Government.

Other

securities,

such

as

those

of

the

Federal

Home

Loan

Bank,

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Department

of

the

Treasury.

Still

other

securities,

such

as

those

of

the

Federal

National

Mortgage

Association

("FNMA"),

are

supported

by

the

discretionary

authority

of

the

U.S.

Government

to

purchase

the

agency's

obligations.

Government

related

guarantors

(those

not

backed

by

the

full

faith

and

credit

of

the U.S.

Government)

include

the FNMA

and

the

Federal

Home

Loan

Mortgage

Corporation

("FHLMC").

The

FNMA

is

a

government

sponsored

corporation,

the

common

stock

of

which

is

owned

entirely

by

private

stockholders.

The

FNMA

purchases

conventional

residential

mortgages

from

a

list

of

approved

seller/servicers

which

include

state

and

federally

chartered

savings

and

loan

associations,

mutual

savings

banks,

commercial

banks,

credit

unions,

and

mortgage

bankers.

Pass-through

securities

issued

by

the

FNMA

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

the

FNMA,

but

are

not

backed

by

the

full

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

Blue

Chip

Fund

14.31%

Bond

Market

Index

Fund

90.93 Diversified

Real

Asset

Fund

12.23 Global

Listed

Infrastructure

Fund

89.29 Global

Macro

Fund

99.99 International

Equity

Index

Fund

85.01 International

Small

Company

Fund

93.06 Small-MidCap

Dividend

Income

Fund

41.57 Spectrum

Preferred

and

Capital

Securities

Income

Fund

4.74 Asset

Derivatives

February

28,

2026

Liability

Derivatives

February

28,

2026

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Diversified

Real

Asset

Fund

Commodity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

20,

583

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

5,4

\*

Foreign

Exchange

Contracts

Receivables

$

Payables

$

Total

$

20,

669

$

5,5

Global

Macro

Fund

Commodity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,349

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

979

\*

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

3,292

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

3,476

\*

Foreign

Exchange

Contracts

Receivables

$

6,864

Payables

$

4,957

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,812

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

639

\*

Total

$

14,317

$

10,051

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

Asset

Derivatives

February

28,

2026

Liability

Derivatives

February

28,

2026

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Global

Multi-Strategy

Fund

Commodity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,442

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

511

\*

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

\*

Equity

Contracts

Investment

in

securities

-

at

value\*\*,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

7,666

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

3,814

\*

Foreign

Exchange

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

2,003

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

1,272

\*

Interest

Rate

Contracts

Investment

in

securities

-

at

value\*\*,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

891

\*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

530

\*

Total

$

13,030

$

6,386

International

Equity

Index

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

\*

$

—

\*Includes

cumulative

unrealized

appreciation/(depreciation)

of

exchange

traded

swaps

and/or

futures

contracts

as

shown

in

the

schedules

of

investments.

Only

the

portion

of

the

unrealized

appreciation/(depreciation)

not

yet

cash

settled

is

shown

in

the

statements

of

assets

and

liabilities

as

variation

margin.

\*\*Investment

in

securities

-

at

value

includes

purchased

options

and/or

purchased

swaptions

.

Derivatives

not

accounted

for

as

hedging

instruments

Location

of

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Realized

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

of

Derivatives

Recognized

in

Statement

of

Operations

Diversified

Real

Asset

Fund

Commodity

Contracts

Investment

transactions/Investments\*

$

(27) $

—

Futures

contracts

$

27,971

$

12,556

Swap

agreements

$

10,659

$

(306)

Credit

Contracts

Swap

agreements

$

$

(84) Foreign

Exchange

Contracts

Investment

transactions/Investments\*

$

(42) $

Foreign

currency

contracts

$

(73) $

Options

and

swaptions

$

$

(2) Interest

Rate

Contracts

Investment

transactions/Investments\*

$

(78) $

Futures

contracts

$

(257) $

Options

and

swaptions

$

$

—

Swap

agreements

$

$

(326) Total

$

38,382

$

11,996

Global

Macro

Fund

Commodity

Contracts

Futures

contracts

$

$

1,370

Equity

Contracts

Futures

contracts

$

2,583

$

(184)

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

—

$

1,907

Interest

Rate

Contracts

Futures

contracts

$

$

1,173

Total

$

2,821

$

4,266

Global

Multi-Strategy

Fund

Commodity

Contracts

Futures

contracts

$

4,879

$

907

Credit

Contracts

Swap

agreements

$

(482) $

Equity

Contracts

Investment

transactions/Investments\*

$

(891) $

Futures

contracts

$

4,252

$

2,033

Options

and

swaptions

$

(343) $

(313) Swap

agreements

$

(1,875)

$

(3,276)

Foreign

Exchange

Contracts

Foreign

currency

contracts

$

3,315

$

Futures

contracts

$

(142) $

(6) Interest

Rate

Contracts

Investment

transactions/Investments\*

$

(147) $

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

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 February

28,

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

Global

Multi-Strategy

Fund

(continued)

Futures

contracts

$

(1,593)

$

(99)

Options

and

swaptions

$

$

(28)

Swap

agreements

$

(65) $

Total

$

7,150

$

International

Equity

Index

Fund

Equity

Contracts

Futures

contracts

$

$

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Interest

Rate

Contracts

Futures

contracts

$

(171) $

—

Options

and

swaptions

$

(286) $

—

Total

$

(457) $

—

\*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

Diversified

Real

Asset

Fund

Commodity

Contracts

Futures

-

Long

$

211,781

Futures

-

Short

22,625

Total

Return

Swaps

-

Receive

Positive

Return

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps

-

Sell

Protection

2,749

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

3,835

Foreign

Currency

Contracts

-

Contracts

to

Deliver

6,199

Purchased

Options

9,506

Written

Options

7,551

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

247,416

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

72,385

Futures

-

Long

39,718

Futures

-

Short

20,582

Purchased

Interest

Rate

Swaptions

2,620

Purchased

Options

36,167

Written

Interest

Rate

Swaptions

11,297

Written

Options

36,167

Global

Macro

Fund

Commodity

Contracts

Futures

-

Long

27,289

Futures

-

Short

23,431

Equity

Contracts

Futures

-

Long

67,439

Futures

-

Short

52,957

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

151,372

Foreign

Currency

Contracts

-

Contracts

to

Deliver

143,180

Interest

Rate

Contracts

Futures

-

Long

81,613

Futures

-

Short

88,064

Global

Multi-Strategy

Fund

Commodity

Contracts

Futures

-

Long

25,899

Futures

-

Short

15,459

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

10,775

Exchange

Cleared

Credit

Default

Swaps

-

Buy

Protection

10,94

Equity

Contracts

Futures

-

Long

42,

767

Futures

-

Short

11,

Purchased

Options

Total

Return

Swaps

-

Receive

Positive

Return

148,377

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

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.

● 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.

&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

Global

Multi-Strategy

Fund

(continued)

Written

Options

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

184,898

Foreign

Currency

Contracts

-

Contracts

to

Deliver

197,690

Futures

-

Long

1,062

Futures

-

Short

1,599

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

33,561

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

13,806

Futures

-

Long

214,896

Futures

-

Short

113,748

Purchased

Options

Total

Return

Swaps

-

Receive

Positive

Return

1,553

Written

Options

International

Equity

Index

Fund

Equity

Contracts

Futures

-

Long

3,220

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Deliver

Interest

Rate

Contracts

Futures

-

Long

51,023

3. Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

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.

The

following

is

a

summary

of

the

inputs

used

as

of February

28,

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)

Blue

Chip

Fund

Common

Stocks\*

$

8,493,239

$

—

$

—

$

8,493,239

Investment

Companies\*

1,406

—

—

1,406

Total

investments

in

securities

$

8,494,645

$

—

$

—

$

8,494,645

Bond

Market

Index

Fund

Bonds\*

—

769,104

—

769,104

Investment

Companies\*

81,955

—

—

81,955

Municipal

Bonds\*

—

2,937

—

2,937

U.S.

Government

&

Government

Agency

Obligations\*

—

2,013,337

—

2,013,337

Total

investments

in

securities

$

81,955

$

2,785,378

$

—

$

2,867,333

Capital

Securities

Fund

Bonds\*

—

925,102

—

925,102

Investment

Companies\*

26,899

—

—

26,899

Preferred

Stocks\*

12,141

—

—

12,141

Total

investments

in

securities

$

39,040

$

925,102

$

—

$

964,142

Diversified

Real

Asset

Fund

Common

Stocks

Basic

Materials

206,952

95,917

—

302,869

Communications

—

5,326

5,449

Consumer,

Cyclical

9,489

1,025

—

10,514

Consumer,

Non-cyclical

48,459

43,560

—

92,019

Energy

310,137

86,170

—

396,307

Financial

388,723

166,498

—

555,221

Industrial

90,037

187,695

—

277,732

Technology

—

Utilities

273,016

181,890

—

454,906

Investment

Companies\*

299,305

—

—

299,305

Preferred

Stocks

Financial

—

—

Senior

Floating

Rate

Interests\*

—

—

U.S.

Government

&

Government

Agency

Obligations\*

—

284,538

—

284,538

Total

investments

in

securities

$

1,626,118

$

1,053,046

$

$

2,679,561

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Diversified

Real

Asset

Fund

(continued)

Derivative

Assets

Commodity

Contracts

Futures\*\*

$

19,464

$

—

$

—

$

19,464

Total

Return

Swaps

—

1,119

—

1,119

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

—

Derivative

Liabilities

Commodity

Contracts

Futures\*\*

(5,335)

—

—

(5,335)

Total

Return

Swaps

—

(130) —

(130) Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(75) —

(75) Global

Listed

Infrastructure

Fund

Common

Stocks

Communications

—

1,473

—

1,473

Consumer,

Non-cyclical

2,749

3,665

—

6,414

Energy

15,246

2,586

—

17,832

Financial

10,531

—

—

10,531

Industrial

14,997

10,081

—

25,078

Utilities

44,702

18,025

—

62,727

Investment

Companies\*

2,749

—

—

2,749

Total

investments

in

securities

$

90,974

$

35,830

$

—

$

126,804

Global

Macro

Fund

Investment

Companies\*

135,676

—

—

135,676

Total

investments

in

securities

$

135,676

$

—

$

—

$

135,676

Derivative

Assets

Commodity

Contracts

Futures\*\*

2,349

—

—

2,349

Equity

Contracts

Futures\*\*

3,292

—

—

3,292

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

6,864

—

6,864

Interest

Rate

Contracts

Futures\*\*

1,812

—

—

1,812

Derivative

Liabilities

Commodity

Contracts

Futures\*\*

(979) —

—

(979) Equity

Contracts

Futures\*\*

(3,476)

—

—

(3,476)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(4,957)

—

(4,957)

Interest

Rate

Contracts

Futures\*\*

(639) —

—

(639) Global

Multi-Strategy

Fund

Bonds\*

—

153,054

—

153,054

Common

Stocks

Basic

Materials

6,744

2,799

—

9,543

Communications

17,535

2,032

3,792

23,359

Consumer,

Cyclical

11,283

5,043

—

16,326

Consumer,

Non-cyclical

25,196

8,792

34,022

Diversified

8,733

5,141

—

13,874

Energy

6,699

2,114

—

8,813

Financial

21,888

7,666

—

29,554

Industrial

23,749

6,291

—

30,040

Technology

22,130

3,038

—

25,168

Utilities

2,183

3,220

—

5,403

Convertible

Bonds\*

—

2,404

—

2,404

Convertible

Preferred

Stocks

Energy

—

—

Financial

—

—

Technology

—

—

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Global

Multi-Strategy

Fund

(continued)

Convertible

Preferred

Stocks

(continued)

Utilities

$

$

—

$

—

$

Investment

Companies\*

133,087

—

—

133,087

Preferred

Stocks\*

521

—

—

521

Senior

Floating

Rate

Interests\*

—

2,968

—

2,968

U.S.

Government

&

Government

Agency

Obligations\*

—

10,678

—

10,678

Purchased

Options

—

Total

investments

in

securities

$

279,863

$

215,311

$

3,844

$

499,018

Short

Sales

Common

Stocks\*

(6) —

—

(6) Total

Short

Sales

$

(6) $

—

$

—

$

(6) Derivative

Assets

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps\*\*

—

—

Commodity

Contracts

Futures\*\*

2,442

—

—

2,442

Equity

Contracts

Futures\*\*

1,920

—

—

1,920

Total

Return

Swaps

—

5,675

—

5,675

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

1,9

—

1,9

Futures\*\*

—

—

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

—

Futures\*\*

—

—

Total

Return

Swaps

—

—

Derivative

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(23

8)

—

(23

8)

Exchange

Cleared

Credit

Default

Swaps\*\*

—

(21) —

(21) Commodity

Contracts

Futures\*\*

(5

11)

—

—

(5

11)

Equity

Contracts

Futures\*\*

(149) —

—

(149) Total

Return

Swaps

—

(2,658)

—

(2,658)

Written

Options

—

(1,007)

—

(1,007)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(1,2

62)

—

(1,2

62)

Futures\*\*

(10) —

—

(10) Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps\*\*

—

(85) —

(85) Futures\*\*

(356) —

—

(356) Total

Return

Swaps

—

(1) —

(1) Written

Options

(80) —

—

(80) International

Equity

Index

Fund

Common

Stocks

Basic

Materials

—

75,324

—

75,324

Communications

8,216

52,537

—

60,753

Consumer,

Cyclical

—

160,069

—

160,069

Consumer,

Non-cyclical

3,802

271,358

—

275,160

Diversified

—

1,066

—

1,066

Energy

—

48,096

—

48,096

Financial

2,056

359,831

—

361,887

Industrial

—

236,800

—

236,800

Technology

2,211

97,684

—

99,895

Utilities

—

52,366

—

52,366

Investment

Companies\*

30,739

—

—

30,739

Preferred

Stocks

Consumer,

Cyclical

—

2,510

—

2,510

Consumer,

Non-cyclical

—

967

—

967

Industrial

—

—

Total

investments

in

securities

$

47,024

$

1,359,047

$

—

$

1,406,071

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

\*For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

schedules

of

investments.

\*\*Exchange

cleared

swaps

and/or

futures

are

presented

at

the

unrealized

appreciation/(depreciation)

of

the

instrument.

At

the

end

of

the

period

,

there

were

no

Funds

which

had

a

significant

Level

balance.

During

the

period

,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3. 5. Management

Agreement

and

Transactions

with

Affiliates

Management

Services.

The

Funds

have

agreed

to

pay

management

and

investment

advisory fees

to

the

Manager

computed

at

an

annual

percentage

rate

of

each

of

the Funds'

average

daily

net

assets.

A

portion

of

the

management

fee

is

paid

by

the

Manager

to

the

sub-advisor

of

each

of

the

Funds,

some

of

which

are

affiliates

of

the

Manager.

There

is

no

management

fee

charged

by

Capital

Securities

Fund. The

annual

rates

used

in

this

calculation

for

each

of

the

Funds

are

as

follows:

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

International

Equity

Index

Fund

(continued)

Derivative

Assets

Equity

Contracts

Futures\*\*

$

$

—

$

—

$

International

Small

Company

Fund

Common

Stocks

Basic

Materials

33,340

38,633

—

71,973

Communications

—

15,361

—

15,361

Consumer,

Cyclical

9,750

44,431

—

54,181

Consumer,

Non-cyclical

10,438

52,001

—

62,439

Energy

14,940

5,522

—

20,462

Financial

—

93,034

—

93,034

Industrial

6,330

86,763

—

93,093

Technology

12,951

14,679

—

27,630

Utilities

5,245

9,371

—

14,616

Investment

Companies\*

12,142

—

—

12,142

Total

investments

in

securities

$

105,136

$

359,795

$

—

$

464,931

Opportunistic

Municipal

Fund

Common

Stocks

Industrial

—

—

Investment

Companies\*

1,547

—

—

1,547

Municipal

Bonds\*

—

198,842

—

198,842

Total

investments

in

securities

$

1,547

$

198,842

$

$

200,431

Small-

MidCap

Dividend

Income

Fund

Common

Stocks\*

1,641,292

—

—

1,641,292

Investment

Companies\*

37,699

—

—

37,699

Total

investments

in

securities

$

1,678,991

$

—

$

—

$

1,678,991

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Bonds\*

—

4,514,706

—

4,514,706

Convertible

Preferred

Stocks\*

2,925

—

—

2,925

Investment

Companies\*

146,549

—

—

146,549

Preferred

Stocks\*

546,879

—

—

546,879

Total

investments

in

securities

$

696,353

$

4,514,706

$

—

$

5,211,059

All

Net

Assets

Global

Macro

Fund

.75%

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Over

$1.5

billion

Global

Listed

Infrastructure

Fund

.75%

.73%

.71%

.70%

Global

Multi-Strategy

Fund

1.21 1.19 1.17 1.16 International

Small

Company

Fund

1.00 .98

.96

.95

Opportunistic

Municipal

Fund

.44

.42

.40

.39

4. Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

In

addition

to

the

management

fee, R-3 class

of

shares

of

the

Funds

pay

the

Manager

a

service

fee

and

an

administrative

service

fee

computed

at

an

annual

percentage

rate

of the

class's

average

daily

net

assets.

The

annual

rate

for

the

service

fee is .25% and

the

annual

rate

for

the

administrative

service

fee is .07%. 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:

The

Manager

has

contractually

agreed

to

limit

Capital

Securities

Fund's

expenses

attributable

to

Class

S

shares

by

paying

expenses

normally

payable

by

Capital

Securities

Fund

(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)

to

maintain

a

total

level

of

operating

expenses

(expressed

as

a

percent

of

average

net

assets

on

an

annualized

basis)

not

to

exceed

0.00%.

It

is

expected

that

the

expense

limit

will

continue

permanently.

Capital

Securities

Fund

is

an

integral

part

of

"wrap-fee"

programs,

including

those

sponsored

by

registered

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Over

$3

billion

Diversified

Real

Asset

Fund

.80%

.78%

.76%

.75%

.74%

.73%

Small-

MidCap

Dividend

Income

Fund

.79

.77

.75

.74

.73

.72

Net

Assets

of

Fund

First

$3

billion

Next

$3

billion

Over

$6

billion

Bond

Market

Index

Fund

(Effective

December

31,

2025)

.10%

.09%

.08%

Bond

Market

Index

Fund

(Prior

to

December

31,

2025)

.12

.10

.08

International

Equity

Index

Fund

.22

.18

.15

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Next

$7

billion

Over

$10

billion

Blue

Chip

Fund

.65%

.63%

.61%

.60%

.59%

.58%

.57%

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Next

$2

billion

Next

$2

billion

Next

$3

billion

Over

$10

billion

Spectrum

Preferred

and

Capital

Securities

Income

Fund

.75%

.73%

.71%

.70%

.69%

.68%

.67%

.66%

.65%

Period

from

September

1,

2025

through

February

28,

2026

Class

A

Class

C

Institutional

Expiration

Blue

Chip

Fund

N/A

N/A

.66%

December

30,

2026

Diversified

Real

Asset

Fund

1.20%

N/A

.83

December

30,

2026

Global

Listed

Infrastructure

Fund

N/A

N/A

.65

December

30,

2026

Global

Multi-Strategy

Fund

N/A

N/A

1.39 December

30,

2026

International

Equity

Index

Fund

N/A

N/A

.28

December

30,

2026

International

Small

Company

Fund

N/A

N/A

1.08 December

30,

2026

Opportunistic

Municipal

Fund

.84

N/A

.56

December

30,

2026

Small-MidCap

Dividend

Income

Fund

1.12 1.87%

.85

December

30,

2026

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

investment

advisors

and

broker-dealers

unaffiliated

with

Capital

Securities

Fund.

Participants

in

these

programs

pay

a

"wrap"

fee

to

the

wrap-fee

program's

sponsor.

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:

\*

Period

from

November

17,

2025

(date

operations

commenced)

to

February

28,

2026. In

addition,

the

Manager

has

contractually

agreed

to waive

certain

of

the

Funds'

management

and

investment

advisory

fees.

The

expense waiver

will

reduce

the

Funds'

management

and

investment

advisory

fees.

The

waivers

are

expressed

as

a

percentage

of

average

daily

net

assets on

an

annualized

basis

during

the

reporting

period.

The

waivers

are

as

follows:

Amounts

owed

to

the

Funds

under

the

terms

of

the

expense

limitation

agreements

are

reflected

in

the

statements

of

assets

and

liabilities

as

expense

reimbursement

from

Manager

and

are

settled

periodically.

Distribution

Fees.

The

Class

A,

Class

C,

Class

J,

and

shares

of

the

Funds

bear

distribution

fees.

The

fee

is

computed

at

an

annual

rate

of

the

average

daily

net

assets

attributable

to

each

class

of

each

of

the

Funds.

Distribution

fees

are

paid

to

Principal

Funds

Distributor,

Inc.

("the

Distributor")

(an

affiliate

of

the

Manager),

the

principal

distributor

of

the

Funds.

A

portion

of

the

distribution

fees

may

be

paid

to

other

selling

dealers

for

providing

certain

services.

The

annual

rates

are

.25%,

1.00%,

.15%,

and

.25%

for

Class

A,

Class

C,

Class

J,

and

classes

of

shares,

respectively.

Amounts

owed

to

the

Funds

under

the

terms

of

the

expense

limitation

agreements

are

reflected

in

the

statements

of

assets

and

liabilities

as

expense

reimbursement

from

Distributor

and

are

settled

monthly.

Chief

Compliance

Officer

Expenses.

The

Funds

pay

certain

expenses

associated

with

the

Chief

Compliance

Officer

("CCO"). Effective

January

1,

2026,

20%

of

these

expenses are

spread

evenly

across

the

four

registered

investment

companies

managed

by

the

Manager

and

then

by

relative

net

assets

of

each

fund

within

each

registered

investment

company.

The

remaining

80% are

allocated

by

relative

net

assets

of

each

fund.

Prior

to

January

1,

2026,

these

expenses

were

allocated

based

on

the

relative

net

assets

of

each

fund.

Expenses

are

shown

on

the

statement

of

operations.

Sales

Charges.

The

Distributor

receives

proceeds

of

any

contingent

deferred

sales

charge

("CDSC")

on

certain

Class

A,

Class

C,

and

Class

J

share

redemptions.

The

charge

for

Class

A

shares

is

1.00%

of

the

lesser

of

current

market

value

or

the

cost

of

shares

redeemed

within

months

of

purchase

that

were

originally

sold

without

a

sales

charge.

The

charge

for

Class

C

shares

is

1.00%

of

the

lesser

of

current

market

value

or

the

cost

of

shares

redeemed

within

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

3.75%

for

Diversified

Real

Asset

Fund,

Global

Multi-Strategy

Fund,

Opportunistic

Municipal

Fund,

and

Spectrum

Preferred

and

Capital

Securities

Income

Fund,

and

5.50%

for

Blue

Chip

Fund,

and

Small-MidCap

Dividend

Income

Fund.

The

aggregate

amounts

of

these

charges

retained

by

the

Distributor

for

the

period

ended

February

28,

2026,

were

as

follows

(amounts

in

thousands):

Period

from

September

1,

2025

through

February

28,

2026

Expiration

Diversified

Real

Asset

Fund

.02%

December

30,

2026

Global

Macro

Fund

.04\*

December

30,

2026

Global

Multi-Strategy

Fund

.04

December

30,

2026

International

Equity

Index

Fund

.04

December

30,

2026

International

Small

Company

Fund

.04

December

30,

2026

Small-

MidCap

Dividend

Income

Fund

.02

December

30,

2025

Period

from

September

1,

2025

through

February

28,

2026

Expiration

Blue

Chip

Fund

.030%

December

30,

2026

Global

Listed

Infrastructure

Fund

.11

December

30,

2026

Class

A

Class

C

Class

J

Blue

Chip

Fund

$

$

$

Bond

Market

Index

Fund

N/A

N/A

Diversified

Real

Asset

Fund

N/A

N/A

Global

Multi-Strategy

Fund

N/A

N/A

Opportunistic

Municipal

Fund

N/A

N/A

Small-

MidCap

Dividend

Income

Fund

N/A

Spectrum

Preferred

and

Capital

Securities

Income

Fund

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

2026

(unaudited)

Class

C

shares

automatically

convert

into

Class

A

shares,

based

on

relative

net

asset

value

(without

a

sales

charge),

years

after

purchase.

Affiliated

Ownership.

At

February

28,

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):

Affiliated

Brokerage

Commissions.

With

respect

to

Spectrum

Preferred

and

Capital

Securities

Income

Fund,

$36,000

of

brokerage

commission

was

paid

to

SAMI

Brokerage

LLC,

a

member

of

Spectrum

Asset

Management.

The

other

Funds

did

not

pay

brokerage

commissions

to

any

member

of

the

Principal

Financial

Group

during

the

period

ended

February

28,

2026

.

6. Investment

Transactions

For

the period ended

February

28,

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):

For

the period

ended

February

28,

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):

7. Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the periods

ended February

28,

2026 and

August

31,

2025 were

as

follows

(amounts

in

thousands):

Institutional

Blue

Chip

Fund

692

45,787

Bond

Market

Index

Fund

1,218

N/A

Diversified

Real

Asset

Fund

7,019

Global

Listed

Infrastructure

Fund

N/A

Global

Macro

Fund

N/A

Global

Multi-Strategy

Fund

International

Small

Company

Fund

Opportunistic

Municipal

Fund

N/A

Small-

MidCap

Dividend

Income

Fund

654

Spectrum

Preferred

and

Capital

Securities

Income

Fund

–

2,985

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Blue

Chip

Fund

$

1,451,641

$

3,541,608

$

—

$

—

Bond

Market

Index

Fund

230,263

249,598

—

—

Capital

Securities

Fund

193,780

327,602

—

—

Diversified

Real

Asset

Fund

870,525

888,403

31,699

31,696

Global

Listed

Infrastructure

Fund

21,734

36,055

—

—

Global

Macro

Fund

—

—

—

—

Global

Multi-Strategy

Fund

331,619

291,149

18,124

10,196

International

Equity

Index

Fund

1,046,052

546,203

—

—

International

Small

Company

Fund

137,538

248,545

—

—

Opportunistic

Municipal

Fund

53,181

32,870

—

—

Small-

MidCap

Dividend

Income

Fund

228,768

379,842

—

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,316,134

1,578,235

—

—

Purchases

Sales

Bond

Market

Index

Fund

$

354,835

$

370,508

Diversified

Real

Asset

Fund

24,849

250,201

Global

Multi-Strategy

Fund

1,828

Ordinary

Income

Tax-Exempt

Income^

Long-Term

Capital

Gain\*

2026

2025

2026

2025

2026

2025

Blue

Chip

Fund

$

—

$

9,386

$

—

$

—

$

1,660,214

$

493,791

Bond

Market

Index

Fund

105,481

81,344

—

—

—

—

Capital

Securities

Fund

32,588

68,240

—

—

—

—

5. Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

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 August

31,

2025,

the

components

of

total

distributable

earnings

(accumulated

loss)

on

a

federal

tax

basis

were

as

follows

(amounts

in

thousands):

\*Represents

book-to-tax

accounting

differences.

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

be

used

to

offset

future

capital

gains

of

the

Funds.

As

of

August

31,

2025,

the

Funds

had

approximate

net

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

\*In

accordance

with

IRC

Sections

381-384,

portions

of

losses

in

future

years

could

be

subject

to

limitations.

All

of

these

capital

losses

were

generated

in

taxable

years

beginning

after

the

enactment

date

of

the

Regulated

Investment

Company

Modernization

Act

of

2010

on

December

22,

2010,

and

will

be

carried

forward

with

no

expiration

and

with

the

character

of

the

loss

retained.

For

the

year

ended

August

31,

2025

,

the

Funds

utilized

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

Ordinary

Income

Tax-Exempt

Income^

Long-Term

Capital

Gain\*

2026

2025

2026

2025

2026

2025

Diversified

Real

Asset

Fund

$

75,155

$

58,284

$

—

$

—

$

—

$

—

Global

Listed

Infrastructure

Fund

2,451

572

—

—

679

Global

Macro

Fund

—

—

—

—

—

Global

Multi-Strategy

Fund

19,759

6,513

—

—

7,088

International

Equity

Index

Fund

39,597

37,530

—

—

12,392

11,856

International

Small

Company

Fund

14,560

21,552

—

—

—

—

Opportunistic

Municipal

Fund

—

4,126

7,724

—

—

Small-

MidCap

Dividend

Income

Fund

15,108

27,526

—

—

22,959

48,713

Spectrum

Preferred

and

Capital

Securities

Income

Fund

156,836

319,009

—

—

—

—

Undistributed

Ordinary

Income

Undistributed

Tax-Exempt

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

\*

Total

Accumulated

Earnings

(Deficit)

Blue

Chip

Fund

$

—

$

—

$

1,290,155

$

(27,927)

$

5,559,008

$

—

$

6,821,236

Bond

Market

Index

Fund

68,293

—

—

(95,998)

(84,076)

—

(111,781)

Capital

Securities

Fund

1,009

—

—

(90,618)

1,688

7,064

(80,857)

Diversified

Real

Asset

Fund

57,446

—

—

(50,628)

69,764

(41) 76,541

Global

Listed

Infrastructure

Fund

991

—

—

1,714

—

3,043

Global

Multi-Strategy

Fund

10,681

—

7,085

—

15,788

(1,267)

32,287

International

Equity

Index

Fund

29,834

—

12,118

—

154,501

—

196,453

International

Small

Company

Fund

9,848

—

—

(24,122)

94,191

—

79,917

Opportunistic

Municipal

Fund

—

—

(21,349)

(8,922)

(422) (30,604)

Small-

MidCap

Dividend

Income

Fund

7,891

—

1,533

—

523,533

—

532,957

Spectrum

Preferred

and

Capital

Securities

Income

Fund

4,566

—

—

(458,031)

4,346

36,771

(412,348)

Short-Term

Long-Term

Total

Bond

Market

Index

Fund

$

28,034

$

67,964

$

95,998

Capital

Securities

Fund

13,401

77,217

90,618

Diversified

Real

Asset

Fund

—

50,628

50,628

International

Small

Company

Fund

24,122

—

24,122

Opportunistic

Municipal

Fund

9,419

11,930

21,349

Spectrum

Preferred

and

Capital

Securities

Income

Fund

30,721

427,310

458,031

7. Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

February

28,

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

capital

and

ordinary

losses

which

occur

during

the

portion

of

the

fund's

taxable

year

subsequent

to

October

and

December

31,

respectively. As

of

August

31,

2025

,

the

Funds

intend

to

defer

late-year

capital

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 August

31,

2025,

the

Funds

recorded

reclassifications

as

follows

(amounts

in

thousands):

Federal

Income

Tax

Basis.

As

of February

28,

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):

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.

Short-Term

Utilized

Long-Term

Utilized

Bond

Market

Index

Fund

$

1,561

$

—

Capital

Securities

Fund

—

Diversified

Real

Asset

Fund

—

22,822

International

Small

Company

Fund

43,217

—

Opportunistic

Municipal

Fund

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

2,352

—

Late

Year

Ordinary

Loss

Post

October

Capital

Loss

Blue

Chip

Fund

$

5,734

$

22,193

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Blue

Chip

Fund

$

(149,172)

$

149,172

Diversified

Real

Asset

Fund

15,121

(15,121)

Global

Multi-Strategy

Fund

(291) 291

International

Equity

Index

Fund

(200,090)

200,090

Small-

MidCap

Dividend

Income

Fund

(2,471)

2,471

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Blue

Chip

Fund

$

3,607,907

$

(235,195)

$

3,372,712

$

5,121,933

Bond

Market

Index

Fund

46,046

(71,892)

(25,846)

2,893,179

Capital

Securities

Fund

27,312

(13,970)

13,342

950,800

Diversified

Real

Asset

Fund

474,789

(106,892)

367,897

2,326,793

Global

Listed

Infrastructure

Fund

18,801

(2,176)

16,625

110,179

Global

Macro

Fund

14,399

(10,133)

4,266

135,676

Global

Multi-Strategy

Fund

47,

(22,794)

,

659

,8

International

Equity

Index

Fund

294,269

(54,435)

239,834

1,166,642

International

Small

Company

Fund

124,171

(17,889)

106,282

358,649

Opportunistic

Municipal

Fund

7,204

(6,670)

534

199,897

Small-

MidCap

Dividend

Income

Fund

672,042

(30,031)

642,011

1,036,980

Spectrum

Preferred

and

Capital

Securities

Income

Fund

161,709

(103,467)

58,242

5,152,817

7. Federal

Tax

Information

(continued)

Schedule

of

Investments

Blue

Chip

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.02

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(a),(b)

1,401,586

$

1,402

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(a),(c)

4,355

$

1,406

TOTAL

INVESTMENT

COMPANIES

$

1,406

COMMON

STOCKS

-

.08

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.04

%

General

Electric

Co

279,755

$

95,749

HEICO

Corp

-

Class

A

346,565

83,214

TransDigm

Group

Inc

321,555

418,918

$

597,881

Building

Materials

-

.42

%

Vulcan

Materials

Co

114,237

35,414

Chemicals

-

.68

%

Linde

PLC

112,902

57,363

Commercial

Services

-

.59

%

Moody's

Corp

192,198

91,792

S&P

Global

Inc

97,736

43,187

$

134,979

Distribution

&

Wholesale

-

.07

%

Copart

Inc

(d) 159,120

6,061

Diversified

Financial

Services

-

.73

%

Brookfield

Asset

Management

Ltd

545,063

25,482

Brookfield

Wealth

Solutions

Ltd

(d),(e)

79,935

3,550

Charles

Schwab

Corp/The

757,573

72,121

Mastercard

Inc

809,981

418,930

Visa

Inc

1,219,528

390,420

$

910,503

Electronics

-

.31

%

Amphenol

Corp

764,497

111,662

Healthcare

-

Products

-

.77

%

Danaher

Corp

1,486,759

313,171

IDEXX

Laboratories

Inc

(d) 59,468

39,055

Intuitive

Surgical

Inc

(d) 104,302

52,517

$

404,743

Insurance

-

.73

%

Arthur

J

Gallagher

&

Co

270,484

61,725

Internet

-

.86

%

Airbnb

Inc

(d) 412,701

55,760

Alphabet

Inc

-

A

Shares

678,587

211,556

Alphabet

Inc

-

C

Shares

1,066,420

332,115

Amazon.com

Inc

(d) 4,840,226

1,016,448

Meta

Platforms

Inc

592,512

384,054

Netflix

Inc

(d) 2,901,589

279,249

$

2,279,182

Lodging

-

.89

%

Hilton

Worldwide

Holdings

Inc

242,049

75,466

Pharmaceuticals

-

.00

%

Zoetis

Inc

Private

Equity

-

.22

%

Brookfield

Corp

14,331,868

628,309

KKR

&

Co

Inc

1,762,980

154,578

$

782,887

Real

Estate

-

.11

%

CoStar

Group

Inc

(d) 2,107,352

94,051

Retail

-

.59

%

Costco

Wholesale

Corp

69,955

70,710

O'Reilly

Automotive

Inc

(d) 689,045

64,687

$

135,397

Semiconductors

-

.14

%

Broadcom

Inc

1,136,159

363,060

NVIDIA

Corp

4,242,671

751,759

$

1,114,819

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

-

.93

%

Cadence

Design

Systems

Inc

(d) 1,085,688

$

327,226

Constellation

Software

Inc/Canada

35,979

67,106

Microsoft

Corp

3,159,166

1,240,731

Veeva

Systems

Inc

(d) 307,622

55,990

$

1,691,053

TOTAL

COMMON

STOCKS

$

8,493,239

Total

Investments

$

8,494,645

Other

Assets

and

Liabilities

- (0.10)%

(8,669)

TOTAL

NET

ASSETS

-

100.00%

$

8,485,976

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,402

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

$1,321

or

0.02%

of

net

assets.

Schedule

of

Investments

Blue

Chip

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

$

538,616

$

538,617

$

$

$

538,616

$

538,617

$

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

3.56%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

2.89%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.47%

iShares

iBoxx

USD

Investment

Grade

Corporate

Bond

ETF

(a) 120,000

$

13,401

Money

Market

Funds

-

2.42%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(b),(c)

1,940,099

1,940

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(b),(c),(d)

66,613,743

66,614

$

68,554

TOTAL

INVESTMENT

COMPANIES

$

81,955

BONDS

-

27.17%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.01%

Omnicom

Group

Inc

2.40%,

03/01/2031

$

$

2.45%,

04/30/2030

2.60%,

08/01/2031

$

Aerospace

&

Defense

-

0.49%

Boeing

Co/The

2.95%,

02/01/2030

3.25%,

02/01/2028

685

677

3.50%,

03/01/2039

3.63%,

02/01/2031

3.95%,

08/01/2059

5.04%,

05/01/2027

5.15%,

05/01/2030

5.71%,

05/01/2040

5.81%,

05/01/2050

5.88%,

02/15/2040

5.93%,

05/01/2060

6.26%,

05/01/2027

6.30%,

05/01/2029

6.53%,

05/01/2034

6.86%,

05/01/2054

General

Dynamics

Corp

2.25%,

06/01/2031

4.25%,

04/01/2040

4.95%,

08/15/2035

General

Electric

Co

4.90%,

01/29/2036

L3Harris

Technologies

Inc

4.40%,

06/15/2028

5.05%,

06/01/2029

5.40%,

07/31/2033

5.50%,

08/15/2054

5.60%,

07/31/2053

Lockheed

Martin

Corp

3.90%,

06/15/2032

4.07%,

12/15/2042

4.09%,

09/15/2052

4.15%,

08/15/2028

4.15%,

06/15/2053

4.50%,

02/15/2029

4.70%,

12/15/2031

4.70%,

05/15/2046

4.75%,

02/15/2034

5.00%,

08/15/2035

5.10%,

11/15/2027

5.20%,

02/15/2055

(a) 190

5.20%,

02/15/2064

5.25%,

01/15/2033

5.70%,

11/15/2054

Northrop

Grumman

Corp

4.65%,

07/15/2030

4.70%,

03/15/2033

4.90%,

06/01/2034

4.95%,

03/15/2053

5.25%,

05/01/2050

600

579

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

(continued)

RTX

Corp

1.90%,

09/01/2031

$

$

2.25%,

07/01/2030

2.38%,

03/15/2032

2.82%,

09/01/2051

3.03%,

03/15/2052

3.50%,

03/15/2027

4.05%,

05/04/2047

610

504

4.13%,

11/16/2028

4.70%,

12/15/2041

5.15%,

02/27/2033

5.38%,

02/27/2053

5.75%,

01/15/2029

6.10%,

03/15/2034

6.40%,

03/15/2054

$

13,919

Agriculture

-

0.38%

Altria

Group

Inc

2.45%,

02/04/2032

3.40%,

05/06/2030

530

516

3.70%,

02/04/2051

3.88%,

09/16/2046

4.00%,

02/04/2061

(a) 60

4.88%,

02/04/2028

545

555

5.25%,

08/06/2035

5.38%,

01/31/2044

5.80%,

02/14/2039

Archer-Daniels-Midland

Co

2.70%,

09/15/2051

2.90%,

03/01/2032

4.50%,

08/15/2033

BAT

Capital

Corp

2.26%,

03/25/2028

2.73%,

03/25/2031

3.46%,

09/06/2029

3.56%,

08/15/2027

3.98%,

09/25/2050

4.39%,

08/15/2037

540

504

4.54%,

08/15/2047

4.63%,

03/22/2033

5.63%,

08/15/2035

(a) 225

5.83%,

02/20/2031

6.42%,

08/02/2033

7.08%,

08/02/2043

7.08%,

08/02/2053

BAT

International

Finance

PLC

5.93%,

02/02/2029

Bunge

Ltd

Finance

Corp

2.75%,

05/14/2031

5.15%,

08/04/2035

Philip

Morris

International

Inc

1.75%,

11/01/2030

3.88%,

10/27/2028

4.13%,

04/28/2028

4.13%,

03/04/2043

4.25%,

10/29/2032

4.38%,

04/30/2030

4.63%,

11/01/2029

4.88%,

02/15/2028

4.88%,

02/13/2029

4.88%,

04/30/2035

4.90%,

11/01/2034

5.13%,

11/17/2027

580

592

5.25%,

02/13/2034

5.38%,

02/15/2033

5.50%,

09/07/2030

5.63%,

11/17/2029

580

613

5.75%,

11/17/2032

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Agriculture

(continued)

Reynolds

American

Inc

5.70%,

08/15/2035

$

$

5.85%,

08/15/2045

$

10,796

Airlines

-

0.02%

American

Airlines

2019-1

Class

AA

Pass

Through

Trust

3.15%,

08/15/2033

Delta

Air

Lines

2020-1

Class

AA

Pass

Through

Trust

2.00%,

06/10/2028

Delta

Air

Lines

Inc

4.95%,

07/10/2028

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

$

Apparel

-

0.02%

NIKE

Inc

3.25%,

03/27/2040

3.38%,

11/01/2046

3.63%,

05/01/2043

$

580

Automobile

Manufacturers

-

0.57%

American

Honda

Finance

Corp

2.25%,

01/12/2029

4.50%,

09/04/2030

4.55%,

03/03/2028

4.60%,

04/17/2030

4.70%,

01/12/2028

4.90%,

07/09/2027

4.90%,

01/10/2034

5.05%,

07/10/2031

5.15%,

07/09/2032

5.65%,

11/15/2028

5.85%,

10/04/2030

Ford

Motor

Co

6.10%,

08/19/2032

Ford

Motor

Credit

Co

LLC

4.97%,

04/06/2029

5.30%,

09/06/2029

5.80%,

03/05/2027

5.80%,

03/08/2029

5.85%,

05/17/2027

5.88%,

11/07/2029

5.92%,

03/20/2028

6.05%,

03/05/2031

6.05%,

11/05/2031

6.50%,

02/07/2035

(a) 425

6.80%,

11/07/2028

7.12%,

11/07/2033

7.35%,

11/04/2027

General

Motors

Co

5.00%,

04/01/2035

5.15%,

04/01/2038

5.20%,

04/01/2045

5.35%,

04/15/2028

5.40%,

04/01/2048

5.95%,

04/01/2049

6.25%,

04/15/2035

6.25%,

10/02/2043

General

Motors

Financial

Co

Inc

2.35%,

01/08/2031

2.40%,

04/10/2028

2.40%,

10/15/2028

2.70%,

06/10/2031

4.20%,

10/27/2028

4.90%,

10/06/2029

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

(continued)

General

Motors

Financial

Co

Inc

(continued)

5.35%,

07/15/2027

$

$

5.35%,

01/07/2030

5.40%,

05/08/2027

5.45%,

07/15/2030

5.45%,

09/06/2034

5.55%,

07/15/2029

5.60%,

06/18/2031

5.80%,

01/07/2029

5.90%,

01/07/2035

6.00%,

01/09/2028

6.15%,

07/15/2035

6.40%,

01/09/2033

Honda

Motor

Co

Ltd

2.53%,

03/10/2027

4.44%,

07/08/2028

5.34%,

07/08/2035

PACCAR

Financial

Corp

4.25%,

06/23/2027

4.45%,

08/06/2027

4.60%,

01/31/2029

5.00%,

05/13/2027

Toyota

Motor

Corp

4.19%,

06/30/2027

5.05%,

06/30/2035

5.12%,

07/13/2028

Toyota

Motor

Credit

Corp

1.15%,

08/13/2027

1.65%,

01/10/2031

4.05%,

09/05/2028

4.35%,

10/08/2027

4.45%,

06/29/2029

4.50%,

05/14/2027

4.55%,

05/17/2030

4.60%,

10/10/2031

4.63%,

01/12/2028

4.80%,

05/15/2030

4.80%,

01/05/2034

4.80%,

01/11/2036

4.95%,

01/09/2030

5.00%,

03/19/2027

5.10%,

03/21/2031

$

16,264

Automobile

Parts

&

Equipment

-

0.02%

Aptiv

Swiss

Holdings

Ltd

3.25%,

03/01/2032

4.40%,

10/01/2046

BorgWarner

Inc

4.38%,

03/15/2045

$

574

Banks

-

5.51%

Australia

&

New

Zealand

Banking

Group

Ltd/New

York

NY

4.90%,

07/16/2027

Banco

Santander

SA

2.75%,

12/03/2030

3.49%,

05/28/2030

5.13%,

11/06/2035

5.29%,

08/18/2027

5.44%,

07/15/2031

5.57%,

01/17/2030

5.59%,

08/08/2028

6.94%,

11/07/2033

Bank

of

America

Corp

1.90%,

07/23/2031

(e) 445

Secured

Overnight

Financing

Rate

+

1.53%

1.92%,

10/24/2031

(e) 205

Secured

Overnight

Financing

Rate

+

1.37%

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

2.09%,

06/14/2029

(e) $

$

Secured

Overnight

Financing

Rate

+

1.06%

2.30%,

07/21/2032

(e) 440

Secured

Overnight

Financing

Rate

+

1.22%

2.48%,

09/21/2036

(e) 630

557

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%

2.50%,

02/13/2031

(e) 225

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

2.57%,

10/20/2032

(e) 260

Secured

Overnight

Financing

Rate

+

1.21%

2.65%,

03/11/2032

(e) 325

Secured

Overnight

Financing

Rate

+

1.22%

2.68%,

06/19/2041

(e) 465

Secured

Overnight

Financing

Rate

+

1.93%

2.83%,

10/24/2051

(e) 175

Secured

Overnight

Financing

Rate

+

1.88%

2.97%,

02/04/2033

(e) 530

Secured

Overnight

Financing

Rate

+

1.33%

2.97%,

07/21/2052

(e) 115

Secured

Overnight

Financing

Rate

+

1.56%

3.25%,

10/21/2027

550

546

3.31%,

04/22/2042

(e) 715

570

Secured

Overnight

Financing

Rate

+

1.58%

3.42%,

12/20/2028

(e) 725

718

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

3.59%,

07/21/2028

(e) 600

597

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

3.85%,

03/08/2037

(e) 550

521

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

3.97%,

03/05/2029

(e) 75

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

3.97%,

02/07/2030

(e) 600

599

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.47%

4.08%,

03/20/2051

(e) 515

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

4.27%,

07/23/2029

(e) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.57%

4.33%,

03/15/2050

(e) 255

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.78%

4.38%,

04/27/2028

(e) 175

Secured

Overnight

Financing

Rate

+

1.58%

4.46%,

02/06/2032

(e) 295

Secured

Overnight

Financing

Rate

+

0.87%

4.57%,

04/27/2033

(e) 315

Secured

Overnight

Financing

Rate

+

1.83%

4.62%,

05/09/2029

(e) 405

Secured

Overnight

Financing

Rate

+

1.11%

4.98%,

01/24/2029

(e) 300

Secured

Overnight

Financing

Rate

+

0.83%

5.00%,

01/21/2044

5.02%,

07/22/2033

(e) 585

602

Secured

Overnight

Financing

Rate

+

2.16%

5.05%,

02/06/2037

(e) 350

Secured

Overnight

Financing

Rate

+

1.13%

5.16%,

01/24/2031

(e) 300

Secured

Overnight

Financing

Rate

+

1.00%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

5.20%,

04/25/2029

(e) $

$

Secured

Overnight

Financing

Rate

+

1.63%

5.29%,

04/25/2034

(e) 515

534

Secured

Overnight

Financing

Rate

+

1.91%

5.43%,

08/15/2035

(e) 200

Secured

Overnight

Financing

Rate

+

1.91%

5.46%,

05/09/2036

(e) 400

Secured

Overnight

Financing

Rate

+

1.64%

5.47%,

01/23/2035

(e) 695

728

Secured

Overnight

Financing

Rate

+

1.65%

5.51%,

01/24/2036

(e) 435

Secured

Overnight

Financing

Rate

+

1.31%

5.52%,

10/25/2035

(e) 350

Secured

Overnight

Financing

Rate

+

1.74%

5.82%,

09/15/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.57%

5.87%,

09/15/2034

(e) 315

Secured

Overnight

Financing

Rate

+

1.84%

5.88%,

02/07/2042

6.11%,

01/29/2037

7.75%,

05/14/2038

Bank

of

Montreal

3.09%,

01/10/2037

(e) 235

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.40%

4.35%,

09/22/2031

(e) 160

Secured

Overnight

Financing

Rate

+

1.08%

4.44%,

01/14/2032

(e) 145

Secured

Overnight

Financing

Rate

+

0.97%

4.64%,

09/10/2030

(e) 270

Secured

Overnight

Financing

Rate

+

1.25%

4.70%,

09/14/2027

5.37%,

06/04/2027

5.72%,

09/25/2028

Bank

of

New

York

Mellon

Corp/The

2.50%,

01/26/2032

3.99%,

06/13/2028

(e) 70

Secured

Overnight

Financing

Rate

+

1.15%

4.03%,

01/22/2030

(e) 145

Secured

Overnight

Financing

Rate

+

0.63%

4.44%,

06/09/2028

(e) 380

Secured

Overnight

Financing

Rate

+

0.68%

4.54%,

02/01/2029

(e) 185

Secured

Overnight

Financing

Rate

+

1.17%

4.89%,

07/21/2028

(e) 130

Secured

Overnight

Financing

Rate

+

0.84%

4.94%,

02/11/2031

(e) 335

Secured

Overnight

Financing

Rate

+

0.89%

4.97%,

04/26/2034

(e) 170

Secured

Overnight

Financing

Rate

+

1.61%

5.06%,

07/22/2032

(e) 130

Secured

Overnight

Financing

Rate

+

1.23%

5.19%,

03/14/2035

(e) 360

Secured

Overnight

Financing

Rate

+

1.42%

5.32%,

06/06/2036

(e) 65

Secured

Overnight

Financing

Rate

+

1.35%

5.83%,

10/25/2033

(e) 155

Secured

Overnight

Financing

Rate

+

2.07%

6.32%,

10/25/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.60%

Bank

of

Nova

Scotia/The

2.15%,

08/01/2031

4.04%,

09/15/2028

(e) 190

Secured

Overnight

Financing

Rate

+

0.76%

4.25%,

02/02/2030

(e) 445

Secured

Overnight

Financing

Rate

+

0.73%

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

Nova

Scotia/The

(continued)

4.74%,

11/10/2032

(e) $

$

Secured

Overnight

Financing

Rate

+

1.44%

4.85%,

02/01/2030

5.40%,

06/04/2027

Barclays

PLC

2.65%,

06/24/2031

(e) 385

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%

3.56%,

09/23/2035

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

3.81%,

03/10/2042

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

4.52%,

02/24/2032

(e) 300

Secured

Overnight

Financing

Rate

+

1.14%

4.84%,

09/10/2028

(e) 200

Secured

Overnight

Financing

Rate

+

1.34%

4.94%,

09/10/2030

(e) 200

Secured

Overnight

Financing

Rate

+

1.56%

4.97%,

05/16/2029

(e) 500

509

Month

USD

LIBOR

+

1.90%

5.09%,

02/25/2029

(e) 225

Secured

Overnight

Financing

Rate

+

0.96%

5.50%,

08/09/2028

(e) 300

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

5.67%,

03/12/2028

(e) 250

Secured

Overnight

Financing

Rate

+

1.49%

5.69%,

03/12/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.74%

5.79%,

02/25/2036

(e) 215

Secured

Overnight

Financing

Rate

+

1.59%

5.86%,

08/11/2046

(e) 200

Secured

Overnight

Financing

Rate

+

1.83%

6.22%,

05/09/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.98%

6.69%,

09/13/2034

(e) 315

Secured

Overnight

Financing

Rate

+

2.62%

7.44%,

11/02/2033

(e) 310

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.50%

Canadian

Imperial

Bank

of

Commerce

4.28%,

01/29/2030

(e) 150

Secured

Overnight

Financing

Rate

+

0.79%

4.58%,

09/08/2031

(e) 300

Secured

Overnight

Financing

Rate

+

1.17%

4.63%,

09/11/2030

(e) 135

Secured

Overnight

Financing

Rate

+

1.34%

5.00%,

04/28/2028

5.26%,

04/08/2029

5.99%,

10/03/2028

Citibank

NA

4.91%,

05/29/2030

500

517

5.57%,

04/30/2034

5.80%,

09/29/2028

Citigroup

Inc

2.52%,

11/03/2032

(e) 265

Secured

Overnight

Financing

Rate

+

1.18%

2.56%,

05/01/2032

(e) 200

Secured

Overnight

Financing

Rate

+

1.17%

2.57%,

06/03/2031

(e) 310

Secured

Overnight

Financing

Rate

+

2.11%

2.67%,

01/29/2031

(e) 400

Secured

Overnight

Financing

Rate

+

1.15%

2.90%,

11/03/2042

(e) 60

Secured

Overnight

Financing

Rate

+

1.38%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Citigroup

Inc

(continued)

2.98%,

11/05/2030

(e) $

$

Secured

Overnight

Financing

Rate

+

1.42%

3.06%,

01/25/2033

(e) 500

Secured

Overnight

Financing

Rate

+

1.35%

3.52%,

10/27/2028

(e) 125

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.41%

3.79%,

03/17/2033

(e) 520

500

Secured

Overnight

Financing

Rate

+

1.94%

3.88%,

01/24/2039

(e) 220

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

4.13%,

07/25/2028

620

621

4.28%,

04/24/2048

(e) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.10%

4.45%,

09/29/2027

575

578

4.50%,

09/11/2031

(e) 345

Secured

Overnight

Financing

Rate

+

1.17%

4.54%,

09/19/2030

(e) 270

Secured

Overnight

Financing

Rate

+

1.34%

4.64%,

05/07/2028

(e) 430

Secured

Overnight

Financing

Rate

+

1.14%

4.65%,

07/30/2045

4.65%,

07/23/2048

4.66%,

05/24/2028

(e) 420

Secured

Overnight

Financing

Rate

+

1.89%

4.79%,

03/04/2029

(e) 300

Secured

Overnight

Financing

Rate

+

0.87%

4.91%,

05/24/2033

(e) 165

Secured

Overnight

Financing

Rate

+

2.09%

4.95%,

05/07/2031

(e) 305

Secured

Overnight

Financing

Rate

+

1.46%

5.17%,

02/13/2030

(e) 265

Secured

Overnight

Financing

Rate

+

1.36%

5.17%,

09/11/2036

(e) 315

Secured

Overnight

Financing

Rate

+

1.49%

5.33%,

03/27/2036

(e) 475

Secured

Overnight

Financing

Rate

+

1.47%

5.41%,

09/19/2039

(e) 325

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.73%

5.61%,

03/04/2056

(e) 150

Secured

Overnight

Financing

Rate

+

1.75%

5.83%,

02/13/2035

(e) 500

520

Secured

Overnight

Financing

Rate

+

2.06%

6.02%,

01/24/2036

(e) 525

551

Secured

Overnight

Financing

Rate

+

1.83%

6.17%,

05/25/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.66%

6.27%,

11/17/2033

(e) 310

Secured

Overnight

Financing

Rate

+

2.34%

6.68%,

09/13/2043

Cooperatieve

Rabobank

UA

5.25%,

05/24/2041

Cooperatieve

Rabobank

UA/NY

4.16%,

01/14/2031

4.80%,

01/09/2029

4.88%,

01/21/2028

Deutsche

Bank

AG/New

York

NY

4.95%,

08/04/2031

(e) 230

Secured

Overnight

Financing

Rate

+

1.30%

5.00%,

09/11/2030

(e) 270

Secured

Overnight

Financing

Rate

+

1.70%

5.30%,

05/09/2031

(e) 340

Secured

Overnight

Financing

Rate

+

1.72%

5.37%,

09/09/2027

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Deutsche

Bank

AG/New

York

NY

(continued)

5.37%,

01/10/2029

(e) $

$

Secured

Overnight

Financing

Rate

+

1.21%

6.72%,

01/18/2029

(e) 320

Secured

Overnight

Financing

Rate

+

3.18%

6.82%,

11/20/2029

(e) 300

Secured

Overnight

Financing

Rate

+

2.51%

7.08%,

02/10/2034

(e) 320

Secured

Overnight

Financing

Rate

+

3.65%

Fifth

Third

Bancorp

4.06%,

04/25/2028

(e) 275

Secured

Overnight

Financing

Rate

+

1.36%

5.14%,

01/29/2037

(e) 145

Secured

Overnight

Financing

Rate

+

1.24%

5.63%,

01/29/2032

(e) 135

Secured

Overnight

Financing

Rate

+

1.84%

6.34%,

07/27/2029

(e) 235

Secured

Overnight

Financing

Rate

+

2.34%

Goldman

Sachs

Group

Inc/The

1.99%,

01/27/2032

(e) 355

Secured

Overnight

Financing

Rate

+

1.09%

2.60%,

02/07/2030

590

558

2.62%,

04/22/2032

(e) 440

Secured

Overnight

Financing

Rate

+

1.28%

2.65%,

10/21/2032

(e) 425

Secured

Overnight

Financing

Rate

+

1.26%

2.91%,

07/21/2042

(e) 115

Secured

Overnight

Financing

Rate

+

1.47%

3.10%,

02/24/2033

(e) 210

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(e) 60

Secured

Overnight

Financing

Rate

+

1.51%

3.44%,

02/24/2043

(e) 200

Secured

Overnight

Financing

Rate

+

1.63%

3.69%,

06/05/2028

(e) 290

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.77%

3.81%,

04/23/2029

(e) 375

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.42%

4.15%,

01/21/2029

(e) 295

Secured

Overnight

Financing

Rate

+

0.71%

4.15%,

10/21/2029

(e) 155

Secured

Overnight

Financing

Rate

+

0.90%

4.22%,

05/01/2029

(e) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.56%

4.37%,

10/21/2031

(e) 315

Secured

Overnight

Financing

Rate

+

1.06%

4.41%,

04/23/2039

(e) 175

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.69%

4.48%,

08/23/2028

(e) 295

Secured

Overnight

Financing

Rate

+

1.73%

4.52%,

01/21/2032

(e) 150

Secured

Overnight

Financing

Rate

+

0.96%

4.69%,

10/23/2030

(e) 275

Secured

Overnight

Financing

Rate

+

1.14%

4.80%,

07/08/2044

4.94%,

04/23/2028

(e) 305

Secured

Overnight

Financing

Rate

+

1.32%

4.94%,

10/21/2036

(e) 155

Secured

Overnight

Financing

Rate

+

1.33%

5.02%,

10/23/2035

(e) 275

Secured

Overnight

Financing

Rate

+

1.42%

5.05%,

07/23/2030

(e) 295

Secured

Overnight

Financing

Rate

+

1.21%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

(continued)

5.07%,

01/21/2037

(e) $

$

Secured

Overnight

Financing

Rate

+

1.19%

5.15%,

05/22/2045

5.21%,

01/28/2031

(e) 385

Secured

Overnight

Financing

Rate

+

1.08%

5.33%,

07/23/2035

(e) 475

Secured

Overnight

Financing

Rate

+

1.55%

5.39%,

02/02/2041

(e) 675

670

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.18%

5.54%,

01/28/2036

(e) 310

Secured

Overnight

Financing

Rate

+

1.38%

5.54%,

01/21/2047

(e) 220

Secured

Overnight

Financing

Rate

+

1.32%

5.56%,

11/19/2045

(e) 280

Secured

Overnight

Financing

Rate

+

1.58%

5.73%,

04/25/2030

(e) 220

Secured

Overnight

Financing

Rate

+

1.27%

5.73%,

01/28/2056

(e) 245

Secured

Overnight

Financing

Rate

+

1.70%

5.85%,

04/25/2035

(e) 330

Secured

Overnight

Financing

Rate

+

1.55%

6.25%,

02/01/2041

6.48%,

10/24/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.77%

6.56%,

10/24/2034

(e) 160

Secured

Overnight

Financing

Rate

+

1.95%

6.75%,

10/01/2037

575

646

HSBC

Holdings

PLC

2.01%,

09/22/2028

(e) 300

Secured

Overnight

Financing

Rate

+

1.73%

2.36%,

08/18/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.95%

2.80%,

05/24/2032

(e) 600

554

Secured

Overnight

Financing

Rate

+

1.19%

2.85%,

06/04/2031

(e) 200

Secured

Overnight

Financing

Rate

+

2.39%

3.97%,

05/22/2030

(e) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.87%

4.04%,

03/13/2028

(e) 500

500

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

4.58%,

06/19/2029

(e) 300

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

4.76%,

06/09/2028

(e) 250

Secured

Overnight

Financing

Rate

+

2.11%

4.90%,

03/03/2029

(e) 210

Secured

Overnight

Financing

Rate

+

1.03%

5.13%,

03/03/2031

(e) 300

Secured

Overnight

Financing

Rate

+

1.29%

5.13%,

11/06/2036

(e) 200

Secured

Overnight

Financing

Rate

+

1.43%

5.24%,

05/13/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.57%

5.29%,

11/19/2030

(e) 240

Secured

Overnight

Financing

Rate

+

1.29%

5.40%,

08/11/2033

(e) 500

522

Secured

Overnight

Financing

Rate

+

2.87%

5.55%,

03/04/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.46%

5.72%,

03/04/2035

(a),(e)

Secured

Overnight

Financing

Rate

+

1.78%

5.73%,

05/17/2032

(e) 255

Secured

Overnight

Financing

Rate

+

1.52%

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

HSBC

Holdings

PLC

(continued)

5.74%,

09/10/2036

(e) $

$

Secured

Overnight

Financing

Rate

+

1.96%

5.79%,

05/13/2036

(e) 305

Secured

Overnight

Financing

Rate

+

1.88%

5.87%,

11/18/2035

(e) 280

Secured

Overnight

Financing

Rate

+

1.90%

6.16%,

03/09/2029

(e) 200

Secured

Overnight

Financing

Rate

+

1.97%

6.25%,

03/09/2034

(e) 270

Secured

Overnight

Financing

Rate

+

2.39%

6.33%,

03/09/2044

(e) 595

657

Secured

Overnight

Financing

Rate

+

2.65%

6.50%,

09/15/2037

6.55%,

06/20/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.98%

7.39%,

11/03/2028

(e) 310

Secured

Overnight

Financing

Rate

+

3.35%

HSBC

USA

Inc

4.65%,

06/03/2028

Huntington

Bancshares

Inc/OH

5.27%,

01/15/2031

(e) 330

Secured

Overnight

Financing

Rate

+

1.28%

5.61%,

01/28/2041

(e) 145

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.35%

Huntington

National

Bank/The

4.87%,

04/12/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.72%

5.65%,

01/10/2030

ING

Groep

NV

4.86%,

03/25/2029

(e) 300

Secured

Overnight

Financing

Rate

+

1.01%

5.34%,

03/19/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.44%

5.53%,

03/25/2036

(e) 200

Secured

Overnight

Financing

Rate

+

1.61%

6.11%,

09/11/2034

(e) 235

Secured

Overnight

Financing

Rate

+

2.09%

JPMorgan

Chase

&

Co

1.76%,

11/19/2031

(e) 135

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.11%

1.95%,

02/04/2032

(e) 115

Secured

Overnight

Financing

Rate

+

1.07%

2.07%,

06/01/2029

(e) 190

Secured

Overnight

Financing

Rate

+

1.02%

2.18%,

06/01/2028

(e) 70

Secured

Overnight

Financing

Rate

+

1.89%

2.53%,

11/19/2041

(e) 65

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.55%,

11/08/2032

(e) 420

Secured

Overnight

Financing

Rate

+

1.18%

2.58%,

04/22/2032

(e) 465

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.25%

2.74%,

10/15/2030

(e) 600

574

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.51%

2.96%,

05/13/2031

(e) 575

547

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.52%

3.11%,

04/22/2041

(e) 235

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.46%

3.11%,

04/22/2051

(e) 335

Secured

Overnight

Financing

Rate

+

2.44%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

3.33%,

04/22/2052

(e) $

$

Secured

Overnight

Financing

Rate

+

1.58%

3.51%,

01/23/2029

(e) 590

585

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.21%

3.88%,

07/24/2038

(e) 100

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.62%

3.96%,

11/15/2048

(e) 510

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.64%

4.01%,

04/23/2029

(e) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.38%

4.20%,

07/23/2029

(e) 230

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.52%

4.25%,

10/22/2031

(e) 315

Secured

Overnight

Financing

Rate

+

0.93%

4.32%,

04/26/2028

(e) 550

552

Secured

Overnight

Financing

Rate

+

1.56%

4.35%,

01/22/2032

(e) 295

Secured

Overnight

Financing

Rate

+

0.84%

4.51%,

10/22/2028

(e) 205

Secured

Overnight

Financing

Rate

+

0.86%

4.57%,

06/14/2030

(e) 305

Secured

Overnight

Financing

Rate

+

1.75%

4.59%,

04/26/2033

(e) 135

Secured

Overnight

Financing

Rate

+

1.80%

4.60%,

10/22/2030

(e) 475

Secured

Overnight

Financing

Rate

+

1.04%

4.81%,

10/22/2036

(e) 275

Secured

Overnight

Financing

Rate

+

1.19%

4.85%,

07/25/2028

(e) 315

Secured

Overnight

Financing

Rate

+

1.99%

4.90%,

01/22/2037

(e) 145

Secured

Overnight

Financing

Rate

+

1.07%

4.91%,

07/25/2033

(e) 435

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

10/22/2035

(e) 460

Secured

Overnight

Financing

Rate

+

1.34%

4.95%,

06/01/2045

4.98%,

07/22/2028

(e) 260

Secured

Overnight

Financing

Rate

+

0.93%

5.00%,

07/22/2030

(e) 260

Secured

Overnight

Financing

Rate

+

1.13%

5.01%,

01/23/2030

(e) 320

Secured

Overnight

Financing

Rate

+

1.31%

5.10%,

04/22/2031

(e) 320

Secured

Overnight

Financing

Rate

+

1.44%

5.14%,

01/24/2031

(e) 425

Secured

Overnight

Financing

Rate

+

1.01%

5.19%,

02/05/2037

(e) 145

Secured

Overnight

Financing

Rate

+

1.30%

5.29%,

07/22/2035

(e) 475

Secured

Overnight

Financing

Rate

+

1.46%

5.30%,

07/24/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.45%

5.34%,

01/23/2035

(e) 185

Secured

Overnight

Financing

Rate

+

1.62%

5.35%,

06/01/2034

(e) 545

570

Secured

Overnight

Financing

Rate

+

1.85%

5.50%,

01/24/2036

(e) 530

557

Secured

Overnight

Financing

Rate

+

1.32%

5.53%,

11/29/2045

(e) 375

Secured

Overnight

Financing

Rate

+

1.55%

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

JPMorgan

Chase

&

Co

(continued)

5.57%,

04/22/2028

(e) $

$

Secured

Overnight

Financing

Rate

+

0.93%

5.57%,

04/22/2036

(e) 465

Secured

Overnight

Financing

Rate

+

1.68%

5.58%,

04/22/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.16%

5.58%,

07/23/2036

(e) 405

Secured

Overnight

Financing

Rate

+

1.64%

5.60%,

07/15/2041

5.72%,

09/14/2033

(e) 255

Secured

Overnight

Financing

Rate

+

2.58%

5.77%,

04/22/2035

(e) 390

Secured

Overnight

Financing

Rate

+

1.49%

6.09%,

10/23/2029

(e) 320

Secured

Overnight

Financing

Rate

+

1.57%

6.25%,

10/23/2034

(e) 320

Secured

Overnight

Financing

Rate

+

1.81%

Keybank

National

Association

5.85%,

11/15/2027

500

515

KeyCorp

2.25%,

04/06/2027

5.12%,

04/04/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.23%

5.31%,

01/28/2037

(e) 145

Secured

Overnight

Financing

Rate

+

1.37%

Korea

Development

Bank/The

3.75%,

09/16/2030

4.00%,

01/28/2031

4.38%,

02/15/2028

4.50%,

02/15/2029

5.63%,

10/23/2033

Kreditanstalt

fuer

Wiederaufbau

0.00%,

06/29/2037

(f) 250

2.88%,

04/03/2028

3.00%,

05/20/2027

520

517

3.50%,

08/27/2027

3.50%,

08/09/2028

3.75%,

02/15/2028

3.75%,

07/15/2030

3.75%,

03/14/2031

3.88%,

05/15/2028

3.88%,

06/15/2028

4.00%,

06/28/2027

4.00%,

03/15/2029

4.13%,

07/15/2033

4.38%,

03/01/2027

500

504

4.38%,

02/28/2034

4.63%,

03/18/2030

4.75%,

10/29/2030

Landwirtschaftliche

Rentenbank

3.63%,

10/08/2030

3.88%,

09/28/2027

3.88%,

06/14/2028

4.13%,

05/28/2030

4.63%,

04/17/2029

Lloyds

Banking

Group

PLC

3.57%,

11/07/2028

(e) 200

Month

USD

LIBOR

+

1.21%

4.24%,

02/10/2030

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.60%

4.34%,

01/09/2048

4.38%,

03/22/2028

4.82%,

06/13/2029

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.83%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Lloyds

Banking

Group

PLC

(continued)

4.94%,

11/04/2036

(e) $

$

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.97%

4.98%,

08/11/2033

(a),(e)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.30%

5.09%,

11/26/2028

(e) 210

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.85%

5.67%,

02/10/2047

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.82%

5.68%,

01/05/2035

(e) 265

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%

5.87%,

03/06/2029

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%

M&T

Bank

Corp

4.83%,

01/16/2029

(e) 300

Secured

Overnight

Financing

Rate

+

0.93%

5.18%,

07/08/2031

(e) 155

Secured

Overnight

Financing

Rate

+

1.40%

Mitsubishi

UFJ

Financial

Group

Inc

2.05%,

07/17/2030

2.56%,

02/25/2030

3.20%,

07/18/2029

4.08%,

04/19/2028

(e) 600

601

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

4.32%,

04/19/2033

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.55%

4.51%,

01/14/2032

(e) 325

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.80%

4.53%,

09/12/2031

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.80%

5.13%,

07/20/2033

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%

5.16%,

04/24/2031

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.19%,

09/12/2036

(e) 250

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.93%

5.35%,

09/13/2028

(e) 255

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%

5.41%,

04/19/2034

(a),(e)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.97%

5.43%,

04/17/2035

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.00%

5.57%,

01/16/2036

(e) 225

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

Mizuho

Financial

Group

Inc

2.20%,

07/10/2031

(e) 200

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.77%

2.26%,

07/09/2032

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.90%

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Mizuho

Financial

Group

Inc

(continued)

3.15%,

07/16/2030

(e) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.39%

4.44%,

05/12/2032

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.70%

5.32%,

07/08/2036

(a),(e)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.07%

5.41%,

09/13/2028

(e) 255

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%

5.59%,

07/10/2035

(e) 260

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.30%

5.74%,

05/27/2031

(e) 320

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.65%

5.75%,

07/06/2034

(e) 315

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%

Morgan

Stanley

1.79%,

02/13/2032

(e) 550

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(e) 95

Secured

Overnight

Financing

Rate

+

1.02%

2.24%,

07/21/2032

(e) 115

Secured

Overnight

Financing

Rate

+

1.18%

2.48%,

09/16/2036

(e) 410

Secured

Overnight

Financing

Rate

+

1.36%

2.51%,

10/20/2032

(e) 130

Secured

Overnight

Financing

Rate

+

1.20%

2.70%,

01/22/2031

(e) 450

Secured

Overnight

Financing

Rate

+

1.14%

2.80%,

01/25/2052

(e) 210

Secured

Overnight

Financing

Rate

+

1.43%

2.94%,

01/21/2033

(e) 90

Secured

Overnight

Financing

Rate

+

1.29%

3.22%,

04/22/2042

(e) 310

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

Month

USD

LIBOR

+

1.34%

3.77%,

01/24/2029

(e) 600

598

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.40%

3.95%,

04/23/2027

710

710

4.13%,

10/18/2029

(e) 155

Secured

Overnight

Financing

Rate

+

0.91%

4.21%,

04/20/2028

(e) 135

Secured

Overnight

Financing

Rate

+

1.61%

4.24%,

01/09/2030

(e) 295

Secured

Overnight

Financing

Rate

+

0.80%

4.30%,

01/27/2045

4.36%,

10/22/2031

(e) 655

657

Secured

Overnight

Financing

Rate

+

1.07%

4.65%,

10/18/2030

(e) 300

Secured

Overnight

Financing

Rate

+

1.10%

4.89%,

07/20/2033

(e) 275

Secured

Overnight

Financing

Rate

+

2.08%

4.89%,

10/22/2036

(e) 310

Secured

Overnight

Financing

Rate

+

1.31%

5.04%,

07/19/2030

(e) 260

Secured

Overnight

Financing

Rate

+

1.22%

5.07%,

01/30/2037

(e) 295

Secured

Overnight

Financing

Rate

+

1.18%

5.12%,

02/01/2029

(e) 320

Secured

Overnight

Financing

Rate

+

1.73%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Morgan

Stanley

(continued)

5.16%,

04/20/2029

(e) $

$

Secured

Overnight

Financing

Rate

+

1.59%

5.17%,

01/16/2030

(e) 200

Secured

Overnight

Financing

Rate

+

1.45%

5.19%,

04/17/2031

(e) 440

Secured

Overnight

Financing

Rate

+

1.51%

5.23%,

01/15/2031

(e) 225

Secured

Overnight

Financing

Rate

+

1.11%

5.25%,

04/21/2034

(e) 425

Secured

Overnight

Financing

Rate

+

1.87%

5.31%,

01/18/2041

(e) 110

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.32%,

07/19/2035

(e) 335

Secured

Overnight

Financing

Rate

+

1.56%

5.42%,

07/21/2034

(e) 315

Secured

Overnight

Financing

Rate

+

1.88%

5.45%,

07/20/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.63%

5.47%,

01/18/2035

(e) 325

Secured

Overnight

Financing

Rate

+

1.73%

5.52%,

11/19/2055

(e) 275

Secured

Overnight

Financing

Rate

+

1.71%

5.59%,

01/18/2036

(e) 420

Secured

Overnight

Financing

Rate

+

1.42%

5.60%,

03/24/2051

(e) 200

Secured

Overnight

Financing

Rate

+

4.84%

5.65%,

04/13/2028

(e) 105

Secured

Overnight

Financing

Rate

+

1.01%

5.66%,

04/18/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.26%

5.66%,

04/17/2036

(e) 245

Secured

Overnight

Financing

Rate

+

1.76%

5.83%,

04/19/2035

(e) 275

Secured

Overnight

Financing

Rate

+

1.58%

5.95%,

01/19/2038

(e) 160

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.43%

6.30%,

10/18/2028

(e) 310

Secured

Overnight

Financing

Rate

+

2.24%

6.34%,

10/18/2033

(e) 310

Secured

Overnight

Financing

Rate

+

2.56%

6.38%,

07/24/2042

6.41%,

11/01/2029

(e) 280

Secured

Overnight

Financing

Rate

+

1.83%

6.63%,

11/01/2034

(e) 180

Secured

Overnight

Financing

Rate

+

2.05%

Morgan

Stanley

Bank

NA

4.97%,

07/14/2028

(e) 260

Secured

Overnight

Financing

Rate

+

0.93%

5.02%,

01/12/2029

(e) 320

Secured

Overnight

Financing

Rate

+

0.91%

Morgan

Stanley

Private

Bank

NA

4.20%,

11/17/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.78%

4.21%,

02/08/2030

(e) 250

Secured

Overnight

Financing

Rate

+

0.76%

4.47%,

11/19/2031

(e) 250

Secured

Overnight

Financing

Rate

+

1.02%

4.73%,

07/18/2031

(e) 250

Secured

Overnight

Financing

Rate

+

1.08%

National

Australia

Bank

Ltd/New

York

4.15%,

01/13/2031

4.53%,

06/13/2030

4.79%,

01/10/2029

(a) 500

515

5.09%,

06/11/2027

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

NatWest

Group

PLC

4.89%,

05/18/2029

(e) $

500

$

509

Month

USD

LIBOR

+

1.75%

5.08%,

01/27/2030

(e) 400

Month

USD

LIBOR

+

1.91%

5.12%,

05/23/2031

(e) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%

5.78%,

03/01/2035

(e) 200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.50%

Oesterreichische

Kontrollbank

AG

3.63%,

09/09/2027

3.75%,

09/05/2029

3.75%,

09/10/2030

4.00%,

05/28/2028

4.25%,

03/01/2028

4.50%,

01/24/2030

4.75%,

05/21/2027

PNC

Financial

Services

Group

Inc/The

2.31%,

04/23/2032

(e) 245

Secured

Overnight

Financing

Rate

+

0.98%

2.55%,

01/22/2030

3.45%,

04/23/2029

4.08%,

01/26/2029

(e) 150

Secured

Overnight

Financing

Rate

+

0.61%

4.63%,

06/06/2033

(e) 160

Secured

Overnight

Financing

Rate

+

1.85%

4.90%,

05/13/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.33%

5.22%,

01/29/2031

(e) 295

Secured

Overnight

Financing

Rate

+

1.07%

5.35%,

12/02/2028

(e) 410

Secured

Overnight

Financing

Rate

+

1.62%

5.37%,

07/21/2036

(e) 220

Secured

Overnight

Financing

Rate

+

1.42%

5.40%,

07/23/2035

(e) 285

Secured

Overnight

Financing

Rate

+

1.60%

5.42%,

01/25/2041

(e) 150

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.68%,

01/22/2035

(e) 240

Secured

Overnight

Financing

Rate

+

1.90%

5.94%,

08/18/2034

(e) 315

Secured

Overnight

Financing

Rate

+

1.95%

Royal

Bank

of

Canada

3.63%,

05/04/2027

(a) 320

3.88%,

05/04/2032

4.00%,

11/03/2028

(e) 160

Secured

Overnight

Financing

Rate

+

0.70%

4.31%,

11/03/2031

(e) 160

Secured

Overnight

Financing

Rate

+

0.98%

4.50%,

08/06/2029

(e) 155

Secured

Overnight

Financing

Rate

+

0.89%

4.65%,

10/18/2030

(e) 200

Secured

Overnight

Financing

Rate

+

1.08%

4.90%,

01/12/2028

4.95%,

02/01/2029

4.97%,

01/24/2029

(e) 215

Secured

Overnight

Financing

Rate

+

0.83%

4.97%,

05/02/2031

(e) 305

Secured

Overnight

Financing

Rate

+

1.13%

5.00%,

05/02/2033

5.15%,

02/04/2031

(e) 215

Secured

Overnight

Financing

Rate

+

1.03%

6.00%,

11/01/2027

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Santander

Holdings

USA

Inc

5.35%,

09/06/2030

(e) $

$

Secured

Overnight

Financing

Rate

+

1.94%

5.47%,

03/20/2029

(e) 155

Secured

Overnight

Financing

Rate

+

1.61%

Santander

UK

Group

Holdings

PLC

4.32%,

09/22/2029

(e) 315

Secured

Overnight

Financing

Rate

+

1.07%

State

Street

Corp

2.20%,

03/03/2031

4.33%,

10/22/2027

4.42%,

05/13/2033

(e) 135

Secured

Overnight

Financing

Rate

+

1.61%

4.53%,

02/20/2029

(e) 310

Secured

Overnight

Financing

Rate

+

1.02%

4.54%,

02/28/2028

4.68%,

10/22/2032

(e) 135

Secured

Overnight

Financing

Rate

+

1.05%

4.78%,

10/23/2036

(e) 95

Secured

Overnight

Financing

Rate

+

1.22%

4.82%,

01/26/2034

(e) 245

Secured

Overnight

Financing

Rate

+

1.57%

4.83%,

04/24/2030

5.15%,

02/28/2036

(e) 150

Secured

Overnight

Financing

Rate

+

1.22%

5.68%,

11/21/2029

(e) 140

Secured

Overnight

Financing

Rate

+

1.48%

Sumitomo

Mitsui

Financial

Group

Inc

2.13%,

07/08/2030

2.14%,

09/23/2030

2.93%,

09/17/2041

3.04%,

07/16/2029

3.36%,

07/12/2027

(a) 200

4.11%,

01/15/2029

4.66%,

07/08/2031

(e) 300

Secured

Overnight

Financing

Rate

+

1.19%

5.05%,

01/15/2037

(e) 325

Secured

Overnight

Financing

Rate

+

1.22%

5.24%,

04/15/2030

5.32%,

07/09/2029

5.42%,

07/09/2031

5.52%,

01/13/2028

5.63%,

01/15/2035

5.77%,

01/13/2033

5.80%,

07/13/2028

5.80%,

07/08/2046

(e) 245

Secured

Overnight

Financing

Rate

+

1.78%

5.81%,

09/14/2033

6.18%,

07/13/2043

Toronto-Dominion

Bank/The

2.00%,

09/10/2031

3.20%,

03/10/2032

3.91%,

01/13/2028

4.11%,

06/08/2027

4.46%,

06/08/2032

4.57%,

06/02/2028

4.69%,

09/15/2027

4.78%,

12/17/2029

(a) 340

4.81%,

06/03/2030

(a) 155

4.93%,

10/15/2035

4.99%,

04/05/2029

5.30%,

01/30/2032

5.52%,

07/17/2028

Truist

Bank

2.25%,

03/11/2030

500

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Truist

Financial

Corp

1.89%,

06/07/2029

(e) $

$

Secured

Overnight

Financing

Rate

+

0.86%

1.95%,

06/05/2030

4.12%,

06/06/2028

(e) 290

Secured

Overnight

Financing

Rate

+

1.37%

4.87%,

01/26/2029

(e) 160

Secured

Overnight

Financing

Rate

+

1.44%

4.96%,

10/23/2036

(e) 310

Secured

Overnight

Financing

Rate

+

1.40%

5.07%,

05/20/2031

(e) 155

Secured

Overnight

Financing

Rate

+

1.31%

5.12%,

01/26/2034

(e) 160

Secured

Overnight

Financing

Rate

+

1.85%

5.15%,

08/05/2032

(e) 290

Secured

Overnight

Financing

Rate

+

1.57%

5.44%,

01/24/2030

(e) 65

Secured

Overnight

Financing

Rate

+

1.62%

5.71%,

01/24/2035

(e) 245

Secured

Overnight

Financing

Rate

+

1.92%

5.87%,

06/08/2034

(e) 160

Secured

Overnight

Financing

Rate

+

2.36%

UBS

Group

AG

4.88%,

05/15/2045

US

Bancorp

1.38%,

07/22/2030

2.49%,

11/03/2036

(e) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%

3.15%,

04/27/2027

4.48%,

01/26/2032

(e) 350

Secured

Overnight

Financing

Rate

+

0.87%

4.65%,

02/01/2029

(e) 285

Secured

Overnight

Financing

Rate

+

1.23%

4.84%,

02/01/2034

(e) 285

Secured

Overnight

Financing

Rate

+

1.60%

5.05%,

02/12/2031

(e) 285

Secured

Overnight

Financing

Rate

+

1.06%

5.08%,

05/15/2031

(e) 105

Secured

Overnight

Financing

Rate

+

1.30%

5.38%,

01/23/2030

(e) 55

Secured

Overnight

Financing

Rate

+

1.56%

5.68%,

01/23/2035

(e) 240

Secured

Overnight

Financing

Rate

+

1.86%

5.84%,

06/12/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.26%

5.85%,

10/21/2033

(e) 155

Secured

Overnight

Financing

Rate

+

2.09%

US

Bank

NA/Cincinnati

OH

4.73%,

05/15/2028

(e) 250

Secured

Overnight

Financing

Rate

+

0.91%

Wells

Fargo

&

Co

2.39%,

06/02/2028

(e) 220

Secured

Overnight

Financing

Rate

+

2.10%

2.57%,

02/11/2031

(e) 475

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.26%

2.88%,

10/30/2030

(e) 250

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.43%

3.07%,

04/30/2041

(e) 485

Secured

Overnight

Financing

Rate

+

2.53%

3.35%,

03/02/2033

(e) 430

Secured

Overnight

Financing

Rate

+

1.50%

3.53%,

03/24/2028

(e) 385

Secured

Overnight

Financing

Rate

+

1.51%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Wells

Fargo

&

Co

(continued)

3.58%,

05/22/2028

(e) $

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.57%

4.08%,

09/15/2029

(e) 375

Secured

Overnight

Financing

Rate

+

0.88%

4.15%,

01/24/2029

4.40%,

06/14/2046

4.61%,

04/25/2053

(e) 335

Secured

Overnight

Financing

Rate

+

2.13%

4.65%,

11/04/2044

600

527

4.75%,

12/07/2046

4.81%,

07/25/2028

(e) 315

Secured

Overnight

Financing

Rate

+

1.98%

4.89%,

09/15/2036

(e) 255

Secured

Overnight

Financing

Rate

+

1.34%

4.90%,

07/25/2033

(e) 485

Secured

Overnight

Financing

Rate

+

2.10%

4.90%,

11/17/2045

4.96%,

01/23/2037

(e) 145

Secured

Overnight

Financing

Rate

+

1.10%

4.97%,

04/23/2029

(e) 155

Secured

Overnight

Financing

Rate

+

1.37%

5.01%,

04/04/2051

(e) 440

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.50%

5.15%,

04/23/2031

(e) 595

616

Secured

Overnight

Financing

Rate

+

1.50%

5.20%,

01/23/2030

(e) 265

Secured

Overnight

Financing

Rate

+

1.50%

5.21%,

12/03/2035

(e) 280

Secured

Overnight

Financing

Rate

+

1.38%

5.24%,

01/24/2031

(e) 200

Secured

Overnight

Financing

Rate

+

1.11%

5.38%,

11/02/2043

5.39%,

04/24/2034

(e) 375

Secured

Overnight

Financing

Rate

+

2.02%

5.43%,

01/23/2047

(e) 295

Secured

Overnight

Financing

Rate

+

1.23%

5.50%,

01/23/2035

(e) 265

Secured

Overnight

Financing

Rate

+

1.78%

5.56%,

07/25/2034

(e) 475

500

Secured

Overnight

Financing

Rate

+

1.99%

5.57%,

07/25/2029

(e) 475

Secured

Overnight

Financing

Rate

+

1.74%

5.61%,

04/23/2036

(e) 330

Secured

Overnight

Financing

Rate

+

1.74%

5.61%,

01/15/2044

5.71%,

04/22/2028

(e) 250

Secured

Overnight

Financing

Rate

+

1.07%

6.30%,

10/23/2029

(e) 320

Secured

Overnight

Financing

Rate

+

1.79%

6.49%,

10/23/2034

(e) 320

Secured

Overnight

Financing

Rate

+

2.06%

Westpac

Banking

Corp

3.02%,

11/18/2036

(e) 405

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.53%

3.13%,

11/18/2041

4.11%,

07/24/2034

(e) 555

550

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

4.35%,

07/01/2030

5.05%,

04/16/2029

$

155,921

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Beverages

-

0.47%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

$

575

$

577

4.90%,

02/01/2046

992

933

Anheuser-Busch

InBev

Worldwide

Inc

3.50%,

06/01/2030

4.75%,

01/23/2029

550

563

4.95%,

01/15/2042

5.00%,

06/15/2034

(a) 125

5.45%,

01/23/2039

5.55%,

01/23/2049

570

574

5.80%,

01/23/2059

8.20%,

01/15/2039

Coca-Cola

Co/The

1.50%,

03/05/2028

2.50%,

06/01/2040

2.50%,

03/15/2051

2.60%,

06/01/2050

2.88%,

05/05/2041

3.00%,

03/05/2051

4.65%,

08/14/2034

5.00%,

05/13/2034

5.20%,

01/14/2055

5.30%,

05/13/2054

Constellation

Brands

Inc

2.25%,

08/01/2031

3.15%,

08/01/2029

4.35%,

05/09/2027

4.90%,

05/01/2033

4.95%,

11/01/2035

Diageo

Capital

PLC

2.38%,

10/24/2029

5.30%,

10/24/2027

5.63%,

10/05/2033

Keurig

Dr

Pepper

Inc

2.25%,

03/15/2031

3.35%,

03/15/2051

3.95%,

04/15/2029

735

731

4.05%,

04/15/2032

4.35%,

05/15/2028

4.50%,

04/15/2052

5.10%,

03/15/2027

5.15%,

05/15/2035

Molson

Coors

Beverage

Co

4.20%,

07/15/2046

PepsiCo

Inc

2.63%,

10/21/2041

725

539

2.75%,

10/21/2051

2.88%,

10/15/2049

3.00%,

10/15/2027

600

595

4.30%,

07/23/2030

4.45%,

02/07/2028

545

553

4.50%,

07/17/2029

4.65%,

07/23/2032

4.80%,

07/17/2034

5.00%,

02/07/2035

$

13,169

Biotechnology

-

0.30%

Amgen

Inc

1.65%,

08/15/2028

2.00%,

01/15/2032

2.45%,

02/21/2030

2.77%,

09/01/2053

510

3.00%,

02/22/2029

3.00%,

01/15/2052

3.15%,

02/21/2040

3.38%,

02/21/2050

545

4.20%,

02/19/2031

(a) 160

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Biotechnology

(continued)

Amgen

Inc

(continued)

4.20%,

03/01/2033

$

$

4.20%,

02/22/2052

4.40%,

05/01/2045

4.66%,

06/15/2051

4.88%,

03/01/2053

5.15%,

03/02/2028

5.15%,

11/15/2041

5.25%,

03/02/2030

5.25%,

03/02/2033

5.50%,

02/19/2046

5.60%,

03/02/2043

5.65%,

03/02/2053

5.75%,

03/02/2063

Biogen

Inc

5.20%,

09/15/2045

Gilead

Sciences

Inc

1.65%,

10/01/2030

2.80%,

10/01/2050

2.95%,

03/01/2027

4.15%,

03/01/2047

4.50%,

02/01/2045

500

4.75%,

03/01/2046

580

531

5.10%,

06/15/2035

5.25%,

10/15/2033

5.50%,

11/15/2054

5.55%,

10/15/2053

Regeneron

Pharmaceuticals

Inc

1.75%,

09/15/2030

Royalty

Pharma

PLC

1.75%,

09/02/2027

655

634

2.20%,

09/02/2030

3.30%,

09/02/2040

5.95%,

09/25/2055

$

8,617

Building

Materials

-

0.15%

Carrier

Global

Corp

2.72%,

02/15/2030

3.38%,

04/05/2040

3.58%,

04/05/2050

5.90%,

03/15/2034

6.20%,

03/15/2054

CRH

America

Finance

Inc

4.40%,

02/09/2031

5.50%,

01/09/2035

5.60%,

02/09/2056

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

2.00%,

09/16/2031

Martin

Marietta

Materials

Inc

2.50%,

03/15/2030

3.20%,

07/15/2051

5.15%,

12/01/2034

Masco

Corp

1.50%,

02/15/2028

Owens

Corning

4.30%,

07/15/2047

5.50%,

06/15/2027

5.70%,

06/15/2034

Trane

Technologies

Financing

Ltd

3.80%,

03/21/2029

5.10%,

06/13/2034

Vulcan

Materials

Co

3.50%,

06/01/2030

3.90%,

04/01/2027

(a) 250

5.35%,

12/01/2034

$

4,113

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Chemicals

-

0.24%

Air

Products

and

Chemicals

Inc

2.80%,

05/15/2050

$

$

4.60%,

02/08/2029

4.80%,

03/03/2033

4.90%,

10/11/2032

Albemarle

Corp

5.45%,

12/01/2044

Dow

Chemical

Co/The

2.10%,

11/15/2030

3.60%,

11/15/2050

4.38%,

11/15/2042

4.63%,

10/01/2044

4.80%,

11/30/2028

4.80%,

05/15/2049

5.15%,

02/15/2034

5.65%,

03/15/2036

(a) 155

DuPont

de

Nemours

Inc

4.73%,

11/15/2028

(g) 302

Eastman

Chemical

Co

4.65%,

10/15/2044

Ecolab

Inc

1.30%,

01/30/2031

2.75%,

08/18/2055

700

4.30%,

06/15/2028

5.00%,

09/01/2035

LYB

International

Finance

BV

5.25%,

07/15/2043

LYB

International

Finance

III

LLC

2.25%,

10/01/2030

3.63%,

04/01/2051

4.20%,

10/15/2049

5.63%,

05/15/2033

Mosaic

Co/The

5.63%,

11/15/2043

Nutrien

Ltd

4.20%,

04/01/2029

4.50%,

03/12/2027

5.00%,

04/01/2049

5.40%,

06/21/2034

5.80%,

03/27/2053

Sherwin-Williams

Co/The

2.20%,

03/15/2032

2.95%,

08/15/2029

3.30%,

05/15/2050

4.30%,

08/15/2028

4.50%,

06/01/2047

Westlake

Corp

3.13%,

08/15/2051

$

6,922

Commercial

Mortgage

Backed

Securities

-

0.02%

Fannie

Mae-Aces

2.98%,

12/25/2027

(h) 589

582

Commercial

Services

-

0.14%

American

University/The

3.67%,

04/01/2049

Global

Payments

Inc

3.20%,

08/15/2029

4.15%,

08/15/2049

4.50%,

11/15/2028

4.88%,

11/15/2030

5.20%,

11/15/2032

5.55%,

11/15/2035

Massachusetts

Institute

of

Technology

3.96%,

07/01/2038

4.68%,

07/01/2114

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

Moody's

Corp

4.25%,

08/08/2032

$

$

5.00%,

08/05/2034

5.25%,

07/15/2044

PayPal

Holdings

Inc

2.85%,

10/01/2029

755

728

3.90%,

06/01/2027

4.40%,

06/01/2032

5.50%,

06/01/2054

S&P

Global

Inc

1.25%,

08/15/2030

2.45%,

03/01/2027

2.50%,

12/01/2029

3.25%,

12/01/2049

3.70%,

03/01/2052

5.25%,

09/15/2033

TR

Finance

LLC

5.85%,

04/15/2040

University

of

Southern

California

5.25%,

10/01/2111

$

4,066

Computers

-

0.51%

Apple

Inc

1.20%,

02/08/2028

1.65%,

05/11/2030

550

505

2.40%,

08/20/2050

(a) 210

2.65%,

05/11/2050

600

2.65%,

02/08/2051

2.70%,

08/05/2051

2.80%,

02/08/2061

550

2.90%,

09/12/2027

2.95%,

09/11/2049

3.00%,

06/20/2027

500

3.20%,

05/11/2027

3.35%,

08/08/2032

500

3.75%,

11/13/2047

3.85%,

05/04/2043

3.95%,

08/08/2052

4.20%,

05/12/2030

4.38%,

05/13/2045

4.50%,

05/12/2032

4.65%,

02/23/2046

4.75%,

05/12/2035

(a) 155

4.85%,

05/10/2053

(a) 320

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

3.45%,

12/15/2051

4.35%,

02/01/2030

535

538

4.50%,

02/15/2031

4.75%,

04/01/2028

5.10%,

02/15/2036

(a) 200

5.25%,

02/01/2028

5.30%,

10/01/2029

5.30%,

04/01/2032

5.40%,

04/15/2034

8.35%,

07/15/2046

Hewlett

Packard

Enterprise

Co

4.05%,

09/15/2027

4.55%,

10/15/2029

535

541

4.85%,

10/15/2031

5.00%,

10/15/2034

6.20%,

10/15/2035

6.35%,

10/15/2045

HP

Inc

3.00%,

06/17/2027

4.75%,

01/15/2028

501

6.00%,

09/15/2041

6.10%,

04/25/2035

(a) 150

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Computers

(continued)

IBM

International

Capital

Pte

Ltd

4.75%,

02/05/2031

$

$

4.90%,

02/05/2034

International

Business

Machines

Corp

3.50%,

05/15/2029

4.00%,

06/20/2042

4.15%,

05/15/2039

4.25%,

05/15/2049

600

4.40%,

07/27/2032

4.50%,

02/06/2028

4.60%,

02/03/2033

4.65%,

02/10/2028

4.70%,

02/19/2046

5.10%,

02/06/2053

5.70%,

02/10/2055

5.80%,

02/03/2056

NetApp

Inc

2.38%,

06/22/2027

$

14,371

Consumer

Products

-

0.03%

Church

&

Dwight

Co

Inc

3.95%,

08/01/2047

Clorox

Co/The

1.80%,

05/15/2030

Kimberly-Clark

Corp

5.30%,

03/01/2041

$

795

Cosmetics

&

Personal

Care

-

0.17%

Colgate-Palmolive

Co

4.20%,

05/01/2030

4.60%,

03/01/2028

Estee

Lauder

Cos

Inc/The

1.95%,

03/15/2031

2.38%,

12/01/2029

3.15%,

03/15/2027

(a) 100

Haleon

US

Capital

LLC

3.38%,

03/24/2027

3.63%,

03/24/2032

4.00%,

03/24/2052

Kenvue

Inc

4.85%,

05/22/2032

4.90%,

03/22/2033

5.05%,

03/22/2028

5.05%,

03/22/2053

5.10%,

03/22/2043

Procter

&

Gamble

Co/The

3.55%,

03/25/2040

4.05%,

05/01/2030

4.10%,

11/03/2032

4.60%,

05/01/2035

Unilever

Capital

Corp

1.38%,

09/14/2030

1.75%,

08/12/2031

680

606

2.90%,

05/05/2027

4.63%,

08/12/2034

$

4,793

Diversified

Financial

Services

-

0.77%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.00%,

10/29/2028

600

584

3.30%,

01/30/2032

3.40%,

10/29/2033

3.88%,

01/23/2028

4.13%,

02/28/2029

4.38%,

11/15/2030

4.75%,

01/15/2033

4.88%,

04/01/2028

4.95%,

09/10/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(continued)

5.10%,

01/19/2029

$

$

5.38%,

12/15/2031

Air

Lease

Corp

2.10%,

09/01/2028

2.88%,

01/15/2032

3.25%,

10/01/2029

5.10%,

03/01/2029

5.20%,

07/15/2031

Ally

Financial

Inc

2.20%,

11/02/2028

4.75%,

06/09/2027

5.55%,

07/31/2033

(e) 155

Secured

Overnight

Financing

Rate

+

1.78%

5.74%,

05/15/2029

(e) 170

Secured

Overnight

Financing

Rate

+

1.96%

8.00%,

11/01/2031

American

Express

Co

3.30%,

05/03/2027

4.05%,

05/03/2029

4.05%,

12/03/2042

4.46%,

02/10/2032

(a),(e)

Secured

Overnight

Financing

Rate

+

0.87%

4.73%,

04/25/2029

(e) 305

Secured

Overnight

Financing

Rate

+

1.26%

4.80%,

10/24/2036

(e) 155

Secured

Overnight

Financing

Rate

+

1.24%

4.92%,

07/20/2033

(e) 305

Secured

Overnight

Financing

Rate

+

1.22%

5.09%,

01/30/2031

(e) 215

Secured

Overnight

Financing

Rate

+

1.02%

5.28%,

07/27/2029

(e) 160

Secured

Overnight

Financing

Rate

+

1.28%

5.28%,

07/26/2035

(e) 345

Secured

Overnight

Financing

Rate

+

1.42%

5.41%,

02/08/2041

(e) 150

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.15%

5.53%,

04/25/2030

(e) 250

Secured

Overnight

Financing

Rate

+

1.09%

5.67%,

04/25/2036

(e) 155

Secured

Overnight

Financing

Rate

+

1.79%

6.49%,

10/30/2031

(e) 70

Secured

Overnight

Financing

Rate

+

1.94%

BlackRock

Funding

Inc

4.90%,

01/08/2035

5.35%,

01/08/2055

Blackrock

Inc

2.10%,

02/25/2032

2.40%,

04/30/2030

Capital

One

Financial

Corp

2.36%,

07/29/2032

(e) 255

Secured

Overnight

Financing

Rate

+

1.34%

4.49%,

09/11/2031

(e) 300

Secured

Overnight

Financing

Rate

+

1.25%

4.93%,

05/10/2028

(e) 220

Secured

Overnight

Financing

Rate

+

2.06%

5.20%,

09/11/2036

(e) 255

Secured

Overnight

Financing

Rate

+

1.63%

5.46%,

07/26/2030

(e) 140

Secured

Overnight

Financing

Rate

+

1.56%

5.70%,

02/01/2030

(e) 135

Secured

Overnight

Financing

Rate

+

1.91%

5.82%,

02/01/2034

(e) 160

Secured

Overnight

Financing

Rate

+

2.60%

5.88%,

07/26/2035

(e) 140

Secured

Overnight

Financing

Rate

+

1.99%

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Capital

One

Financial

Corp

(continued)

6.05%,

02/01/2035

(e) $

$

Secured

Overnight

Financing

Rate

+

2.26%

6.18%,

01/30/2036

(e) 145

Secured

Overnight

Financing

Rate

+

2.04%

6.31%,

06/08/2029

(e) 360

Secured

Overnight

Financing

Rate

+

2.64%

7.62%,

10/30/2031

(e) 210

Secured

Overnight

Financing

Rate

+

3.07%

Charles

Schwab

Corp/The

1.65%,

03/11/2031

1.95%,

12/01/2031

2.00%,

03/20/2028

3.20%,

01/25/2028

4.91%,

11/14/2036

(e) 335

Secured

Overnight

Financing

Rate

+

1.23%

5.64%,

05/19/2029

(e) 160

Secured

Overnight

Financing

Rate

+

2.21%

6.14%,

08/24/2034

(e) 155

Secured

Overnight

Financing

Rate

+

2.01%

6.20%,

11/17/2029

(e) 140

Secured

Overnight

Financing

Rate

+

1.88%

CME

Group

Inc

5.30%,

09/15/2043

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

2.10%,

06/15/2030

2.65%,

09/15/2040

3.00%,

09/15/2060

3.75%,

09/21/2028

3.95%,

12/01/2028

4.00%,

09/15/2027

4.25%,

09/21/2048

4.60%,

03/15/2033

4.95%,

06/15/2052

Jefferies

Financial

Group

Inc

2.63%,

10/15/2031

2.75%,

10/15/2032

4.15%,

01/23/2030

5.50%,

02/15/2036

Legg

Mason

Inc

5.63%,

01/15/2044

Mastercard

Inc

2.00%,

11/18/2031

2.95%,

03/15/2051

3.35%,

03/26/2030

3.85%,

03/26/2050

4.55%,

03/15/2028

4.55%,

01/15/2035

4.88%,

03/09/2028

Nasdaq

Inc

2.50%,

12/21/2040

5.35%,

06/28/2028

5.95%,

08/15/2053

Nomura

Holdings

Inc

2.68%,

07/16/2030

4.90%,

07/01/2030

(a) 200

5.84%,

01/18/2028

(a) 320

6.09%,

07/12/2033

Synchrony

Financial

3.95%,

12/01/2027

4.95%,

02/25/2032

(e) 150

Secured

Overnight

Financing

Rate

+

1.53%

5.02%,

07/29/2029

(e) 155

Secured

Overnight

Financing

Rate

+

1.40%

Visa

Inc

1.10%,

02/15/2031

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Visa

Inc

(continued)

1.90%,

04/15/2027

$

$

2.00%,

08/15/2050

2.70%,

04/15/2040

2.75%,

09/15/2027

4.10%,

02/12/2031

(a) 150

4.15%,

12/14/2035

500

4.30%,

12/14/2045

4.70%,

02/12/2036

$

21,931

Electric

-

2.09%

AEP

Texas

Inc

2.10%,

07/01/2030

3.45%,

01/15/2050

3.45%,

05/15/2051

4.70%,

05/15/2032

5.25%,

05/15/2052

AEP

Transmission

Co

LLC

2.75%,

08/15/2051

4.00%,

12/01/2046

4.50%,

06/15/2052

5.40%,

03/15/2053

AES

Corp/The

2.45%,

01/15/2031

Alabama

Power

Co

1.45%,

09/15/2030

3.13%,

07/15/2051

4.30%,

03/15/2031

Ameren

Corp

1.75%,

03/15/2028

5.00%,

01/15/2029

5.00%,

05/15/2036

(i) 150

Ameren

Illinois

Co

1.55%,

11/15/2030

3.25%,

03/15/2050

3.85%,

09/01/2032

4.15%,

03/15/2046

5.63%,

03/01/2055

American

Electric

Power

Co

Inc

2.30%,

03/01/2030

5.63%,

03/01/2033

6.05%,

03/15/2056

(e) 315

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%

Arizona

Public

Service

Co

2.60%,

08/15/2029

2.65%,

09/15/2050

5.90%,

08/15/2055

Baltimore

Gas

and

Electric

Co

2.25%,

06/15/2031

4.55%,

06/01/2052

5.45%,

06/01/2035

5.65%,

06/01/2054

Berkshire

Hathaway

Energy

Co

1.65%,

05/15/2031

2.85%,

05/15/2051

3.80%,

07/15/2048

4.60%,

05/01/2053

5.15%,

11/15/2043

6.13%,

04/01/2036

CenterPoint

Energy

Houston

Electric

LLC

3.35%,

04/01/2051

4.25%,

02/01/2049

4.85%,

04/01/2036

4.95%,

04/01/2033

4.95%,

08/15/2035

5.20%,

10/01/2028

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

CenterPoint

Energy

Inc

2.95%,

03/01/2030

$

$

CMS

Energy

Corp

3.75%,

12/01/2050

(e) 60

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

Commonwealth

Edison

Co

3.00%,

03/01/2050

3.13%,

03/15/2051

4.00%,

03/01/2048

5.30%,

06/01/2034

5.30%,

02/01/2053

5.65%,

06/01/2054

5.95%,

06/01/2055

Connecticut

Light

and

Power

Co/The

2.05%,

07/01/2031

3.20%,

03/15/2027

4.00%,

04/01/2048

4.95%,

01/15/2030

Consolidated

Edison

Co

of

New

York

Inc

2.40%,

06/15/2031

3.00%,

12/01/2060

3.70%,

11/15/2059

3.88%,

06/15/2047

4.30%,

12/01/2056

5.20%,

03/01/2033

5.30%,

03/01/2035

5.75%,

11/15/2055

6.15%,

11/15/2052

6.30%,

08/15/2037

6.75%,

04/01/2038

Constellation

Energy

Generation

LLC

3.90%,

01/08/2028

Consumers

Energy

Co

4.35%,

04/15/2049

4.50%,

01/15/2031

4.60%,

05/30/2029

4.70%,

01/15/2030

4.90%,

02/15/2029

5.05%,

05/15/2035

Dayton

Power

&

Light

Co/The

4.55%,

08/15/2030

Dominion

Energy

Inc

3.30%,

04/15/2041

3.38%,

04/01/2030

4.60%,

05/15/2028

4.90%,

08/01/2041

5.38%,

11/15/2032

5.45%,

03/15/2035

5.95%,

06/15/2035

DTE

Electric

Co

1.90%,

04/01/2028

2.63%,

03/01/2031

3.70%,

03/15/2045

5.20%,

03/01/2034

5.25%,

05/15/2035

5.40%,

04/01/2053

5.55%,

03/01/2056

DTE

Energy

Co

4.88%,

06/01/2028

4.95%,

07/01/2027

5.05%,

10/01/2035

5.20%,

04/01/2030

Duke

Energy

Carolinas

LLC

4.00%,

09/30/2042

4.95%,

01/15/2033

5.25%,

03/15/2035

5.30%,

02/15/2040

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Duke

Energy

Carolinas

LLC

(continued)

5.35%,

01/15/2053

$

$

5.40%,

01/15/2054

6.05%,

04/15/2038

Duke

Energy

Corp

3.15%,

08/15/2027

3.30%,

06/15/2041

3.50%,

06/15/2051

3.95%,

08/15/2047

4.20%,

06/15/2049

4.50%,

08/15/2032

4.80%,

12/15/2045

4.85%,

01/05/2029

4.95%,

09/15/2035

5.00%,

08/15/2052

5.45%,

06/15/2034

5.70%,

09/15/2055

5.80%,

06/15/2054

6.10%,

09/15/2053

Duke

Energy

Florida

LLC

1.75%,

06/15/2030

2.50%,

12/01/2029

3.40%,

10/01/2046

4.20%,

12/01/2030

5.88%,

11/15/2033

5.95%,

11/15/2052

6.40%,

06/15/2038

505

567

Duke

Energy

Indiana

LLC

2.75%,

04/01/2050

5.40%,

04/01/2053

5.90%,

05/15/2055

Duke

Energy

Progress

LLC

2.50%,

08/15/2050

5.55%,

03/15/2055

Emera

US

Finance

LP

4.75%,

06/15/2046

Entergy

Arkansas

LLC

2.65%,

06/15/2051

4.20%,

04/01/2049

4.95%,

01/15/2036

5.15%,

01/15/2033

Entergy

Corp

1.90%,

06/15/2028

2.40%,

06/15/2031

Entergy

Louisiana

LLC

2.90%,

03/15/2051

3.10%,

06/15/2041

3.12%,

09/01/2027

4.75%,

09/15/2052

5.15%,

09/15/2034

5.65%,

04/15/2056

(a) 150

5.80%,

03/15/2055

Entergy

Texas

Inc

1.75%,

03/15/2031

4.00%,

03/30/2029

Evergy

Kansas

Central

Inc

5.25%,

03/15/2035

5.70%,

03/15/2053

Evergy

Metro

Inc

2.25%,

06/01/2030

5.13%,

08/15/2035

Eversource

Energy

1.65%,

08/15/2030

4.45%,

12/15/2030

5.13%,

05/15/2033

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Exelon

Corp

3.35%,

03/15/2032

$

$

4.95%,

03/15/2036

5.13%,

03/15/2031

5.15%,

03/15/2029

6.50%,

03/15/2055

(e) 225

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

FirstEnergy

Transmission

LLC

4.75%,

01/15/2033

Florida

Power

&

Light

Co

2.45%,

02/03/2032

2.88%,

12/04/2051

3.70%,

12/01/2047

4.05%,

10/01/2044

4.13%,

02/01/2042

4.40%,

05/15/2028

4.70%,

02/15/2036

4.80%,

05/15/2033

5.10%,

04/01/2033

5.30%,

06/15/2034

5.60%,

06/15/2054

5.65%,

02/01/2037

5.70%,

03/15/2055

Georgia

Power

Co

4.30%,

03/15/2042

4.55%,

03/15/2030

4.65%,

05/16/2028

4.70%,

05/15/2032

5.50%,

10/01/2055

Indiana

Michigan

Power

Co

5.60%,

03/15/2056

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

4.10%,

09/26/2028

5.60%,

06/29/2035

5.60%,

10/01/2055

Jersey

Central

Power

&

Light

Co

4.40%,

01/15/2031

(g) 155

Kentucky

Utilities

Co

3.30%,

06/01/2050

5.85%,

08/15/2055

MidAmerican

Energy

Co

3.15%,

04/15/2050

4.25%,

07/15/2049

5.30%,

02/01/2055

Mississippi

Power

Co

4.25%,

03/15/2042

National

Rural

Utilities

Cooperative

Finance

Corp

4.05%,

02/09/2029

4.12%,

09/16/2027

4.15%,

08/25/2028

4.15%,

12/15/2032

4.80%,

03/15/2028

5.00%,

02/07/2031

5.15%,

06/15/2029

Nevada

Power

Co

2.40%,

05/01/2030

NextEra

Energy

Capital

Holdings

Inc

1.90%,

06/15/2028

2.25%,

06/01/2030

2.75%,

11/01/2029

3.55%,

05/01/2027

4.40%,

03/01/2031

4.69%,

09/01/2027

4.90%,

02/28/2028

4.90%,

03/15/2029

5.00%,

07/15/2032

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

NextEra

Energy

Capital

Holdings

Inc

(continued)

5.05%,

03/15/2030

$

$

5.25%,

03/15/2034

5.25%,

02/28/2053

5.45%,

03/15/2035

5.90%,

03/15/2055

6.50%,

08/15/2055

(e) 285

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

Northern

States

Power

Co/MN

2.25%,

04/01/2031

2.60%,

06/01/2051

2.90%,

03/01/2050

5.05%,

05/15/2035

5.10%,

05/15/2053

5.35%,

11/01/2039

5.65%,

05/15/2055

NSTAR

Electric

Co

4.55%,

06/01/2052

4.95%,

09/15/2052

5.20%,

03/01/2035

5.40%,

06/01/2034

Ohio

Power

Co

1.63%,

01/15/2031

Oncor

Electric

Delivery

Co

LLC

3.10%,

09/15/2049

4.15%,

06/01/2032

4.30%,

05/15/2028

4.50%,

03/20/2027

(g) 155

4.55%,

09/15/2032

4.60%,

06/01/2052

4.65%,

11/01/2029

5.55%,

06/15/2054

Pacific

Gas

and

Electric

Co

2.10%,

08/01/2027

605

590

2.50%,

02/01/2031

845

773

3.30%,

08/01/2040

3.50%,

08/01/2050

850

587

4.20%,

06/01/2041

5.05%,

10/15/2032

5.20%,

05/01/2036

5.70%,

03/01/2035

5.80%,

05/15/2034

5.90%,

06/15/2032

5.90%,

10/01/2054

6.10%,

01/15/2029

6.75%,

01/15/2053

PacifiCorp

2.90%,

06/15/2052

5.30%,

02/15/2031

5.35%,

12/01/2053

5.50%,

05/15/2054

6.00%,

01/15/2039

6.25%,

10/15/2037

PECO

Energy

Co

2.80%,

06/15/2050

2.85%,

09/15/2051

4.38%,

08/15/2052

4.60%,

05/15/2052

4.88%,

09/15/2035

PPL

Capital

Funding

Inc

5.25%,

09/01/2034

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

3.95%,

06/01/2047

4.85%,

02/15/2034

5.00%,

05/15/2033

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

$

$

2.70%,

01/15/2051

3.20%,

03/01/2050

5.15%,

09/15/2035

5.25%,

04/01/2053

5.35%,

05/15/2034

5.85%,

05/15/2055

Public

Service

Co

of

New

Hampshire

4.40%,

07/01/2028

Public

Service

Co

of

Oklahoma

5.20%,

01/15/2035

5.25%,

01/15/2033

Public

Service

Electric

and

Gas

Co

3.15%,

01/01/2050

3.65%,

09/01/2028

3.80%,

03/01/2046

4.20%,

01/01/2031

4.85%,

08/01/2034

4.90%,

08/15/2035

5.30%,

08/01/2054

5.45%,

08/01/2053

Public

Service

Enterprise

Group

Inc

4.90%,

03/15/2030

5.88%,

10/15/2028

6.13%,

10/15/2033

Puget

Sound

Energy

Inc

2.89%,

09/15/2051

5.60%,

09/15/2055

San

Diego

Gas

&

Electric

Co

1.70%,

10/01/2030

3.32%,

04/15/2050

3.70%,

03/15/2052

4.50%,

08/15/2040

Sempra

4.00%,

02/01/2048

6.55%,

04/01/2055

(e) 380

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

Southern

California

Edison

Co

2.25%,

06/01/2030

2.85%,

08/01/2029

3.45%,

02/01/2052

3.65%,

02/01/2050

4.00%,

04/01/2047

4.70%,

06/01/2027

5.25%,

03/15/2030

5.30%,

03/01/2028

5.45%,

06/01/2031

5.45%,

03/01/2035

5.50%,

03/15/2040

5.65%,

10/01/2028

5.70%,

03/01/2053

5.85%,

11/01/2027

5.90%,

03/01/2055

5.95%,

02/01/2038

Southern

Co/The

1.75%,

03/15/2028

4.40%,

07/01/2046

5.20%,

06/15/2033

5.50%,

03/15/2029

5.70%,

10/15/2032

5.70%,

03/15/2034

Southern

Power

Co

4.90%,

10/01/2035

4.95%,

12/15/2046

Southwestern

Electric

Power

Co

4.10%,

09/15/2028

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Southwestern

Public

Service

Co

4.50%,

08/15/2041

$

$

6.00%,

06/01/2054

Tampa

Electric

Co

3.45%,

03/15/2051

Tucson

Electric

Power

Co

1.50%,

08/01/2030

3.25%,

05/01/2051

Union

Electric

Co

2.15%,

03/15/2032

2.63%,

03/15/2051

5.45%,

03/15/2053

5.55%,

03/15/2056

Virginia

Electric

and

Power

Co

2.30%,

11/15/2031

2.45%,

12/15/2050

2.95%,

11/15/2051

3.75%,

05/15/2027

5.05%,

08/15/2034

5.45%,

04/01/2053

5.55%,

08/15/2054

5.60%,

09/15/2055

5.70%,

03/15/2056

(i) 295

8.88%,

11/15/2038

WEC

Energy

Group

Inc

1.38%,

10/15/2027

2.20%,

12/15/2028

Wisconsin

Electric

Power

Co

4.15%,

10/15/2030

4.75%,

09/30/2032

(a) 180

Wisconsin

Power

and

Light

Co

5.70%,

12/15/2055

Wisconsin

Public

Service

Corp

4.55%,

12/01/2029

Xcel

Energy

Inc

1.75%,

03/15/2027

2.60%,

12/01/2029

4.60%,

06/01/2032

4.75%,

03/21/2028

5.75%,

12/03/2056

(e),(i)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

$

59,037

Electrical

Components

&

Equipment

-

0.02%

Emerson

Electric

Co

2.20%,

12/21/2031

Electronics

-

0.12%

Amphenol

Corp

3.90%,

11/15/2028

4.13%,

11/15/2030

4.40%,

02/15/2033

5.00%,

01/15/2035

5.05%,

04/05/2027

5.30%,

11/15/2055

Honeywell

International

Inc

1.10%,

03/01/2027

1.75%,

09/01/2031

1.95%,

06/01/2030

3.81%,

11/21/2047

4.25%,

01/15/2029

4.70%,

02/01/2030

5.00%,

02/15/2033

5.00%,

03/01/2035

5.25%,

03/01/2054

Tyco

Electronics

Group

SA

4.88%,

02/09/2036

7.13%,

10/01/2037

$

3,381

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

-

0.17%

Republic

Services

Inc

1.75%,

02/15/2032

$

$

2.30%,

03/01/2030

685

642

3.38%,

11/15/2027

5.00%,

11/15/2029

5.00%,

04/01/2034

5.15%,

03/15/2035

Waste

Connections

Inc

2.20%,

01/15/2032

4.20%,

01/15/2033

Waste

Management

Inc

2.00%,

06/01/2029

2.50%,

11/15/2050

3.15%,

11/15/2027

790

784

4.15%,

04/15/2032

4.63%,

02/15/2033

4.65%,

03/15/2030

4.88%,

02/15/2029

4.95%,

07/03/2031

4.95%,

03/15/2035

5.35%,

10/15/2054

$

4,881

Finance

-

Mortgage

Loan/Banker

-

0.25%

Fannie

Mae

0.75%,

10/08/2027

0.88%,

08/05/2030

510

5.63%,

07/15/2037

6.25%,

05/15/2029

750

814

6.63%,

11/15/2030

7.13%,

01/15/2030

7.25%,

05/15/2030

Federal

Home

Loan

Banks

3.25%,

11/16/2028

950

948

3.50%,

09/09/2027

3.50%,

10/04/2027

3.88%,

06/04/2027

4.00%,

03/10/2027

845

849

4.00%,

06/30/2028

4.75%,

04/09/2027

5.50%,

07/15/2036

Freddie

Mac

6.25%,

07/15/2032

6.75%,

03/15/2031

543

623

$

7,203

Food

-

0.37%

Campbell's

Company/The

4.15%,

03/15/2028

Conagra

Brands

Inc

1.38%,

11/01/2027

4.85%,

11/01/2028

5.30%,

11/01/2038

5.40%,

11/01/2048

General

Mills

Inc

2.25%,

10/14/2031

775

696

4.88%,

01/30/2030

4.95%,

03/29/2033

5.50%,

10/17/2028

Hershey

Co/The

2.65%,

06/01/2050

J

M

Smucker

Co/The

2.13%,

03/15/2032

5.90%,

11/15/2028

6.50%,

11/15/2043

JBS

NV/JBS

USA

Foods

Group

Holdings

Inc/JBS

USA

Food

Co

Holdings

5.50%,

01/15/2036

5.75%,

04/01/2033

6.25%,

03/01/2056

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

(continued)

JBS

NV/JBS

USA

Foods

Group

Holdings

Inc/JBS

USA

Food

Co

Holdings

(continued)

6.38%,

02/25/2055

$

$

6.38%,

04/15/2066

6.50%,

12/01/2052

6.75%,

03/15/2034

Kellanova

2.10%,

06/01/2030

Koninklijke

Ahold

Delhaize

NV

5.70%,

10/01/2040

Kraft

Heinz

Foods

Co

4.38%,

06/01/2046

4.88%,

10/01/2049

5.00%,

06/04/2042

5.20%,

03/15/2032

5.20%,

07/15/2045

6.50%,

02/09/2040

Kroger

Co/The

1.70%,

01/15/2031

3.70%,

08/01/2027

700

699

4.45%,

02/01/2047

5.00%,

09/15/2034

5.15%,

08/01/2043

5.40%,

07/15/2040

5.50%,

09/15/2054

5.65%,

09/15/2064

McCormick

&

Co

Inc/MD

1.85%,

02/15/2031

Mondelez

International

Inc

1.50%,

02/04/2031

2.63%,

03/17/2027

2.63%,

09/04/2050

4.25%,

05/06/2028

4.50%,

05/06/2030

4.75%,

08/28/2034

(a) 145

Sysco

Corp

2.40%,

02/15/2030

2.45%,

12/14/2031

4.40%,

07/25/2031

4.85%,

10/01/2045

5.40%,

03/23/2035

5.75%,

01/17/2029

Tyson

Foods

Inc

3.55%,

06/02/2027

4.55%,

06/02/2047

4.95%,

02/20/2036

$

10,463

Forest

Products

&

Paper

-

0.02%

Georgia-Pacific

LLC

7.75%,

11/15/2029

International

Paper

Co

4.80%,

06/15/2044

Suzano

Austria

GmbH

2.50%,

09/15/2028

Suzano

Netherlands

BV

5.50%,

01/15/2036

$

566

Gas

-

0.14%

Atmos

Energy

Corp

1.50%,

01/15/2031

3.38%,

09/15/2049

4.13%,

10/15/2044

5.45%,

01/15/2056

5.75%,

10/15/2052

5.90%,

11/15/2033

6.20%,

11/15/2053

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Gas

(continued)

CenterPoint

Energy

Resources

Corp

1.75%,

10/01/2030

$

$

4.40%,

07/01/2032

5.25%,

03/01/2028

NiSource

Inc

3.60%,

05/01/2030

5.00%,

06/15/2052

5.25%,

03/30/2028

5.35%,

07/15/2035

5.40%,

06/30/2033

5.65%,

02/01/2045

5.85%,

04/01/2055

Southern

California

Gas

Co

2.55%,

02/01/2030

5.05%,

09/01/2034

5.45%,

06/15/2035

5.75%,

06/01/2053

6.00%,

06/15/2055

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

3.15%,

09/30/2051

5.10%,

09/15/2035

$

4,090

Hand

&

Machine

Tools

-

0.03%

Stanley

Black

&

Decker

Inc

2.30%,

03/15/2030

700

649

2.75%,

11/15/2050

$

701

Healthcare

-

Products

-

0.39%

Abbott

Laboratories

3.70%,

03/09/2029

(i) 295

4.00%,

03/15/2031

(i) 295

4.30%,

03/15/2033

(i) 295

4.65%,

03/15/2036

(i) 295

4.75%,

11/30/2036

4.75%,

03/15/2038

(i) 150

4.75%,

04/15/2043

4.90%,

11/30/2046

5.30%,

05/27/2040

5.50%,

03/15/2056

(i) 295

5.60%,

03/15/2066

(i) 295

Agilent

Technologies

Inc

2.10%,

06/04/2030

2.30%,

03/12/2031

Baxter

International

Inc

1.73%,

04/01/2031

2.27%,

12/01/2028

665

629

2.54%,

02/01/2032

3.13%,

12/01/2051

Boston

Scientific

Corp

2.65%,

06/01/2030

Danaher

Corp

2.60%,

10/01/2050

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

3.25%,

11/15/2039

GE

HealthCare

Technologies

Inc

4.80%,

08/14/2029

5.50%,

06/15/2035

5.65%,

11/15/2027

5.86%,

03/15/2030

5.91%,

11/22/2032

6.38%,

11/22/2052

Koninklijke

Philips

NV

5.00%,

03/15/2042

Medtronic

Global

Holdings

SCA

4.25%,

03/30/2028

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Products

(continued)

Medtronic

Inc

4.38%,

03/15/2035

$

500

$

4.63%,

03/15/2045

Revvity

Inc

1.90%,

09/15/2028

Stryker

Corp

1.95%,

06/15/2030

600

551

4.38%,

05/15/2044

4.63%,

03/15/2046

4.70%,

02/10/2028

545

553

4.85%,

12/08/2028

5.20%,

02/10/2035

Thermo

Fisher

Scientific

Inc

2.00%,

10/15/2031

(a) 65

2.60%,

10/01/2029

2.80%,

10/15/2041

650

4.20%,

03/01/2031

4.55%,

06/15/2033

4.79%,

10/07/2035

4.80%,

11/21/2027

5.09%,

08/10/2033

5.40%,

08/10/2043

5.55%,

02/12/2046

Zimmer

Biomet

Holdings

Inc

2.60%,

11/24/2031

$

11,158

Healthcare

-

Services

-

0.72%

Advocate

Health

&

Hospitals

Corp

3.83%,

08/15/2028

Aetna

Inc

6.75%,

12/15/2037

Baylor

Scott

&

White

Holdings

4.19%,

11/15/2045

Centene

Corp

3.38%,

02/15/2030

600

556

4.63%,

12/15/2029

815

795

Cigna

Group/The

2.40%,

03/15/2030

3.20%,

03/15/2040

3.40%,

03/01/2027

3.40%,

03/15/2051

3.88%,

10/15/2047

4.38%,

10/15/2028

4.80%,

08/15/2038

4.88%,

09/15/2032

5.13%,

05/15/2031

5.25%,

01/15/2036

5.60%,

02/15/2054

6.00%,

01/15/2056

Elevance

Health

Inc

3.13%,

05/15/2050

3.60%,

03/15/2051

4.10%,

03/01/2028

4.38%,

12/01/2047

4.60%,

09/15/2032

4.65%,

01/15/2043

4.75%,

02/15/2030

4.75%,

02/15/2033

5.20%,

02/15/2035

5.38%,

06/15/2034

5.65%,

06/15/2054

5.70%,

02/15/2055

5.70%,

09/15/2055

6.10%,

10/15/2052

HCA

Inc

2.38%,

07/15/2031

3.38%,

03/15/2029

3.50%,

09/01/2030

680

659

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

(continued)

HCA

Inc

(continued)

3.50%,

07/15/2051

$

$

4.38%,

03/15/2042

4.60%,

11/15/2032

5.00%,

03/01/2028

5.20%,

06/01/2028

5.45%,

04/01/2031

5.45%,

09/15/2034

5.50%,

03/01/2032

5.50%,

06/01/2033

5.50%,

06/15/2047

5.60%,

04/01/2034

5.70%,

11/15/2055

5.75%,

03/01/2035

5.95%,

09/15/2054

6.00%,

04/01/2054

Humana

Inc

2.15%,

02/03/2032

3.13%,

08/15/2029

4.95%,

10/01/2044

5.50%,

03/15/2053

5.55%,

05/01/2035

Kaiser

Foundation

Hospitals

4.15%,

05/01/2047

500

Laboratory

Corp

of

America

Holdings

4.70%,

02/01/2045

500

Memorial

Sloan-Kettering

Cancer

Center

4.20%,

07/01/2055

Providence

St

Joseph

Health

Obligated

Group

3.74%,

10/01/2047

Quest

Diagnostics

Inc

2.95%,

06/30/2030

4.60%,

12/15/2027

5.00%,

12/15/2034

UnitedHealth

Group

Inc

2.00%,

05/15/2030

2.30%,

05/15/2031

2.75%,

05/15/2040

2.88%,

08/15/2029

2.90%,

05/15/2050

3.05%,

05/15/2041

3.25%,

05/15/2051

3.50%,

08/15/2039

3.70%,

05/15/2027

4.25%,

01/15/2029

4.25%,

04/15/2047

4.25%,

06/15/2048

4.40%,

06/15/2028

4.45%,

12/15/2048

4.60%,

04/15/2027

4.70%,

04/15/2029

4.75%,

07/15/2045

4.75%,

05/15/2052

4.80%,

01/15/2030

4.90%,

04/15/2031

4.95%,

01/15/2032

5.00%,

04/15/2034

5.15%,

07/15/2034

5.20%,

04/15/2063

5.30%,

06/15/2035

5.35%,

02/15/2033

5.50%,

07/15/2044

5.50%,

04/15/2064

5.63%,

07/15/2054

5.88%,

02/15/2053

5.95%,

06/15/2055

6.88%,

02/15/2038

$

20,436

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Home

Builders

-

0.01%

DR

Horton

Inc

1.40%,

10/15/2027

$

$

Home

Furnishings

-

0.01%

Leggett

&

Platt

Inc

4.40%,

03/15/2029

Insurance

-

0.60%

Allstate

Corp/The

1.45%,

12/15/2030

3.85%,

08/10/2049

5.25%,

03/30/2033

American

International

Group

Inc

4.38%,

06/30/2050

4.75%,

04/01/2048

5.13%,

03/27/2033

5.45%,

05/07/2035

Aon

Corp

2.80%,

05/15/2030

Aon

Corp

/

Aon

Global

Holdings

PLC

2.60%,

12/02/2031

2.85%,

05/28/2027

2.90%,

08/23/2051

5.00%,

09/12/2032

5.35%,

02/28/2033

Aon

North

America

Inc

5.13%,

03/01/2027

5.15%,

03/01/2029

5.45%,

03/01/2034

5.75%,

03/01/2054

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

Arthur

J

Gallagher

&

Co

4.60%,

12/15/2027

4.85%,

12/15/2029

5.15%,

02/15/2035

5.55%,

02/15/2055

Athene

Holding

Ltd

4.13%,

01/12/2028

6.25%,

04/01/2054

6.63%,

05/19/2055

Berkshire

Hathaway

Finance

Corp

2.50%,

01/15/2051

2.85%,

10/15/2050

2.88%,

03/15/2032

3.85%,

03/15/2052

4.20%,

08/15/2048

4.25%,

01/15/2049

4.30%,

05/15/2043

5.75%,

01/15/2040

Brighthouse

Financial

Inc

4.70%,

06/22/2047

Brown

&

Brown

Inc

4.90%,

06/23/2030

5.25%,

06/23/2032

5.55%,

06/23/2035

6.25%,

06/23/2055

Chubb

INA

Holdings

LLC

2.85%,

12/15/2051

3.05%,

12/15/2061

4.35%,

11/03/2045

4.65%,

08/15/2029

5.00%,

03/15/2034

6.00%,

05/11/2037

CNA

Financial

Corp

2.05%,

08/15/2030

Corebridge

Financial

Inc

3.85%,

04/05/2029

3.90%,

04/05/2032

6.05%,

09/15/2033

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Equitable

Holdings

Inc

4.35%,

04/20/2028

$

$

5.00%,

04/20/2048

Hartford

Insurance

Group

Inc/The

2.90%,

09/15/2051

Lincoln

National

Corp

6.30%,

10/09/2037

Markel

Group

Inc

3.45%,

05/07/2052

Marsh

&

McLennan

Cos

Inc

4.38%,

03/15/2029

4.55%,

11/08/2027

4.85%,

11/15/2031

4.90%,

03/15/2049

4.95%,

03/15/2036

5.00%,

03/15/2035

5.40%,

09/15/2033

5.40%,

03/15/2055

5.70%,

09/15/2053

6.25%,

11/01/2052

MetLife

Inc

4.05%,

03/01/2045

4.13%,

08/13/2042

4.60%,

05/13/2046

4.88%,

11/13/2043

5.25%,

01/15/2054

5.30%,

12/15/2034

5.38%,

07/15/2033

5.70%,

06/15/2035

5.85%,

03/15/2056

(e) 150

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.82%

Progressive

Corp/The

3.70%,

03/15/2052

4.35%,

04/25/2044

4.95%,

06/15/2033

(a) 160

Prudential

Financial

Inc

2.10%,

03/10/2030

(a) 400

3.70%,

10/01/2050

(e) 160

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%

3.70%,

03/13/2051

785

574

5.20%,

03/14/2035

5.70%,

12/14/2036

5.70%,

09/15/2048

(e) 270

Month

USD

LIBOR

+

2.67%

Travelers

Cos

Inc/The

3.05%,

06/08/2051

4.00%,

05/30/2047

5.05%,

07/24/2035

5.45%,

05/25/2053

6.25%,

06/15/2037

W

R

Berkley

Corp

4.00%,

05/12/2050

Willis

North

America

Inc

2.95%,

09/15/2029

3.88%,

09/15/2049

5.35%,

05/15/2033

$

16,974

Internet

-

0.69%

Alibaba

Group

Holding

Ltd

2.13%,

02/09/2031

500

3.15%,

02/09/2051

3.40%,

12/06/2027

860

854

4.20%,

12/06/2047

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

Alphabet

Inc

1.90%,

08/15/2040

$

$

3.70%,

02/15/2029

3.88%,

11/15/2028

4.00%,

05/15/2030

630

634

4.10%,

11/15/2030

4.38%,

11/15/2032

4.40%,

02/15/2033

4.70%,

11/15/2035

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

5.50%,

02/15/2046

5.65%,

02/15/2056

5.75%,

02/15/2066

Amazon.com

Inc

1.65%,

05/12/2028

2.10%,

05/12/2031

2.50%,

06/03/2050

2.88%,

05/12/2041

3.10%,

05/12/2051

3.15%,

08/22/2027

600

596

3.25%,

05/12/2061

3.30%,

04/13/2027

3.88%,

08/22/2037

3.90%,

11/20/2028

3.95%,

04/13/2052

540

4.05%,

08/22/2047

500

4.25%,

08/22/2057

4.35%,

03/20/2033

4.65%,

11/20/2035

4.70%,

12/01/2032

4.80%,

12/05/2034

4.95%,

12/05/2044

5.45%,

11/20/2055

5.55%,

11/20/2065

eBay

Inc

2.60%,

05/10/2031

3.65%,

05/10/2051

4.00%,

07/15/2042

5.95%,

11/22/2027

Expedia

Group

Inc

2.95%,

03/15/2031

Meta

Platforms

Inc

3.85%,

08/15/2032

4.20%,

11/15/2030

675

681

4.30%,

08/15/2029

4.45%,

08/15/2052

4.60%,

11/15/2032

620

630

4.75%,

08/15/2034

4.80%,

05/15/2030

4.88%,

11/15/2035

4.95%,

05/15/2033

5.40%,

08/15/2054

5.50%,

11/15/2045

5.55%,

08/15/2064

5.60%,

05/15/2053

5.63%,

11/15/2055

5.75%,

11/15/2065

Netflix

Inc

4.90%,

08/15/2034

5.88%,

11/15/2028

510

Uber

Technologies

Inc

4.15%,

01/15/2031

4.80%,

09/15/2035

$

19,423

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Investment

Companies

-

0.03%

Ares

Capital

Corp

5.10%,

01/15/2031

$

$

5.50%,

09/01/2030

Blackstone

Private

Credit

Fund

5.05%,

09/10/2030

$

749

Iron

&

Steel

-

0.05%

ArcelorMittal

SA

6.00%,

06/17/2034

(a) 260

Nucor

Corp

3.13%,

04/01/2032

4.30%,

05/23/2027

Steel

Dynamics

Inc

1.65%,

10/15/2027

5.38%,

08/15/2034

5.75%,

05/15/2055

Vale

Overseas

Ltd

6.13%,

06/12/2033

6.40%,

06/28/2054

$

1,395

Lodging

-

0.06%

Hyatt

Hotels

Corp

5.25%,

06/30/2029

Marriott

International

Inc/MD

2.85%,

04/15/2031

510

4.50%,

05/01/2033

5.00%,

10/15/2027

5.10%,

05/01/2038

5.25%,

10/15/2035

5.35%,

03/15/2035

5.55%,

10/15/2028

$

1,800

Machinery

-

Construction

&

Mining

-

0.08%

Caterpillar

Financial

Services

Corp

1.10%,

09/14/2027

3.70%,

01/10/2028

3.95%,

11/14/2028

4.70%,

11/15/2029

5.00%,

05/14/2027

Caterpillar

Inc

2.60%,

04/09/2030

3.25%,

09/19/2049

3.80%,

08/15/2042

550

5.50%,

05/15/2055

$

2,227

Machinery

-

Diversified

-

0.16%

Deere

&

Co

3.90%,

06/09/2042

5.45%,

01/16/2035

Dover

Corp

5.38%,

03/01/2041

Ingersoll

Rand

Inc

5.20%,

06/15/2027

5.31%,

06/15/2031

John

Deere

Capital

Corp

1.50%,

03/06/2028

2.00%,

06/17/2031

(a) 55

2.35%,

03/08/2027

2.80%,

07/18/2029

4.15%,

09/15/2027

4.35%,

09/15/2032

4.55%,

06/05/2030

4.65%,

01/07/2028

4.85%,

06/11/2029

4.90%,

06/11/2027

4.90%,

03/07/2031

4.95%,

07/14/2028

5.10%,

04/11/2034

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Machinery

-

Diversified

(continued)

Otis

Worldwide

Corp

2.57%,

02/15/2030

$

$

3.36%,

02/15/2050

5.13%,

09/04/2035

Rockwell

Automation

Inc

1.75%,

08/15/2031

2.80%,

08/15/2061

Westinghouse

Air

Brake

Technologies

Corp

4.70%,

09/15/2028

$

4,551

Media

-

0.56%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.25%,

01/15/2029

2.30%,

02/01/2032

2.80%,

04/01/2031

3.50%,

06/01/2041

515

3.70%,

04/01/2051

3.85%,

04/01/2061

3.90%,

06/01/2052

4.40%,

12/01/2061

4.80%,

03/01/2050

600

5.38%,

04/01/2038

5.38%,

05/01/2047

5.75%,

04/01/2048

6.38%,

10/23/2035

6.48%,

10/23/2045

6.55%,

06/01/2034

6.70%,

12/01/2055

(a) 130

Comcast

Corp

1.50%,

02/15/2031

(a) 410

2.45%,

08/15/2052

2.65%,

02/01/2030

2.65%,

08/15/2062

2.89%,

11/01/2051

2.94%,

11/01/2056

2.99%,

11/01/2063

3.15%,

02/15/2028

3.25%,

11/01/2039

3.45%,

02/01/2050

3.55%,

05/01/2028

685

682

3.75%,

04/01/2040

3.90%,

03/01/2038

3.97%,

11/01/2047

4.00%,

03/01/2048

4.15%,

10/15/2028

4.40%,

08/15/2035

4.55%,

01/15/2029

520

530

4.70%,

10/15/2048

4.80%,

05/15/2033

4.95%,

05/15/2032

5.10%,

06/01/2029

5.30%,

06/01/2034

(a) 345

5.35%,

05/15/2053

5.50%,

11/15/2032

5.65%,

06/15/2035

5.65%,

06/01/2054

6.05%,

05/15/2055

(a) 155

Discovery

Communications

LLC

5.20%,

09/20/2047

Fox

Corp

5.48%,

01/25/2039

5.58%,

01/25/2049

6.50%,

10/13/2033

Paramount

Global

4.38%,

03/15/2043

4.85%,

07/01/2042

7.88%,

07/30/2030

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Time

Warner

Cable

Enterprises

LLC

8.38%,

07/15/2033

$

$

Time

Warner

Cable

LLC

4.50%,

09/15/2042

5.50%,

09/01/2041

5.88%,

11/15/2040

6.55%,

05/01/2037

7.30%,

07/01/2038

Walt

Disney

Co/The

2.00%,

09/01/2029

2.20%,

01/13/2028

2.65%,

01/13/2031

2.75%,

09/01/2049

3.50%,

05/13/2040

3.60%,

01/13/2051

4.00%,

03/14/2031

4.63%,

03/14/2036

4.70%,

03/23/2050

4.95%,

10/15/2045

6.40%,

12/15/2035

6.65%,

11/15/2037

$

15,957

Metal

Fabrication

&

Hardware

-

0.01%

Precision

Castparts

Corp

3.90%,

01/15/2043

Mining

-

0.18%

Barrick

PD

Australia

Finance

Pty

Ltd

5.95%,

10/15/2039

BHP

Billiton

Finance

USA

Ltd

4.13%,

02/24/2042

4.90%,

02/28/2033

5.00%,

02/21/2030

5.00%,

02/15/2036

5.00%,

09/30/2043

500

5.25%,

09/08/2030

5.50%,

09/08/2053

(a) 160

Freeport-McMoRan

Inc

4.38%,

08/01/2028

5.25%,

09/01/2029

700

711

Newmont

Corp

2.60%,

07/15/2032

Rio

Tinto

Alcan

Inc

6.13%,

12/15/2033

Rio

Tinto

Finance

USA

Ltd

2.75%,

11/02/2051

Rio

Tinto

Finance

USA

PLC

4.75%,

03/22/2042

4.88%,

03/14/2030

5.00%,

03/09/2033

5.25%,

03/14/2035

5.75%,

03/14/2055

Southern

Copper

Corp

5.25%,

11/08/2042

5.88%,

04/23/2045

7.50%,

07/27/2035

$

5,219

Miscellaneous

Manufacturers

-

0.08%

3M

Co

2.38%,

08/26/2029

3.25%,

08/26/2049

5.15%,

03/15/2035

Eaton

Corp

4.15%,

03/15/2033

4.15%,

11/02/2042

Parker-Hannifin

Corp

4.20%,

11/21/2034

4.25%,

09/15/2027

4.50%,

09/15/2029

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Miscellaneous

Manufacturers

(continued)

Teledyne

Technologies

Inc

2.25%,

04/01/2028

$

$

$

2,157

Oil

&

Gas

-

0.80%

BP

Capital

Markets

America

Inc

1.75%,

08/10/2030

2.72%,

01/12/2032

2.94%,

06/04/2051

3.00%,

02/24/2050

3.00%,

03/17/2052

3.06%,

06/17/2041

3.54%,

04/06/2027

3.59%,

04/14/2027

4.70%,

04/10/2029

4.81%,

02/13/2033

4.89%,

09/11/2033

4.97%,

10/17/2029

4.99%,

04/10/2034

5.02%,

11/17/2027

5.23%,

11/17/2034

BP

Capital

Markets

PLC

3.28%,

09/19/2027

Canadian

Natural

Resources

Ltd

4.95%,

06/01/2047

5.00%,

12/15/2029

6.25%,

03/15/2038

Cenovus

Energy

Inc

6.75%,

11/15/2039

Chevron

Corp

2.00%,

05/11/2027

Chevron

USA

Inc

2.34%,

08/12/2050

4.05%,

08/13/2028

4.30%,

10/15/2030

4.69%,

04/15/2030

4.82%,

04/15/2032

4.85%,

10/15/2035

ConocoPhillips

Co

3.80%,

03/15/2052

4.03%,

03/15/2062

4.30%,

11/15/2044

4.70%,

01/15/2030

5.00%,

01/15/2035

5.05%,

09/15/2033

5.50%,

01/15/2055

5.55%,

03/15/2054

Devon

Energy

Corp

5.00%,

06/15/2045

5.20%,

09/15/2034

5.60%,

07/15/2041

5.75%,

09/15/2054

Diamondback

Energy

Inc

5.15%,

01/30/2030

5.20%,

04/18/2027

5.40%,

04/18/2034

500

520

5.75%,

04/18/2054

EOG

Resources

Inc

4.40%,

07/15/2028

4.40%,

01/15/2031

5.35%,

01/15/2036

5.65%,

12/01/2054

5.95%,

07/15/2055

Equinor

ASA

2.38%,

05/22/2030

3.00%,

04/06/2027

3.25%,

11/18/2049

3.63%,

04/06/2040

4.25%,

06/02/2028

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Equinor

ASA

(continued)

4.25%,

11/23/2041

$

$

Exxon

Mobil

Corp

2.44%,

08/16/2029

2.61%,

10/15/2030

500

3.00%,

08/16/2039

3.10%,

08/16/2049

500

3.45%,

04/15/2051

3.57%,

03/06/2045

4.23%,

03/19/2040

Hess

Corp

4.30%,

04/01/2027

7.13%,

03/15/2033

7.30%,

08/15/2031

Marathon

Petroleum

Corp

5.00%,

09/15/2054

Occidental

Petroleum

Corp

5.38%,

01/01/2032

6.05%,

10/01/2054

6.45%,

09/15/2036

565

615

6.63%,

09/01/2030

Phillips

2.15%,

12/15/2030

4.65%,

11/15/2034

4.88%,

11/15/2044

5.88%,

05/01/2042

Phillips

Co

4.90%,

10/01/2046

4.95%,

12/01/2027

5.25%,

06/15/2031

5.50%,

03/15/2055

Pioneer

Natural

Resources

Co

1.90%,

08/15/2030

2.15%,

01/15/2031

Shell

Finance

US

Inc

3.25%,

04/06/2050

3.88%,

11/13/2028

(g) 300

4.00%,

05/10/2046

4.13%,

11/06/2030

4.13%,

05/11/2035

4.38%,

05/11/2045

4.55%,

08/12/2043

4.75%,

01/06/2036

6.38%,

12/15/2038

(g) 400

Shell

International

Finance

BV

2.88%,

11/26/2041

Suncor

Energy

Inc

3.75%,

03/04/2051

4.00%,

11/15/2047

6.80%,

05/15/2038

6.85%,

06/01/2039

TotalEnergies

Capital

International

SA

2.83%,

01/10/2030

2.99%,

06/29/2041

3.13%,

05/29/2050

3.39%,

06/29/2060

TotalEnergies

Capital

SA

5.15%,

04/05/2034

5.28%,

09/10/2054

5.43%,

09/10/2064

5.49%,

04/05/2054

TotalEnergies

Capital

USA

LLC

4.25%,

01/13/2031

4.86%,

01/13/2036

Valero

Energy

Corp

2.80%,

12/01/2031

4.00%,

06/01/2052

525

6.63%,

06/15/2037

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Valero

Energy

Corp

(continued)

7.50%,

04/15/2032

$

$

Woodside

Finance

Ltd

5.40%,

05/19/2030

6.00%,

05/19/2035

$

22,766

Oil

&

Gas

Services

-

0.05%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-

Obligor

Inc

3.14%,

11/07/2029

3.34%,

12/15/2027

Halliburton

Co

4.50%,

11/15/2041

5.00%,

11/15/2045

7.45%,

09/15/2039

NOV

Inc

3.60%,

12/01/2029

$

1,470

Packaging

&

Containers

-

0.06%

Amcor

Flexibles

North

America

Inc

4.80%,

03/17/2028

5.10%,

03/17/2030

Packaging

Corp

of

America

3.00%,

12/15/2029

500

3.05%,

10/01/2051

Smurfit

Westrock

Financing

DAC

5.42%,

01/15/2035

WRKCo

Inc

3.00%,

06/15/2033

4.20%,

06/01/2032

500

$

1,740

Pharmaceuticals

-

1.31%

AbbVie

Inc

3.20%,

11/21/2029

820

801

3.78%,

03/03/2028

(i) 150

4.05%,

11/21/2039

4.25%,

11/14/2028

4.25%,

11/21/2049

4.40%,

03/15/2033

(i) 150

4.40%,

11/06/2042

4.45%,

05/14/2046

4.50%,

05/14/2035

4.55%,

03/15/2035

4.80%,

03/15/2027

4.80%,

03/15/2029

4.85%,

06/15/2044

4.88%,

11/14/2048

4.95%,

03/15/2031

5.05%,

03/15/2034

5.20%,

03/15/2035

5.40%,

03/15/2054

5.60%,

03/15/2055

5.65%,

03/15/2066

(i) 150

Astrazeneca

Finance

LLC

1.75%,

05/28/2028

2.25%,

05/28/2031

4.85%,

02/26/2029

4.88%,

03/03/2028

4.88%,

03/03/2033

4.90%,

02/26/2031

AstraZeneca

PLC

1.38%,

08/06/2030

3.00%,

05/28/2051

4.38%,

08/17/2048

6.45%,

09/15/2037

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Becton

Dickinson

&

Co

1.96%,

02/11/2031

$

$

3.70%,

06/06/2027

600

598

3.79%,

05/20/2050

Bristol-Myers

Squibb

Co

1.13%,

11/13/2027

1.45%,

11/13/2030

2.55%,

11/13/2050

2.95%,

03/15/2032

3.55%,

03/15/2042

3.70%,

03/15/2052

4.13%,

06/15/2039

4.25%,

10/26/2049

4.35%,

11/15/2047

4.55%,

02/20/2048

5.20%,

02/22/2034

5.50%,

02/22/2044

5.55%,

02/22/2054

5.75%,

02/01/2031

Cardinal

Health

Inc

3.41%,

06/15/2027

4.50%,

09/15/2030

Cencora

Inc

4.25%,

11/15/2030

4.90%,

02/13/2036

CVS

Health

Corp

1.30%,

08/21/2027

1.75%,

08/21/2030

1.88%,

02/28/2031

3.25%,

08/15/2029

740

720

4.30%,

03/25/2028

500

503

4.78%,

03/25/2038

905

865

5.00%,

09/15/2032

5.05%,

03/25/2048

725

647

5.13%,

07/20/2045

5.25%,

02/21/2033

5.30%,

06/01/2033

5.55%,

06/01/2031

5.70%,

06/01/2034

5.88%,

06/01/2053

6.25%,

09/15/2065

Eli

Lilly

&

Co

2.50%,

09/15/2060

4.00%,

10/15/2028

4.15%,

03/15/2059

4.50%,

02/09/2029

4.55%,

02/12/2028

545

554

4.55%,

10/15/2032

4.60%,

08/14/2034

4.70%,

02/09/2034

4.75%,

02/12/2030

4.88%,

02/27/2053

5.00%,

02/09/2054

5.05%,

08/14/2054

5.60%,

02/12/2065

5.65%,

10/15/2065

GlaxoSmithKline

Capital

Inc

3.88%,

05/15/2028

4.50%,

04/15/2030

4.88%,

04/15/2035

6.38%,

05/15/2038

Johnson

&

Johnson

2.10%,

09/01/2040

3.70%,

03/01/2046

4.50%,

03/01/2027

4.55%,

03/01/2028

4.80%,

06/01/2029

520

538

4.90%,

06/01/2031

520

545

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Johnson

&

Johnson

(continued)

4.95%,

06/01/2034

$

$

5.95%,

08/15/2037

McKesson

Corp

4.65%,

05/30/2030

Merck

&

Co

Inc

1.45%,

06/24/2030

1.70%,

06/10/2027

1.90%,

12/10/2028

2.35%,

06/24/2040

2.75%,

12/10/2051

2.90%,

12/10/2061

3.70%,

02/10/2045

600

3.85%,

09/15/2027

3.85%,

03/15/2029

4.15%,

09/15/2030

4.15%,

05/18/2043

4.45%,

12/04/2032

4.50%,

05/17/2033

4.75%,

12/04/2035

4.95%,

09/15/2035

5.00%,

05/17/2053

5.55%,

12/04/2055

5.70%,

12/04/2065

Novartis

Capital

Corp

2.75%,

08/14/2050

3.80%,

09/18/2029

4.10%,

11/05/2030

4.20%,

09/18/2034

4.30%,

11/05/2032

4.40%,

05/06/2044

4.60%,

11/05/2035

4.70%,

09/18/2054

5.20%,

11/05/2045

Pfizer

Inc

1.75%,

08/18/2031

2.55%,

05/28/2040

800

600

4.00%,

12/15/2036

4.20%,

11/15/2030

4.20%,

09/15/2048

4.30%,

06/15/2043

4.40%,

05/15/2044

(a) 75

4.50%,

11/15/2032

5.60%,

11/15/2055

5.70%,

11/15/2065

7.20%,

03/15/2039

Pfizer

Investment

Enterprises

Pte

Ltd

4.45%,

05/19/2028

780

792

4.65%,

05/19/2030

4.75%,

05/19/2033

5.11%,

05/19/2043

5.30%,

05/19/2053

570

546

5.34%,

05/19/2063

Takeda

Pharmaceutical

Co

Ltd

2.05%,

03/31/2030

700

646

3.18%,

07/09/2050

645

5.30%,

07/05/2034

Takeda

US

Financing

Inc

5.90%,

07/07/2055

Utah

Acquisition

Sub

Inc

5.25%,

06/15/2046

Viatris

Inc

2.30%,

06/22/2027

2.70%,

06/22/2030

3.85%,

06/22/2040

4.00%,

06/22/2050

Wyeth

LLC

5.95%,

04/01/2037

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pharmaceuticals

(continued)

Zoetis

Inc

2.00%,

05/15/2030

$

$

3.00%,

05/15/2050

4.15%,

08/17/2028

4.70%,

02/01/2043

$

37,125

Pipelines

-

0.93%

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

Cheniere

Energy

Partners

LP

5.55%,

10/30/2035

5.75%,

08/15/2034

Eastern

Gas

Transmission

&

Storage

Inc

4.60%,

12/15/2044

640

560

Enbridge

Inc

2.50%,

08/01/2033

3.13%,

11/15/2029

3.40%,

08/01/2051

4.60%,

06/20/2028

5.30%,

04/05/2029

5.55%,

06/20/2035

5.70%,

03/08/2033

5.95%,

04/05/2054

6.70%,

11/15/2053

Energy

Transfer

LP

3.75%,

05/15/2030

4.90%,

03/15/2035

5.25%,

04/15/2029

5.30%,

04/15/2047

500

5.35%,

05/15/2045

5.55%,

05/15/2034

5.70%,

04/01/2035

535

562

5.75%,

02/15/2033

6.05%,

09/01/2054

6.10%,

12/01/2028

6.25%,

04/15/2049

6.30%,

01/15/2056

6.40%,

12/01/2030

6.50%,

02/01/2042

Enterprise

Products

Operating

LLC

3.13%,

07/31/2029

3.30%,

02/15/2053

4.25%,

02/15/2048

4.30%,

06/20/2028

4.45%,

02/15/2043

4.60%,

01/15/2031

4.85%,

01/31/2034

4.85%,

03/15/2044

4.95%,

02/15/2035

5.20%,

01/15/2036

5.55%,

02/16/2055

6.45%,

09/01/2040

551

6.88%,

03/01/2033

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/2042

5.00%,

03/01/2043

Kinder

Morgan

Inc

2.00%,

02/15/2031

3.25%,

08/01/2050

3.60%,

02/15/2051

5.00%,

02/01/2029

5.05%,

02/15/2046

5.10%,

08/01/2029

5.20%,

06/01/2033

5.40%,

02/01/2034

5.55%,

06/01/2045

600

593

5.85%,

06/01/2035

5.95%,

08/01/2054

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

MPLX

LP

4.13%,

03/01/2027

$

$

4.25%,

12/01/2027

4.50%,

04/15/2038

4.80%,

02/15/2031

5.00%,

01/15/2033

5.00%,

03/01/2033

5.30%,

04/01/2036

5.50%,

06/01/2034

5.50%,

02/15/2049

605

566

5.95%,

04/01/2055

6.20%,

09/15/2055

ONEOK

Inc

3.40%,

09/01/2029

4.25%,

09/24/2027

4.75%,

10/15/2031

5.40%,

10/15/2035

5.70%,

11/01/2054

5.85%,

11/01/2064

6.05%,

09/01/2033

6.25%,

10/15/2055

6.63%,

09/01/2053

Plains

All

American

Pipeline

LP

5.95%,

06/15/2035

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

3.55%,

12/15/2029

4.70%,

06/15/2044

5.60%,

01/15/2036

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

5.00%,

03/15/2027

Targa

Resources

Corp

4.90%,

09/15/2030

5.20%,

07/01/2027

5.40%,

07/30/2036

5.65%,

02/15/2036

6.13%,

03/15/2033

6.13%,

05/15/2055

6.15%,

03/01/2029

6.50%,

03/30/2034

TransCanada

PipeLines

Ltd

4.25%,

05/15/2028

Western

Midstream

Operating

LP

4.80%,

03/01/2031

5.45%,

11/15/2034

6.15%,

04/01/2033

Williams

Cos

Inc/The

2.60%,

03/15/2031

3.50%,

10/15/2051

3.75%,

06/15/2027

4.63%,

06/30/2030

4.85%,

03/01/2048

4.90%,

03/15/2029

5.10%,

09/15/2045

5.15%,

03/15/2036

5.30%,

08/15/2028

5.30%,

09/30/2035

5.30%,

08/15/2052

5.65%,

03/15/2033

6.00%,

03/15/2055

6.30%,

04/15/2040

$

26,205

Private

Equity

-

0.03%

Brookfield

Finance

Inc

2.72%,

04/15/2031

3.50%,

03/30/2051

3.90%,

01/25/2028

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Private

Equity

(continued)

Brookfield

Finance

Inc

(continued)

5.33%,

01/15/2036

$

$

5.68%,

01/15/2035

Brookfield

Finance

LLC

/

Brookfield

Finance

Inc

3.45%,

04/15/2050

$

965

Regional

Authority

-

0.30%

Province

of

Alberta

Canada

1.30%,

07/22/2030

3.30%,

03/15/2028

4.30%,

11/02/2035

4.50%,

06/26/2029

Province

of

British

Columbia

Canada

1.30%,

01/29/2031

3.90%,

08/27/2030

4.20%,

07/06/2033

4.70%,

01/24/2028

4.75%,

06/12/2034

4.80%,

11/15/2028

4.80%,

06/11/2035

Province

of

Manitoba

Canada

1.50%,

10/25/2028

4.30%,

07/27/2033

Province

of

Ontario

Canada

1.13%,

10/07/2030

2.13%,

01/21/2032

3.10%,

05/19/2027

3.70%,

09/17/2029

3.80%,

01/29/2029

3.90%,

09/04/2030

4.20%,

01/18/2029

4.45%,

11/20/2035

4.70%,

01/15/2030

4.85%,

06/11/2035

Province

of

Quebec

Canada

1.35%,

05/28/2030

3.63%,

04/13/2028

3.88%,

01/14/2031

4.25%,

09/05/2034

4.50%,

04/03/2029

4.50%,

09/08/2033

4.63%,

08/28/2035

7.50%,

09/15/2029

$

8,371

REITs

-

0.77%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

2.75%,

12/15/2029

2.95%,

03/15/2034

4.90%,

12/15/2030

5.15%,

04/15/2053

5.25%,

03/15/2036

American

Homes

Rent

LP

4.95%,

06/15/2030

American

Tower

Corp

1.88%,

10/15/2030

2.90%,

01/15/2030

2.95%,

01/15/2051

3.65%,

03/15/2027

515

513

3.70%,

10/15/2049

3.95%,

03/15/2029

4.70%,

12/15/2032

5.25%,

07/15/2028

5.35%,

03/15/2035

5.65%,

03/15/2033

5.90%,

11/15/2033

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

AvalonBay

Communities

Inc

1.90%,

12/01/2028

$

$

2.05%,

01/15/2032

2.30%,

03/01/2030

4.35%,

12/01/2030

5.00%,

02/15/2033

5.00%,

08/01/2035

5.35%,

06/01/2034

Boston

Properties

LP

2.55%,

04/01/2032

2.90%,

03/15/2030

COPT

Defense

Properties

LP

2.75%,

04/15/2031

Crown

Castle

Inc

2.50%,

07/15/2031

2.90%,

04/01/2041

3.10%,

11/15/2029

3.25%,

01/15/2051

3.80%,

02/15/2028

4.00%,

11/15/2049

4.90%,

09/01/2029

5.00%,

01/11/2028

5.10%,

05/01/2033

CubeSmart

LP

2.00%,

02/15/2031

2.25%,

12/15/2028

5.13%,

11/01/2035

(a) 215

Digital

Realty

Trust

LP

5.55%,

01/15/2028

Equinix

Europe

Financing

Corp

LLC

4.70%,

03/15/2033

(i) 150

Equinix

Inc

1.80%,

07/15/2027

2.50%,

05/15/2031

3.20%,

11/18/2029

3.40%,

02/15/2052

ERP

Operating

LP

4.65%,

09/15/2034

Essex

Portfolio

LP

1.70%,

03/01/2028

3.00%,

01/15/2030

4.00%,

03/01/2029

5.50%,

04/01/2034

Extra

Space

Storage

LP

2.20%,

10/15/2030

2.40%,

10/15/2031

4.95%,

01/15/2033

5.40%,

02/01/2034

5.40%,

06/15/2035

5.50%,

07/01/2030

GLP

Capital

LP

/

GLP

Financing

II

Inc

4.00%,

01/15/2030

5.25%,

02/15/2033

Healthcare

Realty

Holdings

LP

2.00%,

03/15/2031

Healthpeak

OP

LLC

2.13%,

12/01/2028

3.00%,

01/15/2030

5.25%,

12/15/2032

Kilroy

Realty

LP

2.50%,

11/15/2032

Kimco

Realty

OP

LLC

2.25%,

12/01/2031

2.70%,

10/01/2030

3.70%,

10/01/2049

4.60%,

02/01/2033

5.30%,

02/01/2036

6.40%,

03/01/2034

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

REITs

(continued)

Mid-America

Apartments

LP

1.70%,

02/15/2031

$

$

5.30%,

02/15/2032

NNN

REIT

Inc

4.60%,

02/15/2031

Prologis

LP

1.25%,

10/15/2030

1.75%,

07/01/2030

2.25%,

01/15/2032

2.88%,

11/15/2029

4.00%,

09/15/2028

4.63%,

01/15/2033

4.88%,

06/15/2028

5.25%,

05/15/2035

5.25%,

03/15/2054

Public

Storage

Operating

Co

1.85%,

05/01/2028

2.25%,

11/09/2031

5.00%,

07/01/2035

5.10%,

08/01/2033

5.13%,

01/15/2029

(a) 160

Realty

Income

Corp

2.10%,

03/15/2028

2.20%,

06/15/2028

3.10%,

12/15/2029

3.25%,

01/15/2031

4.50%,

02/01/2033

4.75%,

02/15/2029

4.85%,

03/15/2030

4.90%,

07/15/2033

5.38%,

09/01/2054

Simon

Property

Group

LP

1.75%,

02/01/2028

2.45%,

09/13/2029

2.65%,

02/01/2032

4.30%,

01/15/2031

4.38%,

10/01/2030

4.75%,

09/26/2034

4.75%,

03/15/2042

Store

Capital

LLC

4.95%,

02/11/2031

(g) 135

UDR

Inc

2.10%,

08/01/2032

3.20%,

01/15/2030

Ventas

Realty

LP

3.00%,

01/15/2030

5.00%,

02/15/2036

5.10%,

07/15/2032

5.63%,

07/01/2034

VICI

Properties

LP

4.75%,

04/01/2028

5.13%,

11/15/2031

Welltower

OP

LLC

2.75%,

01/15/2032

4.13%,

03/15/2029

4.50%,

07/01/2030

5.13%,

07/01/2035

WP

Carey

Inc

2.40%,

02/01/2031

4.65%,

07/15/2030

$

21,653

Retail

-

0.59%

AutoZone

Inc

1.65%,

01/15/2031

3.75%,

06/01/2027

3.75%,

04/18/2029

5.10%,

07/15/2029

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

Costco

Wholesale

Corp

1.38%,

06/20/2027

$

$

Dollar

Tree

Inc

4.20%,

05/15/2028

Home

Depot

Inc/The

0.90%,

03/15/2028

1.88%,

09/15/2031

2.38%,

03/15/2051

2.75%,

09/15/2051

2.88%,

04/15/2027

2.95%,

06/15/2029

500

3.13%,

12/15/2049

3.95%,

09/15/2030

(a) 155

4.20%,

04/01/2043

4.25%,

04/01/2046

4.40%,

03/15/2045

4.85%,

06/25/2031

4.88%,

06/25/2027

4.90%,

04/15/2029

4.95%,

06/25/2034

4.95%,

09/15/2052

5.30%,

06/25/2054

5.40%,

09/15/2040

5.88%,

12/16/2036

Lowe's

Cos

Inc

1.30%,

04/15/2028

(a) 130

1.70%,

10/15/2030

3.10%,

05/03/2027

500

3.65%,

04/05/2029

3.70%,

04/15/2046

3.75%,

04/01/2032

4.00%,

10/15/2028

4.05%,

05/03/2047

4.25%,

04/01/2052

540

4.55%,

04/05/2049

4.85%,

10/15/2035

5.00%,

04/15/2033

5.00%,

04/15/2040

5.63%,

04/15/2053

5.75%,

07/01/2053

McDonald's

Corp

2.63%,

09/01/2029

(a) 140

3.50%,

07/01/2027

3.70%,

02/15/2042

4.45%,

03/01/2047

500

4.60%,

05/15/2030

4.95%,

08/14/2033

5.00%,

02/13/2036

5.15%,

09/09/2052

6.30%,

03/01/2038

O'Reilly

Automotive

Inc

1.75%,

03/15/2031

4.35%,

06/01/2028

Starbucks

Corp

2.00%,

03/12/2027

3.00%,

02/14/2032

(a) 345

3.75%,

12/01/2047

4.30%,

06/15/2045

4.45%,

08/15/2049

4.80%,

05/15/2030

4.80%,

02/15/2033

Target

Corp

2.35%,

02/15/2030

2.95%,

01/15/2052

4.50%,

09/15/2032

4.50%,

09/15/2034

4.80%,

01/15/2053

(a) 160

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Retail

(continued)

TJX

Cos

Inc/The

1.15%,

05/15/2028

$

$

1.60%,

05/15/2031

Walmart

Inc

1.50%,

09/22/2028

1.80%,

09/22/2031

2.50%,

09/22/2041

2.65%,

09/22/2051

3.90%,

04/15/2028

3.95%,

06/28/2038

4.00%,

04/15/2030

4.00%,

04/11/2043

4.05%,

06/29/2048

4.10%,

04/28/2027

4.10%,

04/15/2033

4.15%,

09/09/2032

4.50%,

09/09/2052

4.90%,

04/28/2035

$

16,580

Semiconductors

-

0.65%

Analog

Devices

Inc

2.10%,

10/01/2031

2.80%,

10/01/2041

4.25%,

06/15/2028

4.50%,

06/15/2030

5.30%,

04/01/2054

Applied

Materials

Inc

4.35%,

04/01/2047

4.60%,

01/15/2036

4.80%,

06/15/2029

5.10%,

10/01/2035

(a) 250

Broadcom

Inc

3.14%,

11/15/2035

(g) 363

3.19%,

11/15/2036

(g) 280

3.42%,

04/15/2033

3.47%,

04/15/2034

3.50%,

02/15/2041

3.75%,

02/15/2051

570

4.15%,

11/15/2030

4.20%,

10/15/2030

4.30%,

11/15/2032

4.35%,

02/15/2030

4.55%,

02/15/2032

4.60%,

07/15/2030

4.60%,

01/15/2033

4.75%,

04/15/2029

4.80%,

02/15/2036

5.15%,

11/15/2031

5.20%,

04/15/2032

5.20%,

07/15/2035

5.70%,

01/15/2056

Intel

Corp

2.00%,

08/12/2031

2.45%,

11/15/2029

3.05%,

08/12/2051

3.15%,

05/11/2027

3.20%,

08/12/2061

3.25%,

11/15/2049

3.73%,

12/08/2047

3.75%,

03/25/2027

3.75%,

08/05/2027

4.00%,

08/05/2029

585

584

4.10%,

05/19/2046

4.15%,

08/05/2032

4.60%,

03/25/2040

5.20%,

02/10/2033

(a) 300

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Intel

Corp

(continued)

5.60%,

02/21/2054

$

$

5.63%,

02/10/2043

5.70%,

02/10/2053

KLA

Corp

4.70%,

02/01/2034

4.95%,

07/15/2052

Lam

Research

Corp

2.88%,

06/15/2050

500

Marvell

Technology

Inc

2.45%,

04/15/2028

4.75%,

07/15/2030

5.45%,

07/15/2035

Micron

Technology

Inc

2.70%,

04/15/2032

5.30%,

01/15/2031

5.80%,

01/15/2035

6.05%,

11/01/2035

NVIDIA

Corp

1.55%,

06/15/2028

3.50%,

04/01/2040

600

517

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.50%,

05/11/2031

3.13%,

02/15/2042

3.15%,

05/01/2027

3.25%,

05/11/2041

4.30%,

08/19/2028

4.40%,

06/01/2027

QUALCOMM

Inc

1.65%,

05/20/2032

500

3.25%,

05/20/2027

500

4.30%,

05/20/2047

4.50%,

05/20/2030

4.50%,

05/20/2052

4.80%,

05/20/2045

6.00%,

05/20/2053

Texas

Instruments

Inc

1.75%,

05/04/2030

4.15%,

05/15/2048

4.50%,

05/23/2030

4.60%,

02/15/2028

4.60%,

02/08/2029

4.90%,

03/14/2033

5.00%,

03/14/2053

5.15%,

02/08/2054

TSMC

Arizona

Corp

3.88%,

04/22/2027

590

590

$

18,417

Software

-

0.72%

Adobe

Inc

4.95%,

01/17/2030

535

553

Fidelity

National

Information

Services

Inc

1.65%,

03/01/2028

540

515

3.10%,

03/01/2041

5.10%,

07/15/2032

Fiserv

Inc

3.50%,

07/01/2029

600

583

4.40%,

07/01/2049

590

4.75%,

03/15/2030

5.15%,

08/12/2034

5.25%,

08/11/2035

(a) 155

5.35%,

03/15/2031

5.45%,

03/02/2028

5.63%,

08/21/2033

Intuit

Inc

1.35%,

07/15/2027

5.13%,

09/15/2028

5.50%,

09/15/2053

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Microsoft

Corp

1.35%,

09/15/2030

$

$

2.50%,

09/15/2050

2.53%,

06/01/2050

611

2.68%,

06/01/2060

549

2.92%,

03/17/2052

726

3.45%,

08/08/2036

3.70%,

08/08/2046

500

Oracle

Corp

2.30%,

03/25/2028

2.80%,

04/01/2027

2.88%,

03/25/2031

2.95%,

04/01/2030

655

610

3.25%,

11/15/2027

500

3.60%,

04/01/2040

3.60%,

04/01/2050

700

3.65%,

03/25/2041

3.80%,

11/15/2037

3.90%,

05/15/2035

3.95%,

03/25/2051

4.00%,

07/15/2046

500

4.00%,

11/15/2047

4.10%,

03/25/2061

4.20%,

09/27/2029

4.30%,

07/08/2034

4.38%,

05/15/2055

4.45%,

09/26/2030

4.50%,

07/08/2044

4.55%,

02/04/2029

4.65%,

05/06/2030

530

529

4.70%,

09/27/2034

4.80%,

09/26/2032

4.95%,

02/04/2031

5.20%,

09/26/2035

5.25%,

02/03/2032

5.35%,

05/04/2033

5.38%,

09/27/2054

5.50%,

09/27/2064

5.55%,

02/06/2053

5.70%,

02/04/2036

5.88%,

09/26/2045

5.95%,

09/26/2055

6.00%,

08/03/2055

6.13%,

07/08/2039

6.13%,

08/03/2065

6.15%,

11/09/2029

6.25%,

11/09/2032

6.55%,

02/04/2046

6.85%,

02/04/2066

6.90%,

11/09/2052

Roper

Technologies

Inc

1.40%,

09/15/2027

860

827

2.95%,

09/15/2029

4.25%,

09/15/2028

4.75%,

02/15/2032

4.90%,

10/15/2034

5.10%,

09/15/2035

Salesforce

Inc

1.95%,

07/15/2031

2.70%,

07/15/2041

2.90%,

07/15/2051

Synopsys

Inc

4.65%,

04/01/2028

4.85%,

04/01/2030

5.15%,

04/01/2035

5.70%,

04/01/2055

Take-Two

Interactive

Software

Inc

4.95%,

03/28/2028

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

VMware

LLC

1.80%,

08/15/2028

$

685

$

651

2.20%,

08/15/2031

$

20,470

Sovereign

-

1.47%

Canada

Government

International

Bond

3.75%,

04/26/2028

505

508

4.00%,

03/18/2030

4.63%,

04/30/2029

Chile

Government

International

Bond

2.45%,

01/31/2031

500

2.55%,

01/27/2032

3.10%,

05/07/2041

3.24%,

02/06/2028

3.50%,

04/15/2053

3.86%,

06/21/2047

4.00%,

01/31/2052

4.95%,

01/05/2036

Export

Development

Canada

3.75%,

09/07/2027

3.88%,

02/14/2028

(a) 315

4.00%,

06/20/2030

4.13%,

02/13/2029

4.75%,

06/05/2034

Export-Import

Bank

of

Korea

1.38%,

02/09/2031

3.75%,

09/22/2030

4.00%,

09/11/2029

4.25%,

09/15/2027

4.50%,

09/15/2032

4.63%,

01/14/2028

5.13%,

09/18/2028

5.25%,

01/14/2035

Indonesia

Government

International

Bond

2.15%,

07/28/2031

2.85%,

02/14/2030

3.05%,

03/12/2051

3.50%,

01/11/2028

3.70%,

10/30/2049

4.20%,

10/15/2050

4.30%,

04/16/2031

4.35%,

02/21/2031

4.35%,

01/11/2048

4.55%,

01/11/2028

4.65%,

09/20/2032

4.75%,

02/11/2029

4.75%,

09/10/2034

4.90%,

04/16/2036

5.15%,

09/10/2054

(a) 200

5.48%,

02/21/2056

5.65%,

01/11/2053

Israel

Government

International

Bond

3.88%,

07/03/2050

4.13%,

01/17/2048

4.50%,

01/17/2033

4.50%,

01/30/2043

5.00%,

01/13/2036

5.38%,

02/19/2030

5.50%,

03/12/2034

5.75%,

03/12/2054

5.88%,

01/13/2056

Japan

Bank

for

International

Cooperation

1.25%,

01/21/2031

1.88%,

04/15/2031

2.13%,

02/16/2029

2.88%,

07/21/2027

3.88%,

07/03/2028

4.63%,

07/22/2027

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Japan

Bank

for

International

Cooperation

(continued)

4.63%,

07/19/2028

$

$

4.63%,

04/17/2034

4.88%,

10/18/2028

Japan

International

Cooperation

Agency

4.25%,

05/22/2030

4.75%,

05/21/2029

Korea

International

Bond

1.00%,

09/16/2030

3.63%,

02/12/2029

3.63%,

10/29/2030

3.88%,

09/20/2048

Mexico

Government

International

Bond

2.66%,

05/24/2031

500

3.25%,

04/16/2030

3.50%,

02/12/2034

3.75%,

01/11/2028

3.75%,

04/19/2071

3.77%,

05/24/2061

4.50%,

04/22/2029

4.60%,

01/23/2046

4.60%,

02/10/2048

4.75%,

03/08/2044

5.38%,

03/22/2033

5.55%,

01/21/2045

5.63%,

02/09/2034

5.63%,

09/22/2035

5.75%,

10/12/2110

5.85%,

07/02/2032

6.00%,

05/07/2036

6.05%,

01/11/2040

700

702

6.13%,

02/09/2038

6.34%,

05/04/2053

500

6.35%,

02/09/2035

6.40%,

05/07/2054

6.75%,

09/27/2034

6.75%,

02/09/2056

6.88%,

05/13/2037

517

7.38%,

05/13/2055

526

Panama

Government

International

Bond

2.25%,

09/29/2032

3.16%,

01/23/2030

3.30%,

01/19/2033

500

3.88%,

03/17/2028

4.30%,

04/29/2053

4.50%,

04/16/2050

5.66%,

02/23/2038

6.70%,

01/26/2036

600

653

6.85%,

03/28/2054

Peruvian

Government

International

Bond

1.86%,

12/01/2032

2.78%,

01/23/2031

2.78%,

12/01/2060

3.30%,

03/11/2041

3.55%,

03/10/2051

5.50%,

03/30/2036

5.63%,

11/18/2050

5.88%,

08/08/2054

6.55%,

03/14/2037

8.75%,

11/21/2033

Philippine

Government

International

Bond

2.65%,

12/10/2045

3.00%,

02/01/2028

3.20%,

07/06/2046

3.70%,

03/01/2041

3.70%,

02/02/2042

4.25%,

07/27/2031

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Philippine

Government

International

Bond

(continued)

4.75%,

03/05/2035

$

$

5.00%,

07/17/2033

5.17%,

10/13/2027

5.50%,

02/04/2035

5.50%,

01/17/2048

5.60%,

05/14/2049

5.61%,

04/13/2033

7.75%,

01/14/2031

Republic

of

Italy

Government

International

Bond

2.88%,

10/17/2029

3.88%,

05/06/2051

5.38%,

06/15/2033

Republic

of

Poland

Government

International

Bond

4.88%,

02/12/2030

4.88%,

10/04/2033

5.13%,

09/18/2034

5.50%,

03/18/2054

575

564

State

of

Israel

2.50%,

01/15/2030

3.38%,

01/15/2050

Svensk

Exportkredit

AB

3.75%,

09/13/2027

3.75%,

05/08/2028

3.75%,

07/29/2030

4.13%,

06/14/2028

Tennessee

Valley

Authority

3.50%,

12/15/2042

3.88%,

03/15/2028

4.25%,

09/15/2065

4.63%,

09/15/2060

4.88%,

05/15/2035

5.25%,

09/15/2039

5.38%,

04/01/2056

5.88%,

04/01/2036

Uruguay

Government

International

Bond

4.13%,

11/20/2045

4.38%,

10/27/2027

4.98%,

04/20/2055

5.10%,

06/18/2050

5.44%,

02/14/2037

5.75%,

10/28/2034

7.63%,

03/21/2036

500

607

$

41,568

Supranational

Bank

-

1.26%

African

Development

Bank

3.50%,

09/18/2029

3.63%,

03/03/2031

(i) 145

3.88%,

06/12/2028

4.00%,

03/18/2030

(a) 290

4.13%,

01/22/2036

4.38%,

03/14/2028

Asian

Development

Bank

1.50%,

03/04/2031

1.75%,

09/19/2029

1.88%,

03/15/2029

2.75%,

01/19/2028

3.13%,

08/20/2027

3.13%,

04/27/2032

3.63%,

08/28/2029

3.75%,

04/25/2028

3.75%,

08/28/2030

3.88%,

09/28/2032

3.88%,

06/14/2033

4.00%,

01/12/2033

4.13%,

05/30/2030

4.25%,

01/14/2036

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Supranational

Bank

(continued)

Asian

Development

Bank

(continued)

4.38%,

01/14/2028

$

540

$

549

4.38%,

03/06/2029

4.38%,

03/22/2035

4.50%,

08/25/2028

5.82%,

06/16/2028

Asian

Infrastructure

Investment

Bank/The

3.63%,

09/15/2028

3.75%,

09/14/2027

4.13%,

01/18/2029

4.13%,

01/14/2036

4.50%,

01/16/2030

4.50%,

05/21/2035

Council

Of

Europe

Development

Bank

3.63%,

01/26/2028

3.63%,

05/08/2028

4.50%,

01/15/2030

4.63%,

06/11/2027

European

Bank

for

Reconstruction

&

Development

4.13%,

01/25/2029

4.38%,

03/09/2028

European

Investment

Bank

1.25%,

02/14/2031

1.63%,

05/13/2031

3.25%,

11/15/2027

3.63%,

07/15/2030

520

522

3.75%,

11/15/2029

510

515

3.75%,

03/13/2031

3.75%,

02/14/2033

615

615

3.88%,

03/15/2028

500

504

3.88%,

06/15/2028

650

657

3.88%,

10/15/2030

4.00%,

02/15/2029

1,100

1,118

4.13%,

02/13/2034

4.25%,

08/16/2032

4.25%,

02/08/2036

4.38%,

03/19/2027

4.38%,

10/10/2031

550

571

4.50%,

03/14/2030

570

591

4.63%,

02/12/2035

4.75%,

06/15/2029

Inter-American

Development

Bank

1.13%,

07/20/2028

515

1.13%,

01/13/2031

3.13%,

09/18/2028

3.50%,

09/14/2029

3.50%,

04/12/2033

3.75%,

06/14/2030

4.00%,

01/12/2028

4.13%,

02/15/2029

4.13%,

01/23/2036

4.38%,

07/17/2034

4.38%,

07/16/2035

4.38%,

01/24/2044

4.50%,

02/15/2030

4.50%,

09/13/2033

International

Bank

for

Reconstruction

&

Development

0.75%,

11/24/2027

500

0.75%,

08/26/2030

515

1.25%,

02/10/2031

615

551

1.38%,

04/20/2028

1.63%,

11/03/2031

1.75%,

10/23/2029

750

706

2.50%,

03/29/2032

620

581

3.13%,

06/15/2027

500

3.50%,

07/12/2028

3.50%,

10/28/2030

640

639

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Supranational

Bank

(continued)

International

Bank

for

Reconstruction

&

Development

(continued)

3.63%,

05/05/2028

$

$

3.88%,

10/16/2029

3.88%,

02/14/2030

3.88%,

08/28/2034

4.00%,

07/25/2030

4.00%,

01/10/2031

4.00%,

05/06/2032

4.13%,

03/20/2030

605

619

4.38%,

08/27/2035

4.50%,

04/10/2031

4.63%,

08/01/2028

4.63%,

01/15/2032

4.75%,

11/14/2033

International

Finance

Corp

3.50%,

01/22/2029

3.88%,

07/02/2030

4.25%,

07/02/2029

4.50%,

01/21/2028

Nordic

Investment

Bank

3.75%,

08/28/2028

3.75%,

05/09/2030

4.25%,

02/28/2029

$

35,786

Telecommunications

-

1.05%

America

Movil

SAB

de

CV

2.88%,

05/07/2030

600

570

3.63%,

04/22/2029

4.38%,

04/22/2049

6.13%,

03/30/2040

AT&T

Inc

1.65%,

02/01/2028

2.25%,

02/01/2032

2.30%,

06/01/2027

750

736

2.75%,

06/01/2031

600

559

3.10%,

02/01/2043

3.50%,

06/01/2041

640

514

3.50%,

09/15/2053

802

547

3.55%,

09/15/2055

885

599

3.65%,

06/01/2051

3.65%,

09/15/2059

999

672

4.25%,

03/01/2027

4.30%,

12/15/2042

4.35%,

03/01/2029

700

708

4.35%,

06/15/2045

4.40%,

04/30/2031

4.50%,

05/15/2035

4.50%,

03/09/2048

500

4.75%,

04/30/2033

4.90%,

11/01/2035

5.38%,

08/15/2035

5.40%,

02/15/2034

5.55%,

11/01/2045

5.85%,

04/30/2046

6.05%,

08/15/2056

Bell

Telephone

Co

of

Canada

or

Bell

Canada

5.20%,

02/15/2034

Cisco

Systems

Inc

4.75%,

02/24/2030

4.85%,

02/26/2029

4.95%,

02/24/2032

5.05%,

02/26/2034

5.30%,

02/26/2054

5.50%,

01/15/2040

5.90%,

02/15/2039

Juniper

Networks

Inc

2.00%,

12/10/2030

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Motorola

Solutions

Inc

4.85%,

08/15/2030

$

$

5.20%,

08/15/2032

Orange

SA

5.38%,

01/13/2042

Rogers

Communications

Inc

3.20%,

03/15/2027

3.80%,

03/15/2032

5.00%,

02/15/2029

7.50%,

08/15/2038

Sprint

Capital

Corp

6.88%,

11/15/2028

Telefonica

Emisiones

SA

4.10%,

03/08/2027

5.21%,

03/08/2047

550

7.05%,

06/20/2036

T-Mobile

USA

Inc

2.05%,

02/15/2028

2.25%,

11/15/2031

2.40%,

03/15/2029

2.55%,

02/15/2031

600

555

3.00%,

02/15/2041

3.30%,

02/15/2051

3.38%,

04/15/2029

3.40%,

10/15/2052

3.75%,

04/15/2027

3.88%,

04/15/2030

4.20%,

10/01/2029

4.38%,

04/15/2040

4.50%,

04/15/2050

4.80%,

07/15/2028

4.95%,

03/15/2028

4.95%,

11/15/2035

5.00%,

02/15/2036

5.05%,

07/15/2033

5.13%,

05/15/2032

5.15%,

04/15/2034

5.20%,

01/15/2033

5.25%,

06/15/2055

5.50%,

01/15/2055

5.65%,

01/15/2053

5.70%,

01/15/2056

5.75%,

01/15/2034

5.75%,

01/15/2054

6.00%,

06/15/2054

Verizon

Communications

Inc

1.50%,

09/18/2030

1.75%,

01/20/2031

2.10%,

03/22/2028

2.36%,

03/15/2032

580

518

2.55%,

03/21/2031

2.65%,

11/20/2040

750

547

2.88%,

11/20/2050

505

2.99%,

10/30/2056

3.00%,

11/20/2060

3.40%,

03/22/2041

715

569

3.55%,

03/22/2051

815

591

3.70%,

03/22/2061

3.85%,

11/01/2042

4.02%,

12/03/2029

4.13%,

03/16/2027

4.33%,

09/21/2028

510

515

4.40%,

11/01/2034

4.50%,

08/10/2033

4.67%,

03/15/2055

4.75%,

01/15/2033

4.81%,

03/15/2039

4.86%,

08/21/2046

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Verizon

Communications

Inc

(continued)

5.00%,

01/15/2036

$

$

5.25%,

04/02/2035

5.75%,

11/30/2045

5.88%,

11/30/2055

6.00%,

11/30/2065

Vodafone

Group

PLC

5.63%,

02/10/2053

5.75%,

06/28/2054

5.88%,

06/28/2064

6.15%,

02/27/2037

$

29,602

Transportation

-

0.45%

Burlington

Northern

Santa

Fe

LLC

3.05%,

02/15/2051

600

3.55%,

02/15/2050

4.15%,

04/01/2045

4.40%,

03/15/2042

4.45%,

01/15/2053

5.20%,

04/15/2054

5.40%,

06/01/2041

5.50%,

03/15/2055

5.80%,

03/15/2056

Canadian

National

Railway

Co

3.65%,

02/03/2048

3.85%,

08/05/2032

(a) 200

4.38%,

09/18/2034

4.75%,

11/12/2035

Canadian

Pacific

Railway

Co

3.10%,

12/02/2051

4.80%,

03/30/2030

(a) 405

6.13%,

09/15/2115

CSX

Corp

2.40%,

02/15/2030

3.35%,

09/15/2049

3.80%,

03/01/2028

3.80%,

04/15/2050

700

542

4.30%,

03/01/2048

4.50%,

11/15/2052

4.90%,

03/15/2055

5.05%,

06/15/2035

5.20%,

11/15/2033

FedEx

Corp

3.10%,

08/05/2029

800

777

3.88%,

08/01/2042

4.55%,

04/01/2046

535

5.10%,

01/15/2044

Fedex

Freight

Holding

Co

Inc

4.65%,

03/15/2031

(g) 105

4.95%,

03/15/2033

(g) 145

Norfolk

Southern

Corp

2.30%,

05/15/2031

2.55%,

11/01/2029

2.90%,

08/25/2051

3.94%,

11/01/2047

4.05%,

08/15/2052

4.45%,

03/01/2033

4.55%,

06/01/2053

4.84%,

10/01/2041

5.35%,

08/01/2054

Ryder

System

Inc

4.30%,

06/15/2027

4.95%,

09/01/2029

Union

Pacific

Corp

2.38%,

05/20/2031

2.80%,

02/14/2032

2.89%,

04/06/2036

2.97%,

09/16/2062

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Transportation

(continued)

Union

Pacific

Corp

(continued)

3.20%,

05/20/2041

$

$

3.38%,

02/14/2042

3.80%,

10/01/2051

3.80%,

04/06/2071

590

3.84%,

03/20/2060

4.00%,

04/15/2047

4.50%,

01/20/2033

4.95%,

09/09/2052

5.60%,

12/01/2054

United

Parcel

Service

Inc

2.50%,

09/01/2029

3.40%,

09/01/2049

4.65%,

10/15/2030

(a) 155

4.88%,

03/03/2033

4.88%,

11/15/2040

5.05%,

03/03/2053

5.15%,

05/22/2034

5.50%,

05/22/2054

5.95%,

05/14/2055

6.20%,

01/15/2038

$

12,722

Trucking

&

Leasing

-

0.02%

GATX

Corp

1.90%,

06/01/2031

5.50%,

06/15/2035

6.05%,

06/05/2054

$

605

Water

-

0.05%

American

Water

Capital

Corp

2.30%,

06/01/2031

3.25%,

06/01/2051

3.75%,

09/01/2047

4.45%,

06/01/2032

5.70%,

09/01/2055

6.59%,

10/15/2037

Essential

Utilities

Inc

2.40%,

05/01/2031

5.25%,

08/15/2035

5.30%,

05/01/2052

5.38%,

01/15/2034

$

1,544

TOTAL

BONDS

$

769,104

MUNICIPAL

BONDS

-

0.10%

Principal

Amount

(000's)

Value

(000's)

California

-

0.03%

Bay

Area

Toll

Authority

6.26%,

04/01/2049

$

$

6.91%,

10/01/2050

California

State

University

2.98%,

11/01/2051

East

Bay

Municipal

Utility

District

Water

System

Revenue

5.87%,

06/01/2040

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

6.55%,

05/15/2048

State

of

California

3.50%,

04/01/2028

7.30%,

10/01/2039

$

960

Georgia

-

0.01%

Municipal

Electric

Authority

of

Georgia

6.64%,

04/01/2057

Illinois

-

0.03%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue

6.90%,

12/01/2040

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Illinois

(continued)

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

6.20%,

12/01/2040

$

$

State

of

Illinois

5.10%,

06/01/2033

611

633

$

969

New

Jersey

-

0.01%

New

Jersey

Economic

Development

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp)

7.43%,

02/15/2029

(j) 185

New

Jersey

Transportation

Trust

Fund

Authority

6.56%,

12/15/2040

$

New

York

-

0.01%

Port

Authority

of

New

York

&

New

Jersey

4.46%,

10/01/2062

Texas

-

0.01%

Dallas

Area

Rapid

Transit

5.02%,

12/01/2048

State

of

Texas

4.68%,

04/01/2040

$

Wisconsin

-

0.00%

State

of

Wisconsin

(credit

support

from

Assured

Guaranty)

5.70%,

05/01/2026

(j) 75

TOTAL

MUNICIPAL

BONDS

$

2,937

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

71.12%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

0.20%

2.00%,

09/01/2031

$

$

2.00%,

12/01/2031

2.50%,

01/01/2031

2.50%,

02/01/2031

2.50%,

12/01/2031

2.50%,

01/01/2032

2.50%,

03/01/2032

2.50%,

11/01/2036

3.00%,

11/01/2028

3.00%,

04/01/2029

3.00%,

09/01/2029

3.00%,

10/01/2029

3.00%,

11/01/2029

3.00%,

01/01/2030

3.00%,

11/01/2030

3.00%,

03/01/2031

3.00%,

05/01/2032

3.00%,

03/01/2033

3.00%,

04/01/2033

3.00%,

09/01/2036

3.00%,

09/01/2036

3.00%,

02/01/2037

3.00%,

10/01/2042

3.00%,

11/01/2042

3.00%,

02/01/2043

3.00%,

08/01/2043

3.00%,

09/01/2043

3.00%,

10/01/2043

3.00%,

01/01/2045

3.00%,

06/01/2046

3.00%,

10/01/2046

3.00%,

02/01/2047

3.50%,

12/01/2031

3.50%,

05/01/2034

3.50%,

11/01/2034

3.50%,

01/01/2035

3.50%,

04/01/2037

3.50%,

06/01/2042

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.50%,

02/01/2045

$

$

3.50%,

03/01/2045

3.50%,

06/01/2045

3.50%,

06/01/2046

4.00%,

12/01/2030

4.00%,

11/01/2033

4.00%,

07/01/2034

4.00%,

04/01/2038

4.00%,

12/01/2040

4.00%,

02/01/2044

4.00%,

04/01/2044

4.00%,

07/01/2044

4.00%,

09/01/2044

4.00%,

11/01/2044

4.00%,

01/01/2045

4.00%,

08/01/2045

4.00%,

12/01/2045

4.00%,

02/01/2046

4.00%,

05/01/2046

4.50%,

10/01/2030

4.50%,

05/01/2031

4.50%,

05/01/2049

1,229

1,236

5.50%,

06/01/2034

5.50%,

07/01/2038

5.50%,

07/01/2038

5.50%,

12/01/2038

5.50%,

10/01/2039

5.50%,

06/01/2041

6.00%,

04/01/2038

6.00%,

11/01/2038

$

5,771

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

18.92%

1.50%,

12/01/2035

1,657

1,521

1.50%,

03/01/2036

941

861

1.50%,

05/01/2036

1,021

939

1.50%,

05/01/2036

3,315

3,033

1.50%,

11/01/2036

723

663

1.50%,

12/01/2036

1,877

1,718

1.50%,

05/01/2037

662

604

1.50%,

11/01/2050

670

535

1.50%,

01/01/2051

3,302

2,629

1.50%,

06/01/2051

1,539

1,225

2.00%,

09/01/2029

2.00%,

05/01/2030

2.00%,

12/01/2031

2.00%,

02/01/2032

2.00%,

02/01/2036

1,150

1,072

2.00%,

02/01/2036

2,555

2,387

2.00%,

03/01/2036

2,041

1,908

2.00%,

04/01/2036

4,642

4,333

2.00%,

09/01/2036

2,563

2,390

2.00%,

02/01/2037

5,335

4,971

2.00%,

11/01/2041

5,424

4,803

2.00%,

05/01/2042

2,340

2,067

2.00%,

12/01/2050

12,928

10,816

2.00%,

02/01/2051

1,870

1,572

2.00%,

02/01/2051

6,752

5,643

2.00%,

02/01/2051

5,966

4,986

2.00%,

03/01/2051

3,781

3,157

2.00%,

04/01/2051

10,048

8,494

2.00%,

04/01/2051

6,797

5,733

2.00%,

04/01/2051

1,964

1,664

2.00%,

04/01/2051

4,574

3,866

2.00%,

05/01/2051

4,782

3,989

2.00%,

07/01/2051

7,056

5,878

2.00%,

10/01/2051

3,439

2,888

2.00%,

11/01/2051

5,163

4,296

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.00%,

11/01/2051

$

1,465

$

1,235

2.00%,

12/01/2051

2,921

2,453

2.00%,

12/01/2051

2,366

1,993

2.00%,

12/01/2051

4,874

4,103

2.00%,

01/01/2052

1,857

1,560

2.00%,

01/01/2052

4,153

3,453

2.00%,

01/01/2052

10,159

8,573

2.00%,

02/01/2052

2,541

2,120

2.00%,

02/01/2052

2,407

2,035

2.00%,

03/01/2052

4,097

3,443

2.00%,

04/01/2052

1,133

956

2.00%,

04/01/2052

1,833

1,549

2.00%,

04/01/2052

9,330

7,851

2.00%,

08/01/2052

1,499

1,248

2.00%,

12/01/2053

1,950

1,622

2.50%,

01/01/2028

2.50%,

11/01/2028

2.50%,

09/01/2029

2.50%,

05/01/2030

2.50%,

08/01/2030

2.50%,

03/01/2031

2.50%,

11/01/2031

2.50%,

12/01/2031

2.50%,

01/01/2032

2.50%,

03/01/2032

2.50%,

07/01/2033

2.50%,

02/01/2035

803

768

2.50%,

06/01/2035

1,703

1,630

2.50%,

10/01/2036

2.50%,

10/01/2036

2.50%,

12/01/2036

2.50%,

01/01/2037

2,062

1,971

2.50%,

04/01/2037

936

898

2.50%,

04/01/2042

3,600

3,266

2.50%,

01/01/2043

2.50%,

05/01/2043

2.50%,

10/01/2043

2.50%,

08/01/2046

2.50%,

12/01/2046

2.50%,

10/01/2050

557

2.50%,

11/01/2050

528

2.50%,

02/01/2051

4,999

4,436

2.50%,

02/01/2051

1,840

1,624

2.50%,

04/01/2051

2,769

2,422

2.50%,

07/01/2051

1,034

914

2.50%,

07/01/2051

513

2.50%,

10/01/2051

4,192

3,661

2.50%,

11/01/2051

2,191

1,944

2.50%,

11/01/2051

4,987

4,417

2.50%,

01/01/2052

1,486

1,310

2.50%,

02/01/2052

1,811

1,605

2.50%,

02/01/2052

1,816

1,605

2.50%,

02/01/2052

2,411

2,105

2.50%,

02/01/2052

9,544

8,420

2.50%,

02/01/2052

4,733

4,128

2.50%,

03/01/2052

1,881

1,657

2.50%,

03/01/2052

1,739

1,516

2.50%,

03/01/2052

9,260

8,158

2.50%,

04/01/2052

6,562

5,721

2.50%,

04/01/2052

8,900

7,834

2.50%,

04/01/2052

6,659

5,866

2.50%,

04/01/2052

1,250

1,093

2.50%,

05/01/2052

2,610

2,305

2.50%,

10/01/2053

2,279

1,991

3.00%,

04/01/2027

3.00%,

01/01/2029

3.00%,

02/01/2029

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

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)

3.00%,

12/01/2029

$

$

3.00%,

12/01/2029

3.00%,

01/01/2030

3.00%,

01/01/2030

3.00%,

06/01/2030

3.00%,

09/01/2030

3.00%,

10/01/2030

3.00%,

11/01/2030

3.00%,

12/01/2030

3.00%,

03/01/2031

3.00%,

04/01/2031

3.00%,

09/01/2031

3.00%,

12/01/2031

3.00%,

01/01/2033

3.00%,

04/01/2033

3.00%,

08/01/2034

3.00%,

05/01/2035

3.00%,

09/01/2035

953

925

3.00%,

05/01/2037

2,385

2,332

3.00%,

06/01/2040

3.00%,

04/01/2043

3.00%,

05/01/2043

3.00%,

05/01/2043

3.00%,

05/01/2043

3.00%,

07/01/2043

3.00%,

07/01/2043

3.00%,

08/01/2043

3.00%,

10/01/2043

3.00%,

11/01/2043

3.00%,

01/01/2045

3.00%,

05/01/2046

3.00%,

10/01/2046

3.00%,

10/01/2049

1,359

1,247

3.00%,

11/01/2049

1,077

992

3.00%,

11/01/2049

1,585

1,452

3.00%,

03/01/2050

2,510

2,309

3.00%,

06/01/2050

1,673

1,530

3.00%,

10/01/2050

2,452

2,225

3.00%,

07/01/2051

9,662

8,854

3.00%,

11/01/2051

3.00%,

02/01/2052

1,852

1,707

3.00%,

03/01/2052

1,602

1,452

3.00%,

03/01/2052

5,763

5,265

3.00%,

03/01/2052

3.00%,

04/01/2052

1,569

1,444

3.00%,

05/01/2052

4,918

4,457

3.00%,

05/01/2052

2,525

2,311

3.00%,

06/01/2052

6,342

5,759

3.50%,

12/01/2026

3.50%,

03/01/2029

3.50%,

09/01/2029

3.50%,

11/01/2030

3.50%,

04/01/2032

3.50%,

07/01/2032

3.50%,

09/01/2032

3.50%,

12/01/2032

656

652

3.50%,

10/01/2033

3.50%,

05/01/2034

3.50%,

06/01/2034

3.50%,

07/01/2034

3.50%,

10/01/2034

3.50%,

02/01/2036

3.50%,

02/01/2037

3.50%,

05/01/2037

1,161

1,147

3.50%,

05/01/2037

3.50%,

03/01/2041

3.50%,

03/01/2042

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

3.50%,

06/01/2042

$

$

3.50%,

07/01/2042

3.50%,

04/01/2043

3.50%,

05/01/2043

3.50%,

08/01/2043

3.50%,

01/01/2044

586

568

3.50%,

01/01/2044

3.50%,

10/01/2044

3.50%,

12/01/2044

3.50%,

11/01/2045

3.50%,

12/01/2045

3.50%,

12/01/2045

3.50%,

01/01/2046

3.50%,

03/01/2046

3.50%,

12/01/2046

3.50%,

01/01/2048

685

654

3.50%,

08/01/2049

759

723

3.50%,

11/01/2049

1,424

1,369

3.50%,

12/01/2049

1,069

1,032

3.50%,

01/01/2050

5,244

4,993

3.50%,

01/01/2052

4,375

4,167

3.50%,

06/01/2052

1,208

1,142

3.50%,

06/01/2052

778

742

3.50%,

07/01/2052

797

752

3.50%,

07/01/2052

8,729

8,366

3.50%,

08/01/2052

3,174

3,028

3.50%,

10/01/2052

2,405

2,269

4.00%,

04/01/2029

4.00%,

12/01/2030

4.00%,

03/01/2031

4.00%,

11/01/2031

4.00%,

11/01/2033

4.00%,

10/01/2034

4.00%,

02/01/2036

4.00%,

01/01/2037

4.00%,

10/01/2037

4.00%,

10/01/2037

4.00%,

03/01/2038

4.00%,

07/01/2038

4.00%,

12/01/2038

4.00%,

01/01/2039

4.00%,

01/01/2041

4.00%,

02/01/2041

4.00%,

12/01/2041

4.00%,

06/01/2042

4.00%,

06/01/2042

4.00%,

07/01/2042

4.00%,

12/01/2042

4.00%,

09/01/2044

4.00%,

11/01/2044

4.00%,

10/01/2049

1,389

1,368

4.00%,

11/01/2049

573

564

4.00%,

04/01/2050

1,116

1,099

4.00%,

05/01/2052

4,014

3,966

4.00%,

07/01/2052

1,012

988

4.00%,

08/01/2052

2,598

2,532

4.00%,

08/01/2052

5,981

5,841

4.00%,

09/01/2052

3,277

3,188

4.00%,

10/01/2052

1,003

983

4.00%,

01/01/2053

4,734

4,673

4.00%,

05/01/2053

1,913

1,875

4.00%,

07/01/2053

1,169

1,141

4.00%,

04/01/2056

(k) 2,100

2,035

4.50%,

06/01/2029

4.50%,

07/01/2029

4.50%,

08/01/2030

4.50%,

01/01/2034

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

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%,

01/01/2040

$

647

$

650

4.50%,

08/01/2052

2,027

2,012

4.50%,

10/01/2052

4,477

4,463

4.50%,

10/01/2052

3,039

3,020

4.50%,

05/01/2053

4,503

4,484

4.50%,

07/01/2053

4,995

4,989

4.50%,

08/01/2053

2,341

2,331

4.50%,

04/01/2054

964

960

4.50%,

01/01/2056

1,493

1,482

5.00%,

08/01/2039

544

553

5.00%,

12/01/2039

5.00%,

09/01/2040

1,180

1,210

5.00%,

11/01/2045

880

892

5.00%,

11/01/2052

3,913

3,984

5.00%,

04/01/2053

3,517

3,554

5.00%,

04/01/2053

4,124

4,163

5.00%,

04/01/2053

1,557

1,583

5.00%,

05/01/2053

4,784

4,870

5.00%,

06/01/2053

2,390

2,432

5.00%,

06/01/2053

1,709

1,726

5.00%,

05/01/2054

950

962

5.00%,

11/01/2054

3,900

3,945

5.00%,

11/01/2054

5,025

5,092

5.00%,

12/01/2054

3,276

3,318

5.00%,

01/01/2056

1,648

1,662

5.00%,

02/01/2056

5,280

5,318

5.50%,

03/01/2038

5.50%,

05/01/2038

5.50%,

06/01/2038

5.50%,

09/01/2038

5.50%,

11/01/2038

5.50%,

04/01/2039

5.50%,

10/01/2039

1,693

1,746

5.50%,

04/01/2040

5.50%,

07/01/2040

1,380

1,424

5.50%,

03/01/2053

2,963

3,058

5.50%,

07/01/2053

1,190

1,228

5.50%,

08/01/2053

5,197

5,346

5.50%,

08/01/2053

1,966

2,013

5.50%,

04/01/2054

2,959

3,051

5.50%,

05/01/2054

2,136

2,193

5.50%,

06/01/2054

4,039

4,154

5.50%,

08/01/2054

4,445

4,551

5.50%,

08/01/2054

1,397

1,438

5.50%,

10/01/2054

4,239

4,372

5.50%,

12/01/2054

3,549

3,662

5.50%,

02/01/2055

4,203

4,323

5.50%,

04/01/2055

1,855

1,906

5.50%,

04/01/2055

935

963

5.50%,

04/01/2055

1,905

1,958

5.50%,

06/01/2055

3,426

3,527

5.50%,

08/01/2055

3,096

3,167

5.50%,

08/01/2055

3,656

3,766

5.50%,

10/01/2055

2,447

2,510

6.00%,

10/01/2036

6.00%,

01/01/2053

2,001

2,102

6.00%,

10/01/2053

2,239

2,314

6.00%,

11/01/2053

2,907

3,032

6.00%,

03/01/2054

1,768

1,843

6.00%,

06/01/2054

2,655

2,768

6.00%,

07/01/2054

2,488

2,598

6.00%,

07/01/2054

2,490

2,600

6.00%,

08/01/2054

2,589

2,707

6.00%,

08/01/2054

4,475

4,631

6.00%,

09/01/2054

3,538

3,697

6.00%,

09/01/2054

5,165

5,341

6.00%,

11/01/2054

2,242

2,339

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

6.00%,

11/01/2054

$

2,003

$

2,089

6.00%,

01/01/2055

1,948

2,035

6.00%,

04/01/2055

1,061

1,106

6.00%,

09/01/2055

2,347

2,446

6.50%,

01/01/2054

3,511

3,684

6.50%,

01/01/2054

2,204

2,339

6.50%,

02/01/2054

2,173

2,297

6.50%,

05/01/2054

2,696

2,840

6.50%,

07/01/2054

1,457

1,534

6.50%,

04/01/2055

2,907

3,081

6.50%,

11/01/2055

1,634

1,717

$

535,688

Government

National

Mortgage

Association

(GNMA)

-

5.93%

2.00%,

02/20/2051

6,797

5,759

2.00%,

05/20/2051

5,170

4,380

2.00%,

07/20/2051

9,648

8,176

2.00%,

08/20/2051

3,311

2,806

2.00%,

11/20/2051

2,099

1,779

2.50%,

06/20/2027

2.50%,

12/20/2030

2.50%,

03/20/2031

2.50%,

07/20/2043

2.50%,

12/20/2046

2.50%,

01/20/2047

2.50%,

06/20/2050

2,132

1,883

2.50%,

04/20/2051

2,289

2,022

2.50%,

05/20/2051

7,158

6,321

2.50%,

07/20/2051

10,029

8,856

2.50%,

09/20/2051

7,486

6,610

3.00%,

02/15/2027

3.00%,

08/20/2029

3.00%,

09/20/2029

3.00%,

07/20/2030

3.00%,

01/20/2031

3.00%,

07/20/2032

3.00%,

03/20/2043

3.00%,

03/20/2043

3.00%,

04/20/2043

3.00%,

06/20/2043

3.00%,

08/20/2043

3.00%,

12/15/2044

3.00%,

01/15/2045

3.00%,

01/15/2045

3.00%,

02/20/2045

3.00%,

05/20/2045

3.00%,

12/20/2045

3.00%,

01/20/2046

3.00%,

03/20/2046

3.00%,

05/20/2046

3.00%,

06/20/2046

3.00%,

08/20/2046

3.00%,

09/20/2046

3.00%,

10/20/2046

3.00%,

12/15/2046

3.00%,

07/20/2051

1,551

1,425

3.00%,

09/20/2051

4,980

4,573

3.00%,

12/20/2051

10,266

9,422

3.50%,

05/20/2042

3.50%,

06/20/2042

3.50%,

07/20/2042

3.50%,

09/20/2042

3.50%,

10/20/2042

3.50%,

11/20/2042

3.50%,

12/20/2042

3.50%,

01/20/2043

3.50%,

02/20/2043

3.50%,

03/20/2043

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.50%,

04/15/2043

$

$

3.50%,

04/20/2043

3.50%,

05/20/2043

3.50%,

07/20/2043

3.50%,

08/20/2043

3.50%,

09/20/2043

3.50%,

10/20/2043

3.50%,

09/20/2044

3.50%,

10/20/2044

3.50%,

11/20/2044

3.50%,

12/20/2044

3.50%,

01/20/2045

3.50%,

03/15/2045

3.50%,

03/20/2045

3.50%,

04/15/2045

3.50%,

04/20/2045

3.50%,

04/20/2045

3.50%,

05/20/2045

3.50%,

06/20/2045

3.50%,

07/20/2045

3.50%,

08/20/2045

3.50%,

09/20/2045

3.50%,

10/20/2045

3.50%,

11/20/2045

3.50%,

12/20/2045

3.50%,

02/20/2046

3.50%,

08/15/2046

3.50%,

09/15/2046

3.50%,

01/15/2048

3.50%,

02/20/2048

3,676

3,522

3.50%,

08/20/2048

1,260

1,207

3.50%,

09/15/2048

3.50%,

04/20/2052

4,077

3,863

3.50%,

08/20/2052

2,075

1,963

4.00%,

02/20/2044

4.00%,

05/15/2044

4.00%,

05/20/2044

4.00%,

07/20/2044

4.00%,

08/20/2044

4.00%,

09/20/2044

4.00%,

10/20/2044

4.00%,

11/15/2044

4.00%,

11/20/2044

4.00%,

12/20/2044

4.00%,

01/20/2045

4.00%,

03/20/2045

4.00%,

08/20/2045

4.00%,

09/15/2045

4.00%,

09/20/2045

4.00%,

12/15/2045

4.00%,

02/20/2046

4.00%,

04/20/2046

4.00%,

10/20/2046

4.00%,

01/20/2047

4.00%,

03/20/2047

4.00%,

05/20/2047

4.00%,

11/20/2047

4.00%,

03/20/2049

4.00%,

05/20/2049

604

589

4.00%,

04/20/2052

7,063

6,855

4.00%,

10/20/2052

3,047

2,963

4.50%,

03/15/2039

4.50%,

03/15/2040

4.50%,

07/15/2040

4.50%,

02/20/2041

4.50%,

03/20/2041

4.50%,

05/15/2045

4.50%,

12/20/2046

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

Government

National

Mortgage

Association

(GNMA)

(continued)

4.50%,

10/15/2047

$

$

4.50%,

02/20/2049

2,326

2,338

4.50%,

05/20/2052

906

903

4.50%,

08/20/2052

2,231

2,223

4.50%,

09/20/2052

5,687

5,665

4.50%,

11/20/2054

4,128

4,085

5.00%,

07/20/2038

5.00%,

04/20/2039

5.00%,

01/20/2045

5.00%,

02/20/2046

5.00%,

12/20/2046

5.00%,

08/20/2048

5.00%,

10/20/2048

5.00%,

12/20/2052

815

821

5.00%,

01/20/2053

5,284

5,339

5.00%,

02/20/2053

1,217

1,228

5.00%,

04/20/2053

2,493

2,512

5.00%,

09/20/2053

1,654

1,667

5.00%,

10/20/2053

5,246

5,286

5.00%,

04/20/2054

1,872

1,884

5.00%,

03/20/2056

(k) 5,000

5,017

5.50%,

03/15/2038

5.50%,

02/15/2039

5.50%,

06/15/2040

5.50%,

07/20/2044

5.50%,

09/20/2044

5.50%,

12/20/2048

5.50%,

03/20/2053

3,485

3,566

5.50%,

06/20/2053

3,848

3,919

5.50%,

08/20/2053

2,827

2,888

5.50%,

10/20/2053

2,415

2,465

5.50%,

12/20/2053

3,832

3,913

5.50%,

04/20/2054

2,913

2,970

5.50%,

07/20/2054

2,356

2,390

6.00%,

07/20/2053

3,315

3,403

6.00%,

10/20/2053

3,072

3,140

6.00%,

03/20/2054

2,952

3,020

6.00%,

04/20/2054

1,634

1,674

$

167,721

U.S.

Treasury

-

46.07%

0.38%,

07/31/2027

6,345

6,078

0.38%,

09/30/2027

5,215

4,973

0.50%,

04/30/2027

4,175

4,034

0.50%,

05/31/2027

4,955

4,776

0.50%,

06/30/2027

3,790

3,645

0.50%,

08/31/2027

7,780

7,450

0.50%,

10/31/2027

5,120

4,880

0.63%,

11/30/2027

7,625

7,269

0.63%,

12/31/2027

6,650

6,325

0.63%,

05/15/2030

29,725

26,436

0.63%,

08/15/2030

15,065

13,297

0.75%,

01/31/2028

10,210

9,714

0.88%,

11/15/2030

13,310

11,801

1.00%,

07/31/2028

8,595

8,125

1.13%,

02/29/2028

11,740

11,231

1.13%,

08/31/2028

7,015

6,638

1.13%,

02/15/2031

12,680

11,317

1.13%,

05/15/2040

5,180

3,400

1.13%,

08/15/2040

3,885

2,525

1.25%,

03/31/2028

6,615

6,334

1.25%,

04/30/2028

10,140

9,692

1.25%,

05/31/2028

8,310

7,929

1.25%,

06/30/2028

9,680

9,221

1.25%,

09/30/2028

5,880

5,572

1.25%,

08/15/2031

10,605

9,387

1.25%,

05/15/2050

6,195

3,104

1.38%,

10/31/2028

8,830

8,381

1.38%,

12/31/2028

7,435

7,034

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

1.38%,

11/15/2031

$

19,860

$

17,582

1.38%,

11/15/2040

4,490

3,015

1.38%,

08/15/2050

6,000

3,089

1.50%,

11/30/2028

6,840

6,504

1.50%,

02/15/2030

12,175

11,305

1.63%,

08/15/2029

3,560

3,355

1.63%,

05/15/2031

11,030

10,024

1.63%,

11/15/2050

7,265

3,986

1.75%,

01/31/2029

8,580

8,191

1.75%,

11/15/2029

2,360

2,223

1.75%,

08/15/2041

6,540

4,566

1.88%,

02/28/2029

5,360

5,129

1.88%,

02/15/2032

13,820

12,523

1.88%,

02/15/2041

5,820

4,202

1.88%,

02/15/2051

6,040

3,525

1.88%,

11/15/2051

6,400

3,694

2.00%,

11/15/2041

5,285

3,813

2.00%,

02/15/2050

3,950

2,416

2.00%,

08/15/2051

5,755

3,441

2.25%,

08/15/2027

4,875

4,793

2.25%,

11/15/2027

6,555

6,429

2.25%,

05/15/2041

4,570

3,472

2.25%,

08/15/2046

4,160

2,846

2.25%,

08/15/2049

6,140

4,007

2.25%,

02/15/2052

6,160

3,897

2.38%,

05/15/2027

4,230

4,174

2.38%,

03/31/2029

6,075

5,893

2.38%,

05/15/2029

6,050

5,862

2.38%,

02/15/2042

6,020

4,577

2.38%,

11/15/2049

3,305

2,210

2.38%,

05/15/2051

6,765

4,441

2.50%,

03/31/2027

7,945

7,861

2.50%,

02/15/2045

3,795

2,785

2.50%,

02/15/2046

4,005

2,895

2.50%,

05/15/2046

2,720

1,959

2.63%,

05/31/2027

3,865

3,825

2.63%,

02/15/2029

7,695

7,529

2.63%,

07/31/2029

2,600

2,534

2.75%,

04/30/2027

4,420

4,383

2.75%,

07/31/2027

13,665

13,534

2.75%,

02/15/2028

8,515

8,413

2.75%,

05/31/2029

2,500

2,449

2.75%,

08/15/2032

7,965

7,540

2.75%,

08/15/2042

739

589

2.75%,

11/15/2042

1,090

865

2.75%,

08/15/2047

2,885

2,139

2.75%,

11/15/2047

2,950

2,181

2.88%,

05/15/2028

3,870

3,828

2.88%,

08/15/2028

13,970

13,804

2.88%,

04/30/2029

4,605

4,532

2.88%,

05/15/2032

10,200

9,756

2.88%,

05/15/2043

2,880

2,309

2.88%,

08/15/2045

2,575

2,002

2.88%,

11/15/2046

1,080

828

2.88%,

05/15/2049

4,490

3,344

2.88%,

05/15/2052

6,300

4,578

3.00%,

05/15/2042

1,705

1,416

3.00%,

11/15/2044

4,710

3,771

3.00%,

05/15/2045

2,280

1,816

3.00%,

11/15/2045

1,950

1,544

3.00%,

02/15/2047

3,175

2,479

3.00%,

05/15/2047

4,205

3,273

3.00%,

02/15/2048

3,415

2,637

3.00%,

08/15/2048

1,210

929

3.00%,

02/15/2049

3,190

2,439

3.00%,

08/15/2052

4,610

3,434

3.13%,

08/31/2027

1,290

1,284

3.13%,

11/15/2028

11,250

11,174

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

3.13%,

08/31/2029

$

3,010

$

2,980

3.13%,

11/15/2041

3.13%,

02/15/2042

1,140

967

3.13%,

02/15/2043

815

681

3.13%,

08/15/2044

2,590

2,121

3.13%,

05/15/2048

1,030

811

3.25%,

06/30/2027

5,950

5,934

3.25%,

06/30/2029

4,380

4,357

3.25%,

05/15/2042

5,235

4,500

3.38%,

05/15/2033

9,345

9,128

3.38%,

08/15/2042

3,025

2,636

3.38%,

11/15/2048

3,175

2,603

3.50%,

09/30/2027

3,860

3,864

3.50%,

01/31/2028

3,970

3,978

3.50%,

04/30/2028

3,820

3,828

3.50%,

10/15/2028

4,525

4,537

3.50%,

11/15/2028

3,780

3,791

3.50%,

12/15/2028

5,205

5,220

3.50%,

01/15/2029

800

802

3.50%,

09/30/2029

9,035

9,054

3.50%,

01/31/2030

7,810

7,822

3.50%,

04/30/2030

3,395

3,398

3.50%,

02/15/2033

8,390

8,275

3.50%,

02/15/2039

1,130

1,056

3.63%,

03/31/2028

3,180

3,195

3.63%,

08/31/2029

2,540

2,556

3.63%,

03/31/2030

6,730

6,769

3.63%,

08/31/2030

880

885

3.63%,

09/30/2030

2,595

2,608

3.63%,

09/30/2031

1,915

1,918

3.63%,

08/15/2043

2,410

2,147

3.63%,

02/15/2044

1,245

1,104

3.63%,

02/15/2053

3,965

3,328

3.63%,

05/15/2053

7,665

6,431

3.75%,

06/30/2027

7,720

7,749

3.75%,

08/15/2027

5,155

5,177

3.75%,

04/15/2028

2,735

2,755

3.75%,

05/15/2028

4,595

4,630

3.75%,

12/31/2028

6,315

6,376

3.75%,

05/31/2030

2,265

2,289

3.75%,

06/30/2030

5,090

5,143

3.75%,

12/31/2030

2,545

2,570

3.75%,

08/31/2031

9,060

9,134

3.75%,

02/28/2033

(i) 5,610

5,620

3.75%,

08/15/2041

2,175

2,018

3.75%,

11/15/2043

1,250

1,130

3.88%,

05/31/2027

5,555

5,581

3.88%,

07/31/2027

4,470

4,496

3.88%,

10/15/2027

4,790

4,823

3.88%,

11/30/2027

4,725

4,762

3.88%,

12/31/2027

5,365

5,409

3.88%,

03/15/2028

5,120

5,169

3.88%,

07/15/2028

2,255

2,280

3.88%,

09/30/2029

6,260

6,350

3.88%,

11/30/2029

2,300

2,334

3.88%,

04/30/2030

4,425

4,493

3.88%,

06/30/2030

4,235

4,301

3.88%,

07/31/2030

5,470

5,556

3.88%,

08/31/2032

3,415

3,453

3.88%,

09/30/2032

2,610

2,638

3.88%,

12/31/2032

3,960

3,999

3.88%,

08/15/2033

10,170

10,244

3.88%,

08/15/2034

11,485

11,502

3.88%,

08/15/2040

1,350

1,284

3.88%,

02/15/2043

2,125

1,969

3.88%,

05/15/2043

1,060

980

4.00%,

12/15/2027

2,660

2,687

4.00%,

02/29/2028

3,380

3,419

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

4.00%,

06/30/2028

$

2,640

$

2,676

4.00%,

01/31/2029

5,730

5,826

4.00%,

07/31/2029

5,130

5,225

4.00%,

02/28/2030

12,340

12,584

4.00%,

05/31/2030

9,220

9,408

4.00%,

07/31/2030

5,145

5,251

4.00%,

01/31/2031

7,695

7,857

4.00%,

04/30/2032

3,255

3,317

4.00%,

06/30/2032

4,340

4,422

4.00%,

07/31/2032

5,930

6,040

4.00%,

02/15/2034

10,630

10,770

4.00%,

11/15/2035

5,730

5,751

4.00%,

11/15/2042

5,240

4,943

4.00%,

11/15/2052

7,995

7,183

4.13%,

09/30/2027

6,975

7,049

4.13%,

10/31/2027

4,750

4,803

4.13%,

11/15/2027

2,150

2,175

4.13%,

07/31/2028

8,455

8,600

4.13%,

03/31/2029

5,800

5,922

4.13%,

10/31/2029

1,000

1,023

4.13%,

11/30/2029

10,715

10,967

4.13%,

08/31/2030

1,075

1,102

4.13%,

07/31/2031

9,165

9,414

4.13%,

10/31/2031

4,015

4,122

4.13%,

11/30/2031

6,155

6,319

4.13%,

02/29/2032

5,270

5,408

4.13%,

03/31/2032

2,905

2,981

4.13%,

05/31/2032

3,575

3,668

4.13%,

11/15/2032

8,815

9,035

4.13%,

08/15/2044

3,585

3,395

4.13%,

08/15/2053

3,930

3,605

4.25%,

03/15/2027

22,215

22,381

4.25%,

02/28/2029

6,355

6,508

4.25%,

06/30/2029

5,900

6,053

4.25%,

02/28/2031

2,640

2,726

4.25%,

06/30/2031

4,620

4,773

4.25%,

11/15/2034

10,515

10,803

4.25%,

05/15/2035

12,755

13,082

4.25%,

08/15/2035

8,990

9,213

4.25%,

05/15/2039

3,400

3,416

4.25%,

11/15/2040

1,088

1,077

4.25%,

02/15/2054

7,180

6,726

4.25%,

08/15/2054

6,660

6,240

4.38%,

07/15/2027

5,770

5,841

4.38%,

08/31/2028

3,915

4,007

4.38%,

01/31/2032

6,205

6,451

4.38%,

05/15/2034

10,690

11,099

4.38%,

02/15/2038

510

4.38%,

11/15/2039

1,700

1,719

4.38%,

05/15/2040

1,545

1,557

4.38%,

05/15/2041

2,990

2,992

4.38%,

08/15/2043

1,645

1,618

4.50%,

04/15/2027

4,605

4,655

4.50%,

05/15/2027

4,445

4,497

4.50%,

12/31/2031

8,910

9,321

4.50%,

11/15/2033

9,935

10,407

4.50%,

02/15/2036

1,630

1,711

4.50%,

05/15/2038

1,200

1,249

4.50%,

08/15/2039

730

749

4.50%,

02/15/2044

3,835

3,823

4.50%,

11/15/2054

6,850

6,692

4.63%,

06/15/2027

16,890

17,133

4.63%,

09/30/2028

6,215

6,404

4.63%,

04/30/2029

6,920

7,170

4.63%,

09/30/2030

1,460

1,529

4.63%,

04/30/2031

2,775

2,915

4.63%,

05/31/2031

12,215

12,833

4.63%,

02/15/2035

11,305

11,926

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

(continued)

4.63%,

02/15/2040

$

4,870

$

5,045

4.63%,

05/15/2044

4,030

4,076

4.63%,

11/15/2044

6,255

6,314

4.63%,

11/15/2045

805

810

4.63%,

05/15/2054

6,335

6,315

4.63%,

02/15/2055

6,445

6,428

4.63%,

11/15/2055

4,260

4,253

4.75%,

02/15/2037

1,250

1,335

4.75%,

02/15/2041

3,994

4,171

4.75%,

02/15/2045

3,865

3,962

4.75%,

11/15/2053

4,820

4,898

4.75%,

05/15/2055

6,640

6,757

4.75%,

08/15/2055

6,020

6,130

4.75%,

02/15/2056

1,475

1,503

4.88%,

08/15/2045

2,760

2,871

5.00%,

05/15/2037

885

966

5.00%,

05/15/2045

3,925

4,149

5.25%,

11/15/2028

5.25%,

02/15/2029

795

838

5.38%,

02/15/2031

1,100

1,191

5.50%,

08/15/2028

1,115

1,170

6.13%,

11/15/2027

700

731

6.25%,

05/15/2030

1,050

1,163

6.38%,

08/15/2027

1,540

1,604

$

1,304,157

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

2,013,337

Total

Investments

$

2,867,333

Other

Assets

and

Liabilities

- (1.28)%

(36,331)

TOTAL

NET

ASSETS

-

100.00%

$

2,831,002

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$20,495

or

0.72%

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

$21,030

or

0.74%

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) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(f) Non-income

producing

security

(g) Security

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

$2,320

or

0.08%

of

net

assets.

(h) Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions. These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(i) Security

purchased

on

a

when-issued

basis.

(j) Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(k) Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

Schedule

of

Investments

Bond

Market

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

58,724

$

379,453

$

371,563

$

66,614

$

58,724

$

379,453

$

371,563

$

66,614

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

3.56%

$

528

$

—

$

—

$

—

$

528

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Capital

Securities

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.82

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.15

%

Invesco

Preferred

ETF

123,647

$

1,409

Money

Market

Funds

-

.67

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(a),(b)

1,722,540

1,723

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(a),(b),(c)

23,766,591

23,767

$

25,490

TOTAL

INVESTMENT

COMPANIES

$

26,899

PREFERRED

STOCKS

-

.27

%

Shares

Held

Value

(000's)

Banks

-

.69

%

Cullen/Frost

Bankers

Inc

4.45%,

06/15/2026

(d) 57,739

$

1,035

Regions

Financial

Corp

6.95%,

09/15/2029

(d) 107,520

2,785

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

US

Bancorp

4.53%,

04/02/2026

(d) 11,995

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.86%

Wintrust

Financial

Corp

7.88%,

07/15/2030

(d) 95,600

2,553

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%

$

6,600

Diversified

Financial

Services

-

.02

%

Affiliated

Managers

Group

Inc

4.20%,

09/30/2061

9,119

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

1,353

$

Insurance

-

.34

%

Assurant

Inc

5.25%,

01/15/2061

30,926

635

Corebridge

Financial

Inc

6.38%,

12/15/2064

109,872

2,586

$

3,221

REITs

-

.22

%

Public

Storage

4.10%,

01/13/2027

(d) 5,800

Public

Storage

4.13%,

04/01/2026

(d) 12,718

Public

Storage

5.60%,

04/02/2026

(d) 13,525

Rexford

Industrial

Realty

Inc

5.63%,

03/22/2026

(d) 70,860

1,522

$

2,149

TOTAL

PREFERRED

STOCKS

$

12,141

BONDS

-

.85

%

Principal

Amount

(000's)

Value

(000's)

Banks

-

.34

%

Banco

Bilbao

Vizcaya

Argentaria

SA

7.75%,

01/14/2032

(d),(e),(f)

$

9,700

$

10,414

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%

9.38%,

03/19/2029

(d),(e),(f)

8,500

9,469

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%

Banco

Santander

SA

8.00%,

02/01/2034

(d),(e),(f)

1,000

1,103

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

9.63%,

11/21/2028

(d),(e),(f)

3,500

3,887

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

9.63%,

05/21/2033

(d),(e),(f)

5,000

6,029

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.30%

Bank

of

America

Corp

6.13%,

04/27/2027

(d),(e)

10,304

10,441

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.63%,

05/01/2030

(d),(e),(g)

14,500

15,180

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

Montreal

6.88%,

11/26/2085

(e) $

4,800

$

4,951

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

7.30%,

11/26/2084

(e) 2,500

2,662

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

7.70%,

05/26/2084

(e) 7,834

8,298

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

Bank

of

New

York

Mellon

Corp/The

3.75%,

12/20/2026

(d),(e)

12,100

11,919

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

5.63%,

03/20/2031

(d),(e),(h)

2,200

2,200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.03%

Bank

of

Nova

Scotia/The

3.63%,

10/27/2081

(e) 760

741

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

6.88%,

10/27/2085

(e) 23,600

24,367

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

7.35%,

04/27/2085

(e) 3,675

3,854

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

8.00%,

01/27/2084

(e) 6,325

6,768

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(e) 2,600

2,748

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

Barclays

PLC

7.63%,

03/15/2035

(d),(e),(f)

12,900

13,697

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

(d),(e),(f)

1,200

1,280

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

9.63%,

12/15/2029

(d),(e),(f)

1,800

2,041

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

BNP

Paribas

SA

4.50%,

02/25/2030

(d),(e),(f),(i)

3,500

3,293

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

4.63%,

02/25/2031

(d),(e),(f),(i)

7,000

6,499

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%

7.45%,

06/27/2035

(d),(e),(f),(i)

2,600

2,747

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

7.45%,

06/27/2035

(d),(e),(f)

2,000

2,113

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

8.50%,

08/14/2028

(d),(e),(f),(i)

2,000

2,138

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

9.25%,

11/17/2027

(d),(e),(f),(i)

5,000

5,341

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

9.25%,

11/17/2027

(d),(e),(f)

1,400

1,496

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.97%

Schedule

of

Investments

Capital

Securities

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Canadian

Imperial

Bank

of

Commerce

6.95%,

01/28/2085

(e),(g)

$

5,500

$

5,687

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%

7.00%,

10/28/2085

(e) 8,800

9,124

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

Citigroup

Inc

6.63%,

02/15/2031

(d),(e)

2,000

2,068

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

6.88%,

08/15/2030

(d),(e)

11,000

11,279

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

6.95%,

02/15/2030

(d),(e)

5,000

5,140

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

7.00%,

08/15/2034

(d),(e)

11,567

12,197

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

7.13%,

08/15/2029

(d),(e)

1,500

1,550

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.69%

7.38%,

05/15/2028

(d),(e),(g)

3,600

3,756

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(d),(e),(g)

4,300

4,276

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%

7.07%,

04/06/2026

(d),(g)

3,462

3,464

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.42%

Credit

Agricole

SA

7.13%,

09/23/2035

(d),(e),(f),(i)

4,300

4,524

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.58%

Deutsche

Bank

AG

8.13%,

04/30/2030

(d),(e),(f),(g)

7,000

7,517

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

Goldman

Sachs

Group

Inc/The

6.85%,

02/10/2030

(d),(e)

1,444

1,512

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.50%,

05/10/2029

(d),(e),(g)

21,500

22,888

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

7.50%,

02/10/2029

(d),(e),(g)

1,000

1,069

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

HSBC

Holdings

PLC

6.00%,

05/22/2027

(d),(e),(f)

3,000

3,029

USD

Swap

Rate

NY

Year

+

3.75%

6.50%,

03/23/2028

(d),(e),(f)

500

511

USD

Swap

Rate

NY

Year

+

3.61%

7.05%,

06/05/2030

(d),(e),(f)

1,000

1,042

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.99%

8.00%,

03/07/2028

(d),(e),(f)

5,000

5,274

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.86%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(d),(e)

$

14,810

$

14,707

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.63%,

07/15/2030

(d),(e)

8,010

8,209

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

6.25%,

10/15/2030

(d),(e)

6,160

6,206

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

Huntington

Capital

II

4.61%,

06/15/2028

2,400

2,320

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.89%

ING

Groep

NV

5.75%,

11/16/2026

(d),(e),(f)

1,985

1,986

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.34%

7.00%,

11/16/2032

(d),(e),(f)

4,000

4,158

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.59%

7.25%,

11/16/2034

(d),(e),(f)

5,000

5,356

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

4.08%

JPMorgan

Chase

&

Co

6.50%,

04/01/2030

(d),(e)

10,500

10,999

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

6.88%,

06/01/2029

(d),(e)

10,100

10,721

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

KeyCorp

5.00%,

09/15/2026

(d),(e)

2,775

2,767

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.87%

KeyCorp

Capital

I

4.66%,

07/01/2028

1,500

1,473

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

KeyCorp

Capital

III

7.75%,

07/15/2029

2,700

2,901

Lloyds

Banking

Group

PLC

6.63%,

09/27/2035

(d),(e),(f)

2,500

2,490

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.75%,

09/27/2031

(d),(e),(f),(g)

900

933

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

8.00%,

09/27/2029

(d),(e),(f)

2,000

2,173

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(d),(e),(g)

8,000

7,906

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.13%,

11/01/2026

(d),(e)

4,000

4,004

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.78%

NatWest

Group

PLC

4.60%,

06/28/2031

(d),(e),(f),(g)

18,000

16,763

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.10%

Nordea

Bank

Abp

6.75%,

11/10/2033

(d),(e),(f),(i)

4,000

4,132

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Schedule

of

Investments

Capital

Securities

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

PNC

Capital

Trust

C

4.62%,

06/01/2028

$

3,000

$

2,955

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.83%

PNC

Financial

Services

Group

Inc/The

6.00%,

05/15/2027

(d),(e)

5,600

5,646

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

6.20%,

09/15/2027

(d),(e),(g)

2,000

2,032

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(d),(e),(g)

13,500

14,000

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Royal

Bank

of

Canada

6.35%,

11/24/2084

(e) 7,000

6,933

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

6.50%,

11/24/2085

(e) 4,800

4,796

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

6.50%,

05/24/2086

(e) 1,550

1,548

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

7.50%,

05/02/2084

(e) 21,094

22,270

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Societe

Generale

SA

8.50%,

03/25/2034

(d),(e),(f),(i)

3,600

4,004

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%

10.00%,

11/14/2028

(d),(e),(f),(i)

7,000

7,727

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

10.00%,

11/14/2028

(d),(e),(f)

600

662

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

Standard

Chartered

PLC

4.75%,

01/14/2031

(d),(e),(f),(g)

12,500

11,885

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

7.01%,

07/30/2037

(d),(e),(i)

7,100

7,495

Month

USD

LIBOR

+

1.46%

7.01%,

07/30/2037

(d),(e)

2,000

2,111

Month

USD

LIBOR

+

1.46%

7.63%,

01/16/2032

(d),(e),(f),(i)

2,100

2,249

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

7.88%,

03/08/2030

(d),(e),(f),(g),(i)

1,000

1,070

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%

State

Street

Corp

6.45%,

09/15/2030

(d),(e),(g)

3,800

3,969

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.70%,

09/15/2029

(d),(e)

10,800

11,362

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

6.70%,

03/15/2029

(d),(e),(g)

6,900

7,224

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Swedbank

AB

7.75%,

03/17/2030

(d),(e),(f)

3,000

3,255

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.66%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Toronto-Dominion

Bank/The

7.25%,

07/31/2084

(e) $

1,000

$

1,045

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

8.13%,

10/31/2082

(e) 14,201

14,858

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Financial

Corp

4.58%,

05/15/2027

4,000

3,981

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.93%

5.10%,

03/01/2030

(d),(e),(g)

2,000

2,023

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

UBS

Group

AG

4.38%,

02/10/2031

(d),(e),(f)

2,500

2,274

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.31%

4.88%,

02/12/2027

(d),(e),(f),(i)

9,000

8,962

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.40%

6.60%,

08/05/2030

(d),(e),(f),(g),(i)

3,900

3,923

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.12%

7.00%,

02/10/2030

(d),(e),(f),(i)

2,000

2,043

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

7.00%,

02/05/2035

(d),(e),(f)

6,000

6,083

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.30%

9.25%,

11/13/2033

(d),(e),(f),(i)

12,000

14,034

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.76%

US

Bancorp

3.70%,

01/15/2027

(d),(e),(g)

29,000

28,733

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%

Wells

Fargo

&

Co

6.85%,

09/15/2029

(d),(e),(g)

9,705

10,235

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

7.63%,

09/15/2028

(d),(e),(g)

10,696

11,414

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%

$

614,588

Diversified

Financial

Services

-

.31

%

Nomura

Holdings

Inc

7.00%,

07/15/2030

(d),(e),(f)

600

628

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

Voya

Financial

Inc

4.70%,

01/23/2048

(e) 10,800

10,381

Month

USD

LIBOR

+

2.08%

7.76%,

09/15/2028

(d),(e)

1,400

1,472

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%

$

12,481

Electric

-

.06

%

Algonquin

Power

&

Utilities

Corp

4.75%,

01/18/2082

(e) 5,000

4,959

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%

Alliant

Energy

Corp

5.75%,

04/01/2056

(e) 500

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.08%

Schedule

of

Investments

Capital

Securities

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(e) $

4,100

$

4,040

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.80%,

03/15/2056

(e) 2,700

2,713

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%

6.05%,

03/15/2056

(e) 4,400

4,415

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%

6.95%,

12/15/2054

(e) 2,000

2,161

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(e),(g)

2,600

2,739

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

Dominion

Energy

Inc

4.35%,

01/15/2027

(d),(e),(g)

1,150

1,144

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.20%

6.63%,

05/15/2055

(e),(g)

4,500

4,671

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.21%

Duke

Energy

Corp

3.25%,

01/15/2082

(e) 5,000

4,894

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%

Electricite

de

France

SA

9.13%,

03/15/2033

(d),(e)

6,800

8,088

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%

9.13%,

03/15/2033

(d),(e),(i)

2,000

2,379

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%

Entergy

Corp

6.10%,

06/15/2056

(e) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%

EUSHI

Finance

Inc

6.25%,

04/01/2056

(e) 1,100

1,108

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.51%

7.63%,

12/15/2054

(e) 500

528

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.14%

Evergy

Inc

6.65%,

06/01/2055

(e) 1,000

1,030

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.56%

NextEra

Energy

Capital

Holdings

Inc

5.99%,

10/01/2066

(g) 2,291

2,073

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.33%

6.70%,

09/01/2054

(e) 2,700

2,804

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

Sempra

6.55%,

04/01/2055

(e) 3,580

3,655

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.63%,

04/01/2055

(e) 1,500

1,525

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

Southern

Co/The

6.38%,

03/15/2055

(e) 2,000

2,092

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.07%

$

57,919

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Food

-

.74

%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(d),(i)

$

7,000

$

7,017

Gas

-

.82

%

AltaGas

Ltd

7.20%,

10/15/2054

(e),(i)

1,500

1,567

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%

NiSource

Inc

6.95%,

11/30/2054

(e) 6,000

6,269

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

$

7,836

Insurance

-

.55

%

ACE

Capital

Trust

II

9.70%,

04/01/2030

2,570

3,079

Corebridge

Financial

Inc

6.38%,

09/15/2054

(e) 1,200

1,200

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

6.88%,

12/01/2030

(d),(e)

4,270

4,379

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.18%

6.88%,

12/15/2052

(e) 4,000

4,087

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.85%

Dai-ichi

Life

Insurance

Co

Ltd/The

6.20%,

01/16/2035

(d),(e),(i)

6,000

6,254

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%

Equitable

Holdings

Inc

6.70%,

03/28/2055

(e) 1,600

1,668

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(e),(i)

7,300

7,245

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.32%

7.80%,

03/07/2087

(i) 6,100

7,066

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(i) 1,100

1,252

Meiji

Yasuda

Life

Insurance

Co

5.80%,

09/11/2054

(e),(i)

3,600

3,670

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(e),(i)

4,650

4,818

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(i) 2,200

2,446

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.96%

MetLife

Inc

5.85%,

03/15/2056

(e) 2,000

1,986

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.82%

9.25%,

04/08/2068

(i) 11,372

13,551

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

4,300

5,696

Month

USD

LIBOR

+

7.55%

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(e),(i)

3,600

3,782

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.98%

Schedule

of

Investments

Capital

Securities

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(e),(i)

$

4,600

$

4,172

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

2.90%,

09/16/2051

(e),(i)

10,500

9,457

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%

6.50%,

04/30/2055

(e) 1,500

1,612

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%

Prudential

Financial

Inc

3.70%,

10/01/2050

(e) 8,000

7,444

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%

6.50%,

03/15/2054

(e) 2,000

2,108

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

Reinsurance

Group

of

America

Inc

6.65%,

09/15/2055

(e) 400

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Sumitomo

Life

Insurance

Co

3.38%,

04/15/2081

(e),(i)

5,000

4,680

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

5.88%,

09/10/2055

(e),(i)

4,000

4,055

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

Swiss

RE

Subordinated

Finance

PLC

5.70%,

04/05/2035

(e),(i)

1,600

1,680

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

6.19%,

04/01/2046

(e),(i)

4,600

4,844

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(e) 11,200

10,240

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

3.50%,

05/02/2052

(e) 7,200

6,584

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.79%

$

129,469

Oil

&

Gas

-

.84

%

BP

Capital

Markets

PLC

4.88%,

03/22/2030

(d),(e)

3,000

2,990

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%

Phillips

Co

6.20%,

03/15/2056

(e) 5,000

5,068

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

$

8,058

Pipelines

-

.05

%

Enbridge

Inc

5.75%,

07/15/2080

(e) 5,000

5,089

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

6.25%,

03/01/2078

(e) 11,000

11,208

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.90%

7.63%,

01/15/2083

(e),(g)

2,000

2,197

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.42%

8.50%,

01/15/2084

(e) 4,650

5,367

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pipelines

(continued)

Energy

Transfer

LP

6.50%,

02/15/2056

(e) $

2,600

$

2,627

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.75%,

02/15/2056

(e) 11,335

11,586

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.48%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(e) 7,938

7,944

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.29%

5.38%,

02/15/2078

(e) 1,300

1,304

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.83%

Transcanada

Trust

5.50%,

09/15/2079

(e) 12,500

12,636

Secured

Overnight

Financing

Rate

+

4.42%

5.60%,

03/07/2082

(e) 7,300

7,335

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.99%

$

67,293

REITs

-

.48

%

Scentre

Group

Trust

5.13%,

09/24/2080

(e),(g),(i)

4,500

4,562

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.69%

Sovereign

-

.54

%

CoBank

ACB

4.25%,

01/01/2027

(d),(e)

2,000

1,973

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.05%

6.25%,

10/01/2026

(d),(e)

1,000

1,002

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.66%

6.45%,

10/01/2027

(d),(e),(g)

5,000

5,050

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.49%

Farm

Credit

Bank

of

Texas

7.00%,

09/15/2030

(d),(e)

6,477

6,718

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

$

14,743

Telecommunications

-

.12

%

TELUS

Corp

6.63%,

10/15/2055

(e) 1,100

1,136

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

TOTAL

BONDS

$

925,102

Total

Investments

$

964,142

Other

Assets

and

Liabilities

- (0.94)%

(8,974)

TOTAL

NET

ASSETS

-

100.00%

$

955,168

(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

$18,653

or

1.95%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(e) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

Schedule

of

Investments

Capital

Securities

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

(f) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$200,234

or

20.96%

of

net

assets.

(g) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$18,090

or

1.89%

of

net

assets.

(h) Security

purchased

on

a

when-issued

basis.

(i) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$174,678

or

18.29%

of

net

assets.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

32,192

$

329,711

$

338,136

$

23,767

$

32,192

$

329,711

$

338,136

$

23,767

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

3.56%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

11.24%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.20%

Sprott

Physical

Uranium

Trust

(a) 266,600

$

5,379

Exchange-Traded

Funds

-

7.35%

abrdn

Bloomberg

All

Commodity

Strategy

Free

ETF

263,365

5,744

Global

X

MLP

&

Energy

Infrastructure

ETF

(b) 402,400

28,663

Global

X

US

Infrastructure

Development

ETF

(b) 1,006,200

55,432

iShares

Global

Infrastructure

ETF

140,898

9,774

SPDR

Gold

MiniShares

Trust

(a),(c)

801,220

83,439

State

Street

SPDR

S&P

Global

Natural

Resources

ETF

75,950

5,738

Vanguard

Real

Estate

ETF

72,589

6,946

$

195,736

Money

Market

Funds

-

3.69%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(a),(d),(f)

6,704,031

6,704

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

-

Institutional

Class

3.55%

(a),(d)

7,369,847

7,370

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(d),(e),(f)

84,116,400

84,116

$

98,190

TOTAL

INVESTMENT

COMPANIES

$

299,305

COMMON

STOCKS

-

78.71%

Shares

Held

Value

(000's)

Agriculture

-

1.13%

Archer-Daniels-Midland

Co

150,462

$

10,387

Bunge

Global

SA

74,506

8,989

Darling

Ingredients

Inc

(g) 122,922

6,535

Wilmar

International

Ltd

1,534,000

4,265

$

30,176

Biotechnology

-

0.52%

Corteva

Inc

174,017

13,942

Building

Materials

-

0.56%

Boise

Cascade

Co

2,832

Builders

FirstSource

Inc

(g) 1,956

Interfor

Corp

(g) 77,957

569

Louisiana-Pacific

Corp

18,305

1,552

Masterbrand

Inc

(g) 20,176

Stella-Jones

Inc

7,231

Svenska

Cellulosa

AB

SCA

504,172

6,845

UFP

Industries

Inc

7,378

759

West

Fraser

Timber

Co

Ltd

61,960

4,114

$

14,977

Chemicals

-

1.54%

CF

Industries

Holdings

Inc

47,832

4,761

FMC

Corp

19,042

ICL

Group

Ltd

422,338

2,002

Ingevity

Corp

(g) 10,380

748

Methanex

Corp

98,740

4,989

Mosaic

Co/The

217,584

6,058

Nutrien

Ltd

228,844

17,211

Yara

International

ASA

95,258

4,822

$

40,872

Commercial

Services

-

1.40%

Anhui

Expressway

Co

Ltd

342,000

604

Atlas

Arteria

Ltd

3,014,750

10,292

Cengage

Learning

Holdings

II

Inc

(g) 2,772

China

Merchants

Port

Holdings

Co

Ltd

924,000

2,062

COSCO

SHIPPING

Ports

Ltd

1,098,000

910

Hutchison

Port

Holdings

Trust

4,451,300

1,002

Jiangsu

Expressway

Co

Ltd

(b) 1,002,000

1,304

Shenzhen

Expressway

Corp

Ltd

492,000

Shenzhen

International

Holdings

Ltd

1,110,000

1,293

SIA

Engineering

Co

Ltd

194,100

540

Transurban

Group

1,689,925

17,228

Yuexiu

Transport

Infrastructure

Ltd

568,000

Zhejiang

Expressway

Co

Ltd

1,260,000

1,103

$

37,176

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Consumer

Products

-

0.12%

Avery

Dennison

Corp

11,782

$

2,314

Kimberly-Clark

Corp

7,522

838

$

3,152

Cosmetics

&

Personal

Care

-

0.10%

Essity

AB

34,622

1,100

Procter

&

Gamble

Co/The

3,760

629

Unicharm

Corp

147,700

1,010

$

2,739

Electric

-

14.51%

American

Electric

Power

Co

Inc

118,123

15,807

Axia

Energia

570,191

6,847

Axia

Energia

ADR

49,330

596

Black

Hills

Corp

73,946

5,447

Brookfield

Renewable

Corp

(b) 271,021

11,581

CGN

Power

Co

Ltd

(h) 694,000

China

Longyuan

Power

Group

Corp

Ltd

182,000

China

Resources

Power

Holdings

Co

Ltd

134,000

Cia

Energetica

de

Minas

Gerais

ADR

116,458

Cia

Paranaense

de

Energia

-

Copel

3,254,781

9,346

Clearway

Energy

Inc

-

Class

C

232,854

8,921

CLP

Holdings

Ltd

732,500

6,941

CMS

Energy

Corp

147,778

11,537

Consolidated

Edison

Inc

23,035

2,592

Constellation

Energy

Corp

38,395

12,666

Dominion

Energy

Inc

195,021

12,314

Duke

Energy

Corp

49,273

6,447

E.ON

SE

657,731

15,300

Edison

International

89,802

6,712

EDP

Renovaveis

SA

628,766

9,933

Enel

SpA

1,931,064

23,221

Engie

SA

594,647

20,315

Entergy

Corp

168,604

18,059

Exelon

Corp

298,042

14,744

HK

Electric

Investments

&

HK

Electric

Investments

Ltd

2,135,000

1,913

Huaneng

Power

International

Inc

244,000

Iberdrola

SA

394,926

9,321

National

Grid

PLC

1,213,973

22,709

NextEra

Energy

Inc

362,214

33,965

OGE

Energy

Corp

160,014

7,863

PG&E

Corp

722,947

13,736

Portland

General

Electric

Co

136,268

7,353

Public

Service

Enterprise

Group

Inc

93,645

8,059

Redeia

Corp

SA

306,904

5,705

Sempra

187,999

18,099

Southern

Co/The

69,276

6,746

SSE

PLC

310,870

11,236

Terna

-

Rete

Elettrica

Nazionale

314,116

3,780

Vistra

Corp

17,855

3,105

WEC

Energy

Group

Inc

19,500

2,281

Xcel

Energy

Inc

118,227

9,856

$

386,290

Energy

-

Alternate

Sources

-

0.22%

ERG

SpA

195,804

5,770

Engineering

&

Construction

-

6.73%

Aena

SME

SA

(h) 956,927

30,161

Aeroports

de

Paris

SA

168,916

23,570

Airports

of

Thailand

PCL

1,441,200

2,551

Athens

International

Airport

SA

254,750

3,444

Auckland

International

Airport

Ltd

3,608,530

19,849

Beijing

Capital

International

Airport

Co

Ltd

(g) 1,600,000

Cellnex

Telecom

SA

(g),(h)

328,376

12,480

China

Tower

Corp

Ltd

(h) 2,536,200

3,609

Corp

America

Airports

SA

(g) 30,347

865

Dalrymple

Bay

Infrastructure

Ltd

416,399

1,529

Enav

SpA

(h) 2,641,430

17,202

Flughafen

Zurich

AG

16,052

5,500

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(g) 25,053

2,451

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

ADR

26,290

$

3,212

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

ADR

32,196

8,395

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

115,562

4,162

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

ADR

35,015

12,593

Japan

Airport

Terminal

Co

Ltd

82,600

2,817

Sacyr

SA

1,844,819

9,871

SATS

Ltd

740,500

2,291

Vinci

SA

72,294

12,000

$

179,030

Food

-

0.04%

Ingredion

Inc

9,683

1,137

Forest

Products

&

Paper

-

1.70%

Acadian

Timber

Corp

(b) 37,636

Canfor

Corp

(g) 78,401

790

Empresas

CMPC

SA

325,680

Holmen

AB

28,224

1,111

International

Paper

Co

293,107

12,764

Mondi

PLC

349,337

4,176

Nine

Dragons

Paper

Holdings

Ltd

(g) 980,000

1,102

Oji

Holdings

Corp

777,000

4,895

Sappi

Ltd

(b),(g)

217,349

Suzano

SA

ADR

391,488

4,436

Suzano

SA

207,100

2,347

Sylvamo

Corp

16,102

746

UPM-Kymmene

Oyj

368,996

11,751

$

45,295

Gas

-

0.74%

China

Gas

Holdings

Ltd

3,068,600

3,175

NiSource

Inc

80,967

3,830

Snam

SpA

1,396,164

10,841

Spire

Inc

20,658

1,892

$

19,738

Hand

&

Machine

Tools

-

0.02%

Makita

Corp

16,000

619

Healthcare

-

Products

-

.00%

Carestream

Health

Inc

(g) 17,410

Healthcare

-

Services

-

0.14%

Chartwell

Retirement

Residences

226,400

3,688

Home

Builders

-

0.13%

DR

Horton

Inc

3,678

590

KB

Home

4,099

Meritage

Homes

Corp

3,290

PulteGroup

Inc

4,935

677

Sumitomo

Forestry

Co

Ltd

94,800

1,025

Toll

Brothers

Inc

4,073

640

$

3,441

Housewares

-

0.02%

Scotts

Miracle-Gro

Co/The

6,777

Internet

-

0.00%

Catalina

Marketing

Corp

(g),(i)

4,112

Iron

&

Steel

-

1.14%

ArcelorMittal

SA

31,833

2,085

ArcelorMittal

SA

140,966

9,185

Fortescue

Ltd

124,120

1,865

Nippon

Steel

Corp

401,300

1,630

Novolipetsk

Steel

PJSC

(g) 1,124,750

—

Nucor

Corp

34,889

6,171

POSCO

Holdings

Inc

5,621

1,613

Reliance

Inc

3,905

1,233

Severstal

PAO

(g) 149,085

—

Steel

Dynamics

Inc

10,250

1,980

Vale

SA

ADR

267,688

4,599

$

30,361

Lodging

-

0.19%

Hilton

Worldwide

Holdings

Inc

16,000

4,989

Machinery

-

Construction

&

Mining

-

0.13%

Caterpillar

Inc

4,723

3,508

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Diversified

-

0.33%

ANDRITZ

AG

7,437

$

646

CNH

Industrial

NV

373,753

4,597

Deere

&

Co

3,963

2,495

Kadant

Inc

1,713

581

Valmet

Oyj

16,472

552

$

8,871

Mining

-

7.00%

Agnico

Eagle

Mines

Ltd

37,550

9,432

Agnico

Eagle

Mines

Ltd

39,790

10,011

Alamos

Gold

Inc

100,912

5,468

Alcoa

Corp

46,082

2,861

Anglo

American

PLC

202,400

10,099

Anglogold

Ashanti

Plc

31,652

4,044

Antofagasta

PLC

25,759

1,480

Barrick

Mining

Corp

(b) 126,083

6,397

BHP

Group

Ltd

379,149

15,384

Cameco

Corp

27,778

3,286

Cameco

Corp

18,753

2,220

Capstone

Copper

Corp

(g) 223,673

2,314

China

Hongqiao

Group

Ltd

244,000

1,101

First

Quantum

Minerals

Ltd

(g) 50,509

1,512

Franco-Nevada

Corp

14,410

4,027

Freeport-McMoRan

Inc

271,336

18,473

Glencore

PLC

(g) 712,965

5,152

Gold

Fields

Ltd

ADR

66,816

3,931

Hudbay

Minerals

Inc

97,197

2,754

Impala

Platinum

Holdings

Ltd

ADR

106,532

2,359

Ivanhoe

Mines

Ltd

(g) 177,724

2,033

Kinross

Gold

Corp

90,195

3,334

Newmont

Corp

171,061

22,238

Norsk

Hydro

ASA

445,884

4,137

Northern

Star

Resources

Ltd

106,807

2,341

Pan

American

Silver

Corp

35,439

2,435

Polyus

PJSC

(g) 124,590

—

Rio

Tinto

Ltd

27,713

3,295

Rio

Tinto

PLC

99,768

9,884

Royal

Gold

Inc

24,928

7,473

Southern

Copper

Corp

6,168

1,346

Teck

Resources

Ltd

33,414

1,962

Teck

Resources

Ltd

46,534

2,740

Valterra

Platinum

Ltd

23,434

2,715

Wheaton

Precious

Metals

Corp

33,992

5,539

Zijin

Mining

Group

Co

Ltd

448,000

2,564

$

186,341

Oil

&

Gas

-

7.28%

Antero

Resources

Corp

(g) 156,132

5,747

BP

PLC

2,698,433

17,490

Canadian

Natural

Resources

Ltd

133,382

5,835

Cenovus

Energy

Inc

88,063

1,962

Chevron

Corp

48,081

8,980

ConocoPhillips

136,076

15,439

Coterra

Energy

Inc

19,340

592

Crescent

Energy

Co

182,901

2,133

Devon

Energy

Corp

15,935

694

Diamondback

Energy

Inc

66,013

11,492

Ecopetrol

SA

ADR

(b) 15,808

Empresas

Copec

SA

92,314

762

Eni

SpA

133,084

3,108

EOG

Resources

Inc

13,783

1,710

EQT

Corp

15,853

974

Equinor

ASA

54,066

1,620

Expand

Energy

Corp

51,935

5,605

Exxon

Mobil

Corp

176,334

26,891

Imperial

Oil

Ltd

9,785

1,144

Kunlun

Energy

Co

Ltd

230,000

Marathon

Petroleum

Corp

41,928

8,310

Occidental

Petroleum

Corp

18,269

970

Permian

Resources

Corp

370,809

6,782

Petroleo

Brasileiro

SA

-

Petrobras

ADR

119,223

1,983

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Phillips

59,836

$

9,234

Reliance

Industries

Ltd

(h) 108,394

6,632

Repsol

SA

72,304

1,636

Shell

PLC

369,333

15,469

Suncor

Energy

Inc

(b) 76,886

4,343

Suncor

Energy

Inc

157,135

8,881

TotalEnergies

SE

130,084

10,420

Valero

Energy

Corp

19,705

4,032

Woodside

Energy

Group

Ltd

121,821

2,487

$

193,791

Oil

&

Gas

Services

-

0.51%

Baker

Hughes

Co

25,066

1,636

Halliburton

Co

21,379

770

SLB

Ltd

215,376

11,057

$

13,463

Packaging

&

Containers

-

1.39%

Amcor

PLC

70,375

3,408

Billerud

Aktiebolag

82,450

752

Graphic

Packaging

Holding

Co

73,222

895

Klabin

SA

294,391

1,182

Packaging

Corp

of

America

49,153

11,411

Sealed

Air

Corp

22,426

939

SIG

Group

AG

238,683

3,883

Smurfit

Westrock

PLC

129,962

6,110

Sonoco

Products

Co

19,106

1,079

Stora

Enso

Oyj

537,613

7,292

$

36,951

Pipelines

-

6.89%

Antero

Midstream

Corp

27,157

610

APA

Group

2,018,979

13,214

Cheniere

Energy

Inc

75,394

17,773

DT

Midstream

Inc

8,337

1,158

Enbridge

Inc

824,743

43,818

Gaztransport

Et

Technigaz

SA

3,212

734

Gibson

Energy

Inc

340,020

7,306

Golar

LNG

Ltd

9,902

Keyera

Corp

19,068

728

Kinder

Morgan

Inc

415,166

13,813

Koninklijke

Vopak

NV

119,751

6,582

ONEOK

Inc

230,087

19,044

Pembina

Pipeline

Corp

46,423

2,040

South

Bow

Corp

387,927

12,473

Targa

Resources

Corp

18,572

4,379

TC

Energy

Corp

304,137

19,543

Williams

Cos

Inc/The

262,692

19,628

$

183,283

Real

Estate

-

2.64%

CBRE

Group

Inc

(g) 12,976

1,916

City

Developments

Ltd

762,500

5,906

CoStar

Group

Inc

(g) 30,062

1,342

CTP

NV

(h) 88,100

1,871

Fastighets

AB

Balder

(g) 458,600

3,446

Jones

Lang

LaSalle

Inc

(g) 7,900

2,493

Mitsui

Fudosan

Co

Ltd

1,616,600

21,791

Qualitas

Ltd

1,527,369

3,367

Sky

Harbour

Group

Corp

(b),(g)

20,612

Sumitomo

Realty

&

Development

Co

Ltd

165,700

5,602

Sun

Hung

Kai

Properties

Ltd

801,600

14,902

Swire

Properties

Ltd

1,122,800

3,864

TAG

Immobilien

AG

189,500

3,696

$

70,377

REITs

-

18.22%

Agree

Realty

Corp

142,342

11,456

Alexandria

Real

Estate

Equities

Inc

43,747

2,364

American

Healthcare

REIT

Inc

338,197

17,667

American

Homes

Rent

362,175

10,865

American

Tower

Corp

36,962

7,091

AvalonBay

Communities

Inc

82,117

14,554

Boardwalk

Real

Estate

Investment

Trust

48,100

2,306

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

(continued)

British

Land

Co

PLC/The

623,200

$

3,426

BXP

Inc

29,007

1,670

Camden

Property

Trust

19,709

2,135

CapitaLand

Integrated

Commercial

Trust

5,109,915

9,886

COPT

Defense

Properties

183,969

5,847

Cousins

Properties

Inc

143,038

3,313

Crown

Castle

Inc

109,443

9,800

Curbline

Properties

Corp

145,892

4,057

Digital

Realty

Trust

Inc

77,906

13,805

Equinix

Inc

40,352

39,314

Equity

LifeStyle

Properties

Inc

73,700

4,950

Equity

Residential

33,501

2,118

Essex

Property

Trust

Inc

32,008

8,166

Extra

Space

Storage

Inc

110,645

16,711

Federal

Realty

Investment

Trust

20,847

2,267

Gaming

and

Leisure

Properties

Inc

120,999

5,918

Goodman

Group

834,468

17,165

Healthpeak

Properties

Inc

122,219

2,161

Host

Hotels

&

Resorts

Inc

113,998

2,233

InvenTrust

Properties

Corp

227,183

7,088

Invitation

Homes

Inc

77,055

2,030

Iron

Mountain

Inc

23,773

2,575

Japan

Hotel

REIT

Investment

Corp

5,295

2,876

Keppel

DC

REIT

3,103,828

5,663

Kimco

Realty

Corp

101,323

2,386

Klepierre

SA

275,592

11,598

Link

REIT

1,136,314

5,618

Merlin

Properties

Socimi

SA

271,800

4,800

Mid-America

Apartment

Communities

Inc

15,409

2,063

Mitsui

Fudosan

Accommodations

Fund

Inc

5,903

5,214

Nippon

Building

Fund

Inc

4,353

4,050

Nippon

Prologis

REIT

Inc

5,901

3,461

Prologis

Inc

302,799

43,170

Prologis

Property

Mexico

SA

de

CV

506,065

2,495

Public

Storage

7,595

2,332

Rayonier

Inc

163,635

3,516

Realty

Income

Corp

35,868

2,403

Regency

Centers

Corp

129,139

10,202

Ryman

Hospitality

Properties

Inc

66,100

6,527

Sabra

Health

Care

REIT

Inc

265,545

5,457

Safestore

Holdings

PLC

430,845

4,609

SBA

Communications

Corp

10,784

2,169

Segro

PLC

557,550

6,312

Sekisui

House

Reit

Inc

5,500

3,315

Simon

Property

Group

Inc

49,337

10,057

UDR

Inc

57,710

2,164

Unibail-Rodamco-Westfield

(g) 104,689

13,116

UNITE

Group

PLC/The

133,602

906

Uniti

Group

Inc

-

Warrants

(g) 5,235

Ventas

Inc

284,581

24,520

VICI

Properties

Inc

73,216

2,212

Vornado

Realty

Trust

84,616

2,334

Welltower

Inc

231,580

47,965

Weyerhaeuser

Co

340,758

8,358

$

484,844

Retail

-

0.04%

Gymboree

Corp/The

(g),(i)

17,842

—

Gymboree

Holding

Corp

(g),(i)

48,577

—

Home

Depot

Inc/The

1,673

637

Lowe's

Cos

Inc

1,325

$

988

Semiconductors

-

0.00%

Bright

Bidco

-

1145

Shares

(g) 11,047

Bright

Bidco

-

4A2

Shares

(g) 15,092

$

Software

-

0.00%

Bloom

Parent

Inc

(g),(i)

Riverbed

Technology

Inc

(g),(i)

15,335

—

$

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Storage

&

Warehousing

-

0.02%

Westshore

Terminals

Investment

Corp

26,469

$

621

Telecommunications

-

0.20%

MLN

US

Holdco

LLC

(g),(i)

1,264

—

NEXTDC

Ltd

(g) 539,688

5,326

$

5,326

Transportation

-

1.27%

Canadian

National

Railway

Co

146,792

16,473

Getlink

SE

552,890

12,004

Qube

Holdings

Ltd

1,487,898

5,299

$

33,776

Water

-

1.84%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

ADR

27,235

817

Essential

Utilities

Inc

288,278

11,522

Guangdong

Investment

Ltd

172,000

Pennon

Group

PLC

1,696,804

13,710

Severn

Trent

PLC

206,252

9,104

United

Utilities

Group

PLC

723,277

13,557

$

48,878

TOTAL

COMMON

STOCKS

$

2,095,129

PREFERRED

STOCKS

-

0.01%

Shares

Held

Value

(000's)

REITs

-

0.01%

Uniti

Group

Inc

0.00%

(g),(i)

$

TOTAL

PREFERRED

STOCKS

$

SENIOR

FLOATING

RATE

INTERESTS

-

0.02%

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

0.01%

Dexko

Global

Inc

;

Term

Loan

B

7.68%,

10/04/2028

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Beverages

-

0.00%

BrewCo

Borrower

LLC

10.79%,

09/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

10.80%,

09/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.00%

$

Commercial

Services

-

.00%

Medical

Solutions

Holdings

Inc

;

Term

Loan

B

7.27%,

10/06/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.50%

Computers

-

0.00%

Perforce

Software

Inc

;

Term

Loan

B

8.42%,

03/21/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.75%

Diversified

Financial

Services

-

0.00%

Ditech

Holding

Corp

;

Term

Loan

B-Exit

0.00%,

06/30/2022

(g),(i)

792

—

Month

USD

LIBOR

+

6.00%

Healthcare

-

Products

-

0.00%

Vyaire

Medical

Inc

0.00%,

10/10/2024

(g),(i)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%

0.00%,

04/16/2025

(g),(i)

510

—

$

—

Retail

-

0.00%

Serta

Simmons

Bedding

LLC

;

Term

Loan

Exit

11.29%,

06/29/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

7.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

-

0.01%

West

Technology

Group

LLC

;

Term

Loan

B3

7.67%,

04/09/2027

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.00%

Telecommunications

-

0.00%

Cyborg

Oldco

DC

Holdings

Inc

;

Term

Loan

B

0.00%,

05/01/2024

(g),(i)

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

10.69%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

-

10.69%

3.48%,

06/25/2026

(a),(j),(k)

$

63,890

$

63,163

3.49%,

07/16/2026

(a),(j),(k)

13,800

13,616

3.52%,

03/03/2026

(a),(j)

5,750

5,750

3.52%,

07/30/2026

(a),(j),(k)

2,000

1,970

3.54%,

03/26/2026

(a),(j)

51,885

51,759

3.56%,

05/19/2026

(a),(j),(l)

26,480

26,275

3.57%,

03/10/2026

(a),(j)

970

969

3.58%,

05/28/2026

(a),(j),(k),(l)

5,240

5,195

3.60%,

05/14/2026

(a),(j)

1,510

1,499

3.60%,

05/21/2026

(a),(j)

3,365

3,338

3.61%,

03/24/2026

(a),(j)

3,205

3,198

3.61%,

03/31/2026

(a),(j)

6,795

6,775

3.62%,

03/05/2026

(a),(j)

22,680

22,673

3.62%,

03/17/2026

(a),(j)

6,790

6,780

3.62%,

04/14/2026

(a),(j)

49,450

49,236

3.62%,

04/21/2026

(a),(j)

1,725

1,716

3.63%,

04/07/2026

(a),(j)

16,645

16,585

3.66%,

04/16/2026

(a),(j),(k),(l)

4,060

4,041

$

284,538

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

284,538

Total

Investments

$

2,679,561

Other

Assets

and

Liabilities

- (0.67)%

(17,903)

TOTAL

NET

ASSETS

-

100.00%

$

2,661,658

(a) All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

(b) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$45,225

or

1.70%

of

net

assets.

(c) The

Trust

is

not

registered

as

an

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended,

and

is

not

required

to

register

under

such

act.

Consequently,

shareholders

do

not

have

the

regulatory

protections

provided

to

investors

in

registered

investment

companies.

The

Trust

sells

shares

under

the

Securities

Act

of

1933

and

files

reports

pursuant

to

the

Securities

Act

of

1934. (d) 1-day

yield

shown

is

as

of

period

end.

(e) 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.

(f) 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

$46,879

or

1.76%

of

net

assets.

(g) Non-income

producing

security

(h) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$72,233

or

2.71%

of

net

assets.

(i) 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.

(j) Rate

shown

is

the

discount

rate

of

the

original

purchase.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

(k) 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

$9,439

or

0.35%

of

net

assets.

(l) 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

$16,670

or

0.63%

of

net

assets.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

51,139

$

1,104,611

$

1,071,634

$

84,116

$

51,139

$

1,104,611

$

1,071,634

$

84,116

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

3.56%

$

808

$

—

$

—

$

—

$

808

$

—

$

—

$

—

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)

Brent

Crude;

August

2026

(a) Long

$

22,327

$

1,635

Brent

Crude;

December

2026

(a) Short

15,856

(935) Brent

Crude;

December

2027

(a) Long

927

Brent

Crude;

June

2026

(a) Long

6,723

Brent

Crude;

May

2026

(a) Short

510

(14) Brent

Crude;

September

2026

(a) Long

562

California

Carbon

Allowance

Vintage;

December

2026

(a) Long

5,006

(355) California

Low

Carbon

Fuel;

December

2026

(a) Long

666

Cocoa;

July

2026

(a) Long

(295) Cocoa;

May

2026

(a) Long

1,068

(429) Coffee

'C';

July

2026

(a) Long

828

(129) Coffee

'C';

May

2026

(a) Long

526

(21) Coffee

'C';

September

2026

(a) Long

(1) Copper;

July

2026

(a) Long

1,071

Copper;

May

2026

(a) Short

(5) Copper;

May

2026

(a) Long

3,030

(47) Corn;

July

2026

(a) Long

821

Corn;

May

2026

(a) Long

Cotton

No.2;

July

2026

(a) Long

673

Cotton

No.2;

May

2026

(a) Short

(4) Cotton

No.2;

May

2026

(a) Long

2,985

Euro

Milling

Wheat;

May

2026

(a) Long

623

7,417

Feeder

Cattle;

April

2026

(a) Long

(5) Feeder

Cattle;

August

2026

(a) Long

(4) Feeder

Cattle;

May

2026

(a) Long

(13) Frozen

Concentrated

Orange

Juice-A;

July

2026

(a) Long

(7) Frozen

Concentrated

Orange

Juice-A;

May

2026

(a) Short

(3) Gasoline

RBOB;

July

2026

(a) Long

1,614

Gasoline

RBOB;

May

2026

(a) Long

4,911

Gold

oz;

April

2026

(a) Long

525

Gold

oz;

August

2026

(a) Long

51,673

590

KC

HRW

Wheat;

July

2026

(a) Long

KC

HRW

Wheat;

May

2026

(a) Short

(6) Lean

Hogs;

April

2026

(a) Short

(3) Lean

Hogs;

July

2026

(a) Long

536

Lean

Hogs;

June

2026

(a) Long

—

Live

Cattle;

April

2026

(a) Long

(7) Live

Cattle;

August

2026

(a) Long

7,016

(117) LME

Copper;

April

2026

(a) Short

(12) LME

Copper;

December

2026

(a) Short

—

—

(91) LME

Copper;

July

2026

(a) Long

669

LME

Copper;

June

2026

(a) Short

—

—

(734) LME

Copper;

March

2026

(a) Short

—

—

(2) LME

Copper;

March

2026

(a) Short

—

—

6,782

LME

Copper;

September

2026

(a) Long

31,532

LME

Lead;

July

2026

(a) Long

595

(41) LME

Lead;

March

2026

(a) Short

—

—

LME

Lead;

May

2026

(a) Short

—

—

LME

Nickel;

July

2026

(a) Long

862

(11) LME

Nickel;

June

2026

(a) Short

—

—

(25) LME

Nickel;

June

2026

(a) Long

4,402

(6) LME

Nickel;

March

2026

(a) Short

—

—

LME

Nickel;

March

2026

(a) Short

—

—

914

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

LME

Nickel;

May

2026

(a) Short

$

$

LME

Nickel;

September

2026

(a) Long

LME

Primary

Alum;

December

2026

(a) Short

—

—

LME

Primary

Alum;

July

2026

(a) Long

1,023

LME

Primary

Alum;

June

2026

(a) Short

—

—

(40) LME

Primary

Alum;

June

2026

(a) Long

13,287

(205) LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

1,255

LME

Primary

Alum;

May

2026

(a) Long

LME

Primary

Alum;

September

2026

(a) Long

LME

Tin;

July

2026

(a) Long

LME

Zinc;

July

2026

(a) Long

831

LME

Zinc;

March

2026

(a) Short

—

—

LME

Zinc;

May

2026

(a) Long

Low

Sulphur

Gasoline;

July

2026

(a) Long

16,627

1,370

Low

Sulphur

Gasoline;

May

2026

(a) Short

(11) Natural

Gas;

August

2026

(a) Long

581

(6) Natural

Gas;

December

2026

(a) Long

1,215

(47) Natural

Gas;

July

2026

(a) Long

1,335

(65) Natural

Gas;

May

2026

(a) Short

NY

Harbor

ULSD;

August

2026

(a) Long

6,358

NY

Harbor

ULSD;

July

2026

(a) Long

1,653

NY

Harbor

ULSD;

May

2026

(a) Long

PJM

Western

Hub

Real-Time

Peak

Mini;

April

2027

(a) Long

(44) PJM

Western

Hub

Real-Time

Peak

Mini;

August

2027

(a) Long

PJM

Western

Hub

Real-Time

Peak

Mini;

December

2027

(a) Long

—

PJM

Western

Hub

Real-Time

Peak

Mini;

February

2027

(a) Long

PJM

Western

Hub

Real-Time

Peak

Mini;

January

2027

(a) Long

PJM

Western

Hub

Real-Time

Peak

Mini;

July

2027

(a) Long

PJM

Western

Hub

Real-Time

Peak

Mini;

June

2027

(a) Long

(23) PJM

Western

Hub

Real-Time

Peak

Mini;

March

2027

(a) Long

(44) PJM

Western

Hub

Real-Time

Peak

Mini;

May

2027

(a) Long

(39) PJM

Western

Hub

Real-Time

Peak

Mini;

November

2027

(a) Long

(30) PJM

Western

Hub

Real-Time

Peak

Mini;

October

2027

(a) Long

(31) PJM

Western

Hub

Real-Time

Peak

Mini;

September

2027

(a) Long

(28) Platinum;

April

2026

(a) Long

Platinum;

July

2026

(a) Long

2,522

Robusta

Coffee

10tn;

July

2026

(a) Long

(14) Silver;

July

2026

(a) Long

1,410

Silver;

May

2026

(a) Long

933

Silver;

September

2026

(a) Long

5,675

Soybean

Future;

July

2026

(a) Long

16,262

1,296

Soybean

Future;

May

2026

(a) Short

585

(13) Soybean

Meal;

July

2026

(a) Long

613

Soybean

Meal;

May

2026

(a) Short

(9) Soybean

Oil;

July

2026

(a) Long

10,546

1,749

Soybean

Oil;

May

2026

(a) Short

(10) Sugar

#11;

July

2026

(a) Long

5,794

(269) Sugar

#11;

May

2026

(a) Long

TTF

Natural

Gas;

August

2026

(a) Long

1,608

TTF

Natural

Gas;

December

2026

(a) Short

2,655

(146) UK

Emissions

Allowance;

December

2026

(a) Long

1,306

(381) Wheat;

July

2026

(a) Long

509

Wheat;

May

2026

(a) Short

6,004

(536) White

Sugar;

August

2026

(a) Long

(6) WTI

Crude;

August

2026

(a) Long

8,278

WTI

Crude;

July

2026

(a) Long

1,853

WTI

Crude;

May

2026

(a) Short

602

(16) Total

$

14,129

Amounts

in

thousands

except

contracts.

(a) All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Barclays

Bank

PLC

03/18/2026

MXN

$

$

$

—

Barclays

Bank

PLC

03/18/2026

$

MXN

3,801

—

(11) Citigroup

Inc

03/18/2026

PEN

$

—

Deutsche

Bank

AG

03/18/2026

$

PEN

—

(1) Deutsche

Bank

AG

03/18/2026

$

BRL

850

—

(12) Morgan

Stanley

&

Co

03/18/2026

$

730

BRL

4,016

—

(51) Toronto

Dominion

Bank

03/18/2026

BRL

4,866

$

871

—

Toronto

Dominion

Bank

03/18/2026

MXN

3,538

$

—

Total

$

$

(75) Amounts

in

thousands.

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

Bank

of

America

NA

(a) 3

Month

US

Treasury

Bill

High

Rate

+

0.11%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/02/2026

$

$

—

$

$

—

Bank

of

America

NA

(a) 3

Month

US

Treasury

Bill

High

Rate

+

0.25%

CRB

Total

Return

Index

Monthly

05/01/2026

—

—

(82) Citigroup

Inc

(a) 3

Month

US

Treasury

Bill

High

Rate

+

0.11%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/02/2026

—

—

Citigroup

Inc

(a) 3

Month

US

Treasury

Bill

High

Rate

+

0.24%

CRB

Total

Return

Index

Monthly

05/01/2026

—

—

(48) Goldman

Sachs

&

Co

(a) 3

Month

US

Treasury

Bill

High

Rate

+

0.12%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

11/02/2026

—

634

—

Goldman

Sachs

&

Co

(a) Bloomberg

Commodity

Index

Month

Forward

Total

Return

+

0.21%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

10/01/2026

—

—

Goldman

Sachs

&

Co

(a) Bloomberg

Commodity

Index

Month

Forward

Total

Return

+

0.25%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

10/01/2026

—

—

Goldman

Sachs

&

Co

(a) Bloomberg

Commodity

Index

Month

Forward

Total

Return

+

0.00%

Bloomberg

Commodity

Index

Month

Forward

Total

Return

Monthly

10/01/2026

—

—

Total

$

—

$

1,119

$

(130) Amounts

in

thousands.

(a) All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

Schedule

of

Investments

Global

Listed

Infrastructure

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.18

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.18

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(a),(b)

1,163,390

$

1,164

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(a),(c)

1,585,306

1,585

$

2,749

TOTAL

INVESTMENT

COMPANIES

$

2,749

COMMON

STOCKS

-

.42

%

Shares

Held

Value

(000's)

Commercial

Services

-

.09

%

Atlas

Arteria

Ltd

1,073,571

$

3,665

Motiva

Infraestrutura

de

Mobilidade

SA

849,322

2,749

$

6,414

Electric

-

.77

%

Algonquin

Power

&

Utilities

Corp

422,200

2,953

Boralex

Inc

90,266

1,837

CenterPoint

Energy

Inc

88,439

3,847

CMS

Energy

Corp

55,126

4,304

Consolidated

Edison

Inc

24,942

2,806

EDP

Renovaveis

SA

84,443

1,334

Elia

Group

SA/NV

21,427

3,404

Entergy

Corp

50,538

5,413

National

Grid

PLC

319,282

5,973

NextEra

Energy

Inc

104,226

9,773

PG&E

Corp

196,361

3,731

Sempra

47,738

4,596

Xcel

Energy

Inc

47,273

3,941

$

53,912

Engineering

&

Construction

-

.00

%

Aeroports

de

Paris

SA

17,477

2,439

Beijing

Capital

International

Airport

Co

Ltd

(d) 3,504,000

1,046

Cellnex

Telecom

SA

(d),(e)

63,521

2,414

China

Tower

Corp

Ltd

(e) 1,075,500

1,530

Enav

SpA

(e) 200,799

1,308

Sarana

Menara

Nusantara

Tbk

PT

44,646,100

1,344

$

10,081

Gas

-

.94

%

ENN

Energy

Holdings

Ltd

278,800

2,446

Oil

&

Gas

Services

-

.79

%

Solaris

Energy

Infrastructure

Inc

20,091

997

Pipelines

-

.36

%

APA

Group

395,056

2,586

DT

Midstream

Inc

17,215

2,390

Gibson

Energy

Inc

163,000

3,502

Kinetik

Holdings

Inc

(f) 30,781

1,400

Williams

Cos

Inc/The

93,101

6,957

$

16,835

REITs

-

.35

%

American

Tower

Corp

23,752

4,557

Crown

Castle

Inc

42,591

3,813

Equinix

Inc

2,218

2,161

$

10,531

Telecommunications

-

.17

%

Indus

Towers

Ltd

(d) 294,106

1,473

Transportation

-

.90

%

Canadian

National

Railway

Co

35,300

3,961

CSX

Corp

137,147

5,855

Norfolk

Southern

Corp

9,567

3,011

Rumo

SA

695,958

2,170

$

14,997

Water

-

.05

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

50,015

1,501

Guangdong

Investment

Ltd

2,176,524

2,120

Severn

Trent

PLC

62,247

2,748

$

6,369

TOTAL

COMMON

STOCKS

$

124,055

Total

Investments

$

126,804

Other

Assets

and

Liabilities

- (0.60)%

(761)

TOTAL

NET

ASSETS

-

100.00%

$

126,043

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,164

or

0.92%

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

$5,252

or

4.17%

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

$1,103

or

0.88%

of

net

assets.

Schedule

of

Investments

Global

Listed

Infrastructure

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

2,721

$

44,341

$

45,477

$

1,585

$

2,721

$

44,341

$

45,477

$

1,585

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

3.56%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Consolidated

Schedule

of

Investments

Global

Macro

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.68

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.68

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(a),(b)

32,039,613

$

32,039

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(a),(c)

103,636,533

103,637

$

135,676

TOTAL

INVESTMENT

COMPANIES

$

135,676

Total

Investments

$

135,676

Other

Assets

and

Liabilities

- 15.32%

24,539

TOTAL

NET

ASSETS

-

100.00%

$

160,215

(a) 1-day

yield

shown

is

as

of

period

end.

(b) All

or

a

portion

of

this

security

is

owned

by

the

GM

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

(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.

Affiliated

Securities

November

14,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

—

$

135,036

$

31,399

$

103,637

$

—

$

135,036

$

31,399

$

103,637

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

1,118

$

—

$

—

$

—

$

1,118

$

—

$

—

$

—

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

AEX

Index;

March

2026

Short

$

972

$

(29)

AEX

Index;

March

2026

Long

Australia

Year

Bond;

March

2026

Short

611

48,079

(334)

Bovespa;

April

2026

Short

10,105

(151)

Bovespa;

April

2026

Long

749

Brent

Crude;

May

2026

(a) Long

CAC40

Index;

March

2026

Short

8,834

(210)

Canada

Year

Bond;

June

2026

Long

21,523

Cocoa;

May

2026

(a) Short

1,733

816

Coffee

'C';

May

2026

(a) Long

2,211

(97)

Coffee

'C';

May

2026

(a) Short

Copper;

May

2026

(a) Short

2,878

(18)

Copper;

May

2026

(a) Long

606

Corn;

May

2026

(a) Short

2,399

(55)

Cotton

No.2;

May

2026

(a) Short

4,363

(99)

DAX

Index;

March

2026

Long

5,990

Euro

Bond

Year

Bond;

March

2026

Short

4,770

(61)

Euro

Bond

Year

Bond;

March

2026

Long

1,693

Euro-BTP;

March

2026

Long

45,870

821

Euro-Oat;

March

2026

Long

34,995

801

FTSE

Taiwan

Index;

March

2026

Long

10,660

FTSE/JSE

Top

40;

March

2026

Short

6,487

(181)

FTSE/JSE

Top

40;

March

2026

Long

603

FTSE/MIB

Index;

March

2026

Short

3,631

(171)

FTSE/MIB

Index;

March

2026

Long

FTSE100

Index;

March

2026

Short

13,228

(1,127)

FTSE100

Index;

March

2026

Long

1,323

Gasoline

RBOB;

May

2026

(a) Long

1,445

Gold

oz;

April

2026

(a) Long

2,099

Hang

Seng

Index;

March

2026

Long

7,312

(31)

IFSC

Nifty

50;

March

2026

Long

5,209

(58)

Japan

Year

Bond

TSE;

March

2026

Short

24,661

(59)

Japan

Topix

Index;

March

2026

Long

10,635

1,137

KC

HRW

Wheat;

May

2026

(a) Short

755

(35)

KOSPI

Index;

March

2026

Long

6,356

959

Lean

Hogs;

April

2026

(a) Long

2,604

(33)

Live

Cattle;

April

2026

(a) Long

650

(22)

LME

Lead;

March

2026

(a) Short

867

LME

Lead;

March

2026

(a) Short

LME

Nickel;

March

2026

(a) Short

3,819

LME

Nickel;

March

2026

(a) Long

849

LME

Primary

Alum;

March

2026

(a) Long

628

(33)

LME

Primary

Alum;

March

2026

(a) Long

1,099

LME

Zinc;

March

2026

(a) Long

1,158

(142)

LME

Zinc;

March

2026

(a) Long

828

Low

Sulphur

Gasoline;

May

2026

(a) Long

4,292

Consolidated

Schedule

of

Investments

Global

Macro

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Mex

Bolsa

Index;

March

2026

Short

$

10,508

$

(608)

Mex

Bolsa

Index;

March

2026

Long

751

MSCI

Singapore

Index;

March

2026

Long

13,209

NY

Harbor

ULSD;

May

2026

(a) Long

3,933

OMXS30

Index;

March

2026

Short

6,361

(154)

OMXS30

Index;

March

2026

Long

Platinum;

April

2026

(a) Long

593

S&P

500

Emini;

March

2026

Long

21,700

(128)

S&P/TSX

Index;

March

2026

Long

6,359

Silver;

May

2026

(a) Long

3,265

Soybean

Future;

May

2026

(a) Short

1,112

(17)

Soybean

Future;

May

2026

(a) Long

Soybean

Meal;

May

2026

(a) Short

833

(27)

Soybean

Oil;

May

2026

(a) Short

2,004

(122)

Soybean

Oil;

May

2026

(a) Long

668

SPI

Index;

March

2026

Short

11,583

(628)

SPI

Index;

March

2026

Long

Sugar

#11;

May

2026

(a) Short

1,011

(33)

Swiss

Market

Index;

March

2026

Long

1,634

UK

Year

Gilt;

June

2026

Long

12,751

US

Year

Treasury

Note;

June

2026

Short

42,794

(185)

Wheat;

May

2026

(a) Short

3,253

(246)

WIG20

Index;

March

2026

Short

2,619

WIG20

Index;

March

2026

Long

WTI

Crude;

May

2026

(a) Long

3,277

Total

$

2,359

Amounts

in

thousands

except

contracts.

(a) All

or

a

portion

of

this

security

is

owned

by

the

GM

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

ANZ

Stockbroking

03/18/2026

AUD

2,525

$

1,684

$

$

—

ANZ

Stockbroking

03/18/2026

GBP

1,448

$

1,937

(2)

ANZ

Stockbroking

03/18/2026

CAD

17,023

$

12,411

(42)

ANZ

Stockbroking

03/18/2026

JPY

1,036,719

$

6,561

—

ANZ

Stockbroking

03/18/2026

NZD

35,536

$

21,543

(257)

ANZ

Stockbroking

03/18/2026

NOK

116,527

$

11,481

774

—

ANZ

Stockbroking

03/18/2026

CHF

$

—

(1)

ANZ

Stockbroking

03/18/2026

$

15,697

CHF

12,449

—

(527)

ANZ

Stockbroking

03/18/2026

$

1,379

CAD

1,921

—

(30)

ANZ

Stockbroking

03/18/2026

$

7,255

NZD

12,802

—

(428)

ANZ

Stockbroking

03/18/2026

$

700

JPY

108,261

—

ANZ

Stockbroking

03/18/2026

$

13,323

AUD

20,302

—

(1,124)

ANZ

Stockbroking

03/18/2026

$

2,693

GBP

2,054

—

(75)

RBC

Dominon

Securities

Corp

03/17/2026

IDR

5,671,089

$

—

(1)

RBC

Dominon

Securities

Corp

03/17/2026

$

13,361

IDR

225,481,867

—

(76)

RBC

Dominon

Securities

Corp

03/18/2026

CAD

22,555

$

16,332

—

RBC

Dominon

Securities

Corp

03/18/2026

EUR

2,872

$

3,349

(1)

RBC

Dominon

Securities

Corp

03/18/2026

INR

1,238,776

$

13,710

(116)

RBC

Dominon

Securities

Corp

03/18/2026

JPY

41,516

$

—

(6)

RBC

Dominon

Securities

Corp

03/18/2026

MXN

352,486

$

20,314

—

RBC

Dominon

Securities

Corp

03/18/2026

TWD

155,480

$

5,020

(56)

RBC

Dominon

Securities

Corp

03/18/2026

NZD

1,841

$

1,068

—

RBC

Dominon

Securities

Corp

03/18/2026

PLN

2,823

$

779

(2)

RBC

Dominon

Securities

Corp

03/18/2026

ZAR

33,327

$

2,021

—

RBC

Dominon

Securities

Corp

03/18/2026

KRW

4,876,239

$

3,352

—

RBC

Dominon

Securities

Corp

03/18/2026

SEK

83,242

$

8,830

—

RBC

Dominon

Securities

Corp

03/18/2026

$

8,627

INR

771,461

—

RBC

Dominon

Securities

Corp

03/18/2026

$

16,806

BRL

88,442

—

(376)

RBC

Dominon

Securities

Corp

03/18/2026

$

1,489

JPY

232,197

—

—

RBC

Dominon

Securities

Corp

03/18/2026

$

13,452

EUR

11,311

—

RBC

Dominon

Securities

Corp

03/18/2026

$

5,823

KRW

8,555,701

—

(125)

RBC

Dominon

Securities

Corp

03/18/2026

$

TWD

3,298

—

(1)

RBC

Dominon

Securities

Corp

03/18/2026

$

ZAR

2,312

—

(8)

RBC

Dominon

Securities

Corp

03/18/2026

$

8,056

PLN

29,466

—

(192)

RBC

Dominon

Securities

Corp

03/18/2026

$

NOK

4,612

—

(28)

Consolidated

Schedule

of

Investments

Global

Macro

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Standard

Chartered

Bank,

Hong

Kong

03/17/2026

$

1,892

IDR

31,774,846

$

—

$

(2)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

AUD

$

—

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

BRL

137,257

$

25,176

1,493

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

GBP

4,870

$

6,643

—

(79)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

CAD

2,384

$

1,725

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

EUR

10,066

$

11,780

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

JPY

153,677

$

1,000

—

(15)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

MXN

214,621

$

11,895

550

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

TWD

443,029

$

13,968

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

NOK

167,044

$

16,585

984

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

PLN

6,077

$

1,685

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

ZAR

320,601

$

19,263

852

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

KRW

5,388,966

$

3,776

—

(29)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

SEK

9,152

$

999

(1)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

CHF

1,464

$

1,849

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

6,179

MXN

114,662

—

(469)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

17,228

GBP

12,791

—

(8)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

13,275

INR

1,204,121

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

15,171

PLN

54,779

—

(162)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

15,539

SEK

140,431

(141)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

7,764

NOK

73,655

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

19,525

KRW

28,236,834

(114)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

6,646

TWD

209,911

—

(68)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

6,341

AUD

8,906

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

BRL

2,646

—

(39)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

EUR

—

—

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

11,339

CHF

8,974

—

(356)

Standard

Chartered

Bank,

Hong

Kong

03/18/2026

$

ZAR

—

—

Total

$

6,864

$

(4,957)

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.24

%

Shares

Held

Value

(000's)

Closed-End

Funds

-

.33

%

BlackRock

MuniHoldings

Fund

Inc

73,531

$

876

BlackRock

MuniYield

Quality

Fund

III

Inc

13,263

BlackRock

MuniYield

Quality

Fund

Inc

41,258

Eaton

Vance

Floating-Rate

Income

Trust

6,106

Franklin

Universal

Trust

11,812

Invesco

Municipal

Opportunity

Trust

5,466

$

1,735

Exchange-Traded

Funds

-

.97

%

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

58,425

2,185

iShares

Floating

Rate

Bond

ETF

92,046

4,694

iShares

MSCI

EAFE

Value

ETF

11,950

953

PGIM

AAA

CLO

ETF

91,251

4,697

Vanguard

Value

ETF

15,185

3,147

$

15,676

Money

Market

Funds

-

.94

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(a),(b)

4,740,327

4,740

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.60%

(a),(b)

3,542,114

3,542

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(b),(c)

107,394,002

107,394

$

115,676

TOTAL

INVESTMENT

COMPANIES

$

133,087

COMMON

STOCKS

-

.19

%

Shares

Held

Value

(000's)

Advertising

-

.04

%

Omnicom

Group

Inc

2,126

$

Trade

Desk

Inc/The

(d),(e)

1,854

$

Aerospace

&

Defense

-

.88

%

Airbus

SE

603

General

Dynamics

Corp

(e) 2,666

952

General

Electric

Co

HEICO

Corp

-

Class

A

(e) 465

Howmet

Aerospace

Inc

(e) 759

L3Harris

Technologies

Inc

(e),(f)

4,239

1,545

Lockheed

Martin

Corp

(e) 1,161

764

MTU

Aero

Engines

AG

(e) 173

RTX

Corp

(e) 3,120

632

Safran

SA

(e) 474

$

4,644

Agriculture

-

.21

%

Altria

Group

Inc

3,294

Archer-Daniels-Midland

Co

2,117

British

American

Tobacco

PLC

699

Imperial

Brands

PLC

3,913

Japan

Tobacco

Inc

(e) 13,400

513

$

1,105

Airlines

-

.31

%

ANA

Holdings

Inc

(e) 11,800

Delta

Air

Lines

Inc

(e) 10,054

661

Japan

Airlines

Co

Ltd

(e) 21,700

United

Airlines

Holdings

Inc

(d),(e)

2,322

$

1,613

Apparel

-

.29

%

Deckers

Outdoor

Corp

(d),(e)

6,171

723

Gildan

Activewear

Inc

(e) 4,800

Hermes

International

SCA

(e) 19

Ralph

Lauren

Corp

(e) 404

Tapestry

Inc

(e) 1,668

$

1,502

Automobile

Manufacturers

-

.32

%

Cummins

Inc

Daimler

Truck

Holding

AG

(e) 1,725

Ford

Motor

Co

20,755

General

Motors

Co

1,274

Honda

Motor

Co

Ltd

(e) 4,800

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Manufacturers

(continued)

Isuzu

Motors

Ltd

(e) 3,500

$

Mercedes-Benz

Group

AG

(e) 832

Renault

SA

(e) 5,053

Subaru

Corp

(e) 9,700

Suzuki

Motor

Corp

18,100

Tesla

Inc

(d),(e)

Volvo

AB

-

B

Shares

2,383

$

1,682

Automobile

Parts

&

Equipment

-

.49

%

Aisin

Corp

(e) 5,300

Aptiv

PLC

(d),(e),(f)

29,875

2,197

Magna

International

Inc

(e) 4,500

$

2,575

Banks

-

.43

%

Banco

Bilbao

Vizcaya

Argentaria

SA

(e) 8,450

Banco

BPM

SpA

(e) 2,390

Bank

of

America

Corp

(e) 5,684

Bank

of

New

York

Mellon

Corp/The

BOC

Hong

Kong

Holdings

Ltd

33,000

Citigroup

Inc

(e) 4,191

Citizens

Financial

Group

Inc

(e) 2,677

Commerzbank

AG

9,754

DBS

Group

Holdings

Ltd

940

Deutsche

Bank

AG

932

Fifth

Third

Bancorp

FinecoBank

Banca

Fineco

SpA

(e) 6,339

Goldman

Sachs

Group

Inc/The

HSBC

Holdings

PLC

19,190

Huntington

Bancshares

Inc/OH

JPMorgan

Chase

&

Co

(e) 1,046

Lloyds

Banking

Group

PLC

(e) 112,061

M&T

Bank

Corp

Morgan

Stanley

Northern

Trust

Corp

Oversea-Chinese

Banking

Corp

Ltd

34,900

591

PNC

Financial

Services

Group

Inc/The

Regions

Financial

Corp

(e) 5,793

Resona

Holdings

Inc

(e) 6,300

Royal

Bank

of

Canada

(e) 1,500

Standard

Chartered

PLC

(e) 2,717

State

Street

Corp

Truist

Financial

Corp

(e) 5,140

UniCredit

SpA

(e) 2,205

United

Overseas

Bank

Ltd

5,000

US

Bancorp

(e) 4,734

Webster

Financial

Corp

(f) 25,509

1,840

Wells

Fargo

&

Co

(e) 6,303

513

Yokohama

Financial

Group

Inc

10,900

$

7,516

Beverages

-

.48

%

Anheuser-Busch

InBev

SA/NV

3,365

Brown-Forman

Corp

-

B

Shares

7,193

Coca-Cola

Co/The

1,711

Coca-Cola

HBC

AG

(d),(e)

1,721

Constellation

Brands

Inc

774

Diageo

PLC

2,022

Keurig

Dr

Pepper

Inc

(e) 20,252

612

Kirin

Holdings

Co

Ltd

(e) 7,900

Molson

Coors

Beverage

Co

864

Monster

Beverage

Corp

(d),(e)

2,175

PepsiCo

Inc

(e) 3,931

668

$

2,545

Biotechnology

-

.65

%

Akouos

Inc

-

Contingent

Value

Rights

(d),(g)

4,410

Alnylam

Pharmaceuticals

Inc

(d),(e)

Amgen

Inc

(e) 1,418

550

Argenx

SE

(d),(e)

Biogen

Inc

(d),(e)

2,040

BioMarin

Pharmaceutical

Inc

(d) 2,730

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Biotechnology

(continued)

Corteva

Inc

3,250

$

Gilead

Sciences

Inc

1,141

Illumina

Inc

(d),(e)

Incyte

Corp

(d),(e)

6,532

661

Inhibrx

Inc

-

Contingent

Value

Rights

(d),(g)

4,407

Regeneron

Pharmaceuticals

Inc

(e) 355

Royalty

Pharma

PLC

8,277

Swedish

Orphan

Biovitrum

AB

(d) 7,992

Tevogen

Bio

Holdings

Inc

-

Warrants

(d) 597

—

$

3,423

Building

Materials

-

.19

%

CRH

PLC

Johnson

Controls

International

plc

2,329

Masco

Corp

848

Mitsubishi

Electric

Corp

(e) 2,700

Trane

Technologies

PLC

(e) 876

Vulcan

Materials

Co

$

1,002

Chemicals

-

.51

%

Air

Liquide

SA

Asahi

Kasei

Corp

(e) 13,700

CF

Industries

Holdings

Inc

(e) 5,024

500

DuPont

de

Nemours

Inc

(e) 12,321

616

International

Flavors

&

Fragrances

Inc

1,628

Linde

PLC

LyondellBasell

Industries

NV

4,641

Nitto

Denko

Corp

16,300

PPG

Industries

Inc

1,458

Qnity

Electronics

Inc

(e) 1,520

$

2,711

Commercial

Services

-

.80

%

Affirm

Holdings

Inc

(d) 3,235

Altaba

Inc

-

Escrow

(d) 837,142

1,069

Automatic

Data

Processing

Inc

(e) 464

Corpay

Inc

(d),(e)

656

Edenred

SE

13,936

Moody's

Corp

PayPal

Holdings

Inc

(e) 11,692

540

Recruit

Holdings

Co

Ltd

(e) 20,800

905

RELX

PLC

9,901

S&P

Global

Inc

(e) 678

Toast

Inc

(d) 1,828

Verisk

Analytics

Inc

Wolters

Kluwer

NV

(e) 1,300

$

4,204

Computers

-

.06

%

Accenture

PLC

-

Class

A

646

Apple

Inc

(e) 9,182

2,426

Cantaloupe

Inc

(d) 19,290

Cognizant

Technology

Solutions

Corp

2,162

Dell

Technologies

Inc

(e) 3,110

EPAM

Systems

Inc

(d) 1,486

Hewlett

Packard

Enterprise

Co

(e) 6,752

HP

Inc

(e) 23,676

Leidos

Holdings

Inc

(e) 1,543

Logitech

International

SA

1,470

NEC

Corp

(e) 3,700

NetApp

Inc

(e) 1,109

Seagate

Technology

Holdings

PLC

943

TaskUS

Inc

(d) 9,659

Western

Digital

Corp

(e) 1,150

$

5,592

Consumer

Products

-

.08

%

Avery

Dennison

Corp

992

Clorox

Co/The

Kimberly-Clark

Corp

1,464

$

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Cosmetics

&

Personal

Care

-

.40

%

Colgate-Palmolive

Co

1,073

$

Kenvue

Inc

(f) 91,990

1,759

Procter

&

Gamble

Co/The

1,480

$

2,113

Distribution

&

Wholesale

-

.19

%

AddTech

AB

20,328

751

Bunzl

PLC

5,425

Fastenal

Co

1,646

$

987

Diversified

Financial

Services

-

.88

%

4L

Technologies

(d),(g)

24,306

—

Air

Lease

Corp

7,496

American

Express

Co

(e) 248

Ameriprise

Financial

Inc

Apollo

Global

Management

Inc

(e) 741

Blackrock

Inc

Capital

One

Financial

Corp

1,096

Cboe

Global

Markets

Inc

644

Charles

Schwab

Corp/The

(e) 1,585

CME

Group

Inc

DigitalBridge

Group

Inc

(f) 73,209

1,131

Element

Comm

Aviation

(d),(g),(h)

—

Franklin

Resources

Inc

3,370

Interactive

Brokers

Group

Inc

-

A

Shares

Intercontinental

Exchange

Inc

516

Invesco

Ltd

London

Stock

Exchange

Group

PLC

2,424

Mastercard

Inc

Nasdaq

Inc

2,078

Raymond

James

Financial

Inc

(e) 2,688

Synchrony

Financial

(e) 5,443

T

Rowe

Price

Group

Inc

(e) 4,131

Visa

Inc

(e) 786

$

4,663

Electric

-

.75

%

BKW

AG

1,214

Constellation

Energy

Corp

(e) 514

DTE

Energy

Co

Duke

Energy

Corp

1,226

Edison

International

(e) 6,993

523

Emera

Inc

(e) 2,100

Enel

SpA

46,968

565

Evergy

Inc

Eversource

Energy

(e) 716

FirstEnergy

Corp

584

Kansai

Electric

Power

Co

Inc/The

20,100

National

Grid

PLC

22,650

NRG

Energy

Inc

(e) 2,568

PG&E

Corp

(e) 16,366

Public

Service

Enterprise

Group

Inc

(e) 779

Verbund

AG

2,238

Vistra

Corp

(e) 1,256

$

3,932

Electrical

Components

&

Equipment

-

.41

%

ABB

Ltd

9,248

861

AMETEK

Inc

(e) 3,007

719

Emerson

Electric

Co

Generac

Holdings

Inc

(d),(e)

1,997

Prysmian

SpA

(e) 1,068

$

2,181

Electronics

-

.92

%

Allegion

plc

2,039

Amphenol

Corp

(e) 4,397

643

Celestica

Inc

(d),(e)

Garmin

Ltd

(e) 1,202

Halma

PLC

1,170

Honeywell

International

Inc

(e) 4,870

1,186

Hubbell

Inc

(e) 1,015

519

Jabil

Inc

636

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Electronics

(continued)

Keysight

Technologies

Inc

(d),(e)

1,229

$

Murata

Manufacturing

Co

Ltd

(e) 17,900

TDK

Corp

(e) 16,900

TE

Connectivity

PLC

(e) 2,012

$

4,840

Energy

-

Alternate

Sources

-

.06

%

First

Solar

Inc

(d) 349

Vestas

Wind

Systems

A/S

10,611

$

Engineering

&

Construction

-

.44

%

AECOM

2,759

Bouygues

SA

(e) 914

Comfort

Systems

USA

Inc

(e) 141

Eiffage

SA

(e) 473

EMCOR

Group

Inc

Jacobs

Solutions

Inc

(e) 1,477

Obayashi

Corp

(e) 9,700

Skanska

AB

8,446

Stantec

Inc

(e) 1,500

Taisei

Corp

Vinci

SA

(e) 2,514

WSP

Global

Inc

(e) 400

$

2,329

Entertainment

-

.09

%

DraftKings

Inc

(d) 3,502

Entain

PLC

20,924

Evolution

AB

(i) 1,731

Flutter

Entertainment

PLC

(d) 1,235

Golden

Entertainment

Inc

$

Environmental

Control

-

.04

%

Veralto

Corp

2,388

Food

-

.81

%

Ajinomoto

Co

Inc

19,500

620

Campbell's

Company/The

4,040

Coles

Group

Ltd

5,646

Conagra

Brands

Inc

6,223

General

Mills

Inc

3,586

George

Weston

Ltd

(e) 2,200

Hershey

Co/The

Iron

Horse

Acquisitions

Corp

(d) 939

Jeronimo

Martins

SGPS

SA

(e) 12,763

Koninklijke

Ahold

Delhaize

NV

16,192

800

Kraft

Heinz

Co/The

6,281

Lamb

Weston

Holdings

Inc

2,909

Nestle

SA

2,551

Saputo

Inc

9,600

Sysco

Corp

7,065

644

TreeHouse

Foods

Inc

-

Contingent

Value

Rights

(d),(g)

15,806

Tyson

Foods

Inc

4,400

$

4,283

Gas

-

.23

%

Centrica

PLC

(e) 72,491

Naturgy

Energy

Group

SA

21,260

661

Osaka

Gas

Co

Ltd

7,900

$

1,185

Hand

&

Machine

Tools

-

.11

%

Makita

Corp

(e) 5,800

Snap-on

Inc

Stanley

Black

&

Decker

Inc

(e) 2,665

$

593

Healthcare

-

Products

-

.40

%

ABIOMED

Inc

-

Contingent

Value

Rights

(d),(g)

692

Agilent

Technologies

Inc

564

Align

Technology

Inc

(d) 735

Baxter

International

Inc

(e) 11,803

Coloplast

A/S

758

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

(continued)

Exact

Sciences

Corp

(d),(f)

28,243

$

2,920

GE

HealthCare

Technologies

Inc

(e) 4,931

Hologic

Inc

(d) 12,300

927

IDEXX

Laboratories

Inc

(d),(e)

Insulet

Corp

(d),(e)

560

Lifco

AB

3,162

Masimo

Corp

(d) 2,612

Medtronic

PLC

1,688

Penumbra

Inc

(d) 1,973

680

ResMed

Inc

868

Solventum

Corp

(d) 2,473

Stryker

Corp

Thermo

Fisher

Scientific

Inc

West

Pharmaceutical

Services

Inc

(e) 569

$

7,364

Healthcare

-

Services

-

.47

%

Centene

Corp

(d),(e)

4,136

Charles

River

Laboratories

International

Inc

(d) 538

Cigna

Group/The

DaVita

Inc

(d) 1,261

Elevance

Health

Inc

HCA

Healthcare

Inc

(e) 182

Humana

Inc

1,581

IQVIA

Holdings

Inc

(d),(e)

1,931

Sonic

Healthcare

Ltd

18,850

UnitedHealth

Group

Inc

(e) 930

Universal

Health

Services

Inc

(e) 2,259

$

2,500

Holding

Companies

-

Diversified

-

.73

%

1RT

Acquisition

Corp

(d) 566

A

Paradise

Acquisition

Corp

(d) 2,060

A

Paradise

Acquisition

Corp

(d) 23,370

AA

Mission

Acquisition

Corp

II

(d) 41,867

AA

Mission

Acquisition

Corp

II

-

Warrants

(d) 4,933

Abony

Acquisition

Corp

I

(d) 2,803

Acropolis

Infrastructure

Acquisition

Corp

-

Escrow

(d),(g)

5,690

—

Activate

Energy

Acquisition

Corp

(d) 8,002

Activate

Energy

Acquisition

Corp

(d) 5,598

AI

Infrastructure

Acquisition

Corp

(d) 8,503

AI

Infrastructure

Acquisition

Corp

(d) 6,045

Alchemy

Investments

Acquisition

Corp

-

Warrants

(d) 3,107

Aldabra

Liquidity

Opportunity

Vehicle

Inc

(d) 5,605

Aldel

Financial

II

Inc

-

Warrants

(d) 3,442

AltEnergy

Acquisition

Corp

-

Warrants

(d) 449

—

American

Drive

Acquisition

Co

(d) 3,676

Andretti

Acquisition

Corp

II

(d) 9,309

Apex

Treasury

Corp

(d) 22,223

Apex

Treasury

Corp

(d) 3,103

Archimedes

Tech

SPAC

Partners

II

Co

(d) 11,767

Archimedes

Tech

SPAC

Partners

II

Co

-

Warrants

(d) 3,231

Archimedes

Tech

SPAC

Partners

III

Co

(d) 2,242

Armada

Acquisition

Corp

II

-

Class

A

(d) 15,035

Armada

Acquisition

Corp

II

-

Warrants

(d) 1,838

Axiom

Intelligence

Acquisition

-

Class

A

(d) 13,967

Axiom

Intelligence

Acquisition

Corp

(d) 3,653

Bain

Capital

GSS

Investment

Corp

(d) 5,150

Berto

Acquisition

Corp

(d) 13,395

Berto

Acquisition

Corp

-

Warrants

(d) 783

—

BEST

SPAC

I

Acquisition

Corp

(d) 1,044

BEST

SPAC

I

Acquisition

Corp

-

Rights

(d) 1,044

—

Bitcoin

Infrastructure

Acquisition

Corp

Ltd

(d) 5,024

Blue

Acquisition

Corp

(d) 2,579

Blue

Water

Acquisition

Corp

III

(d) 12,467

Blue

Water

Acquisition

Corp

III

-

Warrants

(d) 4,172

Blueport

Acquisition

Ltd

(d) 2,236

Bluerock

Acquisition

Corp

(d) 5,714

BTC

Development

Corp

(d) 1,031

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Holding

Companies

-

Diversified

(continued)

Cal

Redwood

Acquisition

Corp

-

Class

A

(d) 21,143

$

Cal

Redwood

Acquisition

Corp

-

Rights

(d) 3,133

Calisa

Acquisition

Corp

(d) 325

Calisa

Acquisition

Corp

(d) 6,890

Cambridge

Acquisition

Corp

(d) 4,476

Cantor

Equity

Partners

I

Inc

(d) 2,618

Cantor

Equity

Partners

III

Inc

(d) 1,045

Cantor

Equity

Partners

IV

Inc

(d) 4,125

Cantor

Equity

Partners

V

Inc

(d) 9,745

Cartesian

Growth

Corp

II

-

Warrants

(d) 781

—

Cartesian

Growth

Corp

III

-

Class

A

(d) 3,774

Cartesian

Growth

Corp

III

-

Warrants

(d) 295

—

Cayson

Acquisition

Corp

(d) 3,476

Cayson

Acquisition

Corp

-

Rights

(d) 3,476

Centurion

Acquisition

Corp

(d) 2

—

ChampionsGate

Acquisition

Corp

(d) 1,253

Chenghe

Acquisition

III

Co

(d) 44

—

Chenghe

Acquisition

III

Co

(d) 5,671

Churchill

Capital

Corp

XI

(d) 1,226

CN

Healthy

Food

Tech

Group

Corp

-

Warrants

(d) 4,699

—

CO2

Energy

Transition

Corp

(d) 46,099

Cohen

Circle

Acquisition

Corp

II

(d) 4,403

Colombier

Acquisition

Corp

III

(d) 1,954

Columbus

Circle

Capital

Corp

II

(d) 3,355

Copley

Acquisition

Corp

(d) 4,854

Copley

Acquisition

Corp

-

Warrants

(d) 1,260

—

Crane

Harbor

Acquisition

Corp

II

(d) 1,144

Crown

Reserve

Acquisition

Corp

I

(d) 5,526

Crown

Reserve

Acquisition

Corp

I

(d) 13,936

CSLM

Digital

Asset

Acquisition

Corp

III

Ltd

(d) 13,814

CSLM

Digital

Asset

Acquisition

Corp

III

Ltd

(d) 8,247

D

Boral

ARC

Acquisition

I

Corp

(d) 12,372

Daedalus

Special

Acquisition

Corp

(d) 3,247

Drugs

Made

In

America

Acquisition

II

Corp

(d) 10,374

Drugs

Made

In

America

Acquisition

II

Corp

(d) 11,413

DT

Cloud

Star

Acquisition

Corp

(d) 9,612

Dune

Acquisition

Corp

II

(d) 7,632

Dune

Acquisition

Corp

II

-

Warrants

(d) 5,151

Dynamix

Corp

III

(d) 1,033

EGH

Acquisition

Corp

-

Class

A

(d) 1,687

Emmis

Acquisition

Corp

(d) 3,600

Emmis

Acquisition

Corp

-

Rights

(d) 3,600

EQV

Ventures

Acquisition

Corp

II

(d) 10,321

ESH

Acquisition

Corp

-

Rights

(d) 5,825

Eureka

Acquisition

Corp

(d) 1,047

FG

Merger

II

Corp

(d) 24,393

Fifth

Era

Acquisition

Corp

I

(d) 1,781

FIGX

Capital

Acquisition

Corp

(d) 1,776

FIGX

Capital

Acquisition

Corp

-

Class

A

(d) 2,592

Flag

Ship

Acquisition

Corp

(d) 1,087

Future

Vision

II

Acquisition

Corp

(d) 8,312

FutureCrest

Acquisition

Corp

(d) 206

Galata

Acquisition

Corp

II

(d) 3,607

Galata

Acquisition

Corp

II

-

Warrants

(d) 1,202

—

Gesher

Acquisition

Corp

II

(d) 5,220

Gesher

Acquisition

Corp

II

-

Warrants

(d) 2,610

GigCapital7

Corp

(d) 1,995

GigCapital8

Corp

(d) 28,892

GigCapital9

Corp

(d) 6,714

Globa

Terra

Acquisition

Corp

(d) 28,136

Gores

Holdings

X

Inc

(d) 10,656

Gores

Holdings

X

Inc

-

Warrants

(d) 2,664

GP-Act

III

Acquisition

Corp

(d) 5,138

Graf

Global

Corp

(d) 4,458

Graf

Global

Corp

-

Warrants

(d) 2,229

GSR

IV

Acquisition

Corp

(d) 13,399

GSR

IV

Acquisition

Corp

-

Rights

(d) 1,914

Harvard

Ave

Acquisition

Corp

(d) 6,911

Harvard

Ave

Acquisition

Corp

(d) 12,376

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Holding

Companies

-

Diversified

(continued)

Haymaker

Acquisition

Corp

(d) 15,675

$

HCM

III

Acquisition

Corp

(d) 514

Highview

Merger

Corp

(d) 3,499

Idea

Acquisition

Corp

(d) 3,355

Illumination

Acquisition

Corp

I

(d) 3,353

Indigo

Acquisition

Corp

(d) 5,150

Infinite

Eagle

Acquisition

Corp

(d) 1,125

Inflection

Point

Acquisition

Corp.

V

(d) 1,411

Iron

Horse

Acquisition

II

Corp

(d) 3,676

ITHAX

Acquisition

Corp

III

(d) 5,715

Jackson

Acquisition

Co

II

(d) 4,474

Jardine

Matheson

Holdings

Ltd

2,600

Jaws

Mustang

Acquisition

Corp

-

Warrants

(d) 4,137

—

Jena

Acquisition

Corp

II

(d) 18,921

Jena

Acquisition

Corp

II

-

Rights

(d) 8,369

K&F

Growth

Acquisition

Corp

II

(d) 4,999

K&F

Growth

Acquisition

Corp

II

-

Rights

(d) 5,396

Keen

Vision

Acquisition

Corp

-

Warrants

(d) 9,980

KRAKacquisition

Corp

(d) 1,122

LaFayette

Acquisition

Corp

(d) 4,167

Lafayette

Digital

Acquisition

Corp

I

(d) 2,236

Lake

Superior

Acquisition

Corp

(d) 5,264

Lake

Superior

Acquisition

Corp

(d) 4,411

Lakeshore

Acquisition

III

Corp

(d) 14,402

Lakeshore

Acquisition

III

Corp

-

Rights

(d) 9,177

Launchpad

Cadenza

Acquisition

Corp

I

(d) 8,196

Leapfrog

Acquisition

Corp

(d) 2,856

Legato

Merger

Corp

IV

(d) 3,362

Lightwave

Acquisition

Corp

(d) 15,438

Lightwave

Acquisition

Corp

-

Warrants

(d) 5,142

Lionheart

Holdings

(d) 8,257

Live

Oak

Acquisition

Corp

V

(d) 11,403

Live

Oak

Acquisition

Corp

V

-

Warrants

(d) 1,738

M

Evo

Global

Acquisition

Corp

II

(d) 6,562

M3-Brigade

Acquisition

VI

Corp

(d) 1,032

McKinley

Acquisition

Corp

(d) 16,117

McKinley

Acquisition

Corp

(d) 2,064

Mercer

Park

Opportunities

Corp

(d) 6,188

Meshflow

Acquisition

Corp

(d) 7,990

Miluna

Acquisition

Corp

(d) 10,070

Mountain

Lake

Acquisition

Corp

(d) 19,969

Mountain

Lake

Acquisition

Corp

-

Rights

(d) 6,834

Mountain

Lake

Acquisition

Corp

II

(d) 13,772

MOZAYYX

Acquisition

Corp

(d) 4,467

Muzero

Acquisition

Corp

(d) 4,478

New

Providence

Acquisition

Corp

III

(d) 23,678

New

Providence

Acquisition

Corp

III

-

Warrants

(d) 8,562

Newbury

Street

II

Acquisition

Corp

(d) 17,051

Newbury

Street

II

Acquisition

Corp

-

Warrants

(d) 4,940

NewHold

Investment

Corp

III

(d) 4,537

NewHold

Investment

Corp

III

-

Warrants

(d) 2,268

NMP

Acquisition

Corp

(d) 10,313

Origin

Investment

Corp

I

(d) 5,153

OTG

Acquisition

Corp

I

(d) 2,577

Oxley

Bridge

Acquisition

Ltd

-

Class

A

(d) 21,677

Oxley

Bridge

Acquisition

Ltd

-

Warrants

(d) 2,086

—

Oyster

Enterprises

II

Acquisition

Corp

(d) 5,227

Oyster

Enterprises

II

Acquisition

Corp

-

Class

A

(d) 13,934

Perimeter

Acquisition

Corp

I

(d) 3,123

Perimeter

Acquisition

Corp

I

-

Warrants

(d) 1,562

Pershing

Square

Tontine

Holdings

Ltd

(d),(g)

977

—

Pershing

Square

Tontine

Holdings

Ltd

-

Escrow

(d),(g)

3,910

—

Pioneer

Acquisition

I

Corp

(d) 22,738

Pioneer

Acquisition

I

Corp

-

Warrants

(d) 7,835

Praetorian

Acquisition

Corp

(d) 3,362

ProCap

Acquisition

Corp

(d) 1,445

ProCap

Acquisition

Corp

-

Class

A

(d) 5,080

Proem

Acquisition

Corp

I

(d) 2,797

Pyrophyte

Acquisition

Corp

II

(d) 5,154

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Holding

Companies

-

Diversified

(continued)

Quantumsphere

Acquisition

Corp

(d) 5,150

$

Quantumsphere

Acquisition

Corp

(d) 2,062

Quartzsea

Acquisition

Corp

(d) 14,901

Real

Asset

Acquisition

Corp

(d) 4,642

Republic

Digital

Acquisition

Co

(d) 18,347

Republic

Digital

Acquisition

Co

-

Warrants

(d) 783

—

Ribbon

Acquisition

Corp

(d) 8,624

Roman

DBDR

Acquisition

Corp

II

(d) 3,871

Roman

DBDR

Acquisition

Corp

II

-

Warrants

(d) 3,134

SC

II

Acquisition

Corp

(d) 11,235

Siddhi

Acquisition

Corp

(d) 28,907

Silicon

Valley

Acquisition

Corp

(d) 4,090

Silver

Pegasus

Acquisition

Corp

(d) 7,216

Silver

Pegasus

Acquisition

Corp

(d) 2,623

Silverbox

Corp

IV

(d) 4,505

SilverBox

Corp

V

(d) 2,282

SIM

Acquisition

Corp

I

(d) 10,370

Sizzle

Acquisition

Corp

II

(d) 17,206

Sizzle

Acquisition

Corp

II

-

Rights

(d) 5,432

Social

Commerce

Partners

Corp

(d) 2,921

Solarius

Capital

Acquisition

Corp

(d) 13,197

Soren

Acquisition

Corp

(d) 4,478

Soulpower

Acquisition

Corp

(d) 11,343

Soulpower

Acquisition

Corp

-

Rights

(d) 6,383

Space

Asset

Acquisition

Corp

(d) 1,401

SPACSphere

Acquisition

Corp

(d) 11,188

Spark

I

Acquisition

Corp

-

Warrants

(d) 4,233

Spring

Valley

Acquisition

Corp

III

(d) 1,545

Starry

Sea

Acquisition

Corp

(d) 7,731

Stellar

V

Capital

Corp

(d) 4,313

Stellar

V

Capital

Corp

-

Warrants

(d) 2,156

—

Swire

Pacific

Ltd

47,500

510

Target

Global

Acquisition

I

Corp

-

Warrants

(d) 1,309

—

Thayer

Ventures

Acquisition

Corp

II

(d) 5,908

Thayer

Ventures

Acquisition

Corp

II

-

Class

A

(d) 11,143

Titan

Acquisition

Corp

(d) 11,169

Titan

Acquisition

Corp

-

Warrants

(d) 5,584

Translational

Development

Acquisition

Corp

(d) 4,069

UY

Scuti

Acquisition

Corp

(d) 2,169

UY

Scuti

Acquisition

Corp

-

Rights

(d) 2,169

—

Vendome

Acquisition

Corp

I

(d) 10,650

Viking

Acquisition

Corp

I

(d) 1,624

Voyager

Acquisition

Corp

(d) 6,973

Voyager

Acquisition

Corp

-

Warrants

(d) 3,935

Wen

Acquisition

Corp

(d) 14,347

Wen

Acquisition

Corp

-

Warrants

(d) 4,008

Westin

Acquisition

Corp

(d) 5,061

White

Pearl

Acquisition

Corp

(d) 5,584

White

Pearl

Acquisition

Corp

(d) 6,588

Wintergreen

Acquisition

Corp

(d) 5,245

Wintergreen

Acquisition

Corp

(d) 94

—

Yorkville

Acquisition

Corp

(d) 12,308

$

14,384

Home

Builders

-

.15

%

Daiwa

House

Industry

Co

Ltd

(e) 20,000

722

DR

Horton

Inc

(e) 396

$

785

Home

Furnishings

-

.02

%

Sony

Group

Corp

4,700

Insurance

-

.03

%

Aflac

Inc

1,243

Ageas

SA/NV

(e) 1,126

Allstate

Corp/The

(e) 2,345

503

American

Financial

Group

Inc/OH

4,801

638

American

International

Group

Inc

3,981

Arthur

J

Gallagher

&

Co

—

Assurant

Inc

Berkshire

Hathaway

Inc

-

Class

B

(d),(e)

740

Brighthouse

Financial

Inc

(d) 2,112

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Brown

&

Brown

Inc

3,391

$

Chubb

Ltd

Cincinnati

Financial

Corp

(e) 1,473

Everest

Group

Ltd

(e) 806

Fairfax

Financial

Holdings

Ltd

(e) 200

Fidelity

National

Financial

Inc

(e) 20,522

1,085

Great-West

Lifeco

Inc

11,700

565

Hannover

Rueck

SE

524

Hartford

Insurance

Group

Inc/The

(e) 5,985

843

Intact

Financial

Corp

2,000

Japan

Post

Insurance

Co

Ltd

3,400

Loews

Corp

1,841

Marsh

&

McLennan

Cos

Inc

1,113

MS&AD

Insurance

Group

Holdings

Inc

(e) 8,500

NN

Group

NV

(e) 1,731

Power

Corp

of

Canada

2,900

ProAssurance

Corp

(d),(f)

39,348

966

Progressive

Corp/The

2,579

551

Prudential

Financial

Inc

Prudential

PLC

(e) 11,177

Sampo

Oyj

(e) 11,407

Talanx

AG

10,488

1,319

W

R

Berkley

Corp

(e) 504

$

10,722

Internet

-

.63

%

Alphabet

Inc

-

A

Shares

(e) 7,311

2,280

Amazon.com

Inc

(d),(e)

6,297

1,322

Booking

Holdings

Inc

(e) 208

881

CDW

Corp/DE

eBay

Inc

(e) 2,930

Expedia

Group

Inc

(e) 3,309

714

F5

Inc

(d) 573

Gen

Digital

Inc

(e) 22,533

509

GoDaddy

Inc

(d),(e)

4,842

Grab

Holdings

Ltd

(d) 27,541

LY

Corp

34,600

M3

Inc

(e) 2,800

Match

Group

Inc

6,333

MercadoLibre

Inc

(d),(e)

Meta

Platforms

Inc

(e) 717

Netflix

Inc

(d) 2,578

Pinterest

Inc

(d),(e)

1,969

Prosus

NV

(d) 1,076

Reddit

Inc

(d) 444

Robinhood

Markets

Inc

(d) 304

Snap

Inc

Class

A

(d) 19,191

Spotify

Technology

SA

(d) 236

Uber

Technologies

Inc

(d),(e)

2,963

VeriSign

Inc

509

$

8,571

Investment

Companies

-

.14

%

EXOR

NV

8,208

720

Iron

&

Steel

-

.12

%

Fortescue

Ltd

31,333

Nippon

Steel

Corp

10,400

Nucor

Corp

(e) 714

Steel

Dynamics

Inc

$

653

Leisure

Products

&

Services

-

.09

%

Carnival

Corp

(e) 14,043

Royal

Caribbean

Cruises

Ltd

$

Lodging

-

.04

%

Las

Vegas

Sands

Corp

(e) 4,064

Machinery

-

Construction

&

Mining

-

.36

%

Caterpillar

Inc

(e) 760

564

GE

Vernova

Inc

(e) 296

Hitachi

Ltd

(e) 20,000

655

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Construction

&

Mining

(continued)

Metso

Oyj

10,490

$

Mitsubishi

Heavy

Industries

Ltd

1,500

Vertiv

Holdings

Co

691

$

1,920

Machinery

-

Diversified

-

.32

%

Deere

&

Co

Dover

Corp

529

Hexagon

AB

9,104

Nordson

Corp

702

Otis

Worldwide

Corp

(e) 3,371

Rockwell

Automation

Inc

(e) 614

Xylem

Inc/NY

(e) 4,880

633

$

1,696

Media

-

.84

%

Comcast

Corp

-

Class

A

4,909

Endeavor

Group

Holdings

Inc

(d),(g)

137,899

3,792

FactSet

Research

Systems

Inc

(e) 1,603

Fox

Corp

-

A

Shares

(e) 2,395

Liberty

Broadband

Corp

-

A

Shares

(d) 5,643

News

Corp

-

A

Shares

28,432

691

Optimum

Communications

Inc

(d) 22,876

TEGNA

Inc

40,027

839

Walt

Disney

Co/The

(e) 2,521

Warner

Bros

Discovery

Inc

(d) 111,708

3,147

$

9,711

Mining

-

.17

%

Agnico

Eagle

Mines

Ltd

3,300

829

Alamos

Gold

Inc

5,600

Barrick

Mining

Corp

(e) 13,355

678

BHP

Group

Ltd

19,138

777

Eagle

Nuclear

Energy

Corp

(d) 60

—

Evolution

Mining

Ltd

4,281

First

Quantum

Minerals

Ltd

(d),(e)

5,900

Franco-Nevada

Corp

(e) 1,000

Freeport-McMoRan

Inc

(e) 5,495

Kinross

Gold

Corp

Kinross

Gold

Corp

(e) 5,000

Lundin

Gold

Inc

800

Lundin

Mining

Corp

(e) 1,600

Newmont

Corp

(e) 6,327

823

Norsk

Hydro

ASA

46,125

Pan

American

Silver

Corp

(e) 3,300

Pan

American

Silver

Corp

-

Rights

(d) 24,592

South32

Ltd

124,652

Wheaton

Precious

Metals

Corp

(e) 3,000

$

6,179

Miscellaneous

Manufacturers

-

.15

%

A

O

Smith

Corp

(e) 3,680

Illinois

Tool

Works

Inc

Textron

Inc

(e) 4,093

$

814

Office

&

Business

Equipment

-

.05

%

Zebra

Technologies

Corp

(d) 1,240

Oil

&

Gas

-

.17

%

APA

Corp

(e) 15,554

Bollore

SE

12,396

BP

PLC

14,695

ConocoPhillips

1,847

Devon

Energy

Corp

(e) 10,736

ENEOS

Holdings

Inc

(e) 28,500

Equinor

ASA

4,773

Expand

Energy

Corp

5,094

550

Exxon

Mobil

Corp

(e) 2,893

Idemitsu

Kosan

Co

Ltd

(e) 7,300

Inpex

Corp

(e) 20,000

Marathon

Petroleum

Corp

(e) 1,312

Neste

Oyj

(e) 5,856

Occidental

Petroleum

Corp

1,181

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

Phillips

(e) 1,922

$

Repsol

SA

(e) 14,214

Shell

PLC

3,675

TotalEnergies

SE

(e) 1,008

Valaris

Ltd

(d) 2,548

Valero

Energy

Corp

(e) 6,348

1,299

$

6,146

Oil

&

Gas

Services

-

.16

%

Baker

Hughes

Co

695

Halliburton

Co

21,479

773

$

819

Packaging

&

Containers

-

.32

%

Ball

Corp

1,119

CCL

Industries

Inc

(e) 1,300

Packaging

Corp

of

America

Sealed

Air

Corp

22,344

936

Smurfit

Westrock

PLC

(e) 12,244

576

$

1,700

Pharmaceuticals

-

.15

%

AbbVie

Inc

(e) 711

Astellas

Pharma

Inc

(e) 20,500

AstraZeneca

PLC

(e) 543

Atrium

Therapeutics

Inc

(d) 3,050

Bristol-Myers

Squibb

Co

(e) 18,646

1,163

Cardinal

Health

Inc

(e) 1,673

Cencora

Inc

CVS

Health

Corp

(e) 1,775

Daiichi

Sankyo

Co

Ltd

(e) 6,500

Dexcom

Inc

(d),(e)

2,484

Eli

Lilly

&

Co

Galderma

Group

AG

1,323

Grifols

SA

13,014

GSK

PLC

(e) 5,318

Hikma

Pharmaceuticals

PLC

5,245

Johnson

&

Johnson

(e) 1,438

McKesson

Corp

(e) 59

Merck

&

Co

Inc

(e) 4,605

570

Neurocrine

Biosciences

Inc

(d),(e)

1,311

Otsuka

Holdings

Co

Ltd

(e) 3,200

Pfizer

Inc

(e) 16,590

Sanofi

SA

(e) 2,822

Viatris

Inc

7,198

Zoetis

Inc

(e) 774

$

6,065

Pipelines

-

.29

%

Cheniere

Energy

Inc

(e) 4,151

979

Keyera

Corp

(e) 3,700

Kinder

Morgan

Inc

(e) 6,160

Southcross

Holdings

(d),(g)

615,976

—

Sunococorp

LLC

2,859

Williams

Cos

Inc/The

$

1,508

Private

Equity

-

.02

%

Blackstone

Inc

592

KKR

&

Co

Inc

$

Real

Estate

-

.07

%

CBRE

Group

Inc

(d) 709

CFLD

Cayman

Investment

Ltd

Unit

Trust

(d) 233,812

Kaisa

Group

Holdings

Ltd

(d) 41,995

Mitsui

Fudosan

Co

Ltd

7,800

Sunac

China

Holdings

Ltd

(d) 8,540

Times

China

Holdings

Ltd

(d) 45,794

—

Vonovia

SE

(e) 4,859

Yuzhou

Group

Holdings

Co

Ltd

(d) 45,339

$

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

.94

%

American

Tower

Corp

3,134

$

601

AvalonBay

Communities

Inc

566

CapitaLand

Ascendas

REIT

369,400

785

Crown

Castle

Inc

(e) 5,210

Digital

Realty

Trust

Inc

906

Gaming

and

Leisure

Properties

Inc

(e) 2,217

Host

Hotels

&

Resorts

Inc

1,222

Invitation

Homes

Inc

(e) 22,856

602

Mid-America

Apartment

Communities

Inc

550

Prologis

Inc

567

Realty

Income

Corp

2,466

Simon

Property

Group

Inc

1,177

Sun

Communities

Inc

597

Ventas

Inc

3,105

VICI

Properties

Inc

(e) 30,173

912

Welltower

Inc

(e) 1,362

$

4,950

Retail

-

.02

%

Alimentation

Couche-Tard

Inc

(e) 5,400

AutoZone

Inc

(d) 1

Avolta

AG

3,866

Bath

&

Body

Works

Inc

7,356

Best

Buy

Co

Inc

(e) 7,426

Canadian

Tire

Corp

Ltd

1,300

Carvana

Co

(d) 181

Cie

Financiere

Richemont

SA

1,884

Costco

Wholesale

Corp

Dollar

General

Corp

1,743

Dollar

Tree

Inc

(d),(e)

3,269

Genuine

Parts

Co

1,641

Industria

de

Diseno

Textil

SA

(e) 1,011

JD

Sports

Fashion

PLC

63,910

Lowe's

Cos

Inc

542

Lululemon

Athletica

Inc

(d),(e)

4,721

874

McDonald's

Corp

962

Pandora

A/S

1,988

Target

Corp

(e) 1,495

TJX

Cos

Inc/The

(e) 1,608

Ulta

Beauty

Inc

(d),(e)

513

Walmart

Inc

Yum!

Brands

Inc

(e) 863

$

5,382

Semiconductors

-

.35

%

Advanced

Micro

Devices

Inc

(d),(e)

810

Advantest

Corp

(e) 1,200

Analog

Devices

Inc

Applied

Materials

Inc

(e) 2,725

1,014

ASM

International

NV

(e) 416

ASML

Holding

NV

515

ASML

Holding

NV

-

NY

Reg

Shares

BE

Semiconductor

Industries

NV

613

Broadcom

Inc

(e) 3,375

1,078

Infineon

Technologies

AG

817

KLA

Corp

(e) 49

Lam

Research

Corp

(e) 5,637

1,319

Lasertec

Corp

1,000

Marvell

Technology

Inc

2,669

Microchip

Technology

Inc

(e) 1,248

Micron

Technology

Inc

(e) 1,740

717

NVIDIA

Corp

(e) 18,093

3,206

NXP

Semiconductors

NV

1,166

ON

Semiconductor

Corp

(d),(e)

6,719

Qorvo

Inc

(d) 4,969

QUALCOMM

Inc

(e) 2,599

Renesas

Electronics

Corp

17,500

Skyworks

Solutions

Inc

(e) 4,701

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

Teradyne

Inc

(e) 917

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Semiconductors

(continued)

Tokyo

Electron

Ltd

1,600

$

$

12,366

Shipbuilding

-

.09

%

Yangzijiang

Shipbuilding

Holdings

Ltd

138,800

Software

-

.32

%

Adobe

Inc

(d),(e)

1,358

Atlassian

Corp

(d) 633

Autodesk

Inc

(d),(e)

Broadridge

Financial

Solutions

Inc

Clearwater

Analytics

Holdings

Inc

(d),(f)

61,138

1,430

Datadog

Inc

(d),(e)

1,154

Electronic

Arts

Inc

(e) 1,924

Fiserv

Inc

(d) 4,079

iLearningEngines

Holdings

Inc

-

Warrants

(d) 1,824

—

Konami

Group

Corp

(e) 2,600

LeddarTech

Holdings

Inc

-

Warrants

(d) 2,297

—

Microsoft

Corp

(e) 3,830

1,504

MSCI

Inc

(e) 139

Onestream

Inc

(d) 13,782

Oracle

Corp

Palantir

Technologies

Inc

(d),(e)

1,087

Paychex

Inc

(e) 2,225

Pro

Medicus

Ltd

2,187

PTC

Inc

(d),(e)

2,897

Roper

Technologies

Inc

(e) 1,167

Salesforce

Inc

1,287

Samsara

Inc

(d) 5,290

SAP

SE

ADR

ServiceNow

Inc

(d) 469

$

6,932

Telecommunications

-

.92

%

Arista

Networks

Inc

(d),(e)

1,814

AT&T

Inc

(e) 22,741

637

Cisco

Systems

Inc

(e) 7,649

608

Credo

Technology

Group

Holding

Ltd

(d) 817

Deutsche

Telekom

AG

(e) 7,681

HKT

Trust

&

HKT

Ltd

460,000

725

KDDI

Corp

(e) 2,900

Motorola

Solutions

Inc

Telefonaktiebolaget

LM

Ericsson

22,607

Telenor

ASA

3,839

T-Mobile

US

Inc

(e) 1,756

Verizon

Communications

Inc

20,262

1,016

Vodafone

Group

PLC

(e) 288,861

$

4,852

Textiles

-

.03

%

UniFirst

Corp/MA

557

Toys,

Games

&

Hobbies

-

.07

%

Hasbro

Inc

1,130

Nintendo

Co

Ltd

(e) 4,600

$

Transportation

-

.44

%

AP

Moller

-

Maersk

A/S

-

B

CH

Robinson

Worldwide

Inc

2,955

547

CSX

Corp

2,936

Deutsche

Post

AG

(e) 5,077

Expeditors

International

of

Washington

Inc

(e) 736

FedEx

Corp

(e) 1,934

749

JB

Hunt

Transport

Services

Inc

(e) 2,835

662

Norfolk

Southern

Corp

(f) 12,569

3,956

Seibu

Holdings

Inc

12,400

SITC

International

Holdings

Co

Ltd

86,000

Union

Pacific

Corp

United

Parcel

Service

Inc

1,720

$

7,614

Water

-

.05

%

United

Utilities

Group

PLC

(e) 15,281

TOTAL

COMMON

STOCKS

$

196,102

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

CONVERTIBLE

PREFERRED

STOCKS

-

.02

%

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

.00

%

Apollo

Global

Management

Inc

6.75%,

07/31/2026

$

Electric

-

.01

%

PG&E

Corp

6.00%,

12/01/2027

516

Pipelines

-

.00

%

Southcross

Energy

Series

A

0.00%

(d),(g)

2,399,339

Software

-

.01

%

Oracle

Corp

0.00%,

01/15/2029

(d) 1,100

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

PREFERRED

STOCKS

-

.10

%

Shares

Held

Value

(000's)

Finance

-

Mortgage

Loan/Banker

-

.10

%

Fannie

Mae

0.00%,

04/02/2026

(d),(j)

37,200

$

Month

USD

LIBOR

+

0.75%

Freddie

Mac

-

Series

Z

0.00%,

12/31/2027

(d),(j)

9,231

$

521

TOTAL

PREFERRED

STOCKS

$

521

BONDS

-

.03

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.31

%

Boeing

Co/The

5.15%,

05/01/2030

$

$

5.71%,

05/01/2040

5.81%,

05/01/2050

5.93%,

05/01/2060

6.53%,

05/01/2034

6.86%,

05/01/2054

7.01%,

05/01/2064

Czechoslovak

Group

AS

6.50%,

01/10/2031

(i) 400

6.50%,

01/10/2031

$

1,653

Airlines

-

.02

%

United

Airlines

2019-2

Class

B

Pass

Through

Trust

3.50%,

11/01/2029

Automobile

Asset

Backed

Securities

-

.56

%

American

Credit

Acceptance

Receivables

Trust

2023-4

7.65%,

09/12/2030

(i) 100

American

Credit

Acceptance

Receivables

Trust

2025-1

5.54%,

08/12/2031

(i) 30

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2.13%,

08/20/2027

(i) 350

5.58%,

12/20/2030

(i) 120

7.24%,

06/20/2029

(i) 100

Bridgecrest

Lending

Auto

Securitization

Trust

2024-2

6.30%,

02/15/2030

Carmax

Select

Receivables

Trust

2025-B

5.33%,

07/15/2031

Carvana

Auto

Receivables

Trust

2021-N4

2.30%,

09/11/2028

Carvana

Auto

Receivables

Trust

2024-N1

5.80%,

05/10/2030

(i) 15

Drive

Auto

Receivables

Trust

2024-1

5.43%,

11/17/2031

Drive

Auto

Receivables

Trust

2025-2

4.90%,

12/15/2032

DT

Auto

Owner

Trust

2022-2

5.46%,

03/15/2028

(i) 97

DT

Auto

Owner

Trust

2023-2

6.62%,

02/15/2029

(i) 115

DT

Auto

Owner

Trust

2023-3

7.12%,

05/15/2029

(i) 100

Exeter

Automobile

Receivables

Trust

2023-2

6.32%,

08/15/2029

Exeter

Automobile

Receivables

Trust

2023-5

7.13%,

02/15/2030

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

(continued)

Exeter

Automobile

Receivables

Trust

2024-5

5.06%,

02/18/2031

$

$

FHF

Issuer

Trust

2025-1

4.92%,

02/15/2031

(i) 57

FHF

Issuer

Trust

2025-2

5.75%,

05/15/2030

(i) 125

First

Investors

Auto

Owner

Trust

2025-1

5.22%,

12/15/2033

(i) 25

Flagship

Credit

Auto

Trust

2023-3

6.58%,

08/15/2029

(i) 45

Ford

Credit

Auto

Lease

Trust

2023-B

6.97%,

06/15/2028

GLS

Auto

Receivables

Issuer

Trust

2023-4

7.18%,

08/15/2029

(i) 110

GLS

Auto

Receivables

Issuer

Trust

2024-1

5.95%,

12/17/2029

(i) 25

GLS

Auto

Select

Receivables

Trust

2024-2

5.93%,

06/17/2030

(i) 15

LAD

Auto

Receivables

Trust

2023-4

6.76%,

03/15/2029

(i) 50

Prestige

Auto

Receivables

Trust

2021-1

2.08%,

02/15/2028

(i) 124

Red

Oak

Funding

Master

Trust

5.66%,

12/20/2030

(i) 55

1.00 x

Day

Average

Secured

Overnight

Financing

Rate

+

2.00%

Santander

Drive

Auto

Receivables

Trust

2024-3

5.97%,

10/15/2031

Westlake

Automobile

Receivables

Trust

2023-3

6.47%,

03/15/2029

(i) 100

Westlake

Automobile

Receivables

Trust

2023-4

7.19%,

07/16/2029

(i) 110

Westlake

Automobile

Receivables

Trust

2024-1

5.65%,

02/15/2029

(i) 35

6.02%,

10/15/2029

(i) 90

Westlake

Automobile

Receivables

Trust

2024-2

5.91%,

04/15/2030

(i) 25

Westlake

Automobile

Receivables

Trust

2025-1

5.54%,

11/15/2030

(i) 100

$

2,950

Automobile

Manufacturers

-

.01

%

Allison

Transmission

Inc

3.75%,

01/30/2031

(i) 59

Automobile

Parts

&

Equipment

-

.03

%

ZF

North

America

Capital

Inc

6.88%,

04/23/2032

(i) 150

Banks

-

.80

%

Ardshinbank

CJSC

Via

Dilijan

Finance

BV

6.60%,

01/22/2031

(i) 200

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

5.13%,

01/18/2033

(k),(l)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

7.63%,

02/11/2035

(i),(k),(l)

700

747

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

7.63%,

02/11/2035

(k),(l)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.38%

BOI

Finance

BV

7.50%,

02/16/2027

EUR

825

1,002

BSF

Finance

5.76%,

09/03/2035

(k) $

675

678

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

5.07%,

01/21/2037

(k) $

$

Secured

Overnight

Financing

Rate

+

1.19%

5.39%,

02/02/2041

(k) 228

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.18%

Ipoteka-Bank

ATIB

6.45%,

10/09/2030

JPMorgan

Chase

&

Co

4.90%,

01/22/2037

(k) 130

Secured

Overnight

Financing

Rate

+

1.07%

Mizrahi

Tefahot

Bank

Ltd

5.84%,

04/15/2036

(i),(k),(l)

775

795

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.10%

Morgan

Stanley

2.48%,

09/16/2036

(k) 290

Secured

Overnight

Financing

Rate

+

1.36%

4.89%,

10/22/2036

(k) 70

Secured

Overnight

Financing

Rate

+

1.31%

5.31%,

01/18/2041

(k) 95

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%

5.95%,

01/19/2038

(k) 228

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.43%

National

Bank

of

Uzbekistan

7.20%,

07/17/2030

8.50%,

07/05/2029

Riyad

Sukuk

Ltd

6.21%,

07/14/2035

(k) 475

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.25%

Saudi

Awwal

Bank

5.95%,

09/04/2035

(k) 600

612

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.20%

SNB

Sukuk

Ltd

5.94%,

07/18/2036

(k) 500

516

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.85%

Societe

Generale

SA

5.44%,

10/03/2036

(i),(k)

Secured

Overnight

Financing

Rate

+

1.73%

Standard

Chartered

PLC

7.00%,

11/14/2035

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

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.87%

7.00%,

11/14/2035

(j),(k),(l)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.87%

7.63%,

01/16/2032

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

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

Sumitomo

Mitsui

Trust

Bank

Ltd

3.95%,

03/05/2029

(i),(m)

UBS

Group

AG

5.58%,

05/09/2036

(i),(k)

Secured

Overnight

Financing

Rate

+

1.76%

6.60%,

08/05/2030

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

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.12%

Wells

Fargo

&

Co

4.89%,

09/15/2036

(k) 143

Secured

Overnight

Financing

Rate

+

1.34%

4.96%,

01/23/2037

(k) 101

Secured

Overnight

Financing

Rate

+

1.10%

$

9,516

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Building

Materials

-

.27

%

Amrize

Finance

US

LLC

5.40%,

04/07/2035

$

$

Cemex

SAB

de

CV

5.13%,

06/08/2026

(i),(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.53%

Cimko

Cimento

Ve

Beton

Sanayi

Ve

Ticaret

AS

10.75%,

05/21/2030

CRH

America

Finance

Inc

5.00%,

02/09/2036

JH

North

America

Holdings

Inc

5.88%,

01/31/2031

(i) 80

6.13%,

07/31/2032

(i) 114

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.75%,

07/25/2029

Quikrete

Holdings

Inc

6.38%,

03/01/2032

(i) 87

$

1,412

Chemicals

-

.13

%

Braskem

Idesa

SAPI

0.00%,

11/15/2029

(d) 600

0.00%,

02/20/2032

(d) 200

Chemours

Co/The

5.75%,

11/15/2028

(i) 22

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV

Inc

9.00%,

07/01/2028

(i) 129

Solstice

Advanced

Materials

Inc

5.63%,

09/30/2033

(i) 80

$

697

Commercial

Mortgage

Backed

Securities

-

.56

%

BPR

Trust

2021-NRD

9.28%,

12/15/2038

(i) 20

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.62%

10.53%,

12/15/2038

(i) 140

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

6.87%

BPR

Trust

2022-SSP

6.66%,

05/15/2039

(i) 245

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

BX

Trust

2025-VLT6

5.10%,

03/15/2042

(i) 295

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.44%

BX

Trust

2025-VLT7

5.36%,

07/15/2044

(i) 100

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.70%

5.66%,

07/15/2044

(i) 100

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Citigroup

Commercial

Mortgage

Trust

2014-GC21

4.71%,

05/10/2047

(i),(n)

COMM

2012-CCRE3

Mortgage

Trust

3.92%,

10/15/2045

(i) 104

CSMC

2014-USA

OA

LLC

4.37%,

09/15/2037

(i) 1,055

849

DC

Commercial

Mortgage

Trust

2023-DC

7.14%,

09/12/2040

(i),(n)

Extended

Stay

America

Trust

2026-ESH2

6.56%,

02/15/2043

(i) 35

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.90%

LEX

2024-BBG

Mortgage

Trust

4.87%,

10/13/2033

(i),(n)

Morgan

Stanley

Capital

I

Trust

2011-C2

5.21%,

06/15/2044

(i),(n)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

(continued)

Starwood

Retail

Property

Trust

2014-STAR

0.00%,

11/15/2027

(d),(i)

$

$

—

1.00 x

Prime

Rate

+

0.00%

0.00%,

11/15/2027

(d),(i)

645

—

1.00 x

Prime

Rate

+

0.00%

Wells

Fargo

Commercial

Mortgage

Trust

2016-C36

4.09%,

11/15/2059

(n) 100

WFRBS

Commercial

Mortgage

Trust

2011-C3

0.00%,

03/15/2044

(d),(i),(n)

WFRBS

Commercial

Mortgage

Trust

2011-C4

5.00%,

06/15/2044

(i),(n)

511

502

WFRBS

Commercial

Mortgage

Trust

2014-C20

4.38%,

05/15/2047

$

2,956

Commercial

Services

-

.07

%

Mobius

Merger

Sub

Inc

9.00%,

06/01/2030

(i) 95

TriNet

Group

Inc

3.50%,

03/01/2029

(i) 53

United

Rentals

North

America

Inc

5.38%,

11/15/2033

(i) 162

6.13%,

03/15/2034

(i) 77

$

Computers

-

.12

%

Conduent

Business

Services

LLC

/

Conduent

State

&

Local

Solutions

Inc

6.00%,

11/01/2029

(i) 371

Leidos

Inc

5.00%,

03/15/2036

(m) 159

5.40%,

03/15/2032

5.75%,

03/15/2033

NetApp

Inc

5.70%,

03/17/2035

$

649

Diversified

Financial

Services

-

.30

%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.38%,

12/15/2031

Aircastle

Ltd

5.95%,

02/15/2029

(i) 55

6.50%,

07/18/2028

(i) 62

Aviation

Capital

Group

LLC

4.25%,

04/30/2029

(i) 7

4.80%,

10/24/2030

(i) 95

4.88%,

01/28/2033

(i) 9

Avolon

Holdings

Funding

Ltd

4.70%,

01/30/2031

(i) 60

4.85%,

04/01/2033

(i) 41

5.38%,

05/30/2030

(i) 45

BGC

Group

Inc

6.15%,

04/02/2030

Blue

Owl

Finance

LLC

6.25%,

04/18/2034

Capital

One

Financial

Corp

5.20%,

09/11/2036

(k) 65

Secured

Overnight

Financing

Rate

+

1.63%

Citadel

LP

6.00%,

01/23/2030

(i) 35

6.38%,

01/23/2032

(i) 25

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(i) 31

8.38%,

04/01/2032

(i) 10

9.13%,

05/15/2031

(i) 20

Jefferies

Financial

Group

Inc

6.20%,

04/14/2034

Macquarie

Airfinance

Holdings

Ltd

5.15%,

03/17/2030

(i) 35

5.20%,

03/27/2028

(i) 25

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Diversified

Financial

Services

(continued)

Osaic

Holdings

Inc

6.75%,

08/01/2032

(i) $

$

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

DAC

7.23%,

03/17/2026

Synchrony

Financial

4.95%,

02/25/2032

(k) 5

Secured

Overnight

Financing

Rate

+

1.53%

5.02%,

07/29/2029

(k) 80

Secured

Overnight

Financing

Rate

+

1.40%

5.45%,

03/06/2031

(k) 55

Secured

Overnight

Financing

Rate

+

1.68%

6.00%,

07/29/2036

(k) 30

Secured

Overnight

Financing

Rate

+

2.07%

$

1,564

Electric

-

.54

%

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

Eastern

European

Electric

Co

BV

6.50%,

05/15/2030

(i) EUR

6.50%,

05/15/2030

Energo

-

Pro

as

6.45%,

04/15/2031

534

8.00%,

05/27/2030

(i) 375

Energuate

Trust

6.35%,

09/15/2035

(i) $

Saavi

Energia

Sarl

8.88%,

02/10/2035

(i) 800

883

Vistra

Operations

Co

LLC

4.70%,

01/31/2031

(i) 41

5.25%,

10/15/2035

(i) 25

5.35%,

01/31/2036

(i) 58

$

2,847

Electronics

-

.05

%

Imola

Merger

Corp

4.75%,

05/15/2029

(i) 14

Sensata

Technologies

Inc

3.75%,

02/15/2031

(i) 130

TD

SYNNEX

Corp

5.30%,

10/10/2035

6.10%,

04/12/2034

$

Energy

-

Alternate

Sources

-

.10

%

FS

Luxembourg

Sarl

8.63%,

06/25/2033

(i) 200

8.63%,

06/25/2033

8.88%,

02/12/2031

(i) 150

$

551

Engineering

&

Construction

-

.47

%

ATP

Tower

Holdings

/

Andean

Telecom

Partners

Chile

SpA

/

Andean

Tower

Partners

Colombia

SAS

7.88%,

02/03/2030

(i) 600

619

HTA

Group

Ltd/Mauritius

7.50%,

06/04/2029

(i) 375

7.50%,

06/04/2029

IHS

Holding

Ltd

7.88%,

05/29/2030

(i) 475

7.88%,

05/29/2030

IHS

Netherlands

Holdco

BV

8.00%,

09/18/2027

Jacobs

Solutions

Inc

5.38%,

03/03/2036

(m) 50

Kingston

Airport

Revenue

Finance

Ltd

6.75%,

12/15/2036

(i) 200

$

2,468

Entertainment

-

.02

%

Discovery

Global

Holdings

Inc

4.28%,

03/15/2032

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

-

.02

%

GFL

Environmental

Holdings

US

Inc

5.50%,

02/01/2034

(i) $

$

GFL

Environmental

Inc

4.38%,

08/15/2029

(i) 45

$

Food

-

.15

%

Grupo

Nutresa

SA

8.00%,

05/12/2030

(i) 525

566

JBS

NV/JBS

USA

Foods

Group

Holdings

Inc/JBS

USA

Food

Co

Holdings

3.00%,

02/02/2029

5.50%,

01/15/2036

5.95%,

04/20/2035

$

802

Healthcare

-

Products

-

.08

%

Abbott

Laboratories

3.70%,

03/09/2029

(m) 315

Avantor

Funding

Inc

4.63%,

07/15/2028

(i) 25

Hologic

Inc

3.25%,

02/15/2029

(i) 62

$

Healthcare

-

Services

-

.10

%

HCA

Inc

4.90%,

11/15/2035

5.60%,

04/01/2034

Molina

Healthcare

Inc

3.88%,

05/15/2032

(i) 111

4.38%,

06/15/2028

(i) 65

6.50%,

02/15/2031

(i) 112

$

525

Home

Builders

-

.04

%

Meritage

Homes

Corp

5.65%,

03/15/2035

Taylor

Morrison

Communities

Inc

5.75%,

11/15/2032

(i) 60

$

Home

Equity

Asset

Backed

Securities

-

.03

%

GITSIT

Mortgage

Loan

Trust

2025-NPL1

6.28%,

02/25/2055

(i),(n)

8.84%,

02/25/2055

(i),(n)

$

Insurance

-

.19

%

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.50%,

10/01/2031

(i) 48

6.75%,

04/15/2028

(i) 22

7.00%,

01/15/2031

(i) 19

Arthur

J

Gallagher

&

Co

5.15%,

02/15/2035

Brown

&

Brown

Inc

5.55%,

06/23/2035

Global

Atlantic

Fin

Co

3.13%,

06/15/2031

(i) 85

Ryan

Specialty

LLC

5.88%,

08/01/2032

(i) 13

SBL

Holdings

Inc

6.50%,

11/13/2026

(i),(j),(k)

829

748

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.62%

Willis

North

America

Inc

5.15%,

03/15/2036

$

992

Internet

-

.52

%

Alphabet

Inc

4.80%,

02/15/2036

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Internet

(continued)

AppLovin

Corp

5.13%,

12/01/2029

$

$

5.50%,

12/01/2034

Beignet

Investor

LLC

6.58%,

05/30/2049

(i) 455

Getty

Images

Inc

11.25%,

02/21/2030

(i) 1,110

982

14.00%,

03/01/2028

(i) 584

539

Go

Daddy

Operating

Co

LLC

/

GD

Finance

Co

Inc

5.25%,

12/01/2027

(i) 60

Meta

Platforms

Inc

5.63%,

11/15/2055

Uber

Technologies

Inc

4.80%,

09/15/2035

$

2,731

Investment

Companies

-

.05

%

Antares

Holdings

LP

2.75%,

01/15/2027

(i) 254

Iron

&

Steel

-

.12

%

Commercial

Metals

Co

5.75%,

11/15/2033

(i) 43

6.00%,

12/15/2035

(i) 49

Samarco

Mineracao

SA

4.00%,

PIK

5.00%;

06/30/2031

(n),(o)

Steel

Dynamics

Inc

5.25%,

05/15/2035

$

646

Leisure

Products

&

Services

-

.06

%

Kingpin

Intermediate

Holdings

LLC

7.25%,

10/15/2032

(i) 56

Royal

Caribbean

Cruises

Ltd

4.75%,

05/15/2033

5.25%,

02/27/2038

5.38%,

01/15/2036

5.63%,

09/30/2031

(i) 65

$

Lodging

-

.04

%

Hilton

Domestic

Operating

Co

Inc

5.50%,

03/31/2034

(i) 49

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.63%,

01/15/2032

(i) 30

Marriott

International

Inc/MD

5.10%,

05/01/2038

5.50%,

04/15/2037

$

Media

-

.28

%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.13%,

05/01/2027

(i) 90

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.38%,

10/23/2035

6.55%,

06/01/2034

6.65%,

02/01/2034

CSC

Holdings

LLC

4.63%,

12/01/2030

(i) 235

5.38%,

02/01/2028

(i) 200

Directv

Financing

LLC

8.88%,

02/01/2030

(i) 25

8.88%,

02/01/2030

(i) 90

Directv

Financing

LLC

/

Directv

Financing

Co-

Obligor

Inc

10.00%,

02/15/2031

(i) 66

Discovery

Communications

LLC

3.63%,

05/15/2030

6.35%,

06/01/2040

DISH

DBS

Corp

5.25%,

12/01/2026

(i) 415

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Media

(continued)

Paramount

Global

4.20%,

05/19/2032

$

$

4.95%,

01/15/2031

7.88%,

07/30/2030

TEGNA

Inc

5.00%,

09/15/2029

Time

Warner

Cable

LLC

6.55%,

05/01/2037

$

1,485

Mining

-

.68

%

Glencore

Funding

LLC

6.50%,

10/06/2033

(i) 412

Ivanhoe

Mines

Ltd

7.88%,

01/23/2030

(i) 975

1,014

Vedanta

Resources

Finance

II

PLC

9.48%,

07/24/2030

(i) 475

500

10.88%,

09/17/2029

WE

Soda

Investments

Holding

PLC

9.38%,

02/14/2031

9.50%,

10/06/2028

9.50%,

10/06/2028

(i) 525

542

$

3,611

Miscellaneous

Manufacturers

-

.05

%

Axon

Enterprise

Inc

6.13%,

03/15/2030

(i) 25

Entegris

Inc

4.75%,

04/15/2029

(i) 61

Textron

Financial

Corp

5.65%,

02/15/2067

(i) 170

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

Mortgage

Backed

Securities

-

.56

%

Alternative

Loan

Trust

2003-22CB

5.75%,

12/25/2033

Alternative

Loan

Trust

2004-16CB

5.50%,

07/25/2034

5.50%,

08/25/2034

Alternative

Loan

Trust

2004-J10

6.00%,

09/25/2034

Banc

of

America

Alternative

Loan

Trust

2003-8

5.50%,

10/25/2033

Banc

of

America

Funding

2005-7

Trust

5.75%,

11/25/2035

Banc

of

America

Funding

2007-4

Trust

5.50%,

11/25/2034

Banc

of

America

Mortgage

2005-A

Trust

4.76%,

02/25/2035

(n) 6

BINOM

Securitization

Trust

2022-RPL1

3.00%,

02/25/2061

(i),(n)

CAFL

2023-RTL1

Issuer

LLC

7.55%,

12/28/2030

(i),(n)

CAFL

2026-R1

Issuer

LLC

6.77%,

03/25/2036

(i),(n)

CHL

Mortgage

Pass-Through

Trust

2004-HYB4

5.16%,

09/20/2034

(n) 10

CSFB

Mortgage-Backed

Pass-Through

Certificates

Series

2003-27

5.75%,

11/25/2033

DSLA

Mortgage

Loan

Trust

2005-AR5

4.44%,

09/19/2045

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.77%

GITSIT

Mortgage

Loan

Trust

2025-NPL2

5.42%,

12/25/2055

(i),(n)

GSR

Mortgage

Loan

Trust

2005-4F

6.50%,

02/25/2035

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Mortgage

Backed

Securities

(continued)

IndyMac

INDX

Mortgage

Loan

Trust

2004-AR7

5.01%,

09/25/2034

$

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.33%

IndyMac

INDX

Mortgage

Loan

Trust

2005-AR11

3.63%,

08/25/2035

(n) 264

Lehman

XS

Trust

Series

2006-2N

4.31%,

02/25/2046

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.63%

MASTR

Alternative

Loan

Trust

2003-9

5.25%,

11/25/2033

MASTR

Alternative

Loan

Trust

2004-5

5.50%,

06/25/2034

6.00%,

06/25/2034

MASTR

Alternative

Loan

Trust

2004-8

6.00%,

09/25/2034

Merrill

Lynch

Mortgage

Investors

Trust

Series

MLCC

2006-2

5.73%,

05/25/2036

(n) 1

MFA

2024-NPL1

Trust

6.33%,

09/25/2054

(i),(n)

New

Residential

Mortgage

Loan

Trust

2024-RTL1

6.66%,

03/25/2039

(i),(n)

NLT

2023-1

Trust

3.20%,

10/25/2062

(i),(n)

PRET

2025-NPL8

LLC

5.73%,

08/25/2055

(i),(n)

PRET

2026-NPL2

LLC

5.15%,

02/25/2056

(i),(n)

PRPM

2025-2

LLC

9.56%,

05/25/2030

(i),(n)

PRPM

2025-8

LLC

5.39%,

10/25/2030

(i),(n)

PRPM

2026-1

LLC

5.19%,

02/25/2031

(i),(n)

RCO

IX

Mortgage

LLC

2025-2

6.51%,

04/25/2030

(i),(n)

RCO

IX

Mortgage

LLC

2025-4

5.31%,

10/25/2030

(i),(n)

RCO

X

Mortgage

LLC

2025-1

5.88%,

01/25/2030

(i),(n)

Redwood

Funding

Trust

2025-1

7.58%,

05/27/2055

(i),(n)

Roc

Mortgage

Trust

2024-RTL1

5.59%,

10/25/2039

(i),(n)

Structured

Adjustable

Rate

Mortgage

Loan

Trust

4.10%,

07/25/2035

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.42%

Toorak

Mortgage

Trust

2024-RRTL1

6.60%,

02/25/2039

(i),(n)

VCAT

2025-NPL3

LLC

5.89%,

02/25/2055

(i),(n)

$

2,935

Oil

&

Gas

-

.69

%

Azule

Energy

Finance

Plc

8.13%,

01/23/2030

(i) 575

583

8.25%,

01/22/2031

(i) 400

Chord

Energy

Corp

6.00%,

10/01/2030

(i) 76

6.75%,

03/15/2033

(i) 7

Continental

Resources

Inc/OK

2.88%,

04/01/2032

(i) 135

5.75%,

01/15/2031

(i) 320

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Oil

&

Gas

(continued)

Energean

Israel

Finance

Ltd

5.38%,

03/30/2028

(i) $

$

5.38%,

03/30/2028

(i) 92

8.50%,

09/30/2033

(i) 590

622

Energean

PLC

5.63%,

05/12/2031

(i) EUR

Helmerich

&

Payne

Inc

5.50%,

12/01/2034

$

Kosmos

Energy

Ltd

7.50%,

03/01/2028

Leviathan

Bond

Ltd

6.50%,

06/30/2027

(i) 600

604

6.50%,

06/30/2027

(i) 25

OGX

Austria

GmbH

0.00%,

06/01/2018

(d),(i)

600

—

0.00%,

04/01/2022

(d),(g)

1,100

—

Permian

Resources

Operating

LLC

8.00%,

04/15/2027

(i) 84

Petroleos

de

Venezuela

SA

0.00%,

05/16/2024

(d),(i)

0.00%,

05/16/2024

(d) 3,495

1,104

0.00%,

11/15/2026

(d) 675

Petroleos

Mexicanos

5.95%,

01/28/2031

6.70%,

02/16/2032

500

501

6.84%,

01/23/2030

Puma

International

Financing

SA

7.75%,

04/25/2029

(i) 525

544

SM

Energy

Co

6.75%,

08/01/2029

(i) 68

Sonangol

Finance

Ltd

10.00%,

01/29/2031

(i) 825

821

Sunoco

LP

5.38%,

07/15/2031

(i),(m)

Tengizchevroil

Finance

Co

International

Ltd

4.00%,

08/15/2026

Uzbekneftegaz

JSC

8.75%,

05/07/2030

(i) 475

519

Viper

Energy

Partners

LLC

5.70%,

08/01/2035

$

8,924

Oil

&

Gas

Services

-

.08

%

Yinson

Boronia

Production

BV

8.95%,

07/31/2042

Other

Asset

Backed

Securities

-

.87

%

Capital

Clo

Ltd

5.47%,

04/15/2035

(i) 255

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

AASET

2024-2

Ltd

5.93%,

09/16/2049

(i) 225

Accelerated

Assets

2018-1

LLC

4.51%,

12/02/2033

(i) 17

AIM

Aviation

Finance

Ltd

5.07%,

02/15/2040

(i),(n)

675

551

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

6.72%,

06/07/2055

(i) 220

7.82%,

03/05/2053

(i) 150

Bain

Capital

Credit

CLO

2020-1

Ltd

5.47%,

04/18/2033

(i) 145

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

BHG

Securitization

Trust

2023-B

7.45%,

12/17/2036

(i) 66

Blackbird

Capital

Aircraft

Lease

Securitization

Ltd

2016-1

4.21%,

12/16/2041

(i),(n)

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Carval

Clo

X-C

Ltd

5.47%,

07/20/2037

(i) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

CLIF

Holdings

LLC

6.72%,

12/20/2050

(i) 165

Clsec

Holdings

22t

LLC

6.17%,

05/11/2037

(i) 49

Compass

Datacenters

Issuer

III

LLC

5.29%,

07/25/2050

(i) 65

5.66%,

02/25/2050

(i) 65

DataBank

Issuer

II

LLC

5.18%,

09/27/2055

(i) 115

EDI

ABS

Issuer

LLC

4.45%,

07/25/2055

(i) 65

EWC

Master

Issuer

LLC

5.50%,

03/15/2052

(i) 97

Foundation

Finance

Trust

2025-1

5.26%,

04/15/2050

(i) 92

6.09%,

04/15/2050

(i) 92

Garnet

CLO

Ltd

5.43%,

10/20/2038

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.35%

Global

SC

Finance

X

Ltd

7.85%,

09/20/2045

(i) 104

Golub

Capital

Partners

CLO

B

Ltd

5.52%,

07/25/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.85%

Golub

Capital

Partners

CLO

75B

Ltd

5.62%,

07/25/2037

(i) 260

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.95%

GoodLeap

Home

Improvement

Solutions

Trust

2024-1

6.38%,

10/20/2046

(i) 81

Kapitus

Asset

Securitization

IV

LLC

5.49%,

09/10/2031

(i) 100

KKR

CLO

Ltd

5.53%,

07/20/2031

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.86%

Labrador

Aviation

Finance

Ltd

2016-1A

4.30%,

01/15/2042

(i) 90

Lightpath

Fiber

Issuer

LLC

5.60%,

03/25/2056

(i),(m)

Madison

Park

Funding

LIII

Ltd

5.42%,

04/21/2035

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Madison

Park

Funding

LIX

Ltd

5.92%,

04/18/2037

(i) 260

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

Marlette

Funding

Trust

2023-4

8.15%,

12/15/2033

(i) 100

MetroNet

Infrastructure

Issuer

LLC

7.83%,

08/20/2055

(i) 30

OCP

Clo

2019-17

Ltd

5.67%,

07/20/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Octagon

Investment

Partners

XXII

Ltd

5.83%,

01/22/2030

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.16%

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

OHA

Credit

Partners

XI

Ltd

5.87%,

04/20/2037

(i) $

$

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.20%

OHA

Loan

Funding

2013-1

Ltd

6.02%,

04/23/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.35%

OnDeck

Asset

Securitization

Trust

IV

LLC

8.99%,

06/17/2031

(i) 100

OWN

Equipment

Fund

I

LLC

5.70%,

12/20/2032

(i) 79

OWN

Equipment

Fund

III

LLC

6.49%,

03/27/2034

(i) 98

Palmer

Square

BDC

CLO

Ltd

5.82%,

07/15/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.15%

Palmer

Square

CLO

2024-2

LTD

5.32%,

07/20/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.65%

Planet

Fitness

Master

Issuer

LLC

3.86%,

12/05/2049

(i) 259

5.27%,

12/06/2055

(i) 50

5.77%,

06/05/2054

(i) 74

Post

CLO

2023-1

Ltd

4.97%,

10/20/2038

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.30%

QTS

Issuer

ABS

II

LLC

5.78%,

10/05/2055

(i) 55

Regatta

Funding

Ltd

4.96%,

10/15/2038

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.29%

Regional

Management

Issuance

Trust

2025-2

5.36%,

11/16/2037

(i) 140

Rockford

Tower

2024-2

Ltd

5.52%,

10/20/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.85%

Rockford

Tower

CLO

2018-1

Ltd

5.02%,

05/20/2031

(i) 21

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.36%

SEB

Funding

LLC

7.39%,

04/30/2054

(i) 70

SF

Abs

Issuer

LLC

5.87%,

11/25/2055

(i) 185

Shentel

Issuer

LLC

5.64%,

12/20/2055

(i) 90

Silver

Point

CLO

Ltd

5.29%,

10/15/2038

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.31%

Sixth

Street

CLO

XV

Ltd

5.67%,

10/24/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

Sixth

Street

CLO

XXV

Ltd

5.47%,

07/24/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.80%

Subway

Funding

LLC

6.03%,

07/30/2054

(i) 212

Sunnova

Helios

XIII

Issuer

LLC

5.30%,

02/20/2051

(i) 84

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Other

Asset

Backed

Securities

(continued)

Sunrun

Athena

Issuer

2018-1

LLC

5.31%,

04/30/2049

(i) $

$

Sunrun

Demeter

Issuer

2021-2

LLC

2.27%,

01/30/2057

(i) 78

Wellfleet

CLO

2024-1

Ltd

5.72%,

07/18/2037

(i) 250

1.00 x

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.05%

Wingstop

Funding

LLC

5.86%,

12/05/2054

(i) 100

$

9,841

Packaging

&

Containers

-

.20

%

Ball

Corp

5.50%,

09/15/2033

Mauser

Packaging

Solutions

Holding

Co

9.25%,

04/15/2030

(i) 858

846

$

1,032

Pharmaceuticals

-

.28

%

AbbVie

Inc

3.78%,

03/03/2028

(m) 315

Bausch

Health

Cos

Inc

4.88%,

06/01/2028

(i) 105

Teva

Pharmaceutical

Finance

Co

LLC

6.15%,

02/01/2036

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.38%,

05/09/2030

EUR

7.38%,

09/15/2029

7.88%,

09/15/2031

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.10%,

10/01/2046

$

634

$

1,480

Pipelines

-

.45

%

Acu

Petroleo

Luxembourg

Sarl

7.50%,

07/13/2035

Golar

LNG

Ltd

7.50%,

10/02/2030

(i) 375

Southern

Gas

Corridor

CJSC

6.88%,

03/24/2026

Targa

Resources

Corp

5.55%,

08/15/2035

6.13%,

03/15/2033

6.50%,

03/30/2034

Transportadora

de

Gas

del

Sur

SA

8.50%,

07/24/2031

Venture

Global

Calcasieu

Pass

LLC

3.88%,

11/01/2033

(i) 4

Venture

Global

Plaquemines

LNG

LLC

6.13%,

12/15/2030

(i) 23

6.50%,

01/15/2034

(i) 168

6.50%,

06/15/2034

(i) 43

7.50%,

05/01/2033

(i) 190

7.75%,

05/01/2035

(i) 56

Western

Midstream

Operating

LP

5.50%,

12/15/2035

6.15%,

04/01/2033

$

2,391

Real

Estate

-

.41

%

Aldar

Properties

PJSC

5.88%,

04/14/2056

(i),(k)

800

794

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.02%

CFLD

Cayman

Investment

Ltd

0.00%,

01/31/2031

(d),(i)

0.00%,

01/31/2031

(d),(i)

0.00%,

01/31/2031

(d),(i)

—

China

Evergrande

Group

0.00%,

06/28/2025

(d) 200

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Real

Estate

(continued)

Kaisa

Group

Holdings

Ltd

5.25%,

PIK

6.25%;

12/28/2028

(i),(n),(o)

$

$

5.50%,

PIK

6.00%;

12/28/2027

(i),(n),(o)

5.50%,

PIK

6.50%;

12/28/2029

(i),(n),(o)

5.75%,

PIK

6.75%;

12/28/2030

(i),(n),(o)

6.00%,

PIK

7.00%;

12/28/2031

(i),(n),(o)

6.25%,

PIK

7.25%;

12/28/2032

(i),(n),(o)

Kennedy-Wilson

Inc

5.00%,

03/01/2031

813

788

Mobiliare

Latam

SA

/

Mobiliare

Latam

Mexico

SA

de

CV

6.75%,

11/10/2032

(i) 350

6.75%,

11/10/2032

Times

China

Holdings

Ltd

0.00%,

PIK

0.00%;

03/30/2029

(d),(i),(n),(o)

—

0.00%,

PIK

0.00%;

09/30/2032

(d),(i),(n),(o)

Yuzhou

Group

Holdings

Co

Ltd

0.00%,

PIK

4.00%;

06/30/2028

(h),(n),(o)

0.00%,

PIK

4.50%;

06/30/2029

(h),(n),(o)

0.00%,

PIK

5.00%;

06/30/2030

(h),(n),(o)

0.00%,

PIK

5.50%;

06/30/2031

(h),(n),(o)

1.00%,

PIK

1.00%;

06/30/2034

(h),(n),(o)

—

6.00%,

PIK

7.00%;

06/30/2027

(h),(n),(o)

$

2,173

Regional

Authority

-

.26

%

Province

of

Santa

Fe

8.10%,

12/11/2034

(i) 375

Provincia

de

Buenos

Aires/Government

Bonds

6.63%,

09/01/2037

(n) 712

563

Provincia

de

Cordoba

8.60%,

02/03/2035

(i) 450

$

1,368

REITs

-

.18

%

Apollo

Commercial

Real

Estate

Finance

Inc

4.63%,

06/15/2029

(i) 678

675

Emirates

Reit

Sukuk

III

Ltd

7.50%,

12/12/2028

(n) 200

Iron

Mountain

Inc

4.50%,

02/15/2031

(i) 32

5.25%,

07/15/2030

(i) 30

$

939

Retail

-

.10

%

1011778

BC

ULC

/

New

Red

Finance

Inc

3.88%,

01/15/2028

(i) 5

4.00%,

10/15/2030

(i) 325

Global

Auto

Holdings

Ltd/AAG

FH

UK

Ltd

11.50%,

08/15/2029

(i) 200

$

521

Semiconductors

-

.05

%

Broadcom

Inc

3.14%,

11/15/2035

(i) 310

Software

-

.21

%

Fair

Isaac

Corp

6.00%,

05/15/2033

(i) 136

MSCI

Inc

5.25%,

09/01/2035

Open

Text

Corp

3.88%,

12/01/2029

(i) 80

Oracle

Corp

3.95%,

03/25/2051

5.20%,

09/26/2035

5.70%,

02/04/2036

5.95%,

09/26/2055

6.00%,

08/03/2055

6.70%,

02/04/2056

6.85%,

02/04/2066

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Software

(continued)

Synopsys

Inc

5.15%,

04/01/2035

$

$

5.70%,

04/01/2055

$

1,083

Sovereign

-

.21

%

Angolan

Government

International

Bond

8.00%,

11/26/2029

8.25%,

05/09/2028

Argentine

Republic

Government

International

Bond

4.12%,

07/09/2035

(n) 725

547

Bahamas

Government

International

Bond

8.25%,

06/24/2036

(i) 200

8.25%,

06/24/2036

Benin

Government

International

Bond

7.96%,

02/13/2038

Brazil

Notas

do

Tesouro

Nacional

Serie

F

9.76%,

01/01/2027

BRL

4,283

816

9.76%,

01/01/2031

1,825

9.76%,

01/01/2035

10,560

1,725

Canadian

Treasury

Bill

2.17%,

03/25/2026

CAD

4,500

3,294

Chile

Government

International

Bond

3.10%,

01/22/2061

$

3.25%,

09/21/2071

Colombia

Government

International

Bond

7.38%,

09/18/2037

Colombian

TES

11.00%,

08/22/2029

COP

3,355,900

819

13.25%,

02/09/2033

4,470,100

1,154

Ecuador

Government

International

Bond

0.00%,

07/31/2030

(d) $

6.90%,

07/31/2035

(n) 296

8.75%,

01/29/2034

(i) 675

679

Egypt

Government

Bond

22.42%,

01/06/2028

EGP

11,700

24.46%,

10/01/2027

17,300

25.32%,

08/13/2027

16,000

Egypt

Government

International

Bond

5.80%,

09/30/2027

$

Egypt

Treasury

Bills

20.25%,

10/27/2026

(p) EGP

14,500

21.07%,

09/08/2026

(p) 10,500

21.32%,

08/25/2026

(p) 9,300

23.33%,

03/17/2026

(p) 9,900

23.40%,

05/19/2026

(p) 37,400

742

Ghana

Government

International

Bond

0.00%,

01/03/2030

(d),(i)

$

0.00%,

01/03/2030

(d) 470

5.00%,

07/03/2029

(i),(n)

678

665

Hungary

Government

Bond

4.50%,

03/23/2028

HUF

432,400

1,318

Hungary

Government

International

Bond

6.75%,

09/23/2055

$

775

834

Israel

Government

International

Bond

5.00%,

01/13/2036

600

598

5.88%,

01/13/2056

550

546

Ivory

Coast

Government

International

Bond

4.88%,

01/30/2032

EUR

4.88%,

01/30/2032

(i) 475

549

5.88%,

10/17/2031

6.75%,

02/25/2041

(i) $

600

572

Japan

Treasury

Discount

Bill

0.54%,

04/10/2026

(p) JPY

581,700

3,722

0.74%,

04/20/2026

(p) 152,500

976

0.76%,

07/10/2026

(p) 674,500

4,307

0.83%,

07/21/2026

(p) 1,930,000

12,319

0.94%,

12/21/2026

(p) 231,000

1,468

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Kyrgyz

Republic

International

Bond

7.75%,

06/03/2030

(i) $

$

Lebanon

Government

International

Bond

0.00%,

03/09/2020

(d) 125

0.00%,

04/12/2021

(d) 125

0.00%,

10/04/2022

(d) 462

0.00%,

04/22/2024

(d) 50

0.00%,

11/04/2024

(d) 50

0.00%,

06/12/2025

(d) 225

0.00%,

03/20/2028

(d) 750

0.00%,

11/03/2028

(d) 125

0.00%,

05/25/2029

(d) 75

0.00%,

04/22/2031

(d) 100

0.00%,

11/20/2031

(d) 100

0.00%,

05/17/2033

(d) 625

0.00%,

11/02/2035

(d) 125

Malaysia

Government

Bond

3.48%,

07/02/2035

MYR

3.52%,

04/20/2028

3.58%,

07/15/2032

5,300

1,373

4.05%,

04/18/2039

1,517

Mexican

Bonos

7.75%,

11/13/2042

MXN

20,700

1,060

8.00%,

07/31/2053

6,190

8.50%,

11/18/2038

23,500

1,316

Mexico

Government

International

Bond

6.13%,

02/09/2038

$

Nigeria

Government

International

Bond

6.13%,

09/28/2028

6.50%,

11/28/2027

7.14%,

02/23/2030

600

618

Pakistan

Government

International

Bond

6.88%,

12/05/2027

7.38%,

04/08/2031

800

792

Peru

Government

Bond

7.60%,

08/12/2039

(i) PEN

1,250

Peruvian

Government

International

Bond

6.85%,

08/12/2035

(i) 3,925

1,252

6.90%,

08/12/2037

2,880

898

Republic

of

Cameroon

International

Bond

8.88%,

01/30/2033

$

Republic

of

Kenya

Government

International

Bond

7.88%,

02/26/2034

(i) 575

566

Republic

of

Poland

Government

Bond

2.00%,

08/25/2036

PLN

5,054

1,330

Republic

of

Poland

Government

International

Bond

5.50%,

03/18/2054

$

Republic

of

South

Africa

Government

Bond

8.75%,

01/31/2044

ZAR

37,275

2,364

9.00%,

01/31/2040

8,409

550

Republic

of

South

Africa

Government

International

Bond

6.13%,

12/11/2037

(i) $

725

716

7.25%,

12/11/2055

(i) 200

Republic

of

Uzbekistan

International

Bond

3.70%,

11/25/2030

3.90%,

10/19/2031

5.10%,

02/25/2029

EUR

Romania

Government

Bond

6.70%,

02/25/2032

RON

3,750

891

6.85%,

07/29/2030

5,200

1,242

Romanian

Government

International

Bond

5.63%,

05/30/2037

EUR

550

661

6.50%,

10/07/2045

(i) 225

6.75%,

07/11/2039

1,025

1,314

7.63%,

01/17/2053

$

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

Turkiye

Government

Bond

30.08%,

09/12/2029

TRY

32,550

$

727

36.10%,

08/12/2026

8,430

36.78%,

10/13/2027

9,396

Turkiye

Government

International

Bond

5.15%,

03/10/2034

EUR

Ukraine

Government

International

Bond

4.00%,

02/01/2032

(i),(n)

$

4.00%,

02/01/2032

(n) 240

4.50%,

02/01/2034

(i),(n)

4.50%,

02/01/2034

(n) 1,441

895

Uruguay

Government

International

Bond

8.00%,

10/29/2035

UYU

3,344

8.50%,

03/15/2028

2,722

9.75%,

07/20/2033

3,375

Venezuela

Government

International

Bond

0.00%,

05/07/2023

(d) $

1,075

Zambia

Government

International

Bond

5.75%,

06/30/2033

(n) 636

619

$

69,632

Student

Loan

Asset

Backed

Securities

-

.19

%

College

Ave

Student

Loans

2021-A

LLC

4.12%,

07/25/2051

(i) 41

Navient

Private

Education

Refi

Loan

Trust

2018-A

3.68%,

02/18/2042

(i) 51

Navient

Private

Education

Refi

Loan

Trust

2018-C

4.22%,

06/16/2042

(i) 216

Navient

Private

Education

Refi

Loan

Trust

2020-F

2.69%,

07/15/2069

(i) 100

Nelnet

Student

Loan

Trust

2021-D

2.90%,

04/20/2062

(i) 100

SLM

Private

Credit

Student

Loan

Trust

2003-A

3.95%,

06/15/2032

1.00 x

US

Day

Auction

Rate

+

0.00%

SLM

Private

Credit

Student

Loan

Trust

2003-B

7.05%,

03/15/2033

1.00 x

US

Day

Auction

Rate

+

0.00%

SMB

Private

Education

Loan

Trust

2015-C

3.50%,

09/15/2043

(i) 1

SMB

Private

Education

Loan

Trust

2018-C

4.00%,

11/17/2042

(i) 100

SoFi

Professional

Loan

Program

2020-ATrust

3.12%,

05/15/2046

(i) 160

$

981

Supranational

Bank

-

.20

%

Africa

Finance

Corp

7.50%,

01/21/2030

(i),(j),(k)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

Banque

Ouest

Africaine

de

Developpement

5.00%,

07/27/2027

600

599

$

1,059

Telecommunications

-

.98

%

AT&T

Inc

5.13%,

04/30/2036

Axian

Telecom

Holding

&

Management

PLC

7.25%,

07/11/2030

(i) 275

7.25%,

07/11/2030

Black

Pearl

Compute

LLC

6.13%,

02/15/2031

(i) 36

Cipher

Compute

LLC

7.13%,

11/15/2030

(i) 25

Digicel

International

Finance

Ltd

/

Difl

US

LLC

8.63%,

08/01/2032

(i) 700

727

EchoStar

Corp

10.75%,

11/30/2029

1,443

1,576

Flash

Compute

LLC

7.25%,

12/31/2030

(i) 111

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Telecommunications

(continued)

Frontier

Communications

Holdings

LLC

5.88%,

11/01/2029

$

$

6.00%,

01/15/2030

(i) 374

Telecom

Argentina

SA

9.50%,

07/18/2031

Telecommunications

co

Telekom

Srbija

AD

Belgrade

7.00%,

10/28/2029

(i) 250

T-Mobile

USA

Inc

5.00%,

02/15/2036

Veon

Midco

BV

3.38%,

11/25/2027

850

817

WULF

Compute

LLC

7.75%,

10/15/2030

(i) 75

$

5,157

Transportation

-

.30

%

Transnet/South

Africa

8.25%,

02/06/2028

900

948

Yinson

Bergenia

Production

BV

8.50%,

01/31/2045

(i) 197

8.50%,

01/31/2045

$

1,577

Trucking

&

Leasing

-

.04

%

SMBC

Aviation

Capital

Finance

DAC

5.10%,

04/01/2030

(i) 200

TOTAL

BONDS

$

153,054

CONVERTIBLE

BONDS

-

.46

%

Principal

Amount

(000's)

Value

(000's)

Biotechnology

-

.01

%

Arrowhead

Pharmaceuticals

Inc

0.00%,

01/15/2032

(d) $

$

Halozyme

Therapeutics

Inc

0.88%,

11/15/2032

(i) 13

Ligand

Pharmaceuticals

Inc

0.75%,

10/01/2030

(i) 9

$

Chemicals

-

.15

%

Sasol

Financing

USA

LLC

4.50%,

11/08/2027

800

774

Computers

-

.02

%

Lumentum

Holdings

Inc

0.38%,

03/15/2032

(i) 7

Rubrik

Inc

0.00%,

06/15/2030

(d),(i)

Seagate

HDD

Cayman

3.50%,

06/01/2028

$

Electric

-

.01

%

Evergy

Inc

4.50%,

12/15/2027

FirstEnergy

Corp

3.88%,

01/15/2031

(i) 21

Pinnacle

West

Capital

Corp

4.75%,

06/15/2027

$

Electronics

-

.01

%

Advanced

Energy

Industries

Inc

2.50%,

09/15/2028

Itron

Inc

1.38%,

07/15/2030

$

Engineering

&

Construction

-

.01

%

Fluor

Corp

1.13%,

08/15/2029

Granite

Construction

Inc

3.75%,

05/15/2028

$

CONVERTIBLE

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Environmental

Control

-

.00

%

Tetra

Tech

Inc

2.25%,

08/15/2028

$

$

Food

-

.00

%

Post

Holdings

Inc

2.50%,

08/15/2027

Gas

-

.00

%

UGI

Corp

5.00%,

06/01/2028

Healthcare

-

Products

-

.07

%

Exact

Sciences

Corp

2.00%,

03/01/2030

(i) 278

Internet

-

.01

%

DoorDash

Inc

0.00%,

05/15/2030

(d),(i)

Lyft

Inc

0.00%,

09/15/2030

(d),(i)

Uber

Technologies

Inc

0.88%,

12/01/2028

$

Investment

Companies

-

.00

%

IREN

Ltd

1.00%,

06/01/2033

(i) 19

Leisure

Products

&

Services

-

.01

%

NCL

Corp

Ltd

0.88%,

04/15/2030

(i) 19

Machinery

-

Construction

&

Mining

-

.00

%

Bloom

Energy

Corp

0.00%,

11/15/2030

(d),(i)

Mining

-

.00

%

B2Gold

Corp

2.75%,

02/01/2030

(i) 8

Oil

&

Gas

-

.04

%

Kosmos

Energy

Ltd

3.13%,

03/15/2030

Pharmaceuticals

-

.00

%

Zoetis

Inc

0.25%,

06/15/2029

(i) 10

Real

Estate

-

.01

%

Compass

Inc

0.25%,

04/15/2031

(i) 18

Kaisa

Group

Holdings

Ltd

0.00%,

12/31/2026

(d),(i)

—

0.00%,

12/31/2027

(d),(i)

—

0.00%,

12/31/2028

(d),(i)

—

0.00%,

12/31/2029

(d),(i)

—

0.00%,

12/31/2030

(d),(i)

—

0.00%,

12/31/2031

(d),(i)

—

0.00%,

12/31/2032

(d),(i)

Sunac

China

Holdings

Ltd

0.00%,

06/23/2026

(d),(i)

0.00%,

06/23/2028

(d),(i)

Times

China

Holdings

Ltd

0.00%,

03/30/2027

(d),(i)

—

0.00%,

03/30/2027

(d),(i)

$

Retail

-

.01

%

Burlington

Stores

Inc

1.25%,

12/15/2027

Freshpet

Inc

3.00%,

04/01/2028

$

Semiconductors

-

.01

%

Microchip

Technology

Inc

0.00%,

02/15/2030

(d),(i)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

CONVERTIBLE

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Semiconductors

(continued)

Nova

Ltd

0.00%,

09/15/2030

(d),(i)

$

$

$

Software

-

.05

%

Cloudflare

Inc

0.00%,

06/15/2030

(d),(i)

Dye

&

Durham

Ltd

3.75%,

03/01/2026

(i) CAD

Guidewire

Software

Inc

1.25%,

11/01/2029

$

Nutanix

Inc

0.50%,

12/15/2029

Snowflake

Inc

0.00%,

10/01/2029

(d) 19

$

Telecommunications

-

.04

%

EchoStar

Corp

3.88%,

PIK

3.88%;

11/30/2030

(n),(o)

InterDigital

Inc

3.50%,

06/01/2027

$

TOTAL

CONVERTIBLE

BONDS

$

2,404

SENIOR

FLOATING

RATE

INTERESTS

-

.56

%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

.01

%

TransDigm

Inc

;

TERM

N

6.16%,

02/10/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.50%

Automobile

Manufacturers

-

.01

%

Allison

Transmission

Inc

;

Term

Loan

B

5.41%,

11/05/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Automobile

Parts

&

Equipment

-

.00

%

First

Brands

Group

LLC

;

Term

Loan

B

0.00%,

03/30/2027

(d) 15

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

0.00%,

03/30/2027

(d) 22

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

5.00%

First

Brands

Group

LLC

;

DIP

PIK

TERM

0.00%,

PIK

13.67%;

06/29/2026

(o) 15

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.55%

0.00%,

PIK

10.67%;

06/29/2026

(o) 42

—

CME

Term

Secured

Overnight

Financing

Rate

Month

+

9.00%

$

Biotechnology

-

.04

%

BioMarin

Pharmaceutical

Inc

0.00%,

01/28/2033

(q) 206

Chemicals

-

.02

%

Solstice

Advanced

Materials

Inc

;

Term

Loan

B

5.42%,

10/29/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Commercial

Services

-

.04

%

Trans

Union

LLC

;

Term

Loan

B8

5.42%,

06/24/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Commercial

Services

(continued)

United

Rentals

North

America

Inc

;

Term

Loan

B

5.18%,

02/14/2031

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

$

Computers

-

.01

%

CACI

International

Inc

0.00%,

02/25/2033

(q) 42

Electric

-

.05

%

NRG

Energy

Inc

;

Term

Loan

B

5.42%-5.52%,

04/16/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Engineering

&

Construction

-

.03

%

Asplundh

Tree

Expert

LLC

;

Term

Loan

B

5.42%,

05/23/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Entertainment

-

.05

%

DraftKings

Crown

Holdings

Inc

5.42%,

03/04/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Flutter

Financing

BV

;

Term

Loan

B

5.67%,

06/04/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

6.88%,

11/30/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Light

&

Wonder

International

Inc

;

Term

Loan

B3

5.68%,

04/16/2029

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.00%

$

Environmental

Control

-

.01

%

Clean

Harbors

Inc

;

Term

Loan

B

5.17%,

09/24/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.50%

Food

Service

-

.02

%

Aramark

Services

Inc

;

Term

Loan

B9

5.42%,

04/06/2028

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Aramark

Services

Inc

;

TERM

B10

5.42%,

06/22/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

Healthcare

-

Products

-

.01

%

Bausch

+

Lomb

Corp

;

Term

Loan

B

7.42%,

01/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.75%

Healthcare

-

Services

-

.03

%

DaVita

Inc

;

Term

Loan

B2

5.42%,

05/09/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Insurance

-

.06

%

Ardonagh

Group

Finco

Pty

Ltd

;

Term

Loan

B

6.37%-6.42%,

02/15/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%,

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

CRC

Insurance

Group

LLC

;

Term

Loan

B

6.42%,

05/06/2031

$

$

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.75%

Ryan

Specialty

LLC

;

Term

Loan

B

5.67%,

09/13/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.25%

$

Machinery

-

Construction

&

Mining

-

.03

%

Terex

Corp

;

Term

Loan

5.42%,

10/08/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Metal

Fabrication

&

Hardware

-

.02

%

Advanced

Drainage

Systems

Inc

;

Term

Loan

B

0.00%,

02/11/2033

(q) 118

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.63%

Mining

-

.03

%

Novelis

Holdings

Inc

;

Term

Loan

B

5.42%,

02/25/2032

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

Software

-

.09

%

Darktrace

Finco

US

LLC

;

Term

Loan

B

6.90%,

10/09/2031

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.25%

Dayforce

Bidco

LLC

;

Term

Loan

B

6.66%,

02/04/2033

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.00%

Open

Text

Corp

;

Term

Loan

B

5.42%,

01/31/2030

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.75%

$

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

2,968

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.02

%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

.46

%

0.63%,

05/15/2030

$

3,895

$

3,464

4.50%,

03/31/2026

(r) 1,625

1,626

4.88%,

05/31/2026

2,615

2,622

$

7,712

U.S.

Treasury

Bill

-

.56

%

3.60%,

05/07/2026

(p) 2,986

2,966

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

10,678

TOTAL

PURCHASED

OPTIONS

-

0.02%

$

Total

Investments

$

499,018

Other

Assets

and

Liabilities

- 5.36%

28,244

TOTAL

NET

ASSETS

-

100.00%

$

527,262

(a) All

or

a

portion

of

this

security

is

owned

by

the

GMS

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

(b) 1-day

yield

shown

is

as

of

period

end.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) Non-income

producing

security

(e) 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

$53,687

or

10.18%

of

net

assets.

(f) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

options

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$14,759

or

2.80%

of

net

assets.

(g) The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(h) Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(i) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$58,279

or

11.05%

of

net

assets.

(j) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(k) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(l) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,126

or

0.59%

of

net

assets.

(m) Security

purchased

on

a

when-issued

basis.

(n) 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.

(o) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(p) Rate

shown

is

the

discount

rate

of

the

original

purchase.

(q) This

Senior

Floating

Rate

Note

will

settle

after

February

28,

2026,

at

which

time

the

interest

rate

will

be

determined.

(r) Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,566

or

0.30%

of

net

assets.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

76,101

$

308,781

$

277,488

$

107,394

$

76,101

$

308,781

$

277,488

$

107,394

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

1,622

$

—

$

—

$

—

$

1,622

$

—

$

—

$

—

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Element

Comm

Aviation

06/15/2015

$

2,800

$

—

0.00%

Yuzhou

Group

Holdings

Co

Ltd

6.00%,

PIK

7.00%,

06/30/2027

08/29/2025

0.00%

Yuzhou

Group

Holdings

Co

Ltd

0.00%,

PIK

4.50%,

06/30/2029

08/29/2025

0.00%

Yuzhou

Group

Holdings

Co

Ltd

0.00%,

PIK

4.00%,

06/30/2028

08/29/2025

0.00%

Yuzhou

Group

Holdings

Co

Ltd

0.00%,

PIK

5.00%,

06/30/2030

08/29/2025

0.00%

Yuzhou

Group

Holdings

Co

Ltd

0.00%,

PIK

5.50%,

06/30/2031

08/29/2025

0.00%

Yuzhou

Group

Holdings

Co

Ltd

1.00%,

PIK

1.00%,

06/30/2034

08/29/2025

—

0.00%

Total

$

0.00%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Premiums

Paid

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Aptiv

PLC

N/A

$

$

.00

05/15/2026

$

$

$

Put

-

Aptiv

PLC

N/A

$

.00

03/20/2026

(8)

Put

-

Barrick

Mining

Corp

N/A

$

.00

03/20/2026

—

(5)

Put

-

CSX

Corp

N/A

610

$

.00

03/20/2026

—

(12)

Put

-

FedEx

Corp

N/A

$

.00

04/17/2026

—

(2)

Put

-

Honeywell

International

Inc

N/A

$

.00

03/20/2026

—

(17)

Put

-

Honeywell

International

Inc

N/A

$

.00

03/20/2026

(5)

Put

-

Kenvue

Inc

N/A

$

.00

03/20/2026

—

(5)

Put

-

Kenvue

Inc

N/A

$

.00

03/20/2026

—

(10)

Put

-

Keurig

Dr

Pepper

Inc

N/A

589

$

.00

04/17/2026

(10)

Put

-

Keurig

Dr

Pepper

Inc

N/A

$

.00

03/20/2026

—

(2)

Put

-

Kraft

Heinz

Co/The

N/A

$

.50

03/20/2026

—

(1)

Put

-

L3Harris

Technologies

Inc

N/A

$

.00

04/17/2026

(1)

Put

-

L3Harris

Technologies

Inc

N/A

$

.00

03/20/2026

(2)

Put

-

L3Harris

Technologies

Inc

N/A

$

.00

03/20/2026

(4)

Put

-

State

Street

SPDR

S&P

500

ETF

Trust

N/A

$

665

.00

03/20/2026

(12)

Call

-

US

Year

Treasury

Note

Future;

April

2026

N/A

$

.50

03/27/2026

Call

-

US

Year

Treasury

Note

Future;

April

2026

N/A

$

.00

03/27/2026

—

Total

$

$

$

(78)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Premiums

Received

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Aptiv

PLC

N/A

$

$

.50

05/15/2026

$

(37)

$

(14)

$

Call

-

Aptiv

PLC

N/A

$

.50

03/20/2026

(183)

(25)

Call

-

Bristol-Myers

Squibb

Co

N/A

—

$

.00

04/17/2026

—

—

—

Call

-

Comcast

Corp

N/A

$

.00

04/17/2026

—

—

—

Call

-

DigitalBridge

Group

Inc

N/A

624

$

.00

04/17/2026

(5)

(1)

Call

-

DigitalBridge

Group

Inc

N/A

$

.00

06/18/2026

—

—

—

Call

-

Electronic

Arts

Inc

N/A

$

.00

03/20/2026

—

—

—

Call

-

Electronic

Arts

Inc

N/A

—

$

.00

06/18/2026

—

—

—

Call

-

FedEx

Corp

N/A

$

.00

04/17/2026

(39)

(119)

(80)

Call

-

Honeywell

International

Inc

N/A

$

.00

03/20/2026

(28)

(96)

(68)

Call

-

Kenvue

Inc

N/A

766

$

.00

03/20/2026

(64)

(167)

(103)

Call

-

Keurig

Dr

Pepper

Inc

N/A

589

$

.00

04/17/2026

(161)

(208)

(47)

Call

-

Keurig

Dr

Pepper

Inc

N/A

$

.00

03/20/2026

(17)

(54)

(37)

Call

-

Kinross

Gold

Corp

N/A

—

$

.00

04/17/2026

—

—

—

Call

-

Kraft

Heinz

Co/The

N/A

$

.50

03/20/2026

(16)

(30)

(14)

Call

-

L3Harris

Technologies

Inc

N/A

$

.00

03/20/2026

(13)

(25)

(12)

Call

-

L3Harris

Technologies

Inc

N/A

$

.00

03/20/2026

(57)

(92)

(35)

Call

-

L3Harris

Technologies

Inc

N/A

$

.00

04/17/2026

(21)

(41)

(20)

Call

-

Merck

&

Co

Inc

N/A

—

$

.00

04/17/2026

—

—

—

Call

-

Morgan

Stanley

N/A

—

$

.00

04/17/2026

—

—

—

Call

-

State

Street

SPDR

S&P

500

ETF

Trust

N/A

$

702

.00

03/20/2026

(13)

(6)

Call

-

United

Parcel

Service

Inc

N/A

—

$

.00

04/17/2026

—

—

—

Call

-

Warner

Bros

Discovery

Inc

N/A

$

.00

03/20/2026

(16)

(4)

Call

-

Warner

Bros

Discovery

Inc

N/A

$

.00

04/17/2026

(5)

(2)

Call

-

Warner

Bros

Discovery

Inc

N/A

$

.00

04/17/2026

(45)

(18)

Call

-

Warner

Bros

Discovery

Inc

N/A

$

.00

04/17/2026

(34)

(42)

(8)

Call

-

Warner

Bros

Discovery

Inc

N/A

$

.00

04/17/2026

(2)

(1)

Call

-

Warner

Bros

Discovery

Inc

N/A

$

.00

03/20/2026

(46)

(4)

Call

-

Warner

Bros

Discovery

Inc

N/A

$

.00

03/20/2026

(53)

(28)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Options

(continued)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Premiums

Received

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

Warner

Bros

Discovery

Inc

N/A

$

$

.00

03/20/2026

$

(12)

$

(11)

$

Call

-

Warner

Bros

Discovery

Inc

N/A

$

.00

03/20/2026

(24)

(15)

Put

-

State

Street

SPDR

S&P

500

ETF

Trust

N/A

$

625

.00

03/20/2026

(9)

(4)

Call

-

US

Year

Treasury

Note

Future;

April

2026

N/A

$

.25

03/27/2026

(24)

(40)

(16)

Call

-

US

Year

Treasury

Note

Future;

April

2026

N/A

$

.50

03/27/2026

(21)

(40)

(19)

Total

$

(945)

$

(1,087)

$

(142)

Amounts

in

thousands

except

contracts/shares.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Month

Secured

Overnight

Financing

Rate;

July

2026

Short

$

1,206

$

—

Month

Secured

Overnight

Financing

Rate;

December

2026

Short

15,754

(16)

Month

Secured

Overnight

Financing

Rate;

June

2027

Long

8,493

Month

Sterling

Overnight

Index

Average;

December

2026

Long

22,177

Month

Sterling

Overnight

Index

Average;

June

2027

Long

5,216

Month

Swiss

Average

Rate

Overnight;

December

2026

Long

2,931

ASX

Day

Bank

Bill;

December

2026

Short

5,633

ASX

Day

Bank

Bill;

March

2027

Short

1,408

—

AUD/USD;

March

2026

Long

Australia

Year

Bond;

March

2026

Short

6,374

(58)

Australia

Year

Bond;

March

2026

Short

6,125

(13)

Brazilian

Real;

April

2026

Long

—

Brent

Crude;

December

2026

(a) Long

Brent

Crude;

July

2026

(a) Long

Brent

Crude;

June

2026

(a) Long

Brent

Crude;

May

2026

(a) Long

1,894

Brent

Financial

Last

Day;

May

2026

(a) Long

CAC40

Index;

March

2026

Long

2,437

Canada

Year

Bond;

June

2026

Long

7,834

Canada

Year

Bond;

June

2026

Long

1,865

Canadian

Dollars;

March

2026

Short

—

Canola;

July

2026

(a) Long

—

Canola;

May

2026

(a) Long

—

CBOE

VIX;

April

2026

Long

(1)

CME

Micro

Ether;

March

2026

(a) Short

—

Cocoa;

July

2026

(a) Short

Cocoa;

May

2026

(a) Short

Cocoa;

May

2026

(a) Long

(1)

Cocoa;

September

2026

(a) Short

Coffee

'C';

July

2026

(a) Short

Coffee

'C';

May

2026

(a) Short

Copper;

July

2026

(a) Long

Corn;

December

2026

(a) Short

(3)

Corn;

July

2026

(a) Short

Corn;

May

2026

(a) Short

920

(22)

Corn;

September

2026

(a) Short

(8)

Cotton

No.2;

July

2026

(a) Short

(1)

Cotton

No.2;

May

2026

(a) Short

524

(9)

Crude

Palm

Oil;

April

2026

(a) Short

—

Crude

Palm

Oil;

July

2026

(a) Long

—

Crude

Palm

Oil;

June

2026

(a) Short

—

Crude

Palm

Oil;

May

2026

(a) Short

—

DAX

Index;

March

2026

Long

3,743

DJ

Euro

Stoxx

50;

March

2026

Long

3,853

Dollar

Index;

March

2026

Short

585

Dollar

Index;

March

2026

Long

—

Dubai

1st

Line;

April

2026

(a) Long

ECX

Emission;

December

2026

(a) Short

ECX

Emission;

December

2027

(a) Short

E-Mini

Crude

Oil;

April

2026

(a) Long

E-Mini

DJIA

Index;

March

2026

Long

3,185

(28)

eMini

MSCI

EAFE;

March

2026

Long

1,741

eMini

MSCI

Emerging

Markets;

March

2026

Long

802

E-Mini

Natural

Gas;

April

2026

(a) Short

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

EUR/USD;

March

2026

Long

$

591

$

(6)

Euribor;

December

2026

Long

4,633

Euribor;

June

2027

Long

23,444

Euribor;

June

2028

Long

1,734

Euribor;

June

2029

Long

1,154

Euribor;

March

2027

Long

12,160

Euribor;

March

2028

Long

4,625

Euribor;

September

2026

Long

869

(1)

Euro

Bond

Year

Bond;

March

2026

Short

1,077

(5)

Euro

Bond

Year

Bond;

March

2026

Long

616

Euro

Buxl

Year

Bond;

March

2026

Short

1,211

(36)

Euro

E-Mini;

March

2026

Long

Euro

Milling

Wheat;

December

2026

(a) Short

(2)

Euro

Milling

Wheat;

May

2026

(a) Short

(21)

Euro

Milling

Wheat;

September

2026

(a) Short

(12)

Euro

Schatz;

March

2026

Short

14,670

(26)

Euro

Stoxx

Bank;

March

2026

Long

(4)

EURO/JPY;

March

2026

Long

Euro-Bobl

Year;

March

2026

Short

1,665

(6)

Euro-Bobl

Year;

March

2026

Long

1,249

Euro-BTP;

March

2026

Long

4,790

Euro-Oat;

March

2026

Long

6,589

Feeder

Cattle;

April

2026

(a) Long

(8)

Frozen

Concentrated

Orange

Juice-A;

May

2026

(a) Short

—

FTSE

China

A50

Index;

March

2026

Long

(2)

FTSE

KLCI

Index;

March

2026

Long

(2)

FTSE

Taiwan

Index;

March

2026

Long

680

FTSE/JSE

Top

40;

March

2026

Long

FTSE/MIB

Index;

March

2026

Long

FTSE100

Index;

March

2026

Long

3,087

Gasoline

RBOB;

April

2026

(a) Long

2,016

Gasoline

RBOB;

July

2026

(a) Long

Gasoline

RBOB;

June

2026

(a) Long

671

Gasoline

RBOB;

May

2026

(a) Long

GBP/USD;

March

2026

Long

(2)

Gold

oz;

April

2026

(a) Long

1,575

Gold;

October

2026

(a) Long

Hang

Seng

Index;

March

2026

Long

1,190

HSCEI

China

Index;

March

2026

Long

(2)

HSTECH;

March

2026

Short

IBEX

Index;

March

2026

Long

IFSC

Nifty

50;

March

2026

Long

(1)

INR/USD

Standard;

March

2026

Short

—

Japan

Year

Bond

TSE;

March

2026

Short

9,354

(19)

Japan

Topix

Index;

March

2026

Long

2,532

Japanese

Yen;

March

2026

Short

—

KC

HRW

Wheat;

July

2026

(a) Short

(14)

KC

HRW

Wheat;

May

2026

(a) Long

Korea

Year

Bond;

March

2026

Short

3,060

(13)

Korea

Year

Bond;

March

2026

Short

10,638

(41)

KOSDAQ150;

March

2026

Long

KOSPI

Index;

March

2026

Long

Kospi200

Mini;

March

2026

Long

Lean

Hogs;

April

2026

(a) Long

Lean

Hogs;

July

2026

(a) Long

Lean

Hogs;

June

2026

(a) Long

Live

Cattle;

April

2026

(a) Long

(3)

Live

Cattle;

August

2026

(a) Long

—

Live

Cattle;

June

2026

(a) Long

(3)

Live

Cattle;

October

2026

(a) Long

—

LME

Copper;

April

2026

(a) Short

—

—

LME

Copper;

April

2026

(a) Short

—

—

LME

Copper;

April

2026

(a) Short

—

—

(1)

LME

Copper;

April

2026

(a) Short

—

—

(7)

LME

Copper;

April

2026

(a) Short

—

—

(1)

LME

Copper;

April

2026

(a) Short

—

—

LME

Copper;

June

2026

(a) Long

1,003

LME

Copper;

March

2026

(a) Short

—

—

LME

Copper;

March

2026

(a) Short

—

—

LME

Copper;

March

2026

(a) Short

—

—

(6)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

LME

Copper;

May

2026

(a) Short

—

$

—

$

LME

Lead;

April

2026

(a) Short

—

—

(2)

LME

Lead;

April

2026

(a) Short

—

—

(2)

LME

Lead;

April

2026

(a) Short

—

—

(6)

LME

Lead;

April

2026

(a) Short

—

—

(4)

LME

Lead;

April

2026

(a) Short

—

—

LME

Lead;

April

2026

(a) Short

—

—

(1)

LME

Lead;

March

2026

(a) Short

—

—

LME

Lead;

March

2026

(a) Short

—

—

LME

Lead;

March

2026

(a) Short

—

—

(1)

LME

Lead;

March

2026

(a) Short

—

—

(3)

LME

Lead;

March

2026

(a) Short

—

—

(1)

LME

Lead;

March

2026

(a) Short

—

—

(8)

LME

Lead;

March

2026

(a) Short

—

—

(5)

LME

Lead;

May

2026

(a) Short

LME

Lead;

May

2026

(a) Short

—

LME

Lead;

May

2026

(a) Long

(1)

LME

Lead;

May

2026

(a) Short

—

LME

Lead;

May

2026

(a) Short

—

LME

Lead;

May

2026

(a) Short

—

LME

Lead;

May

2026

(a) Short

LME

Nickel;

April

2026

(a) Short

—

—

LME

Nickel;

April

2026

(a) Short

—

—

—

LME

Nickel;

April

2026

(a) Short

—

—

LME

Nickel;

April

2026

(a) Short

—

—

(16)

LME

Nickel;

April

2026

(a) Short

—

—

LME

Nickel;

March

2026

(a) Short

—

—

LME

Nickel;

March

2026

(a) Short

—

—

(30)

LME

Nickel;

March

2026

(a) Short

—

—

(28)

LME

Nickel;

March

2026

(a) Short

—

—

LME

Nickel;

March

2026

(a) Short

—

—

(66)

LME

Nickel;

March

2026

(a) Short

—

—

(19)

LME

Nickel;

March

2026

(a) Short

—

—

LME

Nickel;

March

2026

(a) Short

—

—

(1)

LME

Nickel;

March

2026

(a) Short

—

—

LME

Nickel;

May

2026

(a) Long

—

LME

Nickel;

May

2026

(a) Long

LME

Nickel;

May

2026

(a) Short

—

—

(6)

LME

Nickel;

May

2026

(a) Short

—

—

(6)

LME

Nickel;

May

2026

(a) Short

—

—

LME

Primary

Alum;

April

2026

(a) Short

—

—

(2)

LME

Primary

Alum;

April

2026

(a) Short

—

—

(12)

LME

Primary

Alum;

April

2026

(a) Short

—

—

LME

Primary

Alum;

April

2026

(a) Short

—

—

LME

Primary

Alum;

June

2026

(a) Long

629

LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

LME

Primary

Alum;

March

2026

(a) Short

—

—

(3)

LME

Primary

Alum;

May

2026

(a) Long

LME

Primary

Alum;

May

2026

(a) Long

LME

Primary

Alum;

May

2026

(a) Short

—

—

—

LME

Primary

Alum;

May

2026

(a) Long

LME

Primary

Alum;

May

2026

(a) Long

LME

Primary

Alum;

May

2026

(a) Long

LME

Primary

Alum;

May

2026

(a) Short

—

—

(1)

LME

Primary

Alum;

May

2026

(a) Short

—

—

—

LME

Primary

Alum;

May

2026

(a) Long

LME

Primary

Alum;

May

2026

(a) Short

—

—

(1)

LME

Tin;

April

2026

(a) Short

—

—

LME

Tin;

April

2026

(a) Short

—

—

(11)

LME

Tin;

March

2026

(a) Short

—

—

LME

Tin;

May

2026

(a) Short

—

—

(20)

LME

Tin;

May

2026

(a) Short

—

—

(23)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

LME

Zinc;

April

2026

(a) Short

—

$

—

$

(4)

LME

Zinc;

April

2026

(a) Short

—

—

LME

Zinc;

April

2026

(a) Short

—

—

LME

Zinc;

April

2026

(a) Short

—

—

LME

Zinc;

April

2026

(a) Short

—

—

LME

Zinc;

April

2026

(a) Short

—

—

LME

Zinc;

April

2026

(a) Short

—

—

LME

Zinc;

April

2026

(a) Short

—

—

(6)

LME

Zinc;

April

2026

(a) Short

—

—

(7)

LME

Zinc;

June

2026

(a) Long

(6)

LME

Zinc;

March

2026

(a) Short

—

—

LME

Zinc;

March

2026

(a) Short

—

—

LME

Zinc;

March

2026

(a) Short

—

—

(1)

LME

Zinc;

March

2026

(a) Short

—

—

LME

Zinc;

March

2026

(a) Short

—

—

LME

Zinc;

March

2026

(a) Short

—

—

LME

Zinc;

March

2026

(a) Short

—

—

LME

Zinc;

May

2026

(a) Short

—

—

—

LME

Zinc;

May

2026

(a) Long

(2)

Low

Sulphur

Gasoline;

April

2026

(a) Long

1,560

Low

Sulphur

Gasoline;

July

2026

(a) Long

Low

Sulphur

Gasoline;

June

2026

(a) Long

Low

Sulphur

Gasoline;

May

2026

(a) Long

Mexican

Peso;

March

2026

Long

Micro

DAX;

March

2026

Long

719

Micro

E-mini

DJIA;

March

2026

Long

—

Micro

EUR/USD;

March

2026

Long

—

Micro

WTI

Crude

Oil;

April

2026

(a) Long

Milk;

April

2026

(a) Short

(4)

Mini

FTSE/MIB;

March

2026

Long

Mini

HIS

Index;

March

2026

Long

—

Mini

H-Share

Index;

March

2026

Long

—

Mini

Japan

Year

Bond;

March

2026

Short

1,616

(4)

Mini

Topix

Index;

March

2026

Long

MSCI

Singapore

Index;

March

2026

Long

Nasdaq

E-Mini;

March

2026

Short

500

Nasdaq

E-Mini;

March

2026

Long

2,000

(35)

Natural

Gas;

April

2026

(a) Short

Natural

Gas;

June

2026

(a) Short

Natural

Gas;

May

2026

(a) Short

Natural

Gas;

October

2026

(a) Short

New

Zealand

Month

Bill;

June

2026

Long

596

—

New

Zealand

Dollars;

March

2026

Short

(1)

Nikkei

Mini;

March

2026

Long

Nikkei

OSE;

March

2026

Long

3,027

Nikkei

SGX;

March

2026

Long

567

Nikkei

Yen;

March

2026

Long

Nikkei

400;

March

2026

Long

NY

Harbor

ULSD;

April

2026

(a) Long

1,635

NY

Harbor

ULSD;

December

2026

(a) Long

NY

Harbor

ULSD;

July

2026

(a) Long

NY

Harbor

ULSD;

June

2026

(a) Long

Oat;

May

2026

(a) Short

(1)

Phelix

DE

Base;

April

2026

(a) Short

Platinum;

October

2026

(a) Long

Rapeseed

Euro;

August

2026

(a) Short

(6)

Rapeseed

Euro;

May

2026

(a) Long

(3)

Robusta

Coffee

10tn;

July

2026

(a) Short

Robusta

Coffee

10tn;

May

2026

(a) Short

Rough

Rice;

May

2026

(a) Short

(1)

RSS3

Rubber;

July

2026

(a) Long

Russell

2000

Emini;

March

2026

Long

3,029

(37)

Russell

2000

Micro

E-mini;

March

2026

Long

—

S&P

500

Emini;

March

2026

Short

—

S&P

500

Emini;

March

2026

Long

3,444

(35)

S&P

Mid

Emini;

March

2026

Long

1,431

S&P/TSX

Index;

March

2026

Long

SET50

Index;

March

2026

Long

841

SGX

Iron

Ore

62%;

April

2026

(a) Long

649

—

Short

Term

Euro-BTP;

March

2026

Long

12,602

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Silver;

July

2026

(a) Long

$

$

Silver;

May

2026

(a) Long

Soybean

Future;

July

2026

(a) Long

710

Soybean

Future;

May

2026

(a) Long

1,698

Soybean

Future;

November

2026

(a) Long

621

Soybean

Meal;

July

2026

(a) Short

(6)

Soybean

Meal;

May

2026

(a) Short

(2)

Soybean

Meal;

May

2026

(a) Long

Soybean

Oil;

December

2026

(a) Long

Soybean

Oil;

July

2026

(a) Long

Soybean

Oil;

May

2026

(a) Long

705

SPI

Index;

March

2026

Long

816

Stoxx

50;

March

2026

Long

Stoxx

600

Bank;

March

2026

Long

Stoxx

600

Insurance;

March

2026

Long

—

Stoxx

600

Utilities;

March

2026

Long

Stoxx

Europe

600;

March

2026

Long

1,124

Sugar

#11;

July

2026

(a) Short

Sugar

#11;

March

2027

(a) Short

—

Sugar

#11;

May

2026

(a) Short

747

(5)

Sugar

#11;

October

2026

(a) Short

(1)

SX5E

Dividend;

December

2026

Long

UK

Year

Gilt;

June

2026

Long

3,156

UK

Natural

Gas;

May

2026

(a) Long

(2)

US

Year

Treasury

Note;

June

2026

Long

5,463

US

Year

Treasury

Ultra

Note;

June

2026

Short

6,771

(39)

US

Year

Treasury

Ultra

Note;

June

2026

Long

2,802

US

Year

Treasury

Note;

June

2026

Short

33,274

(52)

US

Year

Treasury

Note;

June

2026

Long

US

Year

Treasury Note;

June

2026

Long

36,676

US

Dollar;

March

2026

Long

(1)

US

Long

Bond;

June

2026

Short

948

(7)

US

Long

Bond;

June

2026

Long

4,857

US

Ultra

Bond;

June

2026

Short

2,189

(20)

USD/CNH;

March

2026

Short

USD/CNH;

March

2026

Short

Wheat;

December

2026

(a) Short

(12)

Wheat;

July

2026

(a) Short

(19)

Wheat;

May

2026

(a) Short

(16)

Wheat;

May

2026

(a) Long

Wheat;

September

2026

(a) Short

(6)

White

Maize-SAF;

July

2026

(a) Short

White

Sugar;

August

2026

(a) Short

—

White

Sugar;

May

2026

(a) Short

WIG20

Index;

March

2026

Long

WTI

Crude;

April

2026

(a) Long

1,273

WTI

Crude;

December

2026

(a) Long

WTI

Crude;

July

2026

(a) Long

WTI

Crude;

June

2026

(a) Long

WTI

Crude;

May

2026

(a) Long

XAB

Materials;

March

2026

Long

XAF

Financial;

March

2026

Long

(2)

XAK

Technology;

March

2026

Short

Yellow

Maize-SAF;

July

2026

(a) Short

—

Total

$

3,813

Amounts

in

thousands

except

contracts.

(a) All

or

a

portion

of

this

security

is

owned

by

the

GMS

Cayman

Corporation,

which

is

a

wholly-owned

subsidiary

of

the

Fund.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

03/05/2026

$

EUR

$

—

$

(1)

Bank

of

America

NA

03/18/2026

AUD

14,079

$

9,520

—

Bank

of

America

NA

03/18/2026

GBP

8,032

$

10,780

(15)

Bank

of

America

NA

03/18/2026

CAD

9,139

$

6,675

(6)

Bank

of

America

NA

03/18/2026

EUR

9,328

$

11,009

(29)

Bank

of

America

NA

03/18/2026

JPY

1,156,631

$

7,497

(87)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Bank

of

America

NA

03/18/2026

MXN

41,875

$

2,291

$

$

—

Bank

of

America

NA

03/18/2026

NZD

5,825

$

3,467

(10)

Bank

of

America

NA

03/18/2026

CHF

3,457

$

4,454

(4)

Bank

of

America

NA

03/18/2026

$

4,571

AUD

6,699

—

(192)

Bank

of

America

NA

03/18/2026

$

12,055

EUR

10,214

(32)

Bank

of

America

NA

03/18/2026

$

MXN

7,155

—

(15)

Bank

of

America

NA

03/18/2026

$

9,928

JPY

1,543,173

(12)

Bank

of

America

NA

03/18/2026

$

6,566

CAD

9,042

(66)

Bank

of

America

NA

03/18/2026

$

9,214

GBP

6,809

(3)

Bank

of

America

NA

03/18/2026

$

2,663

NZD

4,537

(61)

Bank

of

America

NA

03/18/2026

$

3,626

CHF

2,826

—

(54)

Bank

of

America

NA

04/30/2026

$

EUR

—

Barclays

Bank

PLC

03/02/2026

EUR

GBP

—

Barclays

Bank

PLC

03/03/2026

EUR

GBP

—

—

BNP

Paribas

03/25/2026

$

3,295

CAD

4,500

—

(8)

BNP

Paribas

03/26/2026

GBP

$

—

—

BNP

Paribas

03/26/2026

CAD

767

$

561

—

BNP

Paribas

03/26/2026

COP

15,120,716

$

4,090

—

(83)

BNP

Paribas

03/26/2026

EUR

$

—

—

BNP

Paribas

03/26/2026

JPY

483,284

$

3,107

—

(6)

BNP

Paribas

03/26/2026

TWD

116,848

$

3,703

—

BNP

Paribas

03/26/2026

NZD

$

—

—

BNP

Paribas

03/26/2026

NOK

$

—

—

BNP

Paribas

03/26/2026

SEK

583

$

—

—

BNP

Paribas

03/26/2026

CHF

$

—

—

BNP

Paribas

03/26/2026

$

1,446

RON

6,272

—

(8)

BNP

Paribas

03/26/2026

$

2,011

MXN

34,715

—

—

BNP

Paribas

03/26/2026

$

3,528

CZK

72,683

—

(19)

BNP

Paribas

03/26/2026

$

1,482

SEK

13,421

—

(7)

BNP

Paribas

03/26/2026

$

1,907

CLP

1,655,695

—

BNP

Paribas

03/26/2026

$

AUD

—

(2)

BNP

Paribas

04/10/2026

$

1,633

JPY

244,300

—

Citigroup

Inc

03/26/2026

$

1,775

IDR

29,866,200

—

(4)

Citigroup

Inc

03/26/2026

$

1,121

COP

4,185,000

—

Credit

Agricole

03/25/2026

INR

126,002

$

1,387

—

(5)

Credit

Agricole

03/26/2026

BRL

21,774

$

4,125

—

Credit

Agricole

03/26/2026

GBP

505

$

681

—

—

Credit

Agricole

03/26/2026

CAD

777

$

569

—

Credit

Agricole

03/26/2026

EUR

3,886

$

4,580

—

Credit

Agricole

03/26/2026

NZD

$

—

—

Credit

Agricole

03/26/2026

PEN

3,546

$

1,059

—

(2)

Credit

Agricole

03/26/2026

SEK

563

$

—

—

Credit

Agricole

03/26/2026

$

CAD

—

(2)

Credit

Agricole

03/26/2026

$

EUR

—

(1)

Credit

Agricole

03/26/2026

$

3,235

CHF

2,503

—

(30)

Credit

Agricole

03/26/2026

$

NOK

959

—

(1)

Credit

Agricole

03/26/2026

$

547

THB

16,984

—

—

Credit

Agricole

03/26/2026

$

NZD

—

(2)

Credit

Agricole

03/26/2026

$

1,229

GBP

912

—

—

Credit

Agricole

03/26/2026

$

SEK

—

—

Credit

Agricole

03/26/2026

$

2,366

KRW

3,414,618

—

(8)

Credit

Agricole

03/26/2026

$

3,328

ZAR

53,840

—

(48)

Credit

Agricole

03/26/2026

$

6,081

AUD

8,618

—

(50)

Credit

Agricole

04/10/2026

$

2,231

JPY

337,400

—

Credit

Agricole

04/20/2026

$

1,000

JPY

152,500

—

Credit

Agricole

07/10/2026

$

2,890

JPY

443,500

—

Credit

Agricole

12/21/2026

$

1,540

JPY

231,000

—

Deutsche

Bank

AG

03/02/2026

AUD

EUR

—

—

Deutsche

Bank

AG

03/03/2026

KRW

143,758

$

—

—

Deutsche

Bank

AG

03/04/2026

CLP

86,792

$

—

(1)

Deutsche

Bank

AG

03/04/2026

$

KRW

437,184

—

(4)

Deutsche

Bank

AG

03/05/2026

INR

117,450

$

1,300

—

(9)

Deutsche

Bank

AG

03/05/2026

$

KRW

289,330

—

(1)

Deutsche

Bank

AG

03/06/2026

COP

367,362

$

—

(2)

Deutsche

Bank

AG

03/10/2026

$

KRW

293,594

—

(4)

Deutsche

Bank

AG

03/11/2026

COP

367,004

$

—

(2)

Deutsche

Bank

AG

03/11/2026

INR

18,134

$

—

(1)

Deutsche

Bank

AG

03/11/2026

$

CLP

85,203

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Deutsche

Bank

AG

03/11/2026

$

800

INR

72,627

$

$

—

Deutsche

Bank

AG

03/11/2026

$

TWD

3,164

—

(1)

Deutsche

Bank

AG

03/12/2026

INR

63,529

$

700

—

(3)

Deutsche

Bank

AG

03/12/2026

KRW

145,707

$

—

Deutsche

Bank

AG

03/12/2026

$

TWD

6,316

—

(2)

Deutsche

Bank

AG

03/12/2026

$

700

INR

63,471

—

Deutsche

Bank

AG

03/13/2026

$

TWD

3,143

—

(1)

Deutsche

Bank

AG

03/17/2026

$

INR

9,076

—

—

Deutsche

Bank

AG

03/18/2026

$

CLP

86,611

—

Deutsche

Bank

AG

03/23/2026

CLP

86,607

$

—

(1)

Deutsche

Bank

AG

03/26/2026

COP

373,340

$

—

(1)

Deutsche

Bank

AG

03/31/2026

$

CLP

85,818

—

Deutsche

Bank

AG

04/06/2026

$

500

COP

1,897,551

—

(1)

Deutsche

Bank

AG

04/07/2026

TWD

3,123

$

—

—

Goldman

Sachs

&

Co

03/04/2026

$

961

GBP

718

—

(7)

Goldman

Sachs

&

Co

03/11/2026

$

EUR

—

(1)

Goldman

Sachs

&

Co

03/26/2026

CZK

52,499

$

2,556

—

Goldman

Sachs

&

Co

08/12/2026

$

1,188

GBP

876

—

Goldman

Sachs

&

Co

11/18/2026

$

1,109

GBP

821

(1)

HSBC

Securities

Inc

03/13/2026

EUR

$

—

—

HSBC

Securities

Inc

03/13/2026

$

6,769

EUR

5,712

—

HSBC

Securities

Inc

03/26/2026

BRL

4,740

$

900

—

HSBC

Securities

Inc

03/26/2026

HUF

279,703

$

868

—

HSBC

Securities

Inc

03/26/2026

MXN

5,225

$

—

HSBC

Securities

Inc

03/26/2026

PLN

4,651

$

1,299

—

HSBC

Securities

Inc

03/26/2026

ZAR

20,846

$

1,302

—

HSBC

Securities

Inc

03/26/2026

KRW

5,161,978

$

3,581

—

HSBC

Securities

Inc

03/26/2026

$

969

COP

3,603,479

—

JPMorgan

Chase

03/02/2026

GBP

CHF

—

(1)

JPMorgan

Chase

03/02/2026

GBP

EUR

—

(1)

JPMorgan

Chase

03/02/2026

CAD

EUR

—

—

JPMorgan

Chase

03/02/2026

EUR

JPY

18,436

—

—

JPMorgan

Chase

03/02/2026

EUR

AUD

—

—

JPMorgan

Chase

03/02/2026

EUR

CAD

—

—

JPMorgan

Chase

03/02/2026

JPY

18,421

EUR

—

—

JPMorgan

Chase

03/02/2026

CHF

GBP

—

JPMorgan

Chase

03/03/2026

GBP

CHF

—

—

JPMorgan

Chase

03/03/2026

CHF

GBP

—

(1)

JPMorgan

Chase

03/03/2026

$

KRW

146,535

—

(2)

JPMorgan

Chase

03/04/2026

CLP

260,508

$

—

(1)

JPMorgan

Chase

03/04/2026

COP

1,095,968

$

—

(8)

JPMorgan

Chase

03/04/2026

EUR

1,615

$

1,898

—

JPMorgan

Chase

03/04/2026

INR

18,417

$

—

JPMorgan

Chase

03/04/2026

KRW

2,611,126

$

1,800

—

JPMorgan

Chase

03/04/2026

$

1,904

EUR

1,615

—

(4)

JPMorgan

Chase

03/04/2026

$

CLP

347,505

—

JPMorgan

Chase

03/04/2026

$

COP

1,105,533

—

JPMorgan

Chase

03/04/2026

$

1,500

KRW

2,185,051

—

(19)

JPMorgan

Chase

03/04/2026

$

INR

18,059

—

JPMorgan

Chase

03/05/2026

TWD

3,147

$

—

JPMorgan

Chase

03/05/2026

KRW

289,797

$

—

JPMorgan

Chase

03/05/2026

$

TWD

3,158

—

(1)

JPMorgan

Chase

03/05/2026

$

1,300

INR

117,403

—

JPMorgan

Chase

03/06/2026

$

COP

370,180

—

JPMorgan

Chase

03/09/2026

TWD

3,125

$

—

—

JPMorgan

Chase

03/09/2026

KRW

292,241

$

—

JPMorgan

Chase

03/09/2026

$

TWD

3,173

—

(2)

JPMorgan

Chase

03/09/2026

$

KRW

284,609

—

JPMorgan

Chase

03/10/2026

INR

54,612

$

600

—

—

JPMorgan

Chase

03/10/2026

KRW

287,539

$

—

—

JPMorgan

Chase

03/10/2026

$

600

INR

54,556

—

JPMorgan

Chase

03/11/2026

CLP

86,789

$

—

(1)

JPMorgan

Chase

03/11/2026

INR

172,859

$

1,900

—

(1)

JPMorgan

Chase

03/11/2026

KRW

146,495

$

—

JPMorgan

Chase

03/11/2026

$

1,300

INR

117,904

—

JPMorgan

Chase

03/11/2026

$

COP

370,551

—

JPMorgan

Chase

03/11/2026

$

EUR

—

—

JPMorgan

Chase

03/17/2026

HKD

2,860

$

—

(1)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

JPMorgan

Chase

03/17/2026

$

HKD

2,860

$

$

—

JPMorgan

Chase

03/18/2026

CLP

86,787

$

—

(1)

JPMorgan

Chase

03/18/2026

$

CAD

—

(1)

JPMorgan

Chase

03/23/2026

$

1,800

KRW

2,609,355

—

(14)

JPMorgan

Chase

03/23/2026

$

CLP

86,839

—

—

JPMorgan

Chase

03/24/2026

CLP

434,358

$

500

—

(2)

JPMorgan

Chase

03/24/2026

COP

1,485,217

$

—

(7)

JPMorgan

Chase

03/24/2026

$

KRW

289,616

—

(1)

JPMorgan

Chase

03/24/2026

$

CLP

173,586

—

JPMorgan

Chase

03/25/2026

$

TWD

3,146

—

(1)

JPMorgan

Chase

03/26/2026

CNH

24,775

$

3,609

—

JPMorgan

Chase

03/26/2026

TRY

113,963

$

2,541

—

JPMorgan

Chase

03/26/2026

$

3,606

ILS

11,225

—

JPMorgan

Chase

03/27/2026

$

600

INR

54,669

—

JPMorgan

Chase

03/30/2026

$

1,900

INR

173,054

—

JPMorgan

Chase

03/31/2026

AUD

2,091

EUR

1,250

—

JPMorgan

Chase

03/31/2026

AUD

5,600

NZD

6,567

—

JPMorgan

Chase

03/31/2026

AUD

1,000

JPY

108,363

—

JPMorgan

Chase

03/31/2026

AUD

2,400

$

1,708

—

(1)

JPMorgan

Chase

03/31/2026

AUD

3,200

CAD

3,084

—

JPMorgan

Chase

03/31/2026

AUD

1,917

GBP

1,000

—

JPMorgan

Chase

03/31/2026

GBP

1,125

JPY

234,101

—

JPMorgan

Chase

03/31/2026

GBP

524

EUR

600

—

(4)

JPMorgan

Chase

03/31/2026

GBP

CHF

—

(1)

JPMorgan

Chase

03/31/2026

GBP

2,000

$

2,722

—

(28)

JPMorgan

Chase

03/31/2026

CAD

3,100

$

2,278

(5)

JPMorgan

Chase

03/31/2026

CAD

800

JPY

89,976

—

JPMorgan

Chase

03/31/2026

CNH

37,147

$

5,400

—

JPMorgan

Chase

03/31/2026

EUR

2,100

GBP

1,835

—

JPMorgan

Chase

03/31/2026

EUR

CHF

—

(3)

JPMorgan

Chase

03/31/2026

EUR

1,700

JPY

309,437

—

JPMorgan

Chase

03/31/2026

EUR

1,500

$

1,784

—

(8)

JPMorgan

Chase

03/31/2026

EUR

HUF

37,619

—

—

JPMorgan

Chase

03/31/2026

EUR

1,875

CAD

3,025

—

(1)

JPMorgan

Chase

03/31/2026

HUF

303,947

EUR

800

—

JPMorgan

Chase

03/31/2026

HUF

610,441

$

1,900

—

JPMorgan

Chase

03/31/2026

ILS

3,692

$

1,200

—

(20)

JPMorgan

Chase

03/31/2026

JPY

72,905

EUR

—

(5)

JPMorgan

Chase

03/31/2026

JPY

37,500

$

—

(4)

JPMorgan

Chase

03/31/2026

JPY

26,353

GBP

—

JPMorgan

Chase

03/31/2026

MXN

43,000

$

2,499

—

(9)

JPMorgan

Chase

03/31/2026

NZD

2,000

JPY

185,060

—

JPMorgan

Chase

03/31/2026

NZD

2,200

$

1,334

—

(13)

JPMorgan

Chase

03/31/2026

NOK

13,289

$

1,400

—

(2)

JPMorgan

Chase

03/31/2026

NOK

19,774

EUR

1,750

—

JPMorgan

Chase

03/31/2026

PLN

2,534

EUR

600

—

—

JPMorgan

Chase

03/31/2026

PLN

9,619

$

2,700

(10)

JPMorgan

Chase

03/31/2026

SGD

4,278

$

3,400

—

(9)

JPMorgan

Chase

03/31/2026

ZAR

22,345

$

1,400

—

JPMorgan

Chase

03/31/2026

SEK

9,818

NOK

10,500

—

(15)

JPMorgan

Chase

03/31/2026

SEK

17,181

EUR

1,625

—

(16)

JPMorgan

Chase

03/31/2026

SEK

9,770

$

1,100

—

(16)

JPMorgan

Chase

03/31/2026

CHF

1,500

$

1,958

—

JPMorgan

Chase

03/31/2026

CHF

523

GBP

500

—

JPMorgan

Chase

03/31/2026

CHF

2,280

EUR

2,500

—

JPMorgan

Chase

03/31/2026

CHF

JPY

49,749

—

JPMorgan

Chase

03/31/2026

TRY

49,638

$

1,100

—

JPMorgan

Chase

03/31/2026

$

733

CAD

1,000

—

(2)

JPMorgan

Chase

03/31/2026

$

845

GBP

623

(1)

JPMorgan

Chase

03/31/2026

$

EUR

—

JPMorgan

Chase

03/31/2026

$

MXN

2,500

—

—

JPMorgan

Chase

03/31/2026

$

NZD

—

—

JPMorgan

Chase

03/31/2026

$

CHF

—

(4)

JPMorgan

Chase

03/31/2026

$

1,200

CNH

8,218

(2)

JPMorgan

Chase

03/31/2026

$

1,473

JPY

225,000

—

JPMorgan

Chase

03/31/2026

$

PLN

—

—

JPMorgan

Chase

04/03/2026

KRW

284,392

$

—

(2)

JPMorgan

Chase

04/06/2026

$

KRW

287,324

—

—

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

JPMorgan

Chase

04/07/2026

$

TWD

3,124

$

—

$

—

JPMorgan

Chase

07/30/2026

TRY

40,925

$

828

—

RBC

Dominon

Securities

Corp

03/25/2026

$

589

INR

53,508

—

RBC

Dominon

Securities

Corp

03/26/2026

GBP

2,072

$

2,792

—

—

RBC

Dominon

Securities

Corp

03/26/2026

CLP

553,490

$

644

—

(9)

RBC

Dominon

Securities

Corp

03/26/2026

HUF

1,130,641

$

3,522

—

RBC

Dominon

Securities

Corp

03/26/2026

IDR

18,374,790

$

1,091

—

RBC

Dominon

Securities

Corp

03/26/2026

JPY

476,874

$

3,092

—

(32)

RBC

Dominon

Securities

Corp

03/26/2026

NZD

$

—

—

RBC

Dominon

Securities

Corp

03/26/2026

NOK

524

$

—

RBC

Dominon

Securities

Corp

03/26/2026

PHP

215,905

$

3,726

—

RBC

Dominon

Securities

Corp

03/26/2026

$

1,096

IDR

18,497,904

—

(6)

RBC

Dominon

Securities

Corp

03/26/2026

$

PEN

1,551

—

RBC

Dominon

Securities

Corp

03/26/2026

$

1,090

PLN

3,914

—

(5)

RBC

Dominon

Securities

Corp

03/26/2026

$

516

AUD

730

—

(3)

RBC

Dominon

Securities

Corp

03/26/2026

$

EUR

—

—

RBC

Dominon

Securities

Corp

03/26/2026

$

NOK

4,519

—

(3)

RBC

Dominon

Securities

Corp

03/26/2026

$

SEK

2,893

—

(2)

RBC

Dominon

Securities

Corp

03/26/2026

$

KRW

309,353

—

RBC

Dominon

Securities

Corp

03/26/2026

$

MXN

3,728

—

—

RBC

Dominon

Securities

Corp

03/26/2026

$

533

BRL

2,765

—

(3)

RBC

Dominon

Securities

Corp

03/26/2026

$

2,943

CNH

20,253

—

(13)

RBC

Dominon

Securities

Corp

03/26/2026

$

ZAR

3,447

—

—

RBC

Dominon

Securities

Corp

07/10/2026

$

1,523

JPY

231,000

—

RBC

Dominon

Securities

Corp

07/21/2026

$

12,542

JPY

1,930,000

—

Total

$

1,988

$

(1,262)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

February

28,

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

0.33%

(1.00)%

Quarterly

12/20/2028

$

3,200

$

(56)

$

(2)

$

—

$

(58)

Goldman

Sachs

&

Co

China

Construction

Bank

Corp/Hong

Kong,

4.21%,

07/16/2027

0.29%

(1.00)%

Quarterly

12/20/2028

3,200

(55)

(6)

—

(61)

Goldman

Sachs

&

Co

China

Development

Bank,

3.00%,

06/01/2026

0.33%

(1.00)%

Quarterly

12/20/2028

3,200

(55)

(2)

—

(58)

Goldman

Sachs

&

Co

Industrial

&

Commercial

Bank

of

China

Ltd/Hong

Kong,

1.63%,

10/28/2026

0.29%

(1.00)%

Quarterly

12/20/2028

3,200

(56)

(6)

—

(61)

Total

$

(222)

$

(16)

$

—

$

(238)

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

February

28,

2026

(a) (Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.NA.HY.45

N/A

(5.00)%

Quarterly

12/20/2030

$

7,009

$

(458)

$

(21)

$

(479)

Republic

of

Colombia,

10.38%,

01/28/2033

2.31%

(1.00)%

Quarterly

12/20/2030

1,300

Republic

of

Colombia,

10.38%,

01/28/2033

2.31%

(1.00)%

Quarterly

12/20/2030

1,000

Republic

of

Colombia,

10.38%,

01/28/2033

2.31%

(1.00)%

Quarterly

12/20/2030

Total

$

(342)

$

$

(335)

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.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

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

172,000

$

$

—

$

Day

MXN

TIIE

Banxico

Pay

7.12%

Monthly

Monthly

N/A

03/15/2028

91,000

Month

Prague

Interbank

Offered

Rate

Pay

3.98%

Semiannual

Annual

N/A

03/18/2031

CZK

40,851

$

—

Month

Prague

Interbank

Offered

Rate

Pay

3.98%

Semiannual

Annual

N/A

03/18/2031

40,000

Colombia

IBR

Overnight

Interbank

Reference

Rate

Pay

11.09%

Quarterly

Quarterly

N/A

03/18/2028

COP

19,300,000

$

(85)

—

(85)

Total

$

$

$

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

310,000

$

—

$

$

—

Citigroup

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Nigeria

Government

Bond,

18.5%,

02/25/2031

Annual

02/25/2031

412,000

—

—

Citigroup

Inc

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

04/14/2026

Annual

04/14/2026

521,000

—

—

Citigroup

Inc

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

05/05/2026

Annual

05/05/2026

115,125

—

—

Goldman

Sachs

&

Co

0.00%

Custom

Basket

Series

Excess

Return

Strategy

Monthly

12/31/2026

$

—

—

(11)

Goldman

Sachs

&

Co

(a) Overnight

Bank

Funding

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

securities

traded

in

foreign

currencies

but

settle

in

USD

Monthly

03/10/2026-

11/14/2035

20,865

—

—

(467)

HSBC

Securities

Inc

US

Federal

Funds

Effective

Rate

+

0.00%

Zambia

Government

Bond,

13.00%,

12/18/2027

Annual

12/20/2027

ZMW

5,030

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Egypt

Treasury

Bill,

0.00%,

03/17/2026

Annual

03/17/2026

EGP

9,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.00%

Egypt

Treasury

Bill,

0.00%,

06/23/2026

Annual

06/23/2026

27,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Egypt

Treasury

Bill,

0.00%,

09/15/2026

Annual

09/15/2026

9,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

03/10/2026

Annual

03/10/2026

NGN

205,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

04/21/2026

Annual

04/21/2026

130,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.75%

Nigeria

OMO

Bill,

0.00%,

04/28/2026

Annual

04/28/2026

250,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

07/28/2026

Annual

07/28/2026

96,000

—

—

JPMorgan

Chase

Secured

Overnight

Financing

Rate

+

0.85%

Nigeria

OMO

Bill,

0.00%,

08/04/2026

Annual

08/04/2026

177,000

—

—

(1)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

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

JPMorgan

Chase

Overnight

Bank

Funding

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

foreign

currencies

but

settle

in

USD

Monthly

10/26/2026-

03/04/2027

$

4,789

$

—

$

—

$

(197)

Morgan

Stanley

&

Co

(b) 1

Day

Federal

Funds

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

USD

Monthly

09/06/2028

56,516

—

—

(1,983)

Morgan

Stanley

&

Co

(c) 1

Day

Federal

Funds

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

USD

Monthly

07/29/2026

97,373

—

5,675

—

Total

$

—

$

5,910

$

(2,659)

The

maturity

dates

are

measured

from

the

commencement

of

investment

in

each

underlying

position

of

a

custom

basket.

The

spread

for

a

custom

basket

is

negotiated

at

the

security

level

and

is

usually

similar

within

a

region

but

may

vary.

Notional

Amount

represents

the

total

absolute

value

of

the

underlying

securities

in

a

custom

basket.

Top

Underlying

Securities

includes

the

largest

components

and

any

other

components

where

the

notional

exceeds

1%

of

the

notional

amount

of

the

custom

basket.

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Electronic

Arts

Inc

17,172

$

3,444

16.51%

Chart

Industries

Inc

13,046

2,704

12.96%

Union

Pacific

Corp

(8,362)

(2,216)

(10.62)%

Warner

Bros

Discovery

Inc

70,600

1,989

9.53%

Keurig

Dr

Pepper

Inc

58,919

1,784

8.55%

New

Gold

Inc

88,489

1,188

5.69%

Beazley

PLC

65,741

1,123

5.38%

Schroders

PLC

133,939

1,058

5.07%

Coeur

Mining

Inc

(38,065)

(1,033)

(4.95)%

Just

Group

PLC

326,807

954

4.57%

Honeywell

International

Inc

2,700

658

3.15%

Banco

Santander

SA

(47,629)

(589)

(2.82)%

Kraft

Heinz

Co/The

21,659

533

2.55%

Vivendi

SE

193,806

504

2.42%

Charter

Communications

Inc

(1,328)

(312)

(1.49)%

Universal

Music

Group

NV

(12,665)

(286)

(1.37)%

Webster

Financial

Corp

2,744

0.95%

Coinshares

International

Ltd

16,151

0.64%

Skyworks

Solutions

Inc

(1,735)

(103)

(0.50)%

Kimberly-Clark

Corp

(434) (48)

(0.23)%

VICI

Properties

Inc

(218) (7)

(0.03)%

Two

Harbors

Investment

Corp

0.00%

UWM

Holdings

Corp

(203) (1)

0.00%

(a) Top

Underlying

Securities

WESTGSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

CME

Group

Inc

(3,965)

$

(1,267)

(2.24)%

Diamondback

Energy

Inc

(7,007)

(1,220)

(2.16)%

Washington

H

Soul

Pattinson

&

Co

Ltd

(42,749)

(1,164)

(2.06)%

Yamaha

Motor

Co

Ltd

(134,500)

(1,071)

(1.89)%

Canadian

Natural

Resources

Ltd

(24,051)

(1,052)

(1.86)%

Informa

PLC

(91,843)

(1,037)

(1.84)%

Swiss

Prime

Site

AG

(5,261)

(1,004)

(1.77)%

Keppel

Ltd

(93,600)

(968)

(1.71)%

Investor

AB

-

B

Shares

(22,444)

(939)

(1.66)%

NextEra

Energy

Inc

(9,459)

(887)

(1.57)%

Deere

&

Co

(1,311)

(826)

(1.46)%

Roper

Technologies

Inc

(2,238)

(783)

(1.38)%

Jack

Henry

&

Associates

Inc

(4,685)

(761)

(1.35)%

Ingersoll

Rand

Inc

(7,843)

(738)

(1.31)%

Salmar

ASA

(11,579)

(693)

(1.23)%

Whitecap

Resources

Inc

(69,100)

(690)

(1.22)%

Kawasaki

Heavy

Industries

Ltd

(5,900)

(690)

(1.22)%

Mitsubishi

Estate

Co

Ltd

(19,900)

(673)

(1.19)%

Sun

Hung

Kai

Properties

Ltd

(33,000)

(616)

(1.09)%

Tryg

A/S

(24,564)

(608)

(1.08)%

Yokogawa

Electric

Corp

(14,800)

(592)

(1.05)%

ConocoPhillips

(5,150)

(584)

(1.03)%

FUJIFILM

Holdings

Corp

(27,500)

(571)

(1.01)%

Shiseido

Co

Ltd

(25,700)

(543)

(0.96)%

Helvetia

Baloise

Holding

AG

(2,084)

(542)

(0.96)%

Republic

Services

Inc

(2,350)

(538)

(0.95)%

Poste

Italiane

SpA

(19,421)

(522)

(0.93)%

CBRE

Group

Inc

(3,511)

(518)

(0.92)%

Ferrovial

SE

(6,628)

(495)

(0.88)%

Thermo

Fisher

Scientific

Inc

(922) (480)

(0.85)%

Aeroports

de

Paris

SA

(3,410)

(477)

(0.84)%

Pembina

Pipeline

Corp

(10,100)

(444)

(0.79)%

Zensho

Holdings

Co

Ltd

(6,800)

(432)

(0.76)%

Waste

Management

Inc

(1,795)

(432)

(0.77)%

FirstService

Corp

(2,700)

(425)

(0.75)%

Legal

&

General

Group

PLC

(115,959)

(424)

(0.75)%

Packaging

Corp

of

America

(1,823)

(423)

(0.75)%

Qantas

Airways

Ltd

(58,789)

(416)

(0.74)%

Mitsubishi

Chemical

Group

Corp

(56,000)

(416)

(0.74)%

Carlisle

Cos

Inc

(1,054)

(416)

(0.74)%

Akzo

Nobel

NV

(5,793)

(408)

(0.72)%

Secom

Co

Ltd

(10,100)

(391)

(0.69)%

PPG

Industries

Inc

(3,142)

(387)

(0.68)%

Financiere

de

Tubize

SA

(1,428)

(382)

(0.68)%

Rexel

SA

(8,544)

(372)

(0.66)%

Shimano

Inc

(3,300)

(354)

(0.63)%

Mitsubishi

HC

Capital

Inc

(36,100)

(350)

(0.62)%

Suntory

Beverage

&

Food

Ltd

(11,100)

(349)

(0.62)%

Carlsberg

AS

(2,241)

(348)

(0.61)%

Rentokil

Initial

PLC

(56,533)

(348)

(0.62)%

(b) Top

Underlying

Securities

LACEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Western

Digital

Corp

3,696

$

1,034

1.06%

Alphabet

Inc

-

A

Shares

3,251

1,014

1.04%

NVIDIA

Corp

5,332

945

0.97%

Microsoft

Corp

2,133

838

0.86%

Apple

Inc

3,125

826

0.85%

Mosaic

Co/The

(28,347)

(789)

(0.81)%

Teradyne

Inc

(2,449)

(784)

(0.80)%

Axon

Enterprise

Inc

(1,423)

(772)

(0.79)%

Coinbase

Global

Inc

(4,334)

(762)

(0.78)%

Tractor

Supply

Co

(14,294)

(741)

(0.76)%

EOG

Resources

Inc

(5,850)

(726)

(0.74)%

Diamondback

Energy

Inc

(3,921)

(683)

(0.70)%

Dow

Inc

(21,593)

(664)

(0.68)%

Norwegian

Cruise

Line

Holdings

Ltd

(26,710)

(662)

(0.68)%

Lennox

International

Inc

(1,144)

(652)

(0.67)%

Akamai

Technologies

Inc

(6,515)

(641)

(0.66)%

KLA

Corp

(419) (639)

(0.66)%

Carrier

Global

Corp

(9,853)

(635)

(0.65)%

Healthpeak

Properties

Inc

(35,689)

(631)

(0.65)%

NIKE

Inc

(10,062)

(626)

(0.64)%

Sherwin-Williams

Co/The

(1,674)

(607)

(0.62)%

Sandisk

Corp/DE

(951) (604)

(0.62)%

McCormick

&

Co

Inc/MD

(8,413)

(598)

(0.61)%

Vertex

Pharmaceuticals

Inc

(1,197)

(595)

(0.61)%

Marathon

Petroleum

Corp

(2,981)

(591)

(0.61)%

PACCAR

Inc

(4,658)

(587)

(0.60)%

Old

Dominion

Freight

Line

Inc

(2,635)

(535)

(0.55)%

Cooper

Cos

Inc/The

(6,199)

(519)

(0.53)%

Lam

Research

Corp

2,201

515

0.53%

3M

Co

(2,955)

(489)

(0.50)%

Royal

Caribbean

Cruises

Ltd

(1,532)

(476)

(0.49)%

Adobe

Inc

1,810

0.49%

Packaging

Corp

of

America

(2,023)

(470)

(0.48)%

Southwest

Airlines

Co

(9,430)

(465)

(0.48)%

Intel

Corp

(9,791)

(447)

(0.46)%

Henry

Schein

Inc

(5,326)

(439)

(0.45)%

Exelon

Corp

(8,822)

(436)

(0.45)%

TransDigm

Group

Inc

(334) (435)

(0.45)%

MSCI

Inc

(751) (429)

(0.44)%

Lululemon

Athletica

Inc

(2,318)

(429)

(0.44)%

American

International

Group

Inc

(5,320)

(428)

(0.44)%

Gen

Digital

Inc

18,960

0.44%

Meta

Platforms

Inc

659

0.44%

Live

Nation

Entertainment

Inc

(2,614)

(424)

(0.44)%

Cadence

Design

Systems

Inc

(1,395)

(420)

(0.43)%

DuPont

de

Nemours

Inc

8,294

0.43%

Builders

FirstSource

Inc

(3,970)

(414)

(0.43)%

Fidelity

National

Information

Services

Inc

(8,104)

(413)

(0.42)%

Fair

Isaac

Corp

(289) (407)

(0.42)%

Take-Two

Interactive

Software

Inc

(1,912)

(404)

(0.42)%

(c) Top

Underlying

Securities

GOTEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Short

Sales

Outstanding

COMMON

STOCKS

-

.00

%

Shares

Value

(000's)

Pharmaceuticals

-

.00

%

Atrium

Therapeutics

Inc

$

TOTAL

COMMON

STOCKS

(proceeds

$6)

$

TOTAL

SHORT

SALES

(proceeds

$6)

$

Schedule

of

Investments

International

Equity

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

2.18%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

1.60%

iShares

MSCI

EAFE

ETF

(a) 213,574

$

22,506

Money

Market

Funds

-

0.58%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(b),(c)

334,371

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(b),(c),(d)

7,898,438

7,898

$

8,233

TOTAL

INVESTMENT

COMPANIES

$

30,739

COMMON

STOCKS

-

97.44%

Shares

Held

Value

(000's)

Advertising

-

0.09%

Publicis

Groupe

SA

14,078

$

1,254

Aerospace

&

Defense

-

3.54%

Airbus

SE

36,565

7,940

BAE

Systems

PLC

184,967

5,282

CSG

NV

(e) 11,700

Dassault

Aviation

SA

1,170

Elbit

Systems

Ltd

1,700

1,313

Hensoldt

AG

(a) 3,554

IHI

Corp

61,800

1,691

Kawasaki

Heavy

Industries

Ltd

9,300

1,081

Leonardo

SpA

24,900

1,678

Melrose

Industries

PLC

77,659

591

MTU

Aero

Engines

AG

3,300

1,422

Rheinmetall

AG

2,821

5,580

Rolls-Royce

Holdings

PLC

518,082

9,316

Saab

AB

19,705

1,439

Safran

SA

21,942

8,837

Singapore

Technologies

Engineering

Ltd

94,700

745

Thales

SA

5,692

1,728

$

49,865

Agriculture

-

0.97%

British

American

Tobacco

PLC

134,559

8,403

Imperial

Brands

PLC

47,097

2,109

Japan

Tobacco

Inc

74,600

2,854

Wilmar

International

Ltd

105,400

$

13,659

Airlines

-

0.26%

ANA

Holdings

Inc

11,000

Deutsche

Lufthansa

AG

34,759

International

Consolidated

Airlines

Group

SA

69,765

Japan

Airlines

Co

Ltd

9,900

Qantas

Airways

Ltd

40,234

Ryanair

Holdings

PLC

51,925

1,678

Singapore

Airlines

Ltd

95,200

540

$

3,713

Apparel

-

1.37%

Adidas

AG

10,514

1,951

Asics

Corp

44,200

1,355

Hermes

International

SCA

1,939

4,660

Kering

SA

4,570

1,532

LVMH

Moet

Hennessy

Louis

Vuitton

SE

15,258

9,750

$

19,248

Automobile

Manufacturers

-

2.40%

Bayerische

Motoren

Werke

AG

17,259

1,809

Daimler

Truck

Holding

AG

27,636

1,394

Ferrari

NV

7,747

2,927

Honda

Motor

Co

Ltd

226,000

2,264

Isuzu

Motors

Ltd

31,600

589

Mercedes-Benz

Group

AG

44,443

3,075

Nissan

Motor

Co

Ltd

(a),(e)

126,500

Renault

SA

11,362

Stellantis

NV

124,103

1,007

Subaru

Corp

34,700

651

Suzuki

Motor

Corp

95,300

1,441

Toyota

Motor

Corp

582,000

14,101

Volvo

AB

-

B

Shares

97,799

3,805

$

33,841

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Parts

&

Equipment

-

0.72%

Aisin

Corp

30,000

$

533

Bridgestone

Corp

68,900

1,663

Cie

Generale

des

Etablissements

Michelin

SCA

39,270

1,588

Continental

AG

6,759

582

Denso

Corp

106,200

1,524

Sumitomo

Electric

Industries

Ltd

44,100

2,914

Toyota

Industries

Corp

10,000

1,295

$

10,099

Banks

-

15.73%

ABN

AMRO

Bank

NV

(f) 35,883

1,202

AIB

Group

PLC

131,517

1,365

ANZ

Group

Holdings

Ltd

186,472

5,307

Banca

Mediolanum

SpA

15,619

Banca

Monte

dei

Paschi

di

Siena

SpA

121,556

1,186

Banco

Bilbao

Vizcaya

Argentaria

SA

351,382

8,139

Banco

BPM

SpA

69,939

1,030

Banco

Comercial

Portugues

SA

455,564

Banco

de

Sabadell

SA

309,220

1,164

Banco

Santander

SA

904,912

11,413

Bank

Hapoalim

BM

76,970

1,943

Bank

Leumi

Le-Israel

BM

91,653

2,219

Bank

of

Ireland

Group

PLC

58,721

1,143

Bankinter

SA

41,486

688

Banque

Cantonale

Vaudoise

2,104

Barclays

PLC

846,951

5,141

BAWAG

Group

AG

(f) 4,750

736

BNP

Paribas

SA

61,861

6,946

BOC

Hong

Kong

Holdings

Ltd

226,500

1,296

BPER

Banca

SPA

90,674

1,277

CaixaBank

SA

239,880

2,957

Chiba

Bank

Ltd/The

33,800

503

Commerzbank

AG

45,101

1,830

Commonwealth

Bank

of

Australia

103,002

12,780

Computershare

Ltd

32,029

706

Credit

Agricole

SA

65,674

1,451

Danske

Bank

A/S

41,107

2,145

DBS

Group

Holdings

Ltd

131,370

5,918

Deutsche

Bank

AG

111,732

3,961

DNB

Bank

ASA

54,561

1,727

Erste

Group

Bank

AG

18,940

2,248

FinecoBank

Banca

Fineco

SpA

37,634

886

HSBC

Holdings

PLC

1,055,444

19,727

ING

Groep

NV

180,211

5,200

Intesa

Sanpaolo

SpA

859,648

5,899

Israel

Discount

Bank

Ltd

75,283

911

Japan

Post

Bank

Co

Ltd

108,600

2,126

KBC

Group

NV

14,124

1,913

Lloyds

Banking

Group

PLC

3,644,371

4,978

Macquarie

Group

Ltd

22,275

3,380

Mitsubishi

UFJ

Financial

Group

Inc

693,400

12,872

Mizrahi

Tefahot

Bank

Ltd

9,589

718

Mizuho

Financial

Group

Inc

153,680

6,856

National

Australia

Bank

Ltd

188,542

6,571

NatWest

Group

PLC

494,611

4,106

Nordea

Bank

Abp

191,157

3,699

Oversea-Chinese

Banking

Corp

Ltd

207,000

3,503

Raiffeisen

Bank

International

AG

7,624

Resona

Holdings

Inc

126,400

1,542

Skandinaviska

Enskilda

Banken

AB

93,180

1,981

Societe

Generale

SA

42,586

3,691

Standard

Chartered

PLC

116,553

2,875

Sumitomo

Mitsui

Financial

Group

Inc

226,300

8,540

Sumitomo

Mitsui

Trust

Group

Inc

39,988

1,394

Svenska

Handelsbanken

AB

89,772

1,435

Swedbank

AB

52,250

2,007

UBS

Group

AG

195,403

8,119

UniCredit

SpA

86,287

7,347

United

Overseas

Bank

Ltd

75,700

2,209

Westpac

Banking

Corp

210,537

6,364

Schedule

of

Investments

International

Equity

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Yokohama

Financial

Group

Inc

62,000

$

669

$

221,453

Beverages

-

1.24%

Anheuser-Busch

InBev

SA/NV

60,836

4,947

Asahi

Group

Holdings

Ltd

92,200

1,004

Carlsberg

AS

5,774

898

Coca-Cola

Europacific

Partners

PLC

12,781

1,412

Coca-Cola

HBC

AG

(e) 13,413

871

Davide

Campari-Milano

NV

43,001

Diageo

PLC

137,038

3,073

Heineken

Holding

NV

7,966

690

Heineken

NV

17,716

1,641

JDE

Peet's

NV

9,818

Kirin

Holdings

Co

Ltd

46,500

807

Pernod

Ricard

SA

12,412

1,145

Suntory

Beverage

&

Food

Ltd

9,700

$

17,485

Biotechnology

-

0.57%

Argenx

SE

(e) 3,777

2,922

CSL

Ltd

29,852

3,125

Financiere

de

Tubize

SA

1,097

Genmab

A/S

(e) 3,742

1,102

Swedish

Orphan

Biovitrum

AB

(e) 11,945

522

$

7,965

Building

Materials

-

1.50%

AGC

Inc

11,700

519

Belimo

Holding

AG

594

592

Buzzi

SpA

5,382

Cie

de

Saint-Gobain

SA

27,637

2,801

Daikin

Industries

Ltd

16,200

2,058

Geberit

AG

2,077

1,747

Heidelberg

Materials

AG

8,225

1,833

Holcim

AG

(e) 31,394

2,886

Kingspan

Group

PLC

9,446

935

Mitsubishi

Electric

Corp

118,000

4,491

Nibe

Industrier

AB

86,171

ROCKWOOL

A/S

6,752

Sika

AG

9,371

1,936

Svenska

Cellulosa

AB

SCA

36,630

$

21,181

Chemicals

-

1.89%

Air

Liquide

SA

35,601

7,486

Akzo

Nobel

NV

10,517

739

Asahi

Kasei

Corp

78,600

926

BASF

SE

54,929

3,146

Brenntag

SE

7,295

DSM-Firmenich

AG

10,618

758

EMS-Chemie

Holding

AG

Evonik

Industries

AG

17,902

Givaudan

SA

577

2,318

ICL

Group

Ltd

54,091

Mitsubishi

Chemical

Group

Corp

75,600

561

Nippon

Paint

Holdings

Co

Ltd

55,200

Nippon

Sanso

Holdings

Corp

9,800

Nitto

Denko

Corp

40,500

939

Novonesis

Novozymes

B

21,679

1,289

Shin-Etsu

Chemical

Co

Ltd

104,600

4,118

Syensqo

SA

5,082

Symrise

AG

8,161

746

Toray

Industries

Inc

83,900

719

Yara

International

ASA

9,974

505

$

26,666

Commercial

Services

-

1.80%

Adyen

NV

(e),(f)

1,540

1,808

Ashtead

Group

PLC

25,940

1,858

Ayvens

SA

(f) 21,767

Brambles

Ltd

83,854

1,495

Bureau

Veritas

SA

20,940

728

Dai

Nippon

Printing

Co

Ltd

23,500

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Commercial

Services

(continued)

Experian

PLC

56,470

$

2,126

Intertek

Group

PLC

9,493

605

Randstad

NV

7,580

Recruit

Holdings

Co

Ltd

87,200

3,795

RELX

PLC

112,339

3,924

Rentokil

Initial

PLC

155,477

961

Secom

Co

Ltd

25,200

978

Securitas

AB

29,847

531

SGS

SA

10,180

1,286

TOPPAN

Holdings

Inc

13,900

Transurban

Group

191,685

1,954

Verisure

PLC

(e) 15,951

Wise

PLC

(e) 39,658

Wolters

Kluwer

NV

14,301

1,155

$

25,334

Computers

-

0.66%

Capgemini

SE

9,480

1,198

Check

Point

Software

Technologies

Ltd

(e) 5,274

802

Fujitsu

Ltd

107,100

2,388

Indra

Sistemas

SA

4,906

Logitech

International

SA

9,390

861

NEC

Corp

78,500

2,176

Nomura

Research

Institute

Ltd

21,843

599

Obic

Co

Ltd

19,400

523

Otsuka

Corp

15,800

$

9,230

Consumer

Products

-

0.29%

Henkel

AG

&

Co

KGaA

6,386

578

Reckitt

Benckiser

Group

PLC

39,884

3,514

$

4,092

Cosmetics

&

Personal

Care

-

1.69%

Beiersdorf

AG

5,961

754

Essity

AB

37,096

1,178

Haleon

PLC

548,238

3,009

Kao

Corp

27,300

1,166

L'Oreal

SA

14,773

6,922

Shiseido

Co

Ltd

23,900

505

Unicharm

Corp

66,700

Unilever

PLC

134,150

9,858

$

23,848

Distribution

&

Wholesale

-

2.01%

AddTech

AB

15,998

591

Bunzl

PLC

19,982

590

D'ieteren

Group

1,501

ITOCHU

Corp

364,500

5,277

Marubeni

Corp

87,700

3,356

Mitsubishi

Corp

198,600

6,702

Mitsui

&

Co

Ltd

152,900

5,732

Rexel

SA

13,793

597

SGH

Ltd

11,817

Sumitomo

Corp

67,700

2,875

Toyota

Tsusho

Corp

42,900

1,918

$

28,355

Diversified

Financial

Services

-

1.66%

AerCap

Holdings

NV

10,314

1,541

Amundi

SA

(f) 3,481

ASX

Ltd

11,461

Daiwa

Securities

Group

Inc

80,800

849

Deutsche

Boerse

AG

11,578

3,164

Euronext

NV

(f) 4,674

772

Futu

Holdings

Ltd

ADR

(e) 3,458

515

Hong

Kong

Exchanges

&

Clearing

Ltd

74,400

3,975

Japan

Exchange

Group

Inc

59,700

812

Julius

Baer

Group

Ltd

12,668

1,077

London

Stock

Exchange

Group

PLC

28,049

3,342

Mitsubishi

HC

Capital

Inc

53,000

514

Nomura

Holdings

Inc

183,500

1,704

ORIX

Corp

72,600

2,548

SBI

Holdings

Inc

33,380

714

Schedule

of

Investments

International

Equity

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Diversified

Financial

Services

(continued)

Schroders

PLC

40,621

$

Singapore

Exchange

Ltd

51,400

738

$

23,349

Electric

-

3.17%

BKW

AG

1,477

Chubu

Electric

Power

Co

Inc

40,600

686

CLP

Holdings

Ltd

103,000

976

Contact

Energy

Ltd

58,994

E.ON

SE

138,191

3,214

EDP

Renovaveis

SA

17,023

EDP

SA

193,147

1,028

Elia

Group

SA/NV

2,547

Endesa

SA

19,539

797

Enel

SpA

500,659

6,020

Engie

SA

112,421

3,841

Fortum

Oyj

27,602

645

Hikari

Tsushin

Inc

1,200

Iberdrola

SA

396,117

9,350

Kansai

Electric

Power

Co

Inc/The

56,800

1,026

Meridian

Energy

Ltd

92,140

National

Grid

PLC

305,405

5,713

Origin

Energy

Ltd

106,030

917

Orsted

AS

(e),(f)

32,519

766

Power

Assets

Holdings

Ltd

85,000

689

Redeia

Corp

SA

24,011

RWE

AG

38,909

2,503

SSE

PLC

74,217

2,683

Terna

-

Rete

Elettrica

Nazionale

86,596

1,042

Verbund

AG

4,759

$

44,625

Electrical

Components

&

Equipment

-

1.97%

ABB

Ltd

96,469

8,985

Fujikura

Ltd

15,500

2,646

Legrand

SA

16,131

2,922

Prysmian

SpA

17,318

2,086

Schneider

Electric

SE

33,738

11,026

$

27,665

Electronics

-

1.18%

Assa

Abloy

AB

61,686

2,626

Halma

PLC

23,357

1,314

Hoya

Corp

20,800

3,757

Ibiden

Co

Ltd

14,700

898

Kyocera

Corp

77,700

1,372

MINEBEA

MITSUMI

Inc

21,400

Murata

Manufacturing

Co

Ltd

101,200

2,646

SCREEN

Holdings

Co

Ltd

5,000

729

Shimadzu

Corp

13,500

TDK

Corp

118,200

1,826

Yokogawa

Electric

Corp

13,700

546

$

16,549

Energy

-

Alternate

Sources

-

0.11%

Vestas

Wind

Systems

A/S

62,151

1,589

Engineering

&

Construction

-

1.47%

Acciona

SA

1,418

ACS

Actividades

de

Construccion

y

Servicios

SA

10,911

1,408

Aena

SME

SA

(f) 46,155

1,455

Aeroports

de

Paris

SA

2,421

Auckland

International

Airport

Ltd

103,954

572

Bouygues

SA

11,792

730

Cellnex

Telecom

SA

(e),(f)

30,429

1,156

CK

Infrastructure

Holdings

Ltd

43,500

Eiffage

SA

4,210

726

Ferrovial

SE

31,605

2,355

HOCHTIEF

AG

920

Kajima

Corp

26,600

1,216

Keppel

Ltd

88,200

911

Obayashi

Corp

39,100

1,104

Shimizu

Corp

31,000

693

Skanska

AB

20,935

642

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

(continued)

Taisei

Corp

9,000

$

1,169

Vinci

SA

30,219

5,016

$

20,716

Entertainment

-

0.42%

Aristocrat

Leisure

Ltd

34,163

1,168

CTS

Eventim

AG

&

Co

KGaA

4,360

Entain

PLC

42,443

Evolution

AB

(f) 7,999

Lottery

Corp

Ltd/The

135,154

530

Oriental

Land

Co

Ltd/Japan

65,100

1,173

Toho

Co

Ltd/Tokyo

36,500

Universal

Music

Group

NV

67,731

1,525

$

5,925

Food

-

3.13%

Aeon

Co

Ltd

135,600

1,930

Ajinomoto

Co

Inc

56,900

1,810

Barry

Callebaut

AG

Carrefour

SA

36,248

687

Chocoladefabriken

Lindt

&

Spruengli

AG

-

PC

958

Chocoladefabriken

Lindt

&

Spruengli

AG

-

REG

1,153

Coles

Group

Ltd

82,604

1,211

Danone

SA

39,837

3,426

J

Sainsbury

PLC

103,531

Jeronimo

Martins

SGPS

SA

16,749

Kerry

Group

PLC

9,971

886

Kesko

Oyj

15,801

Kikkoman

Corp

39,100

Koninklijke

Ahold

Delhaize

NV

55,200

2,728

Lotus

Bakeries

NV

Magnum

Ice

Cream

Co

NV/The

(e) 29,248

Marks

&

Spencer

Group

PLC

126,605

677

Mowi

ASA

28,634

676

Nestle

SA

158,651

17,334

Orkla

ASA

43,136

591

Salmar

ASA

4,728

Seven

&

i

Holdings

Co

Ltd

126,900

1,790

Tesco

PLC

387,882

2,511

WH

Group

Ltd

(f) 503,000

632

Woolworths

Group

Ltd

75,187

1,928

$

44,031

Food

Service

-

0.25%

Compass

Group

PLC

104,477

3,200

Sodexo

SA

4,825

$

3,464

Forest

Products

&

Paper

-

0.09%

Holmen

AB

4,913

UPM-Kymmene

Oyj

32,473

1,034

$

1,228

Gas

-

0.32%

Centrica

PLC

290,533

779

Hong

Kong

&

China

Gas

Co

Ltd

671,387

652

Italgas

SpA

37,606

Naturgy

Energy

Group

SA

14,363

Osaka

Gas

Co

Ltd

22,700

948

Sembcorp

Industries

Ltd

62,300

Snam

SpA

124,113

964

$

4,576

Hand

&

Machine

Tools

-

0.36%

Fuji

Electric

Co

Ltd

8,700

771

Makita

Corp

13,400

519

NIDEC

CORP

50,000

786

Schindler

Holding

AG

-

PC

2,493

949

Schindler

Holding

AG

-

REG

1,421

518

Techtronic

Industries

Co

Ltd

90,000

1,458

$

5,001

Schedule

of

Investments

International

Equity

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

-

1.41%

Alcon

AG

30,749

$

2,666

Cochlear

Ltd

4,010

568

Coloplast

A/S

7,752

601

Demant

A/S

(e) 6,719

EssilorLuxottica

SA

18,518

4,901

Fisher

&

Paykel

Healthcare

Corp

Ltd

36,137

883

FUJIFILM

Holdings

Corp

67,700

1,392

Koninklijke

Philips

NV

47,406

1,519

Lifco

AB

14,052

Olympus

Corp

68,700

673

QIAGEN

NV

12,651

629

Sartorius

Stedim

Biotech

1,671

Siemens

Healthineers

AG

(f) 20,818

1,033

Smith

&

Nephew

PLC

49,611

916

Sonova

Holding

AG

3,105

809

Straumann

Holding

AG

6,859

821

Sysmex

Corp

35,000

Terumo

Corp

80,700

1,092

$

19,903

Healthcare

-

Services

-

0.47%

BioMerieux

2,895

Eurofins

Scientific

SE

7,286

587

Fresenius

Medical

Care

AG

13,534

630

Fresenius

SE

&

Co

KGaA

25,990

1,558

Lonza

Group

AG

4,311

2,999

Sonic

Healthcare

Ltd

28,118

$

6,593

Holding

Companies

-

Diversified

-

0.09%

Jardine

Matheson

Holdings

Ltd

9,968

821

Swire

Pacific

Ltd

24,000

Wharf

Holdings

Ltd/The

74,000

$

1,324

Home

Builders

-

0.15%

Barratt

Redrow

PLC

79,065

Daiwa

House

Industry

Co

Ltd

35,600

1,285

Sekisui

Chemical

Co

Ltd

22,000

$

2,100

Home

Furnishings

-

0.80%

Panasonic

Holdings

Corp

142,100

2,292

Rational

AG

Sony

Group

Corp

377,100

8,669

$

11,271

Insurance

-

5.47%

Admiral

Group

PLC

16,013

640

Aegon

Ltd

81,374

619

Ageas

SA/NV

9,173

681

AIA

Group

Ltd

644,000

7,104

Allianz

SE

23,474

10,542

ASR

Nederland

NV

9,643

701

Aviva

PLC

188,167

1,734

AXA

SA

103,195

5,046

Dai-ichi

Life

Holdings

Inc

215,000

2,206

Generali

52,457

2,234

Gjensidige

Forsikring

ASA

11,156

Hannover

Rueck

SE

3,699

1,121

Helvetia

Baloise

Holding

AG

4,881

1,267

Insurance

Australia

Group

Ltd

145,577

690

Japan

Post

Holdings

Co

Ltd

108,500

1,413

Japan

Post

Insurance

Co

Ltd

10,500

Legal

&

General

Group

PLC

350,695

1,281

M&G

PLC

140,616

600

Mapfre

SA

64,532

Medibank

Pvt

Ltd

167,040

521

MS&AD

Insurance

Group

Holdings

Inc

77,900

2,171

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

8,029

5,240

NN

Group

NV

16,548

1,357

Phoenix

Financial

Ltd

14,069

719

Prudential

PLC

157,725

2,416

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

QBE

Insurance

Group

Ltd

92,949

$

1,443

Sampo

Oyj

149,027

1,652

Sompo

Holdings

Inc

55,250

2,192

Sony

Financial

Group

Inc

(e) 344,800

Standard

Life

PLC

41,455

Suncorp

Group

Ltd

66,640

694

Swiss

Life

Holding

AG

1,744

1,997

Swiss

Re

AG

18,379

3,235

T&D

Holdings

Inc

27,100

730

Talanx

AG

3,886

Tokio

Marine

Holdings

Inc

113,800

4,726

Tryg

A/S

20,293

502

Unipol

Assicurazioni

SpA

21,912

545

Zurich

Insurance

Group

AG

8,997

6,787

$

77,034

Internet

-

1.10%

Autotrader

Group

PLC

(f) 48,357

CAR

Group

Ltd

22,035

Delivery

Hero

SE

(e),(f)

13,540

Grab

Holdings

Ltd

(e) 145,978

616

LY

Corp

159,700

M3

Inc

30,700

MonotaRO

Co

Ltd

17,400

Prosus

NV

(e) 80,530

4,139

Rakuten

Group

Inc

(e) 90,700

Scout24

SE

(f) 4,268

Sea

Ltd

ADR

(e) 24,428

2,649

Spotify

Technology

SA

(e) 9,614

4,951

ZOZO

Inc

31,000

$

15,435

Investment

Companies

-

0.59%

Eurazeo

SE

—

EXOR

NV

5,640

Groupe

Bruxelles

Lambert

NV

4,800

Industrivarden

AB

-

A

Shares

6,684

Industrivarden

AB

-

C

Shares

9,495

536

Infratil

Ltd

52,908

Investment

AB

Latour

10,341

Investor

AB

-

B

Shares

112,141

4,678

L

E

Lundbergforetagen

AB

4,084

Sofina

SA

1,154

Washington

H

Soul

Pattinson

&

Co

Ltd

20,936

569

$

8,368

Iron

&

Steel

-

0.35%

ArcelorMittal

SA

26,304

1,723

Fortescue

Ltd

104,228

1,566

JFE

Holdings

Inc

34,200

Nippon

Steel

Corp

295,885

1,202

$

4,972

Leisure

Products

&

Services

-

0.19%

Amadeus

IT

Group

SA

27,719

1,715

Shimano

Inc

4,500

Yamaha

Motor

Co

Ltd

53,800

$

2,623

Lodging

-

0.23%

Accor

SA

12,050

699

Galaxy

Entertainment

Group

Ltd

121,000

644

InterContinental

Hotels

Group

PLC

8,899

1,223

Sands

China

Ltd

134,000

Whitbread

PLC

9,846

$

3,214

Machinery

-

Construction

&

Mining

-

2.36%

Epiroc

AB

-

A

Shares

40,554

1,218

Epiroc

AB

-

B

Shares

23,992

624

Hitachi

Ltd

281,600

9,219

Komatsu

Ltd

58,800

2,823

Metso

Oyj

40,809

848

Mitsubishi

Heavy

Industries

Ltd

197,200

6,286

Schedule

of

Investments

International

Equity

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Machinery

-

Construction

&

Mining

(continued)

Sandvik

AB

65,622

$

2,892

Siemens

Energy

AG

47,694

9,237

$

33,147

Machinery

-

Diversified

-

1.68%

Atlas

Copco

AB

-

A

Shares

165,335

3,557

Atlas

Copco

AB

-

B

Shares

96,069

1,801

Beijer

Ref

AB

23,384

Daifuku

Co

Ltd

20,500

846

Ebara

Corp

29,300

1,029

FANUC

Corp

57,800

2,617

GEA

Group

AG

9,007

698

Hexagon

AB

127,786

1,454

Keyence

Corp

11,960

5,041

Kone

Oyj

20,911

1,577

Kubota

Corp

58,800

1,195

SMC

Corp

3,500

1,674

Spirax

Group

PLC

4,404

Wartsila

OYJ

Abp

30,947

1,344

$

23,667

Media

-

0.10%

Informa

PLC

79,657

900

Pearson

PLC

34,183

$

1,340

Metal

Fabrication

&

Hardware

-

0.17%

SKF

AB

20,986

600

Tenaris

SA

23,083

631

VAT

Group

AG

(f) 1,649

1,163

$

2,394

Mining

-

3.02%

Anglo

American

PLC

68,878

3,436

Antofagasta

PLC

24,261

1,394

BHP

Group

Ltd

312,636

12,685

Boliden

AB

17,484

1,386

Endeavour

Mining

PLC

11,876

848

Evolution

Mining

Ltd

124,978

1,483

Fresnillo

PLC

13,594

776

Glencore

PLC

(e) 618,768

4,471

JX

Advanced

Metals

Corp

33,000

876

Lynas

Rare

Earths

Ltd

(e) 55,746

739

Norsk

Hydro

ASA

85,236

791

Northern

Star

Resources

Ltd

83,656

1,834

Rio

Tinto

Ltd

22,840

2,715

Rio

Tinto

PLC

69,472

6,883

South32

Ltd

276,953

907

Sumitomo

Metal

Mining

Co

Ltd

15,200

1,234

$

42,458

Miscellaneous

Manufacturers

-

1.25%

Alfa

Laval

AB

17,798

1,051

Alstom

SA

(e) 21,318

709

Indutrade

AB

16,020

Knorr-Bremse

AG

4,453

583

Siemens

AG

46,771

13,524

Smiths

Group

PLC

20,079

742

Trelleborg

AB

12,383

543

$

17,567

Office

&

Business

Equipment

-

0.11%

Canon

Inc

53,000

1,602

Oil

&

Gas

-

3.27%

Aker

BP

ASA

19,395

589

Bollore

SE

49,053

BP

PLC

968,489

6,277

ENEOS

Holdings

Inc

165,130

1,576

Eni

SpA

125,897

2,940

Equinor

ASA

47,204

1,414

Galp

Energia

SGPS

SA

25,496

553

Idemitsu

Kosan

Co

Ltd

45,105

Inpex

Corp

52,800

1,289

Neste

Oyj

26,029

650

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

(continued)

OMV

AG

9,053

$

587

Repsol

SA

69,447

1,572

Santos

Ltd

199,903

963

Shell

PLC

350,437

14,677

TotalEnergies

SE

122,238

9,792

Woodside

Energy

Group

Ltd

117,015

2,389

$

45,986

Packaging

&

Containers

-

0.03%

Stora

Enso

Oyj

34,800

Pharmaceuticals

-

7.98%

Astellas

Pharma

Inc

110,000

1,831

AstraZeneca

PLC

95,445

20,085

Bayer

AG

60,464

2,992

Chugai

Pharmaceutical

Co

Ltd

41,400

2,792

Daiichi

Sankyo

Co

Ltd

109,400

2,155

Eisai

Co

Ltd

15,800

532

Galderma

Group

AG

9,507

1,794

Grifols

SA

20,834

GSK

PLC

250,202

7,434

Ipsen

SA

2,216

Kyowa

Kirin

Co

Ltd

16,400

Merck

KGaA

7,943

1,203

Novartis

AG

116,977

19,669

Novo

Nordisk

A/S

198,242

7,498

Orion

Oyj

6,651

533

Otsuka

Holdings

Co

Ltd

26,800

1,847

Recordati

Industria

Chimica

e

Farmaceutica

SpA

6,646

Roche

Holding

AG

1,958

970

Roche

Holding

AG

43,237

20,576

Sandoz

Group

AG

25,719

2,266

Sanofi

SA

67,151

6,567

Shionogi

&

Co

Ltd

45,100

1,065

Sigma

Healthcare

Ltd

319,739

644

Takeda

Pharmaceutical

Co

Ltd

98,700

3,694

Teva

Pharmaceutical

Industries

Ltd

ADR

(e) 70,583

2,390

UCB

SA

7,769

2,334

$

112,250

Pipelines

-

0.04%

APA

Group

79,617

521

Private

Equity

-

0.41%

3i

Group

PLC

61,134

2,731

CapitaLand

Investment

Ltd/Singapore

130,600

CVC

Capital

Partners

PLC

(f) 14,849

EQT

AB

30,386

936

Partners

Group

Holding

AG

1,385

1,539

$

5,734

Real

Estate

-

1.10%

Azrieli

Group

Ltd

2,406

CK

Asset

Holdings

Ltd

118,132

749

Daito

Trust

Construction

Co

Ltd

16,800

Fastighets

AB

Balder

(e) 39,509

Henderson

Land

Development

Co

Ltd

80,982

Hongkong

Land

Holdings

Ltd

66,529

576

Hulic

Co

Ltd

26,000

LEG

Immobilien

SE

4,325

Mitsubishi

Estate

Co

Ltd

66,500

2,243

Mitsui

Fudosan

Co

Ltd

161,200

2,173

REA

Group

Ltd

(a) 2,998

Sagax

AB

15,352

Sekisui

House

Ltd

35,400

865

Sino

Land

Co

Ltd

205,073

Sumitomo

Realty

&

Development

Co

Ltd

38,600

1,305

Sun

Hung

Kai

Properties

Ltd

89,000

1,654

Swiss

Prime

Site

AG

4,926

940

Vonovia

SE

46,565

1,579

Wharf

Real

Estate

Investment

Co

Ltd

92,000

$

15,539

Schedule

of

Investments

International

Equity

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

REITs

-

0.72%

CapitaLand

Ascendas

REIT

236,450

$

502

CapitaLand

Integrated

Commercial

Trust

372,529

721

Covivio

SA/France

3,899

Gecina

SA

3,220

Goodman

Group

125,860

2,589

Klepierre

SA

13,139

553

Land

Securities

Group

PLC

40,513

Link

REIT

158,640

784

Nippon

Building

Fund

Inc

Scentre

Group

321,082

873

Segro

PLC

79,135

896

Stockland

147,329

536

Unibail-Rodamco-Westfield

(e) 7,482

937

Vicinity

Ltd

228,019

$

10,152

Retail

-

2.21%

Associated

British

Foods

PLC

19,510

520

Avolta

AG

4,961

Cie

Financiere

Richemont

SA

33,079

6,743

CK

Hutchison

Holdings

Ltd

168,132

1,384

Fast

Retailing

Co

Ltd

11,700

5,130

H

&

M

Hennes

&

Mauritz

AB

30,368

647

Industria

de

Diseno

Textil

SA

67,137

4,483

JD

Sports

Fashion

PLC

176,001

Kingfisher

PLC

105,697

532

MatsukiyoCocokara

&

Co

18,000

Moncler

SpA

14,365

991

Next

PLC

7,148

1,303

Nitori

Holdings

Co

Ltd

23,900

Pan

Pacific

International

Holdings

Corp

116,000

775

Pandora

A/S

4,548

Ryohin

Keikaku

Co

Ltd

29,700

678

Swatch

Group

AG/The

-

BR

1,717

Tokyo

Gas

Co

Ltd

19,700

967

Tsuruha

Holdings

Inc

11,800

Wesfarmers

Ltd

69,842

3,957

Zalando

SE

(e),(f)

12,449

Zensho

Holdings

Co

Ltd

5,400

$

31,050

Semiconductors

-

4.90%

Advantest

Corp

47,300

8,191

ASM

International

NV

2,873

2,423

ASML

Holding

NV

23,870

34,717

BE

Semiconductor

Industries

NV

4,483

1,004

Disco

Corp

5,700

2,741

Infineon

Technologies

AG

80,377

4,332

Kioxia

Holdings

Corp

(e) 11,700

1,581

Lasertec

Corp

4,900

1,056

Nova

Ltd

(e) 1,798

790

Renesas

Electronics

Corp

108,000

2,037

STMicroelectronics

NV

41,666

1,390

Tokyo

Electron

Ltd

27,700

7,794

Tower

Semiconductor

Ltd

(e) 6,944

878

$

68,934

Shipbuilding

-

0.12%

Kongsberg

Gruppen

ASA

27,060

1,097

Yangzijiang

Shipbuilding

Holdings

Ltd

154,900

530

$

1,627

Software

-

1.43%

Capcom

Co

Ltd

20,300

Dassault

Systemes

SE

41,276

904

Konami

Group

Corp

6,200

827

Monday.com

Ltd

(e) 3,016

Nebius

Group

NV

(e) 13,046

1,190

Nemetschek

SE

4,035

Nexon

Co

Ltd

22,000

Nice

Ltd

(e) 3,608

Oracle

Corp

Japan

2,800

Pro

Medicus

Ltd

3,140

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Software

(continued)

Sage

Group

PLC/The

59,287

$

652

SAP

SE

64,268

12,911

TIS

Inc

14,700

WiseTech

Global

Ltd

11,810

Xero

Ltd

(e) 10,173

601

$

20,129

Telecommunications

-

3.04%

Airtel

Africa

PLC

(f) 56,278

BT

Group

PLC

368,120

1,073

Deutsche

Telekom

AG

226,452

9,094

Elisa

Oyj

8,372

HKT

Trust

&

HKT

Ltd

210,980

KDDI

Corp

179,100

3,077

Koninklijke

KPN

NV

239,373

1,361

Nokia

OYJ

326,056

2,502

NTT

Inc

1,837,100

1,797

Orange

SA

114,611

2,469

Singapore

Telecommunications

Ltd

455,700

1,813

SoftBank

Corp

1,765,600

2,415

SoftBank

Group

Corp

229,100

5,866

Swisscom

AG

1,582

1,484

Tele2

AB

33,687

711

Telecom

Italia

SpA/Milano

(e) 696,770

523

Telecom

Italia

SpA/Milano

-

RSP

(e) 371,968

Telefonaktiebolaget

LM

Ericsson

172,259

1,991

Telefonica

SA

226,854

1,030

Telenor

ASA

37,889

703

Telia

Co

AB

145,209

745

Telstra

Group

Ltd

244,520

901

Vodafone

Group

PLC

1,178,882

1,815

$

42,724

Toys,

Games

&

Hobbies

-

0.37%

Bandai

Namco

Holdings

Inc

34,600

938

Nintendo

Co

Ltd

68,200

3,858

Sanrio

Co

Ltd

10,100

$

5,166

Transportation

-

1.20%

AP

Moller

-

Maersk

A/S

-

A

AP

Moller

-

Maersk

A/S

-

B

601

Central

Japan

Railway

Co

46,200

1,364

Deutsche

Post

AG

56,773

3,343

DSV

A/S

12,568

3,244

East

Japan

Railway

Co

57,900

1,430

Getlink

SE

17,438

Hankyu

Hanshin

Holdings

Inc

13,900

InPost

SA

(e) 17,461

Kawasaki

Kisen

Kaisha

Ltd

19,500

Kuehne

+

Nagel

International

AG

2,959

688

Mitsui

OSK

Lines

Ltd

21,200

787

MTR

Corp

Ltd

91,500

Nippon

Yusen

KK

26,400

906

Poste

Italiane

SpA

(f) 28,127

754

Seibu

Holdings

Inc

(a) 11,900

SITC

International

Holdings

Co

Ltd

74,000

Tokyu

Corp

28,500

West

Japan

Railway

Co

24,800

533

$

16,949

Water

-

0.22%

Severn

Trent

PLC

16,665

736

United

Utilities

Group

PLC

41,960

786

Veolia

Environnement

SA

38,797

1,643

$

3,165

TOTAL

COMMON

STOCKS

$

1,371,416

PREFERRED

STOCKS

-

0.28%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.18%

Bayerische

Motoren

Werke

AG

4.32%

3,060

$

Dr

Ing

hc

F

Porsche

AG

1.49%

(f) 6,333

Porsche

Automobil

Holding

SE

1.91%

8,846

Schedule

of

Investments

International

Equity

Index

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Automobile

Manufacturers

(continued)

Volkswagen

AG

6.36%

(a) 12,681

$

1,508

$

2,510

Consumer

Products

-

0.07%

Henkel

AG

&

Co

KGaA

2.04%

9,859

967

Electronics

-

0.03%

Sartorius

AG

0.74%

1,551

TOTAL

PREFERRED

STOCKS

$

3,916

Total

Investments

$

1,406,071

Other

Assets

and

Liabilities

- 0.10%

1,354

TOTAL

NET

ASSETS

-

100.00%

$

1,407,425

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,907

or

0.21%

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

$3,774

or

0.27%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Non-income

producing

security

(f) Security

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

$14,653

or

1.04%

of

net

assets.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

8,776

$

1,055,228

$

1,056,106

$

7,898

$

8,776

$

1,055,228

$

1,056,106

$

7,898

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

3.56%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

eMini

MSCI

EAFE;

March

2026

Long

$

4,431

$

Total

$

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

International

Small

Company

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.64

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.64

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(a),(b)

565,212

$

565

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(a),(b),(c)

11,576,802

11,577

$

12,142

TOTAL

INVESTMENT

COMPANIES

$

12,142

COMMON

STOCKS

-

.45

%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

.20

%

Tkms

AG&

Co

KGaA

(d) 8,215

$

932

Apparel

-

.06

%

Gildan

Activewear

Inc

71,700

4,887

Automobile

Parts

&

Equipment

-

.13

%

Nifco

Inc/Japan

147,200

5,217

Banks

-

.39

%

Banca

Mediolanum

SpA

233,613

5,011

Banco

Comercial

Portugues

SA

4,671,415

4,907

BAWAG

Group

AG

(e) 28,824

4,464

Judo

Capital

Holdings

Ltd

(d) 2,412,642

2,957

Mebuki

Financial

Group

Inc

745,300

6,392

Yokohama

Financial

Group

Inc

523,700

5,654

$

29,385

Beverages

-

.44

%

Lifedrink

Co

Inc

278,000

2,174

Royal

Unibrew

A/S

45,067

4,442

$

6,616

Building

Materials

-

.54

%

Breedon

Group

PLC

516,333

2,485

Chemicals

-

.19

%

ADEKA

Corp

169,500

5,201

Croda

International

PLC

82,533

3,445

Fuso

Chemical

Co

Ltd

105,600

6,468

NOF

Corp

206,500

4,144

$

19,258

Commercial

Services

-

.04

%

BOYD

GROUP

INC

35,800

6,249

Dai

Nippon

Printing

Co

Ltd

251,100

5,219

Elis

SA

177,761

5,703

GMO

Payment

Gateway

Inc

45,900

2,380

Securitas

AB

203,430

3,620

$

23,171

Computers

-

.48

%

Computacenter

PLC

92,702

3,952

Sopra

Steria

Group

18,340

2,836

$

6,788

Distribution

&

Wholesale

-

.68

%

Rexel

SA

115,395

4,998

Sojitz

Corp

161,600

7,311

$

12,309

Diversified

Financial

Services

-

.59

%

Credit

Saison

Co

Ltd

112,100

3,413

flatexDEGIRO

SE

106,672

3,865

IG

Group

Holdings

PLC

263,295

4,619

$

11,897

Electric

-

.18

%

Algonquin

Power

&

Utilities

Corp

750,000

5,245

Hera

SpA

979,515

5,115

Tohoku

Electric

Power

Co

Inc

513,500

4,256

$

14,616

Electrical

Components

&

Equipment

-

.28

%

SWCC

Corp

59,800

5,883

Electronics

-

.15

%

NKT

A/S

(d) 37,656

4,867

SCREEN

Holdings

Co

Ltd

34,500

5,030

$

9,897

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Engineering

&

Construction

-

.13

%

Balfour

Beatty

PLC

461,976

$

4,733

Kandenko

Co

Ltd

137,900

6,161

Kinden

Corp

111,100

6,024

Stantec

Inc

36,090

3,342

Technip

Energies

NV

76,774

3,326

$

23,586

Entertainment

-

.06

%

Sportradar

Group

AG

(d) 266,337

4,863

Food

-

.71

%

Cranswick

PLC

66,606

4,868

Kotobuki

Spirits

Co

Ltd

228,200

2,906

Toyo

Suisan

Kaisha

Ltd

59,700

4,696

$

12,470

Healthcare

-

Products

-

.41

%

Convatec

Group

PLC

(e) 1,036,526

3,576

Menicon

Co

Ltd

285,700

3,487

Smith

&

Nephew

PLC

217,773

4,020

$

11,083

Home

Builders

-

.59

%

Bellway

PLC

73,142

2,735

Home

Furnishings

-

.87

%

JVCKenwood

Corp

483,500

4,015

Insurance

-

.33

%

ASR

Nederland

NV

52,351

3,804

AUB

Group

Ltd

157,592

2,841

Phoenix

Financial

Ltd

80,118

4,096

$

10,741

Internet

-

.91

%

Scout24

SE

(e) 49,140

4,177

Iron

&

Steel

-

.88

%

Japan

Steel

Works

Ltd/The

61,200

3,978

thyssenkrupp

AG

377,515

4,658

$

8,636

Leisure

Products

&

Services

-

.81

%

Flight

Centre

Travel

Group

Ltd

(f) 405,492

3,720

Lodging

-

.90

%

MGM

China

Holdings

Ltd

2,581,600

4,128

Machinery

-

Construction

&

Mining

-

.15

%

Weir

Group

PLC/The

111,191

5,274

Machinery

-

Diversified

-

.34

%

ATS

Corp

(d) 93,600

2,988

IMI

PLC

151,253

5,868

KION

Group

AG

73,491

4,988

Organo

Corp

55,400

6,137

$

19,981

Media

-

.70

%

Synspective

Inc

(d),(f)

297,800

2,579

TV

Asahi

Holdings

Corp

242,400

5,247

$

7,826

Mining

-

.58

%

Aris

Mining

Corp

(d) 217,500

4,927

Capstone

Copper

Corp

(d) 288,700

2,986

Genesis

Minerals

Ltd

(d) 1,070,063

5,694

NGEx

Minerals

Ltd

(d) 189,027

4,368

Novagold

Resources

Inc

(d) 402,200

5,366

OR

Royalties

Inc

130,400

6,179

Osisko

Development

Corp

(d) 1,078,033

5,137

PLS

Group

Ltd

(d) 1,370,964

5,045

Solaris

Resources

Inc

(d) 406,100

4,377

$

44,079

Miscellaneous

Manufacturers

-

.80

%

Amano

Corp

102,700

2,691

Chemring

Group

PLC

246,774

1,774

Trelleborg

AB

87,408

3,831

$

8,296

Office

&

Business

Equipment

-

.74

%

Canon

Marketing

Japan

Inc

75,800

3,396

Schedule

of

Investments

International

Small

Company

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Oil

&

Gas

-

.13

%

ARC

Resources

Ltd

269,300

$

4,995

Whitecap

Resources

Inc

481,980

4,812

$

9,807

Oil

&

Gas

Services

-

.20

%

SBM

Offshore

NV

142,941

5,522

Packaging

&

Containers

-

.93

%

Toyo

Seikan

Group

Holdings

Ltd

163,500

4,271

Pharmaceuticals

-

.98

%

Abivax

SA

ADR

(d) 13,789

1,672

Ascendis

Pharma

A/S

ADR

(d) 10,780

2,517

Laboratorios

Farmaceuticos

Rovi

SA

34,504

3,451

Zealand

Pharma

A/S

(d) 25,196

1,459

$

9,099

Pipelines

-

.12

%

Gibson

Energy

Inc

238,900

5,133

Private

Equity

-

.79

%

ICG

PLC

162,470

3,657

Real

Estate

-

.27

%

CTP

NV

(e) 201,256

4,273

TAG

Immobilien

AG

245,827

4,795

Tokyo

Tatemono

Co

Ltd

212,700

5,951

$

15,019

REITs

-

.86

%

Invincible

Investment

Corp

9,323

3,959

KDX

Realty

Investment

Corp

4,002

4,356

Keppel

DC

REIT

2,434,996

4,443

Merlin

Properties

Socimi

SA

312,477

5,518

Stockland

1,116,191

4,059

$

22,335

Retail

-

.68

%

Food

&

Life

Cos

Ltd

89,600

5,782

JINS

Holdings

Inc

69,000

2,346

Monogatari

Corp/The

130,400

4,179

$

12,307

Semiconductors

-

.93

%

Nova

Ltd

(d) 9,739

4,274

Software

-

.86

%

Cellebrite

DI

Ltd

(d) 327,206

4,365

Descartes

Systems

Group

Inc/The

(d) 65,200

4,312

JMDC

Inc

95,200

2,538

TIS

Inc

94,700

1,957

$

13,172

Telecommunications

-

.73

%

Gamma

Communications

PLC

278,136

3,358

Transportation

-

.71

%

Hiab

Oyj

62,570

3,595

Kamigumi

Co

Ltd

129,300

4,815

Kyushu

Railway

Co

160,500

4,078

$

12,488

TOTAL

COMMON

STOCKS

$

452,789

Total

Investments

$

464,931

Other

Assets

and

Liabilities

- (1.09)%

(4,994)

TOTAL

NET

ASSETS

-

100.00%

$

459,937

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$6,135

or

1.33%

of

net

assets.

(c) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d) 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

$16,490

or

3.59%

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

$5,845

or

1.27%

of

net

assets.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

6,520

$

198,020

$

192,963

$

11,577

$

6,520

$

198,020

$

192,963

$

11,577

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

3.56%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Opportunistic

Municipal

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

0.83%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.83%

iShares

Short-Term

National

Muni

Bond

ETF

1,000

$

JPMorgan

Ultra-Short

Municipal

Income

ETF

—

State

Street

SPDR

Nuveen

ICE

High

Yield

Municipal

Bond

ETF

26,778

682

VanEck

High

Yield

Muni

ETF

14,241

735

VanEck

Short

High

Yield

Muni

ETF

1,000

$

1,547

TOTAL

INVESTMENT

COMPANIES

$

1,547

COMMON

STOCKS

-

0.03%

Shares

Held

Value

(000's)

Transportation

-

0.03%

BL

Train

Holdings

West

LLC

-

Warrants

(a),(b)

21,024

$

TOTAL

COMMON

STOCKS

$

MUNICIPAL

BONDS

-

106.90%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

6.72%

Baldwin

County

Industrial

Development

Authority

4.62%,

06/01/2055

(c),(d)

$

1,000

$

1,027

County

of

Jefferson

AL

Sewer

Revenue

5.25%,

10/01/2049

1,800

1,896

Lower

Alabama

Gas

District/The

5.00%,

09/01/2046

3,355

3,657

Mobile

County

Industrial

Development

Authority

4.75%,

12/01/2054

3,000

2,870

Tuscaloosa

County

Industrial

Development

Authority

5.25%,

05/01/2044

(d) 3,003

3,042

$

12,492

Arizona

-

1.91%

Arizona

Industrial

Development

Authority

2.00%,

01/01/2059

1,171

Maricopa

County

Industrial

Development

Authority

4.00%,

10/15/2047

(d) 1,000

885

Navajo

Nation

5.50%,

12/01/2030

(d) 2,500

2,504

$

3,561

Arkansas

-

2.25%

Arkansas

Development

Finance

Authority

4.75%,

09/01/2049

(d) 1,000

1,021

5.45%,

09/01/2052

1,000

1,008

6.88%,

07/01/2048

(d) 2,000

2,158

$

4,187

California

-

10.32%

Alameda

Corridor

Transportation

Authority

(credit

support

from

Assured

Guaranty)

5.00%,

10/01/2052

(e) 1,000

1,037

Bay

Area

Toll

Authority

2.60%,

04/01/2056

California

Educational

Facilities

Authority

5.00%,

05/01/2049

5.00%,

04/01/2051

2,200

2,533

California

Infrastructure

&

Economic

Development

Bank

12.00%,

01/01/2065

(c),(d)

1,275

689

California

Pollution

Control

Financing

Authority

5.00%,

07/01/2038

(d) 1,115

1,220

California

Public

Finance

Authority

6.50%,

06/01/2054

(d) 5,000

4,878

6.75%,

07/01/2065

(d) 2,500

2,694

California

Statewide

Financing

Authority

6.00%,

05/01/2043

1,000

1,021

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2037

(f) 1,421

1,564

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.25%,

05/01/2049

1,500

1,587

State

of

California

5.00%,

08/01/2045

1,000

1,119

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

California

(continued)

Tender

Option

Bond

Trust

Receipts/Certificates

1.80%,

05/01/2028

(c),(d)

$

$

1.80%,

11/01/2043

(c),(d)

$

19,192

Colorado

-

0.54%

Regional

Transportation

District

4.00%,

07/15/2040

1,000

1,001

Connecticut

-

0.92%

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(d) 1,700

1,714

Florida

-

12.78%

City

of

Gainesville

FL

Utilities

System

Revenue

1.90%,

10/01/2042

(c) 300

County

of

Miami-Dade

FL

Aviation

Revenue

5.00%,

10/01/2049

(f) 3,000

3,020

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue

5.00%,

10/01/2055

1,000

1,043

County

of

Palm

Beach

FL

5.75%,

10/01/2065

(d) 1,000

1,036

Florida

Development

Finance

Corp

4.38%,

10/01/2054

(c),(d)

2,000

2,030

4.45%,

07/01/2037

(c),(d)

2,000

2,042

5.25%,

08/01/2029

(d) 1,000

1,040

5.25%,

08/01/2055

1,000

1,028

6.13%,

07/01/2032

(c),(d)

2,000

2,003

Greater

Orlando

Aviation

Authority

5.25%,

10/01/2049

(f) 2,000

2,103

5.50%,

11/01/2037

1,500

1,644

Ocean

Highway

&

Port

Authority

5.50%,

12/01/2049

(d) 1,500

1,212

Palm

Beach

County

Health

Facilities

Authority

5.25%,

11/01/2055

610

621

5.75%,

11/01/2050

1,000

1,061

7.63%,

05/15/2058

1,000

1,113

Village

Community

Development

District

No

4.80%,

05/01/2055

(d) 1,500

1,461

Village

Community

Development

District

No

5.13%,

05/01/2056

1,000

1,005

$

23,762

Georgia

-

4.42%

Atlanta

Development

Authority/The

0.00%,

12/15/2048

(a),(d)

4,000

3,643

5.50%,

04/01/2039

(d) 2,000

2,095

Development

Authority

of

Burke

County/The

1.85%,

11/01/2052

(c) 500

500

2.05%,

07/01/2049

(c) 400

George

L

Smith

II

Congress

Center

Authority

5.00%,

01/01/2036

(d) 1,528

1,586

$

8,224

Illinois

-

5.89%

City

of

Chicago

IL

6.00%,

01/01/2050

1,500

1,578

Illinois

State

Toll

Highway

Authority

4.00%,

01/01/2046

590

555

5.00%,

01/01/2040

(f) 5,000

5,013

5.00%,

01/01/2047

(f) 600

640

5.25%,

01/01/2043

(f) 1,500

1,657

State

of

Illinois

5.50%,

05/01/2047

1,435

1,513

$

10,956

Indiana

-

0.46%

City

of

Whiting

IN

3.00%,

11/01/2051

1,145

853

Kansas

-

0.52%

City

of

Wichita

KS

6.00%,

05/15/2054

1,000

974

Schedule

of

Investments

Opportunistic

Municipal

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Kentucky

-

0.54%

City

of

Henderson

KY

4.45%,

01/01/2042

(d) $

1,000

$

1,011

Louisiana

-

2.78%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

4.40%,

11/01/2044

(d) 700

702

5.50%,

11/01/2039

(d) 400

5.65%,

11/01/2037

(d) 600

632

Louisiana

Public

Facilities

Authority

0.00%,

07/01/2039

(a) 278

—

Parish

of

St

James

LA

2.20%,

11/01/2040

(c) 100

6.35%,

10/01/2040

(d) 3,000

3,317

$

5,169

Maine

-

0.58%

Finance

Authority

of

Maine

5.00%,

08/01/2035

(d) 1,000

1,083

Maryland

-

0.30%

Maryland

Stadium

Authority

(credit

support

from

State

Intercept

Program)

0.00%,

05/01/2051

(a),(e)

1,500

Tender

Option

Bond

Trust

Receipts/Certificates

2.07%,

07/01/2032

(c),(d)

$

555

Michigan

-

0.81%

City

of

Detroit

MI

5.00%,

04/01/2050

1,000

1,012

Michigan

State

Building

Authority

1.98%,

04/15/2058

(c) 500

500

$

1,512

Mississippi

-

0.49%

Mississippi

Business

Finance

Corp

2.00%,

11/01/2035

(c) 400

2.00%,

11/01/2035

(c) 320

2.07%,

12/01/2030

(c) 200

$

920

Montana

-

0.76%

City

of

Kalispell

MT

5.25%,

05/15/2037

1,400

1,412

Nevada

-

1.12%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(f) 1,400

1,449

5.25%,

07/01/2049

(f) 600

630

State

of

Nevada

Department

of

Business

&

Industry

0.00%,

12/15/2037

(a),(d)

702

—

$

2,079

New

Hampshire

-

1.10%

New

Hampshire

Business

Finance

Authority

4.38%,

09/20/2036

951

991

New

Hampshire

Health

and

Education

Facilities

Authority

Act

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

5.00%,

08/01/2059

(e) 1,000

1,061

$

2,052

New

Jersey

-

0.68%

New

Jersey

Transportation

Trust

Fund

Authority

5.25%,

06/15/2050

1,000

1,061

Tender

Option

Bond

Trust

Receipts/Certificates

1.85%,

03/01/2032

(c),(d)

$

1,261

New

York

-

18.04%

Albany

Capital

Resource

Corp

5.50%,

05/01/2055

1,000

1,070

Build

NYC

Resource

Corp

7.00%,

12/15/2065

(d) 1,000

1,003

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

New

York

(continued)

Genesee

County

Funding

Corp/The

5.50%,

12/01/2055

$

1,000

$

1,044

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

5.50%,

05/01/2042

1,000

1,142

New

York

Liberty

Development

Corp

5.25%,

10/01/2035

1,300

1,558

New

York

State

Dormitory

Authority

5.00%,

10/01/2048

(f) 500

564

5.00%,

10/01/2050

(f) 1,000

1,119

5.25%,

10/01/2049

2,000

2,036

5.50%,

05/01/2049

3,200

3,351

New

York

State

Environmental

Facilities

Corp

5.12%,

09/01/2050

(c),(d)

1,000

1,055

New

York

Transportation

Development

Corp

4.00%,

10/31/2041

1,000

987

5.00%,

01/01/2034

1,000

1,032

5.38%,

08/01/2036

1,050

1,107

5.63%,

04/01/2040

1,000

1,070

6.00%,

06/30/2054

1,100

1,154

6.00%,

06/30/2059

2,000

2,133

New

York

Transportation

Development

Corp

(credit

support

from

Assured

Guaranty)

5.50%,

06/30/2044

(e) 1,210

1,286

Oneida

Indian

Nation

of

New

York

6.00%,

09/01/2043

(d) 3,000

3,278

Suffolk

Regional

Off-Track

Betting

Corp

6.00%,

12/01/2053

3,000

3,069

Westchester

County

Local

Development

Corp

6.38%,

12/01/2055

(d),(g)

1,000

1,028

6.50%,

12/01/2065

(d),(g)

1,500

1,545

Western

Regional

Off-Track

Betting

Corp

4.13%,

12/01/2041

(d) 2,000

1,914

$

33,545

North

Carolina

-

0.85%

Charlotte-Mecklenburg

Hospital

Authority/The

1.90%,

01/15/2048

(c) 500

500

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

4.20%,

05/01/2034

1,000

1,075

$

1,575

Ohio

-

3.45%

Buckeye

Tobacco

Settlement

Financing

Authority

5.00%,

06/01/2055

2,650

2,188

Cleveland-Cuyahoga

County

Port

Authority

4.00%,

12/01/2055

(d) 800

622

4.50%,

12/01/2055

(d) 1,210

983

County

of

Hamilton

OH

5.50%,

08/01/2051

1,000

1,030

Ohio

Air

Quality

Development

Authority

4.50%,

01/15/2048

(d) 1,000

952

State

of

Ohio

2.15%,

01/15/2045

(c) 250

2.15%,

01/15/2049

(c) 400

$

6,425

Oklahoma

-

0.81%

Tender

Option

Bond

Trust

Receipts/

Certificates

(credit

support

from

Build

America

Mutual

Assurance

Corp

-

Transfer

Custodial

Receipt)

1.94%,

07/01/2026

(c),(d),(e)

500

500

Tulsa

County

Industrial

Authority

5.25%,

11/15/2045

1,000

1,005

$

1,505

Oregon

-

0.16%

Port

of

Portland

OR

Airport

Revenue

2.10%,

07/01/2026

(c) 290

Schedule

of

Investments

Opportunistic

Municipal

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Pennsylvania

-

4.96%

Lancaster

County

Hospital

Authority/PA

5.00%,

07/01/2045

$

1,000

$

1,000

Pennsylvania

Economic

Development

Financing

Authority

5.45%,

01/01/2051

(c),(d)

2,000

2,193

5.50%,

11/01/2044

2,000

2,001

6.88%,

09/01/2047

(d) 2,000

2,155

Philadelphia

Authority

for

Industrial

Development

4.00%,

07/01/2049

2,000

1,877

$

9,226

Puerto

Rico

-

2.43%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2033

(a) 133

0.00%,

11/01/2043

(a),(c)

4.00%,

07/01/2033

4.00%,

07/01/2037

4.00%,

07/01/2041

4.00%,

07/01/2046

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

6.75%,

01/01/2045

1,480

1,695

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

5.00%,

07/01/2058

2,325

2,277

$

4,525

Rhode

Island

-

0.53%

Rhode

Island

Health

and

Educational

Building

Corp

(credit

support

from

Assured

Guaranty)

5.00%,

07/01/2065

(e) 1,000

994

South

Carolina

-

0.47%

South

Carolina

Jobs-Economic

Development

Authority

0.00%,

06/01/2040

(a),(d)

1,000

0.00%,

06/01/2051

(a),(d)

2,000

5.25%,

11/15/2052

560

550

$

880

Tennessee

-

0.97%

Metropolitan

Nashville

Airport

Authority/The

5.25%,

07/01/2056

1,000

1,046

Nashville

Metropolitan

Development

&

Housing

Agency

5.13%,

06/01/2036

(d) 750

766

$

1,812

Texas

-

6.67%

City

of

Houston

TX

Airport

System

Revenue

4.00%,

07/01/2041

1,000

945

4.00%,

07/15/2041

500

5.50%,

07/15/2038

1,500

1,650

New

Hope

Cultural

Education

Facilities

Finance

Corp

6.50%,

07/01/2056

(d) 4,200

4,197

Port

of

Beaumont

Navigation

District

4.00%,

01/01/2050

(d) 3,000

2,355

5.13%,

01/01/2044

(d) 1,000

1,001

5.25%,

01/01/2054

(d) 505

Port

of

Port

Arthur

Navigation

District

2.10%,

05/01/2033

(c) 300

Tarrant

County

Cultural

Education

Facilities

Finance

Corp

4.13%,

12/01/2054

1,000

914

Texas

Municipal

Gas

Acquisition

and

Supply

Corp

I

6.25%,

12/15/2026

$

12,399

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Utah

-

4.64%

City

of

Salt

Lake

City

UT

Airport

Revenue

5.00%,

07/01/2040

(f) $

960

$

1,070

5.25%,

07/01/2042

(f) 960

1,072

5.50%,

07/01/2050

(f) 640

684

5.50%,

07/01/2055

(f) 640

676

Mida

Mountain

Village

Public

Infrastructure

District

5.13%,

06/15/2054

(d) 1,500

1,501

6.00%,

06/15/2054

(d) 1,500

1,547

Tech

Ridge

Public

Infrastructure

District

6.25%,

12/01/2054

(d) 2,000

2,079

$

8,629

Virginia

-

1.02%

Virginia

Beach

Development

Authority

7.00%,

09/01/2059

1,000

1,097

Virginia

Small

Business

Financing

Authority

4.00%,

01/01/2039

800

805

$

1,902

Washington

-

0.55%

Washington

Economic

Development

Finance

Authority

5.87%,

12/01/2045

(c) 1,000

1,017

West

Virginia

-

0.59%

West

Virginia

Economic

Development

Authority

5.45%,

01/01/2055

(c),(d)

1,000

1,096

Wisconsin

-

4.87%

Appleton

Redevelopment

Authority

2.35%,

06/01/2036

(c) 1,000

1,000

Public

Finance

Authority

5.00%,

09/01/2039

(d) 1,000

1,029

5.00%,

06/01/2041

(d) 1,000

1,023

5.25%,

06/15/2055

1,000

1,010

5.50%,

06/15/2055

750

760

5.75%,

06/15/2055

750

748

5.75%,

06/30/2060

1,000

1,047

6.50%,

06/30/2060

1,135

1,263

Tender

Option

Bond

Trust

Receipts/Certificates

2.16%,

07/01/2028

(c),(d)

Wisconsin

Health

&

Educational

Facilities

Authority

6.50%,

07/01/2033

7.00%,

07/01/2043

500

$

9,052

TOTAL

MUNICIPAL

BONDS

$

198,842

Total

Investments

$

200,431

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(7.29)%

Notes

with

interest

rates

of

1.91%

-2.00%

at

February

28,

2026

and

contractual

maturity

of

collateral

from

2026-2049.

(h) $

(13,560)

(13,560)

Total

Net

Investments

$

186,871

Other

Assets

and

Liabilities

- (0.47)%

(868) TOTAL

NET

ASSETS

-

100.00%

$

186,003

(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

$82,797

or

44.51%

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.

Schedule

of

Investments

Opportunistic

Municipal

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

(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

February

28,

2026. Schedule

of

Investments

Small-MidCap

Dividend

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.26

%

Shares

Held

Value

(000's)

Money

Market

Funds

-

.26

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(a),(b)

2,004,389

$

2,004

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(a),(b),(c)

35,694,714

35,695

$

37,699

TOTAL

INVESTMENT

COMPANIES

$

37,699

COMMON

STOCKS

-

.56

%

Shares

Held

Value

(000's)

Advertising

-

.54

%

Omnicom

Group

Inc

106,393

$

9,074

Banks

-

.21

%

Cullen/Frost

Bankers

Inc

232,693

32,162

East

West

Bancorp

Inc

372,151

40,732

ServisFirst

Bancshares

Inc

335,599

27,187

Wintrust

Financial

Corp

254,386

36,647

$

136,728

Building

Materials

-

.87

%

Owens

Corning

118,669

14,486

Chemicals

-

.27

%

RPM

International

Inc

184,787

21,088

Commercial

Services

-

.71

%

Service

Corp

International/US

186,856

15,730

Verisk

Analytics

Inc

61,649

12,796

$

28,526

Computers

-

.83

%

Amdocs

Ltd

320,598

22,378

Leidos

Holdings

Inc

191,164

33,473

Western

Digital

Corp

28,653

8,014

$

63,865

Consumer

Products

-

.39

%

Avery

Dennison

Corp

118,303

23,229

Distribution

&

Wholesale

-

.81

%

LKQ

Corp

494,889

16,386

Watsco

Inc

(d) 32,808

13,692

$

30,078

Diversified

Financial

Services

-

.66

%

Federal

Agricultural

Mortgage

Corp

148,529

23,417

Hamilton

Lane

Inc

291,314

30,570

Raymond

James

Financial

Inc

154,114

23,592

$

77,579

Electric

-

.52

%

Alliant

Energy

Corp

276,068

19,971

IDACORP

Inc

159,089

22,904

NRG

Energy

Inc

88,069

15,761

$

58,636

Electrical

Components

&

Equipment

-

.63

%

Littelfuse

Inc

77,218

27,216

Electronics

-

.93

%

Hubbell

Inc

61,941

31,691

nVent

Electric

PLC

297,270

35,185

TD

SYNNEX

Corp

96,806

15,180

$

82,056

Engineering

&

Construction

-

.74

%

Comfort

Systems

USA

Inc

20,253

28,949

Entertainment

-

.47

%

Warner

Music

Group

Corp

271,112

7,754

Food

-

.55

%

Ingredion

Inc

242,298

28,460

Marzetti

Company/The

85,621

14,071

$

42,531

Gas

-

.51

%

NiSource

Inc

532,490

25,187

Hand

&

Machine

Tools

-

.36

%

Lincoln

Electric

Holdings

Inc

83,970

24,104

MSA

Safety

Inc

116,991

22,861

Snap-on

Inc

66,532

25,629

$

72,594

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Healthcare

-

Products

-

.24

%

Bio-Techne

Corp

264,932

$

15,631

STERIS

PLC

151,855

38,321

$

53,952

Healthcare

-

Services

-

.61

%

Concentra

Group

Holdings

Parent

Inc

935,137

22,406

Quest

Diagnostics

Inc

177,606

37,636

$

60,042

Home

Builders

-

.15

%

LCI

Industries

143,699

19,141

Insurance

-

.22

%

Assured

Guaranty

Ltd

251,272

21,662

Equitable

Holdings

Inc

615,781

24,767

Fidelity

National

Financial

Inc

451,317

23,865

$

70,294

Iron

&

Steel

-

.28

%

Reliance

Inc

67,634

21,348

Leisure

Products

&

Services

-

.15

%

Acushnet

Holdings

Corp

263,488

26,963

Brunswick

Corp/DE

319,589

25,445

$

52,408

Lodging

-

.07

%

Hyatt

Hotels

Corp

(d) 110,713

17,880

Machinery

-

Diversified

-

.80

%

AGCO

Corp

224,579

30,655

Crane

Co

144,367

28,950

Nordson

Corp

69,150

20,291

$

79,896

Media

-

.51

%

Nexstar

Media

Group

Inc

99,903

25,078

Metal

Fabrication

&

Hardware

-

.42

%

Timken

Co/The

218,018

23,629

Oil

&

Gas

-

.15

%

Expand

Energy

Corp

108,416

11,700

HF

Sinclair

Corp

235,964

11,801

Magnolia

Oil

&

Gas

Corp

302,737

8,422

Permian

Resources

Corp

1,120,046

20,486

$

52,409

Packaging

&

Containers

-

.26

%

Packaging

Corp

of

America

162,329

37,683

Pipelines

-

.46

%

DT

Midstream

Inc

101,548

14,099

Targa

Resources

Corp

113,699

26,810

$

40,909

REITs

-

.49

%

Agree

Realty

Corp

334,802

26,945

BXP

Inc

167,788

9,661

Camden

Property

Trust

122,419

13,263

Cousins

Properties

Inc

521,551

12,079

EastGroup

Properties

Inc

103,422

20,303

Essential

Properties

Realty

Trust

Inc

627,948

21,313

Four

Corners

Property

Trust

Inc

476,069

12,149

Regency

Centers

Corp

182,943

14,453

Terreno

Realty

Corp

169,806

11,217

$

141,383

Retail

-

.97

%

Dick's

Sporting

Goods

Inc

113,713

23,156

Domino's

Pizza

Inc

26,457

10,649

Williams-Sonoma

Inc

157,030

32,293

$

66,098

Semiconductors

-

.46

%

Amkor

Technology

Inc

793,061

37,924

MKS

Inc

216,520

52,931

$

90,855

Shipbuilding

-

.27

%

Huntington

Ingalls

Industries

Inc

47,692

21,200

Schedule

of

Investments

Small-MidCap

Dividend

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

(000's)

Transportation

-

.05

%

CH

Robinson

Worldwide

Inc

94,529

$

17,511

TOTAL

COMMON

STOCKS

$

1,641,292

Total

Investments

$

1,678,991

Other

Assets

and

Liabilities

- (0.82)%

(13,701)

TOTAL

NET

ASSETS

-

100.00%

$

1,665,290

(a) 1-day

yield

shown

is

as

of

period

end.

(b) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$21,554

or

1.29%

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

$20,938

or

1.26%

of

net

assets.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

21,309

$

231,376

$

216,990

$

35,695

$

21,309

$

231,376

$

216,990

$

35,695

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

3.56%

$

$

—

$

—

$

—

$

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.83

%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

.76

%

Invesco

Preferred

ETF

(a) 3,431,414

$

39,118

Money

Market

Funds

-

.07

%

BlackRock

Liquidity

FedFund

-

Institutional

Class

3.56%

(b),(c)

6,428,478

6,428

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

(b),(c),(d)

101,002,574

101,003

$

107,431

TOTAL

INVESTMENT

COMPANIES

$

146,549

CONVERTIBLE

PREFERRED

STOCKS

-

.06

%

Shares

Held

Value

(000's)

Banks

-

.06

%

Wells

Fargo

&

Co

7.50%

(e) 2,374

$

2,925

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

2,925

PREFERRED

STOCKS

-

.56

%

Shares

Held

Value

(000's)

Banks

-

.76

%

Bank

of

America

Corp

4.25%,

11/17/2026

(e) 7,500

$

Bank

of

America

Corp

4.38%,

04/01/2026

(e) 293,847

5,407

Bank

of

America

Corp

4.58%,

04/02/2026

(e) 200,640

3,902

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.91%

Bank

of

New

York

Mellon

Corp/The

6.15%,

03/20/2030

(e) 871,531

22,494

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.16%

Citigroup

Inc

0.00%,

02/15/2031

(e),(f)

149,910

3,808

Citizens

Financial

Group

Inc

5.00%,

04/06/2026

(e) 15,373

Citizens

Financial

Group

Inc

6.50%,

10/06/2030

(e) 609,059

15,537

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

Citizens

Financial

Group

Inc

7.38%,

07/06/2029

(e) 669,818

17,583

Cullen/Frost

Bankers

Inc

4.45%,

06/15/2026

(e) 298,372

5,350

Fifth

Third

Bancorp

0.00%,

10/01/2030

(e),(f)

54,147

1,394

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

First

Horizon

Corp

4.70%,

07/10/2026

(e) 2,478

First

Horizon

Corp

6.50%,

04/10/2026

(e) 5,587

Goldman

Sachs

Group

Inc/The

4.59%,

04/02/2026

(a),(e)

31,810

633

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.93%

Huntington

Bancshares

Inc/OH

6.88%,

04/15/2028

(a),(e)

67,019

1,722

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.70%

JPMorgan

Chase

&

Co

4.75%,

06/01/2026

(e) 109,347

2,235

JPMorgan

Chase

&

Co

5.75%,

06/01/2026

(a),(e)

7,628

KeyCorp

5.65%,

06/15/2026

(e) 57,334

1,251

KeyCorp

6.13%,

12/15/2026

(a),(e)

725,741

18,354

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%

KeyCorp

6.20%,

12/15/2027

(e) 388,382

9,942

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

M&T

Bank

Corp

5.63%,

12/15/2026

(e) 11,592

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.28%

M&T

Bank

Corp

6.35%,

12/15/2030

(e) 210,186

5,297

M&T

Bank

Corp

7.50%,

06/15/2029

(e) 150,526

4,042

Morgan

Stanley

5.85%,

04/15/2027

(e) 629,481

15,630

Month

USD

LIBOR

+

3.49%

Morgan

Stanley

6.50%,

10/15/2027

(e) 440,682

11,374

Morgan

Stanley

6.63%,

10/15/2029

(a),(e)

467,149

12,333

Northern

Trust

Corp

4.70%,

07/01/2026

(e) 206,006

4,075

Regions

Financial

Corp

4.45%,

06/15/2026

(a),(e)

311,305

5,479

Regions

Financial

Corp

5.70%,

05/15/2029

(e) 338,586

8,309

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.41%

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Banks

(continued)

Regions

Financial

Corp

6.95%,

09/15/2029

(e) 845,886

$

21,908

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

Truist

Financial

Corp

4.75%,

06/01/2026

(e) 462,909

8,911

UMB

Financial

Corp

7.75%,

07/15/2030

(e) 447,600

11,996

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.74%

US

Bancorp

4.00%,

04/15/2026

(e) 54,816

914

US

Bancorp

4.53%,

04/02/2026

(a),(e)

116,001

2,198

CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.86%

US

Bancorp

5.50%,

04/02/2026

(a),(e)

117,583

2,760

Webster

Financial

Corp

5.25%,

04/02/2026

(e) 194,856

4,053

Webster

Financial

Corp

6.50%,

03/31/2026

(e) 37,427

931

Wells

Fargo

&

Co

4.38%,

06/15/2026

(e) 33,835

615

Wells

Fargo

&

Co

4.70%,

06/15/2026

(e) 39,138

763

Wells

Fargo

&

Co

4.75%,

06/15/2026

(e) 73,015

1,451

Wintrust

Financial

Corp

7.88%,

07/15/2030

(e) 467,120

12,472

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%

$

246,232

Diversified

Financial

Services

-

.55

%

Affiliated

Managers

Group

Inc

4.20%,

09/30/2061

178,026

2,786

Affiliated

Managers

Group

Inc

4.75%,

09/30/2060

14,241

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

147,028

3,111

Capital

One

Financial

Corp

4.25%,

09/01/2026

(e) 103,648

1,710

Capital

One

Financial

Corp

4.80%,

06/01/2026

(e) 227,766

4,230

Capital

One

Financial

Corp

5.00%,

06/01/2026

(e) 252,621

4,962

Stifel

Financial

Corp

4.50%,

08/15/2026

(a),(e)

558,669

9,699

Stifel

Financial

Corp

6.13%,

04/02/2026

(a),(e)

5,715

Voya

Financial

Inc

5.35%,

09/15/2029

(e) 62,038

1,493

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

$

28,378

Electric

-

.41

%

CMS

Energy

Corp

5.88%,

03/01/2079

142,374

3,314

CMS

Energy

Corp

5.88%,

10/15/2078

(a) 283,450

6,647

DTE

Energy

Co

4.38%,

12/01/2081

342,879

5,932

DTE

Energy

Co

5.25%,

12/01/2077

381,382

8,478

DTE

Energy

Co

6.25%,

10/01/2085

188,292

4,717

Entergy

Arkansas

LLC

4.88%,

09/01/2066

(a) 42,249

893

Entergy

Louisiana

LLC

4.88%,

09/01/2066

125,440

2,588

Entergy

Texas

Inc

5.38%,

04/02/2026

(a),(e)

42,934

1,015

Georgia

Power

Co

5.00%,

10/01/2077

143,095

3,328

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

(a) 98,197

2,350

NextEra

Energy

Capital

Holdings

Inc

6.50%,

06/01/2085

304,235

7,715

Southern

Co/The

4.95%,

01/30/2080

248,873

5,199

Southern

Co/The

5.25%,

12/01/2077

(a) 550,514

12,188

Xcel

Energy

Inc

6.25%,

10/15/2085

349,684

8,725

$

73,089

Gas

-

.02

%

Spire

Inc

0.00%,

03/01/2086

(a),(f)

44,602

1,111

Insurance

-

.25

%

Allstate

Corp/The

4.75%,

04/15/2026

(e) 135,447

2,659

Allstate

Corp/The

5.10%,

04/15/2026

(e) 47,311

1,007

Allstate

Corp/The

7.08%,

01/15/2053

(a) 208,793

5,479

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.43%

Allstate

Corp/The

7.38%,

07/15/2028

(e) 229,165

6,119

American

Financial

Group

Inc/OH

4.50%,

09/15/2060

92,709

1,589

American

Financial

Group

Inc/OH

5.63%,

06/01/2060

(a) 126,716

2,656

American

Financial

Group

Inc/OH

5.88%,

03/30/2059

95,443

2,106

Arch

Capital

Group

Ltd

4.55%,

06/11/2026

(a),(e)

121,539

2,139

Arch

Capital

Group

Ltd

5.45%,

04/01/2026

(e) 54,066

1,124

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000's)

Insurance

(continued)

Assurant

Inc

5.25%,

01/15/2061

41,739

$

856

Corebridge

Financial

Inc

6.38%,

12/15/2064

34,735

818

Equitable

Holdings

Inc

4.30%,

04/01/2026

(e) 538,652

8,920

Equitable

Holdings

Inc

5.25%,

06/15/2026

(e) 461,567

9,499

Globe

Life

Inc

4.25%,

06/15/2061

119,083

2,017

Prudential

Financial

Inc

5.63%,

08/15/2058

169,114

4,093

Prudential

Financial

Inc

5.95%,

09/01/2062

166,189

4,105

RenaissanceRe

Holdings

Ltd

4.20%,

07/15/2026

(e) 236,913

3,781

RenaissanceRe

Holdings

Ltd

5.75%,

04/02/2026

(e) 23,682

526

Unum

Group

6.25%,

06/15/2058

9,636

W

R

Berkley

Corp

4.13%,

03/30/2061

(a) 117,926

2,019

W

R

Berkley

Corp

5.10%,

12/30/2059

150,258

3,062

$

64,799

Pipelines

-

.26

%

TransCanada

PipeLines

Ltd

6.25%,

11/01/2085

(a) 548,349

13,484

REITs

-

.67

%

Digital

Realty

Trust

Inc

5.20%,

04/02/2026

(e) 30,204

625

Digital

Realty

Trust

Inc

5.25%,

04/01/2026

(e) 31,800

669

Digital

Realty

Trust

Inc

5.85%,

04/01/2026

(e) 76,850

1,831

Federal

Realty

Investment

Trust

5.00%,

04/01/2026

(e) 155,168

3,151

Kimco

Realty

Corp

5.13%,

04/02/2026

(e) 110,113

2,239

Kimco

Realty

Corp

5.25%,

04/02/2026

(e) 359,137

7,488

Prologis

Inc

8.54%,

11/13/2026

(e) 107,451

5,700

Public

Storage

3.88%,

04/02/2026

(e) 117,394

1,825

Public

Storage

3.90%,

03/31/2026

(e) 119,562

1,889

Public

Storage

3.95%,

08/17/2026

(e) 79,355

1,262

Public

Storage

4.00%,

06/16/2026

(e) 894,470

14,392

Public

Storage

4.00%,

11/19/2026

(e) 471,069

7,570

Public

Storage

4.10%,

01/13/2027

(e) 128,309

2,108

Public

Storage

4.13%,

04/01/2026

(e) 567,023

9,515

Public

Storage

4.63%,

04/01/2026

(e) 470,706

8,812

Public

Storage

4.70%,

04/02/2026

(e) 332,599

6,286

Public

Storage

4.75%,

04/02/2026

(e) 253,963

4,902

Public

Storage

5.60%,

04/02/2026

(e) 251,400

5,905

Rexford

Industrial

Realty

Inc

5.88%,

04/02/2026

(e) 20,500

$

86,630

Telecommunications

-

.64

%

AT&T

Inc

4.75%,

04/02/2026

(e) 1,678,335

32,694

AT&T

Inc

5.00%,

04/02/2026

(a),(e)

22,144

$

33,156

TOTAL

PREFERRED

STOCKS

$

546,879

BONDS

-

.20

%

Principal

Amount

(000's)

Value

(000's)

Banks

-

.43

%

Banco

Bilbao

Vizcaya

Argentaria

SA

7.75%,

01/14/2032

(e),(g),(h)

$

45,000

$

48,312

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%

9.38%,

03/19/2029

(e),(g),(h)

41,200

45,896

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%

Banco

Santander

SA

8.00%,

02/01/2034

(e),(g),(h)

4,600

5,074

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

9.63%,

11/21/2028

(e),(g),(h)

42,000

46,646

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

9.63%,

05/21/2033

(e),(g),(h)

39,000

47,026

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.30%

Bank

of

America

Corp

6.13%,

04/27/2027

(e),(g)

27,236

27,598

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.25%,

07/26/2030

(e),(g)

86,175

88,671

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Bank

of

America

Corp

(continued)

6.63%,

05/01/2030

(e),(g)

$

48,600

$

50,880

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

8.05%,

06/15/2027

(a) 6,112

6,393

Bank

of

Montreal

6.88%,

11/26/2085

(g) 26,150

26,972

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%

7.30%,

11/26/2084

(g) 17,000

18,101

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

7.70%,

05/26/2084

(g) 37,793

40,031

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%

Bank

of

New

York

Mellon

Corp/The

3.75%,

12/20/2026

(e),(g)

43,050

42,406

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

5.63%,

03/20/2031

(e),(g),(i)

19,200

19,196

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.03%

5.95%,

12/20/2030

(e),(g)

1,100

1,129

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.27%

Bank

of

Nova

Scotia/The

6.88%,

10/27/2085

(g) 55,200

56,994

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

7.35%,

04/27/2085

(g) 25,300

26,535

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%

8.00%,

01/27/2084

(g) 27,045

28,939

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%

8.63%,

10/27/2082

(g) 39,003

41,227

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%

Barclays

PLC

7.63%,

03/15/2035

(e),(g),(h)

18,300

19,431

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.69%

8.00%,

03/15/2029

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

3,600

3,839

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%

9.63%,

12/15/2029

(e),(g),(h)

71,400

80,947

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

5.78%

BNP

Paribas

SA

6.88%,

12/15/2033

(e),(g),(h),(j)

4,800

4,825

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%

7.38%,

09/10/2034

(e),(g),(h),(j)

34,000

35,715

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.54%

7.45%,

06/27/2035

(e),(g),(h),(j)

7,500

7,923

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%

7.75%,

08/16/2029

(e),(g),(h),(j)

50,000

53,220

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.90%

7.75%,

08/16/2029

(e),(g),(h)

10,048

10,694

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.90%

8.00%,

08/22/2031

(e),(g),(h),(j)

20,000

21,844

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.73%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

BNP

Paribas

SA

(continued)

8.50%,

08/14/2028

(e),(g),(h),(j)

$

8,400

$

8,979

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

Canadian

Imperial

Bank

of

Commerce

6.50%,

07/28/2086

(g) 5,000

5,015

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

6.95%,

01/28/2085

(g) 13,600

14,063

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%

7.00%,

10/28/2085

(g) 24,850

25,764

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

Citigroup

Inc

6.50%,

05/15/2031

(e),(g)

19,469

19,761

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

6.63%,

02/15/2031

(e),(g)

68,807

71,131

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

6.75%,

02/15/2030

(a),(e),(g)

15,800

16,163

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.57%

6.88%,

08/15/2030

(e),(g)

11,000

11,278

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

6.95%,

02/15/2030

(e),(g)

10,100

10,384

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%

7.00%,

08/15/2034

(e),(g)

37,855

39,916

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%

7.13%,

08/15/2029

(e),(g)

645

667

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.69%

7.38%,

05/15/2028

(e),(g)

24,600

25,663

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(a),(e),(g)

34,319

34,126

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%

7.07%,

04/06/2026

(a),(e)

2,000

2,001

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.42%

Credit

Agricole

SA

7.13%,

09/23/2035

(e),(g),(h),(j)

61,700

64,907

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.58%

Deutsche

Bank

AG

8.13%,

04/30/2030

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

25,800

27,704

USD

Secured

Overnight

Financing

Rate

Spread-Adj.

ICE

Swap

Rate

Year

+

4.36%

DNB

Bank

ASA

7.38%,

05/30/2029

(e),(g),(h)

4,000

4,208

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

Goldman

Sachs

Group

Inc/The

6.13%,

11/10/2034

(a),(e),(g)

29,100

29,985

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

6.85%,

02/10/2030

(e),(g)

51,500

53,930

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

7.50%,

05/10/2029

(e),(g)

15,500

16,501

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

HSBC

Holdings

PLC

6.00%,

05/22/2027

(e),(g),(h)

$

15,900

$

16,056

USD

Swap

Rate

NY

Year

+

3.75%

6.50%,

03/23/2028

(e),(g),(h)

5,600

5,720

USD

Swap

Rate

NY

Year

+

3.61%

6.88%,

09/11/2029

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

5,000

5,193

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.30%

6.95%,

03/11/2034

(e),(g),(h)

6,000

6,325

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%

7.05%,

06/05/2030

(e),(g),(h)

8,300

8,645

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.99%

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(e),(g)

73,226

72,719

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%

5.63%,

07/15/2030

(a),(e),(g)

33,673

34,508

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%

6.25%,

10/15/2030

(a),(e),(g)

41,210

41,515

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

ING

Groep

NV

7.00%,

11/16/2032

(e),(g),(h)

81,000

84,199

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.59%

7.25%,

11/16/2034

(e),(g),(h)

30,400

32,566

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

4.08%

JPMorgan

Chase

&

Co

4.88%,

01/15/2087

4,000

3,750

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.21%

6.50%,

04/01/2030

(e),(g)

50,200

52,584

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%

6.88%,

06/01/2029

(e),(g)

50,710

53,826

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%

KeyCorp

5.00%,

09/15/2026

(e),(g)

6,211

6,193

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.87%

KeyCorp

Capital

III

7.75%,

07/15/2029

11,200

12,035

Lloyds

Banking

Group

PLC

6.63%,

09/27/2035

(e),(g),(h)

9,800

9,762

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

6.75%,

06/27/2026

(e),(g),(h)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.82%

6.75%,

09/27/2031

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

15,000

15,544

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%

8.00%,

09/27/2029

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

6,400

6,953

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%

M&T

Bank

Corp

3.50%,

09/01/2026

(e),(g)

37,118

36,681

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.13%,

11/01/2026

(e),(g)

6,305

6,311

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.78%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Macquarie

Bank

Ltd/London

6.13%,

03/08/2027

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

$

21,000

$

21,253

USD

Swap

Semi-Annual

Year

+

3.70%

6.13%,

03/08/2027

(e),(g),(h)

5,000

5,060

USD

Swap

Semi-Annual

Year

+

3.70%

NatWest

Group

PLC

7.30%,

11/19/2034

(e),(g),(h)

6,800

7,219

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%

8.13%,

11/10/2033

(e),(g),(h)

67,005

75,567

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%

Nordea

Bank

Abp

6.30%,

09/25/2031

(e),(g),(h),(j)

43,100

44,238

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.66%

6.75%,

11/10/2033

(e),(g),(h),(j)

22,400

23,140

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

PNC

Financial

Services

Group

Inc/The

6.00%,

05/15/2027

(e),(g)

6,000

6,050

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%

6.20%,

09/15/2027

(e),(g)

9,200

9,345

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%

6.25%,

03/15/2030

(e),(g)

111,020

115,136

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%

Royal

Bank

of

Canada

6.35%,

11/24/2084

(g) 45,550

45,117

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%

6.50%,

11/24/2085

(g) 46,600

46,563

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%

6.50%,

05/24/2086

(g) 9,900

9,888

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

6.75%,

08/24/2085

(g) 12,100

12,554

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%

7.50%,

05/02/2084

(a),(g)

47,500

50,149

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%

Societe

Generale

SA

8.50%,

03/25/2034

(e),(g),(h),(j)

24,000

26,695

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%

9.38%,

11/22/2027

(e),(g),(h),(j)

3,800

4,048

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.39%

10.00%,

11/14/2028

(e),(g),(h),(j)

30,100

33,224

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.45%

Standard

Chartered

PLC

4.75%,

01/14/2031

(e),(g),(h)

10,000

9,508

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.81%

7.00%,

11/14/2035

(e),(g),(h),(j)

20,500

21,188

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.87%

7.01%,

07/30/2037

(e),(g),(j)

9,200

9,712

Month

USD

LIBOR

+

1.46%

7.63%,

01/16/2032

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

16,600

17,777

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.02%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

Standard

Chartered

PLC

(continued)

7.75%,

08/15/2027

(e),(g),(h),(j)

$

35,000

$

36,300

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.98%

State

Street

Corp

6.45%,

09/15/2030

(e),(g)

11,100

11,593

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.70%,

09/15/2029

(e),(g)

51,193

53,860

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%

6.70%,

03/15/2029

(e),(g)

52,160

54,609

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Swedbank

AB

7.63%,

03/17/2028

(e),(g),(h)

13,000

13,643

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.59%

7.75%,

03/17/2030

(e),(g),(h)

14,800

16,058

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.66%

Toronto-Dominion

Bank/The

6.35%,

10/31/2085

(g) 27,200

27,640

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%

8.13%,

10/31/2082

(g) 24,600

25,738

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%

Truist

Financial

Corp

5.10%,

03/01/2030

(e),(g)

35,906

36,310

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%

UBS

Group

AG

6.60%,

08/05/2030

(e),(g),(h),(j)

17,200

17,303

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.12%

6.63%,

01/08/2031

(e),(g),(h),(j)

5,250

5,260

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.24%

6.85%,

09/10/2029

(e),(g),(h),(j)

17,000

17,341

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.63%

7.00%,

02/10/2030

(e),(g),(h),(j)

15,600

15,938

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

7.00%,

02/05/2035

(e),(g),(h),(j)

21,300

21,636

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.30%

7.00%,

01/08/2036

(e),(g),(h),(j)

7,000

7,046

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.32%

7.00%,

02/05/2035

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

1,000

1,014

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.30%

7.00%,

02/10/2030

(e),(g),(h)

7,500

7,663

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.08%

7.13%,

08/10/2034

(e),(g),(h),(j)

7,000

7,172

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

Year

+

3.18%

9.25%,

11/13/2033

(e),(g),(h),(j)

37,000

43,271

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.76%

9.25%,

11/13/2028

(e),(g),(h),(j)

17,000

18,531

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.75%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Banks

(continued)

UBS

Group

AG

(continued)

9.25%,

11/13/2033

(e),(g),(h)

$

19,480

$

22,782

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.76%

US

Bancorp

3.70%,

01/15/2027

(e),(g)

6,143

6,086

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%

USB

Realty

Corp

5.08%,

01/15/2027

(e),(j)

1,500

1,277

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.41%

Wells

Fargo

&

Co

6.85%,

09/15/2029

(e),(g)

57,985

61,154

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

7.63%,

09/15/2028

(e),(g)

47,100

50,263

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%

7.95%,

11/15/2029

3,700

4,176

$

3,076,991

Diversified

Financial

Services

-

.43

%

Capital

One

Financial

Corp

3.95%,

09/01/2026

(a),(e),(g)

30,840

30,634

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

Charles

Schwab

Corp/The

4.00%,

12/01/2030

(e),(g)

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

Julius

Baer

Group

Ltd

6.88%,

06/09/2027

(e),(g),(h)

5,000

5,056

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.94%

Nomura

Holdings

Inc

7.00%,

07/15/2030

(e),(g),(h)

1,200

1,256

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%

Voya

Financial

Inc

4.70%,

01/23/2048

(g) 16,155

15,528

Month

USD

LIBOR

+

2.08%

7.76%,

09/15/2028

(e),(g)

20,306

21,352

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%

$

73,864

Electric

-

.58

%

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(g) 20,950

20,645

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

5.80%,

03/15/2056

(g) 3,000

3,015

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%

6.05%,

03/15/2056

(g) 9,600

9,634

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%

6.95%,

12/15/2054

(g) 10,000

10,807

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%

7.05%,

12/15/2054

(g) 18,600

19,591

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

Dominion

Energy

Inc

6.20%,

02/15/2056

(g) $

19,515

$

19,867

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%

6.63%,

05/15/2055

(g) 35,600

36,954

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.21%

6.88%,

02/01/2055

(g) 18,800

19,686

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

7.00%,

06/01/2054

(g) 22,400

24,317

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.51%

Duke

Energy

Corp

3.25%,

01/15/2082

(g) 4,000

3,915

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%

6.45%,

09/01/2054

(a),(g)

14,900

15,700

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

Electricite

de

France

SA

9.13%,

03/15/2033

(e),(g)

21,500

25,572

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%

9.13%,

03/15/2033

(e),(g),(j)

5,341

6,352

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%

Entergy

Corp

5.88%,

06/15/2056

(g) 2,900

2,914

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.18%

6.10%,

06/15/2056

(g) 5,300

5,344

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%

EUSHI

Finance

Inc

7.63%,

12/15/2054

(g) 1,200

1,267

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.14%

Evergy

Inc

6.65%,

06/01/2055

(g) 4,800

4,942

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.56%

Exelon

Corp

6.50%,

03/15/2055

(g) 1,400

1,465

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%

NextEra

Energy

Capital

Holdings

Inc

4.80%,

12/01/2077

(a),(g)

500

Month

USD

LIBOR

+

2.41%

5.65%,

05/01/2079

(a),(g)

3,200

3,236

Month

USD

LIBOR

+

3.16%

5.99%,

10/01/2066

12,149

10,994

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.33%

6.70%,

09/01/2054

(g) 16,700

17,340

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%

Sempra

6.55%,

04/01/2055

(g) 10,400

10,617

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%

6.63%,

04/01/2055

(g) 7,700

7,827

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Electric

(continued)

WEC

Energy

Group

Inc

5.63%,

05/15/2056

(g) $

6,600

$

6,642

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.91%

$

289,139

Food

-

.21

%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(e),(j)

10,700

10,726

Gas

-

.24

%

AltaGas

Ltd

7.20%,

10/15/2054

(g),(j)

4,626

4,833

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%

NiSource

Inc

5.75%,

07/15/2056

(g) 3,200

3,220

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.04%

6.95%,

11/30/2054

(g) 4,000

4,179

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%

$

12,232

Insurance

-

.46

%

ACE

Capital

Trust

II

9.70%,

04/01/2030

15,488

18,552

Allianz

SE

5.60%,

09/03/2054

(g),(j)

2,000

2,045

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%

Aon

Corp

8.21%,

01/01/2027

4,350

4,485

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.63%,

08/15/2052

(g) 38,620

39,144

Month

USD

LIBOR

+

3.78%

Assurant

Inc

7.00%,

03/27/2048

(g) 200

Month

USD

LIBOR

+

4.14%

Corebridge

Financial

Inc

6.38%,

09/15/2054

(g) 12,500

12,504

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

6.88%,

12/01/2030

(e),(g)

24,950

25,588

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.18%

6.88%,

12/15/2052

(g) 20,390

20,834

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.85%

Dai-ichi

Life

Insurance

Co

Ltd/The

6.20%,

01/16/2035

(e),(g),(j)

16,700

17,407

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%

Equitable

Holdings

Inc

6.70%,

03/28/2055

(g) 8,100

8,444

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(g),(j)

4,700

4,665

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.32%

4.30%,

02/01/2061

(j) 1,000

672

7.80%,

03/07/2087

(j) 76,240

88,319

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(j) 5,025

5,719

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Meiji

Yasuda

Life

Insurance

Co

5.80%,

09/11/2054

(g),(j)

$

19,000

$

19,371

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%

6.10%,

06/11/2055

(g),(j)

23,700

24,553

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(j) 24,540

27,287

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.96%

MetLife

Inc

9.25%,

04/08/2068

(j) 54,872

65,385

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

53,713

71,154

Month

USD

LIBOR

+

7.55%

Mitsui

Sumitomo

Insurance

Co

Ltd

4.95%,

03/06/2029

(e),(g),(h)

520

526

USD

Swap

Semi-Annual

Year

+

3.26%

4.95%,

03/06/2029

(e),(g),(h),(j)

1,800

1,822

USD

Swap

Semi-Annual

Year

+

3.26%

MMI

Capital

Trust

I

7.63%,

12/15/2027

1,073

1,127

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(g),(j)

4,800

5,042

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.98%

Nationwide

Financial

Services

Inc

6.75%,

05/15/2087

15,000

15,157

Nippon

Life

Insurance

Co

5.95%,

04/16/2054

(g),(j)

18,300

19,070

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%

6.50%,

04/30/2055

(g),(j)

5,000

5,374

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%

Prudential

Financial

Inc

5.13%,

03/01/2052

(g) 1,000

983

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%

6.00%,

09/01/2052

(a),(g)

23,400

24,180

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%

6.50%,

03/15/2054

(g) 8,285

8,731

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%

Reinsurance

Group

of

America

Inc

6.38%,

09/15/2056

(g),(i)

5,500

5,505

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.34%

6.65%,

09/15/2055

(g) 9,100

9,421

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%

Sumitomo

Life

Insurance

Co

4.00%,

09/14/2077

(g),(j)

4,700

4,663

Month

USD

LIBOR

+

2.99%

5.88%,

09/10/2055

(g),(j)

45,800

46,429

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%

Swiss

RE

Subordinated

Finance

PLC

5.70%,

04/05/2035

(g),(j)

10,800

11,340

CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%

6.19%,

04/01/2046

(g),(j)

2,000

2,106

CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Insurance

(continued)

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(g) $

30,100

$

27,521

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%

$

645,331

Oil

&

Gas

-

.02

%

BP

Capital

Markets

PLC

6.13%,

03/18/2035

(e),(g)

23,700

24,497

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.92%

Phillips

Co

5.88%,

03/15/2056

(g) 8,000

8,044

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.28%

6.20%,

03/15/2056

(g) 20,025

20,297

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%

$

52,838

Pipelines

-

.09

%

Enbridge

Inc

5.75%,

07/15/2080

(g) 59,201

60,252

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%

6.25%,

03/01/2078

(g) 34,882

35,542

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.90%

7.38%,

03/15/2055

(g) 5,000

5,334

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.12%

8.25%,

01/15/2084

(g) 2,000

2,154

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.79%

8.50%,

01/15/2084

(g) 17,815

20,561

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%

Energy

Transfer

LP

6.75%,

02/15/2056

(g) 19,400

19,830

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.48%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(g) 27,400

27,422

CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.29%

TransCanada

PipeLines

Ltd

7.00%,

06/01/2065

(g) 12,100

12,584

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%

Transcanada

Trust

5.50%,

09/15/2079

(g) 28,000

28,304

Secured

Overnight

Financing

Rate

+

4.42%

$

211,983

REITs

-

.81

%

Scentre

Group

Trust

5.13%,

09/24/2080

(g),(j)

41,600

42,170

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.69%

Sovereign

-

.17

%

CoBank

ACB

4.25%,

01/01/2027

(e),(g)

1,000

986

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.05%

6.25%,

10/01/2026

(e),(g)

16,400

16,432

CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.66%

6.45%,

10/01/2027

(e),(g)

11,400

11,514

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.49%

BONDS

(continued)

Principal

Amount

(000's)

Value

(000's)

Sovereign

(continued)

CoBank

ACB

(continued)

7.25%,

07/01/2029

(e),(g)

$

20,000

$

20,448

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.88%

Farm

Credit

Bank

of

Texas

7.00%,

09/15/2030

(e),(g)

4,515

4,683

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%

7.75%,

06/15/2029

(e),(g)

6,000

6,288

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.29%

$

60,351

Telecommunications

-

.76

%

TELUS

Corp

6.38%,

06/09/2056

(g) 2,700

2,740

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.69%

6.63%,

06/09/2056

(g) 17,600

17,743

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%

7.00%,

10/15/2055

(g) 14,100

14,879

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.71%

Vodafone

Group

PLC

5.13%,

06/04/2081

(g) 4,600

3,719

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.07%

$

39,081

TOTAL

BONDS

$

4,514,706

Total

Investments

$

5,211,059

Other

Assets

and

Liabilities

- (0.65)%

(33,432)

TOTAL

NET

ASSETS

-

100.00%

$

5,177,627

(a) Security

or

a

portion

of

the

security

was

on

loan. At

the

end

of

the

period,

the

value

of

these

securities

totaled

$67,010

or

1.29%

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

$69,648

or

1.35%

of

net

assets.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(f) Non-income

producing

security

(g) Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(h) Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,276,889

or

24.66%

of

net

assets.

(i) Security

purchased

on

a

when-issued

basis.

(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

$1,005,113

or

19.41%

of

net

assets.

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

February

28,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

August

31,

2025

Purchases

Sales

February

28,

2026

Value

Cost

Proceeds

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund

-

Class

3.56%

$

107,784

$

1,319,248

$

1,326,029

$

101,003

$

107,784

$

1,319,248

$

1,326,029

$

101,003

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

3.56%

$

1,051

$

—

$

—

$

—

$

1,051

$

—

$

—

$

—

Amounts

in

thousands.

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Glossary

to

the

Schedule

of

Investments

February

28,

2026

(unaudited)

See

accompanying

notes.

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Chinese

Renminbi

COP

Colombian

Peso

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

Sterling

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

New

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Nuevo

Sol

PHP

Philippine

Peso

PLN

Polish

Zloty

RON

Romanian

New

Leu

SEK

Swedish

Krona

SGD

Singapore

Dollar

TRY

Turkish

Lira

TWD

New

Taiwan

Dollar

USD/$

United

States

Dollar

UYU

Uruguayan

Peso

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

August

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

BLUE

CHIP

FUND

Class

A

shares

2026(b)

$

49.25 $

0.04 ($

4.12)

($

4.08)

$

–

($

8.32)

($

8.32)

$

36.85 2025

44.17 (0.14)

7.28 7.14 –

(2.06)

(2.06)

49.25 2024

34.44 (0.07)

9.80 9.73 –

–

–

44.17 2023

29.35 (0.08)

5.37 5.29 –

(0.20)

(0.20)

34.44 2022

42.59 (0.12)

(10.39)

(10.51)

–

(2.73)

(2.73)

29.35 2021

33.85 (0.18)

10.06 9.88 –

(1.14)

(1.14)

42.59 Class

C

shares

2026(b)

44.39 (0.11)

(3.64)

(3.75)

–

(8.32)

(8.32)

32.32 2025

40.28 (0.43)

6.60 6.17 –

(2.06)

(2.06)

44.39 2024

31.63 (0.33)

8.98 8.65 –

–

–

40.28 2023

27.18 (0.27)

4.92 4.65 –

(0.20)

(0.20)

31.63 2022

39.91 (0.35)

(9.65)

(10.00)

–

(2.73)

(2.73)

27.18 2021

32.01 (0.42)

9.46 9.04 –

(1.14)

(1.14)

39.91 Class

J

shares

2026(b)

50.44 0.08 (4.24)

(4.16)

–

(8.32)

(8.32)

37.96 2025

45.11 (0.07)

7.46 7.39 –

(2.06)

(2.06)

50.44 2024

35.11 –

10.00 10.00 –

–

–

45.11 2023

29.87 (0.03)

5.47 5.44 –

(0.20)

(0.20)

35.11 2022

43.23 (0.07)

(10.56)

(10.63)

–

(2.73)

(2.73)

29.87 2021

34.29 (0.13)

10.21 10.08 –

(1.14)

(1.14)

43.23 Institutional

shares

2026(b)

51.02 0.10 (4.29)

(4.19)

–

(8.32)

(8.32)

38.51 2025

45.58 (0.02)

7.53 7.51 (0.01)

(2.06)

(2.07)

51.02 2024

35.44 0.03 10.11 10.14 –

–

–

45.58 2023

30.11 0.01 5.52 5.53 –

(0.20)

(0.20)

35.44 2022

43.51 (0.02)

(10.65)

(10.67)

–

(2.73)

(2.73)

30.11 2021

34.47 (0.08)

10.26 10.18 –

(1.14)

(1.14)

43.51 R-3

shares

2026(b)

48.74 (0.01)

(4.06)

(4.07)

–

(8.32)

(8.32)

36.35 2025

43.82 (0.25)

7.23 6.98 –

(2.06)

(2.06)

48.74 2024

34.23 (0.15)

9.74 9.59 –

–

–

43.82 2023

29.23 (0.13)

5.33 5.20 –

(0.20)

(0.20)

.23

2022

42.51 (0.18)

(10.37)

(10.55)

–

(2.73)

(2.73)

29.23 2021

33.85 (0.25)

10.05 9.80 –

(1.14)

(1.14)

42.51 R-5

shares

2026(b)

50.29 0.05 (4.21)

(4.16)

–

(8.32)

(8.32)

37.81 2025

45.01 (0.10)

7.44 7.34 –

(2.06)

(2.06)

50.29 2024

35.06 (0.03)

9.98 9.95 –

–

–

45.01 2023

29.84 (0.04)

5.46 5.42 –

(0.20)

(0.20)

35.06 2022

43.20 (0.09)

(10.54)

(10.63)

–

(2.73)

(2.73)

29.84 2021

34.29 (0.14)

10.19 10.05 –

(1.14)

(1.14)

43.20 R-6

shares

2026(b)

51.34 0.14 (4.35)

(4.21)

–

(8.32)

(8

.32)

38.81 2025

45.85 0.03 7.57 7.60 (0.05)

(2.06)

(2.11)

51.34 2024

35.63 0.07 10.16 10.23 (0.01)

–

(0.01)

45.85 2023

30.24 0.04 5.55 5.59 –

(0.20)

(0.20)

35.63 2022

43.64 0.02 (10.69)

(10.67)

–

(2.73)

(2.73)

30.24 2021

34.54 (0.05)

10.29 10.24 –

(1.14)

(1.14)

43.64 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

(9.73)

%

(c),(d),(e)

$

1,067,388

0.94 %

(f),(g)

–

%

0.16 %

(f) 28.2 %

(f) 16.50 (d),(e)

1,310,277

0.92 (g) –

(0.31)

20.9 28.25 (e) 1,200,724

0.93 (g) –

(0.18)

14.7 18.15 (e) 1,005,219

0.96 (g) –

(0.27)

10.0 (26.35)

(e) 850,509

0.94 (g) –

(0.35)

24.0 30.18 (e) 1,123,747

0.91 (g) –

(0.49)

25.6 (10.06)

(c),(e)

255,248

1.68 (f),(g)

–

(0.57)

(f) 28.2 (f) 15.63 (e) 333,921

1.67 (g) –

(1.05)

20.9 27.35 (e) 338,963

1.66 (g) –

(0.91)

14.7 17.24 (e) 288,734

1.68 (g) –

(0.99)

10.0 (26.86)

(e) 276,796

1.66 (g) –

(1.08)

24.0 29.26 (e) 411,694

1.65 (g) –

(1.23)

25.6 (9.63)

(c),(e)

237,035

0.76 (f),(g)

–

0.34 (f) 28.2 (f) 16.69 (e) 296,709

0.75 (h) 0.78 (i) (0.14)

20.9 28.48 (e) 265,823

0.75 (h) 0.79 (i) (0.01)

14.7 18.34 (e) 196,453

0.79 (h) 0.84 (i) (0.10)

10.0 (26.23)

(e) 156,338

0.77 (h) 0.82 (i) (0.18)

24.0 30.38 (e) 221,942

0.77 (h) 0.83 (i) (0.35)

25.6 (9.60)

(c),(d)

2,739,661

0.66 (f),(g)

–

0.42 (f) 28.2 (f) 16.81 (d) 3,344,686

0.66 (g) –

(0.04)

20.9 28.61 3,198,677

0.66 (g) –

0.08 14.7 18.45 (d) 2,555,465

0.66 (g) –

0.03 10.0 (26.13)

(d) 2,473,139

0.66 (g) –

(0.06)

24.0 30.51 3,141,819

0.65 (g) –

(0.23)

25.6 (9.80)

(c) 19,644

1.14 (f),(g)

–

(0.04)

(f) 28.2 (f) 16

.23

24,846

1.13 (g) –

(0.56)

20.9 28.02 16,984

1.13 (g) –

(0.39)

14.7 17.92 11,611

1.14 (g) –

(0.44)

10.0 (26.50)

11,031

1.13 (g) –

(0.51)

24.0 29.94 11,204

1.12 (g) –

(0.70)

25.6 (9.66)

(c) 31,425

0.83 (f),(g)

–

0.24 (f) 28.2 (f) 16.61 36,076

0.82 (g) –

(0.22)

20.9 28.38 25,653

0.82 (g) –

(0.08)

14.7 18.29 12,616

0.83 (g) –

(0.13)

10.0 (26.25)

7,938

0.82 (g) –

(0.25)

24.0 30.29 12,383

0.81 (g) –

(0.39)

25.6 (9.56)

(c) 4,135,575

0.57 (f),(g)

–

0.60 (f) 28.2 (f) 16.90 6,203,029

0.57 (g) –

0.06 20.9 28.72 6,621,976

0.57 (g) –

0.18 14.7 18.61 5,405,192

0.57 (g) –

0.13 10.0 (26.08)

(d) 4,932,871

0.56 (g) –

0.05 24.0 30.66 (d) 6,134,030

0.55 (g) –

(0.14)

25.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

February

28,

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.

(h) Subject

to

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(i) Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

BOND

MARKET

INDEX

FUND

Class

J

shares

2026(b)

$

8.48 $

0.16 $

0.15 $

0.31 ($

0.32)

$

–

($

0.32)

$

8.47 2025

8.54 0.32 (0.11)

0.21 (0.27)

–

(0.27)

8.48 2024

8.30 0.30 0.26 0.56 (0.32)

–

(0.32)

8.54 2023

8.56 0.26 (0.41)

(0.15)

(0.11)

–

(0.11)

8.30 2022

9.89 0.15 (1.32)

(1.17)

(0.13)

(0.03)

(0.16)

8.56 2021

11.79 0.15 (0.19)

(0.04)

(0.64)

(1.22)

(1.86)

9.89 Institutional

shares

2026(b)

8.70 0.18 0.15 0.33 (0.34)

–

(0.34)

8.69 2025

8.75 0.35 (0.10)

0.25 (0.30)

–

(0.30)

8.70 2024

8.51 0.33 0.26 0.59 (0.35)

–

(0.35)

8.75 2023

8.77 0.30 (0.42)

(0.12)

(0.14)

–

(0.14)

8.51 2022

10.12 0.18 (1.33)

(1.15)

(0.17)

(0.03)

(0

.20)

8.77 2021

12.03 0.19 (0.20)

(0.01)

(0.68)

(1.22)

(1.90)

10.12 R-3

shares

2026(b)

8.47 0.15 0.16 0.31 (0.29)

–

(0.29)

8.49 2025

8.53 0.29 (0.10)

0.19 (0.25)

–

(0.25)

8.47 2024

8.30 0.28 0.26 0.54 (0.31)

–

(0.31)

8.53 2023

8.55 0.24 (0.40)

(0.16)

(0.09)

–

(0.09)

8.30 2022

9.86 0.13 (1.31)

(1.18)

(0.10)

(0.03)

(0.13)

8.55 2021

11.78 0.12 (0.20)

(0.08)

(0.62)

(1.22)

(1.84)

9.86 R-5

shares

2026(b)

8.52 0.16 0.17 0.33 (0.32)

–

(0.32)

8.53 2025

8.59 0.32 (0.11)

0.21 (0.28)

–

(0.28)

8.52 2024

8.36 0.30 0.26 0.56 (0.33)

–

(0.33)

8.59 2023

8.61 0.27 (0.40)

(0.13)

(0.12)

–

(0.12)

8.36 2022

9.94 0.16 (1.32)

(1.16)

(0.14)

(0.03)

(0.17)

8.61 2021

11.85 0.16 (0.20)

(0.04)

(0.65)

(1.22)

(1.87)

9.94 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

3.73 %

(c),(d)

$

41,376

0.40 %

(e) –

%

3.85 %

(e) 42.1 %

(e) 2.64 (d) 37,437

.43

(f) 0.44 (g) 3.78 43.1 6.87 (d) 30,934

0.47 (f) 0.50 (g) 3.59 57.0 (1.79)

(d) 29,452

0.55 (f) 0.59 (g) 3.08 89.7 (11.95)

(d) 32,188

0.48 (f) 0.52 (g) 1.61 113.4 (0.44)

(d) 36,254

0.48 (f) 0.52 (g) 1.42 161.7 3.89 (c) 2,767,453

0.12 (e) –

4.13 (e) 42.1 (e) 3.01 2,755,411

0.13 (h) –

4.09 43.1 7.12 2,238,719

0.14 (h) –

3.92 57.0 (1.38)

2,434,617

0.14 (h) –

3.50 89.7 (11.58)

1,858,811

0.15 (h) –

1.97 113.4 (0.18)

831,018

0.14 (h) –

1.77 161.7 3.75 (c) 8,094

0.69 (e) –

3.57 (e) 42.1 (e) 2.37 8,123

0.70 (h) –

3.51 43.1 6.55 8,756

0.70 (h) –

3.36 57.0 (2.02)

(i) 8,995

0.70 (h) –

2.94 89

.7

(11.99)

(i) 8,056

0.71 (h) –

1.38 113.4 (0.84)

11,264

0.70 (h) –

1.18 161.7 3.82 (c),(i)

14,079

0.38 (e) –

3.88 (e) 42.1 (e) 2.63 15,780

0.39 (h) –

3.82 43.1 6.86 9,620

0.39 (h) –

3.66 57.0 (1.56)

9,718

0.39 (h) –

3.24 89.7 (11.84)

10,475

0.40 (h) –

1.68 113.4 (0.44)

14,572

0.39 (h) –

1.50 161.7 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

February

28,

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.

(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

August

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

CAPITAL

SECURITIES

FUND

Class

S

shares

2026(b)

$

.63

$

.27

$

.15

$

.42

($

.31)

($

.31)

$

.74

2025

.41

.51

.27

.78

(0

.56)

(0

.56)

.63

2024

.63

.48

.82

.30

(0

.52)

(0

.52)

.41

2023

.20

.47

(0

.53)

(0

.06)

(0

.51)

(0

.51)

.63

2022

.76

.44

(1

.52)

(1

.08)

(0

.48)

(0

.48)

.20

2021

.36

.46

.43

.89

(0

.49)

(0

.49)

.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

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.39

%

(c) $

955,168

.00

%

(d) ,(e)

.67

%

(d) 38

.2

%

(d) 8

.51

1,074,740

.00

(e) 5

.37

.4

.53

1,201,579

.00

(e) 5

.38

.7

(0

.52)

1,041,534

.00

(e) 5

.34

.7

(10

.24)

1,143,647

.00

(e) 4

.40

.0

.77

1,167,754

.00

(e) 4

.34

.2

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

February

28,

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

August

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

DIVERSIFIED

REAL

ASSET

FUND

(b) Class

A

shares

2026(c)

$

.12

$

.13

$

.06

$

.19

($

.35)

$

–

($

.35)

$

.96

2025

.62

.29

.42

.71

(0

.21)

–

(0

.21)

.12

2024

.88

.31

.68

.99

(0

.25)

–

(0

.25)

.62

2023

.73

.28

(0

.75)

(0

.47)

(0

.69)

(0

.69)

(1

.38)

.88

2022

.53

.31

(0

.18)

.13

(0

.77)

(0

.16)

(0

.93)

.73

2021

.13

.22

.20

.42

(0

.02)

–

(0

.02)

.53

Institutional

shares

2026(c)

.10

.15

.07

.22

(0

.38)

–

(0

.38)

.94

2025

.60

.33

.42

.75

(0

.25)

–

(0

.25)

.10

2024

.87

.35

.68

.03

(0

.30)

–

(0

.30)

.60

2023

.73

.33

(0

.76)

(0

.43)

(0

.74)

(0

.69)

(1

.43)

.87

2022

.54

.35

(0

.17)

.18

(0

.83)

(0

.16)

(0

.99)

.73

2021

.14

.24

.22

.46

(0

.06)

–

(0

.06)

.54

shares

2026(c)

.01

.12

.05

.17

(0

.35)

–

(0

.35)

.83

2025

.48

.28

.40

.68

(0

.15)

–

(0

.15)

.01

2024

.79

.31

.62

.93

(0

.24)

–

(0

.24)

.48

2023

.65

.28

(0

.77)

(0

.49)

(0

.68)

(0

.69)

(1

.37)

.79

2022

.43

.27

(0

.15)

.12

(0

.74)

(0

.16)

(0

.90)

.65

2021

.07

.18

.20

.38

(0

.02)

–

(0

.02)

.43

shares

2026(c)

.10

.15

.06

.21

(0

.38)

–

(0

.38)

.93

2025

.60

.33

.43

.76

(0

.26)

–

(0

.26)

.10

2024

.86

.36

.68

.04

(0

.30)

–

(0

.30)

.60

2023

.72

.33

(0

.75)

(0

.42)

(0

.75)

(0

.69)

(1

.44)

.86

2022

.53

.35

(0

.16)

.19

(0

.84)

(0

.16)

(1

.00)

.72

2021

.14

.28

.18

.46

(0

.07)

–

(0

.07)

.53

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

.58

%

(d) ,(e)

$

50,379

.20

%

(f) ,(g)

.03

%

(f) 82

.9

%

(f) 6

.18

(e) 44,013

.20

(g) ,(h)

.50

.9

.27

(e) 49,508

.20

(g) 2

.81

.0

(3

.63)

(e) 73,729

.20

(g) 2

.46

.4

.95

(e) 150,176

.20

(g) 2

.34

.9

.79

(e) 83,941

.20

(g) 1

.74

.0

.83

(d) 1,473,703

.83

(f) ,(g)

.41

(f) 82

.9

(f) 6

.59

1,314,610

.84

(g) ,(h)

.85

.9

.61

1,517,536

.83

(g) 3

.20

.0

(3

.32)

2,002,048

.83

(g) 2

.93

.4

.35

2,624,597

.83

(g) 2

.61

.9

.18

2,086,484

.83

(g) 1

.97

.0

.48

(d) 17

.36

(f) 1

.93

(f) 82

.9

(f) 5

.99

.36

(h) 2

.40

.9

.76

.35

.90

.0

(3

.83)

.34

(g) 2

.47

.4

.89

.33

(g) 2

.06

.9

.47

.34

(g) 1

.49

.0

.77

(d) 1,137,559

.79

(f) ,(g)

.45

(f) 82

.9

(f) 6

.64

1,086,421

.79

(g) ,(h)

.89

.9

.78

1,550,184

.78

(g) 3

.27

.0

(3

.26)

1,416,444

.77

(g) 2

.96

.4

.45

1,853,422

.77

(g) 2

.61

.9

.14

2,213,151

.78

(g) 2

.22

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(c) Six

months

ended

February

28,

2026. (d) Total

return

amounts

have

not

been

annualized.

(e) Total

return

is

calculated

without

the

front-end

sales

charge

or

contingent

deferred

sales

charge,

if

applicable.

(f) Computed

on

an

annualized

basis.

(g) Subject

to

Manager's

contractual

expense

limit.

(h) Includes

0.01%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

(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

LISTED

INFRASTRUCTURE

FUND

Institutional

shares

2026(c)

$

.60

$

.13

$

.81

$

.94

($

.19)

($

.11)

($

.30)

$

.24

2025

.35

.23

.63

.86

(0

.27)

(0

.34)

(0

.61)

.60

2024

.40

.29

.46

.75

(0

.29)

(0

.51)

(0

.80)

.35

2023(f)

.00

.29

.24

.53

(0

.08)

(0

.05)

(0

.13)

.40

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

.04

%

(d) $

126,043

.65

%

(b) ,(e)

.19

%

(e) 35

.6

%

(e) 8

.28

123,464

.74

(b) 1

.98

.7

.62

19,595

.88

(b) 2

.83

.8

.26

(d) 16,009

.88

(b) ,(e)

.84

(e) 46

.3

(e) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Subject

to

Manager's

contractual

expense

limit.

(c) Six

months

ended

February

28,

2026. (d) Total

return

amounts

have

not

been

annualized.

(e) Computed

on

an

annualized

basis.

(f) Period

from

September

22,

2022,

date

operations

commenced,

through

August

31,

2023. Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

(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

Total

Return

GLOBAL

MACRO

FUND

(b) R-6

shares

2026(c)

$

.00

$

.08

$

.47

$

.55

($

.02)

($

.02)

$

.53

.56

%

(d) Financial

Highlights

(Continued)

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

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

$

160,215

.79

%

(e) ,(f)

.61

%

(e) 0

.0

%

(e) (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(c) Period

from

November

14,

2025,

date

operations

commenced,

through

February

28,

2026. (d) Total

return

amounts

have

not

been

annualized.

(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

August

(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

MULTI-STRATEGY

FUND

(b) Class

A

shares

2026(c)

$

.53

$

.13

$

.73

$

.86

($

.28)

($

.33)

($

.61)

$

.78

2025

.92

.28

.46

.74

(0

.13)

–

(0

.13)

.53

2024

.36

.34

.53

.87

(0

.31)

–

(0

.31)

.92

2023

.06

.22

.25

.47

(0

.59)

(0

.58)

(1

.17)

.36

2022

.77

.05

(0

.35)

(0

.30)

(0

.02)

(0

.39)

(0

.41)

.06

2021

.95

.03

.93

.96

(0

.14)

–

(0

.14)

.77

Institutional

shares

2026(c)

.75

.15

.75

.90

(0

.32)

(0

.33)

(0

.65)

.00

2025

.13

.32

.48

.80

(0

.18)

–

(0

.18)

.75

2024

.56

.39

.54

.93

(0

.36)

–

(0

.36)

.13

2023

.24

.28

.26

.54

(0

.64)

(0

.58)

(1

.22)

.56

2022

.96

.11

(0

.37)

(0

.26)

(0

.07)

(0

.39)

(0

.46)

.24

2021

.12

.10

.93

.03

(0

.19)

–

(0

.19)

.96

shares

2026(c)

.77

.16

.75

.91

(0

.33)

(0

.33)

(0

.66)

.02

2025

.14

.34

.47

.81

(0

.18)

–

(0

.18)

.77

2024

.57

.38

.55

.93

(0

.36)

–

(0

.36)

.14

2023

.25

.28

.26

.54

(0

.64)

(0

.58)

(1

.22)

.57

2022

.96

.10

(0

.35)

(0

.25)

(0

.07)

(0

.39)

(0

.46)

.25

2021

.12

.10

.93

.03

(0

.19)

–

(0

.19)

.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

Expenses

to

Average

Net

Assets

(Excluding

Dividends

and

Interest

Expense

on

Short

Sales,

Short

Sale

Fees

and

Reverse

Repurchase

Agreement

Expense)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

.61

%

(d) ,(e)

$

36,751

.73

%

(f) 1

.70

%

(f) ,(g)

.19

%

(f) 180

.8

%

(f) 6

.87

(e) 33,588

.78

.75

(g) 2

.53

.7

.65

(e) 35,790

.04

(h) 1

.89

(g) ,(h)

.20

.9

.79

(e) 38,521

.27

(i) 2

.04

(g) ,(i)

.13

.0

(2

.60)

(e) 38,252

.41

(i) 2

.08

(g) ,(i)

.47

.2

.71

(e) ,(j)

39,485

.60

(i) 2

.12

(g) ,(i)

.30

.8

.78

(d) 353,654

.41

(f) ,(i)

.38

(f) ,(g)

,(i)

.49

(f) 180

.8

(f) 7

.29

265,373

.44

(i) 1

.41

(g) ,(i)

.87

.7

.09

256,208

.61

(h) ,(i)

.46

(g) ,(h)

,(i)

.67

.9

.35

343,287

.77

(i) 1

.54

(g) ,(i)

.63

.0

(2

.19)

364,886

.96

(i) 1

.63

(g) ,(i)

.92

.2

.27

(j) 351,188

.16

(i) 1

.63

(g) ,(i)

.89

.8

.86

(d) 136,857

.28

(f) ,(i)

.25

(f) ,(g)

,(i)

.64

(f) 180

.8

(f) 7

.37

130,591

.33

(i) 1

.30

(g) ,(i)

.98

.7

.08

122,722

.56

(h) ,(i)

.41

(g) ,(h)

,(i)

.54

.9

.35

69,004

.74

(i) 1

.51

(g) ,(i)

.65

.0

(2

.10)

76,481

.91

(i) 1

.58

(g) ,(i)

.88

.2

.37

173,029

.08

(i) 1

.58

(g) ,(i)

.89

.8

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(c) Six

months

ended

February

28,

2026. (d) Total

return

amounts

have

not

been

annualized.

(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) Excludes

dividends

and

interest

expense

on

short

sales

and

short

sale

fees

and

reverse

repurchase

agreement

expense.

See

"Operating

Policies"

in

notes

to

financial

statements.

(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.

(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

August

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

INTERNATIONAL

EQUITY

INDEX

FUND

Institutional

shares

2026(b)

$

.48

$

.10

$

.18

$

.28

($

.34)

($

.13)

($

.47)

$

.29

2025

.44

.34

.21

.55

(0

.39)

(0

.12)

(0

.51)

.48

2024

.79

.32

.75

.07

(0

.33)

(0

.09)

(0

.42)

.44

2023

.39

.30

.38

.68

(0

.27)

(0

.01)

(0

.28)

.79

2022

.39

.34

(2

.74)

(2

.40)

(0

.36)

(0

.24)

(0

.60)

.39

2021

.06

.27

.32

.59

(0

.23)

(0

.03)

(0

.26)

.39

shares

2026(b)

.15

.06

.13

.19

(0

.29)

(0

.13)

(0

.42)

.92

2025

.15

.26

.19

.45

(0

.33)

(0

.12)

(0

.45)

.15

2024

.55

.24

.72

.96

(0

.27)

(0

.09)

(0

.36)

.15

2023

.18

.24

.34

.58

(0

.20)

(0

.01)

(0

.21)

.55

2022

.13

.27

(2

.69)

(2

.42)

(0

.29)

(0

.24)

(0

.53)

.18

2021

.85

.19

.29

.48

(0

.17)

(0

.03)

(0

.20)

.13

shares

2026(b)

.38

.08

.17

.25

(0

.31)

(0

.13)

(0

.44)

.19

2025

.36

.32

.19

.51

(0

.37)

(0

.12)

(0

.49)

.38

2024

.72

.28

.75

.03

(0

.30)

(0

.09)

(0

.39)

.36

2023

.33

.27

.37

.64

(0

.24)

(0

.01)

(0

.25)

.72

2022

.31

.31

(2

.72)

(2

.41)

(0

.33)

(0

.24)

(0

.57)

.33

2021

.00

.24

.30

.54

(0

.20)

(0

.03)

(0

.23)

.31

shares

2026(b)

.50

.09

.20

.29

(0

.34)

(0

.13)

(0

.47)

.32

2025

.46

.35

.20

.55

(0

.39)

(0

.12)

(0

.51)

.50

2024

.80

.31

.77

.08

(0

.33)

(0

.09)

(0

.42)

.46

2023

.40

.30

.38

.68

(0

.27)

(0

.01)

(0

.28)

.80

2022

.40

.34

(2

.74)

(2

.40)

(0

.36)

(0

.24)

(0

.60)

.40

2021

.06

.27

.33

.60

(0

.23)

(0

.03)

(0

.26)

.40

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

.33

%

(c) $

105,457

.28

%

(d) ,(e)

.43

%

(d) 89

.1

%

(d) 13

.45

82,259

.31

(e) ,(f)

.77

.1

.71

85,820

.33

(e) ,(g)

.79

.5

.18

65,622

.32

(e) ,(h)

.93

.5

(20

.27)

41,036

.32

(e) ,(f)

.09

.1

.03

50,246

.31

(e) 2

.38

.7

.03

(c) 25,506

.84

(d) 0

.81

(d) 89

.1

(d) 12

.76

13,831

.87

(f) 2

.22

.1

.08

13,494

.89

(g) 2

.18

.5

.50

12,167

.89

(h) 2

.35

.5

(20

.75)

10,683

.88

(f) 2

.47

.1

.42

16,698

.88

.75

.7

.11

(c) ,(i)

30,235

.53

(d) 1

.21

(d) 89

.1

(d) 13

.17

31,759

.56

(f) 2

.59

.1

.43

16,208

.58

(g) 2

.49

.5

.87

14,032

.58

(h) 2

.68

.5

(20

.45)

13,153

.57

(f) 2

.82

.1

.66

18,863

.57

.08

.7

.30

(c) ,(i)

1,246,227

.26

(d) ,(e)

.33

(d) 89

.1

(d) 13

.43

564,302

.29

(e) ,(f)

.87

.1

.78

1,075,562

.31

(e) ,(g)

.75

.5

.16

1,130,368

.30

(e) ,(h)

.89

.5

(20

.25)

912,444

.30

(e) ,(f)

.10

.1

.14

1,151,273

.29

(e) 2

.35

.7

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

February

28,

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

0.01%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(g) Includes

0.02%

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%

and

0.01%

of

interest

expense

associated

with

borrowings

and

expenses

associated

with

the

reclaim

of

foreign

taxes

paid,

respectively.

These

expenses

are

not

subject

to

the

Manager's

contractual

expense

limit.

(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

August

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

INTERNATIONAL

SMALL

COMPANY

FUND

Institutional

shares

2026(b)

$

.32

$

.08

$

.66

$

.74

($

.37)

$

–

($

.37)

$

.69

2025

.88

.16

.67

.83

(0

.39)

–

(0

.39)

.32

2024

.73

.16

.19

.35

(0

.20)

–

(0

.20)

.88

2023

.88

.16

.80

.96

(0

.11)

–

(0

.11)

.73

2022

.47

.20

(3

.69)

(3

.49)

(0

.16)

(0

.94)

(1

.10)

.88

2021

.63

.12

.87

.99

(0

.15)

–

(0

.15)

.47

shares

2026(b)

.40

.08

.67

.75

(0

.37)

–

(0

.37)

.78

2025

.95

.16

.69

.85

(0

.40)

–

(0

.40)

.40

2024

.79

.17

.19

.36

(0

.20)

–

(0

.20)

.95

2023

.93

.17

.81

.98

(0

.12)

–

(0

.12)

.79

2022

.55

.22

(3

.72)

(3

.50)

(0

.18)

(0

.94)

(1

.12)

.93

2021

.70

.13

.87

.00

(0

.15)

–

(0

.15)

.55

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

.36

%

(c) $

22,959

.10

%

(d) ,(e)

,(f)

.25

%

(d) 56

.7

%

(d) 17

.76

24,458

.08

(e) 1

.48

.2

.01

29,913

.08

(e) 1

.58

.7

.91

36,678

.11

(e) 1

.72

.8

(27

.62)

49,278

.16

(e) 1

.81

.4

.27

94,066

.19

(e) 0

.96

.6

.39

(c) 436,978

.06

(d) ,(e)

,(f)

.30

(d) 56

.7

(d) 17

.83

482,645

.04

(e) 1

.48

.2

.07

712,855

.03

(e) 1

.71

.7

.06

669,829

.05

(e) 1

.82

.8

(27

.61)

655,371

.08

(e) 2

.00

.4

.27

1,087,460

.08

(e) 1

.11

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

February

28,

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.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

OPPORTUNISTIC

MUNICIPAL

FUND

Class

A

shares

2026(b)

$

.18

$

.21

$

.44

$

.65

($

.21)

($

.21)

$

.62

2025

.82

.41

(0

.62)

(0

.21)

(0

.43)

(0

.43)

.18

2024

.43

.41

.40

.81

(0

.42)

(0

.42)

.82

2023

.80

.39

(0

.37)

.02

(0

.39)

(0

.39)

.43

2022

.71

.36

(1

.91)

(1

.55)

(0

.36)

(0

.36)

.80

2021

.96

.37

.76

.13

(0

.38)

(0

.38)

.71

Institutional

shares

2026(b)

.19

.23

.43

.66

(0

.22)

(0

.22)

.63

2025

.83

.44

(0

.62)

(0

.18)

(0

.46)

(0

.46)

.19

2024

.44

.44

.40

.84

(0

.45)

(0

.45)

.83

2023

.80

.42

(0

.36)

.06

(0

.42)

(0

.42)

.44

2022

.72

.39

(1

.92)

(1

.53)

(0

.39)

(0

.39)

.80

2021

.97

.40

.76

.16

(0

.41)

(0

.41)

.72

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

.09

%

(c) ,(d)

$

38,718

.08

%

(e) ,(f)

.84

%

(e) ,(f)

,(g)

.49

%

(e) 37

.3

%

(e) (2

.26)

(d) ,(h)

30,644

.07

(f) ,(i)

.84

(f) ,(g)

,(i)

.27

.7

.89

(d) ,(h)

34,864

.08

(f) ,(i)

.85

(f) ,(g)

,(i)

.28

.1

.33

(d) 41,241

.05

(f) 0

.84

(f) ,(g)

.17

.4

(13

.42)

(d) 49,013

.90

(f) 0

.84

(f) ,(g)

.32

.4

.43

(d) 59,266

.88

(f) 0

.84

(f) ,(g)

.26

.0

.24

(c) 147,285

.80

(e) ,(f)

.56

(e) ,(f)

,(g)

.77

(e) 37

.3

(e) (2

.00)

(h) 128,029

.80

(f) ,(i)

.57

(f) ,(g)

,(i)

.56

.7

.19

(h) 118,866

.80

(f) ,(i)

.57

(f) ,(g)

,(i)

.55

.1

.72

94,169

.77

(f) 0

.56

(f) ,(g)

.44

.4

(13

.25)

90,215

.62

(f) 0

.56

(f) ,(g)

.57

.4

.73

116,210

.60

(f) 0

.56

(f) ,(g)

.52

.0

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

February

28,

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) Excludes

interest

expense

and

fees

paid

through

inverse

floater

agreements.

See

"Operating

Policies"

in

notes

to

financial

statements.

(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) Includes

0.01%

of

interest

expense

associated

with

borrowings.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Distributions

from

Realized

Gains

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SMALL-MIDCAP

DIVIDEND

INCOME

FUND

Class

A

shares

2026(b)

$

.58

$

.10

$

.37

$

.47

($

.09)

($

.35)

($

.44)

$

.61

2025

.19

.21

.00

.21

(0

.22)

(0

.60)

(0

.82)

.58

2024

.45

.24

.90

.14

(0

.25)

(0

.15)

(0

.40)

.19

2023

.94

.22

.31

.53

(0

.23)

(0

.79)

(1

.02)

.45

2022

.01

.20

(1

.09)

(0

.89)

(0

.16)

(0

.02)

(0

.18)

.94

2021

.91

.10

.16

.26

(0

.16)

–

(0

.16)

.01

Class

C

shares

2026(b)

.35

.02

.35

.37

(0

.02)

(0

.35)

(0

.37)

.35

2025

.96

.06

.00

.06

(0

.07)

(0

.60)

(0

.67)

.35

2024

.25

.11

.86

.97

(0

.11)

(0

.15)

(0

.26)

.96

2023

.74

.10

.31

.41

(0

.11)

(0

.79)

(0

.90)

.25

2022

.81

.07

(1

.09)

(1

.02)

(0

.03)

(0

.02)

(0

.05)

.74

2021

.78

(0

.01)

.11

.10

(0

.07)

–

(0

.07)

.81

Institutional

shares

2026(b)

.71

.12

.40

.52

(0

.12)

(0

.35)

(0

.47)

.76

2025

.32

.26

.00

.26

(0

.27)

(0

.60)

(0

.87)

.71

2024

.55

.29

.92

.21

(0

.29)

(0

.15)

(0

.44)

.32

2023

.03

.27

.32

.59

(0

.28)

(0

.79)

(1

.07)

.55

2022

.11

.24

(1

.10)

(0

.86)

(0

.20)

(0

.02)

(0

.22)

.03

2021

.97

.15

.18

.33

(0

.19)

–

(0

.19)

.11

shares

2026(b)

.83

.13

.41

.54

(0

.13)

(0

.35)

(0

.48)

.89

2025

.42

.28

.01

.29

(0

.28)

(0

.60)

(0

.88)

.83

2024

.64

.30

.93

.23

(0

.30)

(0

.15)

(0

.45)

.42

2023

.11

.28

.32

.60

(0

.28)

(0

.79)

(1

.07)

.64

2022

.20

.26

(1

.12)

(0

.86)

(0

.21)

(0

.02)

(0

.23)

.11

2021

.03

.15

.22

.37

(0

.20)

–

(0

.20)

.20

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)

$

195,657

.12

%

(e) ,(f)

.97

%

(e) 28

.3

%

(e) 6

.42

(d) 180,264

.12

(f) 1

.11

.9

.36

(d) 178,959

.12

(f) 1

.37

.3

.11

(d) 156,039

.12

(f) 1

.43

.5

(5

.31)

(d) 145,799

.12

(f) 1

.17

.1

.42

(d) 148,411

.12

(f) 0

.70

.6

.40

(c) ,(d)

16,097

.87

(e) ,(f)

.23

(e) 28

.3

(e) 5

.64

(d) 16,216

.87

(f) 0

.35

.9

.49

(d) 23,495

.87

(f) 0

.62

.3

.34

(d) 29,705

.87

(f) 0

.66

.5

(6

.09)

(d) 45,460

.87

(f) 0

.39

.1

.44

(d) 69,017

.87

(f) (0

.03)

.6

.01

(c) 689,960

.85

(e) ,(f)

.24

(e) 28

.3

(e) 6

.66

727,740

.85

(f) 1

.38

.9

.74

753,140

.85

(f) 1

.64

.3

.42

698,401

.85

(f) 1

.69

.5

(5

.08)

749,448

.85

(f) 1

.44

.1

.89

833,344

.85

(f) 1

.02

.6

.03

(c) 763,576

.78

(e) ,(f)

.32

(e) 28

.3

(e) 6

.80

694,323

.78

(f) 1

.46

.9

.77

536,538

.79

(f) 1

.71

.3

.49

401,595

.79

(f) 1

.75

.5

(5

.05)

120,396

.80

(f) 1

.54

.1

.03

61,986

.79

(f) 0

.93

.6

(a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

February

28,

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.

Financial

Highlights

Principal

Funds,

Inc.

(unaudited)

See

accompanying

notes.

Selected

data

for

a

share

of

Capital

Stock

outstanding

throughout

each

year

ended

August

(except

as

noted):

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

From

Investment

Operations

Dividends

from

Net

Investment

Income

Total

Dividends

and

Distributions

Net

Asset

Value,

End

of

Period

SPECTRUM

PREFERRED

AND

CAPITAL

SECURITIES

INCOME

FUND

Class

A

shares

2026(b)

$

9.43 $

0.24 $

0.11 $

0.35 ($

0.27)

($

0.27)

$

9.51 2025

9.31 0.43 0.18 0.61 (0.49)

(0.49)

9.43 2024

8.68 0.41 0.68 1.09 (0.46)

(0.46)

9.31 2023

9.13 0.39 (0.38)

0.01 (0.46)

(0.46)

8.68 2022

10.64 0.37 (1.44)

(1.07)

(0.44)

(0.44)

9.13 2021

10.32 0.38 0.36 0.74 (0.42)

(0.42)

10.64 Class

C

shares

2026(b)

9.43 0.20 0.12 0.32 (0.24)

(0.24)

9.51 2025

9.31 0.36 0.18 0.54 (0.42)

(0.42)

9.43 2024

8.67 0.34 0.69 1.03 (0.39)

(0.39)

9.31 2023

9.13 0.33 (0.40)

(0.07)

(0.39)

(0.39)

8.67 2022

10.64 0.30 (1.45)

(1.15)

(0.36)

(0.36)

9.13 2021

10.31 0.30 0.37 0.67 (0.34)

(0.34)

10.64 Class

J

shares

2026(b)

9.07 0.23 0.11 0.34 (0.27)

(0.27)

9.14 2025

8.98 0.42 0.17 0.59 (0.50)

(0.50)

9.07 2024

8.38 0.40 0.67 1.07 (0.47)

(0.47)

8.98 2023

8.83 0.38 (0.37)

0.01 (0.46)

(0.46)

8.38 2022

10.32 0.36 (1.41)

(1.05)

(0.44)

(0.44)

8.83 2021

10.01 0.37 0.37 0.74 (0.43)

(0.43)

10.32 Institutional

shares

2026(b)

9.34 0.25 0.11 0.36 (0.28)

(0.28)

9.42 2025

9.23 0.45 0.17 0.62 (0.51)

(0.51)

9.34 2024

8.60 0.43 0.68 1.11 (0.48)

(0.48)

9.23 2023

9.05 0.41 (0.38)

0.03 (0.48)

(0.48)

8.60 2022

10.56 0.39 (1.44)

(1.05)

(0.46)

(0.46)

9.05 2021

10.24 0.40 0.37 0.77 (0.45)

(0.45)

10.56 R-3

shares

2026(b)

9.27 0.22 0.11 0.33 (0.26)

(0.26)

.34

2025

9.16 0.41 0.17 0.58 (0.47)

(0.47)

9.27 2024

8.54 0.38 0.68 1.06 (0.44)

(0.44)

.16

2023

8.98 0.37 (0.37)

–

(0.44)

(0.44)

8.54 2022

10.48 0.35 (1.43)

(1.08)

(0.42)

(0.42)

8.98 2021

10.16 0.35 0.37 0.72 (0.40)

(0.40)

10.48 R-5

shares

2026(b)

9.28 0.24 0.12 0.36 (0.28)

(0.28)

9.36 2025

9.17 0.43 0.18 0.61 (0.50)

(0.50)

9.28 2024

8.55 0.41 0.68 1.09 (0.47)

(0.47)

.17

2023

9.01 0.40 (0.39)

0.01 (0.47)

(0.47)

8.55 2022

10.51 0.38 (1.43)

(1.05)

(0.45)

(0.45)

9.01 2021

10.19 0.39 0.36 0.75 (0.43)

(0.43)

10.51 R-6

shares

2026(b)

9.33 0.25 0.12 0.37 (0.29)

(0.29)

9.41 2025

9.22 0.46 0.17 0.63 (0.52)

(0.52)

9.33 2024

8.60 0.44 0.67 1.11 (0.49)

(0.49)

.22

2023

9.05 0.42 (0.38)

0.04 (0.49)

(0.49)

8.60 2022

10.55 0.40 (1.43)

(1.03)

(0.47)

(0.47)

9.05 2021

10.24 0.41 0.36 0.77 (0.46)

(0.46)

10.55 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

3.78 %

(c),(d)

$

622,159

1.05 %

(e) –

%

5.07 %

(e) 50.9 %

(e) 6.74 (d) 633,867

1.04 –

.66

24.8 12.92 (d) 704,729

1.04 –

4.59 22.3 0.23 (d) 697,257

1.05 –

4.50 16.5 (10.28)

(d) 808,228

1.03 –

3.78 15.4 7.32 (d) 971,310

1.04 –

3.62 21.6 3.38 (c),(d)

110,243

1.82 (e) –

4.30 (e) 50.9 (e) 5.92 (d) 118,501

1.81 –

3.89 24.8 12.18 (d) 134,526

1.80 –

3.83 22.3 (0.66)

(d) 147,896

1.82 –

3.74 16.5 (10.98)

(d) 180,824

1.79 –

3.01 15.4 6.58 (d) 256,799

1.79 –

2.89 21.6 3.85 (c),(d)

33,356

1.01 (e) –

5.11 (e) 50.9 (e) 6.72 (d) 33,203

0.99 (f) 0.99 (g) 4.71 24.8 13.10 (d) 34,095

0.99 (f) 1.01 (g) 4.63 22.3 0.24 (d) 31,131

1.06 (f) 1.08 (g) 4.49 16.5 (10.38)

(d) 36,128

1.01 (f) 1.03 (g) 3.80 15.4 7.50 (d) 42,288

1.00 (f) 1.02 (g) 3.68 21.6 3.83 (c),(h)

3,616,141

0.81 (e) –

5.31 (e) 50.9 (e) 6.95 3,719,221

0.80 –

4.90 24.8 13.32 4,396,219

.80

–

4.82 22.3 0.48 3,930,780

0.81 (i) –

4.74 16.5 (10.14)

4,213,593

0.79 (i) –

4.01 15.4 7.64 5,472,494

0.79 (i) –

3.87 21.6 3.63 (c) 2,384

1.27 (e) –

4.85 (e) 50.9 (e) 6.51 2,206

1.27 –

4.43 24.8 12.76 1,747

1.27 –

4.36 22.3 0.11 1,981

1.27 –

4.26 16.5 (10

.53)

7,838

1.26 –

3.64 15.4 7.20 2,521

1.26 –

3.38 21.6 3.78 (c),(h)

3,546

0.96 (e) –

5.16 (e) 50.9 (e) 6.82 3,529

0.96 –

4.71 24.8 13.10 2,553

0.96 –

4.65 22.3 0.21 1,987

0.96 –

4.59 16.5 (10.24)

2,726

0.95 –

3.82 15.4 7.51 4,126

0.95 –

3.72 21.6 4.00 (c) 789,798

0.71 (e) –

5.42 (e) 50.9 (e) 7.06 897,789

0.70 –

4.99 24.8 13.31 959,105

0.71 –

4.92 22.3 0.59 941,791

0.70 –

4.85 16.5 (9.97)

1,228,160

0.70 –

4.11 15.4 7.64 1,706,467

0.70 (i) –

3.97 21.6 (a) Calculated

based

on

average

shares

outstanding

during

the

period.

(b) Six

months

ended

February

28,

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.

Principal

Funds,

Inc.

(unaudited)

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

October

2025,

November

2025,

December

2025,

January

2026

and

March

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:

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.

October

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Opportunistic

Municipal

Fund

90.76%

0.00%

9.24%

November

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Opportunistic

Municipal

Fund

93.90%

0.00%

6.10%

December

2025

Fund

Net

Income

Realized

Gain

Capital

Sources

Diversified

Real

Asset

Fund

37.70%

0.00%

62.30%

Global

Listed

Infrastructure

Fund

88.25 11.75 0.00 Global

Macro

Fund

96.32 3.68 0.00 International

Equity

Index

Fund

50.33 49.67 0.00 International

Small

Company

Fund

0.00 0.00 100.00 Opportunistic

Municipal

Fund

93.26 0.00 6.74 January

2026

Fund

Net

Income

Realized

Gain

Capital

Sources

Opportunistic

Municipal

Fund

91.70%

0.00%

8.30%

March

2026

Fund

Net

Income

Realized

Gain

Capital

Sources

Diversified

Real

Asset

Fund

3.57%

3.48%

92.25%

Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

Principal

Funds,

Inc.

February

28,

2026

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.

February

28,

2026

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.

February,28

2026

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.

February

28,

2026

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

addition

of

the

PFI

Global

Macro

Fund;

(2) held

the

annual

review

and

renewal

of

the

Management

Agreement

and

various

sub-advisory

agreements

for

all

Funds;

and

(3) approved

amended

sub-advisory

agreements

between

PGI

and

ClearBridge

Investments

(North

America)

Pty

Limited

("

ClearBridge

"),

Newton

Investment

Management

North

America

LLC

("Newton"),

and

Nomura

Investments

Fund

Advisers

("NIFA")

with

regard

to

the

PFI

Diversified

Real

Asset

Fund.

Approval

of

Management

Agreement

for

Global

Macro

Fund

On

March

11,

2025,

the

Board

of

Directors

of

Principal

Funds,

Inc.

(the

"Board")

met

to

consider

for

the

newly

established

PFI

Global

Macro

Fund

(the

"Fund")

the

approval

of

a

management

agreement

(the

"Management

Agreement")

between

PFI,

on

behalf

of

the

Fund,

and

PGI.

With

respect

to

the

Management

Agreement,

the

Board

considered,

among

other

factors,

that

the

Manager

serves

as

the

investment

advisor

to

the

existing

series

of

PFI,

that

the

Manager

has

had

a

long-term

relationship

with

PFI,

Principal

Variable

Contracts,

Inc.

and

Principal

Exchange-Traded

Funds

(collectively

the

"Principal

Funds"),

all

of

which

are

also

overseen

by

the

Board;

and

that

the

Manager

has

demonstrated

a

long-term

commitment

to

support

the

Principal

Funds.

The

Board

concluded

that

a

long-term

relationship

with

a

capable

and

conscientious

advisor

is

in

the

best

interests

of

the

Fund.

The

Board

considered

various

factors,

including

the

following,

and

made

certain

findings

and

conclusions

with

regard

thereto,

in

approving

the

Management

Agreement.

Nature,

Quality

and

Extent

of

Services.

The

Board

considered

the

nature,

quality

and

extent

of

the

services

provided

under

the

Management

Agreement,

including

administrative

services.

The

Board

noted

that,

in

connection

with

the

2024

annual

renewal

of

the

management

agreements

for

the

other

Principal

Funds,

the

Board

had:

(1) reviewed

the

services

provided

by

the

Manager

to

the

other

Principal

Funds

under

their

respective

management

agreements;

(2) considered

the

experience

and

skills

of

senior

management

leading

fund

operations,

the

experience

and

skills

of

the

personnel

performing

the

functions

under

the

management

agreements

and

the

resources

made

available

to

such

personnel,

the

ability

of

the

Manager

to

attract

and

retain

high-quality

personnel,

and

the

organizational

depth

and

stability

of

the

Manager

and

concluded

that

appropriate

resources

were

provided

under

the

management

agreements

for

the

other

Principal

Funds;

and

(3) considered

the

compliance

program

established

by

the

Manager

for

the

Principal

Funds

and

their

respective

series,

as

applicable,

the

quality

of

that

program

and

the

level

of

compliance

attained

by

the

Principal

Funds.

Based

upon

all

relevant

factors,

the

Board

concluded

that

the

nature,

quality

and

extent

of

the

services

to

be

provided

by

the

Manager

to

the

Fund

under

the

Management

Agreement

are

expected

to

be

satisfactory.

Investment

Performance.

The

Board

considered

the

experience

and

skills

of

the

proposed

portfolio

managers

for

the

Fund.

Because

the

Fund

is

a

newly

created

series,

the

Board

did

not

review

the

performance

of

the

Fund

as

no

track

record

was

available.

Fees,

Economies

of

Scale

and

Profitability.

The

Board

considered

the

proposed

management

fee

rate

for

the

Fund.

The

Board

received

information

from

the

Manager,

based

upon

data

supplied

by

Broadridge

Financial

Solutions,

Inc.

("

Broadridge

"),

an

independent

provider

of

investment

company

data,

comparing

the

proposed

management

fee

rate

for

the

Fund

to

the

advisory

fee

rates

of

funds

in

a

peer

group

selected

by

Broadridge

.

The

Board

also

considered

whether

there

are

economies

of

scale

with

respect

to

the

services

to

be

provided

to

the

Fund

under

the

Management

Agreement.

The

Board

concluded

that,

although

the

proposed

management

fee

schedule

for

the

Fund

did

not

include

breakpoints,

the

management

fee

schedule

is

appropriate

at

the

currently

anticipated

asset

levels.

In

addition,

in

evaluating

the

proposed

management

fee

rate,

the

Board

considered

that

the

Manager

intends

for

the

Fund

to

be

used

initially

as

an

underlying

investment

option

for

the

PFI

and

PVC

Strategic

Asset

Management

("SAM")

Portfolios

and

that

the

Fund

would

not

be

marketed

externally.

The

Board

considered

the

expected

impact

of

the

Fund's

proposed

management

fee

rate

on

the

acquired

fund

fees

and

expenses

borne

by

and

reflected

in

the

total

net

expense

ratios

of

the

PFI

and

PVC

SAM

Portfolios.

On

the

basis

of

the

information

provided,

the

Board

concluded

that

the

proposed

management

fee

was

reasonable.

Other

Benefits.

The

Board

also

considered

the

character

and

amount

of

other

incidental

benefits

received

by

the

Manager.

The

Board

noted

the

Manager's

statement

that

it

does

not

intend

to

use

soft

dollars

and

that

there

would

be

no

other

known

fall-out

benefits

to

the

Manager

in

connection

with

its

management

of

the

Fund.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Funds,

Inc.

February

28,

2026

Overall

Conclusions.

Based

upon

all

of

the

information

considered

and

the

conclusions

reached,

the

Board

determined

that

the

terms

of

the

Management

Agreement,

including

the

fee

rate

payable

thereunder,

are

fair

and

reasonable

and

that

approval

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund.

Annual

Review

and

Renewal

of

Management

Agreement

and

Sub-Advisory

Agreements

At

its

September

10,

2025

meeting,

the

members

of

the

Board

of

Directors

of

Principal

Funds,

Inc.

(the

"Board")

performed

its

annual

review

and

renewal

process

relating

to

the

Management

Agreement

and

the

Sub-Advisory

Agreements

for

all

Funds.

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

"1940

Act")

requires

the

Board,

including

a

majority

of

the

Directors

who

have

no

direct

or

indirect

interest

in

the

investment

advisory

agreements

and

who

are

not

"interested

persons"

of

PFI,

as

defined

in

the

1940

Act

(the

"Independent

Board

Members"),

annually

to

review

and

to

consider

the

continuation

of:

(1) the

Management

Agreement

between

the

PGI

and

PFI,

on

behalf

of

each

of

the

thirteen

(13) series

of

PFI

(each

series

is

referred

to

as

a

"Fund")

and

(2) the

Sub-Advisory

Agreements

between

PGI

and

each

BlackRock

Financial

Management,

Inc.,

BlackRock

International

Limited,

ClearBridge

,

CoreCommodity

Management,

LLC,

Crabel

Capital

Management,

LLC,

Delaware

Investments

Fund

Advisers

("DIFA"),

Gotham

Asset

Management,

LLC,

Graham

Capital

Management,

L.P.,

Loomis,

Sayles

&

Company,

L.P.,

Los

Angeles

Capital

Management

LLC,

Newton,

Nuveen

Asset

Management,

Pictect

Asset

Management

SA,

Principal

Real

Estate

Investors,

LLC,

Record

Currency

Management

Limited,

Spectrum

Asset

Management,

Inc.,

Wellington

Management

Company

LLP,

and

Westchester

Capital

Management,

LLC

(collectively,

the

"Sub-Advisors").

The

Management

Agreement

and

the

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

"Advisory

Agreements."

The

Board

reviewed

comprehensive

materials

provided

by

the

Manager,

the

Sub-Advisors,

Broadridge

Financial

Solutions,

Inc.

("

Broadridge

")

and

Management

Practice,

LLC,

both

independent

providers

of

investment

company

data,

and

independent

legal

counsel.

The

Board

also

reviewed

performance

information

for

the

Funds

based

upon

data

from

Morningstar

Direct.

In

addition,

the

Board

had

previously

received

extensive

information

throughout

the

year

regarding

the

performance

and

operating

results

of

the

Funds

and

the

various

services

provided

by

the

Manager

and

Sub-Advisors.

The

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

continuation

of

the

Advisory

Agreements.

In

evaluating

the

Advisory

Agreements,

the

Board

reviewed

a

broad

range

of

information

requested

for

this

purpose,

including,

among

other

information,

information

regarding

performance,

advisory

fees,

total

expenses,

profitability

from

the

Advisory

Agreements

to

the

Manager

and

information

about

economies

of

scale.

For

the

PFI

Global

Macro

Fund,

which

had

not

yet

begun

operations,

the

Board

reviewed

information

that

they

had

considered

in

connection

with

the

initial

approval

of

the

Advisory

Agreement

for

the

Fund,

as

updated,

along

with

such

additional

information

as

the

Board

requested.

The

Board

reviewed

the

materials

provided

and

concluded

that

it

was

provided

all

information

reasonably

necessary

to

evaluate

the

Advisory

Agreements.

Management

Agreement

The

Board

considered,

among

other

factors,

that

the

Manager

and

its

affiliates

have

demonstrated

a

long-term

commitment

to

support

the

Funds,

including

undertakings

to

cap

Fund

expenses

and/or

waive

management

fees

for

certain

Funds.

The

Board

concluded

that

a

relationship

with

a

capable

and

conscientious

investment

advisor

is

in

the

best

interest

of

each

Fund.

In

addition,

the

Board

considered

various

factors,

including

the

following,

and

made

certain

findings

and

conclusions

with

regard

thereto,

in

approving

the

Management

Agreement

for

each

Fund.

Nature,

Quality

and

Extent

of

Services

The

Board

considered

the

nature,

quality

and

extent

of

service

provided

under

the

Management

Agreements,

including

the

accounting

and

administrative

services,

as

applicable.

The

Board

considered

the

experience

and

skills

of

senior

management

leading

Fund

operations,

the

experience

and

skills

of

the

personnel

performing

the

functions

under

the

Management

Agreements

and

the

resources

made

available

to

such

personnel,

the

ability

of

the

Manager

to

attract

and

retain

high-quality

personnel

and

the

organizational

depth

and

stability

of

the

Manager.

The

Board

concluded

that

appropriate

resources

were

provided

under

the

Management

Agreements.

The

Board

also

considered

that

for

certain

Funds,

during

the

periods

reviewed,

the

Manager

had

delegated

day-to-day

portfolio

management

responsibility

to

the

Sub-Advisors.

The

Board

noted

that

the

Manager's

process

for

the

selection

of

sub-advisors

emphasizes

the

selection

of

Principal-affiliated

sub-advisors

that

are

determined

to

be

qualified

under

the

Manager's

due

diligence

process,

but

that

the

Manager

will

select

an

unaffiliated

sub-advisor

to

manage

all

or

a

portion

of

a

Fund's

investment

portfolio

when

deemed

necessary

or

appropriate

based

upon

a

consideration

of

the

Fund's

investment

mandate

and

available

expertise

and

resources

within

the

Principal

organization.

With

respect

to

Funds

with

unaffiliated

Sub-Advisors,

the

Board

considered

the

due

diligence

process

developed

by

the

Manager

for

purposes

of

selecting

a

qualified

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Funds,

Inc.

February

28,

2026

unaffiliated

sub-advisor

for

a

Fund.

The

Board

considered

the

Manager's

due

diligence

process

for

monitoring

and

replacing

Sub-Advisors

and

for

monitoring

the

investment

performance

of

the

Manager.

The

Board

also

considered

the

compliance

program

established

by

the

Manager

for

the

Funds,

the

quality

of

that

program

and

the

level

of

compliance

attained

by

the

Funds.

The

Board

noted

that

they

had

previously

reviewed

annual

best

execution

and

soft

dollar

reports

and

included

this

information

in

their

consideration

of

the

renewal

of

the

Advisory

Agreements.

Based

upon

all

relevant

factors,

the

Board

concluded

that

the

nature,

quality

and

extent

of

the

services

provided

by

the

Manager

to

the

Funds

under

each

Management

Agreement

were

satisfactory.

Investment

Performance

The

Board

reviewed

each

Fund's

investment

performance

over

longer-term

periods,

reviewing

both

the

investment

return

during

the

three-year

period

ended

March

31,

2025

and

the

blended

investment

return

(50%/50%)

of

the

three-

and

five-year

periods

ended

March

31,

2025,

and

compared

those

returns

to

various

agreed-upon

performance

measures,

including,

for

all

Funds

other

than

the

PFI

Diversified

Real

Asset

Fund,

peer-group

data

based

upon

a

broad-based

industry

category

determined

using

Morningstar

Direct

data

("Performance

Universe").

For

Funds

or

Sub-Advisors

that

did

not

have

a

five-year

performance

history,

the

Board

reviewed

the

performance

information

for

a

three-year

period

ended

March

31,

2025,

if

available.

For

Funds

or

Sub-Advisors

that

did

not

have

a

three-year

performance

history,

the

Board

reviewed

performance

information

for

a

one-year

period

ended

March

31,

2025,

if

available.

The

Board

also

compared

each

Fund's

investment

performance

over

the

one-,

three-

and

five-year

periods

ended

March

31,

2025,

as

available,

to

one

or

more

relevant

benchmark

indices.

The

Board

also

considered

that

certain

funds

had

commenced

operations

recently

or

had

not

yet

commenced

operations,

and,

accordingly,

no

performance

information

was

considered.

The

Board

also

considered

whether

investment

results

were

consistent

with

a

Fund's

investment

objective(s)

and

policies.

For

most

Funds,

the

Board

concluded

that

the

Fund's

investment

returns

met

acceptable

levels

of

investment

performance.

There

were

certain

Funds,

and

certain

Sub-Advisors

or

affiliated

portfolio

management

teams

for

multi-manager

Funds,

that

had

not

attained,

during

the

relevant

period(s)

,

a

level

of

investment

performance

considered

satisfactory

by

the

Board.

For

such

Funds,

the

Board

also

considered

other

factors,

such

as

the

longer-term

performance

of

each

such

Fund,

Sub-Advisor

or

portfolio

management

team,

remedial

efforts

being

undertaken

to

improve

performance

and/or

the

Manager's

explanation

for

the

performance

of

such

Fund,

Sub-Advisor

or

portfolio

management

team.

The

Board

considered

the

Manager's

due

diligence

process

for

evaluating

the

performance

of

all

Funds,

all

Sub-Advisors

and

all

affiliated

portfolio

management

teams,

for

which

they

receive

regular

reporting,

and

concluded

that

the

Manager

has

in

place

an

effective

due

diligence

process

to

monitor

investment

performance,

to

encourage

remedial

action

and

to

make

changes

in

the

Sub-Advisors

or

affiliated

portfolio

management

teams

at

the

appropriate

time,

if

necessary,

subject

to

Board

oversight.

Fees

and

Expenses

The

Board

considered

each

Fund's

contractual

and

effective

management

fee

rates.

For

each

Fund,

other

than

as

noted

below,

the

Board

received

certain

information

from

Broadridge

.

The

Board

received

information

comparing

each

Fund's

(1) contractual

management

fee

rate

at

current

asset

levels

and

at

theoretical

asset

levels,

(2) effective

net

management

fee

rate

(after

any

fee

waivers)

at

average

fiscal-year

asset

levels,

(3) actual

non-management

expense

rate

at

average

fiscal-year

asset

levels

and

(4) total

net

expense

ratio

(including,

as

applicable,

acquired

fund

fees

and

expenses

and

after

any

expense

caps

or

fee

waivers)

at

average

fiscal-year

asset

levels

for

Institutional

Class

shares

for

each

Fund,

except

for

PFI

Capital

Securities

Fund,

as

described

below,

to

investment

advisory

fee

rates,

non-management

expense

rates

and

expense

ratios

of

funds

in

a

peer

group

selected

by

Broadridge

("Expense

Group")

and

a

broad-based

industry

category

defined

by

Broadridge

("Expense

Universe").

For

other

PFI

Funds

for

which

Class

A

shares

represented

more

than

10%

of

the

PFI

Fund's

total

assets,

comparative

fee

and

expense

information

was

supplementally

provided

based

upon

Class

A

shares.

For

PFI

Capital

Securities

Fund,

which

issues

only

Class

S

shares,

the

Board

considered

that

the

Fund

does

not

pay

a

management

fee

or

any

other

Fund-level

expenses

and

therefore

did

not

consider

comparative

fee

and

expense

information.

In

evaluating

the

contractual

and

effective

management

fee

rates,

the

Board

considered

a

variety

of

factors,

including

the

contractual

and

effective

fee

rates,

breakpoints,

comparisons

to

fee

rates

of

peer

group

funds

and

other

funds

and

non-fund

accounts

managed

by

the

Manager,

sub-advisory

fee

rates

paid,

services

provided,

investment

performance,

total

net

expense

ratios,

profitability,

the

existence

and

sharing

of

economies

of

scale,

indirect

benefits,

and

expense

caps

and

fee

waivers.

The

Board

considered

the

impact

of

changes

in

sub-advisory

fee

rates

put

into

effect

since

September

2024. The

Board

considered

that

certain

Funds

with

similar

investment

strategies

and

policies

have

different

management

fee

schedules

and

noted

the

reasons

cited

by

the

Manager

for

the

differing

fee

rates.

In

reviewing

the

fee

rates

of

other

accounts

managed

by

the

Manager,

the

Board

considered

information

provided

by

the

Manager

regarding

differences

between

the

services

provided

to

and

the

risks

involved

in

sponsoring

the

Funds

and

the

services

provided

to

and

the

risks

involved

in

sponsoring

such

other

accounts.

For

most

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Funds,

Inc.

February

28,

2026

Funds,

effective

net

management

fee

rates

were

within

the

third

quartile

or

better

when

compared

to

the

applicable

Expense

Group.

For

some

Funds,

although

effective

net

management

fee

rates

were

higher

than

the

third

quartile,

total

net

expense

ratios

were

within

the

third

quartile

or

better.

In

both

such

cases,

these

factors

supported

a

conclusion

that

the

Management

Agreement

should

be

renewed.

The

Board

also

considered

the

expense

caps

and

fee

waivers

that

would

be

in

place

with

respect

to

certain

Funds

and

share

classes.

The

list

of

agreed

upon

expense

caps

and

fee

waivers

is

the

result

of

the

Manager's

proposals

to

extend

the

expense

caps

and

fee

waivers

for

certain

Funds

and

share

classes

and

to

terminate

the

expense

caps

and

fee

waivers

for

other

Funds

and

share

classes

that

are

projected

to

continue

to

operate

below

current

applicable

expense

caps

or

for

which

the

Manager

has

proposed

to

replace

the

expense

cap

with

an

equivalent

permanent

reduction

in

the

contractual

management

fee

rate.

With

regard

to

PFI

Bond

Market

Index

Fund,

the

Board

accepted

management's

proposal

to

amend

the

management

fee

schedule

for

the

Fund

to

reduce

the

effective

management

fee

rate

payable

at

all

asset

levels

and

considered

this

fee

reduction

in

concluding

that

the

Management

Agreement,

as

amended,

should

be

renewed.

Considering

all

factors

they

deemed

relevant,

the

Board

concluded

that

the

management

fee

payable

by

each

Fund

was

reasonable

in

light

of

the

nature,

quality

and

extent

of

services

provided

by

the

Manager

and

other

relevant

factors.

Profitability

The

Board

reviewed

detailed

information

regarding

revenues

the

Manager

received

under

the

Management

Agreements

and

the

estimated

direct

and

indirect

costs

incurred

in

providing

to

each

Fund

the

services

described

in

the

applicable

Management

Agreements

for

the

year

ended

December

31,

2024. The

Board

also

considered

the

returns

on

revenue

generated

in

connection

with

the

payment

of

sub-advisory

fees

to

affiliated

Sub-Advisors

(Principal

Real

Estate

Investors

LLC)

and

the

aggregated

return

on

revenue

to

the

Manager

and

its

affiliates

for

the

year

ended

December

31,

2024. The

Board

noted

that

the

Manager

compensates

each

Sub-Advisor

from

its

own

management

fee

and

considered

the

pro

forma

impact

on

the

Manager's

returns

on

revenue

from

the

reductions

of

certain

Funds'

effective

management

fee

rates

described

above.

The

Board

concluded

that,

for

each

Fund,

the

profitability

to

the

Manager

of

the

Management

Agreement

was

not

unreasonable.

Economies

of

Scale

The

Board

considered

whether

there

are

economies

of

scale

with

respect

to

the

management

of

each

Fund

and

whether

the

Funds

benefit

from

any

such

economies

of

scale.

The

Board

considered

the

Manager's

biennial

breakpoint

analysis

that

was

received

by

the

Board

in

March

2024

and

the

Manager's

representation

that

Funds

are

initially

priced

as

though

the

Fund

had

reached

scale,

reflecting

a

sharing

of

economies

of

scale.

The

Board

then

reviewed

the

levels

at

which

breakpoints

occur,

the

incremental

declines

in

management

fee

rates

at

each

breakpoint

and

the

amount

of

fee

reductions

that

had

been

provided

to

shareholders

as

a

result

of

these

breakpoints.

The

Board

considered

cost

savings

passed

along

to

the

Funds

as

a

result

of

certain

expense

caps

and

fee

waivers.

The

Board

also

considered

whether

the

effective

management

fee

rate

for

each

Fund

under

the

applicable

Management

Agreement

is

reasonable

in

relation

to

the

asset

size

of

such

Fund.

The

Board

noted

management's

explanation

of

efficiencies

in

the

Manager's

cost

structure.

The

Board

concluded

that

the

fee

schedule

for

each

Fund,

taking

into

account

the

proposed

amendments

described

above,

reflects

an

appropriate

level

of

sharing

of

any

economies

of

scale.

The

Board

noted

that

PFI

Capital

Securities

Fund

does

not

pay

management

fees,

although

shareholders

pay

a

separately

managed

account-

level

fee

that

covers,

among

other

things,

the

expenses

of

the

Fund's

Sub-Advisor.

Other

Benefits

to

Manager

The

Board

also

considered

the

character

and

amount

of

other

indirect

benefits

received

by

the

Manager

and

its

affiliates

from

their

relationships

with

the

Funds.

The

Board

noted

that

the

Manager

uses

Fund

commissions

to

buy

Section

28(e)-eligible

products

and

services.

The

Board

concluded

that

the

incidental

benefits

received

by

the

Manager

and

its

affiliates

were

appropriate.

Special

Circumstances

For

certain

Funds,

in

reaching

the

conclusion

that

the

Management

Agreement

should

be

renewed,

the

Board

included

within

their

considerations

certain

other

actions

taken

by

the

Board.

With

regard

to

each

of

PFI

Edge

MidCap

Fund

the

Board

noted

that

the

Board

had

approved

the

reorganization

of

the

Fund

into

PFI

MidCap

Fund.

The

Board

considered

that

the

renewal

of

the

Management

Agreement

for

the

PFI

Edge

MidCap

Fund

would

allow

the

Fund

to

operate

until

completion

of

its

reorganization

and

to

provide

for

continuous

operation

of

the

Fund

going

forward

in

the

event

Fund

shareholders

do

not

approve

the

reorganization.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Funds,

Inc.

February

28,

2026

Sub-Advisory

Agreements

Nature,

Quality

and

Extent

of

Services

The

Board

considered

the

nature,

quality

and

extent

of

the

services

provided

under

each

Sub-Advisory

Agreement.

For

each

Sub-Advisory

Agreement,

the

Board

considered

the

reputation,

qualifications

and

background

of

the

Sub-Advisor,

the

investment

approach

of

the

Sub-

Advisor,

the

experience

and

skills

of

investment

personnel

responsible

for

the

day-to-day

management

of

each

Fund

and

the

resources

made

available

to

such

personnel.

The

Board

also

considered

each

Sub-Advisor's

compliance

with

investment

policies

and

general

legal

compliance.

Based

upon

all

relevant

factors,

the

Board

concluded

that

the

nature,

quality

and

extent

of

the

services

provided

by

the

Sub-Advisors

to

the

sub-advised

Funds

under

the

Sub-Advisory

Agreements

were

satisfactory.

Investment

Performance

As

to

each

sub-advised

Fund,

the

Manager

recommended

the

renewal

of

each

Sub-Advisory

Agreement.

Based

upon

all

relevant

factors,

the

Board

concluded

that

each

Sub-Advisor

is

qualified

and

that

either:

(1) the

investment

performance

of

the

Sub-Advisor

met

acceptable

levels

of

investment

performance;

or

(2) although

the

Fund

experienced

underperformance

from

the

applicable

Sub-Advisor,

based

upon

that

Fund's

particular

circumstances

or

in

light

of

remedial

efforts

being

undertaken

to

improve

performance,

as

applicable,

it

was

in

the

best

interests

of

the

Fund

to

continue

to

closely

monitor

performance

and

to

renew

the

Sub-Advisory

Agreement.

In

each

case

involving

underperformance,

the

Board

concluded

that

the

Manager

was

providing

effective

monitoring.

Fees,

Economies

of

Scale

and

Profitability

For

each

sub-advised

Fund,

the

Board

considered

the

sub-advisory

fee

rate(s),

noting

that

the

Manager

compensates

each

Sub-Advisor

from

its

own

management

fee,

so

that

shareholders

pay

only

the

management

fee.

For

each

sub-advised

Fund,

other

than

as

noted

below,

the

Board

received

certain

information

from

Broadridge

comparing

each

such

Fund's

sub-advisory

fee

rate(s)

at

current

asset

levels

and

at

theoretical

asset

levels

to

sub-advisory

fee

rates

of

sub-advised

funds

in

the

Broadridge

classification.

The

Board

considered

that

PFI

Capital

Securities

Fund's

Sub-Advisor

does

not

receive

a

sub-advisory

fee

and

therefore

did

not

consider

comparative

sub-advisory

fee

information.

The

Board

considered

whether

there

are

economies

of

scale

with

respect

to

the

sub-advisory

services

provided

to

each

sub-advised

Fund

and,

if

so,

whether

the

sub-advisory

fees

reflect

such

economies

of

scale

through

breakpoints

in

fee

schedules

or

whether

the

sub-advisory

fee

schedule

is

otherwise

appropriate

at

current

asset

levels.

In

addition,

in

evaluating

the

sub-advisory

fee

rates

and

the

factor

of

profitability,

with

respect

to

unaffiliated

Sub-Advisors,

the

Board

considered

that

the

sub-advisory

fee

rate

was

negotiated

at

arm's

length

between

the

Manager

and

the

Sub-Advisor.

The

Board

considered

the

profitability

of

the

affiliated

Sub-Advisors

in

conjunction

with

their

review

of

the

profitability

of

the

Manager.

Other

Benefits

to

Sub-Advisers

The

Board

also

considered

the

character

and

amount

of

other

indirect

benefits

received

by

each

Sub-Advisor

when

evaluating

the

sub-advisory

fees.

The

Board

considered

as

a

part

of

this

analysis

each

Sub-Advisor's

brokerage

practices,

soft

dollar

practices

and

use

of

research

payment

accounts.

The

Board

concluded

that

the

indirect

benefits

received

by

each

Sub-Advisor

were

appropriate.

Special

Circumstances

For

certain

Funds,

in

reaching

the

conclusion

that

the

Sub-Advisory

Agreement

should

be

renewed,

the

Board

included

within

their

considerations

certain

other

actions

taken

by

the

Board.

As

part

of

its

annual

review

of

the

Funds'

Sub-Advisory

Agreements,

the

Board

concluded

that

the

Sub-Advisory

Agreement

pursuant

to

which

DIFA

serves

as

a

Sub-Advisor

to

PFI

Diversified

Real

Asset

Fund

should

be

renewed.

The

Board

noted

that

a

change

in

control

transaction

with

respect

to

DIFA

was

expected

to

become

effective

in

the

fourth

quarter

of

2025,

and

that

this

change

in

control

would

result

in

the

"assignment"

(as

defined

in

the

Investment

Company

Act

of

1940,

as

amended)

of

the

Sub-Advisory

Agreement,

causing

the

agreement's

automatic

termination.

The

Board

considered

the

Manager's

statements

that

there

were

no

anticipated

changes

to

the

current

portfolio

management

team,

investment

strategies

or

policies

at

the

Sub-Advisor,

that

the

change

in

ownership

was

not

expected

to

impact

the

nature,

quality

or

extent

of

the

services

that

the

Sub-Advisor

provides

to

the

Fund

and

that

the

Manager,

after

considering

the

assignment,

continued

to

believe

that

the

Sub-Advisor

is

an

appropriate

sub-advisor

for

the

Fund.

The

Board

also

noted

that

the

new

Sub-Advisory

Agreement

for

the

Fund

would

be

identical

to

the

current

Sub-Advisory

Agreement

in

all

material

respects

(including

the

sub-advisory

fee

schedule).

Accordingly,

the

Board

concluded

that

a

new

Sub-Advisory

Agreement

with

DIFA

should

be

approved,

to

take

effect

upon

the

termination

of

the

current

Sub-Advisory

Agreement

upon

the

effectiveness

of

the

change

in

control

transaction.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Funds,

Inc.

February

28,

2026

Overall

Conclusions

Based

upon

all

of

the

information

considered

and

the

conclusions

reached,

the

Board

determined

that

the

terms

of

each

Advisory

Agreement,

including

the

fee

rate

payable

thereunder,

continue

to

be

fair

and

reasonable

and

that

the

continuation

of

each

Advisory

Agreement,

with

the

actions

proposed

by

the

Manager,

is

in

the

best

interests

of

each

Fund.

Approval

of

Amended

Sub-Advisory

Agreements

for

Diversified

Real

Asset

Fund

On

December

9,

2025,

the

Board

met

to

consider

for

PFI

Diversified

Real

Asset

Fund

(the

"Fund"):

The

approval

of

an

amended

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

Principal

Global

Investors,

LLC

(the

"Manager")

and

ClearBridge

Investments

(North

America)

Pty

Limited

(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

current

asset

levels;

The

approval

of

an

amended

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

Newton

Investment

Management

North

America

LLC

(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;

and

The

approval

of

an

amended

sub-advisory

agreement

(a

"Sub-Advisory

Agreement")

between

the

Manager

and

Nomura

Investments

Fund

Advisers

(formerly

Delaware

Investments

Fund

Advisers)

(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.

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

the

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

the

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

of

Directors'

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

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

Sub-

Advisory

Agreements

and,

accordingly,

recommend

approval

of

the

amended

Sub-Advisory

Agreements.

#### 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.

\|

FV941SAR-05

\|

02/2026

\|

4344897

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> 4/7/2026 </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> 4/7/2026 </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> 4/7/2026 </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> 4/7/2026 </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> 4/7/2026 </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> 4/7/2026 </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> 4/7/2026 </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.