# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-25-000637
**Filing Date:** 2025-10
**Character Count:** 76176
**Document Hash:** 23f94adfa95806dc33c68c0a0e1640fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-25-000637.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0000898745-25-000637

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07572
- **FILM NUMBER:** 251415063

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 801 Grand Ave

  - **City:** Des Moines

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50309

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $161418889.15

**Total Liabilities:** $2824527.47

**Net Assets:** $158594361.68

**Delayed Delivery Securities:** $1973240.00

**Cash Not Reported:** $540930.99

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 196.72420000 | **1-Year:** 439.89710000 | **5-Year:** 6699.73270000 | **10-Year:** 17625.06040000 | **30-Year:** 35908.81310000

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

- **3-Month:** 269.82970000 | **1-Year:** 603.36900000 | **5-Year:** 9189.44730000 | **10-Year:** 24174.77990000 | **30-Year:** 49253.03140000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000153266 | 0.51%                | -1.38%               | 0.79%                |
| Class ID C000115414 | 0.38%                | -1.40%               | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-979360.91              | $1152309.63                                |
| Month 2  | $-605441.93              | $-2412682.82                               |
| Month 3  | $-97192.39               | $687455.21                                 |

### Schedule of Portfolio Investments

| Name                                                                                                      | Title                                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California Infrastructure & Economic Development Bank                                                     | California Infrastructure & Economic Development Bank                                                     | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4135468.95   | 2.61%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                                    | Ohio Air Quality Development Authority                                                                    | CUSIP: 67754AAE4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879194.40    | 0.55%             | 2048-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1117184.75   | 0.70%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAR5<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    505000 | PA      | $446275.42    | 0.28%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| iShares Short-Term National Muni Bond ETF                                                                 | iShares Short-Term National Muni Bond ETF                                                                 | CUSIP: 464288158<br>LEI: 5493006UX6BTVQQ8GI65 | Long             | EC               | RF                | US        |      1000 | NS      | $107000.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                                             | Palm Beach County Health Facilities Authority                                                             | CUSIP: 69651ACY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508702.55    | 0.32%             | 2050-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2105155.50   | 1.33%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CEH7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019819.40   | 0.64%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VanEck High Yield Muni ETF                                                                                | VanEck High Yield Muni ETF                                                                                | CUSIP: 92189H409<br>LEI: 549300UT41BWOPGYSE94 | Long             | EC               | RF                | US        |       341 | NS      | $16876.09     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |        70 | PA      | $76.77        | 0.00%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    112821 | PA      | $93122.31     | 0.06%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    133100 | PA      | $93048.21     | 0.06%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                                            | Mobile County Industrial Development Authority                                                            | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2605408.20   | 1.64%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                                         | Philadelphia Authority for Industrial Development                                                         | CUSIP: 717901CA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1689237.20   | 1.07%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       145 | PA      | $149.93       | 0.00%             | 2027-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650110AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $877432.30    | 0.55%             | 2041-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                                          | Oneida Indian Nation of New York                                                                          | CUSIP: 682504AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3134766.30   | 1.98%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88033MQP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2103000 | PA      | $2207790.98   | 1.39%             | 2040-01-01      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $742078.64    | 0.47%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                                                        | City of Whiting IN                                                                                        | CUSIP: 96634RAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $755970.22    | 0.48%             | 2051-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                                                   | Bay Area Toll Authority                                                                                   | CUSIP: 072024XV9<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |      5000 | PA      | $3063.15      | 0.00%             | 2056-04-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                                                     | County of Hamilton OH                                                                                     | CUSIP: 4072722W2<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969935.80    | 0.61%             | 2051-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                                       | California Public Finance Authority                                                                       | CUSIP: 13057TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3576369.30   | 2.26%             | 2065-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                                               | New Hampshire Health and Education Facilities Authority Act                                               | CUSIP: 64461XGY5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006120.00   | 0.63%             | 2059-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp I                                                         | Texas Municipal Gas Acquisition and Supply Corp I                                                         | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    145000 | PA      | $148519.74    | 0.09%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Navajo Nation                                                                                             | Navajo Nation                                                                                             | CUSIP: 639185AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2509222.75   | 1.58%             | 2030-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                                         | State of Nevada Department of Business & Industry                                                         | CUSIP: 25461PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    701627 | PA      | $7.02         | 0.00%             | 2037-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nashville Metropolitan Development & Housing Agency                                                       | Nashville Metropolitan Development & Housing Agency                                                       | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $753845.55    | 0.48%             | 2036-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74439YGC9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $710017.43    | 0.45%             | 2055-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago IL                                                                                        | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527075.15   | 0.96%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                                          | California Pollution Control Financing Authority                                                          | CUSIP: 13054WBD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1148887.86   | 0.72%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                                | Finance Authority of Maine                                                                                | CUSIP: 56042CAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006635.80   | 0.63%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAQ7<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907309.70    | 0.57%             | 2044-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013168.40   | 0.64%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2140482.65   | 1.35%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                                         | Tulsa County Industrial Authority                                                                         | CUSIP: 899530BA6<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952454.00    | 0.60%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                                  | Cleveland-Cuyahoga County Port Authority                                                                  | CUSIP: 18611HAA3<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $951659.68    | 0.60%             | 2055-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Western Regional Off-Track Betting Corp                                                                   | Western Regional Off-Track Betting Corp                                                                   | CUSIP: 959321AB6<br>LEI: 549300OJK9LIIXQUYY95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1276623.75   | 0.80%             | 2041-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1462456.57   | 0.92%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oglala Sioux Tribe                                                                                        | Oglala Sioux Tribe                                                                                        | CUSIP: 67662LAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499405.65    | 0.31%             | 2025-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| La Verne Public Financing Authority                                                                       | La Verne Public Financing Authority                                                                       | CUSIP: 505207AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165513.53    | 0.10%             | 2026-09-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74439YFV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979276.50    | 0.62%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 74528LAC5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1635014.16   | 1.03%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                                             | Palm Beach County Health Facilities Authority                                                             | CUSIP: 69651ACZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $589620.69    | 0.37%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88034YTB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $536578.87    | 0.34%             | 2036-05-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| City of Compton CA Sewer Revenue                                                                          | City of Compton CA Sewer Revenue                                                                          | CUSIP: 204730BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018151.30   | 0.64%             | 2039-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                                      | County of Jefferson AL Sewer Revenue                                                                      | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1805274.18   | 1.14%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74448EAA2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976318.30    | 0.62%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                                       | California Public Finance Authority                                                                       | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4598205.50   | 2.90%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority                     | Louisiana Local Government Environmental Facilities & Community Development Authority                     | CUSIP: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964363.70    | 0.61%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030128.30   | 0.65%             | 2040-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Tech Ridge Public Infrastructure District                                                                 | Tech Ridge Public Infrastructure District                                                                 | CUSIP: 878296AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3496112.20   | 2.20%             | 2054-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                                        | City of Detroit MI                                                                                        | CUSIP: 2510935F3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949697.60    | 0.60%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                                            | Lower Alabama Gas District/The                                                                            | CUSIP: 547804AE4<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3400563.92   | 2.14%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ocean Highway & Port Authority                                                                            | Ocean Highway & Port Authority                                                                            | CUSIP: 67482LAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1126404.90   | 0.71%             | 2049-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035MJY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512352.71    | 0.32%             | 2055-05-01      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| Parish of St James LA                                                                                     | Parish of St James LA                                                                                     | CUSIP: 790103AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3216449.40   | 2.03%             | 2040-10-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SPDR Nuveen ICE High Yield Municipal Bond ETF                                                             | SPDR Nuveen ICE High Yield Municipal Bond ETF                                                             | CUSIP: 78464A284<br>LEI: 54930036TY0W1EQHEK50 | Long             | EC               | RF                | US        |      1678 | NS      | $40574.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority                             | Columbus County Industrial Facilities & Pollution Control Financing Authority                             | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008164.60   | 0.64%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031WN9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    560000 | PA      | $508453.68    | 0.32%             | 2052-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    108484 | PA      | $94349.99     | 0.06%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035GWF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $663992.10    | 0.42%             | 2042-10-01      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017329.50   | 0.64%             | 2055-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                                                        | City of Wichita KS                                                                                        | CUSIP: 967249RP0<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905107.50    | 0.57%             | 2054-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Kalispell MT                                                                                      | City of Kalispell MT                                                                                      | CUSIP: 48342YAP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1383830.56   | 0.87%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                                  | Cleveland-Cuyahoga County Port Authority                                                                  | CUSIP: 18611HAB1<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    900000 | PA      | $670661.73    | 0.42%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DR7<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $375833.40    | 0.24%             | 2051-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83704DAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $110000.00    | 0.07%             | 2040-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                                         | New York Liberty Development Corp                                                                         | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1462627.92   | 0.92%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Port Arthur Navigation District                                                                   | Port of Port Arthur Navigation District                                                                   | CUSIP: 735220AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.06%             | 2040-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                                              | New York State Environmental Facilities Corp                                                              | CUSIP: 649852AT7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020940.70   | 0.64%             | 2050-09-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago IL                                                                                        | CUSIP: 16752QAB4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    989530 | PA      | $692671.26    | 0.44%             | 2026-02-15      | Fixed         | 7.46%                 | No            |                  2 | On Loan: No      |
| Mohegan Tribal Finance Authority                                                                          | Mohegan Tribal Finance Authority                                                                          | CUSIP: 608327AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1712202.60   | 1.08%             | 2045-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority                     | Louisiana Local Government Environmental Facilities & Community Development Authority                     | CUSIP: 54628CJB9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    805000 | PA      | $729446.64    | 0.46%             | 2044-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969491.20    | 0.61%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1199869.79   | 0.76%             | 2060-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88034NML5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    698000 | PA      | $699174.04    | 0.44%             | 2043-07-01      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                                                      | City of Henderson KY                                                                                      | CUSIP: 425099AA6<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915912.50    | 0.58%             | 2042-01-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                                 | City of Houston TX Airport System Revenue                                                                 | CUSIP: 442349HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1565496.30   | 0.99%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                                          | Regional Transportation District                                                                          | CUSIP: 759151BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912796.80    | 0.58%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa County Industrial Development Authority                                                        | Tuscaloosa County Industrial Development Authority                                                        | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2003000 | PA      | $1956670.81   | 1.23%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                              | New York City Transitional Finance Authority                                                              | CUSIP: 64972JBY3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075434.70   | 0.68%             | 2042-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                                                 | Alameda Corridor Transportation Authority                                                                 | CUSIP: 010869JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006945.10   | 0.63%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                                                   | County of Palm Beach FL                                                                                   | CUSIP: 696547HX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001199.40   | 0.63%             | 2065-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    550000 | PA      | $538611.10    | 0.34%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                                                              | Village Community Development District No 15                                                              | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1337186.40   | 0.84%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708692CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988017.10    | 0.62%             | 2047-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1072395.56   | 0.68%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2116170.80   | 1.33%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035RAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1157428.45   | 0.73%             | 2055-07-01      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    426462 | PA      | $267604.64    | 0.17%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                                         | Atlanta Development Authority/The                                                                         | CUSIP: 04780NMX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1995588.40   | 1.26%             | 2039-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                                                 | Tarrant County Cultural Education Facilities Finance Corp                                                 | CUSIP: 87638QTK5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $859074.20    | 0.54%             | 2054-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035JKU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $572677.49    | 0.36%             | 2050-10-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                                 | City of Houston TX Airport System Revenue                                                                 | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $857959.80    | 0.54%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708686DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999908.20    | 0.63%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                                                       | New Hope Cultural Education Facilities Finance Corp                                                       | CUSIP: 64542PGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $3754460.22   | 2.37%             | 2056-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                                      | Mida Mountain Village Public Infrastructure District                                                      | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1487134.50   | 0.94%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108WCD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922748.30    | 0.58%             | 2049-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                                                    | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                                                    | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2126164.37   | 1.34%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                                      | Virginia Beach Development Authority                                                                      | CUSIP: 92774NBC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077804.60   | 0.68%             | 2059-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1229082.55   | 0.77%             | 2044-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 34061XAE2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038521.80   | 0.65%             | 2029-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VanEck Short High Yield Muni ETF                                                                          | VanEck Short High Yield Muni ETF                                                                          | CUSIP: 92189F387<br>LEI: 549300B6J4UH4T4ALL26 | Long             | EC               | RF                | US        |      1000 | NS      | $22710.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 34061QCU9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986709.50    | 0.62%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority                     | Louisiana Local Government Environmental Facilities & Community Development Authority                     | CUSIP: 54628CES7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508885.50    | 0.32%             | 2039-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824680.80    | 0.52%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Industrial Development Board                          | Metropolitan Government Nashville & Davidson County Industrial Development Board                          | CUSIP: 59211SAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $802161.70    | 0.51%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                                                  | New York Transportation Development Corp                                                                  | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023279.10   | 0.65%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                              | Los Angeles Department of Water & Power Water System Revenue                                              | CUSIP: 544525A81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305000.00    | 0.19%             | 2050-07-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1988378.40   | 1.25%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                                             | Palm Beach County Health Facilities Authority                                                             | CUSIP: 696507VT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100676.60   | 0.69%             | 2058-05-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                                                    | Lancaster County Hospital Authority/PA                                                                    | CUSIP: 514045J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909069.40    | 0.57%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                                               | California Educational Facilities Authority                                                               | CUSIP: 130179SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $410936.14    | 0.26%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp                                                                   | Suffolk Regional Off-Track Betting Corp                                                                   | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2986973.70   | 1.88%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                                 | City of Houston TX Airport System Revenue                                                                 | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $428872.50    | 0.27%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1936945.60   | 1.22%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                                          | Florida Development Finance Corp                                                                          | CUSIP: 34061XAF9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021109.00   | 1.27%             | 2032-07-01      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       427 | PA      | $417.43       | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                       | Wisconsin Health & Educational Facilities Authority                                                       | CUSIP: 97671VBN4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $423717.85    | 0.27%             | 2043-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Ultra-Short Municipal Income ETF                                                                 | JPMorgan Ultra-Short Municipal Income ETF                                                                 | CUSIP: 46641Q654<br>LEI: 549300C27W430AWFZC05 | Long             | EC               | RF                | US        |         6 | NS      | $306.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| George L Smith II Congress Center Authority                                                               | George L Smith II Congress Center Authority                                                               | CUSIP: 37255MAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1527600 | PA      | $1533725.68   | 0.97%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    958240 | PA      | $929893.24    | 0.59%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                                       | Wisconsin Health & Educational Facilities Authority                                                       | CUSIP: 97671VBM6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    300000 | PA      | $285375.33    | 0.18%             | 2033-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |       293 | PA      | $312.13       | 0.00%             | 2029-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035MJW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $690808.79    | 0.44%             | 2049-10-01      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000B4Y1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3185048.00   | 2.01%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74444VAL4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979057.30    | 0.62%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority/The                                                                         | Atlanta Development Authority/The                                                                         | CUSIP: 04780NMY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3414338.00   | 2.15%             | 2048-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                                  | Arizona Industrial Development Authority                                                                  | CUSIP: 04052TDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1149515 | PA      | $199049.21    | 0.13%             | 2059-01-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                                     | Illinois State Toll Highway Authority                                                                     | CUSIP: 452252PY9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    590000 | PA      | $516726.25    | 0.33%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83704DAM8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $220000.00    | 0.14%             | 2051-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                                     | Louisiana Public Facilities Authority                                                                     | CUSIP: 54640TAE9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    277888 | PA      | $2.78         | 0.00%             | 2039-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                                      | Mida Mountain Village Public Infrastructure District                                                      | CUSIP: 59561UAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1374106.50   | 0.87%             | 2054-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                                               | California Educational Facilities Authority                                                               | CUSIP: 130179TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2213322.90   | 1.40%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts/Certificates                                                            | CUSIP: 88035RQJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212395.18    | 0.13%             | 2031-01-01      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority                                                                  | California Statewide Financing Authority                                                                  | CUSIP: 130923BH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019971.90   | 0.64%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     79789 | PA      | $74029.73     | 0.05%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74439YFZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $736994.85    | 0.46%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Authority                     | Louisiana Local Government Environmental Facilities & Community Development Authority                     | CUSIP: 54628CER9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    800000 | PA      | $826064.80    | 0.52%             | 2037-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708692CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034955.20   | 1.28%             | 2051-01-01      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

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

**Signature:** Megan Hoffmann

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

**Title:** Vice President and Controller